PANAMA RAIL ROAD COMPANY. — 27

Lee Ee RAIL ROAD COMPANY.

NOCOUMENE DEPARTMENT.

New York, N. Y., October 26, 1922.

Mr. E. A. DRAKE, |
| Vicu-PREsIDENT, PANAMA Rati Roap Cor

NEW York, IN YY:

Dear Sir—I herewith submit Exhibits of Income Account, General
Balance Sheet and tables showing results of operau ens for the iS
year ending June 30, 1922, as follows:

A. Income Account and Profit and Loss Account.
B. General Balance Sheet.
: B- 1. 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.

HHHOBEDOS

Yours respectfully,

V. M. NEWTON,
Auditor.