Although crusty old (67) Martin W. Clement passed the voluntary retirement age two years ago, he stayed right on as president of the Pennsylvania Railroad. To some oldtime Pennsy men, it seemed that the road could never operate without his tight rule. But this week he is relaxing his hold. He will retire as president to become the first chairman of the board in the Pennsy's 103-year history.

To fill Clement's post, Pennsy directors picked another oldster, hulking (6 ft. 6 in.) Executive Vice President Walter S. Franklin, himself at the voluntary...

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