Looking to the future, no single as.set of the Com¬
pany is more valuable than the skill and team spirit
of the men and women who make up its organization.
To promote their interest in its affiairs, the special
annual "Report to the Men and Women of New York
Central," first issued in 1943, is being continued. The
program of special courses designed to qualify new
employes and advance the skills of others goes for¬
ward successfully. To the end of 1945, more than
14,000 employes had benefited from such training.

Important among the Company's personnel activi¬
ties are the courses in Public Relations for employes.
Over 30,000 employes have shown their interest by
voluntarily attending these classes after working
hours, and many have gone on to a new advanced
course in the same subject.
 

The Future

The Company emerges from the war in improved
financial condition, as reflected principally in sub¬
stantial net reduction of debt and increase in net
working capital. Its physical properties are generally
in sound condition. The intensive wartime use of
facilities developed new efficiencies which will find
valuable application in future operations.

But there are difficulties ahead. Among the many
uncertainties are the scale of activity of the nation's
commerce and industry, the level of freight and pas¬
senger rates, the future course of taxes, and the effects
of public expenditures on non-taxable transportation
facilities which compete with the railroads.

Another source of uncertainty is the future of labor
 

AVERAGE NUMBER OF EMPLOYES

(IN THOUSANDS)
101.4
 

122.7
 

124.4
 

.....       <"'       Jji       Jj

102.5      rgi       W       W       E

'"  fsi S   S   9   S

K X R e i g g 9   S   8
 

AVERAGE WAGES     (per employe

$1900    J1962   513^'
$1826    $1835    ^_^

<^    @   ^
 

$2686
 

$2748
 

$2107
 

$2328
 

<3>    ^
 

$2712
 

mi     mi     1938     1939     1940     1941      1942     1943     1944     1945