The Pennsylvania Railroad increased its revenues in 1947 and, thanks to approved rate increases, earned a small profit of $7.3 million (compared with $49.0 million in 1945). Passenger revenues, however, dropped by $47.7 million from 1946, partly because fare increases were not authorized until near the end of the year. The company had earned substantial profits on its passenger trains during the war, but by 1947 passenger trains were no longer “a source of net revenue.”

Click image to download a 14.2-MB PDF of this annual report.

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Grif Teller‘s painting on the cover of this report was similar to one used on PRR’s 1948 calendar. This was the first time that Teller provided the railroad with two different versions of the same painting, this one showing the scene in winter and the one on the calendar showing the scene in autumn. The arrangement of the locomotives and trains was identical. Teller would do this at least twice more for the railroad.