An MD-80 Captain reported partial cabin pressure loss at FL340. The Crew declared an emergency; executed an emergency descent; and regained enough control of the cabin to continue to destination.

Narrative

During cruise (FL340) the audible cabin altitude warning sounded and the red cabin altitude light illuminated. An emergency was declared with ATC; the memory items initiated and an emergency descent to 16;000 FT was accomplished due to mountainous terrain. During the descent; the cabin altitude descended from a high of approximately 11;000 FT to approximately 6000 FT. Normal cabin pressure descent rates were observed from 16;000 FT through landing. Both the standby and transfer lockout lights remained illuminated. Both packs operated normally. Once level; with normal cabin altitude/pressure; the emergency was terminated with ATC. I elected to continue to our destination. Passenger oxygen masks did not deploy and according to the Flight Attendants no passengers appeared to suffer any ill effects. My hat's off to my First Officer and the entire Flight Attendant crew for their poise and professionalism during this event. Maintenance met the aircraft upon arrival and were thoroughly debriefed.