Recapitulation of amounts which Pennsylvania Railroad should spend in 1957, if funds were available, for new freight equipment and power

70,000 freight cars (over 30 years old). 12,000 freight cars account shortages_

$605, 000, 000 108, 000, 000

6,000 freight cars account annual replacement requirements (basis of 30-year life).

54, 000, 000

Additional power at 25 percent of cost of 12,000 additional cars_

27, 000, 000

Total__

794, 000, 000

TABLE 18.-Percentage of debt and stock and surplus to total capitalization, 1955

Source: ICC Annual Report, and Studley, Shupert & Co., Inc., industry composite.

TABLE 19.-Class I railroads and lessors, cash outlay for payment of debt

NOTE. After giving effect to planned Pennsylvania RR. refunding. Equipment maturities account new financing computed on basis of issuance each year of $400 million of equipment obligations to mature serially over 15 years.

Source: Estimate by Financial Department, Pennsylvania RR. Co. based on information contained in Moody's Transportation Manual and ICC Annual Report.