32 PANAMA RAIL ROAD COMPANY.

PANAMA RAIL ROAD COMPANY.

ACCOUNTING DEPARTMENT.

New York, N. Y., November 26, 1918.

Mr. HE. A. Drakes,
Vicn-PRESIDENT, PANAMA Raitt Roap Co.,
-New York, N. Ye

DEAR Srr—I herewith submit Exhibits of Income Account, General
Balance Sheet and tables showing results of operations for the fiscal
year ending June 30, 1918, as follows: | 3

Income Account and Profit and Loss Account.
General Balance Sheet.
. Investment Securities Owned.
Revenue and Expenses. _
Expenditures for Additions and Betterments.
Equipment and Plant Replacement Accounts.
Rail Road Freight Statistics.
Rail Road Passenger Statistics.
Steamship Line Statistics.
Locomotive and Car Equipment.
Chart showing Organization.

—

RSMO UOW D>

Yours respectfully,

V. M§NEWTON,
: Auditor. -