_. PANAMA RAIL ROAD COMPANY. = 27

®

Reserve The securities held in reserve fund at a cost... i $2,069,692 .50

Fund. - had a ges value on June 30, 1921 Ol. ee 1 600,010 ho
‘a difference of... ee a Cae $412,782 30.

‘At the close of ie previous ee year there was due the General Fund
by the Reserve Fund on account of monies advanced for the purchase of
ex-German ships the sum of $339,543 .82 which balance was reduced
during the fiscal year by successive payments of interest accrued upon the
securities held amounting to $100,000, leaving a balance due the General
Fund on June 30, 1921 of $239, 543. 82.

The Company’ s temporary investment of available funds in United |
States Treasury Certificates was reduced during the year from $1,400,-

_ 000.00 to $500,000.
Deprecia- In reporting the net deficit from the combined operations of the Rail
tion charged Road and Steamship Line of $617,528.11 for the fiscal year, special atten- —
eo. tion is called to the accruals of depreciation charged to operating expenses
during year, (hat amounted to $1,521,380.45.
Changesin _ During the year the following changes ocburred in the Directorate:
Directorate. At the Annual Meeting held April 4, 1921, Mr. J. Mayhew Wainwright,
Assistant Secretary of War, was elected ‘Director, succeeding former
Secretary of War, Newton B. Baker.

Colonel Jay J. Morrow was elected President of the Company to succeed
General Harding.

On June 27, 1921, Major T. L. Clear resigned as Director.

On: July 1, 1921 Colonel Harding resigned ; as Director.

On July 15, 1921 Colonel M. L. Walker, U.S. A., was by letter ballot
elected a Director of this Company, succeeding Vice-Major T. li. Clear,
resigned, and was subsequently elected Second Vice-President to succeed 7
Colonel Morrow. |

? Respectiully submitted,

: E. A. DRAKE,
| Vice-President. -

New York, N. Y. ny,
December 1, 1921.