PANAMA RAIL ROAD COMPANY. ti

At Mount Hope steam shovel 204 excavated 338,557 cubic yards of
soft rock, nearly all of which was used for the new Cristobal townsite.
The cost to date does not exceed 30 cents per cubic yard. This fill is
bounded by Third Street, K Street, Ninth Street, and G Street, and con-
tains some 750,000 cubic yards of ‘material covenne an area of sixty
acres, to a depth of about six feet.

The Royal Mail Steam Packet Company Dock at Colon was purchased
by the Panama Rail Road and, complying with sanitary regulations pro-
viding for the demolishing of all wooden docks by January 1, 1919, this
dock was torn down and removed with the exception of the iron piling
structure on which the dock stood. A concrete floor and the shed from
Dock 2 are being erected on the iron pile foundation structure for the
use of small boats.

MAINTENANCE OF EQUIPMENT.

Although the expenses under this heading shows a decrease of approxi-
mately $2,300.00, the cost of repairs to passenger and freight train cars,
work equipment, and shop machinery and tools have increased approxi-
mately $57,000.00. The decrease being principally in repairs to yard
locomotives amounting to $70,000.00, whereas repairs to road locomotives
have increased $9,000.00, there also being an increase in cost of superin-
tendence amounting to approximately $6,000.00.

TRAFFIC EXPENSES.

There has been an increase in this account of $528.91 over the corre-
sponding period last year.

GENERAL EXPENSES.

The total expenses under this heading consisting of salaries of general
officers, clerks, and attendants, general office supplies and expenses, law
expenses, maintenance of employees’ quarters, etc., amounted to $258,-
480.04, a decrease of approximately $19,000.00, due principally to cost of
new furniture installed last year. The Rail Road proportion of this expense
was decreased approximately $60,000.00 as compared with last year, due
to a revision of the amount proportionately chargeable to Harbor Terminal
Operation, Coal Handling Plant, and other outside operations.

HARBOR TERMINAL OPERATIONS.

The principal items in harbor terminal operations are the revenues and
expenses incident to the stevedoring and transferring of cargo. The total
_ harbor terminal operating expenses for the year were $1,453,432.86; an
increase of $282,911.00 as compared with the previous year. The oTOSs
revenues amounted to $1,796,132.33 as compared with $1,405,579.62 for
the year ending June 30, 1918, an increase of $390,552.71. The net revenue’
for the fiscal year 1919 amounted to $342,699.47, which is $107,641.71 |
more than last year; over $60,000.00 is due to increased storage and the
balance to increased tonnage handled.

Very few steamers stop at Balboa and the revenue and expenses of the
Balboa docks are comparatively small as compared with the operations
on the Atlantic side. The revenue from all sources at the Pacific termi-
nals amounted to $96,025.53, which is $23,299.22 more than the previous
year. Over $78,000.00 of this revenue was for handling and transferring
cargo. ‘he expenses at the Pacific terminals show an increase of $30,000.00.