A eet aaa ae Wy we pone eer Sor td Peers ea 5 Peay i Dn Ba eer ytd ey tn vege By on Pee Ch Lote at a! Sareea ‘ a bi ey Oe ae a eed ie ey aay rh at a eee : aN Sai ee fe Se tf % af REPORT OF THE PANAMA RAILROAD COMPANY. “MESSAGE - ‘FROM THE PRESIDENT we THE UNITED STATES “TRANSMI DTING THE FIFTY-SEVENTH ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAILROAD COMPANY, roe THE YEAR ENDING J TUNE 30, AO0G: J ANUARY Ge 1907. —Read, refetred to the Committee on Inters state an Foreign Com- merce, and ordered to oe ae Tt 0 the Senate and How of Revco | ee 59rn Coneress, | HOUSH OF REPRESENTATWES. ee _ 2d Session. \ : No. 415, ee Fa I transmit herewith, for the information of the Coneiee ihe fitty- | - seventh annual report of the board of directors of the Panama oe Company, ‘oF the year 7 ending June 30, 1906. THEODORE Bocas. THE Waite open Janiary 7 1907. : Wak DEPARTMENT, a a ? Washington, January 4, 7907. My Dear Mr. Pee I beg to inclose you hee a com- munication from Mr. Shonts, transmitting the fifty-seventh annual report of the board of dir ectors of the Panama Railroad Company, for the year ending June. 30, 1906, in order that you may transmit the ae to Congress. _ Very respectfully, yours, ia Wo. H. Tarr, a Secretary of War. The Prusipenr. | en ena D. Co | Jinan 2, 1907. My Dear Mr. SECRETARY: I beg to transmit to you fee copy of the fifty-seventh annual report of the board of directors of the Panama Railroad Company for the year ending June 30, 1906. 2 REPORT OF THE PANAMA RAILROAD COMPANY. All prior reports of the Panama Railroad have been made to cover calendar years, but beginning with this report, in accordance with a wish expressed by you, the same are to cover fiscal years ending June 30, to conform to governmental practice. There is appended, however, a supplemental report, beginning on page —, showing the results of the company’s operations from July 1 to October 31, 1906, in order that the annual report, which it is desired be submitted in December, as are Boycrom on reports, may give the latest available information. Very truly, yours, .. EB. SHonrs, Charman. The SrcrerTary oF War. FIFTY-SEVENTH ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAILROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1906. Board of directors.—T. P. Shonts, Charles E. Magoon, Mordecai T. Endicott, Peter ©. Hains, B. M. Harrod, Oswald H. Ernst, William Nelson Cromwell, J. D. de Obaldia, Clarence R. Edwards, Roger L. Farnham, E. A. Drake, John F, Stevens, W. Leon Pepperman. Huxecutive committee.—T. P. Shonts, W. Leon Pepperman, Charles HE. Magoon, William Nelson Cromwell, John F. Stevens. Officers.—T. P. Shonts, president, New York; John F. Stevens, vice-president, Culebra; E. A. Drake, assistant to president, secretary and treasurer, New York; W. G. Bierd, general manager, Colon; Sylvester Deming, assistant treasurer, New York; T. H. Rossbottom, first assistant secretary, New York; EK. 8S. Benson, general auditor, New York; John Adams, auditor, New York; H. L. Stuntz, acting local auditor, Colon; R. L. Walker, traffic manager, New York; D. W. Ross, general pur- chasing officer, New York; Alfred Anderson, assistant purchasing and shipping officer, New York; Roland Allwork, inspecting engineer, New York; P. G. Baker, master mechanic, Colon; R. Budd, engineer of maintenance of way, Colon; H. I. Bawden, terminal superintendent, New York; Sullivan & Cromwell, general counsel, New York. General offices. —No. 24 State street, New York. New Yorx, WVovember 1, 1906. THE STOCKHOLDERS OF THE PANAMA RAILROAD COMPANY: I respectfully submit for your consideration a report of the com- pany’s financial condition and operation for the twelve months from July 1, 1905, to June 30, 1906. This report is the first submitted under a resolution adopted by the board of directors at its meeting on the 2d day of April, 1906, by which the fiscal year of the company was changed to date from J uly 1 instead of from January 1, to conform with the fiscal year of une Treasury of the United States Government. | This report, therefore, necessarily embodies, in addition to new matter to be presented for the first six months of 1906, details of the period from July 1, 1905, to December 31, 1905, already presented in the report for the calendar year 1905. I call attention to the accompanying exhibits, showing income and profit and loss account, general balance sheet, and statistical tables which will give } you detailed Intormation upon the financial aspects of the company’s business. Capital stock issue (unchanged)........-.-.- ee ee ee $7, 000, 000 REPORT OF THE PANAMA RAILROAD COMPANY. Oo The present outstanding bond issues are: Sinking fund 6 per cent subsidy bonds: : Originalpissieiobe gs So Pa Pe i a ee bo, 000, 000 (For payment in advance of the annual subsidy of $225,000 to the Republic of Panama. ) Iedeémed by aunual cinkingstiund drawings 92. -2 95.) 2 2 | 2, 467, 000 Outstandineiay this date. 925. 2.422.223). 20 ee 533, 000 Of these outstanding 100 were purchased out of earnings and are Owned: Dy the Company -.2-..6.2.- 2: So ee a 100, 000 Leaving i i thepmhands Or tine puliG. = 325552228 oo 433, 000 Through the operation of the sinking fund this indebtedness will be redeemed in 1908. First mortgage 43 per cent twenty-year gold bonds: Authorized cone Ob a ee es 4,000, 000 Eleldeby the public. 3222252 2822 eee $9, 151, 000 Redeemed by annual sinking-fund drawings ..-..-.-.---.- il 121, 000 Feld im companys treasury. 22-3. 6 2 ee ae 628, 000 7 ——_—————__ 4, 000, 000 Through the operation of the sinking fund this indebtedness will be reduced by 1917, the due date of the mortgage, to $1,199,000. It is the only mortgage lien upon _ the company’s property. The result of the company’s operations for the period covered by this report shows that after the payment of cost of operation and all fixed charges there remained net earnings of $322,881.34, which has been used for improvements and construction, the expenditures there- for during this fiscal year, as shown by Exhibit F, amounting to $1,003,273.06. | During the fiscal year there was bomacd from the United States Government $450,000, all of which was expended, in addition to the net earnings, for improvements and construction. Gross revenue receipts, expenditures, and net earnin gs for twelve months ending June 80, 1906, compare, as under, with those of the twelve months ending June 80, 1905. : Earnings over Earnings. Op ores &X- | operating ex- Pp penses. 1006s ee -.--| $3, 917, 840.28 | $8,116. 059. 01 $801, 781.27 OO Dee NS NE ONS oss IN ig AN ee oh ean eee s 3, 574, 671. 85 2, 337, 588. 44 1, 237, 188. 41 IMCREASCIMELOOO es ceca eee es coe Reece 343, 168. 43 118; O20 500 eee ee aes DeCrense tI O0Gis sas ss eee a eS Sea es eo Eee eee eee 435, 357.14 The serious decrease in earnings over operating expenses in 1905-6 as compared with 1904-5, despite the notable increase in the number of tons of cargo hauled ‘and passengers carried, as shown below, is explained by important concessions in rates for both classes of traflic made by executive direction. EARNINGS. RAILROAD. The total earnings of the railroad for the transportation of all kinds of traffic show an increase of $311,990.06, or 18.81 per cent over twelve months of previous year. Of this increase in revenue, / 4 REPORT OF THE PANAMA RAILROAD COMPANY. $228, 298.16 was derived from merchandise and coal freight, $224,834.08 being increase on westbound business and $3,394.08 increase on east- bound business. Passenger earnings increased $64,274.90 and mail earnings increased $13,991.99. Freight traffic from New York and New Orleans to south Pacific ports increased 2,797 tons; to Panama 3,719 tons, and to Central Amer- ica and Mexico there was a decrease of 954 tons. Krom Kurope to ~ Central America and Mexico there was an increase of 2,621 tons and to south Pacific ports an increase of 4,110. The decrease in tonnage from Central America and Mexico to Europe was 7,826 tons, and from south Pacific ports to Europe 6,897 tons. The following table shows the freight tonnage carried over the rail- road for twelve months ending June 30, 1906, including company freight, as compared with the twelve months ending June 30, 1905: Twelve months ending June 30. ~ 1906. 1905. Increase. aTons. aTons. | Per cent. Carried westbound eee ees ein en rao nines aa niece cow ere ee 409,890 | 801,171 36. 10 Carried: eastbound. 52 ss ee Be Sen ee ets ee ee ie i 255, 821 | 181, 091 41, 27 otal west and eastbound 22. = 22225 222s: ge 665, 711 | 482, 262 38.04 — a Ton of 2,000 pounds or 40 cubic feet. The gross earnings per ton moved on the road compare as follows: Twelve months ending June 80. ~ 1906. 1905. |Decrease. Per cent. SVAFESUI OUT Cistiecetire SSO eee Ae a kiana ee tei Sram ee REN os ota $e. 03 $3. 53 14,16 HAS UOO UI Cie ee eee ed ee aia fy Siar veya aise erase Same vee ieee 2.32 3.15 26.35 MVCTAS eR West and CasbbOUM Cia. 285 oes se es aU ee eee ee 2.76 3.38 18. 34 Exhibit L, accompanying this report, shows the origin and destina- tion of the fr eight carried over the railroad. The total revenue freight traffic of the railroad during the twelve months ending June 30, including both merchandise and coal, was 622,274 tons, an increase of 181 ,088 tons, or 41.24 per cent. The ‘total revenue derived from this traffic was ‘$1, 718,389.68, an increase of $228,298.16, or 15.32 per cent. In addition to the above freight, 48,4387 tons of company’s freight and 1,794 tons of mails and excess bageage were hauled. Of the total freight tonnage carried, 61.57 per cent was westbound and 38.43 per cent eastbound. In 1905 the percentages were 62.45 per cent and 37.55 per cent, respectively. The through traftic was 50.83 per cent of the total tonnage handled, as against 72.57 per cent for twelve months ending June 30, 1905. | Coal (including company’s) comprised 87.98 per cent of the local traffic westbound. 7 The following statements show the number of passengers carried one the passenger earnings: REPORT OF THE PANAMA RAILROAD COMPANY. 5) Number of passengers carried and passenger earnings. a nn sn Number of passengers carried. Passenger earnings. Classification. ee seen fe S| 1906. 1905. | Increase. 1906. 1905. | Increase. Per cent. Per cent. First-class passengers .............-.- 125, 780 49, 089 156.49 | $93, 974.51 | $60,375.09 | - 55.65 Second-class passengers.............- 322,450 | 168, 891 90.92 | 106,172.41 | '75, 496.938 40, 68 Motels se eee soe eR eee 448 1230) I 217930 105. 68 | 200, 146.92 | 135, 872. 02 AT, 31 Average receipt per passenger. Classification ode. | 1005. | oc : aes * | erease. First-class passengers: ; Per ct. CT QUIS la ses iis ie Meio EE eee i en ee TROY Pere eatin Cictais wir crete eiee ale ces $4.35 | $6.'78 35. 36 TOC ally eee ence Sere sie ears Ai Moe a epeerero ioe fetes ais ciie gree iets & cie ee .09 . 76 22.38 Second-class passengers: ETO UGS eters eerie ee are is Sioa meet areata sa a revole ce meer Re cise iatahe ee 4, 45 4,68 4,91 DFO CB ees 02) ere a SO Gee Os a capes emia ee nce Ses Sota aan lade eeatrar eee Ol ~39 20. 51 The gross revenue from the transportation of passengers was $200,146.92, an increase of $64,274.90, or 47.31 per cent, while the number of passengers carried show an increase of 230, 300, or 105.68 per cent. The revenue received from thr ough passengers decreased $6,268.79, or 17.14 per cent, and the number of passengers increased 790, or 12.87 per cent, as compared with the twelve months ending June 30, 1905. © In February, 1905, the through rate of first-class passengers was reduced from $10 to $6.50 and for second-class passengers trom 0 to $4.50, thus accounting for the decrease in earnings as compared with increase in number of | passengers carried. Local passengers show an increase of $70,543.69 in revenue, or 71.05 per cent, and 229,510 in number carried, or 108.36 per cent. This large increase is. due to resumption of work on canal. | STEAMSHIP LINE. The total earnings of the company’s steamship line were 61,347,012.25, an increase of $31,178.37, or 2.37 per cent, over the twelve months ending June 30, 1906. Freight tr attic decreased 18 ATT tons , or 8.52 per cent, and the reve- nue therefrom decreased $72, 716. 25, or 7.89 per cent. Passengers show an increase of A, 151 in number carried, or 58.47 per cent, and an increase in earnings of $53,927.57, or 20. 56 per cent. The increase in revenue from the transportation of mails was $46,048.36, or 41.83 per cent. Of the total tonnage transported 97,472 tons were carried by the company’s steamers and 100,820 tons by chartered steamers. In the twelve months ending June 80, 1905, the former carried 118, 001 tons and the latter 98,768 tons. MICELLANEOUS RATLROAD RECEIPTS. The total receipts of the several accounts grouped together under this heading amounted to $503,018.92, an increase of $2,730.14, or 0.55 per cent, over twelve months ending June 30, 1905. 6 REPORT OF THE PANAMA RATLROAD COMPANY. — The receipts for wharftage at Panama and La Boca and lighterage of cargo in Panama Bay, which are included above, show an increase of $12,375.18. . EXPENDITURES. Operating expenses for the twelve months ending June 30, 1906 and 1905. 1906. 1905. Increase. SEU SR TILT) EUG es ses aaa nee et SENS TE SNE Ga Same eee See $1, 781, 888.55 |$1, 178, 945.05 | $552, 948. 50 UCAS TNT ella Chere se ee SecA RE ee eee, aes erate 1, 384, 170. 46 | 1,158, 588.39 | 225, 582. 07 DOVE ee oa ss BHA Sea ON ss COR eS AMIE AES ee aDrae naD 3 116, 059 OL | 2, 387,588.44 | 778, 520. 57 This table shows an increase of $778,525.57 in total operating expenses, while there was an increase in total earnings of $343,168.48 (see pp. — and —). RAILROAD. CONDUCTING TRANSPORTATION. The expenses of this department, compared with the twelve months ending June 30, 1905, show an increase of $358,439.21 or 64.44 per cent, while the total tonnage moved increased 183,449 tons or 38.04 per cent. . It should be noted that this report includes the period in 1905 dur- ing which the serious interruption of traffic occurred as a result of _ strict quarantine measures temporarily inaugurated at Panama, which resulted in an enormous accumulation of cargo at our terminals, and rendered necessary an enormous expense of money and labor to restore normal conditions. : Je ) The important increase in cost of conducting transportation is fur- ther accounted for by the operation of heavier equipment installed, higher prices for labor and supplies, and the added expense incident to handling an increase of 38 per cent in the aggregate tonnage both ways over the railroad, which required an almost unprecedented num- ber of train movements over a road less than 50 miles in length. “For some time past it has been necessary to run freight trains over the road at night only, so as to allow the passenger and construction trains of both the railroad and the Commission the advantage of day- light in their operations. : MAINTENANCE OF EQUIPMENT. The total charges or expenses under this heading amounted to 138,557.51, a decrease of $2,473.43, or 1.75 per cent, as compared with the twelve months ending June 30, 1905. | Under the plans and contracts referred to in the company’s report for the first ten months of 1905, there has been received at the Isthmus, the following equipment: | | e Standard 80-ton locomotives, which have been set up and are now in use.._-_--- 24 ay passes! cars, of which 2 are completed and 4 in various stages of con- SSGISU CULO ieee te ee cei Sar ea te ake a power ee canes a abate tS Vos sama tagy oy Sune en eC auaE eee Forty-ton capacity box cars, of which 216 are erected and now in use, 229 re- - quire sixty days for completion, and 55 to be received to complete the original Onder tor 00022 22 es Ae a ee 445 >] RelmoeratOrcarss 525-228 3 oe Beene Ae eae 0 lean wreckineCranes 9-222 oe a ee 2 Pile: (iiversc.8 5 2 a alt REPORT OF THE PANAMA RAILROAD COMPANY. 4 In addition arrangements have been made for the transfer from the Isthmian Canal Commission of 15 flat cars, at a cost of $1,016 each, to be converted into stock cars. Contracts have been entered into for the construction of 100 ballast cars, at $1,560 each; 2 plow discharging cars, at $1,370 each, and 3 first-class and 10 second-class passenger cars and 4 combination bag- gage and mail cars, at a cost of $121,584. The ballast cars are required in connection with the double tracking of the road and to assist in the disposal of the waste material from canal work. ‘The passenger coaches are required, to add to those already received on the Isthmus, to meet the increase in passenger traffic due to canal operations. The directors have established an ‘*‘Kquipment account” on the books of the company, placing to the debit thereof the estimated value of old railroad equipment on the Isthmus and cost of such new equip- ment as has been or may be purchased from time to time, writing off to ** Profit and loss account” the difference between the estimated value of such old equipment and the cost, as shown by the company’s books. Thus, notwithstanding the notable failure of equipment companies to live up to their contracts , by which new heavy rolling stock ordered has been and is being slowly received, the road at the present time is fairly easy in the matter of equipment. MAINTENANCE OF WAY AND STRUCTURES. The track, bridges, and all structures have been maintained in first- class condition, at an expenditure of $300, 979.29, an increase of $142,642.10, or 90.9 per cent. The relaying of new 70-pound steel rails on the main line has been continued, thus replacing the light worn rails, frogs, switches, etc., for a total of 30 miles. Old side tracks have been rebuilt of new material throughout, and many new ones constructed. In previous reports I have referred to the necessity for double track- ing certain portions of the road in order to provide for the company’s increasing traffic. ‘That work has progressed as rapidly as practicable, and, because it was undertaken, in the main, for the benefit of canal construction, arrangements have been made by which the Isthmian Canal Commission assumes a large part of the outlay. Of 35 miles of double tracking contemplated, that is— Brom Gatun to Camacho <2) 22 en ee 29 Krom: Bedro Miguel to Ranama oi. ,.255 22. i ee 6 SGI ee 30 There have been completed and ready for use...-........-.-....--------.-- 8 acrracks laidcand: ready-tor ballast}: 25.058) ee ee ee Oat Double track filled, nearly completed, but no tracks laid........-...- oe 11.13 Forty-two out of 62 main-line bridges have been strengthened | or en-— tirely rebuilt to meet the requirements of new heavy equipment. Twenty-one bridges were extended for double-track purposes to a total leneth of 1,7274 linear feet. One hundred and nineteen new culverts for double track, consisting of pipe, concrete, and I-beam construction, of a total lenoth of 3,169 linear feet, have been installed. 5S _ REPORT OF THE PANAMA RAILROAD COMPANY. Two extensions have been made to the company’s wharf No. 4, at Colon. The Isthmian Canal Commission’s wharves Nos. 11 and 14, at, Cristobal, extended and rebuilt, and their two new wharves constructed at La Boca on the Pacific side, have been turned over under lease to the railroad company to maintain and operate, giving in all anadditional — on space of 193,936 square feet, equivalent to berthing capacity for 9 ships. Mt Colon of buildings constructed, a new third story has been added to the company’s Washington Hotel, a temporary refrigerating plant with machinery has been installed, and pump stations established at Kighth and Eleventh streets. At Cristobal there have been constructed a 21-stall roundhouse, a 20-pocket coal chute, a machine shop transfer table, a turntable, a 50,000-gallon water tank, a standard water crane, 4 new machanics’ quarters, 1 family quarters, 9 laborers’ quarters, and an extension to the company’s commissary, with interior improvements.. A large cantilever crane, for handling heavy shipments, has been erected at a total cost of $31, 156.71, and a new coal hoisting plant, to cost 675,309.45, was 75 per cent completed; both on wharf No. 14. Along the line of road there has been erected a new 50,000-gallon | water tank, at Frijoles. At Camacho, Culebra, Las Cascades, and Frijoles new passenger and freight stations have been constructed, and others are to be built along the line as needed. At Panama 4 buildings for quarters have been erected, and at La ~ Boca a new freight office and a large building for quarters for single employees. The new terminal and switching yard of 600 cars capacity at Cris- tobal was completed, and a new yard at La Boca of 600 cars capacity was 60 per cent completed. A new 12-wire telegraph and telephone line has been fully com- — pleted, and station agents and operators have been installed. STEAMSHIP LINE. The operating expenses of fhe enn line were $1,384, 170.46, an increase of $225,582.07, or 19.47 per cent, over the previous year. _ Following the recovery during the last days of 1905 from the damag- ing effect of the rigid quarantine temporarily established at Panama, effected by our forwarding large accumulations of cargo at the Isthmus which our cocarriers had been debarred from receiving, the business of the steamship line was, in the first six months of 1906, seriously impaired by the earthquake in San Francisco, as a result of which trafic between that port and New York via the Isthmus was practi- cally brought to a standstill (that traffic in the previous year consti- tuted 80.68 per cent of the tonnage transported by the steamship line between New York and Colon, both ways), and further by division, with two foreign lines admitted to connection with the road at Colon, of business to and from the Isthmus and of through traflic to and from points beyond on the Pacific, which tended to mater ially decrease the earnings of the line. The increase of 19.47 per cent in the expense of operating the line is accounted for generally by prevailing higher prices for labor and material and by the larger cost incident to operating two additional vessels of greater speed and capacity, the principal items being custom- REPORT OF THE PANAMA RAILROAD COMPANY. 9 house and port charges, fuel, feeding passengers and crew, labor on cargo and coal, repairs to engine department, wages and insurance, all of which show material increases. _ As yet no steps have been taken to enlarge the terminal facilities of the line at New York, but owing to the ‘material improvements at Colon the steamship business at that point is handled at a cost, con- sidering labor conditions that is not equaled, and at a rate of speed that is not exceeded by any port in the world. | | In my report for the first ten months of 1905 I referred to having secured for our line, on long-term charters, from the Isthmian Canal Commission, the steamships Mexico and Havana. The large capacity and speed of those vessels has materially assisted in the prompt movement of trafic. They have been renamed Colon and Fanama, respectively. — A ~ depreciation fund” for steamers and tugs has been opened on the company’s books, which is credited each month with a fixed pro- portion of their book value (6 per cent in case of steamers and 10 per cent in case of tugs and lighters), offset by a charge to ‘‘ operating expenses.” MISCHLLANEOUS RAILROAD EXPENSES. The combined expenditures under this head, which include lighter- age, docks and wharves, real estate, etc., amounted to 9202, 28 6.86, an increase of $19,027.73, or 8.16 per cent. | GENERAL REMARKS. During the period from January i, 1894, to June 30, 1906, inclusive, the percentage of total expenses to gross earnings was as follows: Per cent. SOAS a Ge ee ee es 69. 93 SOD Re es ore es Se ee 61. 63 SOO eS re ee a ee 53. 94 1897 (including taxes and appropriations for depreciaion CLC) ae ee 61. 12 1898 (including taxes and appropriations for depreciation, etc.)...-......-.-. 64.91 1899 (including taxes and appropriations for depreciation, etc.)-....--------- 64. 66 1900 (including taxes and appropriations for depreciation, etc.)....-...--..-- 69. 25 1901 { (including taxes and appropriations for depreciation, etc.) ....-.-.-.-- 64. 72 (or including Eaciic lnemot Operated 1m 1900) > 6 76. 34 1902 | (including taxes and appropriations for depreciation, etc.) ......--.-- . 65. 87 (or including Pacific line operated for six months) .-............-...- 71. 02 1903 (including appropriations for depreciation and special repairs) ..-.-.--- 66. O1 _ 1904 (including appropriations for depreciation and special repairs) -..-...-- 63. 69 1905 (including appropriations for depreciation and special repairs) ..---.--. 77.49 1906, June 30 (including appropriations for Eee and special repairs) cwolve months 92 54 The monthly charge, « on the basis of half rates, made to the Isthmian Canal Commission, for the transportation of its officials and employees over the railroad, was advanced to $5,000 on November I last. A revocable license has been eranted to the Union Oil Company, of California, to lay a pipe line across the Isthmus, along the company’s line of road, for the transportation of oil from the Pacific to the Atlantic side. Its installation is rapidly approaching completion. Through a new interpretation of the scope of Article XX of the company’s contract of concession, which has been mutually agreed to between the parties concerned, it ‘has been provided that half rates be 10 REPORT OF THE PANAMA RAILROAD COMPANY. hereafter extended to all products of Panamanian origin, whether natural or manufactured. It is expected that the company’s new coal-handling plant at Cr isto- bal, already referred to as being 75 per cent completed, will be finished | before the end of 1906; and will provide for such discharge of colliers employed to tr ansport coal to the Isthmus for Commission and rail- road consumption as will effect a material reduction in cost of fuel delivered at the Isthmus, and will permit of the necessary accumula- tion of a stock on hand, which, because of rapid consumption, the old method of handling has not allowed. _ In view of the common ownership by the United States Government of the property of the Isthmian Canal Commission and of the Panama Railroad Company, it has been arranged, by mutual agreements between them, so that each performs work for the other at exact cost, plus a reasonable profit for handling, depreciation, etc. In line with this practice the products of the electric light and ice plants of the company have been sold to the Commission and the employ ees of the Commission and of the railroad company at a slight increase over cost. The company’s water plant at Colon has been turned over to the Commission to operate in connection with the large new plant recently installed by the latter on the Isthmus, in return for which it is arranged that the railroad company is to be supplied its requirements of water at a reasonable price. Large new machine shops at Cristobal, constructed by the Isthmian ‘Canal Commission, have been turned over to the railroad company, under lease, to maintain and operate at an annual rental of 4 per cent upon the cost of construction. The facilities of the railroad company are very materially increased in efficiency by these transfers. | I can, perhaps, best illustrate the conditions which previously existed and the obstacles which were met and overcome by the company’s offi- cials during the past fiscal year by quoting liberally from a letter re- cently received from Vice-President Stevens on the subject in which, referring to the physical status of the railroad company’s plant on the Isthmus at the close of the preceding fiscal year, be says: The Panama Railroad Company had practically nothing more than a right of way with a fair roadbed which had, however, already proven unequal to the heavy traffic it was called upon to bear. Its rolling stock was limited in quantity, small in capacity, and of antiquated type and entirely unsuited to the demands put uponit. It had not the requisite sidings * either for handling through or local business, and those that were in existence were at the end of their lives and had to be rebuilt. From Colon to Panama there was not a single station building which was adequate to the requirements of the service, and not to exceed two telegraph operators between terminals, with no telegraph lines over which a train order could be sent with any certainty that it would reach destination inside of twenty-four hours. Its ocean terminals were neither commodious, well arranged, nor had they been maintained in a sate condition. The personnel of the road, while in the main consisting of well-meaning parties, had grown up under conditions which, instead of inducing deyeTopmecnay and progress had practically kept it at a standstill for years. The throwing upon the road of the immense amount of back business which resulted from the occupancy of the Zone by the United States and the commencement of the work of preparation for building the Panama Canal made the railroad proposition an almost impossible and disheartening one from the start,.it being necessary in every department, without one single exception, to build from the eround up to get the property in shape, while handling not only the current affairs, but disposing of the vast amount of business which had been delayed, owing to various causes, for months. REPORT OF THE PANAMA RAILROAD COMPANY. lol The work of reorganization and reconstruction and the carrying on of the current business, as well as catching up the past, has been conducted during the past fiscal ear. | : The ocean terminals have been more than trebled, and terminal yards, with all needed accessories, have been constructed, so that we can now point to the fact that business in the port of Colon over the company’s docks is handled at a cost, consider- ing the local labor conditions, which is unequaled and at a rate of speed that is not exceeded by any port in the world. In fact, the handling of cargo across the docks at Colon is being done quicker and with less trouble than cargoes are handled over the docks in New York City. Mr. Stevens, after specifically referring to the important improve- ments, additions to equipment and a uction, elsewhere referred to herein, further says as follows: In general, the Panama Railroad is rapidly emerging from a road suited, perhaps, for a period of twenty or thirty years ago into a fully equipped, up-to- date railroad fitted to handle, under the most perplexing and expensive conditions, a large and constantly increasing modern trafiic. It would take up too much space to here go into all the details, as only those who are familiar with the whole situation can appreciate the conditions existing when the present management took charge of the property, and make a fair comparison between them and the condition in which itis now with what has been accomplished during the past twelve months. The business of the railroad is growing and additions must be made to its facili- ties; more tracks must be laid, and it is a grave question whether a large mileage of the road must not be provided with a third and fourth track. New equipment must be purchased, as the old freight and passenger equipment must be relegated to the scrap heap as soon as new can be provided. While much remains to be done, the work of the past year has demonstrated that the Panama Railroad can, by pursuing the present policy, be made to handle economically and successfully all the business which is in sight for it to handle. In fact, during the past six months the only difficulty it has experienced in han- dling traffic has been from the inability of certain ot its Pacific connections to take the business as fast as 1t was offered to them. The Panama Railroad is a peculiar proposition, in the sense that it is a switching yard from one end to the other. Even its passenger trains must. be handled more as a suburban proposition than as through trains, and only men who are accus- tomed to handling trains under such conditions can appreciate what the proposition really is. At the annual election held in April, 1906, Mr. John F. Stevens was elected a director of the company to succeed Mr. John F. Wallace, who had resigned; and Mr. W. Leon Pepperman was elected a director of the company in place of Mr. William Barclay Parsons, who had expressed a desire to retire from the directorate of the company. Mr. Stevens was also elected vice-president and general manager, and Mr. W.G. Bierd was elected superintendent. Later in the year, however, Mr. Stevens expressing a wish to be relieved from the duties of general manager, Mr. Bierd was delegated to that office. Respecttully submitted. T. P. SHonts, President. PANAMA RAILROAD COMPANY, ACCOUNTING DEPARTMENT, New York, N. ¥., October 17, 1906. Duar Str: I herewith submit statements of income account, gen- eral balance sheet, and tables showing results of operations for twelve months ending June 30, 1906, as follows: A.—Income account and profit and loss account for six months ending June 30, 1906. A. A. Tpeome account and prone and loss account for twelve months ending J une 30, 1906. B.—General balance sheet. 12 REPORT OF THE PANAMA RAILROAD COMPANY. C.—Statement of earnings and expenses for twelve months ending June 30, 1906 and 1905. D.—Statement of operating expenses of railroad for twelve months ending June 30, 1906 and 1905. E.—Statement. of operating expenses of steamship line for twelve months ending June 30, 1906 and 1905. F.—Statement of expenditures for improvements and Concrmenon for twelve months ending June 30, 1906. G.—Statement of steamer and tug depreciation account. H.—Statement of classified railroad earnings, tonnage and passengers, Colon to ae and Panama to Colon. I.—Statement of railroad freight statistics for twelve months ending June 30, 1906. J.—Statement of railroad passenger statistics for twelve months ending June 30, 1906. K.—Statement of railroad general statistics for twelve months ending June 30, 1906. L.—Statement of railroad freight tonnage handled. M.—Statement of steamship statistics for twelve months ending June 30, 1906. N.—Statement of locomotive and car equipment. O.—Statement of floating equipment. In view of the change in the company’s ; fiscal year from December 81 to June 30, and the last published annual report being for year ending December 31, 1905, I have submitted two statements of income and profit and loss accounts, one for six months ending June 30, 1906, and one for twelve months ending June 30, 1906. | In December next the following tables, showing the results of opera- tions for the four months ending October 31, 1906, will be prepared and published as a supplement to this annual report, Viz: P.—Income account and profit and loss account for four months ending October ol, 1906. Q. —General balance sheet, October 31, 1906. R.—Summary of earnings ‘and expenses for four months ending October dl, 1906 and 1905. S. Panama and Panama to Colon, for four months ending October 81, 1906 and 1905. T.—Statement of steamship ‘statistics for four monubs ending October. ol, 1906 and. 1905. Yours, very truly, : _E. S. BEnson, < 7 General Auditor. Mr. T. P. SHonts, President Panama Railroad Company, Qh State street, New York Cot Exauusir A. —Income account and profit and loss account ors six months ending June 80, | L906: INCOME ACCOUNT. Railroad: GROSSE ALAIN SeorOM! ODECLA TOM soos sce ee ae wee a rae re eee ¢..| $1, 488, 242. 00 Operating GID CTIS CS seerse eee oe a Nee ie Seas Sak Cer aimee ee mia 858. We 11 Netearniines sinOmM OP CratlOn cs soe sas oc use eee eae ne oie ae eee ee ecu $585, 037. 89 Steamship line: CTROSHeATMIM Se SanOMeOPeTATON: set s2 2. Se ae Se ee eine cece marae ae 692, 372. 88 @POLATIN See x PCNSCS Stance s sore ts Ss ee nee rattan 678, 479.17 INGpeCanmMine strom OperablONa.62- 2s. c.co asec eed se ents etre epee | crea oes Rea craigs 18, 898. 66 Add income from— Difference between contract rate of interest, 8 per cent, and interest on 45 per cent bonds, sold to prepay indebtedness due (in 1905) con- tractor, Hew. venmuinaleat Was Boca se ee 514. 33 s Interest and OX CAMS Cis ease eset Ole int urs ow rence see eee $420, 94 ess— Tnterest Oct. 1, 1905, to Jan. 8, 1906, on 22 Panama Railroad Company 4% per cent bonds repurchased from Mackey & Co. 255.75 Se eS 679. 52 Total income ........-- ee Cl ae .| 699, 611.07 REPORT OF THE PANAMA RAILROAD COMPANY. 13 Exuipir A.—Income account and profit and loss account for six months ending June 30, 1906— Continued. / INCOME ACCOUNT—continued. Less— Interest on funded*debt: First mortgage 44 per cent ponds “Interest Oni p2;2(2;000 Jani, 1906s co dume dO 19068 62.2 ee ee Pol, 120. 00 Interest OMlOnus eset ee ee 4,785. 76 HMiTsthanorteage sinalkeim os; MIM eeepc ace ce ss eis iin era ae 75, 000. 00 Concessionary subsidy to United States Government under treaty..... 12, 500. 00 Subsidy to Republic of Colombia, applied to— Interest on subsidy bonds, 533 bonds, Jan. 1, 1906, to JAMO O OOS oes epic ne ea mee 0 Aah $15, 990. 00 Redemption Ol SubsidiysbOnGStea eee tae ee soe 96, 510. 00 ——-——| 112,500.00 Drawback on Colombian and Panamanian produce ...................- 1,342. 55 ——. ——| $247, 248. 81 Neti INCOME LOL SixemMOnbMGes 5). ase eee a nen Lace S| pe eee ee a pee 342, 862, 76 PROFIT AND LOSS ACCOUNT. By balance to credit of profit and loss Dec. 31, 1905.-..................- ae Aes Betas otenier a 4,851, 712.12 Surplus from income account for six months CnGdim sy ume BO a1 906 pea ee ee eee 342, 362. 76 Saleot tus Ancomand three old hghters <2) | ee 275. 00 Adjustment of freight accounts for coffee shipments, season 1904-5 .....]..........-.... 4, 030. 61 Adjustment of freight accounts for through business to Dec. 81, 1905....|...-....-... ---| 12,468.61 5, 210, 849. 10 Less— The difference between book value of locomotive and car equipment, ae as of date Dec. 31,1905, and inventory value written off June 380, 1906. 121, 315. 04 Sundry accounts written OEE STC see oe Shes ON Sas Raa ee 944, 25 ——__—_—_—_——_|_ 122, 259, 29 _—_— By balance to credit of DLOnt AMG OSs; UMC S07 IOGear eee eee ce 5, 088, 589. 81 ' Exureir AA.—Income account and profit and loss account for twelve months ending June 30, 1906. INCOME ACCOUNT. Railroad: GrossicarninestroOmlOperatiONGs (usa te cts os seca cee ee oe #2, 570, 828. 08 Operating expensessce chee tse es woe oe eas ge onan alae a acne 1, 781, 888. 55 Neiearnings Tromlopentabvlouies- 2.2.5 -.este- cc ces se cae es Vavaia sitet araye etal e allicre ore eect vat pve ctate $838, 939. 48 Steamship line: p Grosssearnin ss rOm OPCLatlOMeacs 5 2 2 ose oon occas ee eee 1, 347, 012. 25 OPeralin se OxPeNsesy2 ae soe eee sce eee ee AS eS pe eeity ee ens SR aoe es 1, 384, 170. 46 Net OSS HromyOPeratlOMei Heo ees eo access ecto toe a ein ee cuca rarer ae ae ee 37, 158. 21 801, 781. 27 Add income from— — IMbereSG ONY SCCUTITICS OWMCC a oe eta. Ae Ss ees oe 5, 488. 75 Premium and interest on treasury bonds drawn for redemption....... 1, 377, 50 Difference between contract rate of interest, 3 per cent, and interest on 43 per cent bonds sold to prepay indebtedness due (in ae con- tractor news vermin aliat WaBOChig cs csso roe Ve eect os eo cumeeses 6, 769. 87 18, 686. 12 : Interest and exchange......... Become ee eager $11, 371. 57 ess— Interest Oct. 1, 1905, to Nov. 27, 1905, on 606, and Oct. 1, 1900, to Jan. 3, 1906, on 22s Panama Rail- road 42 per cent bonds repurchased from Mackey Ol COM a en nan onc o ie iia e ie ance eres a8 $6, 846. 00 ENGETeStOnNs1OMNSe ts ee ao oc sce ee eee ches 4, 785, 76 ——_——._ 11, 631. 76 ———_—_ a 260. 19 — ——| 18,375.93 PRO Ga LTT C OMCs ese aoe ese ws teces cea Seta rermeratete a aero a CODE aio ata gic Siac atals wis ees aim wie isiele ei eeievele 815, 157, 20 Less— Interest on funded debt first mortgage 44 per cent bonds— Interest on $2,272,000, July 1, 1905, to J UME BO SLOVG ke eee oes 102, 240. 00 Interest Apr. 1, 1905, to June 30, 1905, on 121 bonds drawn for redemption and paid by trustees in October, NOOB Hs ees 1, 361. 25 100, 878.75 Kinshmorteace simkine fun Ges rere ce ete eo ce mec eincceas cates 150, 000. 00 Concessionary subsidy to United States Government under treaty..... 25, 000. 00 a Debit. 14 REPORT OF THE PANAMA RAILROAD COMPANY. Exuisir AA.—Income account and profit and loss account for twelve months ending June 80, 1906—Continued. INCOME ACCOUNT—continued. Less— ; Subsidy to Republic of Colombia, applied to— Interest on subsidy bonds— Mb bonds dulyaletOrO Gt oll 90D ees ioe cee $14, 800. 00 530 bonds, Noy. 1, 1905; to Jume 30; 1906. ..3.2-52.25- 21, 320. 00 35, 620. 00 Redempuon OmsupsidiysbOnds <2 222- 222222 oe tse ee 189, 380. 00 —————| 525,000.00 Drawback on Colombian and Panamanian produce .:................- 8, 171. 33 —___—_—____| $509, 050. 08 INetin Come Tortwielve months: s sass ses eee ers rete ee ernie | can oe aN eae, 306, 107. 12 PROFIT AND LOSS ACCOUNT. Byzbalance: to creditor profiivand loss: June 30; 190b 6 =o s eee ea ee 4, 827, 418. 56 Surplus from income account for twelve months ending June 380, 1906.|............... 306, 107. 12 First mortgage 44 per cent twenty-year sinking fund geld bonds, BS CGC TUN Ce ici ee eee aR ce ean eee ce ene | chi econ Dec 140, 000. 00 Adjustment of freight accounts for coffee shipments season 1904-5.....|_.....-......-- 4,030. 61 Adjustment of freight accounts for through business to Dec. 31,1905...)............... 12,468. 61 5, 290, 024. 90 Less— To cost of tug Ancon and three lighters dismantled or condemned during year, written off Dec. 31, 1905 ........ $73, 083. 60 Less proceeds from sale of these vessels ........-....... 275. 00 es SERRE 72,808. 60 Difference between book value of locomotive and car equipment, as of date Dec. 31, 1905, and inventory value written off June 30, ALC eee ees eee rere SS Seg rece a Sega ak eee en eas Su aC tage rn ae poe 121,315. 04 SUMdinvV. ACC OUMLS WrlGbeM Olt We beepers ee eee ere 7, oll. 45 ——| 201, 435.09 By palance toerediior promt and loss: Jume 30; 190642: 2-228 scan ellen ase 5, 088, 589. 81 ree = ot Exuipit B.—Balance sheet June 80, 1906. 2 3 Cost of road; real-estate; and equipment.:--- =<... 22222102. ee | $12, 422, 592. 55 (Improvement ang Construchon acCOUMisne.-2- 2-222 -4-\oeeee- ase 483, 728. 84 Floating equipment: | Steamers Allianca, Finance, and Advance........-.. $596, 749. 66 Muss angeliohterss.s: se aes a Cs ee ee oe can 290, 948. 80 ee 887, 698. 46 Motaleost-Of property css Pees os a ee ee 13, 794, 014. 85 Bonds in treasury: - 100 6 per cent Panama Railroad Company sinking FUNG SU DSIGy DONG Ses cs Sec eee ee 100, 000. 00 628 43 per cent twenty-year gold sinking fund bonds.| 628, 987. 50 Be oer ea ee — —— 728, 987. On deposit with financial agents for redemption of bonds: 4; per cent twenty-year gold bonds.........-....--.- 2, 565. 36 6 per cent sinking-fund subsidy bonds .............. 8, 000. 00 ——_ 10, 565. 86 || Advance of subsidy: to Republic of Colombia. -<-2.. 2.22. \- 2s.2252.2-2.- 588, 000. 00 Current assets: @ash invbanksrand -wathvagents.s. 2255226223 e 421, 128. 67 Coaliand:suppliestonrhandes 23 ae - 627, 956. 28 Due from connecting companies .........,....-..... 229, 920. 78 Due from United States Government— Isthmian Canal Commission........ $268, 186. 81 : Post-Oiice Department... 4-223 51, 887. 88 | Navy; Department: --2- 23.22.23 = 10252 ———_—_———| 320,085.21 | Due from companies and individuals...............- 108, 177. 67 Miscellaneous aCCOuniss. 22 3 (See a ee - 826,174. 39 Unearned insurance and charter of steamers......-- 538, 718. 67 | General average disbursements. ....:...2...:-....--. 266.7 | 1, 982, 428. 37 17, 048, 996. 80 | Capital stock 43 per cent twenty-year sinking fund gold bonds (au- thorized issue, $4,000,000): Issued to date (4,000 bonds, less 981 bonds previously redeemed) Less drawn for redemption in 1906................... ee ee ee ry Total capital stock and mortgage liabilities........ 6 per cent gold sinking fund subsidy bonds@............. Bonds drawn for red mption not presented for payment: 4+ per cent twenty-year gold bonds .- 6 per cent subsidy bonds Funds for redemption of bonds: 4% per cent twenty-year gold bonds 6 per cent subsidy bonds err eee ee ee ew eee ee $8, 019, 000. 00 140, 000. 00 meee te ee tw tw we 2, 145. 00 8, 000. 00 137, 920. 36 175, 935. 00 Equipment and plant replacement RUINS Heese ere re eee ee ee Current liabilities: Dne to United States Government— Concessionary subsidy accrued. ...... Bills payable—For cash appropriated through Isthmian Canal Commis- sion for new equipment and im-: DLOVCMUCINEG Se epee ae eee: . 450, 000. 00 $9, 375. 00 Iisthmusidratis mot-presented=s-2 2-22). Coupons not presented Accrued interest on bonds: 44 per cent twenty-year gold bonds (2,163 bonds) 6 per cent subsidy bonds ee eo) 25, 560. 00 5, 3380. 00 Audited vouchers and pay rolls 23: 20-2. 22 23. 22: Due to.commecting: lin estan ee a MiscellamecousaceOumMts =p. se ee ee Unpaid wages Balance to credit of profit and loss 2533 six per cent gold sinking-fund subsidy bonds of $1,000 each, amounting to $533,000, issued Noy. 1, 1880, fall due Nov. 1, 1910. To meet his bonded indebtedness, $225,000 annually of the Colombian Government subsidy was pledged till Mar. 27, 1908, the same to be applied by the company, first, to the payment of the interest, and, second, as a cumulative sinking fund for the redemption of the principal; the bonds to be drawn yearly in September to an amount equal to the then surplus of the subsidy sinking fund, the drawn bonds to be paid on Noy. 1, after each drawing and thereby redeeming the whole issue in 1908. 459, 375. 00 113, 720. 25 9, 127. 50 30, 890. 00 488, 750. 64 45, 005. 12 21, 095. 51 9 449,79 $7, 000, 000. 00 2, 879, 000. 00 9, 879, 000. 00 583, 000. 00 10, 145. 00 3138, 855. 36 46, 992. 10 1,177, 413. 81 5, 088, 589, 81 17, 048, 996. 80 “ANVdINOO GVOUTIVE VNVNVd HHL WO LeOduy a 16 REPORT OF THE PANAMA RAILROAD COMPANY. Exuisir C.—Statement of earnings and expenses for twelve months ending June 30, 1906 and 1905. EARNINGS. Be * 1906. 1905. Increase. | Decrease. Colon to Panama: SHIRE TOG oe Se ta Fikes a ee ea vere ie ie rotgs cree $1, 171, 910. 39 POAT OMG Oli 22483408) |e eee IPASSCHIPCLS eke eke oe oe ees resis oes ot 107, 247. 66 72, 518. 57 Ba i290 OO) ei es ante NENT See eerie arn Ne pean noes ore ges 86, 775. 02 73, 487. 68 NBS 28 Te Bae Sec . Geccer * _Bxtra paeeaeel MBS Spepat ce apie aeetccave aa Sepeieis a 17, 795. 64 14, 577. 63 » Solon Ole ese es sas MrCAsinowe ek ee ee | 12, 090. 09 [BODIE OL yeep ekes $1, 160. 92 Mota vee ee ee i eae 1, 395, 818.80 | 1,120,911.20| 274,907.60 |.........--. Panama, to Colon: a a ae ROTO Mites eee ee ie ase ere Glad miatare 546, 479. 29 548, 085. 21 "3, 394808) ace epee Bh IBASSENSersen eho. Ie Talaeee sae ene aparece rc oe Se 92, 899. 26 63, 358. 45 29: D465 8s eee sec cree Milani Sears eee Cen re Mec e cveraeieeetare Sie oleras 6, 477. 61 De GO als (OFS CO eG Ses EEX NAO AGU Ore eevee Se repeister oe eaisniars 12, 388. 75 10, 471. 57 IS 8622188 Mereeer eee ENTCHSUMC Hae Nore sha sciie Sin bare ats Se eeenene 13, 800. 40 WA ODL SOU eee 1,154. 40 MOU eee oa eee ’ 671, 990. 31 637, 637. 99 Sa oooh ORT sen came ees Miscellaneous: a Wnioiterseer 2 eee ee. Sooners 66, 852. 32 43, 870. 27 29.989) ()5i|sa3 obs Water supplied shipping...........-...--- 25, 937. 39 19, 669. 31 Wess} loscsosbonsss Rental: Ol propenbyer sss se ecemcee ea ae 23, 082. 48 DO DAT R20 | emer BS antany - 6,164. 78 Wharfage and light dues—Colon ......... 78, 158. 00 54, 425. 50 Darl 2iOOM cae ee Wharfage—Panama and La Boca.....--..- 169, 332. 70 LQO8OR 62; |b cemer eer eae. 10, 606. 92 Cranage earnings, La Boca ...-.--....- Boke 19, 249. 09 QU Dee bison eee eee ie 962. 06 Storage and freight handling............. 18, 823. 15 9, 235. 51 ATI OTOA IR peepee se cie os Meleg rap hye ees ees. ee Acne aes cies 2, 048. 94 econOlGrO2 cP eteis se ae ee eli .08 Miscellaneous earnings, other sources.... 104, 544. 85 PBOROUSEO4 ess eeeee ee 34, 528. 79 WROLA Ver oreo Gos Sees Suen er 508, 018. 92 500, 288. 78 DESO Aa: Berne as rae Total railroad earnings............:.-..| 2,570,828.03 | 2,258, 837.97 | 311,990. eee Steamship line: a . Hineioltieeeg ieee eee a oor 848, 564. 29 O21 28004) ee 72 (16125 IPASSEN GEMS Se. sce. eS. a VScom eens wee 316. 258. 10 262, 3380. 53 BBY CPI TEs Soon ncone Mail Se eos ac oss BPO eps ae spt enor Rei Lgisy oa 156, 134. 76 110, 086. 40 46: 0485865 oe Ose ee oe Xtra DACP ATC estes s sssceece oe 5c ae aeeros 2,706. 52 Sy OOM LO eerie sees ee 745, 27 PRTRCASUMC ior cis ees aie ccs eis we ease oe ose iore ars 12, 096. 73 TOMO GRO (leans neers 9, 24 Wines and liquors ...--- Riles see cee ee 7, 018. 20 5, 002. 31 PO LOCC OM eae ee IVEISC CUI IMC OU Ser ences eee eee ce _ 4,188. 65 1, 026. 34 SO plOge Oleg eter se ctee MOt@ eee ee ee ee BAT Ol 2oa | ol oloooonee SPIT SNO Tl eaas ee wees Grand total earnings .....---.:--------- 8, 917, 840.28 | 3,574,671085 | 343,168.43 | . EXPENSES. Railroad operating expenses: General expenses, New York.....--.---.. OO; 400s: | OD) O2956D: |e ose a $359. 50 General expenses on Isthmus Sins aa ae 69, 996. 89 34, 329. 50 POD OOMROO. lee eae clasts Conducting transportation .:-----.....-2- 914, 647. 85 596, 208. 64. BOO PASO se 2M | ores eros Maintenance of equipment. --2.---.2---.: 138, 557. 51 14 OS0HO4 es ae ees 2, 4738. 48 Maintenance of way and structures .....-. 300, 979. 29 158, 337. 19 4D GAZ AO! ole ese ee TSW TCLARC eae sae ae oe, So Se wa elas 128, 645. 27 81, 710. 65 AL 934062 | a sce ae Docks and wharves, maintenance........ 56, 016. 06 QOAQTEOB els oe 40, 111. 62 Real-estate expenses....-...:---...------- 54, 449. 40 38, 089. 83 1G SOON OV les cee ase as Loading and discharging vessels at La Boca esse" Dao rs eta See rae even iy 18, 126. 18 17, 280. 97 S4571G6 ees cee Total railroad expenses..:-.--.-.----..- 1, 7381, 888.55 | 1,178,945. 05 DO?) O43 v OO soe eee pa | —— eS Steamship line: General expenses, New York............. 29, 018.15 BOSS Robe hee eee 3,120; 4s General expenses, Isthmus ............... 36, 015. 43 19, 8382. 97 NG RS2246 sc seceoenee Pie OUCAIMET CXPEMSCSs cet -isa Nels sees 1, 069, 680. 98 787, 560. 06 SPW GPA Nesancgsacuce AS CNCY;OXPCNSCS Wise. 2 oct oho eos anes 127, 831. 09 PL, 212538 LDS613y TS ee eee sree Charters Ol SUCAMEIS sec. 6 «se sss Sais 121, 679. 81 2062849342. | cece sacece 85, 169. 61 Total steamship expenses........,.-.--- 1, 384,170.46 | 1,158, 588. 39 295, SSQE OTE or rs eee SS ES SS SY [rE EE Grand total expenses .....- Soc nse s 3, 116,059.01 | 2, 337, 533. 44 MIS O2De OTe eae REPORT OF THE PANAMA RATLROAD COMPANY. 1% Exuisit C.—Statement of earnings an expenses for twelve months ending June 30, 1906 : and 1905—Continued. Decrease. Ce $240, 953. 44 eee ewe ane noe =e ee ee eee eee 435, 357. 14 SUMMARY. 1906. 1905. Inerease. Railroad earnings: ; Colom tovRanamak ys jos ees eke $1, 395, 818. 80 | $1, 120,911.20 | $274, 907. 60 Panama tO:;COlOM a5. eee eee 671, 990. 31 637, 637. 99 34, 352. 32 PMUSCellameOUSesce asst ee es eee See 503, 018. 92 500, 288. 78 ~ 2,780. 14 Total railroad:earmings -.-:.-....-...--. 2,570, 828.038 | 2, 258, 837. 97 311, 990. 06 MTotalrailroadsexpenses: 232-4522... 5- 2: 1,731, 888.55 | 1,178, 945. 05 552, 948. 50 Net: Carningss 20. este ee ye ee. 3g. 989. AS cl 1 O79 892 02a es ee ees Per cent of expenses to earnings ......... 67.37 52.19 15.18 Steamship line: 2 ee Motallearmines ees eee Seale 1, 347,012.25 | 1,315, 883. 88. 31,178: 37 MOtAl OXPeNses ojos oe EE 1, 384, 170. 46 i 158, 588. 39 225, 582. 07 Netieannings ip haen ears e @ 37, 158. 21 157, 245. 49° AOS eee aeons Per cent of expenses to earnings.........- | 102. 76 a 88. 05 14.71 Grand total earmingss2.- 5335.62. 3. 917, 840.28 | 38, 3.57 4, 671.85. 345) 168. 43 Grand total expenses “42222-6292 3, 116, 059. 01 2. 337, 588. 44 778, 525. 57 Mota lenet CALM Se eee ee SOM SU soe lS (SS. 4 tne hae oes nyie Per cent of expenses to earnings ......... "79. 54 65. 39 14.15 a Deficit. ‘ Exursir D.—Statement of operating expenses of railroad for twelve months ending June 30, 1906 and 1905. _ General expenses, New York. Advertising, folders and posters ................_...... te SS oe eae eons Advertising, general Clerks, salaries wae eerste ee meee ete we ee eet eee eee ee eee te ee ee ee te ee er cere este ee ewe eee eee eet ee ee ee eee ee ee ete DITE CONS AN GsCOMMMITTCCS TCC et ee re cE re a Be General offices, repairs and rent of coe et ee en ttt et te weet ee ew ew eee ee tee tee GeneraloticeswotherexPeNnses ne eee Sree ee Incidentals weet eee eee wee ee ee ete eee et ee te eee ee ew ew eww ee ee eee ee Me SASeL VAC es ANGI OX PCNSCsee eee eee ee ce ee te ce Oficersssalaries Of 5. Set See Pee ca am He Si ESO NGI OLN NON GORY Ooze Stationery and printing Telegrams and cables Advertising Cablegrams Incidentals Legal expenses Miscellaneous errr eee mee we et oe we ew eee ee tee we tet ee we ete we eee ee ee ert tee eee we em ew ee we ee ete ee tt te ee eee ee wre ree et ee wet e eee ee ewe ee et eee eee ee eee tee ee Glenksiandeattendants, salariesof 99) 7 Hospitalccrvyice 6 9 a ee sewer wm wee ee te ete www ee mee ee wee ewe eee eee eee ew ee ee eee ee ee Officers, salaries of Office expenses and supplies Stationery and printing eee eer we ee eee we ee ete ee wee wee ee te eee tee eh errr eee et eee ee eee ew eee te ee wee eee ete eww eee eee te ee ee MUO Uae ee te os Be BM en eh OS SG AE een rob Pee tea rn o Stay gees Adver Hone. Ineidentals H. Doe. 415, 59-2——2. Conducting transportation. Clearing wrecks Engineers and firemen Fuel for locomotives Freight agent and clerks, Colon weecerecec entree ema se tr eee eee wm een eee ee te ewe enw wesw nen ec wm wwe ee we wae ee eee ee wm eee ee te ee ee Be weer ee ewe we eee wee eee ew we ewww wee ee tes cece eet te tet eee ew Cee ee we Freight agent and clerks, Ranamea and Way BOCa 22-26 se ee. sore \ Injuries to persons See w ne eet e te te tee eee ee ee ee eee eee wre em mer eee mee eet et ww emt eee te te te ete tet te ew ewe te ee 1906. $143, 90 180. 01 18, 523. 92 4, 031. 20 3,572. 41 4,120. 24 5, O71. 61 16, 288.78 2, 493. 51 1, 044. 57 56, 470. 15 55.15 34,179.11 1, 089. 38 10, 800. 80 719.09 1, 158. 05 8, 497. 11 9, 465. 11 1, 542. 56 2, 545. 58 69, 996. 89 1, 848. 15 1, 083. 90 78, 212. 05 75, 528. 57 35, 883. 14: 50, 997. 94 1, 662. 35 695. 82 1905. $241. 02 1, 187. 38 55, 829. 65 36. 66 12,149. 44 589. 54 5, 687. 80 175, 21 1, 967, 50 4,065, 21 7, 467, 62 1,207. 97 932. 55 34, 329. 50 1, 524, 22 48, 62 40,749. 91 51, 497. 05 92, 112. 18 81, 892. 77 559. 65 846, 55 i 138 REPORT OF THE PANAMA RAILROAD COMPANY. Exuisir D.—Statement of operating expenses of railr oad for twelve months ending June 30, 1906 and 1905—Continued. Conducting transportation—Continued. Labor, Colon station Labor, Panama station and La Boca Oil, tallow, and waste Other supplies for locomotives’ Roundhouse men Superintendence and clerks Switchmen, yardmen, and yard: wate hmen Station agents and clerks Station supplies and expenses Stationery and printin Train conductors, baggagemen, flagmen, and brakemen Train supplies and expenses Telegraph expenses Water supply for locomotives Rent of buildings, ete Loss and damage, freight. and bane Outside agencies see eee wee ew eet ee ewe ee eee ee ee Se ee rey ween ew em we ww wwe ee eee eee ww ee OOO ee weet ew mt eee ee em wet ee mew ewww ww ee eh ee wee tt ee ee ee em et Oe ee he te ee eee eee ee ee wee em ew ee ee er eee ee ee ee ee ~e eee ee we wee eee ere eee eee e te ee te eee te wee te ew te ewe te eee ew ee we ee et ee eee ol Se ee i er ard SES Nc Haale Ra cece went Re Care ctenc ssuc Sena RO aes eae tie ae RUE pC eRe UIE SRE ORS ae attest Tee nat ae UANG nt age REE eR RE UPR Rae ANC EEC RaV SIS ee eget lave oes wate ra ra een epey Se ee Seca ava rupee Sunt ete Rea aas Si aT ett ERTS Bia oa Saag ans OEY operas Meas Tecan y Trin BiSis Ged th SIS RSS Sy ee SN See pepee rears SVN AS ene ee ee ee we we wee eee ee ew et ewe ww we tt eee eee Maintenance of equipment. Freight cars, repairs and renewals OTE SN rate aha Sine rerees a tata) ave wn Rapes Incidentals Locomotives, repairs and renewals of Passenger cars, repairs and renewals of Superintendence ATO CVO Tee Sree eis oie eh an a eee ee nee Stationery and printing Shop expenses Shop machinery and tools, repairs and renewals Of. ---.2.-2.-25--F2. 222: Work cars, Tope aud renewals. of ec eee wm tee wee et hee ee ee wee ee ee eee hee te we eee ee ee were eee ee ew ete eee eee eee eee ee eee eee eee ee tee eee ee ee eee eee ee ee eee en we eww we ee www eee ee eee ew ee tee eee ee ee eee ee ee ey eee eee wee ee ewe ee meme ee tee eee Se ee ee a er Maintenance of way and structures. Bridges and culverts, repairs and renewals of General offices, repairs and renewals of aT CTO Ibe Sears cee sets ses cdg eS aarere oak eel nieve eure cise tol Aur em oun gases iape Marre eaarates Machinery and tools, repairs and renewals of Rails, renewal of Roadway and track, repairs of Road crossings, signs and cattle guards, repairs and renewals of Superintendence and clerks Swatchesand: trocs: planer (Completed) 5.223 5 2.2 2 882. 22 wo upmcht boilers (completed) 29.25.5052.) 6 _ 8, 889. 23 One Fay automatic cut-off saw (completed) ....................- 514. 41 @hmtilevercrane (completed) 95 9 31, 156. 71 )-tom traveling. crane (completed) 222. 2-65.23 te 6. 10 4 cranes at ba Boca pier (completed)... 5 222.5... 5 es. 1, 901. 20 Bolt heading and nut tapping machine (completed) ............- 2. 551. 53 41, 214, 22 GramdetOtals 2 ee ee ee ee 1, 003, 273. 06 a Credit. to REPORT OF THE PANAMA RAILROAD COMPANY. Exarerr G.—Hquipment and plant replacement accounts, June 30, 1906. | Locomotive and car equipment: PH eDORGAMG WALCO CUTS co tte ere ates ei eis eye mayne oye tiavereatyoreinecnersisinye erst vere $1, 450. 00 MASTOCK CATO cr cnn eee teas Gre rota ain aia Uroesioia sats Peas toe ae eG 220. 00 4 aaa TO. 90) Ledger : ee Rate. Period. Floating equipment: IZ, Blo Balance Dee. 31, $935. 83 GeGrAlManChs: 3. 522. 5 eo. | plod 12. 97. Be0D: ; 6 months...| 4,624.62 ——_————| 5,560.45 Susi Minancerss o2chs ore QP AlONS9. |) 66). | O WO OMUMS ee ates see 6, 642. 30 SaSteAGVANCE et sete ome SS ec. 221, 186. 30 Gos eOrmOnithsesalhen etna 6, 685. 58 Balance Dee. 31, |: 10,755.12 MU Se OUVA eco ccecis oe aici 70, 000. 01 1905. 10 | 6months...} 8,500.10 oA ——————__| 14, 255, 22 | MupuOristObalser=. = See sae bis 942.53 (2 10) | sO mmmOmbNGe ye ee 2, 897.10 NGIGUNLOTSy eee fee cece oc ~162;999: 493) 10) sO mar onthnsees| sete 8, 149. 98 aa | 44, 140. 68 Ice and electric plants: Ice plant.at Colon ...........-- 16, 734. 00 Gr Gpmomthsss| sess sse ss: 502. 02 Electric-light plant at Colon...) 14, 604. 44 Seale 2 moOnmtn gees cere a: 194. 72 . Eleetric-light plant at La Boca.| 18,180.86 See 2 mMOMURS eee 242, 42 Electric-light plant at Ancon..| 17,066.57 8) | Mayes esse 113.78 Electric-light plant at Ancon..| 19, 279.37 Se PIRIMC eee 128. 58 obs i——-———_ 1, 181.47 | | 46, 992. 10 Exurpir H.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for twelve months ending June 80, 1906 and 1905. FREIGHT. Pon nEse: 1906. | 1905 D. Incre ease. 6 renee : oe Through:. eo | Mrom New YOrk -. 20.5.9. .ohes ee A D020) ee LOO LOD Se ae 2, 640 From New Orleans....-.....-------------++-----+---+:-- , 3,429 a Ova |... 1,145 From Europe Repeal yad Uns Petey eta n ter Sta iape ne tale taletotererareve 105, 710 i O25 194 18, DIG. eee sus Motil BUR rae et nase Nanas aa ee 206, 664 | 196, 933 Qe folles| Mawes Local: , : | a Commercial at epee MMP etn ee intel ata alolotolatereierelctaleteialetslalelele aime 43, 159 | 32, O11 | li, 148 onto ee eee Isthmian Canal Commission..........-.--+----++-+--+-- 137,129 | 39,342) 97, 787 |.......... Company freight..........-.+-+++++++++2+22e-2- +2222 22-- 22 O38) es 02,800) |e 9, 947 Motale 5: Seen OU eras pnece rie ke Sue te ore SON aes 203,226 | 104, 238°) We ete) Ta ccoacuaac Total freight Ringe Ween eAste hoe ey ae ap Niateoad a evetlotatatstal siaichafelielaneroferarata aa 890 301, 171 | 108, ae sl ajeteieletawicie Earnings, fs Rate per ton.. 1906. 1905. iacrease, ees rease. 1906. E 1905. Through: : eHTrOMENG we VOLKis estas e252: $351, 452, 197 | Pot, BOOn22 |e seen: $33, 953.03 | $38.46.) $8.71 From New Orleans .........-.- -11, 950. 69 LOE 09S 84 alee Seer. a 7, 148.15 B49 Ae 7, aWrom Bunope 922s... 387,018.90 | 365,812.95 | $21,205.95 |............ 3.66 | 3.97 ALO Get ie eae So ae a ete eerste ae 736, 401.78 | 756,292.01 |..---....--. 19, 890. 23 3.56 | 3, 84 Gorminercial Se Ee Ea een ets MA OMUEAS sols O80 ele SOR O8D. 0 (ele ee 3.98 4,12 isthmian Canal Commission...| 268, 838. 48 Dons LO es 20D ERG 24 ee 1, 92 1.49 Compamystreiont ae oe le ke ee occ cis ieee sae 2 Bona aia cer aiaeara ees see erate aan : Motel are er! 435, 508,/61,) 190,784.30 | 244) 724,31 |.) | 2, 14 | 1.88 Tipielireights = 1,171,910.39 947,076.81 | 224,884.08 |............ 8 REPORT OF THE PANAMA RAILROAD COMPANY. 938 Exuipir H.—Statement of classified railroad earnings, tonnage, and passengers, Colon to — Panama, for twelve months ending June 80, 1906 and 1905—Continued. MAILS. Weight. KFarnings. : oe In- ot De- : De- 1906. 1905. crease. |crease.| 1906. Pee Tnerease: | crease. Pounds. Pounds. Pounds. | Pounds. From New York...| 1,047,000 85956205) 187 300r ls. eae $73,599. 48 1856, 142.45 |$17, 457.08 |....-.... From Europe ...... 11280134) bo | 42,088 | 9,138.48 | 12,644.15 |........2.- $3,505. 67 WOCH secs ee wees 150, 873 Do De liledya| eee ketone 88, 839 4, 037. 06 4. OME OSE Brees een 664. 02 | Motaiie ens 1, 309, 886 | 1,258,488 | 56,448 |-.....-- 86, “86, 775. 02 02. 73, 48 487. 68 68 | 13, O87. S4|. eee TREASURE. 7 Value. Earnings. ie ee ee 1906. be Oe crease. | crease. to 00. eT crease. | crease. From New York ..... $1, 828, 779 |$1, 925,250 |........- $96, 471 | $3, 730.31 | $3,507.05 | $223. 26 | Cee see roe IDWUKO XS Sosasacc 21935 905) 12 2s 88i300 |se cece. 594,412 | 8,103.78 | 9,014. 47. oe $910. 69 Local: | . Commercial...... 29, 500 AB9 B42 nce ae 409, 842 62. 00 (22:04 See 660. 54 Isthmian Canal... 189, 500 26, 800 \$162,700 |......-- 194. 00 6595) | 1S7A0bV Ge Movale oes. 4,941, 734 | 5, 179,759 |......-.. 088, 025 | 12,090:09 | 13,251:01 |... | 1, 160. 92 BAGGAGE. Weight. | Earnings. 1906 Hoop ee Der cae 1905. | Increase.| , D& i * | @rease. | crease. : : ‘| crease. Pounds. | Pownds.| Pounds. | Pounds. : From New York....... 140552851 124) 291) MOS 2387 ie see sc PL SOQ V9) B28. 44a eee $092, 25 - Krom Hurope’...5.:.: 2: 93,076.| 43,451 | - 49,625 |........ 1, 887.45 | 1,220.07 | $667.38 |......-. Toca 994,247 | 620,278 | 373,969 |......-- 14, 387. 00 | 11,244.12 | 8,142.88 |........ PRovale ss. soe 1, 227, 851 | 788,020 | 439, 831 ea pe | 17, 795. 64 14, 577/68: |)3;218.01 |. PASSENGERS. Number. _ Earnings. In | De- : ee IL De- 1906. 1905. Cience erence. 1906. 1905. eee crease. From New York: : Hirst Classece2. sc. 3,083 | 2,006 TOU aie Mae $9524, LOS SUS 92 ee eee ee $2, 004, 82 Second class ...... 7 410 GLOn ey PE D008. qe VSS607.1 20 780nbo oars oe 991.58 From Europe: - First class......... 713 607 | 106). 461722 15.017. 6h ee 400. 39 ' Second class... 415 402 IS ok 1,858.49 | 1,849.69 3°80 ee sOCAaL; sis arg First class........- 60,976 | 22,040 88,936 |.......- 36, 646.24 | 17,691.16 | 18,955.08 |........- Second elass ...... PLOD LOD Sle SO SS Tae sees oe 58, 017. 64 | 38, 850. 64 | 19,167.00 |......... ‘Motale 22a: <2 2) 230,702 | 107,056 | 1985646 |. 107, 247.66 | 72,518.57 | 34,729.09 |.......-. 24 REPORT OF THE PANAMA RAILROAD COMPANY. Statement of classified: railroad earnings, ease, and passengers, Banani to Colon, fox twelve months ending June 80, 1906 and 1905. FREIGHT. Tonnage. 1906. 1905. Inerease. | Decrease. Through: MOENG WeVOVk ea. ROPES Otc aS ea de CS cane 713;275 (SRoOBe eee ees 5, 058 MOUNGweOvle ans oe oe se igs Soe event ence Behe Stoel Gis | eeeeey: ene MO ULO DE ses EN es ae Ses Rian were ieee p Nag aaa NECA 58,.442 74; 723 Rp atayrre ates 16, 281 Mote 131, 730. 13056 | 01.396 Loeal: oe oe Commercial— | Da Boca—Panamarsias oso a es ose ae) 9, 874 8, 004 WS UOn esac ces Panama—Colonsc s: 2200 fos i ee 12, 465 4,724 CAS Sac ees Isthmian: Canal: Commission: = 55.525 .5.. 22 8.5523 ae 81, 258 6, 516 TART Seiwa Sons Companytreigh ties oe ee eee Ps ee 20, 499 8, 791 LAOS his foc one Mota ee oN Sopaee (oer ae |e Siow 1001 | 28, 035} 9 06/056 | Motaliteighte se 255, 821 | 181, 091 Ss We Earnings: | Rate per ton. | 1906. 1906. Increase. | Decrease. | 1906. | 1905. Through: To New York ....... OED cete ms $214,847, 30 | $228, 813.87 |........2.-. $8, 966. 57 $2.93 $2. 86 To New Orleans.....2.......-.: AOR D eee ee ee PAO 2a eee ee es Oehlesietae oh MOFHMTOPC see ee hae eee | 214, 618. 39 21 9E69e 608 | a. ee ee 65, 066. 21 3. 67 3. 74 Motalens a. ee | 499, 510,41 | 503, 493¢47 |. | 73,983.06 | 3.26 3.29 Local: | Coe eee eee Commercia]l— | eee ai La Boca—Panama ....-.... 5, 001. 97 el O49 EO Qe eit cer sae 7, 347, 35 aol 1.54 Panama—Colon............ | 35,071.05 16, 017. 48 OS ODSAO2QG ee eee 2. 81 3.39 : Isthmian Canal Commission. . -| 76, 895. 86 10,224.99 | 66,670.87 —— oe .95 1.57 Company freight..... Se aces Hectares OS a stele AA EON pees [OLN eee emcee tees (ee soc MO aes ee | 116, 968086 | 38,591.74) eared oe 04) das Motaletreie ht. 2... = oe | 546,479.29 | 542,085.21 | 4,394.08 | FE dence kos ASU | Dla | o, 99. MAILS. Weights. eS = euues: | Jin pe [ an be 1906. | 1905. crease. eee 1906. 1905. | erease. | crease. Pounds. Pounds. | Pounds. | Pounds. : MowNew York . 95). 100, 452 89,670 | 10, 782.2... 5 #4, 817: 59 | $4,547.53 $270.06 |.......- MOWMUTOpPe.. 6 2s 6, 826 103785 )2.2 8, 552 642. 28 OS8n0n ee $3.40. 77 MOCa ees ee 8, 264 2,348 HO; OGM ee 1,017.74 DAZCSS. A OnOOn |e es NG taN a ee 115,542 | 102,396 | 18 146 | ae 6,477.61 | 5, 772.96 |:704,.65:|..2.. 3 TREASURE. Value. | Earnings. -In- De- In- De- 1906. 1905. crease. | crease. 1906. 1905. crease. | crease. To New York ........ $1, 278, 208) $1, 870, 159)........ $096, 951! $4,904.50} $6,197. 84)......... $1, 293. 34 He puTOpe Sei oes ieee 25897, 224| 25913, 543\5. 225, 16, 319 8, 882.15 8, 611. 26; $270.89 |...... Rae ocal: Commercial. ..... 5, 100 0}, DYADS Seno Ge 1, 426 Seo el Oe eee 2.76 Isthmian Canal eve 20, 000 HOOUOIS IE see 536, 918) 5. 00 134. 19}. wwe once 129.19 Motel ese ee ee 4,195, 582) 5,347, 146)........ 1,151,614) 138,800.40; 14,954.80)......... 1, 154. 40 REPORT OF THE PANAMA RAILROAD COMPANY. — OS Statement of classifieds reseed earnings, tonnage, and passengers, Panama to Colon, for twelve months ending June 30, 1906 and 1905—Continued. BAGGAGE. Weight. Earnings. : In- De- De- 1906. WOOO; | Greaue: loreace | Lee 1905.. | Increase.| arose. Pounds. | Pounds. | Pounds. |\Pounds, To.New York ........-- BAO eMedia ae oats 13, 370 ae 21 $645.35 |....- Semes $192. 14 Pe ROPMUTODE eee sc se. coc il, 500s Sees DOOR amen ae SR OOE Se aa ho: GOs ce aes TOC a ee ee 908, 205 | 529, 007 370% IGS Wesnes eee 876, 94 G5 8263222) 2; 0505 722 \o22 an Motels se 933, 806 566, 478 AUB: | SOU ,O20 eae cee 12,333. 75 “0; 471.67. 57 le SO2N1 8a ae seers PASSENGERS. Number. Karnings. a ~ 1905: In- | De 1906: i905 | merense| | Des s * | crease. | crease. : oo eee crease. To New York: : Hirst-classie:. 22.02. 838 | O98 Hees NGOs 4889508) BOBO I8e iE oases ee $2,643, 25- Second-class ....... OES Me GOE tcc ose 247° | 4,092.05 |. 5,587.87 |2.:-- 22 occ | 1, 445, 82 To Europe: ele First-class.......... 473 DD ASG |e Dooke2e | 19840207 Sl 4bseO2ee oe ee See us ee 82 OF ecia. oe 47 360. 25 600. OO Sees 2393-75) ocal: -First-class.........- 59697 Qa dG8r ls 30.0840 |e ccc 30, 110.70 | 16, 870. 92 SCOR OE SH ete se —Second-class ....-...| 155,525 - 85,199) 70,826 |.-....-.| 45,060.01. 30, S18. 18: | T41Sl 88a) 22 7 ge Motel oes 217,528 | 110, 874 | 106,654 |.......- 92, 899: 26 | 68,358. 45 “99, H4b8E |e eee ee. EXHIBIT I.—Statement of railroad freight statistics for twelve months ending June 30, 1906. Grose earnings (2.0...) ee a ie Se $1, 718, 389. 68. Freight-train mileage (including all mixed-train mileage) .......-. ae 172, 243. Rreishtitraims, per day per mile of road_. 232. .:..5.5 92... 9. 42 Doadedecar mileage. 27) ee 2, 192, (O70 Hmipty-car mileage Gneludine:caboose)=-..- 22.5 22 877, 216 Percentage of loaded-car mileage to total freight-car mileage (includ- IMO CO OOSE) 2 eee ee 71, 48 Loaded ineioht cars im each treioht trail .@=. 2.2.0...) | 12. 73 Em ty freight cars In each freight train (including caboose) Ce : 5. 09 Loaded and empty freight cars in each freight train (including ca- WWOOSC)\ ats sae ee ee ee ee 17. 82° Ronsscommencial treet 8 se 622, 275 Tons commercial freight 1 mile.............- ORs ee ng aa 25, 348, 111 Mons companyrireight 206 02 22 eee ce 43, 435 Mons company ireishtl mile °.1.... = 1, 258, 117 ons allivetoht. 9555s, oe ea 666, 710 Tons all trerveit Tmiile 3 26, 596, 228 Tons in each loaded car (including company freight) oe ee 12. 13. Tons in each car loaded and empty (including company freight)... .. 8. 66. Mons in cach trains 227. Se 154, 41 Hanmings sper ireieht car permile........... 0 cents. - 50. 97 Average distance ‘freight Carnie (miles) i024 ee 40, 73 Rarningssperireromt=traim mile. 0:9). $9. 98 ArHINgS per toners ke ey $2. 76 Harnings: perton permile <8 e cents. - 6. 78 Tons carried 1 mile per mile of fonds 2 ee 505, 849 Darnimgs pen mile of road: 3. bree Aes Maen $34, 292. 36. Estimated loaded Carsm eachitrain 2662 ee 15. 59: Revenue freioht-engime mileage «425... 191, 763 Kstimated loaded cars hauled per revenue freight engine... 2-242... 14 Tons hauled per revenue freight engine................-.22.22:.- a 138. 69: Norr.—Above form of statistics inaugurated July i 1905, 26. REPORT. OF THE PANAMA RATLROAD COMPANY. Exursir J.—Statement of railroad passen ger statistics for twelve months ending June 80, 1906. Gross earnings (including mail, extra baggage, and treasure).......-.- bo49, 419. 48 ’ Passenger train mileage (including all mixed train mileage) -.....--.- 164, 811 Passenger trains per day per mile of road 220-2225 5252- 5525-6 no. 0% a Coarchimulledoeu ss ee ee ee ee oe 594, 679 Baggage, express, and mail mileage.......---- Oe eel — 164, 208 Total passenger-car mileage........--..---- spe Oe ee 758, 887 BABSON COCKS CARMeds {8 te pest ee es es See G 448, 230 iRassenwers carmedak miler 258s o5 his. ees a 6, 302, 957 Average distance each passenger carried....-..-..-----.+-2222---.--- 14. 06 qeasseneers in each, passenver tral. 6.3.5 eee 38. 24 Passengers in each passenger car (excluding baggage, mail, and express) - 10. 60 arminesapen passenger traim mile 22052. 8 ete 2. 12 Harnings per passenger car mile (including mail and See : _cents.. eee ES AGL OAL. Cars in each passenger train (including baggage, mail, and express)... 4. 60 WanMiNGs Per PACSCNOeCh seek lk eee ee cents. - 44. 69 Earnings per passenger per mile.-........---- Rene doe. 3. 18 iRassensers I mile permile of road... 20 5522 e eee ee 125,782 Harmines per mile of Toad... ee Ee eae 6, 973. 04 Norr.—Above form of statistics inaugurated J uly 1, 1905. Exursit. K.—Statement of railroad general statistics for twelve months ending June 30, 1906. Average mileagre Operated: Sy 28 a eee 50. 11 otal ireieht and passenver earmings... 2.5 25. 62 3 $2, 067, 809. 11 Motal treieht and passenger expenses: 22.2. = 2429-222 -2-- = dL, 479, 651. 69 Net irei¢ht. and passenger eamings 52.0.2 02 22s ees $588, 157. 42 Percentage ol freight and passenger expenses to freight and. Daseee | (CRN NOUU AYO a ee ee ene Oy ee a Ne GO ea ee OO © Motal-revenue train mileave. . 5... 425-0) 5 o21, 406 Gross carmines per revenue trai mille. 2229-2) 2 eee b6. 43 ‘Operating expenses per revenue train mile........-------..--------- _. $4. 60 INetrearmings per revenue tram mile... 222.22. ee 7 D1. 83 Motal Sross Carmings 292 8 ee: So eee ee 2, 070, 828. 03 shotaly cross expenses... {2 eee ee ee ee ee b1, 731, 888. 55 Net earnings, all sources -.-...- Be Oe I ee 838, 939. 48 Percentage of gross expenses to gross earnings.....-.--------------- * 67.37 Warnes per mule Ol Toad. 2 4 2 ae ee Be eee $01, 308. 69 Expenses per mile of road--.--..-- ee ee ea OGL Fl Net earnings per mile of road.-.---- ee ee eee 16, 741. 98 Norr.—Above form of statistics inaugurated July 1, 1900. Exursit L.-—Statement of railroad freight tonnage handled year ending June 30, 1906. (1) FROM ALL POINTS TO ALL POINTS. : | 1906. | 1905. increase. Decrease. Colon to Panama. Per cent. | Per cent. HroOmeNe wy OLketOn Sam HranCisCOne sos sae ta tee eae 25,914 SO;2G0 8 eee eee 26, 51 From New York and New Orleans to Panama, South Pacific, CentraleAmerica. and Mexi Coss see es eee ee 75, 040 69, 479 Sh00F ee ses From Europe to Panama, South Pacific, Central America, MCxICOs ANG: SAM HTANCISCO: scat ee ees SS es ee 105, 710 92, 194 1A S663 eee = arta From Colon to Panama (local): ci Gomimuerciaileinei gies sees ee ee ee eS es | 48, 159 32, O11 OF 08s ee sees aye JsthumigmeCamals COMMISSIONE ose ee ee te cae | 137,129 39, 342 248 OO] se ces ess Company trelgbas se Slee oe eS Sc See | 22,938 By pele lagoaarGade ~ 30. 25 MO es ee eee ree | 409,890 | 301,171 | S640 (a eee Hrom cam-hran cisco tOiNew. VOL. 2... .2.06 se 3 55s | 24,937 SI 240s eee se 20. 20 From South Pacific, Central America, Mexico, and Panama : . OPNIO WE OD KGa ieee Ae eats a cols cesta ie, eon eee | 48,351 47, 084 | QE OQE eS aees From South Pacific, Central America, Mexico, San Fran- cisco, and Panama to INMINODC Geshe cee Se ee Ae 58, 442 MESUZ3E | Roe aise 21.79 From Panama to Colon (local): . Commencialarel ght oc. 8 eS ete Lone se aetstee etree aicie's 22, 339 12, 728 (DGDIS eee a Soar ls7namian Cana leCOmMiASSsiON se osteo c oc chose tee eee st Oly 200 GO. ORs AE TAGHOS ie ae sess COMPANY: HEIN bes. 2 oe bos Se a feacl 205499 8, 791 WSOSES tee ees aes : ————— |} ee een GMO UNL eee ee eS Ue See eas ia ae ote crate oar e ase 255, 821 | 181,091 AE eee are ie Total westhound and ea bound! Beene ee ee ~ 665,711 | 482, 262 Bieh UME iocanasceS- en ae ee — . REPORT OF THE PANAMA RAILROAD COMPANY. 24 Hxurpit L.—Statement of railroad freight tonnage handled year ending June 30, 1906—Continued. (2) COUNTRIES OF ORIGIN AND DESTINATION. Colon to Panama. . : HorPaname 00000 oe ee 80 74d MO NO60, oF SA NO0) ey eee MOme@ ential AMC TCA ee ye Ae eee eee ea ‘....| 61, 454 GI DOSs ie eee 0.19 For South Pacifie ......- HG aa cae VR mt NN SVC cal wiz taiat cle aie gc bien 75, 796 68, 890 TOSQ 2 ee seas MOM Sane MAN CISCO mec. ce eee meee a cians SST ees 27, 164 Sie OD ee 26.79 HorsMeXiCOs sos eee en! eee ee ee 5, 732 3, 951 4508), | eee eee GIRO et aoe are ae 409, 890 | 301,171 SO810; ae Panama to Colon IMROMeEP ANAM eo eee ee eNO ls NG SEU Ses 137, 316 A326. 145 202,100) |i ee Hrom\)CemtralyAmerica. 2... -2 9 ee etna rie ae oes 41, 573 DL 048 oe 18. 56 HOM SOUTHER a ClING esas ee te Sha Nese upset 1c) 7 495326 BU 20 ane seme ete 47 60 HrOM SAneWranCisCOnm rer ee eee ie a ia ec 20; GlOs| O2IS2e ce 20. 41 rom: Mie X1COis 322 eee seater eee Ree cee. Ji BE ee see ee 1, 99u S06 Ay 02a eee Motels. ee a ee ee 955,821 | 181,091 | 41,27 |... cee Total westbound and eastbound............:....-2.--+- 665,711 | 482,262! 38.04 |......... a Exarerr M.—Statement of steamship statistics for twelve months ending June 30, 1906 . and 1905. FREIGHT TONNAGE. , 1906, 1905. Increase. Decrease. . Tonnage]! ay,-; Tonnage . Tonnage - |Tonnage ships. carried. Ships. carried. Ships. | carried. Ships carried. Panama railroad ships: | ASE LVIC CS: hats See cae 38 36, 673 30) 48,885 Soles ce Ne cease 11 Salledes Go sesos fee 37 60, 799 Sale OO, ANON ee Coe eee eee vee Ale eee 8, 317 Chartered passenger ships: APMIVeds se ae eee 27 31, 728 QUE OO DON Sire See ee apes cea 1, 402 Saledie scene Gaon ec se eee 28 69, 097 26 | 52,864 Dials Gs DOB |e see oa ie eres Chartered Provelil ships or sailed gr yom ace Ae nan enfant eae ee eae Dice LD Wd AO eee seats os Me cease tenes 3 12,779 rd ere | or ere rena err ene eee eee eee |e sane Mota 130 | 198, 292 A 2S QUO STOO le cr Ole ee rae ccs yes 18, 477 ee me oe i 4 ‘ Z : TN a SAG ceo Meanie eee 1906. ae 1905. Increase. Decrease. ru LOSE eS Sere or aa | ‘canes eaeeaaaa i aaa eae Se ee Total freight earnings ....-. $848, 564. 29 | POD VSO ROA Sees Si iia | : $72, 716, 25 Average rate perton........ 4,28 | 4,25 POS OB: ee is eee i Can erate io PASSENGERS CARRIED. 1906. ' 1905. Increase. |. Decrease. I eaeccn epascens Passen- . Passen- | : Ships. | gers, Ships. cers. Ships. gers. | Ships. gers. al on nae BENE: Le eS aes Panama Railroad ships: : . | SAT TLV. COS ia ae hee Gee es 37> | 2,477 od 1, 839 3 | GBS eee Sas SRO Sailedie see 37 3, 144 3D 2,183 |. 2 | QOD eer eee erate Chartered passenger ships: pan | | yea - Rrivcd ee OT | 2,578 27 160) oe | BY a ele Giilede 8 28| 8,056 | 1,436 en ee ee Motale 6 | 00 Ie enor tor 700 84 2a tele ee eee | . ae Ce Le ge 1906. 1905, | Increase. Decrease. Total passenger earnings . $319, 014. 62 $265, 832. 32 DOO; LOZ OO see See ire Weisser Average rate per passenger. | 28. 36 STADE eae eee ose $9. 09 98 REPORT OF THE PANAMA RAILROAD COMPANY. Exursrr N.—Statement of locomotive and car equipment. Pore: Passenger cars. | Freight cars. : 2rd oO a Qt f |e oe Aas ~ ao 0 a CS. | 8 | 42 Se |e | s So |e |e ce eee = oer robe Ol ara eae BO ee ae I = Or (02 NER & 80 i 3 3 o = a, fat ey CU Qos S © ° = a MD wD & |O nD mp pO Oo fy Stock on ume 30; 1906. 22.2 525 cose 48 11 5 Saieoees 11 Ce oon ele 137 Stock on Dee. 81,1905... .2.2.....1.02) 27 dl | 5) 8) ae 10) 7) sel i| ie Increase during 6 months..... stele QDs fdek Pee Ags Cater |e ee eee fe eee Ole se pale Decrease during 6 months /...... | Se TLS SSE ee Pees [Pee es caeeces: 11) Miscellaneous. | Fa uigaS [waa es aes 1 t 2 a Se ‘ ie ® 5 ° Os ee ae ee & | bb | [oe eo | a | ae | Se S = © : Reo ae |e es 3 ate = rm oS o BH lS ae g [ed oO} oe oS 9 } rs ee ls Se Bae m & Sle ee) fie is ee is S io Lao = > oO DQ S m | MD m | ha Stock on June 30, 1906.......---. AAG) tl | Oe SG set ta 10 7 Stock on Dec. 31, 1905.........-... 20 Dee el 2 8 9 37 1 S| yrnces Bcieore ‘Increase during 6 months.|......|...-.. eee 14 ee 10 7 Decrease during 6 months. Ae AAS SETS OSHS Sasa ate ces | cee tap ne eee ere li Fete Ua osc | ones ea Exuisit O.—Statement of floating equipment. Passenger accommoda- Gross tion. Name. ton- |Length.| Breadth.) Depth.| Hull. A nage. First- |Second- class. | class. steerage. 1 Dts Ges | J8lhs Oy 18 Cle Steamship Allianca........... 2,985 | 303 0 42 0] 28 9} Iron Or eae (a) Steamship Advance.......--.- 2,605 | 295 0 38 4}| 28 41....do 62 36 a Steamship Finance ..........- 2,608 | 300 0 Boo 4 | 23s OF ae O Ore 66 36 (a) SteamshipPanama(chartered)| 5,667 | 360 0 50 0} 382 21 Steel 60 45 (@) Steamship Colon (chartered) -.| 5,667 | 860 0 50} 0: 12 327 23 ee do- 78 58 (@) Tug Bolivar, at Panama...... 234 | 127 0 23° 0 DOr SIRO Sas | ae Neen NL Sas Tug Cristobal, at Colon....... 161 | 102 0 207 2 sal De 02 | 8O OC nel ies ees cee eeu ae eae : sheathed 4 freight lighters, at Panama . 200 | 108 6 24 0 Wee Se | SU @ Meera ese ICE Snes erent 1 freight lighter, at Panama 0. 275 | 108 6 24 0 Eee | er OL Oeee | ae arcs lise cee iay ere an saan star 1 freight lighter, at Panama .. 300 | 109 4 2450) l= 0 AGL Opec eae de ee a One ane ie as ee ren 300 | 109 8 24 0 Ue OES Oa els co eee eral ireeake eh ce aes sera 2 freight lighters, at Panama . 300 | 109 8 24 0 Cheap Re a0 NOY aap ly a epern ete Ds si DOR eee ro ee 300 | 107 0 D3 TEP Be CoP Ores | BSS See PSEC | Et a ae 3 coal lighters, at Panama.:... 222}. 110 0 24 0 S220) Eee Ome OSes cae ea [Ree ees 1 floating pile driver, at Colon|....-.... 60 0 30 0 BO WOO a xt ck Poles oo arn es 1 freight lighter, at Colonc.... 300 | 100 0 24 0 See Oo rome es Boss so ol aya aaa | Beeman a a Standees as required. 6b Decrease—One lighter since last report. c Increase—One lighter since last report. REPORT OF THE PANAMA RAILROAD COMPANY. 29 SUPPLEMENTAL REPORT SHOWING THE RESULTS OF THE COMPANY’S OPERATIONS FROM JULY 1, 1906, TO OCTOBER 31, 1906. [Presented in 1 compliance om resolution of the el of directors adopted at its meeting of April 2, 1906 s Exursir P.— Income account and profit and loss account for four months ending October 31, 1906. INCOME ACCOUNT. Railroad: Gross CA LMI N eS TOMO PeTAUOM ss cken cae cece. fee ee eee eras $963, 745. 94 Operating. expenses: -.2.5...2...2- Ge eee 612, 616. 59 Netecarnings: from operatlomentasn toons eee oe eee ae aes ase eee ree $351, 129. 35 Steamship line: : Gross earnings from operation ....... Yeas spo erciete eae Sts SOU Ne teenie Moe eee Rare 512, 366. 71 Operating: CXPCnSeS ame meets ee ela eee Ges Sites Sans oie oes cient cea 451, 914. 09 Net earnings from operation ... a ee eee eee Puree 60, 452. 62 TLotalearninessroOmOpehatlOMet = ss cose yes ON ee pec ee Soe alate sae eens 411, 581. 97 Add income from— Interest ON: SECURITIES O WMC oo niece hse eo oc oo ER eee 2, 686. 25 Imterest:-and exchanges a hee Sane roe eo Sa os Ns ee ae 74. 53 | 2,760.78 ess:interest: on! loamsr ies a Ree ee cise (ere oh Nortel 7, 647,18 ee a4, 886. 35 Total income ........ de poor uene Be ee er a | Suen ecient 406, 695. 62 ~ Less— Interest on funded debt, first-mortgage 44 per cent bonds— Interest on $2,272,000 July 1, 1906, to Sept: 30, 1906 -.-:-.-.--.: 22222. ....- 25, 060. 00 Interest on $2,163,000 Oct. 1, 1906, to Oct. 31, 1906 ...... fs vtiese eee raeis 8, 111. 25 38, 671. 25 Less interest Apr. 1, 1906, to Sept. 30, 1906, on 119 bonds drawn for re- demption and paid by ‘trustees in October, SLOQG ore ye ee rene - 2,452. 50 esis j 31,218.75 Hirst-morteage: sinking hin Ges oe ces oc on sates eee ee 50, 000. 00 Concessionary subsidy to United States Government under treaty....-. 8, 3838. 33 Subsidy to Republic of Colombia, applied to— Interest on subsidy bonds, 533 bonds July 1 to Oct. 31, LOO Gc Se Se eee iin rs ch Nee eae ce aol Mae $10, 660. 00 Redemption Ob-subsidy ponds... 262 5.. .4.2 2.622. 64, 340. 00 —————| 75,000.00 ————-———| 164,552.08 INE Income tor tourimonthss sa. 52-2. 8. AUER ear eos cer le nee Same eae | 242, 143, 54 PROFIT AND LOSS ACCOUNT. ‘by-balanee to credit of profit and Joss june 30; 1906222... 2.225225 ss eee 5, 088, 589. 81 Surplus from income account for four months ending Oct. 3.1906. 5 Sa es 242,148, 54 First-mortgage 44 per cent twenty- vear sinking-fund gold ponds, re- GON eae ae SOE Voge Ste I RITCEET Hares ois Spa Oh gar anaemia ton ons ean 140, 000. 00 Value of material recovered from lighters Nos. 6 and 7, condemned and WirittensOt December WO0r te sete Sos es Ses Ss eels eee 100, 00 , 5, 470, 833. 35 Less sundry accounts written off, net................... ua Oats ons reyes iere | Skee eae 243, 53 Byg balance to credit On proniand loss Ochs sit M906. oo. ge se ee eee 5, 470, 589. 82 a Debit. Exursir Q.—Balance sheet, October 31, 1906. Cost of road, real aplnie, and equipment....- Improvement and construction accounts. ... Floating equipment: Steamers Allianea, Finance, and Advance.......--- Muosvan Geliehters = sss ses oe ss eee 5 oe otal: cost OF property: -.c2. 225-5. Bonds in treasury: 100 6 per cent Panama Railroad Company sinking LUMGYSUDSIC ye DONGSee.2 22-522 eee 628 41 per cent twenty-year gold sinking fund bonds.|_ On deposit with finaucial agents for redemption of bonds: 41 per cent twenty-year gold bonds...... 6 per cent sinking fund subsidy bonds. os Advance of subsidy to Republic of Colombia Current assets: Cash in banks and with agents Coal and supplies on hand...........---- Due from connecting Gompanies......--- ener en noes Due from United States Government— Isthmian Canal Commission.-....-.. Post-Office Department ..........-.. Navy DECPATEMenb eee se ee Due from companies and individuals. ae Miscellaneous accounts..-... 2... .-2:- Unearned insurance and charter of steamers.......- General average disbursements.......-.- worse eee ete ee 12, 940. 36 mewn ew ee eee eel wwe ee eet wee were wre meee leew ee ee eee oe os $096,749. 66 290, 943. 80 em ee we em ee welt we t weett eeeae 100, 000. 00 | 628, 987.50 | | 47, 386.17 | 2,000. 00 ee | 584, 721.37. 355, 077. 21 | 192, 351.80 | 211, 576. 52 28, 361. 94 $12, 541, 149. 66 895, 063. 78 | 887, 693. 46 14, 323, 906. 90 | 128, 987. 50 | | | 49, 386.17 533, 000. 00 1, 683, 085. 80 17, 318, 366. 37 i Capital stockac sos ie ee Sais en pe pe Sa pee ee eas 43 per cent twenty-year sinking fund gold bonds (author- ized issue, $4,000,000): Issued to date (4, 000 bonds, Jess 1,121 bonds pre- VIOUSTYATEG EC MCG!) esas ee ee a ee Less drawn for redemption in 1906..:...-..--.-:-...- Total capital stock and mortgage liabilities .....-- 6 per cent gold sinking fund subsidy bonds@ ........-... Bonds drawn for redemption not presented for payment: 41 per cent twenty-year gold bonds -.............-. G.pericent SUbSIdVeDONGS 2525 eae ee Funds for ne of bonds: eer e ee ew eee ewe ee ee ee ee Equipment and plant replacement BUT Serna ses eve see Current liabilities: Due to United States Government— Concessionary subsidy accrued....--- Bills payable—For cash appropriated through Isthmian Canal Commis- Sion for new equipment and im- — provements wee ee em ee ee we ee ewe eee IsthimuUsidratis Neb presented 2252222. .252 5 ee Coupons molt presented ee Accrued interest on bonds: 41 per cent twenty-year gold bonds {2,163 bonds) 6 per cent subsidy bonds $8, 111. 25 errr eer eee eee eee eee ewe eee ee ene ee wee Audited vouchers;and pay rolls. 22-6: -2.2-- 2. <2 22-2 Due to conmecting lines: 22. --2.22...-2 Hee ene Sa eee Miscellaneous accounts Unpaid wages i ee rn ey Balanee:to credit of profit and loss. : --22.2.:2-.--2----.-- a538 6 per cent gold sinking fund subsidy bonds of $1,000 each, amounting to $533,000, issued November 1, 1880, fall due November 1, 1910. To meet this bonded indebtedness, $225,000 annually of the Colombian Government subsidy was pledged till March 27, 1908, the same to be applied by the company: First, to the payment of the interest, and second as a cumulative sinking fund for the redemption of the principal; the bonds to be drawn yearly in September to an amount equal to the then surplus of the subsidy sinking fund, the drawn bonds to be paid on November 1, after each ‘drawing, and there ey: redeeming the whole issue in. 1908. ~ $17, 708. 33 15, 990. 00 $7, 000, 000. 00 $2, 879, 000. 00 140, 000.00 | - See 7991000500 ee 9, 739, 000. 00 Eee | 83, 000. 00 47, 212. 50 2, 000. 00 one | 49,212. 50 - 7, 613. 67 | 240, 275. 00 ——| 277,948.67 eee | 82,294. 92 | 597, 708. 33 24.138. 51 4.275. 00 94,101.25. 497, 502. 68 54, 563. 52 29, 529. 94 4,501.23 | : | 1,166, 320. 46 | 17, 818, 366. 37 | 5, 470, 589. 82° ‘ANVdWOO GVOUIIVE VINVNVd qo HO LYOdus REPORT OF THE PANAMA RAILROAD COMPANY. 31) EXxHisir Vee Summary of earnings and ex penses for four months mding October 31, 1906 and 1908. 1906.. 1905. Increase. | Decrease, Railroad earnings: Colon to Panama. .:252-225.. Bee ain ences | $567, 830.389:| $391,198.45 | $176,136.94 |...... 2... Panamacto Colones: We eterne vfs cess | 224, 938. 69 175, 512. 39 49. 4061 80st. eee MisGel lam OOM ce ste Sees eee eae Sees. 171, 476. 86 158, 504. 70 LER OWD Gi vara cee Motalravroadsearwines. 7-02)... sce 963, 745. 94. | 720, 210. 54 | 243, 535. 40 Leen eee Motal rawroadsexpensesise.. seems. ss ce | 612,616.59 574, 819. 73 | 37, 796. 86 [occ eeee esses Net earnings............. Se | 351,129.35 | 145,390.81 | 205, 738.54 |............ Per cent of expenses to earnings... ee, | 63.57 | TOE eee ae ate iG oe Steamship lines: ~ | | 3 Sn a ee Motalearnings: -2........- SMe ehenemeen eye eines | 012,366.71 | 400, 446.73 56; GLO ROS Si ct ea Mota CxXPenSess = socsec ee ee eeu Sek cs os Pe ao OLA OO PaO OSbe QO eee ease | $18, 967. 20 Netearmingd 05 (ee ee | 60, 452. 62 | _ ab, 15, 434. 56 66| 87 18 |e ee Per cent of expenses to earnings.........-- 7 S00) es O80 eo | 15.19 Grand total earnings ......... ee. 1.476, 112) 6b | 1175, 657.07.| 300,456.48 | Grand total expenses -.............--...-.-- 1, 064, 580.68 | 1,045, 701. 02 1S 8295 OG! seep en eee Total net earnings .........----- as aiesciey 97 | 129 129, 956. 25 25 | 281, 625. 72 72. ee Per cent of expenses to CANINE Says sereccrere sc | 72, 12 : ~ 88, 95 - Le a see 16. 83 a Deficit. Exuisir S. Suen of daca railroad earnings, tonnage, and passengers, Colon to Panama, for four months ending October 31, 1906 and 1908. J FREIGHT. Tonnage. Earnings. _ {Rate per ton. In- ce 1905. ERE. 1906. 1905. Increase. | 1906. | 1905. Through: ; From New York ..... 34,544 | 30,599 3,945 |$122, 084.92 |$112, 015. 40 |$10, 069.52 | $8.58 | $8. 66 From New Orleans... 1, 545 801 744 5,160.45 |; 2,958.55 | 2,201.90 | 3.84) 3.69 Joop eal ID WhoOXe) Cone eg see 40,119 | .32, 387 7, 782 138, 666. 28 122) 423,21 16, 243.07 | 3.46) 3.79 Ota ge Sree ees 76,208 | 63,7837 | 12,471 | 265,911.65 | 287, 397. 16 28,514.49 | 3.49) 8.72 Local: ae Commenciale..3 =: | 28,819 | 12,412) 11,401 | 82,867.66 | 50,050.02 | 32,817.64 | 3.48] 4.08 Isthmian Canal Com- MISSION: 2 cee ee 665935.) 2952738 >) 37, 662 135, 874.32 | 39,244.24 | 96,680.08 | 2.08 | 1.34 Company freight..... 10, 686 5, 628 5, Sif See | cae | en el eos Robals Mees kee 101, , 440 47,319 | 54,121 | 218,741.98 | 89,294.26 129,447.72 | 2.16; 1. 89 Total freight ....... “177, 648 688 “Ti, 056 | 66,599 | 484, 65863 | 326, 691. 42. 157, 9 962.21] 2.78 x 2,94 MAILS. Weight. Earnings. In- De- In- De- Oe: 1905. | crease, | crease. ney 1906. crease. | crease. ¢ | Pounds. | Pounds. |Pounds,| Pounds, From New York ......- --|:384,.000 | 339,000 | 45,000 |. .<.. o..- $22, 812. 79 864; OS sister ene $2, O51, 29 HrOOMMUTODe {226 ee: 53607-98451) @89) S46 alee: 2 898rl 3; 046.025" 8.204. 16n Geen 208. 14 Local wetter e teen eee eee 27, O79 OS OAT sees 31; 862 | 1,920.84 4,701.08 | $773.67-1. 22... ae Potala 448, 027 | 437,787 | 10,240 |.....-. .| 27,779. 65 | 29, 265. 41 Joccttee | 1, 485. 76 yx 32 REPORT OF THE PANAMA RAILROAD COMPANY. einen S.- So sialenon of ad Tn HEIs, i onnnge, ae passengers, Colon to ae for joe months ag October 31, 1906. and dade, continued. “TREASURE, Value. Earnings. In- De- LL ‘De- 1906. 1905. |, crease. reroncel 1906. | 1905. Ine Crenge, Som New ome |~g90, 646 | $538,513 |..2.2.-.: 19447, 867 | $177.35 ($1, 144. 61 |......---- | $967. 26 aro WULOPC Sse ses. os 1, 446, 913 $72, 209 gon) OSE Soe cies 4,381.21 | 1,780.91 |$2, 600.30 )........ ocal: . | ee ie eo ~- Commercial: .......-. 164, 680. 28, 500 : 136, 180. 90, 000 2247.02... 59:00: 11885025 |0 22. 22. Isthmian Canal...-.-)...-..---.), 90,000 | SUSe ata Scant Gina Che ere resents rca 22, OO | eet su ek . 50 Motels ene 1, 702, 939 |1, 129, 222 | 573,017 | ee co .|4,805.58.| 3,007, 02 |.1,798.56'|......... BAGGAGE. Weight. — ae ~ Earnings. So ee ae 1906. |. 1905... crease. | crease. _ 1906. 1905. | crease: | crease. Pounds. | Pounds. |Pounds Pounds. es From New York -...--:+-:| 61,405 | - 45,036 | 16,369 |--:....- $340. 39°} --B725.11 |e20.222.- $384, 72 From Europe soso Seat 50,607 | 21,491 | -84,116:)........ 7 112.14 455.75 $656. 39 See rarer GOCA Es aoc ae Soe een PAL Bxo19) || PADS TAU We hs} osgenaas 4, T2IO9E Ss DoO, 21s HON ASG se. ee Motel 24, pese 897 724 | BIsAGStat-.---- 557400 | Ae 7it07, | assem |. PASSEN GERS. Number. ota Cana : tat aie $3 Th | «De- hop Sos De- oe 1205. | eee ee ice iG 1905. Tnerease. crease From New York: ee ee Wins elasgees-. =. 1, 220 + my ee QQF--- DO a Pancreas gh € 692. 88 | $38; 098-03 | $1, 594585 |2 220... Second class ....- 87 Deal Severs ae “64 381. 37 G42 Di Soe 60. 84 From Europe: ‘ pbirsielacs ess 2908 200 83. Lowe ewey we | dy 446,57} 1, 282,-87-|--—- 4635-70222... it Eecoud class. emcee 154 138 LOS seeveet et 622. 06 © 583. 70 SOTO R ese oca 3 Ss esa First class........ 445 334-6 14, 160 | ~80, 174 |e dosee ase 000. 33 Sy2882) 9. O7Or Olsen ve a: een Bees Files 74 172: "46, 051 ae 28 721. ; ict9, 074. 16%) a3, 887. CO = By Mele, AD oascoece = ee oc : ek 61,700 |" 69; 159" m8 Sec cee (% 46,517.31 31 | 27,51 B18. “58 | 16, 998. 78 Jeet eee ‘i thet peer i? — 5; cet Phe a _ Statement of classified raunoad earnings, tonnage, ae Ca Panama, wo, Coton, For Bae ee months anding October 31; +1906 and. 1905. ) patnedial | FREIGHT. ee Ss a; eae é _ ts a ae UNG ERS, : Tonnage. : Be = LONG. -~-1905......- Increase, Deerease 7 totes Ree PHONO a oe 18,613 QOV OO) | eaeeceen cs 7, 063 mlosNew Orleans. ee sis Sos So Be ecards eras oe Wah ton | ie See = OCW UT ODO crop doe eee rowreeiie ean teste cee esos os < Sc AO 20 eee Dire By el ae fects tose og TOtAL ee neeccnete eateger ete eee tec ceeete ares] 6B) 242 | 87,898 |p senel a 4,651 Stoel Ene <4 re oe Ser ar Ge hear oS are. oo es /Conimereial— Pear 2 SEN [item Seema Soin cherea oa La Botner Ee A hee etn ee alate a alors ciate reise vee 4,964 1, 681 3, 3 288. Weve ne sou Parma Colon ci el Pe SG Baie Sonne ee 15762" 9" 695° Nie eee ‘Isthmian Canal Commission... Beene vers ae eee ee ae ee BO Dy DAO | AG 906.4 ones. - iP Companvamelontes et ek ee Gy es 1,062| 3, 65 |. ee S56an 2,208 Mo 36, 659 | 15,978] 20,681 |.........- Motalereients oe ee 69, 901 | 53) e7i | 16030 hae ae nw REPORT OF THE PANAMA RAILROAD COMPANY. 33 Slatenient of classified railroad earnings, tonnage, and passengers, Panama to Colon, for four months ending October 31, 1906 and 1905—Continued. FREIGHT, Earnings. Rate per ton. 1906. 1905. Increase. | Decrease. | 1906. | 1905. Through: Fe a | To New York ...... epee ee toc $57, 424. 09 Die OOOsaO elec cee es $15, 244.40 | $8.09 | $2.89 NO NG we Orleans cect ccce eae oe De OES | Meets water 254s es ee ee | 10 WUTOPC <2: -0s-< NM EAS Sea craters ' 46,708. 21 42,706. 00 | $8,997.21 |...-.. seers 73-1912 3550 Totals; scan. ee ee eee NOL 2780.1 Atb; Sav 03 [bees co: =: -- 11,249. 73: 8.13 | 3.05 ‘Local: ae oe ee eae - Commercial— , La Boca-Panama...... Bie cities ss 2, 471. 31 8402:357|— 1630996: 4-2-2222. 200 122 550 ee > ecto pee cee ag ieee rece ceerentiert Value. a seasons Earnings. | | In- De- : 1906. 1905. CREE. | GHEE. 1906. 1905. |Inerease. |Decrease. To UNew York = = .....; $580, 653 | $589,895 |......... $9, 242 |$2,358. 85 |$2, 272. 39 $56; 46: eee ze ULC Sa SU ees (OV 4304)L 181836) |2-=~. - se:| 486; 400 122. 166,.738.-| 3,194, 0) |ecse ease $1, 627. 62 oca Commercial....... 16002) - f1005|- 4500500: |e ae 2. 40 De Del see oe 35 Isthmian Canal. ..)2.. 5... 32. SO00S See se O008 Reese: SOQ ieee 5. 00 Poth eas. ce aL 283, 688 (1,798, 831 |... BIS, 143 | 4, 527. 98 6, O74, A9e oa eee ae 1, 546. 51 BAGGAGE. Weight. Earnings. on In- |. De= De- 1906. 1905. erohne lorence: 1906. 1905. Increase. crease. | Pounds.| Pounds.| Pounds | Pounds ‘ - Mo News Vork 222.5 =. la 7,471 9, 657 Siar 2186 | $47.08"), $LIST 502-2 ee $40. 52 FROPRULO PO ss ce er es ets ah ee ee |e oan | ea ce reget OCE eee ee a oe DP ABIES I IBL) BUH Me saganne 7,284 | 4,966.30 | 2,318.30 |$2, 678.00 |...:.... ROCA a ee sree 239, 584 | 249,054 |........ 9,470 | 5,148.33 | 2,505.85 | 2,637.48 |........ HL Doe. 415, 59-23 34 REPORT OF THE PANAMA RAILROAD COMPANY. Statement of classified. railroad, earnings, tonnage,,and passengers, Panama to Colon, for four months ending October 31, 1906 and 1905—Continued. PASSENGERS. Number. | = 2 Barnings. il see ele ee De- THUG) | 1905, | Sradae, | Gretise,| 10e | 100d... | Increase: | (nasce. First: Ate Renee 196 Botater eh. s: 158 | ST, 31-00 192 061 95 1.6. €880. 35 Second-class . sree 268 OSSxle neti hs 90) Webs dee el 244 OA ee Se. 91.12 To Europe;... gate al | odes First-class... Be et aes cis 261 79 182 |........}| 1,466.41 738. 02 PU2B oO steerer ccs gepcond: Class oo 30 el Use ceee ccs ’ 130. 50 73.75 DOA Dl iaee ae Loca Minet- Class... 5... 41, 867 | 16,543 | 25,$24 |.:...... | 16; 761.871 8,447. ol | 8) 314.36 10. -5---< - Second-class .......... | 67,298 | 44,889 | 22,404 |........| 18, 104. 01 | 12, 140. lh peo Oper ee Mtal......22.......] 1007015 | 68470 | 47, 728 122 .| 88, 796, Si) De 705. a 4, 14,001.30 30 eS Exursir T.— Statement of steamship statistics jor four months ending October 31, 1906 and 1905. FREIGHT TONNAGE. 1906. [eee O008 LS Increase. —lhc= -Decreuse: aye Tonnage NTs Tonnage! q.; Ponnage . Tonnage Sees. carried. IDS, carried. See carried. | °D1PS. carried, Panama Railroad ships: e es {cee ee Ge 15 | 10,947 12} 12,846 BRO Cok e< c's. Sel ce es eek 1, 899 x GSailed= -2.8: Beet ee 15 23,068}. % 11 | 1351594). 4 4,894 )-..-. Deer ee Chartered passenger ships: i ga AR eee | . ye OT eI Re sATLVOC ee eee 10 8, 049, | ‘9 |} 11, 662.) Be ee hess ces: 3,613 - oe eS: woeeeeese |, 10) 24008 | 10 20,010 | eee Pits Saeco |e edie Tibi el 00 66 447 | 42 68 837 | ee | 1890 1906... - 1905. Increase. Decrease. Total freight. earnings.. eChuis $293, 141, 57 $285, 342. 5. oS > $7, 799. OGe Seca eke eee ow. Average rate per ton Sees ae 4,41 4.18 | : fe Diabet atk aes eit ence isiaie ‘PASSENGERS CARRIED. eos. | 05. | Merease. | Decrease, I oe ey -Passen- i Pagsen- | | Pas : Passen- Ships. gers. Ships. : gers. - Ships. gers. Panama Railroad ships: Merived 2 15 itso 12 735 | eee 400. lee Said es “IB Seo 903 | ae eee eee Chartered passenger ships: PPTAVEO est eee SO 885 9. STA eee eat VL Sa orale. cso oe Sale esas ol 1; 986 LO! 22,084 |. cee (902 |---|. ee Mol ee Leo Best]. 4a eee | ein 1906 1905 Decrease. Total passenger earnings -.- $150, 414,83 |... gitvone.ag |. $88) 368.64 |.......[242...--.. Average rate per passenger -| 26.71 | 80, 99 |... ss. $28 — 60rn ae HOUSE OF REPRESENTATIVES Doota@ 1st Session : | : No. 541 . _ ANNUAL REPORT — OF BOARD OF DIRECTORS OF PANAMA RAILROAD COMPANY 1907 January 20, 1908.— Referred to the Committee on Interstate and; Foreign Commerce and ordered to be {printed WASHINGTON GOVERNMENT PRINTING] OFFICE 1908 #4 LETTERS OF TRANSMITTAL To the S enate and House of Representatives I transmit herewith the fifty-eighth annual report of the board of directors of the Panama Railroad Company for the fiscal year ended June 30, 1907. | THEODORE ROOSEVELT. Tur WuITE House, January 20,1908. ISTHMIAN CANAL ComMissron, 3 Washington, January 18, 1908. Sir: I have the honor to inclose herewith, for transmission to Congress, a copy of the fifty-eichth annual report of the board of directors of the Panama Railroad Company for the fiscal year ended dune 30, 1907. Very respectiully, Gro. W. GoETHALS, Chairman. The SECRETARY OF War. : , - War DEPARTMENT, = | Washongton, January 18, 1908. | My Dear Mr. PRESIDENT: I beg to inclose herewith a communication from Col. George W. Goethals, U.S. Army, transmitting the fifty-eighth annual report of the board of directors of the Panama Railroad Company for the fiscal year ended June 30, 1907, in order that you may transmit the same to oe . | ery respectfully yours, = - Wn. H. Tart, Secretary of War. The PRESIDENT. a 3 PANAMA RAILROAD COMPANY. BOARD OF DIRECTORS. GEORGE W. GOETHALS, Morvecat T. ENpIcoTt, H. H. Rousszau, J. C.S. BLhackBurn, D. DuB. GatLLaRD, RicHARD REID RoGeErRs, E. A. DRAKE, ' W. C. GoRGAS, JACKSON SMITH, CLARENCE R. Epwarps, PrtTerR C. HaAINs, W. L. SIBERT. OswaLp EK. ERNST, : . OFFICERS. Grorcr We GORTHAUS, president, (262. oe ee Culebra. EH. A. DRAKE, vice-president Serko es oe ee es eee eeL cs Ve eee New York. W. G.-BIERD, assistant to president and general manager.......-...-------+- Colon. SYLVESTER DEMING, ERCOSUNCR oes esos ee ee ee New York. THe Rosssporrom, SOChCLOTY, | fone ee Oe ee i eee ee ee ee ee New York. Bo, BENSON, general: QUGION 2252-2 = 3 ee Usere cesses New York. JOHN: ADAMS: GUCILOT. = 4 <2 se a ee re ee New York. Res. MARSHAL, local quauor-4.=...2. eee Colon: D. W. Ross, general PUCHOSUNG OUUCC. eee ee New York. ALFRED ANDERSON, assistant purchasing and shipping officer.........-... .--New York. ROLAND ALLWORK, inspecting engineer..... te aes ee ee New York. —b..G. BAKER, Waster mechawie. 6 Colon. _R. Bupp, engineer of maintenance of way ...... eee oi, ese Ree ee Colon. SL: BAWDEN, Lenmangs superiniendent 25) ose ee New York. RicHarp Rep RoGErRs, general counsel ......--....-- RSet e New York. General offices.—No. 24 State street, New York. 4. ANNUAL REPORT OF BOARD OF DIRECTORS OF PANAMA RAILROAD COMPANY, 1907. PANAMA RAILROAD CoMPANY, : New York, November 1, 1907. To the stockholders of the Panama Railroad Companys . I respectiully submit for your consideration a report of the com- pany’s financial condition and operation for the twelve months from July 1, 1906, to June 30, 1907. I call attention to the accompanying exhibits, showing income and profit and loss account, general balance sheet, and statistical tables which will give you detailed information upon the financial aspects of the company’s business. Capital stock issue (unchaneéd) ©... 52..-.2..0.....0.2. 5.2. ene $7, 000, 000° The outstanding bond issues June 30, 1907, were: Sinking fund 6 per cent subsidy bonds: Original issue of (for payment in advance of the annual subsidy of 220,000 to the Republic of Panama) 222.2. 20.2 os $3, 000, 000 Redeemed by annual sinking fund drawings........._.........-...- 2, 660, 000 Outstan dine: 2.552) 52 is ee ee 340, 000 Oi these outstanding, 69 were purchased out of earnings and are owned : byethe Company. 2 ae ee ee 69, 000 Heoviie in the hands ofthe public 271, 000 Through thefoperation of the sinking fund {this indebtedness will be redeemed in 08. , First mortgage 44 per cent twenty-year gold bonds: Mthonizedsissue Ol... a ee $4, 000, 000 meld by the public: 6.0 22 2, 148, 000 - Redeemed by annual sinking fund drawings................-...-.-- 1, 261, 000 ifeld imecomipamy S-Weasury 2 322.2 = etek ee 596, 000 4, 000, 000 Through the operation of the sinking fund, in due course, this indebtedness would have been reduced by 1917, the due date of the mortgage, to $1,199,000; but by Con- gressional enactment a sufficient amount was appropriated and has been advanced to the company to liquidate and pay off the entire amount of outstanding bonds as of date October 1, 1907. : At the last session of Congress the sum of $2,298,367.50 was appro- priated to enable the company to redeem, at 105 and accrued interest, in accordance with the terms of the mortgage, all of its outstanding first mortgage 44 per cent bonds, and due notice was accordingly given that said bonds would be retired on October 1, 1907. The com- pany having made the required annual payment of $150,000 to the trustees on August 1, 1907, only $2,148,367.50 was needed from the Government, for which amount a note to the order of the United States, dated October 1, 1907, bearing interest at 24 per cent per annum, payable semiannually, has been executed and delivered to the © Treasurer of the United States. The amount advanced or loaned to 5 & o - 6 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. the company is to be liquidated by the payment of $100,000 to the — Government on the 1st of August in each year. To date 2,657 bonds have been presented for payment. - The result of the company’s operations for the period covered by this report shows that after the payment of cost of operation and all fixed charges there remained net earnings of $1,049,551.56, which have been used for improvements and construction, the expenditures there- for during this fiscal year, as shown by Exhibit I’, amounting to -$2,011,186.75. . | During the fiscal year there was borrowed from the United States Government $1,197,892.77, all of which was expended, in addition to _ the net earnings, for improvements and construction. Gross revenue receipts, expenditures, and net earnings for twelve months ending June 30, 1907, compare, as under, with those of the twelve months ending June 30, 1906: . Earnings . Operating . Harnings. Over operating | CEDOBECE: expenses. TOO (ise sas See tires peo eee Sees $5, 199, 810.69 | $3,610,874. 30 $1, 588, 936. 39 See LOOG ees s SS ee ee ee Ve | 8,917, 840. 28 3, 116, 059. 01 801, 781. 27 EN CLE ASEMELOO (Sse 8 oe ene ae ee ee 1, 281, 970. 41 494, 815. 29 787, 155. 12 HARNINGS. RAILROAD, — The total earnings of the railroad for the transportation of all kinds of traffic show an increase of $1,068,072.18, or 41.55 per cent over twelve months of previous year. Of this increase in revenue, $670,- 937.39 was derived from merchandise and coal freight, $461,464.15 being increase on westbound business and $209,473.24 increase on eastbound business. Passenger earnings increased $126,429.37 and mail earnings increased $13,010.22. : Freight traffic from New York and New Orleans to South Pacific ports increased 6,734 tons, to Panama 5,957 tons, and to Central America and Mexico 5,170 tons. From Europe to Central America and Mexico there was an increase of 3,262 tons and to south Pacific ports an increase of 12,679 tons. | | : Traffic from Central America and Mexico to Europe decreased 171 tons and from south Pacific ports to Kurope there was an increase of 11,050 tons. | The following table shows the freight tonnage carried over the railroad for twelve months ending June 30, 1907, including company freight, as compared with the twelve months ending June 30, 1906: [Ton of 2,000 pounds, or 40 cubic feet.] Twelve months ending June 30— Increase. 1907. 1906. : Tons. Tons. | Percent. Carried westbound........ Sere cig overs Seren a eae a een ese 640,182 | 409, 890 56. 17 CanrcdcegstpOung< = ss Sa ee ee ee 296,214 | 255,821 15. 79 Total west and east bound......-..2--2--++--eeeceeeeeeee _...-:...| 936,346 | 665,711 | 40,65 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. i The gross earnings per ton moved on the road compare as follows: Twelve months ding June 3 ee Increase.| Decrease. : Westbound......... ee Se 2 90. Ti $3, 03, | ce Wasthound ©. = ee 2. 58 D 80 Oi Average west and east bound... .............--.----2:--- 2. 67 DEAGE ee eee 3. 26, Exhibit L, accompanying this report, shows the origin and desti- nation of the freight carried over the railroad. | The total revenue freight traffic of the railroad during the twelve months ending June 30, including both merchandise and coal, was 894,824 tons, an increase of 272,550 tons, or 43.80 per cent. The total revenue derived from this traffic was_$2,389,327.07, an increase of $670,937.39, or 39.04 per cent. In addition to the above freight, 41,522 tons of company’s freight and 1,832 tons of mails and excess baggage were hauled. Of the total freight tonnage carried, 68.36 per cent was westbound and 31.64 per cent eastbound. In 1906 the percentages were 61.57 per cent and 38.43 per cent, respectively. : The through traffic was 40.66 per cent of the total tonnage handled, as against 50.83 per cent for twelve months ending June 30, 1906. . Coal Gncluding company’s) comprised_45.87 per cent of the local traffic westbound. : | The following statements show the number of passengers carried and the passenger earnings: : , : NUMBER OF PASSENGERS CARRIED. Classification. 1907. 1906. _| Increase. |Decrease. - ee : ___ | Per cent. | Per cent. First-class passengers....... eg eee en 325, 077 125, 780 158245 2S ees SecOnd=ClasSS DASSODPORS= so... ce 557,200 | - 322,450 T2580 eo eres PLOUG cece nee ee ee a ee 882, 277 448, 230 06:84 |2 ce ces PASSENGER EARNINGS. - = Mirst-class passengers. $165, 194. 52 | $93,974.51 | 75,79 |..-.------ Second=class: passeneers= 161, 381. 77 | 106,172. 41 B2e00E as se eeee Ota Soe 326, 576. 29 | 200,146.92 | 63.17 |........-. AVERAGE RECEIPT PER PASSENGER. | First-class passengers: &. TOUGH ete ecto oe en ee $4, 13 BA OD east _ 6.06 SOC ee ae ee ee Be DOG | sate aere 25, 42 Second-class passengers: PE DT OUP Nie ae oe eS ae 4, 24 AAR eee a be 8 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. | The gross revenue from the transportation of passengers was $326, 576.29, an increase of $126,429.37, or 63.17 per cent, while the number of passengers carried show an increase of 434, 047, or 96. 8 per cent. “The revenue received from through passengers increased $941. 80, | or 3.10 per cent, and the number of passengers increased 602, or 8.69 per cent, as ‘compared with the twelve months ending June 30, 1906. 3 Local passengers show an increase of $125,486.57 in revenue, or 73.89 per cent, and 433,445 in number carried, or 98.22 per cent. MISCELLANEOUS RAILROAD RECEIPTS. The total receipts of the several accounts grouped together under - this heading amounted to $754,090.20, an increase of $251,071.28, or 49.91 per cent, over twelve months ‘ending June 30, 1906. The receipts for wharfage at Panama and La Boca and lighterage of cargo in Panama Ee which are included above show an increase of $22,555.17. STEAMSHIP LINE. . The total earnings of the company’s steamship line were $1,560,- 910.48, an increase of $213,898.23, or 15.88 per cent, over the twelve months ending June 30, 1906. _ ‘Freight traffic increased 16 078 tons, or 8.36 per cent, and the revenue therefrom increased $06, 608.40, or 11.38 per cent. Passengers show an increase of 2 908 in number carried, or 25.85 per cent, and an increase in earnings of $78,130.16, or 24. 70 per cent. - The increase in revenue from the transportation of mails was $36,199.45, or 23.18 per cent. Of the total tonnage transported, 108, 899 tons were carried by the company s steamers and 105,971 tons by chartered steamers. In the twelve months ending June 30, 1906, the former carried 97,472 tons and the latter 100,820 tons. EXPENDITURES. _ ‘The aebeG expenses for the twelve months ending June 30, 1907 and 1906, compare as under. 1907. ~ 1906. Increase. Raion Se $2, 208, 526.77 | $1,731,888.55| $476, 638, 22 Steamship Lines ye: soe ees ee ig 1, 402, 347. 53 i 384, 170. 46 ~ 18,177. 07 PL OWA eee cess ie ee es oe oe eee 3, 610, 874. 30 3, 116, 059. 01 494,815.29 ' This table shows an increase of gi94, 815.29 in total operating - expenses, while there was an increase in total earnings of $1,281,970.41 (see pages 21 and 22). RAILROAD. CONDUCTING TRANSPORTATION. - The expenses of this department show an increase of $93,966.84, or 10.27 per cent, over the preceding fiscal year, while the tonnage handled shows an increase of 270, 635 tons, or 40.65 per cent. § ae REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. o The increase in cost of conducting transportation is due solely to the increased tonnage handled during the fiscal year ending June 30, 1907, over that handled during the previous year to June 30, 1906. The subjoined statement shows the number of trains handled during the past year, to June 30, 1907, and also makes a comparison between. the month of June, 1906 and 1907, showing the increase in the num- ber of trains handled. ° Isthmian Canal Com- - Panama R. R. trains. reat OneT Pani. ae Direction. Se Fagen ee tots | Com- ie : mercial. | Work. | Total. | Special. | Work. | Total. INOnthbO Unda oa a ee 6, 538 881 | 7,419 103 | 14,171 | 14,274 | 21, 693 €2 DOUUDDOUNG NS ar ee 6, 540 871 | 7,411 104 | 14,248 | 14, 352 |.21, 768 Total, year ending June 30, 1907....; 13,078 | 1,752 | 14,830 207 | 28, 419 | 28,626 | 43, 456 Average number per. day <.< <2... 02. 36 5 Al 0. 6 17.4 78 119 JiR SL OO (hase Sa ee i 1,100 184 | 1,284 8 | 2,582 | 2,590 | 3,874 Sine; WONG SSS Se See ee anna ee 945 | 49 994 58 | 1,576 | 1,684} 2,628 IMCTEASe ab TAINS eos ene 155 135 290 a50} 1,006 956 | 1,246 IMCTCA SCs Sate Seco cee -POLCent-« 16 275 30 a 86 64 58 47 Average increase per day in June, 1907, 5s over June, 1906, trains. :.--..-.-..5..-. 5 4h 94 ais 334 32 414 a Denotes decrease. Norre.—The largest number of trains passed busiest point (las Cascadas) in one day, 196. Total number train orders issued during year, 21,985, or 60 orders per day, approximately, of which number the Isthmian Canal Com- mission business is accountable for 40, or 67 per cent. | MAINTENANCE OF EQUIPMENT. The expenses of this department show an increase of $194,400.62, or 140.30 per cent. This unusual result is accounted for by the fact that a great many old cars have been destroyed during the year, and their book value charged to operating expenses. The old and lighter equipment can.not, without constant repairs, be used with the new and heavier equipment, and when the condition of the old equipment is such that repairs are not warranted the cars are destroyed. The necessity for purchasing further equipment to take the place of the old equipment being destroyed and to handle the constantly increasing business is apparent. a In addition to the recular maintenance of equipment work, includ- ing extensive repairs to 18 Panama Railroad locomotives, the fol- lowing new equipment has been received and erected complete and placed in service: Roger ballast cars, 80,000 pounds:capacity...... =... -... 7. (2... cee 100 Completing order of 500 new box cars: | Box cars, 80,000 pounds-capacity...2....- 2... 2. ee 273 pcock cars, 80,000 pounds Capacitive... ee 10» WaWOOSe: Cans. 12 mover ballast enter plows. sss eee 8 Pe 2 Birsteclass coaches, length, 68 tect:... 2:5. 6s 7 Becond=class coaches, lonoth, 68 feeu..=. 5. 42. 5 ee ie Barcave and mail cars, length 68 feet... = 2 2 Two first-class and 8 second-class coaches and 2 baggage cars, on hand, being set up. 4 10 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. . At the shops of the railroad company there have also been erected for the Isthmian Canal Commission: : oon, Cooke morul locomotives. =. =... 2. 2-32. =... ee Se 14 LOO-tone baldwin mogul locomotives <2. <8). 6-5 20 Lidgerwood flat cars, 80,000 pounds capacity, extension sides...........-.-...--- 700 Western dump cars, 80,000 pounds capacity (on order for 300).....-.---..------ 126 On November 15, 1906, the railroad company began using the shops leased from thé Commission at Cristobal, since which time the vacated shops at Colon have been used only for the erection of cars. MAINTENANCE OF WAY AND- STRUCTURES. The expenses of this department increased $96,855.92, or 28.15 per cent, principally on account of heavy tie and ballast renewals, due to increased traffic. The maintenance during the next fiscal year will show a very large increase, account of heavy expense keeping up the new second main line, which is almost entirely laid on embankment and will settle badly, also extensive rail renewals will have to be made and two wharves extensively repaired. — | Track department. _ The building. of the new double track and rebuilding of the old line has been practically completed. The statements below show in detail the work which has been accomplished. All of the double track is in use except 4 miles, from Gatun to Lion Hill, and this 90 per cent completed. : | The following table shows the number of miles of new second main line constructed: Number of} Yards : Laid and : Laid and 70-pound : Location. not bal- 3 ties (22- | gravel (15- : ballasted. | “ja sted. tail. inch center).| inch raise). | Miles Miles. Feet. — Milepost 124 to milepost 2934 .............. flee Sas ae: 179. 520 43, 960 58, 780 Milepost 334 to milepost 364.........-.... DEES eee 29,040 | ~ ~—- 7, 920 8, 660 Milepost 454 to milepost 464 .............- lee ae eae ne 10, 560 2, 880 3,140 Sd DOCH Sa ee oe ee [el eee: Se 10, 560 2, 880 3, 140 Milepost: 7.vommilepoOst 124-2 22 ee ise 5¢ 56, 710 LDF ASOS oe oe Soa CRO Gee a en ea lene es 213 53 286, 440 78, 120 | 68, 720 There remains but one-half mile of track to be laid from milepost _ 63 to milepost 74, the grade for which is completed. oe The old main line has been relaid as follows: Kind of steel. SMOG s Sener re se a Ballasted with— Taken up. Put down. From Colon to milepost 2..... 2 |=56-pound. ~.2=.2.- 7O-pOUNG 2-5-5: Rock and gravel. OL milepost 334 to milepost 22\=70=DOUNG 2.5.22 le oes do: 2325 ...-| Gravel. MO UG ecient ers 43 Twenty-seven miles have been reballasted with gravel and 60,000 cross-ties have been removed. 7 / REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 11 New side and-house tracks, all laid with 70-pound steel and bal- lasted with gravel, except. at Corozal, where stone ballast was used, have been constructed as follows: | 3 Storage. Passing. Siding. House. Spur. Total. Location. ee a | Se ee |e ee No.| Length. |No.| Length. |No.| Length. |No.| Length.|No.| Length. |No.| Length. Feet Feet Feet. |. Feet Feet Feet SOLO Se ceisee l r eee eee 3,410 | 1 BAODD slates tie ei 4,035 PES pS RN So ag a 1 WOOO S| eee = eee eee ee nee Rates 1 1,500 ROTTER ee eh So ne | ay Pe 2 3, 2 O25 glial: eee S 4,337 SIVAN Cb ere Sree eles er eae Seer 2 Os OL esl eee ey ale en eae cs 2 5, 618 Gore ona 5 sioen see 1 2,109 | 1 DB (eeu eee ee 1 OBO eles ee 3 4,926 WGA UEKO OU BOS seneeeiere ee glee lhc hee 2 S51 O0: series es Seas See 1 1620 alas see ose 3 5, 300 BassO bispoe ee see ee ee ee oe 155022 2 A20H eens. Ose es 3 3,970 Has CaSCAC Ass ia ae ei ees | ee eS 1 Lp SO0 cl eece eee Set lie ole ca eee 1 1, 300 1 Dpaay ORs eee ee en le de Se ee ee eee 3,000 | 1 290 elise as |e cee 3 4,290 @imlepra = oss ee: 1 1380 | 1 2,360 | 1 Li GAQ si. oe |e ae ee re 3 5, 385 POGTO= Mia uel se ee Ses | Soe es ee elke ae eg eee 1 S002 Bees |S es 1 900 Coro Zale eae eh ee eee 1 WLOes | aso eee cee 1 600 | 2 2, 367 ROtaless 2| .3,494| 4] 8,277] 13] 238,497 | 8 8,110 | 1 600 | 28 43,978 For the accommodation and in order to take care of additional business yards have been constructed, with tracks aggregating 52,344 feet, as follows: a Track. Location. Purpose. 70-pound | 56-pound Total. Remarks. rail. rail. Feet Feet. Feet. Cristopal-ce- || Catshed . 2 S22 cee 5, 926 6, 988 12,914 | New shop. iD Noyes reget Pain Shops 225s sees a 1,691 1,132 2,823 | Work track. DOs Ses: DOCK IN 0.14 ie eee Op OD2 a eee ee 3, 522 | Storage. DOs sas DOCK NOx. 12305) eee 11, 230 Do. Colones ==: CoachsyatG ss acre se le 880 880 Do. Colon yard..| Relay 56-pound with 70- 3 O00 2 sees ese 3,600 | To 13 feet centers. pound steel. 5 Gatun... Storage yard account, Isth- 1, 500 3, 000 4,500 | For material and trains. s mian Canal Commission. - La Boca. .... ‘Rerminal:- Vande. eee: 3, 250 9, 625 12,875 | Train and storage. Moth cS ee. Be ee ee ee 30, 719 21, 625 52, 344 Bridge and building department. ' Ninety-four bridges and culverts have been extended for the second main line to a total of 3,500 feet, at an average cost per struc- ture of $428.92. , Hight new passenger and freight depots have .been constructed at Pedro Miguel, Bas Obispo, Matachin, Gorgona, Tabernilla, Lion Hill, Gatun, and Cristobal, and the old depots at Bohio and Colon have been remodeled and enlarged so as to accommodate the Increased business. These, with the depots which were rebuilt and enlarged during the years 1905 and 1906, make an entirely new or enlarged list of passenger and freight stations from Colon to Panama. At Pedro Miguel and at Matachin new 50,000-gallon water tanks and standard water columns have been installed. Section houses for quartering foremen and laborers have been built at Panama, Corozal, Culebra, Empire, Gorgona, and Gatun. In addition to these, others are to be built at Pedro Miguel, Bas Obispo, Tabernilla, and Lion Hill. These provide quarters for 12 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 12 to 14 laborers in the second story, and have 3 rooms for the sec- tion foremen in the first story. ° At Cristobal 3 new 2-story compartment buildings have been erected for married employees, providing for a total of 12 families. — Other ‘‘bachelor”’ quarters have been built to accommodate 40 shop employees. At Colon 2 cottages have been built for 1 and 2 families, respectively, and a general office building 112 feet square has also been constructed near wharf No. 1, in what is locally known as “Shaler Park.”’ : A concrete steel oil house 30 by 40 feet, a concrete steel coal-stor- age and ice plant 110 by 200 feet (having a capacity of 50 tons of ice per day and 90,000 cubic feet of refrigeration space), new steel build- ings for laundry, bakery, a frame dry kiln 30 by 60 and a new store- house 35 by 125, and an additional commissary storehouse, 70 by 120, have also been completed. | The new fast coal-handling plant at wharf No. 14 has been com- pleted and is in use. The coal chute, roundhouse, and cinder pit at the Cristobal terminal have been completed, and a new boiler shop is planned and will be erected during 1907. These, with the. machine shops and the accompanying storage and car yards, make the Cristobal railroad terminal complete in every respect. Wharf No. 11, at Cristobal, has been completed and 9,350 addi- _ tional square feet of roof has been added. A foreman’s office, ticket office, tool room, waiting and baggage rooms have been constructed on the wharf. | ) Extensive repairs are under way on wharf No. 4, and an addition of 12 feet on the north side isto be made to facilitate the handling of freight. © : | Wharves Nos. 1 and 2 are being strengthened, repaired, and painted, at a total cost of $75,000. Twenty-seven thousand square feet of corrugated iron roofing have been put on the triangular wharf at La Boca, and 54,000 square feet - on the new lumber wharf. The capacity of the steel pier at La Boca has been more than doubled by lowering the narrow freight handling platform to a level with the original tracks and by building an adjoin- ng oe at a lower level for the handling of cars to and from the ock. | Hight new electric cranes of 4 tons capacity each being installed on the La Boca wharf are 50 per cent completed. | STEAMSHIP. LINE. Warnings of the company’s steamship line were $1,560,910.48, or an increase of 15.88 per cent, while operating expenses were $1,402 347.53, an increase of but $18,177.01, or 1.31 per cent. This very encourag- ing outcome was accomplished despite the fact that there were 74 round trips made this year as against 65 last year, an increase of 13.85 per cent in the efficiency of the line, and considering the almost horizontal advances made in wages and the greater cost of nearly | every inne used in transportation, must be regarded as a satisfactory result. | : | | The total cargo of all classes carried between New York and Colon by our line was 214,870 tons, as against 198,292 tons last year, or an merease of 8.45 per cent. | = — REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Le The active competition of two important foreign lines for traffic heretofore handled solely by this company’s line has been followed by the outcome which generally results frem an increase in facilities, viz, a material increase in the aggregate of tonnage to be transported. The number of passengers carried both ways by our vessels, mostly employees of the Canal Commission and their families, has taxed their capacity, which has been enlarged from time to time as possible. Competing lines have afforded little, if any, relief in this traffic, as the company’s vacation rates to its own employees and those of the Canal Commission do not apply by those lines. Operating expenses have been seriously affected by cost of impor- tant repairs of wear and tear to our ships, due to the necessity to turn them round rapidly in port, in order to accomplish the increase in their total voyages, so much_so that a reduction in round voyages for next year has been determined upon. The company’s dock facilities in New York Harbor have not yet been enlarged, because no others are obtainable except by unwar- ranted outlays. However, arrangements are under way to lengthen the company’s pier about 100 feet, to the new pierhead line, and the advisability of securing an unloading berth on the Hoboken side of the Hudson River is being considered. At the Isthmus the company’s vessels are now berthed and rapidly handled at our Cristobal docks in the mouth of the canal; additional berths in Colon Harbor are thus provided for the vessels of our co- carriers. During the year our S. S. Advance and Finance were equipped with large cold-storage space, and Allsanca now under reconstruction will be similarly fitted. The refrigerating plants installed on S. S. Colon and Panama (under charter from the Canal Commission) may be enlarged. | Allianca, already withdrawn from service for the purpose, is to be practically rebuilt at a contract cost of $340,000, with an increase in her capacity of 900 tons, and completed early in 1908. To re- place Allianca while out of service (because a suitable one of Ameri- can registry was unobtainable) a British vessel of large capacity has been chartered. | | | COMMISSARY DEPARTMENT. The commissary department has developed into a well-organized and well-stocked modern department store comprising, besides the main store and the industrial and production plants at Cristobal, seven branch stores located at Gatun, Gorgona, Empire, Culebra, Rio Grande, Paraiso, and Pedro Miguel. Four additional stores are being opened at Bas Obispo, Tabernilla, Las Cascadas, and La Boca. With the completion in July of the new cold storage and ice plants at Cristobal excellent cold storage facilities will be provided, and b the closing down of the temporary cold storage plant at Colon all cold storage articles and ice will be handled from one plant, with in- creased efficiency and less cost. : | | The opening of the new bakery and laundry plants in January and April respectively added to the commissary department two very important features. 7 14 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Operations for the coal year are shown below: Stock on hand June 3051906) 2 2. See $168, 155. 15 Eas | ROtaslockrecely ed... ee 1, 887, 476. 86 a 7 —_____—_— $2, 005, 632.01 Total sales, disposed of as follows: : : Isthmian Canal Commission hotels and messes.....-.- (13s 203. 15 Various departments Panama R. R. Co....-..---.--- 62, 742. 48 Panama BR; bv. Steamship line. - 2.2.3. 2.. 2-2. 225. 1, 714.75 Isthmian Canal Commission hospitals and sanitary department (charged direct): -:..-.... 22-2... .s.:- 147, 958. 02 Various Isthmian Canal Commission departments on awards from material and supplies.............--- 84, 488. 96 Cash sales (principally to United States ships)......-- 4,135. 75. Personal accounts: a ee eee 38, 926. 83 Coupon-sales:. 25.22 2 2 ee 800, 682. 02 Supplies used from stock account ‘‘expense accounts’? 32, 260.72 ————— 1, 946,112.63 Asverage permonth: 22. eee ee is 162, 176. 05 The amount of stock on hand June 30, at retail value............- 547, 447. 55 MATERIAL STORES DEPARTMENT. During the fiscal year the store department handled material as follows: | DEBITS. | Material on hand June 30, L906 Ss = $222, 676. 04 Material received by New York invoices.............-- 1, 756, 781. 14 Material received by purchase from Isthmian Canal : Commission. 2 SS se ieee Se 445, 785. 78 Material received by shop work-........-..-.:--.----- 83, 406. 80 Material received by other purchases..-.......-.....- 86, 238. 59 = Lott as ee So $2, 594, 888. 32 | CREDITS. : Material disbursed to various departments. .... Se 2, 193, 130. 07 Material disbursed to New York credit invoice........ DAO Nei. Material disbursed to Isthmian Canal Commission and BUMCryPCESONS y=. 5). 22-5 ss es Se 152, 604. 58 Material on hand June 30, 1907.........-... ee es 227, 374. 50 ; ——_—___——— 2,594, 888. 32 The cost of handling this material has been: Peay Olle 2 ee eee Coe ee ee 52, 527. 49 Other expenses...........- Se Se 26, 993. 51 Motil - . ee 79, 520. 99 Per cent store expense to total business, 3.4. LAND DEPARTMENT. . There has been considerable increase in.revenue from land rents since January 1, 1907, owing to the new rates of rental adopted for Colon lots, which now average 6% cents per square foot, or $260 per lot (80 by 130), annually, against 24 cents per square foot, or $110 per lot prior to January 1. : All lots requiring new leases were advertised for public bids, and following the policy of giving preference to those who previously held leases all such persons have secured new leases to cover the lots they had. 7 — REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 15 Practically all of the Colon building lots have been filled to a level of 4 feet above sea level, in accordance with sanitary requirements, and another row of blocks between D and E streets is being filled by hauling dirt from Gatun. g | The title to a large tract of land near Empire which has long been disputed by Senor Santiago Saundio was decided by the Canal Zone circuit court in favor of the Panama Railroad, and a new town site has been platted and lots leased, which will yield material revenue from rentals. 3 | TELEGRAPH AND TELEPHONE DEPARTMENT. The telegraph and telephone line across the Isthmus was prac- tically completed June 30, 1906, and the work in this department during the past year has been principally that of connecting up new telegraph and telephone stations and establishing new telephone centrals. a Thirty-seven thousand nine hundred feet of 10 and 20 pair cables, 400 miles of galvanized wire, 60 miles of copper wire, and 10 miles twisted pair wire have been strung. : Nine telephone switchboards have been installed at Gorgona, Tivol Hotel, Culebra, Colon, Ancon. Hospital, Empire, Gatun, Paraiso, and Mount Hope. A total of 310 telephones have been installed. Fourteen 4-blade semaphore signals and 4 Hall automatic electric signals have been put into use for the operation of trains by block system. | _ The construction of additional sidings and yards and the develop- ment of dump grounds of the Isthmian Canal Commission have necessitated the moving of 447 telegraph poles, or a total of 11.2 miles of the line. | The increasing demand for telephone service indicates that dur- ing the coming year one additional cross arm carrying 6 copper wires will have to be added to the present line across the Isthmus. . CONSTRUCTION OF RELOCATED LINE OF ROAD. About the middle of May the work of relocating the line of the Panama Railroad necessitated by canal construction plans was be- gun, and since that time 10 connection tracks have been started, to extend from the now operated line over to the relocated line at various places. The work of building these interchange tracks for the purpose of handling machinery, men, and supplies for doing the necessary grading has been 75 per cent completed, and a force of . 1,000 men, 4 steam shovels, and 1 pile driver is at work on the actual construction of the new line. ; =e Inasmuch as this work is made necessary by the building of the Panama Canal the Canal Commission is to reimburse the railroad company for all expenses in connection with the work and furnish all of the construction material which is to be used. This line, when finished, will leave the present line at Mindi and will be located at a distance of from one-half to 14 miles east of the existing line from Mindi to a point about 1’ mile north of Panama. There are practically no grades on the new line except from Mindi to Gatun, where the rise will be at a rate of 52 feet per mile, and from Pedro Miguel to Panama, where the downward grade will be slightly / 16 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. less. Curvature on the new line is on the whole less objectionable than the existing line, but there will be some sharp curves on account of line being of necessity located among the hills in order to maintain a high elevation necessary to keep above the level of the Gatun ake. | The high elevation maintained necessitates a very large percentage of the road being built on embankment, to a total amount approxi- mating 12,000,000 cubic yards, while the excavation is about 3,000,000 cubic yards. The greater portion of the grading of the new road being embankment it will be made from material excavated and hauled from the Culebra Cut and dumped from trestles which will be driven on the location of the relocated railroad. Port BUSINESS. Number of vessels and their aggregate cargoes handled through our ports during fiscal year ending June 30, 1907. Vessels. Tonnage. Increase. Received. Port and kind of freight. ‘This Teast ee year. year. NG Per This Last p : cent. | year. year. er Tons cent. Colon and Cristobal: = Rho COM Sa see SoS tes 44 23 21 91 | 203,451 99,4388 | 104,013 105 Other freight .-. 22222222. 836 716 120 | 17 | 364,748 | 258,136 | 106,612 4) Potales ees Ses 880 739 141 19 | 568,199 | 357,574 | 210,625 59 Panama and La Boca.....-- 160 146 14) 10; 126,083 | 144,689 | @18, 656 a13 Tonnage. Dispatched. ° Total tons. = Port and kind of freight. SnGren ee: THovaake: - This Last Pe This Last year. year. er year. year. Per Tons. Cents |= Tons. cent. Colon and Cristobal: Conte secre see 0 Of Rese See eto 203, 451 99, 488 | 104,013 105 - Other ireight...--.2 ks. 132,424 | 131,742 682 3} 497, 172 | 389,878 | 107,294 28 TOCA oes See ee 132,424 | 131,742 — 682 4| 700,623 | 489,316 | 211,307 43 Panama and La Boca.......| 193,344 | 165,711 27, 633 17 | 319,377 | 310,400 8.977 | <8 _ @ Decrease due to the large amount of Isthmian Canal Commission lumber discharged at this port during the year ending June 30, 1906. COAL AT ISTHMUS. Coal received at Colon was distributed or issued as follows: Quantity.) Per cent. To Panama Railroad— | ' Tons. . MOL TOAGON INOS oot asst eo cern ee ene ee ee en Rete oe ae Nowe ome 17, 297 84 HOD SWitCh CNSINCS. cane. he ee eee eee wt ee eee ee Berea are ce ere eens 6, 645 3 ‘For other purpores TEINS Cis ete SS eR cas areata Pee eR ee eS Tee 14,244 | ii For Panama Railroad Steamship Line.............. SEE eS ote e cece ses coe SOOM cess, To other steamship lines .............- Bee es ee eee. Saas oss See e es 37, 887 |. 19 To Isthmian Canal Commission (all departments) ..........-2..- 222-222 e eee eee eee - 116, 586 57 WO mMBIscellanCOUS 2-2 sc acsce ee car aee oe ewe Rose eae oe Son eae Sap eee euseees _ 7,095 34 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 17 ELECTRICAL DEPARTMENT. The electrical department has installed during the past year 3,003 incandescent lights and 78 arc lamps. The plant at Colon has so far been able to meet all demands made upon it, but at present is carrying an overload of 15 per cent.’ Plans are now being prepared for the erection of a new plant at Cristobal with sufficient capacity to supply current for not only Colon and Cristobal, but also for Gatun. ~The new La Boca electric light plant is 60 per cent completed, and with the completion of this plant there will be considerable surplus power. GENERAL REMARKS. During the period from January 1, 1894, to June 30, 1907, inclusive, the percentage of total expenses to gross earnings was as follows: Per cent. NS OAs ee A es ea es er 69. 93 DOO ee 61. 63 S905 ee ee AS bese ei ete Base ee 03. 94 ee taxes and appropriations for depreciation, etc.: SOLS ee ee ee ae he ie ee 6112 SOS a ee ee ee 64. 91 18995 ee 64. 66 QO 5 ee 65. 25 QOD oe ee a ee ee ee eee 64. 72 Or including Pacific Line not operated in 1900... 2 76. 34 Including taxes and appropriations for depreciation, etc..-...-...... 65. 87 Or including Pacific Line operated for six months.........-...--..-- 71.02 _ Including appropriations for depreciation and special repairs: OOS ee ee ee Ne Soca gee e2-- 00-01 Ae a a ee 63. 69 OO oe 77.49 1906, June 30 (12 Salis) SRT ee ie 79. 54 1907, dune 302 Cl 2emomths)\ie e252 ee es ee 69. 44 During the year all of the necessary additional passing sidings and storage tracks made necessary by the enormously increased business due to Isthmian Canal Commission dirt trains have been completed. The new second track is in use except for a short distance and the old track is entirely rebuilt, so that at the end of the year the congestion, which had become serious, has been almost entirely eliminated. With the completion of repairs at wharves Nos. | and 2, all of the company’s wharves will be in good condition and the entire line, including terminals, will be in shape to care for a very great tonnage without delay, extra expense, or congestion. The block system of dispatching trains has been put into use on all double track, affording the freest possible movement of trains con- sistent with safety. All freight trains except one local in each direc- tion are run at night. The extra expense of handling these trains at night, as well as the additional expense account of operators to handle the block signal station, is incurred in order to handle Isthmian Canal Commission trains with the least possible delay during working hours. During December, 1906, a historical flood occurred, due to a rise of the Chagres River, which at Matachin reached an elevation of 78 feet, or 33 feet above ow water. Fifteen miles of the track between Mindi and Bas Obispo were under from \ to 8 feet of water, but aside H. Doc, 541, 60-1——2 g& REPORT BOARD DIRECTORS PANAMA RATLROAD COMPANY. Trom softening the new double track embankment and washing away about 200 cross-ties, no serious damage was done. ‘Traffic was inter- aupted from 10 a. m. December 3 until 6 a.m. December 6. The density of traffic has been so great that a 70-pound rail has _ proved entirely too light; it became necessary to change out the rail «on several sharp curves before it had been in actual use more than fif- ‘teen months. An order has been placed for 3,000 tons of 90-pound ‘wail to replace the 70-pound on all curves between Tabernilla and Las Cascadas, where there is the heaviest movement of dirt trains. Operation of new coal-handling plant at wharf No. 14 has so far ‘facilitated the unloading of colliers, by increasing the rate of dis- eharge to 700 tons daily at a rate of only 20 cents per ton, that the eompany was able to secure a freight rate Norfolk, etc., to Colon, of $1.52 per ton, as against $1.65 per ton formerly. Between June 30, 1906, and February 22, 1907, 2,023 tons of ice were manufactured by the Colon ice plant, a quantity that was in- sufficient to meet the demand; the Colon plant was partly closed down, and since February 22 the-new plant at Cristobal has produced 3,292 tons and has capacity to more than meet present requirements. At the annual election held in April, 1907, Directors T. P. Shonts, John I. Stevens, Charles E. Magoon, B..M. Harrod, William Nelson Cromwell, J. D. de Obaldia, Roger L. Farnham, and W. Leon Pepper-. ~ aman retired, and were replaced by George W. Goethals, J. C. S. \ Blackburn, D. DuB. Gaillard, W. C. Gorgas, H. H. Rousseau, Rich- ard Reid Rogers, Jackson Smith, and W. L. Sibert, the newly ap- ‘wointed members of the Isthmian Canal Commission, and the chair- man of the Commission was elected president of the railroad. Mr. Drake was elected vice-president and Mr. Richard Reid Rogers, “zeneral counsel, and Mr. W. G. Bierd, general manager on the Isth- aus, was also appointed assistant to the president. Respectfully submitted. | GrorGE W. GorTHALs, President. EXHIBITS. PANAMA RAILROAD COMPANY, ACCOUNTING DEPARTMENT, . New York, N. Y., October 17, 1907. Dear Sir: I herewith submit statements of income account, general balance sheet, and tables showing results of operations for the fiscal year ending June 30, 1907, . -as follows: Exhibit A. Income account and profit and loss.account. Hxhibit B. General balance sheet. Exhibit C. Earnings and expenses. Exhibit D. Operating expenses of railroad. ixhibit E. Operating expenses of steamship line. Exhibit F. Expenditures for improvements and construction. Exhibit G. Equipment and plant replacement accounts. ' “xhibit H. Classified railroad earnings, tonnage and passengers, Colon to Panama, and Panama to Colon. | : | ‘Exhibit I. Railroad freight statistics. dixhibit J. Railroad passenger statistics. Exhibit K. Railroad general statistics. ‘Exhibit L. Railroad freight tonnage handled. ‘Exhibit M. Steamship line statistics. “xhibit N. Locomotive and car equipment. #xhibit O. Floating equipment. REPORT BOARD ee PANAMA RAILROAD COMPANY. 19 In December next the following tables, on the results of eporOne for the four months ending October 31, 1907, will be prepared and published as a suip enue to this annual report, viz: Exhibit P. Income account and profit and loss account. Exhibit Q. General balance sheet. Exhibit R. Summary of earnings and expenses. Exhibit S. Classified railroad earnings, tonnage and passengers, Colon to Panama, and Panama to Colon. Exhibit T. Steamship line statistics. 2 Yours, very truly, | ‘ JoHN ApAms, Audttor. Mr. G. W. GOETHALS, : President Panama Railroad Co., Culebra, Canal Zone. Exuipir A.—IJncome account and profit and loss account for the year ending June 80, 907. INCOME ACCOUNT. Railroad: Gross earnings PVOMI OPCTALIONS <7 aan coos Pessapht Mine aero asas Rane $3, 638, 900. 21 OPPLratin S:expPCH Sess. se ee ee ee ie Se ee Rae eee ee 2, 208, 526. 77 INGt Carnin es irOmvOperatiON cs sc2.s- ce eee eee Caren eae SS eme ome $1, 430, 373. 44 Steamship line— GLOSSeCaEMIN GS ATOM“ OPCLallOMe sean eee oe ee es ee 1, 560, 910. 48 Operdbileexpensess 25 ae oy a eee reer ee ren te eee. See ee 1, 402, 347. 53 Net earnings from. QPCR GL OTN Se eee eee ee SUS ee tas RE een 158, 562. 95 Add income from: gts TMECKLEST ONESCCUTIGICS:O WINCG se oe ys eee en en eee 65136, 25% Premium and interest on treasury bonds drawn for TEGEMPLLONe. = oes 2, 281. 25 Imbercst: and:exehanee ss. see sae Se ne Se ce oe ia we eee 9,131. 42 : SS anne 17, 548. 92 1, 606, 485. 31 Less Interest on funded debt— First mortgage 44 per cent bonds— Interest on $2,163,000, July I, 1906, to June 30, 1907...........--. 97, 335. 00 Less— Interest April 1, 1906, to June 30, 1906, on 109 bonds drawn for redemption and paid by trustees in Octo- TTL NG ae ieee ee er eae 1226225 96, 108. 75 inst morte e- simkimo. Tunes. ey. as ee oe es ee 150, 000. 00 Concessionary subsidy to United States Government inieter treaty - ee ee 950, 371.63 671, 990.31 BIS cool Ode aa sean ere Miscellaneous: WIShera ge eee cee ae eee cae 27, 856. 65 66; 8525025). soe eee 38, 995. 67 Water supplied shipping...........--- 25, 605. 38 DOS AOOS ae ee 382. O1 Rental of-property 2-2. ee os See 54, 656. 45 23, 082. 48 SLOSS OM leo see ee Wharfage and light dues, Colon.....-- 89, 373. 09 78, 1538. 00 Pel 2202092 ere eee Wharfage, Panama and La Boca .-..- 230, 883. 54 169, 332. 70 Gl 5502845 eee Cranage earnings, La Boca.........--- 57, 106. 72 19, 249. 09 SOO bs OF eck ae ees Storage and freight handling. Beenie 50, 630. 42 13,823. 15 30; SOUS 2 (lee eee MOL OTA Ns ane eee ore see oe Ses 3, 541. 44 2, 0438. 94 1, 497.50 |... 2. (ee SWlChiO SS 8 ack as ee eee eee LOES20 50s ooo ee 1Q A 2700s Ae oe Miscellaneous earnings, other sources . 194, 616. 01 104, 544. 85 99 1046602 \2 Sees ose Dotaliee secession eee 754, 090. 20: 503, 018. 92 Aol OVVE28 22 yee Total railroad earnings......-.-...- 3, 638, 900. 21 2,570, 828. 03 106807218. (one ee Steamship line: UPC STG a ee eee 945, 172. 69 848, 564. 29 96; 6082405 |= See PASSCN PIS iio eee 394, 388. 26 316, 258. 10 13, FOOT Ge lee i Mou Si eee en ee i eee 192, 334. 21 156, 134. 76 30-1997 4bs| es eee IRERCT AED ASL AGO se oe een ee 2, 247. 15 2, 700002) ee eee 509. 37 PULCUSUTOR he ate Souls tee oe ee ae 13, 675. 54 12; 096. 73 Le O78 Sse cee Wines and liquors=. 2.0 9, 006. 42 te 018. 20 198822015 eee Miscellaneous: oss. oe ss ce ee Gee 4,086. 21 } A USS. OO ns seme oon ee eee 97. 44 Roba eee a ee ee 1, 560, 910. 48 1, 347, 012. 25 213; 898: 23 | See eee Grand total earings. .....-2:....- 5, 199, 810. 69 3, 917, 840. 28 Le28h, 970241 gh se eee Railroad operating expenses: General expenses, New York....-..-..- 3,119. 50 SoPATOPD he eae es 2, 350. 65 General expenses on Isthmus.....-..-- 86, 414.13 69, 996. 89 LOGAN DAS | eee ese Conducting transportation. .........-- 1, 008, 614. 69 914, 647. 85 93° 9602843 | ee Maintenance of equipment.........--- 332, 958. 13 138, 557. 51 194, 400. 62 |2....-.2 2.2. Maintenance of way and structures. ... 440, 944. 07 344, 088.15 96; 8502902 ee ighterages |<. en see 117, 349. 74 123 04062712 le ao cere one 6, 295. 53 Docks and wharves, maintenance..... 57, 816. 33 56, 016. 06 80052 (a5 ee ees Real estate expenses .................- 16, 737.99 11, 340. 54 5,390.40 A ear Loading and discharging vessels at le 1701S OC Riess ee i eee 94,572.19 | = 18, 126.138 16446206222 ee , Total railroad expenses -.-.2....-..- | =. 2, 208, 526. 77 1, 731, 888. 55 416 ,638:..22.4|52 ee we Steamship line: = General expenses, New York.......... 24,149.76 QOS OVS aD cle ee ee 4, 863. 39 General expenses, Isthmus..........-. 39, 068. 84 36, 015. 43 3; 0038s 414 |2 5. ee Steamer expenses. ...5.-.-..-..-.----- 1,101, 106. 98 1, 069, 630. 98 IAT OCOSS eee ee ACP CNC VsOXPCNSCSe = 25 cc See 133, 062. 00 127, 831. 09 0,200 Ole eee Cliarter: Osteamens= 6 ae es 104, 960. 00 E21 O98 teen ee eases 16, 719. 81 Total steamship expenses.......---- 1, 402, 347. 53 1, 384, 170. 46 LST Olea ree aes Grand total expenses.............-. 3, 610. 874. 30 3, 116, 059. 01 AQ4 SU52 29) |e eee Se ee ee 22 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Dasma C: Statement of earnings and expenses for the years ending June 80, 1907 and 1906—Continued. SUMMARY. Earnings. 1907. 1906. Increase. Railroad earnings: ‘Colon to Banana. .asc 2 oo. $1, 934, 438.38 | $1,395, 818. 80 $538, 619. 58 ‘(Panama -to: Colon. 526 3a ees ee 950, 371. 63 671, 990. 31 278, 381. 32 MiIScellancOUS@ Sore odes sc ones eee 754, 090. 20 503, 018. 92 251, 071. 28 Total railroad earnings............. 3, 638, 900. 21 2,570, 828. 03 1, 068, 072. 18 Total railroad expenses.,...-..--..- 2, 208, 526. 77 1 731, 888. 55 476, 638. 22 INeteamming soos. Sees. ee 1, 430, 373. 44 838, 939. 48 591, 433. 96 Per cent of expenses to earnings...... 60. 69 SSOUiO tse ox wees ee eee Steamship lines: MolAGesTnIM GS: seo oN es Ser 1, 560, 910. 48 1, 347, 012. 25 213, 898. 23 MOtalLexpensesias. 5-2. Se ee ee 1, 402, 347. 53 1, 384, 170. 46 18, 177. 07 INCUCATTING Soo or eee 158, 562. 95 @ 37, 158. 21 195, 721. 16 Per cent of expenses to earnings...... 89. 84 1OZR7OS Ree ae oe Grand total earnings...............- 5, 199,810.69 | 3, 917,840.28 | 1,281,970. 41 Grand total expenses. .............- 3, 610, 874. 30 3, 116, 059. 01 494, 815. 29 Hotalnet earmnese. oo. sae eee 1, 588, 936. 39 801, 781. 27 787, 155. 12 Per cent of expenses to earnings ...... 69. 44 [QE OAS Bees ease ee a Deficit. Decrease. commen mee wee core new eens eee ee twee ew we wer wen wwe eee Se wwe en eee www ee er eee ee w ww ewe eee eww wm wwe Exursir D.—Statement of operating expenses of railroad for the years ending June 30, General expenses New York: Advertising— Folders and posters.........- Generale eee. hae sees Directors’ and committees’ fees. . General offices— Repairs and=rent Ol: 2-5 Other, expenses... -.-......22. incidentals 3 Legal services and expenses...... Ofticerss Salaries Of. 2 Stationery Bn Gsprinbinescs se Telegrams and cables.-......2-.- General expenses Isthmus: MOVEEUISING:: (so) eee ee Clerks and attendants, salaries of Cablegramis cs: 02 eee EROSpITaleseGviCe: = 22. a oe dncrdentalss 2s nee eral expenses ees ese Miscellaneous. SR Sa ee aes 1907 and 1906. ee i ee ed wee w cw cr mm mem wm mw ew eee nto ew neces eee eseces slalsleleicieioteia sisi sielelalole(a) = alelainiaislalclaletainioinialaivie ence rucecccwc cee wc a ceercespecsencecece = eo clelaleterolclclsic olalele:e cle iclele clelel=| els siueipiole ele viele slaloieloioiate cfs loicieinictelote cain clalelalnlate sialelelaisialel aia Pwo wre sce ws www cere s ee meas e ww ereacecn ses i eee r nee eee eee ee ee ee ee re es were ewe eer ee ee ee ew ee wee we ee eee were ee meee wee eee wee wee ee wee eee ee ee eee wer ere eee we we ee ee ee wow ew ee eee ee ee em mmo me mew ee wwe wm eww eww ees eww ew woe wee ene eee ew eee em ee we wt ww ee ee ee ew eee ew eee Office expenses ANGESUPPIIES ese se as ts eh ects ee wae nes Stationery and printing.......... Motal sees os eens Ss Conducting transportation: MOVETTISIN Det ee Clearing witecks: 62 8 ss: Engineers and firemen........... Fuel for locomotives.....-......- Colones pee eS Imjuries-to persons... ==. 2; Ineidentalss 2 es ea Labor— eee ewe meee me we we ee tee ee ee ee eee eee ee i ey weer eee ee me ee we ee ee te eee ee wee ee wee we ee me ew ete ee wee ee ee we eee ee eee wee wwe eee eee ew eee ween eee ee ee ee wee ee ee i ee a ey wee ewe eee we we ee ee eee 1907. 1906. $459. 54 $143. 90 188.17 180. 01 22, 817. 38 18, 523. 92 4, 046. 39 4,031. 20 3, 620. 07 3,572. 41 1,568, 34 4,120. 24 3, 191. 10 5, 071. 61 14, 828, 97 16,288. 78 1, 720. 83 2, 493. 51 678, 71 1, 044. 57 53,119.50 | 55, 470.15 45, 38 55. 15 52, 866. 03 34,179. 11 1, 269. 53 1, 039. 33 6, 329. 66 10, 800. 80 3. 489, 69 719. 09 "ATT. 85 1, 153. 05 2, 854. 09 8, 497. 11 11,118. 53 9, 465. 11 2,743. 87 1, 542. 56 5, 219, 50 2,545. 58 86, 414. 13 69, 996. 89 830. 20 1, 848. 15 6, 288. 44 1, 083. 90 98, 820. 61 78, 212. 05 74, 669. 41 75, 528. 57 39, 484. 89 35, 883. 14 41, 608. 70 50, 997. 94 2,794.18 1, 562. 35 489. 32 695. 82 165, 424.38 170, 861.09 105, 998. 55 150, 882. 89 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 1907 and 1 406--Contunued. Maintenance of equipment: Maintenance of way and structures: Lighterage expenses: 1907. Conducting transportation—Continued. i; tallows anduwastes.. =... 2.22. ER GAY eyes dae aCe Segoe ar $5, 465. 31 Other supplies LOT TOCOMOGIV ES ce 2s a ee ee 2,121. 42 FVOUTIGIOUSGsINOM 3 oe ees eee ene oe 17,719. 48 Superimntendencerand: clorkeec2s2 sas a sn ees 8, 231.71 Switehmen, yardmen, and yard*watchmen:...: 2... 5.0.2.6 65.05.2050. 126, 414. 38 Sitabionaeemtsrand: clerks oS ee gs es ee eee 78, 845. 71 Station supplies and expenses.............- See ee aie 28,071.39 Stationery and prin tinge sae a i nd es ee ee 14, 680. 87 Train conductors, baggagemen, flagmen, and brakemen..........-...- 81, 863. 21 ‘Bram suppliessandsexpemsess. 02a ee ee a 28, 185. 34 Molewray ln: GxpPCMSOse se ees ea oe ae ee cee ee 51, 854. 97 Water supply for locomotives....... Gris ci Pee i eS tee cet Rm ae @ 213.97 Rien tol DHIGInNgS: CUCs seas et a ee ee es 599. 94 Loss and damage, freight. and baggage...............-.-.-.... poe ore 28, 044. 99 OUTSIC Oa POniCle sss ete rancor ee ea DO2le26 ER obec So eres eee soa se eee rst os Se ee ee 1,008, 614. 69 Breightcars, repains ands renewals:Oho: 22 cs TnciGem tals ee re esas Gee ene Locomotives, repams and renewals Of. . 22.25.2522 -2 02272-6222 Passenger cars, repairs and renewals OLS oe: eee ee superintendence andclerks 2: {2.3 se eee a NbatiONey aN OTM Osea Soe eee ee ener SHO DICK PCNSCS =. saints Sei i ee ew ee ee Le i ee Shop machinery and tools, repairs and ene ae Ole ae Work-ears, repairs and Tonowaleol = ee Bridges and culverts, repairs and- renewals of...................-.-.-.-. General otices, repairs*and: renewals Ofoc. 222-22 2.2. oe Ienerd embellish cet ao eer Stee ieee Machinery and tools, repairs and renewals of.................-.....--- Ralls:srenewakOlis soon se es eee Co a ee ee eee Roadway andstrack Tepalts: Ole sss ss oe ee a eee Road crossings, signs, and cattle guards, repairs a renewals of..... Superintendence DINE CLOTS Se acess a a er cea SWilChes ANdstnOSs “TENE Waals: Okas occ oe i ee ey, Spikes and rail fastenings, TOTIOW AIS iO leceic cae oe = eee eal ec eee Station buildings, repairs.and renewals of...................--.------- Shop buildings, water and fuel stations, repairs and renewals of...... Stationery and SPOT G UN ee ee eee nee Section houses, tool houses, etc., repairs and renewals of.............- Ties, renewals OR ee ee Telegraph, repairs and renewals Of22 2.52. 2 ee Se Sia age Weeds, brushi-orass;etc. Temoval Ola... 2. 2 Repairs roadway andstrack< OUNGr Material. co. se ee BniDlo yee S quarters, buildings and furniture, repairs and renewals... TIS UNAM COR sept eee eee ee A ee ens eee es uel ends waters eS ee i ee gee ae 6, 785. 76 7, 154.54 FVOSpibalisGnviCles sc oa i eae eae ee aoe 25008 |S neta aTry CL CH erat yl Seer Sree ee ae Ce core ear eee 62. 44 1, 927. 39 a bOT ON CAangOss oss es ee SEG a Ge eee Oy ens bigs 12, 366. 25 49, 068. 0% inabor omcargodslade Na@OSst 2:20.25 i. ae ee ee ee | eee igshters; repairs and TrenewalsiOle..22 50.6226 ae a eee 14, 378. 85 11, 539. 16: Other lighterage equipment, repairs and renewals of. ...2..-.-..-3.... 476. 62 i. 924. 04 SUL YD CS aaa a ie ee eee A Been ee tee, ae 8, 354. 94 is , 8712. 96. Superintendencerand: clerks =.= ise ee 3, 272. 60 3, 144. 05, SU SISECNCe SUP Sie: eee ee ee ee ee 2, 401. 47 |- 3,299. 95. Subsistence; laborers; Isla de: Naos-. 2.02.) ee ee Tugs, repairs and renewalsot 6, 1383. 96 3, 740. 76 Expenses: while OUG OL COMMISSION 2: ico oe - 4,95 "315, 38 Wid SERIO CIO W. Sees Sook a es ne eee ee ee eae 28, 048. 55 15,061. 77 Wepreciation of tues and lighters: 2.22 35, 066. 35 ~ 17, 997. 18 EIN Geli) eee ON es ore ee i SNE MN, 349. 74 123, 645. 25 Docks and wharves, maintenance: Repainsanderone walls Ole. st ee ae ee Oe ee 52, 369. 35 54, 680. 26 MS urg nN CO sees ee Be a eae ee Ge eee Se O2SE BBs ee es Pight-house and sharbomexpense.s<.. 5 e Se 2, 423.15 1, 335. 86. FR OU NS OO a ape ie Olea aR ne en Be Oe 57, 816. 33 56, O16. 06, 06: 108, 762. 79 3,004. 18 83, 089. 95 33, 152.32 16, 787. 43 899. 5S 29, 363. 54 28, 417. 94 29, 480. 40 302, 958. 13 15, 378. 55 5, 167.74 967. 42 6, 456. 22 22) 844. 97 180, 187. 61 1, 527.55 13, 910. 60 7, 657. 30 16, 850. 41 36, 123. 87 16, 753. 28 1, 907. 27 495.54 29, 844. 52 18, 781. 59 4, 289.00 15, 974. 7 44° 081.73 1, 814. 13 440, 944. 07 98, Exuipit D.—Statement of operating expenses of ratlroad for the years ending June 30, 1906- $4, 208. 25. 2, 668. 9F 22, 009. 30: 6, 187. 91 101, 292. 26: 43,919. 26° 33, 048. 39 13, 264. 65: 59, 584. 8G: 13, 540. 96 24, 967. 46: 6, 150. 68: TTF 11,349. 7B 4, 887. 64 914, 647. 8& 43, 720. 64 48, 276. 79 14, 137.88 11 824.86 457.17 2, 754. 82 9,964. 72 4, 420. 64 —_— 138, 557. 5X 25,119. 40 4’ 091. 83 2, 499. 97 3, 931. 95 30, 620. 04 63, 025. 98 216. 87 2, 406. 90 7,229. 18 14, 264, 42 44° 364. 75 14; 643. 87 1, 438. 06 497. 32 23, 728. 44 56, 528. 97 2, 409. 69° 4,038. 72 43, 108. 86. a 344, 088. 15 24 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Exurpit D.—Statement of operating expenses of railroad for the years ending June 30, 1907 and 1906—Continued. 1907. 1906. Real estate expenses: | : Buildings repairs and renewals of. 2.2232 ee BARS So a Gil BOOL8S. | acca cose as SSNS UE ATS CO ee se St ee eRe ent Oe ee EEN Al 2 Se a begalandrotherexpenses. <=: os Soe See ee en ee 18, 048. 35 - $11, 125. 70 Water supplied to company’s buildings........................ eS esoapaios 4.80 214. 84 Motel 2 16, 737. 99 11, 340. 54 Loading and discharging vessels: — Cranes—Supplies....... Boa ce re ee ea ae OES Cae ae Ce eg 20, 805. 41 3, 630. 39 RCP Ais ANG TONGWHIS ssn ce es ee ee ee 18, 468. 11 2, 803. 17 Opera bons esas See eee ee 52, 248. 94 11, 692. 57 BETIS UREN Cees eS ee ee ee ee ee JA CA20 Gee See Ne Supermtendencerand-clerks 23. jNsse- tee eG ee ee 1S TLROSE See cee Othermsup plies andsexpensess.. oS ee cee 1S Soledad eee eee ee Mota] Ss ee oe ee ee Seer ese 94,572. 19 18, 126. 13 a Credit. Exursir E.—Statement of operating expenses of steamship line for the years ending June 30, 1907 and 1906. : 1907. 1906. General expenses New York: Advertising— HOLMErS: ANG POSLOLS =<. ce ee ee ee Sais meee $217. 37 $68. 81 General Sa ei oe eo ee wise Goeaue ee 95. 96 103. 89 Clerks salonies*Ols a. oo ees ee ee ee Po oe es 10; 321. 72 9,679. 37 Directors’ and-commiuttees” fees. 2.5. os. 2 os soe ete Seas Saree wie ae eis | ana ermine SS | eines eee See cies General offices— Repairsrandstent Ole ooo eee es RE eae a oe ee 1,834. 61 2,112. 08 OtHewexpPeCuSesss =. sss. eee ee te seein See 1,619. 85 1,847. 00 SNC TC CNG RLS ear se ee es ae erates Sse ia ie cbs CE SO BS oe eS 727. 78 2,067. 55 Wega servicestanG: CXPCNSES oo ee es fe ee ere 1,380. 13 2,626. 47 Ouiticend salaries Ole: 25 5 eS oe ee ee ee aes 6,821. 03 8, 627. 78 HEAUONO Ys aNG spl GING ase SF See ce ee ee eee oe 8 799. 37 1,317. 39 Releprams and Caples. <. 2 s e e eee ae Be eco 331. 94 562. 81 ETN OG eee ee ee i ee ee eee is 24,149. 76 29,013. 15 General expenses Isthmus: ENGVOCbISIN Gee ace See ea oo ieee ie is oa en 18. 87 21.42: Clerks-andenthendants -salatios OLS. 22... 2s eee res 23,828. 95 17, 595. 57 CableoraimSs asses ee ea eee Sues ee ere es ee 550. 26 522. 58 SELOSPLLAESClVAC Cree re ee ee es See ee 3, 083. 35 5,701. 32 Imcidentals: 925-32 Be SSE ec ns ree eae eee ee 1, 459, 22 331. 16 Weal expensese. e225 = BSc ue a eee ee eee SS eoee eee: 226. 69 612. 55 IMnSCCH AI COU Sie oe bee Serene es ee ee Scien ees 1, 315. 39 4,176. 47 OsnCOrs=calaries:Of S722. ete: Poco ee ovece ety ene ee eee 5, 058. 84 4,889. 95 Office expensesrand=supPHCS==a Ss oe ee emer woes 1, 168. 65 810. 19 SeAblonerysanMG Trin bin Pees se ee ee ee a ee ee ee 2, 358. 62 1, 347. 92 EO eal eee ee ete oe eur ee neties sc ee ee 39, 068. 84 36, 015. 43 Agency expenses: ENV CLUISIN STEN OWS ADOLS is cs ee ee eee ae ee ee eee 3, 536. 46 3, 109. 69 Buildings, docks and wharves— HVC WAU Saa MC eT OM beOle ns cee ee ee ne ee ee 40, 468. 77 AT, 962. 17 Othermexpensesac = oe ee ee ea eS se 12, 407. 65 6, 269. 65 | ComuamissigncispaSSCUPOLS ms ss ce ee 1,173. 32 1,190. 85 SUTRA C Oc pe eee ees os eee eee 1, 447. 62 1, 158. 00 imjumies:FOspersOnS:--- => ss Maree SS LSS op pe cee ee Seria ees ee ne ae 135. 00 incidentals ees Se ee ee os oe Se ee 50. 00 60. Wubor Cenerale a8 3s ao ee ee eee so oes oe eee 20, 984. 75 19, 032. 90 Legal services: and expenses - = -..-...... 22.2 Piaisyas in a. eects Some nme 147. 10 4, 50 NUDE SSS sai Cl ER TAN SR eae cs se RG rape eg ee 145. 73 38. 14 NalaniesOlagents and-clerkS= 2) 22 see oe ne See See 46, 513. 67 41,497. 64 Stabioneryand pmnpine 2 2. ee Sees ae Se ee neers ee 2,279. 89 2, 665. 71 MNelesrame:ana=Ca less Saas he ee ee ee ee 311. 00 302. 69 Max6s 0525. SE ee ee ene ee eee ns eee ee See eae 1, 200. 00 1, 200. 00 OQublside agencies = ee eee 2, 396. 04 2, 604. 15 AUS Gea ye ee ee ee en 133, 062. 00 127, 831. 09 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 29 Exuisir E.—Statement of operating expenses of steamship line for the years ending - June 30, 1907 and 1906—Continued. 1907. Steamer expenses: : Custom-house andsport.Charges = 22525 25 2 oe ee So oees $13, 004. 98 SID) © CRY saa wa a I ee ee yas ers aoe 2, 021. 08 Hguipment, deck department=2. 2.22.2. ee ee ee - 10,395. 97 Equipment and spare machinery, engineer’s department......-...... 6, 878. 95 Equipment, commissary department Seine Rose Ae eee ere Re Ge 20, 453. 98 SIGs eres ee ee SNe a a a eaters eee che emote 194, 050. 66 Feeding passengers:and: Cre wesc sos So ase 141, 534. 89 PNGIMOMUHISE cece ees ee ee es cS ee en as hee ee hs eee 5, 339. 49 EnjuTiCS VO. PeCLSONS 5522 Se eae es ee a a ee 145. 83 NES OLIONE CALE Os Sie eae ae ee rae en ae pene on 187, 643. 44 TE ADOMONeCORL. = se ee ree ee ee ec ee as ene see ee 28, 019. 24 AZAD OT: OLE SILOS eo es Seer eee ee eer ae aie Re eaten 936. 25 OSsandsdaimaee: 2.22 5228 Se ae as Pa Ss 11, 119. 26 OilsanG= wastes eae ae es ae ee ee en 4, 360. 38 Painting ships; DOU Ome sae es os ee ee ee 3, 164. 70 Pilotascrand vO Waren cee oe se es ee ee eee ae eee 14, 323. 99 QuUaTaANtING 223s eee RS iI eee Rae pence Ei Dene eee ere 911. 00 Repairs seck depatl Men ts: ss 4 5s ee ee 26, 259. 58 Depreciation and extraordinary repairs, deck department............. 23, 870. 00 ICpairs, Gnpine-Cepanumemt na 52 coi eR eka re re Se aS Track to serve new coal dock, La Boca wharf............-..----...-- Storage yard, dock 11, Cristobal. a ERS Leet Oh ed a iene eee Storage track, Gorgona So Fe Res gn CONE UE Ue See EUR eC cee RNTeCCICTOSS-OVELS ely aicls OCA seers 5 ee ae ee pe et en Extension, Mamei DASSINPAOTaACks Sess Sore See ae ee Two new tracks east of freight house, Colon.............-: Sees Ns New, delivery track. Culebra) ies 2 2 eos an oo Se ee ING w2hbousestrack« “RedrosMioueli s s e ee Passings tracks B ONTO 2258 2a oe et ee ee bas ema oe Tracks and cross-overs, Matachin...........- ee DEN trator ee Ege e 1, 383. 55 @ $6, 134. 41 33, 975. 82 5, 552. 36 588. 90 * 1,558. 35 961. 68 972. 63 942. 78 723. 02 2, 675. 42 5, 598. 76 27.54 9, 545; 02 8, 686. 42 50. 25 17, 997. 76 258, 142.72 19, 786. 47 34, 919. 45 30, 876. 82 79, 466. 20 9, 285. 97 4, 562. 32 IG 229, 57 34,315. 07 42, 674. 46 2, 826. 26 52, 149. 41 10, 507. 91 7, 929. 85 6, 886. 51 5, 576. 69 21, 651. 86 8, 165. 08 7, 930. 70 6, 256. 07 26,727.74 1, 874. 86 4, 435. 40 2, 363. 27 1, 456. 62 $829, 303. 41 81, 199. 34 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. o% Exutpir F'.—Statement of expenditures for wmprovements and construction for the year ending June 80, 1907—Continued. New sidings and yards—Continued. Raissinguirack: shind@les = she oe eer Aen otal Gite $3, 129. 64 a ANNUINSS Un TSNE AK ASEAN TRIN 2 ere ee ena ue 5, 205. 34 PANS p WATE HC TISLODN) eS as Be ea 6, 301. 06 Commissary and delivery tracks, Bas Obispo... . 22. 22... Seay epee 6, 597. 00 ING Ww housestiack, AnhorcasWacarvOn=. 222. ee oer ee ee ae 2, 784. 85 Industrialttrack -Panamae oso. ee es oe Pe Be ee ee ee 434. 93 New paselne track, GOTROM Bree eet pe a ere eo eee 3, 822. 75 New house track and team track, W788: CASCACAS ee eee eee eee es 7, 741. 94 S2SiGiNG Se OM PEM soe oo beet ee ere ee RT pent tetra ey Or oye 2, 188. 59 PUATLONSiGiNG. aNd CLOSS-OVEL,. HIM PING a2 52. : a ee 6,877.91 OTOSS=OVC Ts Ge GU se es eh I oe te ee avec g ee ee ee 781. 53 INewssid inorand.CUrnOUl GOUuUl: -s.25 2 cme) ca ee a 128. 05 Buline’space between-la- boca branch = 202-5 ee 3, 025. 00 UE Oh New machinery and appliances: Completed— A Cranes a0, Wa sbOCA Plele = cascade eos cer ee eno 6.10 Cantilever cranes. teehee nee me tc er ae ene ener nie 60. 38 100=tomtrack-scale Cristopalward’2c sc. ee ee 3, 965. 63 Crossingvgates, :Cnistopalecs. os. oo 2 ses ee es Sees es 1, O82. 69 Unecompleted— DitechingsmMa chine ee ses Se See ee ee eae ne ee 1,574. 66 20 Semaphore Siow a issss oo. es sees Oe ee eyes 6, 768. 80 oe 13, 457. 26 Less credits for receipts on property sold, accounts written off, and 2, 040, 849. 41 other adjustments: Proceeds irom: salelstwO NOUSCS: 3. -. a. ea os ee ec z 250. 00 Adjustments— : g ocomotive and:cax equipments... 5.222222 eee $2, 380. 76 Newsmachinery: and: applianees=. 2.2 22 ose ee 431. 35 Buildings: and: other structures: =o. 222-22. 25, 389. 21 ING WaSidIN eS and: yards se as ee Sjoerd —- 29, 412. 66 — ——— 29, 662. 66 Grand GOG ase Se a a ea aus ase aie nae aeoa eee 2,011, 18. 756 EXHIBIT G.—Equipment and plant replacement accounts, June 30, 1907. Amount. SESE Cay Ss zt Locomotive and car equipment: 10: DOK COLO eetss ee Rs eet: are See Hee ee a a a en cr me $37, 558. 00 Go Bt COM Sete ce ce ee ea a eee ee ee es 11, 415. 00 34 COAL CAIs sc2-2 2s sa: Pees seine a SNe Cee ieee UE Cte mire Cam er eee 6, 460. 00 DiS VOCISCATS Arteta oes Hee See es eer ae eee store ope aie g a gn clue ae ear a] 440. 00 ZeWAvOL CAG sons. esc BES apatas oye Tame era aoe ar is CO Capen le sace inate Veta 580. 00 LDAP Pao er Car er Sere eer Sao es Pan eae ie Se ern a eimaat 1, 800. 00 IPOXPICSS COTS ee ee ces eee Wear ee 280. 00 ICA DOOSC COE Ss a ae eee ae Sie en ete ee eee pn 350. 00 UG anise COs ere net ee seein cee Se me nee Bee Sie as eee 290. 00 TESPOCLG; COT Hea 2 es Sis oS ore ne eee re Meee ras 380. 00 , value. Rate. Period. Amount. Floating equipment: Seer Allianca es a=. 8: $154, 152. 97 Prior Jan. 1, 1906. $935. 83 be: Alliance. 23.2.5: 154, 152.97 | 6 per cent ...| 18 months ..| 18,873.86 Se-Os -Minance 2.022 2: | 221, 41039 0\oeee Os. esas dora: 19, 926. 90 Sos: Advances: 221, 186302 =.= dO. Sees dO. 19, 906. 74 Bugs Olivia eas =. oo 70, 001. 78 Prior Jan. 1, 1906. 10, 755. 12 Muss Olivia e224 70,001.78 | 10 per cent..| 18 thonths..| 10, 500. 29 us Cristobal. <= ST 942 bse do. Hs do 8, 691.31 - Lighters at Panama..| 162,999.49 |..... dos sees (OKO es 24, 449. 94 Lighters at Colon....| 125, 422.94 |..... donses=: | 6 monies -|. 95,971.99 Plants: | At Colon and Cristo- . bal— Ice making...... -.| 17,018. 47 | 6 per cent...| 18 months...| 1,361.12 Cold storage... .. S0S2ea4 eas 2 OOen sce. 11 months .. 163. 24 Refrigerating. .... 260193873: |faaes OKO eet 2months..:| 2,553.65 IB AKeLycsce ee oe 34, 497.32 |....- Osea: GOs 343. 92 Maundy 2.5. 23,054.30 1ose =. Koen tes [aoe aes dO 2232. 225. 51 Electric light and | 17,397.01 | 8 per cent.... 14 months..! 1, 417.36: power. At La Boea, electric | 18,180.86 |..... GOs Se (3 Ios emer 1, 696. 94 light and power. At Ancon, electriclight) 5,033.19 |..... doses ds 469. 76 | ——————|_ 8, 231. 50 Total. — $59, 553. 00 eee 115, 011.98 182, 796. 48 a a ~ 28 REPORT BOARD DIRECTORS PANAMA RATLROAD COMPANY. Exuipir H.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for the years ending June 30, 1907 and 1906. FREIGHT. | = Tonnage. = Earnings. oe 1907. — 1906. Increase 1907. 1906. Increase. | 1907. | 1906. THROUGH. : | . From New York....-. 112,339 | 97,525 | 14,814 | $893,843.13 | $337, 432.19 | $56, 410.94 |$3. 51 | $3. 46 From New Orleans...| 7,507 3, 429 4,078 27, 737. 97 11 950.69 | 15,787.28 | 2.18 | 3.49 From Europe..-..-.--- 126, 910 105, 710 | 21,200 443, 006. 33 387, 018.90 | 55,987.43 | 3.49 | 3.66 Notal sss ses 246,756 | 206, 664 | 40, 092 864, 587. 43 736, 401.78 | 128,185.65 | 3.50 | 3. 56 LOCAL, SSS SS SS ee | Gommerciai ss se 84,529 | 48,159 | 41,370 282, 931. 92 171,670.18 | 111,261.74 | 3.35 | 3.98 Isthmian Canal Com- MmissONse. 3 271,046 | 137,129 | 138,917 | 485,855.19 | 263,838. 43 | 222,016.76 | 1.79 | 1.92 Company freight..... 37, 801 | D2eO38; eal as ROSE ns Se [ocr eee ee eee Motalo 2 393, 376 | 203, 226 | 190, 150 768, 787. 11 135, 5 508.61 | 333,278.50 | 1.95 | 2.14 Total freight...| 640, 132 | 409,890 | 230,242 | 1,633,374. 54 | 1,171,910. 29 461, 464.15 | 2.55 | 2.86 MAILS. Weight Gods. > amine’. = | De- LS De 1907. | 1906. Increase. Orenee. 1907. 1906. Inerease. SOTA From New York . .| 1,242,500 | 1,047,000 | 195,500.|-....-.- $79, 623. 74 $73, 599. 48 |$6, 024.26 |-....-.-- From Europe ....- ’ 120, 983 112,013 89/0 So 9, 675. 44 9, 138. 48 5386590 |i ee Pocal= se 150, 881 150, 873 See esl 9, 584. 47 4,037.06 | 5,547.41 |.......- Mousses: se 1, 514, 364 | 133095 886 4). 2045 478). S223 82 98, 883. 65 | 8655.02) 12-108: Gos 2 = TREASURE, Value. = Harnings. | In- De- 1907. 1906. Increase. | Decrease. | 1907. fo0e Ginaces torence. From Newry ork . .|$1, 700, 990. 00 $1, S203 OS OU ee nee eee $127, 789. 00, $3, 321. 60/33, 730. 31)....---- $408. 71 drow Europe aes 2. 424° 480. 00 2. 193. 955. 00:$2305520200)2=2 2s. 3553 ap 641. 12! 8, 103 2/8iSs.- oa 462. 66 ocal: Commercial. ....- 164, 680. 00 29, 500. 00} 135,180. 00)........-- Ala 247202 62. 00; $185. 02).....-.- Estumign: Canal |- 2.22 1393500500 Rosa eae 189, 500. 00) Seine 194. 0 [ere =a 00 ROtglies 2 4,290, 150. 00) 4, 241, 734. 00! 48, “16. OOS eee { 209. 7412, 090. 09|.......- 880. 35 | | EXPRESS Weight (pounds): ocal commercial— GO Ae a a asa oc Se see meee Se panies Wo bee eeeeenS 61, 028 ENCNORSOre hee Soe eee ee ee st ee peo ate ope as ee aa 61, 028 Earnings: I Tres ee cre nen ee re eres Shc ieee ns en ae ee $367. 56 INCTOASCS oes ies ee Sa SS Riparian ar at ge $367. 56 BAGGAGE. Weight (pounds). : Earnings. & De- | De- 1907. 1906. TRCLea ee: OTodse: 1907. 1906. Increase. Croan: From New York..... 87, 433 TAQ SS 2855 ee coe 53, 095 $850.41 | $1,521.19 |.......... $670.78 From Europe.....--- 117, 120 93, 076 24,044 |........ 2,342.40 | 1,887.45 | $454.95 |........ WUOCANS Sake sees 954, 811 O94 DAT aoe 39, 4386 Wie 138.822 2143872004 2; (oleS2 = 1 Totals = 115086411227, 8pl |e 68, 487 | 20,331.63 | 17,795.64 | 2,535.99 |........ REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 29 Exnisit H.—Statement of alescincd railroad earnings, tonnage, and passengers, Colon to Panama, for the years ending June 30, 1907 and HOU Je aster PASSENGERS. Number. : Earnings. 1907 1006. |Increase.| 2®& | 1907 1906 cree, De ; Si *| crease. : : " | crease. From New York: | First class... -- 3, 597 3, 083 514 |...-..-.| $10,930.42 | $9,324. 10 $1, 6062.32 eee Second class... 326 AOE eee 84 1, 443. 37 MOO OU ee ee - $345. 60 From Europe: First class....- 747 713 Oa ore 4, 521. 60 AGL 2o aloe ae | 95. 62 : pecond class... 455 415 AQ ei os 1, 772, 22 ie S59°49: ee ee (Sh 2d ocal: : First class...-. 166, 444 60,976 |. 105,468 |.....-.. + 72,765.75 | 36,646. 24 | 36,119. 51 |....._.- Second class...| 289,815 165, 105 QA LOR foes ee 78, 837. 90 53, 017. 64 20;.620:20, 2. nee Totale:.. % 461,384 | 230,702 | 230,682 |........ 170, 271. 26 | 107,247.66 | 68,023. 60 | eters Statement of classified railroad earnings, tonnage and passengers, Panama to Colon, for 3 the years ending June 30, 1907 and 1906. FREIGHT. Tonnage. Earnings. Rats Der 1907. | 1906 In- De- 1907 1906 Increase Deareake 1907.|1906 : * lerease.icrease. : : : : : Through— To New York..| 64,360) 73,275)....-.-. 8, 915/$197, 597. 78)$214, 847.30).......-.-- $17, 249. 521$3.07/$2.93 To .New Or- NOSIS epee le Le ee ee | ree er eee OD nat were O12 3.77 To Europe.....- 69, 557 58, A449) 14, M1bh oe 237, 538.14) 214, 613. 39 $22, 924.75)-..------- 3.41} 3.67 Totals... 1338, 917/131, 730) 2,187)... .. 435, 185.92) 429,510.41) = 5, 625.51). .......-- 3.25| 3.26 Loca]— oS ee ee ee ee ee ee ee Commercial— La Boca, Pan- aa ae 11, 458} 9,874) 1,584)....-.. 5,668.48} 5,001.97 66625L == ee = ~OUle ol Panama, Colon. 16, 171 12, 465 ae (06|22 56, 517.74 35, 071.05} 21, 446.69|......-.-- 3.50) 2.81 Isthmian Canal Commission. - ‘|130, 947) 81,253) 49,694).....-.. 258, 630.39] 76,895.86) 181, 734.53)......---- 1.98) .95 Company freight - 3, (21| 20; 499). -- .--- LOTUS ee as ee ee on ee | Set een Total........ 162, 297/124, 091) 38, 206]......- 320, 816. 61 116, 968.88) 203, 847.73)......---- 1.98| 94 Total freight. 296, 214/255, 821| 405393 Rees 2 755, 952.53) 546, 479.29) 209, 473. 24)........-- 2.55| 2.14 MAILS. Weights (pounds). Earnings. 1907. - 1906. Increase.| Decrease. 1907. 1906. Increase.| Decrease. To New York......| 123,723 | 100, 452 DB Deen ee $5, 969. 72 |$4, au 3 Sil o2eloe ie se To Europe........- 5, 670 6; 826218 1, 156 599203: 222042. 08 $48. 25 ocala 7, 363 SS2045 ieee 901 810. 45 | 1, ee a See nee ge 207. 29 otal ees 136, 756 115, 542 DR GA Ve ee eeceaeuc eae 7,379. 20 | 6, 477.61 OO 59. ee TREASURE. Value. = Earnings. 1907 1906 Increase | Decrease.| 1907 1906 ane ee : : : : : * jerease.| crease. ‘To New York...... $1, 295, 429. 00/$1, 273, 208. 00} $22, 231. 00).........-. $5, 172. 37|$4; 904. 50/$267. 87 Sn aeee = PO; Europe ee rae 2) 293° 883. 00 2 807, 224, Ole ean ee $673,341.00 ie 278. 96 8, RRO Ole oS $1, 603. 19: Loeal: : Commercial...... 10, 605. 00 5;100200|- = 5.:505.00\e a 24. 92 RT ble Oval ee Isthmian Canal..| 395,000. 00 20, 000. 00 375, OOO 00 nes 592. 50 5200) 087.5052 a | ap | aS | | | RT | ? 30 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Statement of classified railroad earnings, tonnage, and passengers, Panama to Colon, for the years ending June 30, 1907 and 1906—Continued. : EXPRESS. Weight (pounds): IDyoxer Erevan ae wea ten ces C2 Se SEES SS SON I Pe Se SE LG 99, 152 PNCTeASes sss: CS SS a GN ESR a OGL GN pr Sr TS 99, 152 Earnings: we LOOSE: Beat Sones fae ee SE eS ee ees Ue Ce WAU cn ec Ce ae ee Ger ae eee $088. 62 . -Inerease..-.- See Sa SS aS ea Se ee eee Te ec soy s ern a oot men soeiaes $588. 62 BAGGAGE. ae Weight (pounds). Earnings. 1907. | 1906. | Decrease. 1907. 1906. Increase. | Decrease. ae | _ | — Mo: New-Y OV: 2522S. 16, 954 | 24, 101 | 7,147 | $329.89 $458 De es ees $123. 32 POM ULO PCS sss eos pee Sees e: 1, 500 | 1500: sees Sa SiO0S See eas 3. 60 Wocals. Ss.5 oss ase 837,093 | 908, 205 71,112 | 16,747.61 | 11,876.94 | $4,870.67 |.....2.--.. Totals 2s 05. Ses 854,047 | 933, 806 79,759 | 17,077.50 | 12,333.75 | 474315 oe PASSENGERS. : Number. Harnings. . | | 1907. 1906. ae a: Decrease. | 1907. 1906. Inerease. | Decrease. To New York: First class.... 571 S885 eae 267 | $3,477.14 | $4,889.03 |........-.. $1, 411. 89 Second class -. 788 OLS see 125 3,409; 12-1 45.092. 052) 25. eas 5 632.93 To Europe: : First class --. - 873 | 473 AQ so es > 4952608 23. 387.22) |, pk, OO0soo |= nee eee = econ’. class. - 172 82 DON sees eee | 698. 66 360. 25 S884 noses eee -Loeal: | inst class 35.) -15284o"| 59-6974 95 148 ee 68. b47,01 | 35102 70. 138,400.31 ee Second class. .| 265,644 | 155,525 | 110,119 |..........- 75,170. 50 | 45,060.01 | 30,110.49 |..........- SURO ase 420,893 | 217,528 | 203,365 |........... 156, 305.03 | 92,899.26 | 63,405.77 |........-<- | : Exursir [.—Statement of railroad freight statistics, for the years ending June 30, 1907 7 and 1906. 1907. 1906. GOSS Ca TINE Ser es os ea ee ee ee ee aes ae $2, 389, 327.07 | $1,718, 389. 68 Freight train mileage (including all mixed train mileage) --.............-.- 203 ,.560 169, 576 Hreishe trains perdayepermrle:ol road's 25 fies 9, 27 -Loaded freight car mileage.............:. ee een ee ele sais 2, 389, 075 2,192, 757 PTI EVetrelom uy. Cat INCA Qe. coe tee lea ee 811, 365 671, 898 Caboose Carmileage:. 452s So ee ease Sao Sere ee 244, 531 205, 318 Movalareicny car mileage; including caboose..2-2. 2-5 2. 3, 444, 971 3, 069, 973 Percentage of loaded car mileage to total freight car mileage (including CBD OOSC) eee ee a a ee een oe ee 69. 35 71. 43 Wordedareieht Cars: per train = ee ee Dae 11.74 12. 93 PMD Uyel rele aCAatsepe lat rallnac. wos 6 Cote Se ee 3. 99 5. 96 froaded andtempbtysireishticars per trai 2 esc ee ee 15e73 16. 89 ons or hrousnecommniercial Creigiit.. 2G ke es _ 380, 672 338, 393 ous On localecommienretnlineleh tes. = ee 112, 159 65, 499 Tons of local Isthmian Canal Commission freight................... eres 401, 998 218, 383 FROUS_OL COMPA Yethelo itera eee Oe ee 41, 522 43, 485 Mons.oireventic-andscompany-ireisht. Carried. 3-6. es ee ee 936, 346 665, 710 Tons of through commercial freight carried one mile....................-.- 18, 444, 583 15, 919, 985 Tons of local commercial freight carried one mile............. Meee een are 4, 145, 521 2, 186, 005 Tons of local Isthmian Canal Commission freight carried one mile.......- 12, 750, 278 7, 242,121 Tons OL company. ircight carried one mile. == 222 1,444,943 | 1, 248, 117 - Tons of revenue and company freight carried one mile......... eine en Seen 36, 785, 325 | 26, 596, 228 Tons in each loaded car (including company freight) ................. Sees es 15. 40 Seal 3 = Tons in each car loaded and empty (including company freight) .......... 11. 49 FEN OE 2S Monsdnsea che trai ae Pe et ee ee 180. 71 154. 41 Harninosepertreisiigcarsperdnile =e ee fete Soe ess cents. -| 69°36 55. 97 Average miles each ton of revenue freight was carried....................- 39. 49 | 40.73 Harnines per imel sige bain esc oe ee S11. 74 | $10.14 Harnin Ss per tomiot revenue trelght. =o ee $2. 67 $2.76 Harnings perstonxVenwule seit a pe es aces cents. 6.76 6.78 Tons per revenue freight carried one mile per mile of road................. 705, 256 | 505, 849 Warnings perimileol roddec. 9 fo tess ee $47,681.84 | $34, 292. 36 stunated loaded carsimeach train... 2. 14.33 | “1559 Revenue treisht engine mileage: so. 8 ese A ie te a 205, 774 | 189, 096 Estimated loaded cars hauled per revenue freight engine.................. 14.18 | 14. 20 Tons hauled per reyenue freignt engine...................2... Peet ES sees 178. 77 140. 65 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 31 Exuisit J.—Statement of railroad passenger statistics for twelve months ending June 80, 1907 and 1906. 1907. $495, 482. 94 Gross earnings (including mail, extra baggage, and treasure) .....-....--.- Passenger train mileage (including all mixed train MUNCH e) ee ae eee ee 143, 871 “Passénger trains per day: per milevot road =.=... 2... 6-8 eee 7.87 Cogichsmilegige sos Ss eae ee ote ae ee isos era ay Rie Nouri e Spann re 768, 469 Baggage, express,and mail mileage. 22... <2. 22. -.22-5--¢---2- ps TE eee es 143, 944 Total PaySSeneer CaremMilSH OCs ss ee ce Ss eke ete ie a ee ns 907, 413 IPASSON LOLS CALICO Cicer ee er pe ee re ie ono ere 882, 277 Passengers carried lsmile. 2 secession ae ee 11, 254, 152 AVeragze- Gistance- cach. PassenPer CAnTICN a2 cn ce tree oe eee ee ee C 12. 76 Passengers in each passenger trains... sss Noes ree ee oe 78. 22 Passengers in each passenger car (excluding baggage, mail, and express) - -| . 14. 74 Harnines perspassenger train mules: sats eo ee eee $3. 44 Harnings per passenger car mile (including mail and express) .. ... “cents. . 54. 60 Cars in each passenger train (including baggage, mail, and express)......- 6. 31 HMarnings: Per passengers se se as ae ee a aero so cents. . - 37. 02 Harmings per passenger per mile 22 = 3 Be Gree dow ; 2. 90 Passengers mile perimile-of roads. a2 eee ee eee ee 224, 588 Harnings per mile of road......... SNE ae oe ty eA Us eapn ay Sawer cant eae $9, 887. 90 1906. $349, 419. 43 164, 811 9. 01 594, 679 164, 208 758, 887 448, 230 6, 302, 957 14. 06 38. 24 10. 60 $2. 12 46. 04 4, 60 44, 65 3.18 125, 782 $6, 973. 04 - Exurprr K.—Statement of railroad general statistics for twelve months ending June 80, 1907 and 1906. 1907. Average mileage operated=.:...... = ee eae Be een 50. 11 Rovalireight- and passenger carmines.<...2 5455-28 | ase ee ee $2,884,810. O1 Totalincighit-and-passenlerexpenses , 2222 aloo. Sh oe a as ee $1, 922,050. 52 Net ireiphitzandjpassengemeaimines.2 2 aeons ee a a eee $962,759. 49 Percentage of freight and passenger expenses to freight and passenger SRCSeL tt) mal) Wa hs ace ce eR a a te ec es Se ee a ere A ie neaion nr en er ea 66. 63 Total revenuestrain mea ee see eee i eee Ae 347, 431 Gross earnings per revenue-train mile. 22.2 2 222g sons 2 ee eee $8. 30 Operating expenses per revenue train mile....... ieee ae es BR eR a ee $5. 53 iNet earning siperTevenue per trail: stem t ee cee oe ae wee $2. 77 Potal-GrossiearMin Pesce es ee ee ee ee ee ose $3, 638 , 900. 21 MOUMIVETOSS CXPCNSCS ot Gasca sees oe ae nia See ee eee $2, 208, 526. 77 Net earnings, all sources $1, 430,373. 44 Percentage of gross expenses to gross CQIMING Se cece eee ee 60. 69 SHarnings per millecOlnOa Gi cee sot ee ies ee en eres $72,618. 24 sh XPeMSeSs pel Mule: OL LOG enka see re oe ae ee ee $44, 073. 57 Net carninegs permile Of roaGs 32 oc so5 eee ee oo $28, 544, 67 1906. 50. 11 $2,067,809. 11 1,522,760. 55 $545, 048. 56 73. 64 318, 739 $6. 43 $4.74 $1. 69 $2, 570,828. 03 $1,731,888. 55 $838 , 939. 48 67. 37 $51,303. 69 $34,561.71 $16,741. 98 Exuisit L.—Statement of railroad freight tonnage handled, years ending June 80, 1907 and 1906. FIRST.—FROM ALL POINTS TO ALL POINTS. 1907. 1906. Increase. | Decrease. COLON TO PANAMA. Per cent. | Per cent. Brom: News York tO samch LAanCISCO. cece. 2-2. 25. sec ee 26, 944 25, 914 Be Qe eee ane From New York and New Orleans to Panama, South Pa- citie, Central America, and Mexic0is.- 22.25.0222... ee 92, 902 75, 040 23. 80 nes aaee From Europe to Panama, South Pacific, Central poses Mexico, and San Francisco EI GPS as ag ae Tar eS 126,910 | 105,710 20205 sea ese From Colon to Panama (loeal) : Commercial freight: -.--....-- Sane: Sie eee 84, 529 43,159 | Ob Bos ee ee Isthmian: Canal Commission... 2.22222. 271,046 | 137,129 O76 60g | Soe sec ee Company-iveigiit es ee Poa 37,801 22,938 6480s ceecces cece HO GRIE C ee ees os oes rere Oe ee eee emcee 640,182 | 409, 890 DO ek eles eee 32 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Exutpit L.—Statement of railroad freight tonnage handled, years ending June 30, 1907 and 1906—Continued. 1907. 1906. Increase. | Decrease. PANAMA TO COLON: Per cent. | Per cent. HTOMm. San hrancisco-t0 New. Y OPK. << -2=. 302. - =. 3. ee L280 DAS OB Ts loess eae » 38.71 From South Pacific, Central America, Mexico, and Panama GORNOWEYOL Keser es ee ae eS nee ees Oe See ee 49,075 48, 351 1 b02 | Seca eas From South Pacific, Central America, Mexico, San Fran- : GiSCO};;andPanama, tO -MWUTOPC.= 2 a ae ree oe ee 69, 557 58, 442 LO O23 eens aces From Panama to Colon (local): Commercialvireights<: = se SOS ae eet ine wate 27, 629 22, 339 23-08n| eee oe isthmian: CanaleCommission=-=. Sos) 2 a eee 130, 947 81, 253 Gib ial eee oe Compan yarershG as oe ee eee ee 3, 721 205 AGO: | Sree see 81.84 Total. Nee 2 ee 296,214 | 255,821 1570 ee Total west bound and east bound...-..-....-.-.----- 936, 346 | 665, 711 | 40009 eae. SECOND.—COUNTRIES OF ORIGIN AND DESTINATION. COLON TO PANAMA. MOreLanaM aes ee a eR ee ee erate te! ae 438, 696 Hon CentraloAmerican os Boe ee ee 59, 714 HOLS OUGO RE ACIICs ee ae ee ee eee eee 95, 209 MOM CaM ANCISCO ne aon ee See eee 30, 609 NOI MOKICOSS Ss ie ee ee oe ee 15, 904 DROP alee ee ees See eee reece ns 640, 132 PANAMA TO COLON PELOMUM PANAMA an ye ea Seine Ne ameees Se eri eae 170, 084 HromeCentraleAIMerica 22. ase... ee oe oe ee 40, 286 HOM" GOULD: ROCHICs ss os 5 ey eee ee A ee 66, 741 REOM: SASH TANCISCO sca as ee eee Sen ce eee 16, 155 PET OT MOKIC Oss sere ne oe Un ae ee eee 2,948 PROUD eee ee Se a ee ee SE 296, 214 Total west bound and east bound....-....... See 936, 346 239,744 82:00 ee 61.454 ee = 2583 75,796 Ol 27, 164 (2°68 ee 5, 732 VieAGs 409, 890 H6sI7a a 137, 316 S03 864: ee Alen7o eee | 3.1 49, 326 Bb Sit ee Glo i ee 36.93 1,991 AR OT 255, 821 | 15570 665, 711 | A06b Exursir M.—Statement of steamship statistics for the years ending June 30, 1907 and 1906. FREIGHT TONNAGE 1907. 1906. Increase. Decrease. Ships. Tonnage Ships. Tonnage Ships. Tonnage Ships. Tonnage “4 carried. carried. Panama R. R. ships: carried. carried. ATT VCOS Ss ee 44 34, 863 38 36;0 (35 |e On lao er ele 1,810 Sailedk es ke 45 | 74,036 37 | 60, 799 Bo e303 7e le seen ae Chartered passenger ships: ATTIVOG sas Sess 30 24, 964 Dilee eo ng e e es | 6, 759 Salle dase ees eae 29 81, 007 28 69, 097 1 ll O1QS Sees sae ee BOties Se Se 148 | 214,870 130 | 198,292 18 NG O83 |S ee Total freight earnings....... $945, 172. 69 $848, 564. 29 $96; 608240. Sse as ee ee Average rate per ton.......- 4. 40 AEDS ae eae fed ores Ae ees PASSENGERS CARRIED. 1907. 1906. Increase. | Decrease. ‘ Passen- . Passen- . | Passen- < Passen- Ships. gers. Ships. gers, Ships. | gers. Ships. gers, Panama R. R. See s Arrived... : So ee 44 BLOGs 38 2,477 6 O295 Es os ee aes Salads: See es 45 4,202 37 3,144 8 Ll OD 8e ee eee ee Chartered passenger ships: = ATTriVeds == 3 eee 30 2,169 27 2,573 3 196 SS ees Sailedie= ee 29 | 4,081 28 3,056 1 LO2bs Se ee ee Mota 14g | 14,158 | 130 | 11,250 18 | 2,908 |. - = Total passenger earnings....; $396,635. 41 $319,014. 62 $77 620170 — = Average Tate per passeneetes |= 3a 20. OF eal 28 OU oc cae Secs $0. 35 28. 01 28. 36 aaa / REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 33 Exutipit N.—Statement of locomotive and car equipment. ~ Stock on June 30, 1906 Destroyed during year Reecived during year... 22 2)2 2s Changed from another class. Changed to another class. ... Stock on June 380, 1907 Exuisir O.—Statement of floating equipment. Name. Steamship Allianca...... Steamship Advance...... Steamship Finance....... 2 Steamship Panama (chartered) .| 5,667 Steamship Colon (chartered) .... ’ Tug Bolivar, at Panama Tug Cristobal, at Colon 4 freight lighters, at Panama.. 1 wpe lighter, at Panama...._ eee ew em ww ee ee Do 3 coal lighters, at Panama Gross ton- nage. Length.) Breadth. Depth. Hull. Loco- Passenger Freight i motives cars. cars. _ Miscellaneous. : ax 45 3 .|O eS q A] |] jl] lag Eg gags b | 4 | eS ©, | bp a} ral ISlialele qa} ?].|8\|° gig Mele! Oo} .|/-1SlalEla].2 De eel airalics iro eas ONS elle Sem Se oie md | OS les | 45 | fap) eo] —. - | IS! 6 bales a Olas |S ee) & SES el Ss Be 8 SSIS isl sisisis) Sis lslgisisal2 Blnlnlal|a Qa] a S|HIA Bl SlGebla aA Amtamlals AS) ol Slt 735 172 137 16} 1 12 2| 8| 9} dt 1} 110) 7 Sacer | oe | uate | rere ol ores ee = Oe Dipl Die DA ese a re | els rare 9| 10,.-| 4 455 12 Bl en || oD Seles Blea ia Mee oe On| eee ea ea ‘ Seal Lh Oso OO alee lee = lee DD eyes | ee ae | ak) z eee oboe |e |ne bene el 26} 33} 5} 17) 21 i 4i1, ia 4 21 4G 99) 2 6116 50|100 4 2| 2 2) 10). - Passenger accom- modation. First | Second Steer- 1 floating pile driver, at Colon...|.. oie 6 freight petels, at Colon 6 a Standees as required. H. Doc. 541, 60-1——3 Ft. in. Ft. in. 303 0 42 0 295 0 38 4 300 0 38 4 360 0 50 0 360 0 50 0 12-0 23 0 102 0 25-3 108 6 24 0 108 6 24 0 109 4 DYES AD) 109 8 224-0 109 8 24 0 107 0 DBF. 110 0 24 0 60 0 30 0 100 0 24 0 COmdoININNN o> ETON ee ee class. | class. | age. (0) | (a). 62 36 | (a) 66 36 | (a) 60 45 | (a) 78 58 | (@) Jere r eee tle twee ce ewer ne ee lorc nw aenenl|ow nance wee ewe we elem wwe we wee ee ww ele te oe eee em eee ele ween we ed er ee _b Increase, 5 lighters since last report. _ 34 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. SUPPLEMENTAL REPORT SHOWING THE RESULTS OF THE COM- PANY’S OPERATIONS FROM JULY 1 TO OCTOBER 31, 1907. [Presented in compliance with resolution of the ee of directors adopted at its meeting of August 12, 190 ; EXxuisit P. —Income account and profit oe ios account for four months ending October dl, INCOME ACCOUNT. Railroad: Gross carnings irom Operation. sss sce... ee eee eee eee eee cccs $1, 466, 233. 12 OperabinSOxPONses =e Ss oe SSO a este See ee we owas eee 939, 303. 28 INetearnines from: Operation: soo os eat ee ine oe Oo te rice cee oe $526, 929. 84 Steamship line: GLOSS COTNINeGSTrOM- OpPeratiON2c ee coho cte mee ee ook eee ceo ca es 520, 580. 18 Operating Ox PONnSes ss Sx See ee eS ee Se eae 584, 681. 35 Net-lossdromoperabionin 2 2 er eee ent eee US iene ss Senne eee a 64,101. 17 Add income from— IMbESLESb ONESCCUMILICS OWNOdS ia So eae eos ers SSE eee 2, 520. 00 Imberest and exchange esse es ee ee ates Se rome ote 3, 504. 59 ———— 6,024. 59 468, 853. 26 Less: Interest on funded debt, first mortgage 44 per cent bonds— Interest on $2,163, 000 J uly 1, 1907, to ‘September SOPLOO LS eee ee 24, 333. 75_ First mortgage sinking PULA ize ee Ee cece See oe ee tos 12, 500. 00> Concessionary subsidy to United States Government under treaty..... 8, 333. 33 Interest on loanfrom United States Government for redemption of first MOLCFAPO DONAS=. .. 2.5 a oe oe ee ose eens a cece 4,475. 77 Fund for repayment of loan from United States Government for redemp- tiomol frst mortearye: bOnAsSss ss ee se ee Soe oe me scene 25,000. 00 Subsidy to Republic of Colombia, applied to— Interest on subsidy bonds—340 bonds July 1 to October 31, TOOT eee Sn Se ee aes Se ae eee ce See 800. 00 Redemption or subsidy ponds 222. s22 se ee eee 68, 200. 00 75,000. 00 Interest; ON JOAN stk See ee ee aS ee oe eee eek ree 22,981. 07- “hentaloidocks and=machine shops=-s5os2.s.2 eee oe eee eee eee 8, 226. 68 —_—_— 180,850.60 Netinconie for:twelve MOnthSs: 2 2scc.6 coo see eco ee ee ee eee eae e piece tans 288,002. 66 PROFIT AND LOSS ACCOUNT. By. balance to-credit- of profit-and Joss'Jume 30, 190752225. ose nc coe eee ce cle ee 6,281, 830. 76 Surplus from income account for four months ends October 31, 1907 ue ee ase Sete bees 288, 002. 66 Cost of repairs to two pontoons, damaged by U.S8S.8S.8. Concord at La Boca in February, LO04 = TOCOVELEG ID DULY, LO0tsc cites ee eas eco ee se ate les oe Seeker cee see 949. 74 - 6, 570, 283. 16 Less sundry accounts written off......... Sab9035 590350 So50aCoud 5059 Sos conn Jeuddda a uens 47. 40 By balance to credit of profit and loss October 31, 1907...............-...........-- 6, 570, 235. 76 a Deficit. Exuisir Q.—Balance sheet October 31, 1907. Cost.orroad. real estate. and equipment..22) 222 a ee Hee ihmprovement and ConsumMiclioMacCOUNTS.. --)2. ase eee Floating equipment: Steamers Allianca, Finance, and Advance. $596, 749.66 Add cost of installing refrigerating plants on steamers Finance and Advance..... 34;315.07 ee Pues anne SGOT eee $631, 064. 73 290, 943. 80 ee Ota COST Op LOPOLbYysac soe. sk ee ee ee ee Bonds in Treasury: Sixty-nine 6 per cent Panama Railroad Company Sinkinoetundcsubsidiy cOORGdSes4se i) aes k ree ee ee a eS On deposit with financial agentsfor redemption of bonds: 44 per cent twenty-year 2Old DONS 222 G2 2 ays ee es ON CS OR ces 3 Advance oL subsidy, to Republic of Colombia —.--.2.. 2-22... 2 2k 2 _: Redemption and retirement of outstanding first mortgage bonds... Current assets: Cashiinebanks and with agents: 2. 22e es $571, 105. 72 Coaland suppliestonenan dhs oan ve tee 983, 461.96 Due from CoOnneclineg COMpaAMles.-- 25) 222455. ees ee 239; 900. 91 Due from United States Government: Isthmian Canal Commission......-.- $791, 070.64 Post-Office Department. . 2 --2 225... 83, 119.03 Navy Department. sa. 5. 32 Ses 1,575.63 ————— 875,765.30 Due from companies and individuals.......-.-.-...- 100, 967.33 Miscellaneous sacCOuUntSs. 3-255 ee ee 1, 116, 148. 50 Unearned insurance and charter of steamers.......- 50, 831. 67 General average disbursements.......- Sens Se a 3, 178. 52 20, 423,050.71 | $13, 723, 58Y. 16 1, 297, 735. 56 922, 008. 53 15, 943, 333.25 69, 000. 00 89, 413.80 340, 000. 00 39, 948.75 3, 941, 354.91 Capitalistock seers oe pen er aks Seneca dees pars samomias ata oe ae 4 per cent twenty-year sinking fund gold bonds (author- ized issue, $4,000,000) : Issue to date (4,000 bonds, less 1,261 bonds previously redeemed) $2, 739, 000.00 Less redemption and retirement during October, 1907. : 2, 657, 000.00 Total capital stock and mortgage liabilities. 2..........-.-.-.--- 6:per cent gold sinking fund subsidy bonds a2 22222222... 2520 22 Loan from United States Government for redemption of outstanding fT Stem Orbea es WONG Siew Ne aie: a eee oe eee ee ce Ae eo ee Gee Bonds drawn for redemption not presented for payment: 44 per cent twenty-year cold bondss ae hak ee ee eral Funds for redemption of bonds: 44 per cent twenty-year gold bonds...-.-...........- $88, 341.30 G percent sulbsidvabOnGS a9. .4s5-25 a eee ee 251, 875.00 Fund for repayment of loanfrom United States Government for re- tINEMOEN EOL UIST MORELASC DOMES. oo ia see ei a oe aaa ee eee HQuipment and plant replacement funds--: 21222 222i sk Current liabilities: Due to United States Government— ' Concessionary subsidy accrued....- $17, 708.33 Bills payable—for cash appropria- ted through Isthmian Canal Com- mission for new equipment and LMPTOVEMONCS: - 2. ses ee se 1, 785, 999. 33 ——_——— 1,803, 707.66 -Isthmus:drattsnotspresented 25.2522 2 05-33 cecee 718, 918.97 Couponsimot presented sae ees ls eee oe 592. 50 Accrued interest on bonds: 6 per cent subsidy bonds. 10, 200. 00 Audited vouchers and pay, rolls. s-2 22s s i ee 1, 004, 670. 98 ‘Due COconnechine lines = soaks.) kaos aes Ree 27, 913.02 Miscellaneous ACCOUMUSS=— e242 2 te eee 121, 812. 63 WUmpaldwwases ois Soe ee ee ee oe ee 7, 839. 55 Interest on loans from United States Government for redemption of first mortgage bonds..... eG ees 4,475.77 to credit of profit and loss.........- oe cb ene sses sco sesesnanceee - $7,000, 000. 00 82, 000. 00 7, 082, 000.00 340, 000. 00 2, 148, 367. 50 1,072. 50 340, 216. 30 25, 000.00 216, 027.57 3, 700, 131.08 6, 570, 235. 76 20, 423, 050. 71 ( a Three hundred and forty 6 per cent gold sinking fund subsidy bonds of $1,000 each, amounting to $340,000, issued November 1, 1880, fall due November 1, 1910. To meet this bonded indebtedness, $225,000 annually of the Colombian Government subsidy was pledged till March 27, 1908, the same to be applied by the company, first, ' to the payment of the interest, and second as a cumulative sinking fund for the redemption of the principal; the bonds to be drawn yearly in September to an amount equal to the then surplus of the subsidy sinking fund, the drawn bonds to be paid on November 1, after each drawing and thereby redeeming the whole,issue in 1908. « ‘ANVdGWOO CGVOUTIVE VINVNVd SYOLOWdIGd Gavod LdOduad le i * 36 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Exuipir R.—Summary of earnings and expenses for four months ending October $1 ; ~ 1907 and 1906. 1907. 1906. Increase. | Decrease. Railroad earnings: : Colon to. Panama. o oo ss se ee $835, 635. 50 $567-330589 $268; 000. eos. Panama GO: COlOn Ss sss vss ee oes 346, 829.07 224, 938. 69. 121 890538s| See eMiscellancous=: Scc8 = eos ee 283, 768.55 171, 476.86 112 291. 69s aes es Total railroad earnings -—.— 2.2. = 1, 466, 233. 12 963, 745.94 O02 487182 |e oe ese Total railroad expenses...... Sao Se 939, 303.28 612, 616.59 32056865695 ees ceae = Noiseatnines= = ot Se = 526, 929.84 Per cent of expenses to earnings........- 64.06 Steamship line: SRO TMIECH EINE SS aoe ce PS eee $520, 580.18 OPA eXPONSES ss ose oe oe ee ene 584, 681.35 Net: 6a Tnin es ssc es Se oe a 64,101.17 Per cent of expenses to earnings.......- 112.31 Grand total earnings Kel eee ae Grand volabexpenses= = =_ 325... es Rolaknet: carnines.6 2s. ts. a 462, 828.67 Per cent of expenses to earnings.:...... 76.70 351, 129.35 63.57 $1, 986,813.30 | $1, 476, 112.65 1, 528,984.63 | 1,064, 530.68 $512, 366.71 451,914.09 60, 452. 62 88.20 411, 581.97 7, 12 175, 800. 49 0.49 132, 767.26 $510, 700.65 51, 246.70 4.58 $8,213.47 459, 453.95 a Deficit due to increase of charter S. S. Dunottar Castle, $59,932.88; increase in extraordinary repairs to deck and engine departments of steamers, $52,604.21; total, $112,537.09. Exuipir S.—Statement of classified railroad earnings, tonnage, and_passengers, Colon to Panama, for four months ending October 31, 1907 and 1906. FREIGHT. ae Rate per Tonnage. - Warnings. ‘Ol In- 1907. 1906. crease. 1907 1906. Increase. | 1907. | 1906. THROUGH. From New York.....| 42,053 | 34,544 7,509 | $140,692.49 | $122,084.92 | $18, 607.57 |$3. 35 | $3.53 From New Orleans...| 3, 697 1, 545 2, 152 13, 608. 61 5, 160. 45 8,448.16 | 3.68 | 3.34 HTOmM HUrOpe= .. 225 =. 52,915 | 40,119 | 12,796 184, 895. 16 138, 666.28 | 46,228.88 | 3.49 | 3.46 Ota ee 98,665 | 76,208 | 22, 457 339, 196. 26 265,911.65 | 78,284.61 | 3.44] 3. 49 LOCAL. a= oe | eo oe eee ee Commercial: =<. 3 37,672 | 23,819 | 13,853 115, 785. 96. 82, 867.66 | 32,918.30 | 3.07 | 3.48 Isthmian Canal Com- : PUMUSSTO Mess eee oes 143° 052: | -66;935 1-76, 117. 242, 553. 18 135, 874. 32 | 106, 678.86 |-1.69 | 2.03 Company freight ..... 13,141 | 10, 686 DAD Be | ee es Sse ee Scenes ene oo eegeces [eercrc POtale2 so: 193, 865 | 101, 440 | 92, 425 358, 339. 14 218, 741.98 | 139, 597. 16 | 1.85 | 2.16 Total freight ...| 292,530 | 177,648 | 114, 882 697, 535. 40 484, 653. 63 212, 881. 77 | 2.38 | 2.73 7 : MAILS. Weight (pounds). Earnings. 1907. 1906. | Increase.}| Decrease. 1907. 1906. Increase.| Decrease. From New York... 429,000 | 384,000 4: 000s eee ees $30, 940. 26. $22,812.79 |$8, 127.47 |..........- Krom Hurope:.:: =. 43,718 | 36,948 CSCO: See 3,286.30 | 3,046.02 AQ S28. eases 2 A OCH ee Bas ae 31,239 | 27,079 4 NGOs es es 2, 448.83 | 1,920.84 B21eOOS awe ce Mo bales == 503,957 | 448,027 DDS 980s ee See 36, 675. 39-| 27,779.65 | 8,895.74 |........... TREASURE. Value. Earnings. 1907. 1906. | Increase. | Decrease.| 1907. | 1906. | 22- | De- crease. |Crease. From New York .. From Europe...... Local, commercial - $592, 246. 00 17, 200. 00 $90, 646. 001$501, 600. 00]... - 2,013, 551.00) 1, 446,913.00) 566, 638.00]. ._.- 164, 680. 00|......... . .|$147, 480. 00 2, 622, 997.00) 1, 702,239.00] 920,758. 00|....- eee n es 89. 00 $1,533.93) $177. 35/$1, 356. 58|...._.- 5,995.17 4,381.21] 1,613.96). ____- DAT. OO oer 5158. 02 4 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 37 Exurpir §.—Statement of classified railroad earnings, tonnage, and passengers, Colon to - Panama, for four months ending October 31, 1907 and 1906—Continued. EXPRESS. : _ Weight (pounds). Harnings. De- | De- 1907. 1906. ner ease. Grea. 1907. 1906. | Increase. Gronde: Loeal: Commercial....... AND 280 nize oe 405-280 ee $2, 454. 36 |..2-..-- . -|$2, 454. 36 -|...-.... ‘Isthmian Canal ...|. 34,348 |........<. 34,348 |.......- 2025 ON eae ee ee 202. Ole oes 3 BO tals sss eae ABO SO28 el ae ee 439,628: |: ose. .%- EOD Dil, |e Fo BAGGAGE. Weight (pounds). as Earnings. 1907. 1906. |Increase.| Decrease. 1907. 1906. | Increase.| Decrease. From New York... 24.725 Gl 405 ses oe 39,680 | $337.05 | $340.39 |.....-.-.. $3. 34 From Europe ....- 39, 687 DO OO (el eee ees 15, 920 QS HAS AD Ae ee ge 318. 40 - OCH ao ee e 364, 509 Q71, 385 93 124s eee 7, 556. 55 4, 121. 69 (88, 434. 86.| 22.5 cca ss ovale x 425,921 | 388, 397 OgO24T eee ee 8, 687. 34 | 5,574. 22 | SAGO |e eee " PASSENGERS. Number. Earnings. 1907. 1906. | 1a- | De- 1907. 1906. | Increase. | Decrease. Crease. | Crease. From New York: First. class=. =: 1,040 L220 lee 180 | $2,800.54 | $4,692.88 |........_.- $1, 892. 34 Second class... 84 Sie lone ss 3 362. 26 SOLO elles eee es 19.11 From New Or- : leans: First class... Ae ores Bevan ete 262002 akan Sa O20: O02 eee ee From Europe: First class....- 282 D92e ee 10 1, 661. 19 LeTAO sO oe eee 85. 38 : pecone class= eel 154 JOR Se 724. 13 622. 06 10220 fe ee ee ocal: : First class....- 78, 083 44,334 | 33,749 |......-- 31; 992-702. 18- 000538. | 19 9928S Ta) ea Second class... 132, 221 TAS MD | ONG ASO ee 38, 895.18 | 19,074.10 | 19,821.08 |.-<........ ROUAss = 211, 887 rs S597 E01F 028322. ee 82,462.00 | 44,517.31 He: 944.693 |2 Statement of classified railroad earnings, tonnage, and passengers, Panna to Colon, for | four months ending October 31, 1907 and 1906. 3 FREIGHT. Tonnage. | Earnings. Hevee 1907. | 1906. |Increase.| 1907. 1906. | Increase. | 1907. | 1906. THROUGH. TROENGW: OTK as 24, 348 | 18,613 5, 735 | $70,219.08 | $57, 424.09 | 12,794.99 |$2. 88 | $3.09 To New Orleans.......-. Oiler 2 Sal Ge ieee ee O: 1S se eel eee (ROSH MUO DCs eee 21,270 14, 629 6, 641 69, 375. 79 46, 703. 21 | 22,672.58 | 3.26 3.19 TRO tale a ona 45,620 | 33, 242 12, 378 | 189, 603.05 | 104,127.30 | 35,475.75 | 3.06 | 3.13 LOCAL. ee ee Commercial: : La Boca-—Panama...... 5,219 | 4,964 255 | 2,612.78 2, 471. 31 “141. 47 . 50 . 50 Panama-—Colon......... 5,283 | 4,457 826 | 16,300.59 | 15,218.93 | 1,081.66 | 3.09 | 3.41 Isthmian Canal Commission| 45,672 | 26,176 19,496 | 90,349.11 | 52,309.44 | 38,039. 67 | 1.98 z 00 Company freight....-....-- 5, 766 | 1,062 CNY (0) Sed era a eee er oe ee ‘See alee Motale ==. ee 61,940 | 36,659 | 25,281 | 109;262.48 | 69,999.68 | 39,262.80 | 1.76 | 1.91 Total freight........./107,560 | 69,901 | 37,659 | 248, 865.53 | 174, 126. 98 | 74,738.55 | 2.81 | 2.49 38 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Siulement of classified railroad earnings, tonnage, and passengers, Panama to Colon, for four months ending October $1, 1907 and 1906—Continued. MAILS. Weights (pounds). Earnings. 1907. | 1906. Increase. | Decrease. 1907. 1906. Increase. | Decrease. To New York...... 49, 733 37, 856 11, Sie eS $2, 512.36 |$1, ee 84 S202 ee eae RO HULrOpe x. sc os 1 143 DEAN OR Seton ce 1, 027: 97. 46 SOD aren $126. 46 Hocal ans: Seen 3 184; 1,381 1 S03. tenes Pees 407. 46 a8, 73 LOM See ees rs otal 250 = 54, 060 | Al, A07) | 12,658 \--28 2. 3 O17, 28 | 2,348.49 | 678,79 |... TREASURE. Value. Earnings. 1907. | 1906 Increase. |Decrease.| 1907 | 1906 In- De- : : : : : crease. | crease. To New York..... $481, 004. 00; $580, 653. 00)-.--.....-- $99, 649. 00) $1, 865. 81) $2, 358. Sb soxsees $493.04 . OeHUTOpes 2s. 5: 848, 623. 00 701, 435. 00|$147, 188. 00).......-.- 2, 971. 87 2 166;:73|) $805: 14|5 = = Soe Local, commercial . 7, 386. 00 i 600. 00 5, 136500 |2 38 oays 18. 46 2. 40 16506 caaeeee To taltes sees 1, 337, 013. 00)1, 283, 688.00) 53,325.00).......2..| 4,856.14) 4,527.98) 328.16)........ EXPRESS. Weight (pounds). Earnings. 1907. 1906. | Increase.|; Decrease. 1907. 1906. Increase. | Decrease. Loeal: Commercial ---| -7386; 788 |2--.. -. 2. (BO 188 losses eee $4,309, 50: (S00. 236 ee 4, 009. 004|2.c8. o.oo. Isthmian Canal} 80,672 |.......-..- 8056720 ers 454. 30c|2ec 35 os: ABS 30: eaceee coe. MOotaleesce.s SI PAGOE Sees SUZ; AGOS aoe eae A 193%80: |eessse acs 41930802| Se aoe ees ~ BAGGAGE. Weight (pounds). Earnings. 1907. | 1906. |Increase.| Decrease.| 1907. 1906. | Increase.| Decrease. Se To New York..... 3, 156 | TAT eee 4,315 $565605| ol4/s0a ees ee $90. 40 PROPEL O PCe reise oa ree Sete aes feraos ape | nee eee | oa eine reco seer ae eee a ean cae ee elie ici seis seni HOC ONE Ee es Sess 301,591 | 282, 113 GOR4A1S: eee 6, 105. 85 | 4,996.30 |$1, 109.55 |........... ——Motal.. =. 304, 747 | 239, 584 GovlO3 see ee GrllG2- ASE ep 4ASeSS7 el OLO hale ee ee PASSENGERS. Number. Earnings. 1907. 1906. | Increase.| Decrease. 1907. 1906. Increase. | Decrease. To New York: : First class...- 167 196s Bee ee 29 $969.35 | $1,181.00 |........... $211.65 Second class. - 239 DOSa ee eee 29 1 O49 .622 eal loss lQiis See eee 103.50 To Europe: First class. . 329 261 OSes aa 1,900.39 | 1,466.41 $433 98ic| ees aes . cecond class... 13 30 AG see ee 310. 50 130. 50 180500; eee ocal: First class....| 74,232 | 41,867 32, OOD ee oe eee 36,631.49 | 16,761.87 | 19,869.62 |........... Second class..| 127,128 | 67,293:| 59,835 |....- See ee 38, 272.49 | 18,104.01 | 20,168.48 |........... ‘Motal-. 02, 168 | 1007015 | 92058 |. = 79,188.84 | 38,796.91 |. 40,886.03 |... REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. a Exutisit T.—Statement of steamship statistics for four months ending October 31, 1907 Panama R. R. ships: ATRL V OG 26 oe owe eee Dall eine is oe eset ' Chartered passenger ships: NITIV OC oe Sone nce ea Salled secs ss Soe eee Total freight earnings....... Average rate per ton........ Panama R. R. ships: ATTIVEG Seasonic sen eens es Sailedss.2 ee ee Chartered passenger ships: ATTIVOCG Sooke woes Saeco Salles sss ee ce Total passenger earnings.... Average rate per passenger . .|: and 1906. FREIGHT TONNAGE. Increase. Ships. Tonnage Decrease. Ships. | Lonnage carried. ey | ees tener || ey fees | ey ees) fren 1907. 1906. . Tonnage ‘ Tonnage Ships. carried. Ships. carried. 9 2a! 15 10, 947 i“ 12,114 15 23, 053 13 12, 739 10 8, 049 15 38, 873 10 24, 398 44| 70,957 50 | 66,447 $302, 927. 92 $293, 141. 57 4. 27 4, 41 PASSENGERS CARRIED. carried. 3 4,690 5 14, 475 ce es ees 4,510 $9, 786. 35 | Increase. ships. | Passe 3 901 5 400 Decrease. Ships. Passen- | OO > SO eS OO ::???”0Ohns)D re > ss | 1907. 1906. ee lop e Ships. ee Ships. Borat 9 654 16 1136 7 602 15 1, 625 13| 1,786 10 885 15| 2,386 10| 1,986 44| 5,428 50| 5,631 $137, 126. 10 $150, 414. 83 25. 26 26. 71 O ese eae ee ceeee ee ee © gers. 6 481 8 1, 028 6a $13, 288, 73 1. 45- ee etre aes ein ees eRe Sas Zee Ss Be - : . ae ee (DOCUMENT 7 ee \ No. 632 60TH CONGRESS ) oe 2d Session 5 | . OF THE BOARD OF DIRECTORS OF ‘ FOR ENDED 30 MESSAGE FROM THE PRESIDI , OF THE UNITED FIFTY-NINTH AN- ‘3 NUAL REPORT OF THE BO OF THE PANAMA RAILROA: LETTER OF TRANSMITTAL, To the Senate and House of Representatives: I transmit herewith for the consideration of the Congress the fifty- ninth annual report of the board of directors of the Panama Railroad Company for the fiscal year ended June 30, 1908. | Daponorn ILOOSEVELT. Tue Wurre House, January 5, 1909. 3 PANAMA RAILROAD COMPANY. BOARD OF DIRECTORS. GrorGE W. GorrHats. | Morpercal T. ENpIcortT. H. H. Roussgau. J. C.S. BLACKBURN. D. DuB. GAILLARD. RicHAaArD REID RoGeERs. H. A. DRAKE. W. C. Goreas.¢ JACKSON SMITH.@ CLARENCE R. Epwarps. 4H. F. Hopaus. W. L. SIEBERT. OswaLp H. Ernst. OFFICERS. GEORGE W. GOETHALS, president.............- PA AR ee Culebra. Bea DRAKE, vice-president: == 0 ee New York. Hiram J. SLIFER, assistant to president and general manager.........-.- Colony. J. A. Sirs, superintendent Bes aS ee ee Colon. a SYLVESTER DEMING, ERCOSULCH Ss Soo es See ers New York, 33 fo INOSSBOTTOM, SeChelahy © 9502s Ses New York, — JOHN: ADAMS, QUCIUORo Ae oes ee co a ho ieee New York. ps. STUNTZ, LoCo autores ee ee .- Colon. oe ER: Hopezs, Perera’ purchasing Olicer 2. a New York. — he GUN ORDSIEK, assistant purchasing and shipping officer-...-..-......- New York. — ROLAND ALLWoRK, INSPECGLING CNOIMCCh= aso) ke New York. P. G. BAKER, master mechanic) Pn eros es ae Colon, R. Bupp, chief CNSUMCCR es te see ee ee a ee sees oh Colon: Hf BAwoen, terminalsuperintendent..2.22.. 2.22.2. ee. .. New York. RICHARD HID ROGERS, weneral counsel). --2...2....2222..,.2...2...... New Mors GENERAL OFFICES.—24 State street, New York. a Retired September 21, 1908; F. 6. Boggs aad E. T. Wilson elected by the hoa on September 21, 1908. 4 ANNUAL REPORT OF BOARD OF DIRECTORS OF PANAMA RAIL- ROAD COMPANY, 1908, Panama RaILROAD COMPANY, New York, N. Y., November 7, 1908. t 0 the Stockholders of the Panama Palio Cn I respectfully submit for your consideration a report of the com- pany’s financial condition and operations for the twelve months from July 1, 1907, to June 30, 1908. ~ Teall attention to the accompanying exhibits, showing income and profit and loss account, general balance sheet, and statistical tables, which will give you detailed information upon ne financial aspects of the company: s business. - @apital stocl< issue (unchaneed)..:2... 42) 9 a ee $7, 000, 000. 00 The only. outstanding bond issue June 30, HS was: Sinking fund 6 per cent subsidy bonds: Original i issue of (for payment in advance of the annual subsidy of $9.25, 000 to the Republic of Panama) es Or Ore Sere Na $3, 000, 000. 00. Redeemed by annual sinking fund drawings..-..- PER) Re - 2,865, 000. 00 . Oiemiding = _ 185, 000. 00 Of these outstanding 36 were purchased out of earnings and are owned by the company.....-....2- ee ss eee : 36, 000. 00 Leaving in the hands of the ae se as ne 99, 000. 00 Through the operation of the sinking fund, all of these outstanding bonds were drawn for redemption on November 1, and the balance of the subsidy for 1908 up to $225,000 will be due and payable to the United States Government, as the legatee by treaty with the Republic of Panama, dated December 2, 1908, of the financial benefits of the company’s contract of copcession. As the company was not relieved by that treaty from payment of _ the annual subsidy covered by Article III of its contract of concession, _made in 1867, the monthly indebtedness on that account, as it accrues, _will be set aside for payment to, or as directed by the United States _ Government, owner of the company's property. |. Upon payment of the 135 bonds drawn for redemption on Novem- _ber 1, 1908, the entire original issue of the company’s sinking fund 6 per cent subsidy bonds, amounting to $3,000,000, will have been redeemed. By the retirement of the subsidy ‘bonds following the . _tedemption on October 1, 1907, of the then outstanding balance of the authorized issue of the company’ s first-mortgage 43 per cent twenty-year gold bonds by means of an appropriation by Congress _ tor that purpose, ail of the company’s bonded indebtedness will have been canceled. 6 REPORT OF THE PANAMA RAILROAD COMPANY. Notwithstanding that by the redemption of its first-mortgage — bonds the company was relieved from the payment of interest thereon at the rate of 44 per cent and there was no obligation imposed upon it by congressional enactment to pay any interest on the above-men- tioned appropriation, the company has undertaken to liquidate the amount advanced by the establishment of a sinking fund through which payments of $100,000 per annum are to be made to the United States Government. The company’s operations for the period. covered by this report show that, after the payment of the total cost of operation and of all fixed charges, there remain net earnings of $1,028,856.72, which, in addition to advances for the same purpose made by the United States Government to the company, have been applied to improvements and new construction, the total expenditures for which account amounted, during the fiscal year as shown by Exhibit F, to $971,981.63. The sum thus advanced during the fiscal year by the United States Government, in addition to the $1,197,892.77 referred to in the annual report for the fiscal year ending June 30, 1907, amounted to $2,734,371.47, of which $2,148,217.50 was applied to the redemption of 44 per cent bonds, and the balance, $586,153.97 to new construc- tion, equipment, and improvements. : At the annual election held in April, 1908, Director Peter C. Hains retired and was replaced by Col. H. F. Hodges; Mr. EH. A. Drake was reelected vice-president of the company; Mr. Richard Reid Rogers, general counsel; and Mr. H. J. Slifer was appointed general manager on the Isthmus and assistant to the president there, replacing Mr. _W.G. Bierd, retired. Respectfully submitted. es GEORGE W. GoETHALS, President. PANAMA RAILROAD COMPANY, : New York, November 2, 1908. Col. Gro. W. GoETHALS, ) President Panama Railroad Company, | New York, Ne Dear Sir: I beg respectfully to submit herewith the financial exhibits and results of the company’s operation for the twelve months from July 1, 1907, to June 30, 1908, with statistical tables and accompanying explanatory comments thereon for your consider- ation in connection with your annual report to the company’s stockholders. 3 | Gross revenue receipts, expenditures, and net earnings for twelve - months ending June 30, 1908, compare, as under, with those of the twelve months ending June 30, 1907: i P Increase (-+-) or 1907. : 1908. decrease (—), 1908. / Beaming; 8 $5,190 810001 -85.099,000 07,1 es00 Ist 38 Operating expenses........-. EPs Sails Sere 3, 610,874.50 | 4,469, 507. 71 | + 858, 633. 41 Earnings over operating expenses...-..-------.-- | 1, 588, 936. 39 ! 1, 580, 484. 36 | — $8, 452. 03 Ve } i REPORT OF THE. PANAMA RAILROAD COMPANY. i EARNINGS. RAILROAD. _ The total earnings of the railroad for the transportation jof all ama of traffic show an increase of $902,537.58, or 24.80 per cent jover twelve months of previous year. Of this increase in revenue, $453,- 513.91 was derived from merchandise and coal freight, westbound business showing an increase of $461,746.59, while there was a falling off of $8,232.68 in eastbound business. Passenger earnings increased $200,270.57 and mail earnings show an increase of $15, 785.55. Freight traffic from New York and New Orleans to South Pacific ports increased 4,662 tons; to Panama 2,348 tons, while traffic to Central America and Mexico shows a decrease of 6,104 tons. From Kurope to Central America and Mexico there was a ‘decrease of 3 365. tons, and to South Pacific ports an increase of 19,938 tons. Traffic from Central America and Mexico to Europe increased 18,407 tons and from South Pacific ports to Hurope there was an increase of 3,208 tons. The following table shows the freight tonnage carried over the railroad for twelve months ending June 30, 1908, including company freight, as compared with the twelve months ending June 30, 1907: | [Ton of 2,000 pounds, or 40 cubic feet. | | Twelve months end- ing June 30— NS AN eae _ Inerease. | 1908 a 1907. a a ee Se Se } ; Tons. | Tons. | Per cent. GCarriediwesthound s4o tsk s ee ee ee 880, 301 640, 132 | 37. 52 Carried eastbound] fos 22 2 eros o eer ees eee 304, 348 296, 214 | 2.75 Totalawest: and: cast-b OUN Gass. a ee ye ee fu 1, 184, 649 te 936, a 2 26.52 The gross earnings per ton moved on the road compare as follows: - Twelve months ending June 30— [ee kOe _| Decrease. _ 1908. | 1907. oe a ame | Per cent. NAV (ISIE OO] NaK0 le eee ae eee Bn ere eee te Ces Oe ee Ee Se0 45 $2.71 9.59 ASTI OUI ee Se Sr eee aera one A eRe pare | Dane 2,58 39 Average west and east bound.........- yearn a aR eS pee: | 2.48 2.67 Uae | Exhibit L, accompanying this report, shows the origin and desti- nation of the freight carried over the railroad. The total revenue freight traffic of the railroad during the twelve months ending June 30, “including both merchandise and coal, was 1,144,919 tons, an increase of 250,095 tons, or 27.95 per cent. The total revenue derived from this traffic was 2 842 840.98, an increase of $453,513.91, or 18.98 per cent. In addition to the above traffic, 39,730 tons of company’s freight and 2,107 tons of mails and excess baggage were hauled. 8 REPORT OF THE PANAMA RAILROAD COMPANY. Of the total freight tonnage carried, 74.31 per cent was westbound and 25.69 per cent eastbound. In 1907 the percentages were 68.36 and 31.64 per cent, respectively. | The through traflic was 35.50 per cent of the total tonnage handled, as against 40.66 per cent for twelve months ending June 30, 1907. Coal Gncluding company’s) comprised 54.25 per cent of the local traffic westbound. | The following statements show the number of passengers carried and the passenger earnings: NUMBER OF PASSENGERS CARRIED. Classification. 1908. | 1907. | Increase. | Per cent. ITS TCLASS ASSEN OOTS 6 ae lair pas ee Mes hee MES Ie | 479, 586 | 325, 077 | 47. 53 Specnd-classipassemoers (ee ee ee | 906, 059 | 557, 200 | 62. 61 gierens | PSNR BE ES GE ont ra | eo pebsaies EL OLE e SP SO Ue Sie sie reer ea a ieee Cee eee Se a | 1, 885, 645 882,277 | 57. 05 PASSENGER EARNINGS First-class passengers.............. fe OS UO ae ee as Py, | $267,997.31 | $165, 194. 52 | 62. 23 Secondeclass Passeneers 2c 5 ee ee | 258, 849. 55 161, 381. 77 | 60. 40 Mota os OI ee ee | 526,846.86 | 326, 576. 29 | 61. 32 | AVERAGE RECEIPT PER PASSENGER. oe SIRE 2 ee a initio First-class passengers: Mhrough +2 Se ae Seg ae a ae Sea eee hel ek eee Ur — $4. 54 | $4. 13 9.92 Lecal. Niger cea wena Nat cr me Wane eat Nope a Aum Eae Bearers a ero: | . 44 18. 18 Second class passengers: | UR gh Ges f 2a Oia Na Re ec sana a Oak a tReet e, 2m Sa aoa eo eed 4.27 4.24 | oalel 8 | RDG earn erate | Bee eee Se een ONG 2 aha teas esi ree gers Gees erro eee I ue _ The gross revenue from the transportation of passengers was $526,846.86, an increase of $200,270.57, or 61.382 per cent, while the number of passengers carried shows an increase of 503,368, or 57.05 per cent. ee | The revenue received from through passengers shows a decrease of $4,879.54, or 15.61 per cent, and the number of passengers a decrease of 1,634, or 21.70 per cent, as compared with the twelve months ending June 30, 1907. Local passengers show an increase of $205,150.11 in revenue, or 69.47 per cent, and 505,002 in number carried, or 57.78 per cent. MISCELLANEOUS RAILROAD RECEIPTS. The total receipts of the several accounts grouped together under this heading amounted to $946,647.78, an increase of $192,557.58, or 25.54 per cent, over twelve months ending June 30, 1907. The receipts for wharfage at Panama and La Boca and lighterage of cargo in Panama Bay, which are included above, show an increase of $65,637.75. | | | STEAMSHIP LINE. The total earnings of the company’s steamship line were $1,458,- 504.28, a decrease of $102,356.20, or 6.56 per cent, as compared with © the twelve months ending June 30, 1907. REPORT OF THE PANAMA RAILROAD COMPANY. o Freight trafic decreased 14,823 tons, or 6.90 per cent, and the revenue therefrom shows a decrease of $79,915.13, or 8.46 per cent. Passengers show a decrease of 342 in number carried, or 2.42 per cent, and a decrease in earnings of $33,576.27, or 8.51 per cent. | The increase in revenue from the transportation of mails was $7,398.65, or 3.85 per cent. Of the total tonnage transported 83,353 tons were carried by the company’s steamers and 16 ,694 tons by chartered steamers. In the twelve months ending June 30, 1907, the former | carried 108,899 tons and the latter 105,971 tons. : : EXPENDITURES. The operating expenses for the twelve months ending June 30, 1908 and 1907, compare as under. : | 1908. | 1907. Increase. Ss Coe 2 ee ween s ee sin ae pos Rauboads. | Cases a ee ee | $2,831,142.76 | $2,208, 526. 7 il $622, G15. 99 Seams DIG ote SO es Ua OE a eee eee cd als (38, 364. 95 i 402,347. & : Total ie Se ae ass a 4, 469, 507.71 oo 858, 633. 41 This table shows an increase of $858,633.41 in total operating expenses, while there was an increase in total earinnes of $800,181.38. (See pp. 6 and 7.) RAILROAD. The following data, relating to operations on the Isthmus, is sup- pied by Mr. H. J. Slifer, general manager: CONDUCTING TRANSPORTATION. The expenses of this department increased $256,086.16, or 25.39 per cent, over the last fiscal year; freight tonnage handled shows an increase of 248,303 tons, or 26.52 per cent, while the mileage of - this tonnage increased 9,150,879 ton-miles, or 24.87 per cent. : The increase in the cost of conducting transportation is due to two causes: First, increased ton-milea ge of ireight. In 1908 tons revenue and company freight carried 1 mile was $45,936,204, whereas in 1907 it was $36,785,325, an increase of $9,150 879. | This naturally increased the freight-car mileage from 3,444,971 miles to 4,080,479, or an increase of 17 per cent, and the result is shown in the increased gross revenue, amounting to about 24 per cent. This increased ton-mileage, which in turn brought about increased car mileage, naturally increased the freight-train mileage 9.96 per cent, necessitating the employment of more forces, the consumption of more fuel, which during the year 1908 was charged out at an increased valuation of about 10 per cent, and in a general way increasing all of the expenses of the operating department. Some of the increase was offset by reductions in the tonnage per train and per car, statistics for which are shown in Exhibit I. Second, new rules which were made during the past fiscal year, under which our employees were granted an increase in pay due to longevity, and also by the rules which - were promulgated to dispense ° ~ 10 REPORT OF THE PANAMA RAILROAD COMPANY. with the accumulation of vacation time. These two increases alone represent 11.10 per cent increase in our pay roll. | The following statement gives the number of trains handled during the year ending June 30, 1908, and also a comparison between the months of June, 1908 and 1907. | | | | 7 a | Panama Railroad trains. | pe Cn sO [SO ee oe ee ey ee ee oe en Grand Direction. | | | i 7 Hotal: os Work. | Total. | Special. | Work. Total. BUSES eet Se 6 eS eee Nae a f- INOTUMD OUI ise re er ae Ge i 5018 890 | 6,808 | 42 | 32,904 | 32,946 | 39,754 SOUDMDOUN Ga see Sa ee eG ae | 6,359 © 889 | 7,248 | 66 | 31,181 31,247 | 38, 495 Total year ending June 30, 1908.....- L2H, | 1,779 | 14,056 | 108 | 64,085 64,193 | 78,249 Average Number per: day. 3-8 sees es | 33. 6) BO 38.014) Qos W(S20 1 76.9.1) 21a dune; 100ee beer it ss | 6 ase aor | Brod pe LOO tie eA eee Se 1,100 3 184 |. 1,284) 8 2,082, 2,890; 3,874 DECTCASC ALTAINS aris ee a ee | 221 | 30 Bolas — 2)41.903 : a1. 901 | a1. 650 Mecreases per CON ts ee ee ee 20:09 | 16.30} 19.55 | 25.00 473.70 473.40 | @ 42.59 Average decrease per day in June, 1908, | | OVE JUNE 90 (ctralnS 2 eo ee es | 14 105| $24) .07 | 468.4 ° @63.4 a@ 50.0 Pee ae ee Se | | Sores ie a Denotes increase. NotE.—The largest number of trains passing through any one blockin eight hours was 240, by Pedro Miguel, but as many as 293 train movements have been made in the same period by one point (Mira Flores). MAINTENANCE OF EQUIPMENT. The expenses of this department show an increase of $49,714.01, or 14.93 per cent. A very large portion of this increase is due to the inaintenance of additional equipment purchased during the previous year, viz, 24 locomotives, 23 passenger coaches, 500 box cars. We have equipped a number of the best of the smaller cars with auto- matic couplers for safer operation in trains, entailing certain increased expenditures, but the old equipment is being gradually destroyed as being unsafe, and in accordance with policy previously adopted. : When the Secretary of War authorized certain increases of pay due to longevity service, effective July 1, 1907, it immediately increased our shop pay roll about 3 per cent. re The action of the commission in deciding that vacation pay would not be accumulative, caused our forces to immediately take up their vacations, and our pay roll on this account increased 166 per cent, or from $4,216.45 to $11,253.85. In future years these vacation pay- ments will naturally be less and more nearly on an equality. The following new equipment has been received, erected complete, and placed in service: Two first-class coaches, length 68 feet; 8 sec- oo coaches, length 68 feet; 2 baggage and mail cars, length 68 eet. : At the shops of the railroad company there have also been erected for the Isthmian Canal Commission: | Ey abCeSuCel Gn Cals. Sk 500 Western dump cars, 80,000 pounds capacity, completing order of 300............ 164 p 0 Non wooden fabcars: 8 ee 300 Bay, Uniyapile drivers 5.000 os oe Z, Model 20;ton Marion steelshovel «9 8520 5 oe 1 Mamchcspreadetses | ee See ee ee 10 4-yard narrow-gauge dump cars. ...-.-.-.-.---- Oe pe ee ee ee 30 POstOMe DAV. OLUVAChaNCh ee ee a + WA AtOM. TOW M@sCramnes: 2. 9 es 3 LQ bon Daye G@lly, CLaNGR ee ee 2 ° REPORT OF THE PANAMA RAILROAD COMPANY. dk MAINTENANCE OF WAY AND STRUCTURES. The total expenses have increased $138,143.89 over 1907, or 31. 33 per cent, due principally to large forces necessary to keep up new tracks on fills and to heavy rail, tie and switch renewals. The coming year will show a decrease in maintenance expense because physical conditions are excellent and the second main track embankment has had most of its settlement. Track department.—The second main line has been completed and is now in use between milepost 74 and milepost 364, milepost 404, and milepost 464, and 1 mile of the La Boca branch, a total of 352 miles of double main track. During the year 45,000 ties, 52,000 cubic yards of gravel, and 25,000 cubic yards of crushed rock have been used. New side, house, and commissary tracks laid with 70-pound steel have been constructed as follows: Sidetracks. | House tracks. | - Commissary Total. : | acks Location. Jv aa ae eas Bl a Se i eC a Le Sree 7G | No. | Length. No. | ee No. a Length, No. | Length. as | ae a SBS Ve Dee | | ! | Feet | Feet. | Feet | Feet. MUOTCA NECLO One es eee [eioe Sapna ee ates ela OTT es ee coe aa gene les 911 ETO LOS soe eee EN ee as | 12] PASO aie tees ee coe iio ata ieee te 23 PSam Pablo 6 oe 1, 202 | fete is ese oe ee Laie e208 GOES ORE ae ee ee Sen oe se ae | 1 | EADO ee [Nearer cree le enos cpio bee 1} 1, 450 Tas: Cascadas: sis oes ae es [Soe e [Sees ee (eee eee 1 | 1,100 1 1, 100 CUS eye es at oe Re eras Mier Pes ee pee ea ' ra [255] 1 590 | 2 1,315 PedrogMigiieloe ei ss ei ae ee [apes eeereani eee Rea he eau ee ihe Od | 1 515 Mina Oreste Sls Sues, SRE ae sea He Sea ee ee jester is Oe ote Negue on ee 1 | 1, 120 ovale chen. seins: Stee pe ae se oa ea 4008 2 86 3 a 2,265) ~ 91 47,909 a Pincade: 1,500 feet puilt dunine | 1907 at ie San Pablo, and Goreeun At Mount Hope a material yard containing 12,210 feet of track was laid for facilitating the handling of material at the Isthmian Canal Commission material and store yard. The cost of this work oe borne by the Isthmian Canal Commission, for whose use it was Ut. At Colon a temporary coach yard was taken up and a permanent one containing 1,725 feet of track built. The old terminal has also been removed and the eround filled in for quarters. This provides fifty of the choicest building lots in Colon, lying along the beach between the church and the hospital. The old Panama yard has been entirely remodeled in order to accommodate increased passenger business and facilitate the handling of freight. As now being built, the yard consists of an 8-track diamond 1,300 feet long, a terminal yard consisting of new turntable, engine house, water station, cinder pit, and machine shop on one side of the diamond, and 4 industry tracks on the other side, a 4-track passenger yard and 3 pairs of team and freight-house tr: acks 700 feet long. The team tracks and freight house are located alongside a new street that has been opened from the end of Balboa avenue at Sixteenth street to the passenger depot. The work necessitated laying the following amount of track: | Feet. New 70 pound sted 2 7, 740 S: El 70-poumd steel. 11, 510 SoG SOpound steel SS ee ee 3, 450 ©) 12 REHPORT OF THE PANAMA RAILROAD COMPANY. Work is 90 per cent ceEnplote. Owing to the heavy dirt-train traffic between Las Cascadas and Tabernilla, it has been necessary to replace the 70-pound steel on curves and short tangents on this part of the line with 90-pound rail, using continuous rail joints. Details follow: Miles of track relaid: ee SOU bounds Nk eee ae eae miles North bounds eee ee ee ee dos 9°26 Crossovers relards (NO. 10ers do: 2 12 Turn-outs relaid: INO OP Se a Oi ee co el cee a a ee doz2.732 INO fe ee ee es es dors 2 ROUAECOSE: Te W. IMMaberiaieme ase Se ee b122, 589. 40 Vole SE matenal necovered ee 51, 155. 82 Net:cost-ofmaternalie ioe Mg ee 71, 433. 58 Motal labor COSh ne a i ee 30, 712. 56 Moral cost 5 102, 146. 14 This was an Isthmian Canal Commission charge. 7 The following changes have been made in the main line: Juan Grande cut-off. | Length, milepost 274 to 208 De ae a ae feet 3, 300 Saving j TM” CIS DANN Om ee Be ee es a do. 748. 5 | Saving AT CUPVENGUT CU GON ee Re ee ee 104° 347 Molec ee eee ees $30, 414. 44 Paraiso canal crossing. toh MoulepOst S07 L005 5 2 eos ee feet 6, 600 Increase in distance. pers ee ee do. | 393 Pe Sinenease IM CURVAUUTOR TES o eee ne Se isl ae ea Loe 2o4 BE lOpal COst. Ss 8 ee er $54, 039. 65 ‘This new canal. crossing was necessary because the old line passed through the Pedro Miguel lock site. Paraiso line changes were in the interests of canal construction and were paid for by the Isthmian Canal Commission. Besides these two line changes, the grade was raised on old align- ment at Rio Grande Reservoir, Barbacoas, and between Tiger and Lion hills, as follows: Rio Grande Reservowr, October, 1907.—Grade raised 3 feet at bridge 56, which spans the spillway. Average raise of single track for 2,500 feet was 1.3 feet. Purpose was to increase capacity of reservoir. Total cost, $1,874.40, borne by Isthmian Canal Commission. Barbacoas, February, 1908.—Grade raised 2.4 feet at bridge 44 Average raise of double track for 2,600 feet was 2 feet. Purpose was to give better clearance for extension flat cars loaded with excavated material from Culebra Cut. Total cost, $5,099.60, borne by Isthmian Canal Commission. cv | Tiger Hill, May, 1908.—Grade raised 4 feet at bridges 25 and 26. Average raise of double track for 3,000 feet was 3 feet. Purpose was to prevent tracks being flooded by backwater due to canal operations at Gatun Dam. Total a $6,100, borne by Isthmian Canal _ Commission. The tonnage of trains was not affected by any of the above erade changes. ‘Both the Juan Grande and ~ REPORT OF THE PANAMA RAILROAD COMPANY. tS The track across the Black Swamp near Ahorea Lagarto has always — eaused trouble in the wet season by settling; but in July, 1907, under the increased number and weight of trains and the additional weight of the fill for second track, this settlement became rapidly worse, and finally, at noon on July 30, 300 feet of double track embankment and both tracks settled about 12 feet. Two pile drivers were used to drive a trestle across the break and traffic was resumed on the morning of August 1, forty-two hours after the trouble occurred. On September 20, 200 feet more of the swamp settled in the same way and was sunilarly replaced with trestle after forty hours’ interruption to trafic. In view of the proposed abandonment of the present line across the Black Swamp in about two years, traffic will be carried on by use of the trestle in the meantime. | Bridge building and dock department.—Twenty-eight bridges with a total length of 2,763 lineal feet have been built as follows: New main-line bridges built from July 1, 1907, to July 1, 1908. Y | : | § B ules | Location. | Length. | s Re Trestle. | Reason pull Feet. | Linear feet. LOS GAM cee eee 45 | 2 £0 | Replace bridge 13, blocked by Gatun dam- Lelie tes GOs2 See: et 163 |: 1 163 | Second main track. 25 | Wiger Wilk... ae 2 56 26 do { 24 \ 9 5G | Raising track above backwater due to Isth= Is ae |g A MSE ee eat aN 32 van Canal Commission work on Gatun ” | 24 am. Dla eet GOS eta os { 39 \ 2 56 | 1 ‘ 28 | Black Swamp...-. { ee ji 2 1,070 | Replaces fill which settled in swamp. 49 | Juan Grande....-. 118}. 2 236 | Juan Grande cut-off. AQF GOLeOna ee 17 2 34 | Replace culvert blocked by Isthmian Canal | Commission dump. 003) Bas Obispo. =.=. -- 105 | 2 210 | Isthmian Canal Commission diversion of Obispo River. : O1S) Miratlores =: 22222 -: 16 |, 2 32 | To drain water blocked by Isthmian Canal Commission dump. 625) @Onozaly= 2 s 16 2 48 | To drain swamp for sanitary department, Isthmian Canal Commission. POUL A anaes ea 21 2, 051 Other bridges and trestles built July 1, 1907, to July 1, 1908. Bridge Location. Length. Reason built. No. : Feet. Hoses CUO DEA cis as si A eae as 75 | For Isthmian Canal Commission dump opposite Lirio planing mill. Gece CONOZA es ee ee 16 | For Isthmian Canal Commission third track. G8iaikaee COs Ree Sees ae 16 Do. aD) OC Keel Aiea Sees oe ee ee 150 | To place a track along front side of dock. Cold storage (Cristobal) ..... 285 | For elevated loading track. a Bocae eee eae 170 | Two main-line bridges on La Boca Branch, across Isth- , mian Canal Commission drainage channel. Total (7 bridges)....... 712 Bridge 44 across the Chagres River at Barbacoas has been strength- ened to equal a Cooper E50 structure, by replacing the 3 north spans over the river channel with three entirely new spans and by strength- ening the 3 south spans of the old bridge. Both floor system and main girders being weak in the old bridge, it was necessary to provide new 14 REPORT OF Tit PANAMA RAILROAD COMPANY. floor beams and also to place steel bents under the middle of these spans. As the Chagres floods will not admit of any obstruction in the channel, only the 3 south or shore spans could be so strengthened. New floor beams were placed in July and August, 3 new spans were in- a in April, and steel bents were placed under the 3 old spans in ay. In Colon, quarters for 15 families have been constructed, 3 of them being in new buildings and the remainder in remodeled buildings _ formerly used as storehouse and stable. Five old houses have been moved to new locations, entirely repaired, and new plumbing installed. A new 4-room schoolhouse was built, occupying part of the site of the old Colon terminal, which has been entirely torn down. _ New roots have been constructed for docks 1, 2, and 4, Colon, and a 12-foot addition built on north side of dock 4; total cost of these dock repairs, $38,014.90. : Other work done in Colon includes building fences around docks 1, 2, and 4 to give greater security to freight, and building 2,000 feet of riprap sea wall and 1,000 feet of concrete wall between the Colon light- house and the quarantine hospital to protect the beach from the ac- tion of storms. : _In Cristobal a standard building for quarters for 4 families has been built, a paint storehouse and a general storehouse, together with pine racks, etc., constructed an addition made to the bakery and laundry buildings, and the cold-storage plant enlarged by moving the offices to a new building erected alongside, refrigerating the second floor and building an additional ice-making room on first floor. The boiler and engine rooms were also enlarged to provide power for the additional refrigeration, and to provide space for the Colon electric-lLght machin- ery, which will be consolidated with the cold-storage power plant. The salesroom in Cristobal commissary has been completely remodeled, and the upstairs, formerly occupied by post-office and court room, made into offices and storeroom. A 40 by 50 three-story addition has been built. : New section houses have been built at Mount Hope, Bas Obispo, and Pedro Micuel. The Gatun station building has been moved back about 40 feet to clear excavation for Gatun Dam. In connection with moving old Gatun village, a new church and parsonage have been built. These, as well as the station work, were paid for by the Isthmian Canal Commission. Water cranes have been installed at Tabernilla and Matachin, a new freight house built at Empire, and the old Miraflores station torn down and moved 500 feet north. In connection with the remodeling of Panama yard, the work done by this department includes installng a new 60-foot turntable, erecting a 21,000-gallon steel water tank and a water crane, and constructing a double 30-foot cinder pit. - New buildings erected are yardmaster’s office and dwelling, engine house, and addition to machine shop and carpenter shop. The old freight houses have been removed and reconstructed so as to make a house 42 by 540 feet, with a shed addition extending the whole-length, covering two tracks on one side and a team platform on the other side. This team platform is on the east line of the new street which runs from Sixteenth street to the passenger depot. The machine shop has been moved and REPORT OF THE PANAMA RAILROAD COMPANY. eS enlarged, and the engineer's quarters moved and repaired. The passenger station has been remodeled to permit of a ticket-checking system being used and a concrete platform built long enough to accommodate the increased passenger train length. An 8-foot picket — fence, 8,000 feet long, has been built around the entire yard to give oreater security to freight and to cut down expense for watchmen. CONSTRUCTION OF RELOCATED LINE. The relocated line of the Panama Railroad was made necessary by the plans of the Canal Commission for building an 85-foot level lock canal. The old Panama Railroad will be used from Colon as far as Mindi (5 miles), at which point the new location begins. From here the Panama Railroad seeks its own location as far as Bas Obispo, where it enters the Culebra Cut and is carried through this cut as far as Pedro Miguel. From this point the line again finds its own loca- tion and after passing through the Miraflores tunnel it connects with the old Panama Railroad near the Cardenas River, a point near Coro- zal. It is necessary to maintain the high level from Gatun to Pedro Miguel, but after passing the lock site at Fedro Miguel the grade is dropped about 30 feet, and after passing the tunnel of the ridge oppo- site Miraflores locks the grade is dropped about. 40 feet to connect with the old main line. The only grades, therefore, on the new line are at either end; from Mindi to Gatun, where it rises practically from sea level to elevation 95, and from Pedro Miguel to the old main line at Cardenas River. The remainder of the road is practically a level grade, 10 feet above the lake level. It is benched in on the side hills on the eastern side of the Chagres Valley, from 2 to 3 miles from the old Panama Railroad, on what will be the border of the Gatun Lake. The relocated line is being built as a single track. ; Construction work was begun in May and June of 1907, during which time numerous connection tracks had been started from the operated line to the relocated line to transfer men, equipment, and supplies for grading purposes. During the months of July and August, 1907, this work of preparation went on very rapidly. Many of the connec- tion tracks were completed, and considerable grading was done at certain points on the main line. In the latter part of August, how- ever, orders were received to suspend operations, due to a lack of appropriation for this work, and construction work on a general scale was shut down. A definite policy was outlined to work only at the following designated points, where the construction of the new line would materially aid Canal Commission plans: | 1. From Mindi, through Gatun, to Tiger Hill, a distance of 44 miles. © 2. At Gamboa, on the erection of the permanent steel bridge across the Chagres River, at the northern end of the Culebra Cut. 3. Krom Gamboa north on the construction of, approximately, 2 miles of the relocated line. 4. At Miraflores, on the construction of the tunnel, and the two large concrete arch culverts at Pedro Miguel and Caimitillo Rivers. The construction of the relocated line at Gatun was necessary in order to be able to vacate the old Panama Railroad tracks at that point, which will interfere with the construction of the Gatun Dam. The construction of the new Chagres River bridge and a few miles of 16 REPORT OF THE PANAMA RAILROAD COMPANY. the line connection with it was necessary in order to furnish an outlet from the Culebra Cut to numerous valleys along the line of the reloca- tion, which will afford cheap dump grounds for excavated material from the cut. In the relocation of the line, the Chagres River was ~ crossed at a point about 10 miles farther upstream than the old line crossing at Barbacoas. This crossing is exactly at the northern entrance to the Culebra Cut at Bas Obispo. Work on Miraflores ae was continued, as time is the largest factor on such a piece of work. From Mindi to Tiger Hill, through Gatun.—From Mindi, where the relocated line branches off, to the high level of 95 feet at Gatun (2 miles) the road hes on the Colon side of the Gatun Dam. These 2 miles of permanent line were built during the year. At the same time a temporary line (2.5 miles) was built through ~ what wil be the lake region, connecting the high level (95) with the low grade (22) of the old main line at Tiger Hill. This temporary line, however, was almost entirely embankment, and the line so located that the yardage would not be lost, but would, in the end, become a part of the permanent line. It was necessary to build some of these embankments in two or three decks, due to their immense height (85 feet), and the material used in most part was waste material . ~ from the Canal Commission. This section of 44 miles is now finished and ready for operation. A unique feature of the temporary part of this line is that one of the old wrought-iron girder spans taken out of the main-line bridge at Barbacoas was used across a shorter span at the Gatuncillo River. In the construction of the temporary part of this line from Gatun to Tiger Hill, it developed that the crossing of the valley of the Gatun- cillo Kkiver was to prove a very difficult problem. From a point of the Gatun hills to Tiger Hill, a distance of 6,500 feet, the relocated line les on the bottom land on either side of the Gatuncillo Hiver. The elevation of this ground is about 8 above sea level, and the original plans were to build an earth embankment, 84 feet high, with a wide © top and flat side slopes, which figured to contain 4,250,000 cubic yards. It was proposed to haul a great deal of this material from the Culebra Cut. At the time the temporary trestle was started for making this fill, soundings were made to determine the character of the bottom, and it developed that there existed an upper crust of 25 feet of clay and sands over very soft clay below, while solid rock was 200 feet below the surface of the ground. The most serious thing is the nature of this soft brown clay, filled with decomposed wood, which occupies the space between the upper layer of hard clay and sand and the solid bed rock. It was decided at the time this report was made that it was neces- sary to continue the construction of the temporary line from Gatun to Tiger Hill to complete the connection between Mindi and Tiger Hill, even though a permanent line could not be built. While work on this temporary connection went forward, parties were put into the field to seek a new location which would avoid crossing the Gatuncillo Valley at the point mentioned. The surveys developed the fact that (1) a very good line at Gatuncillo River crossing existed direct from Mount Hope through Monte Lirio to Bohio, but which would have the disadvantage of leaving Gatun on a spur line; (2) that REPORT OF THE PANAMA RAILROAD COMPANY. iy a line could be secured turning up the Gatun ridge and connecting with the Mount Hope—Bohio line just mentioned. : These lines were taken up and at the same time the construction of a steel viaduct over the Gatuncillo Valley (in place of the immense dump) was considered. The decision reached was, that the choice lay between building a steel viaduct over the Gatuncillo bottoms on the present line, or taking the new line up the Gatun ridge and cross- ing the Gatuncillo River farther up, at Monte Lirio, on the hne as located from Mount Hope. : Later surveys now under way have developed the fact that it may be possible to further improve this upper line, by making an entirely different crossing of the Bohio Ridge, and the results of this survey will decide the question of the crossing of the Gatuncillo Valley. _ The new Gamboa bridge.—The approved location for the new Gam- boa bridge called for an opening of about 1,300 feet across the Chagres Valley at the north end of Culebra Cut, and high enough to clear the future elevation of Gatun Lake. The bridge is on a curve and con- | ms at each end with a 40-foot beam along the east slope of the canal. | The general plans and specifications were completed July 9, 1907. The bridge was designed for Cooper’s E-50 loading, and under the specifications of the American Railway Engineering and Maintenance ~ of Way Association. It consists of a 200-foot riveted truss span of the Warren type for the channel, and 14 80-foot through plate girder. spans, of which 9 are on tangent, 1 on spiral, and 4 on a 6° curve. The channel span is 17 feet between the center lines of trusses, and 34 feet between center lines of top and bottom chords, giving a lateral clearance of 7 feet 3 inches from center of track and a vertical clearance above top of rails of 22 feet 8inches. ‘The tangent girders are 15 feet 6 inches center line to center line of webs, giving a lateral clearance of 7 feet 1 inch from center of track, while the girders on the curve are 17 feet between center lines of webs, to give equal clearance for longest. cars. To give an uninterrupted line of webs, a special span is intro- duced at one end of the curve, with distance between centers of 15 feet 6 inches at one end and 17 feet at the other, the same as adjoining girders. The other end of the curve is at the truss, where the wide girders line with the trusses. ‘The least clearance between usual sur- face of lake (elevation 85) and the steel is 9 feet, which will be reduced to about 7 feet in time of flood. The total weight of steel is 1,105.12 tons, of which 206.6 are in the truss span and the remainder in the 14 girder spans. . ae | Bids were advertised for August 18, and the contract let August 28, 1907, to the Penn Bridge Company, of Beaver Falls, Pa., at $59,600, New York delivery to begin February 1 and be completed April 1, 1908. This time was later extended one month by the contract. _ Foundations.—Diamond and wash drill borings had been made on — the proposed site, which showed that it would be impracticable to carry the foundations to solid rock except at the south abutment. Piers and abutments were therefore designed, founded on grillage piles. The masonry is machine-mixed broken stone concrete, using Rio Grande superior rock, Panama beach sand,and Portland cement. The mixture was 1, 2, 5, being especially rich because the sand used is not. first class. Also, on account of the poor quality of sand, the rock was S Doc, 682.602. 2 | 18° REPORT OF THE PANAMA RAILROAD COMPANY. crushed to pass through a 14-inch ring and used “‘crusher run,’’ this containing a large proportion of fine broken stone which furnished a substitute for sand. The piers are heavily reinforced with old French rail. All piers were built with a batter of 0.707 inch per foot. The abutments were designed to be buried and have no batter. When the Gatun Lake is flooded, all grillage piles will be far beneath the water line, but as it will be some five or six years before this takes place, creosoted piles only were used for foundation. : | Erection.—A bridge had been built at this point by the French, of which two spans, respectively 100 and 200 feet long, were still stand- ing. Although too light for heavy traffic, they were valuable for con- struction purposes. A temporary trestle was built from the north end of the channel span of this bridge, 18-foot centers for the new bridge, toa point beyond the north abutment. The south end of the 100-foot span was connected with the track in Bas Obispo Cut. Over this track and bridge all material for construction of the piers was handled, and the trestle served in place of false work for the spans north of the truss—that is, for 11 of the girder spans. In the construction of this trestle 9,391 lineal feet of piles were used. The first shipment of steel left the shops in Beaver Falls February 25, 1908, the last March 20. They arrived in Colon March 25 and April 10, respectively. The girders were erected in the Gorgona shops of the Isthmian Canal Commission and shipped to the bridge site set up, ready for landing on the piers. The shop erection began March 27 and was finished by May 27. To place the 3 girder spans south of the river channel and to erect the truss, it was necessary to drive false work from the south end. This had been done by the time the first shipment arrived on the Isthmus, and on April 1 the erection of the truss span was begun. Work was pushed as rapidly as possible, in order to get it in place before the rainy season should endanger the false work. This was accomplished when the span was.swung April 14. The false work was then cut off at water level and removed. The girders for the spans north of the channel were landed with two cranes, one of which stood on the temporary trestle and one on the last completed span of the new bridge. Three, and part of the time four, riveting gangs were kept at work and practically all riveting was completed June 30, 1908. Painting of the bridge will be deferred until the next dry season, all rust being _ removed with wire brushes and a coat of oil having been applied immediately after erection. Summary of cost. Cost of placing concrete in piers, 3,518 cubic yards, labor and material, qUeplO.o+ DEMGUDIC WAR ee $68, 753) 038 Gostiol talse work: es 6, 855. 67 Cost olsteel and erection. =. 22.25 2 5k Se ae 83, 025. 04 jHandline olomisecllaneousmatenal:.- 2.2005). 2, 433. 40 @ost of Dard ware. 2-20 2 2, 226. 41 : , ; 163, 2938. 55. _ This total cost may be further divided as follows: DUDSEPUCHUNG oo e ee y $75, 608. 70 Superstructure...... Ee oe ee Se UL ee Boe ee 87, 684. 85 ee 163, 295. 55 REPORT OF THE PANAMA RAILROAD COMPANY. 19: From Gamboa bridge to Juan Grande (2 miles north from Gamboa).— As previously outlined, this section of the line was built because it opened up several important dumps for waste material from the Culebra Cut. A comparatively small force was kept at work on this section the entire year. Only small water openings were put in permanently, the larger valleys being left with an open temporary trestle. One temporary connection was built from the Gorgona gravel pit to land a steam shovel to work on large side-hill cut. The excavation of the remainder of this section was done by hand labor, and task work was here used to good advantage. The located line here crosses several long valleys and it is at these points the Canal Commission proposes to establish dumps, the material to be hauled out of the Culebra Cut over the new Gamboa bridge and dumped from trestles driven on the relocated line. There is dump ground available for 10,000,000 cubic yards. About 1 mile of trestle was driven on this section. This part of the line is now about complete except the two or three large culverts which will have to be put in next dry season. | | : Pedro Miguel to Corozal.—After general operation was suspended in August, there was no work done on this section except at the Miraflores Tunnel, and on the construction of two permanent arch culverts, one at the Pedro Miguel River and one at the Caimetillo River. | | The Miraflores Tunnel is laid out on a tangent, 595 feet long, and has a grade throughout for drainage in both directions. Construction work on the tunnel has kept up constantly during the entire year, and for the most part, work was carried on day and night. A connection track from the Panama Railroad to the north approach was completed in October, and this line is used for bringing the material and supplies. A second connection track was more recently started, leading to the south approach, and this is now 90 per cent complete. The north approach was taken out at first by hand labor, and afterwards by steam shovel, and involved moving of 10,000 cubic yards of earth and rock. The south approach was taken out by task work entirely, to the amount of 30,000 cubic yards. ‘The excavation of the north end of the tunnel proper was begun in September. A drift or heading, about 6 by 8 feet, was carried through to coincide with the crown of the arch ring, and this drift was followed up by the excavation of the entire semicircle of the arch. Timbering was required throughout. A 5-piece arch ring 12-foot by 12-inch and 12 foot by 14-inch posts were used. The distance between timber sets varies from 5-foot centers at the north end, where the material is rock, to 3-foot centers at the south end, which isin earth. The tunnel section provides lateral clearance of 7 feet 6 inches from center of track and vertical clearance of 22 feet above rail. The north end is in solid rock, although of a treacherous character, but for about 200 feet on the south side, clay is encountered, which has a tendency to slide. Excavation is completed and timbers placed throughout 90 per cent of the length of the tunnel. _ {On all of the small cuts and at the tunnel portals so-called ‘‘task work” was used with much success. Under this system the laborer gets paid not by the hour or day, but by the number of Decauville cars of material excavated and placed in embankment. That is, the laborer is paid 10 cents gold for each car of material excavated from the cut and placed in the embankment. As these cars hold about 20 REPORT OF THE PANAMA RAILROAD COMPANY. one-half cubic yard, ‘‘labor cost” for this class of excavation was about 20 cents gold per cubic yard. When the haul increased, or harder material was encountered, extra men were put on, paid by the railroad company, and this would tend to increase the general labor cost per cubic yard for that particular piece of work, but the average cost per cubic yard for task work is about 30 cents. It is at this task work that the West Indian laborer is most proficient. The question of supervision. solves itself. The usual “‘bossing” required in a gang hired by the hour is not necessary, and it is not difficult for one on going over the line to determine which gangs are _ working under the task system. A 20-24 reenforced concrete arch culvert was put in at the Caimitillo River about 1,000 feet north of Miraflores, and one of similar size and design was put in at the Pedro Miguel River opposite Pedro Miguel yard. Work was commenced on these in February and both culverts were finished by the first of June. The following is a summary of the cost of these two structures: Caimitillo River culvert. WW eee Oe ee ae feet 20 lei ee ee ee eh do 24 Length: INGA eee ey es hoe ae do 117 Wino walle: 220) oe Se do 45 Excavation of site (4,520 cubic yards of earth, at $1.09)......-..-.------- $4, 923. 05 Placing concrete, 3,440 cubic yards: Labor, at-$3: per cubie yard 2-222... 225-7: et en en eee NG 11, 380. 70 Material, at $5.85 per cubic yard...-- ioe Cee a hee eee re 20, 124. 60 Hardware Cost 0 1, 483. 75 37, 912. 10 Total cost of concrete placed, per cubic yard, $10.59. | : Pedro Miguel culvert. Width 0 Co iect 20 evant et ee ee dou: 24 Length: | Wain arGhe ce 6 een a ee Pe a ee dow: 102 NWanio: Wwallsie Colona 22 2s ee ee ace ere ee $4, 125. 42. Addition to Cristobal commissary iyareno us Sa Aaa ere ge ao ine eco ae EO) COUN LO ENCES ALOU GTC OLOM COCKS ere ee I eee ceo Geo 864. 42 Paint Storehouse Cristo D ala sae ccs ee here at sae ep ane eee oe ee 751. 26 Casting and pipe racks, «. 2s eae ee 2,193.91 New setout track, ‘Cristobal SIO Poa ras sas ea Sea aera ee saree cry ees 1, 775. 92 Relaying track between Tabernilla and Las Cascadas.......................- 5. 64 HNew houseswrack: Culebra ee ae setrs oe Be oe son ate aay ere AES oe 1385.13 Colon storage track, CAT BCR ec eee eee chee saraarm cher eee ys aera ss area 811. 38 | Commissary stack: @ulebras 8 ee 10. 30 Filling space between two material tracks south of material stores...........- 796. 65 Moving cross-over and constructing interlocking plant, Culebra...............- 184.11 Zt NG WeCOoChimyan ds © Ol OM oa ce ep ce om i aes eee een 6, 268. 81 Commissary track, RAS Gey es OC ay sera eae See ya ere a eet ys Spt cee ee 60. 05 Extension siding and construction cross-over, San Pablo...... Ree eaten Seep a ~ 600.10 Material yard Mount EO Osseo re eee ee oe ce oe ‘26, 594. 51 ———— 158,567.61 New machinery and appliances: Ditchimomachiness: seo oo oe ee ee Ceo cia een acer es 1S 733 Block-off and interlocking plant, MATL OVS Se pei aes ene sae ie 1, 423. 07 Converting four steam cranes at La Boca into electric cranes................-. 2,976. 05 Blockhouse andinterlockine plant, Juam Grande... 2225.22 225.55. 2 36s. Se. 4,520. 86 Shifting track and installing water crane, Tabernilla...................-.....- 738. 38 REPORT OF THE PANAMA RAILROAD COMPANY. 39 Exursit F.—Statement of expenditures for improvements and construction for the year ending June 30, 1908—Continued. _ New machinery and appliances—Continued. Interlocking plant between Bas Obispo and Meraenin Ca SOR NN eae i: Interlockine plant-and: cross-over, .Gauunlen. 25. 9a ee 2,039. 69 HICCELIC Cranes las BOCA swiatile se er oa ae ee eee hae ee Se nay Nera 53, 020. 23 $65, 900. 93 Miscellaneous: Road: Colon. tomo uit yElope se so oe eee Share en 11,306. 31 ING weroaditoul ai BOCa aie ce com son eeu ae et Neen ance tela a eee pe 1, 459.76 Ri prappinesbeach, Colom ioe ee ee eo ean a parent Sire amity ena 8, 296. 00 Filling lot between Commissary and Bolivar streets............. Speer eae 5, 803. 42 sidewalk, old: storehouse-to. Colon Hospitals. <2 cpeee es es 1,200. 45 Filling fire zone and vicinity, old terminal, Colon:.:.-....-....-.-..22.... 10,245. 96 : 38, 311. 90 1, 233, 198. 87 Less credits for property sold and adjustments in construction ac- counts: Property transferred to and paid for by Isthmian Canal Com- fs mission— Sixmewelieh terssat Colones ssc ses i ce eee $123,772. 94 Materialcyvard: MounteHOpG seit. ae oh eee 43 824. 08 Hlectric cranes, a Boca witarki.s. 2-222. oe 83,897. 05 251, 494. 07 Adjustments in construction accounts— Locomotive and car equipment........ 2 ate eee a gee 1,319. 82 Biunldings and: other Structures... oa 4,688. 41 INGw.Sidings amd yard Syste eee oes 862. 63 New machinery and applianCes: 2932.2 a. ee 997. 86 Ploatingequipmen ts 22 sek ee ee eee ee 1,854. 45 ———__—— 9, 723.17 — 261,217.24 GET CO Ve ee ES oo spss NGA ec GaSe A ae nen Cra 971,981. 63 $1, 180. 95 Exutpir G.—Kquipment and plant replacement accounts, June 30, 1907. Ledger 3 eG. Rate. Period. Locomotive and car equipment: Perc BO ORCAS oe. Ee ee OI Rae raed ery) ayer ar ae ga coey [ene eer nie Meee (eee eet MARTI QU CATS 5 eee 2 Se Ce eeu Sodas aia t Sp | ee guia us: | erndea a Ge ees mca na EEO SOP CORBI CATS es ee SO PAE SEN Zon aa iano levee a yeaee We Dea dea fae Gs = IPG Sonn Wane tegcd co ac ASCO CRE CATS! pie ea eee cae Og cis Pea npn pute | Coe yea eel med Sec Sl Re SN De WiAUOTSCALS ck cee Bete SS MEE SEN SL ea per Ray ee anes ee [pe nl [ea ee ae PED AO SAR OKCAT a eGo Se a aN sa Se BIE Wie gL nn at re ee ANA Naa a ei Ge le nanny ORG TESS CAT oie ro a eee eae are Oy Sa NG MST [eae Re a pent oe pcos a mea aya is TS CADOOSC CATS es See eer oi oe Wt ea Leg eee nt ce ne | a a oe ne Ge IE (Gps) OU Loe We era eg le ea ge NA eS EO ead Oa Cae aes TSDOCIC {Cale =. 60 S5 LEY OSS] S SLE NOE ees ca ERRI [eee TSU ce eee | US nn len gee Floating equipment: Sie aeAlitam Gare see e ea Oe a owes oR ee ene See $512, 431. 13 6 | 5months.... 8. 8. penance Se ea a ces ee gh oS ee Nene eee Ne 221, 410. 39 6 | 18 months... RE eres Seg yee ee oe tains Ue a eel 2OOn ao Lees 6 | 12months... 5. 8. avancs Bi at UE GEE ieee SERS WL eae 221,186.30 | 6 | 18months... DOE eS Ue ea Cea a ee aN acca ME 238, 480. 05 6 | 12months.. PRU SB Oly Ane eae eS ae ee he IE ae Caen LO O01 (8322: Prior to Jan. 1, 1906. EOS SO io agg ae ce ok ee Cen a aN Sus 70, 001. 78 10 | 30months.. ERIE OriS COD alles ee eek Was ses ee ean kage on 57, 942. 58 Oss do. cs ish lersiatek an Qing a ee ee ee 162, 999. 49 LO cise done Plants: At Colon and Cristobal— : Ti@ @urmiay ohm g se eed cyl ecae ds se meseeiceta apes oe eet peta y me rea 17,018. 47 6 | 16 months. . Coldistorage ssc. fs ee oe 3,192. 04 6:1 month =. ND Oe ee oe Na SSE) ae Reet Sis Na 3, 682. 24 6 | 8 months... R@irioe natin Oe Gece a GR ON ea ee 319,092.09 |... ..- 14 months... SOTA Gm Ese Dasiees hci as en ams cee eam eeu eet g ae BO, O40 20s loess goes dOme a s28 TaD yan ORs ee Ae ai ene eae eee DSr OLS AOe eer age doesn Pee light amd: powers: 22 eee a ee 14, 583. 21 8 | 11 months. . es aia te are ihreaa taro eee eu eG unt nt 5 glue ere tse teem bata uaane LO Olerl sce VO TUOMUNS At La Boy eleciniculightand DOWEL: 2345. 18,180. 86 8 | 26 months. . mE ANCOneCleCtnicdioh tS es ve eee, Gene ee Ue 5,083. 19 Sales dors. UNO GENE ce ese a aces UPN titi OPES Se NS ame pele sO arias gaan Ne ook oat con ern nae ee GAG GO tal eee ee ere ecco e neater es Ene eae ESS Ae on | ec aa ate ae ee : Siaee Amount. $37, 018. 00 12, 990. 00 6, 840. 00 660. 00 580. 00 1, 800. 00 280. 00 - 350. 00 290. 00 380. 00 61, 188. 00. 12, 810. 7 19, 926. 90 14, 305. 92 19, 906. 74 " 14,308. 80 10, 755. 12 17, 500. 45 14, 485. 61 40, 749. 87 164, 750. 18 1,361. 12 15. 96 147, 28 93, 122. 38 872. 39 117, 138. 70 343 , 076. 88 40 REPORT OF THE PANAMA RAILROAD COMPANY. EXHIBIT H.—Statement of classified railroad earnings, tonnage, and passengers, Panama to Colon, for the years ending June 30, 1908 and 1907. FREIGHT. : Rate per Tonnage. Earnings. On: 1908. | 1907 | T= | De | roo8 1907. | Increase. | Decrease. {1908./1907 crease.| crease. : : : | Through— | To New York..| 63,791) 64, B60 569, $186, 907. s DOT OO UO ise ee $10, 690. 80/$2. 93'$3. 07 To New Orleans Was 1D eee Gorgias LL ES6G odie eae lite > lo Europe. 2.2: Ol O77. 69; 0001 21; O20 ac ee: 312, 021. i D387 O88el 41/4; ASBueo ae ee eee 3. 43} 3. 41 Motalee. Seek 54 gs0| 138, 917 205 963) sates oo 498, 995. 28) 435, 185. 92) 63, 859. 36)..-...-...- 3. 22\ 0.20 Local— - ee ee ere Commercial— La Boca— Panama..| 12,257) 11, 458 TOO Sse | 6,208.47) 5, 668. 48 HSAS OO lee OSs 3 SOU 00 Panama— Colones aloe OO Gs Wylie ee 41 49, 099. 68) 56, 517. 74)... .- 22... 7, 418. 06] 3.12) 3.50 Isthmian Canal f= Commission. - 107, 852)180, 947|......- 23, 095} 193, 421. 42) 258, 680. 39!........-- 65, 208. 97) 1.79) 1.98 Cjompany eight. see. ALS GOGH SN 7ai lis Ot RR ie enhemral ps Me encene eo Se Wee apes et et Sale Ul etc I ae Motels eas 149, 468)162, 297|.....-. 12, 829) 248, 724.57) 320,816. 61)...-.....- 72, 092.04] 1.66) 1.98 Total freight ./304, 348)296, 214) 8,134)....... 747, 719. 85} 755, 952. a ese ues Seay ara 8, 232. 68) 2. 46) 2.55 | MAILS. Weights. Earnings. 1908. 1907. Increase. | Decrease. 1908. 1907. Inerease. | Decrease. Pounds. | Pounds. | Pounds. | Pounds ‘To New York.... 147,185 | 123,723 23 AGQ Eee $7; 402.65. |$5; 969.72: $1, 7382.93 |... 2-2 To Europe....... 4 821 DeOiOo ea ce es 849 415. 45 H9OEOS eS See $183. 58 MOCA oe a Sees 48, 794 7, 363 At Ag Tg eee es bo 52 810. 45 O40 EO Ti eee as Mota eees 200, 800 136, 756 64, 044 eae | 9,870. 62: | 7,379.20 | 2,491.42 |........... TREASURE. Value. Earnings. 1908. 1907. Increase. | Decrease.| 1908. 1907. Increase. | Decrease. To New York. ...|$2, 131,346 |$1, 295, 429 | $835,917 |........... TALIS $55 172: 37 \$2,009. 41=|2. 2 See ae Ereee Ses 2, 060, 987 | 2, 223,883 |--..---.-- $162, 946 Ge 331.60 | 7,278. 96 DONO 4 sees k 4 Commercial . . 9, 605 LOS G054|2 seca 1,000 18. 64 DAS OO | sites Senne $6. 28 &. Isthmian Ca- Te a er ate SOD. O00 een SIO “O00! eevee: 592. 50 See eI: 592. 50 4ONiEN ee 4,201,888 | 3,924,917 | 276,971 |.......--.- 1530925021135 008275.) 21023027 ale. cues ees REPORT OF THE PANAMA RAILROAD COMPANY. \ 41 Exrisrr H.—Statement of classified railroad earnings, tonnage, and passengers, Panama to Colon, for the years ending June 30, 1908 and 1907—Continued. f EXPRESS. Weight. Earnings. 1908. | 1907. Increase. 1908. 1907. Increase. a aE | : i Local: Pounds. | Pownds. | Pounds. @ommerciale. =. 2,563,919 | 99,152 | 2,464,767 | $15,779.08 | $588.62 | $15,190. 46 Isthimian Canalis 26 ous: QU ASN ce ere 277,178 A000. Oielee erna 1,555. 97 ETS OGL ei ee 2, 841, 097 99,152 | 2,741,945 | 17,335.05 588, 62 16, 746. 43 = | rs BAGGAGE. Weight. Harnings. 1908. 1907. | Increase. | Decrease. 1908. 1907. Increase. | Decrease. Pounds. | Pounds. | Pounds. | Pounds. Pa To New York.... O71 Stine 1G; Oban eae se: 10, 167 $124. 32 $329 5808 eee es $205. 57 BOCA ese 926,415 | 837,093 892 B22 oleae eae 18,318.85 | 16,747.61 |$1,571. 24 |..........- Wotale se 933,202 | 854,047 (QAO Sas ea eee 185 448i ede OnoU nll oOngG | ean eee | PASSENGERS. Number. Earnings. De- De- 1908. ee Increase. Cnaade: 1908. 1907. Increase. eraase. To New York: Hirst class 2% 566 DELS cerns: Hale Oe OL Gh | tos alike Lay ee eee er 9320. 37 Second class... -- 627 [BSS ee cee 161 2, 780. 99 SAD ID lewaken wera 678.13 To Hurope: : First class.....-- 740 SiS a eee 133 4, 380. 39 A OBI GOs eee Soe ee 572. 21 0 pocene class... .- 198 172 | ZON eee ais 819. 00 698. 66 S120 343 as eee ocal: HATSt ClaSS. 62252. 229, 976 POA 84 ow lei Melo Gl eseeten 120, 466. 03 68, 547. O01 51 O19: 02sec. second class.....| 449,186 | 265,644 | 183,492 |._.._. | 125,933.92 | 75,170.50 | 50,763. 42 |....-... MOtaliewe ss 681, 243 420, 893 ! ZOO woo Om peas eee 2Dinooce lO! 156, s0bs 0d: LON 22 te Olle Sees 42 REPORT OF THE PANAMA RAILROAD COMPANY. Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for the years ending June 80, 1908 and 1907. FREIGHT. Tonnage. Earnings. BR Bio pe In- De- 1908. 1907 | cressell crease: 1908. 1907. Increase. | Decrease. |1908. |1907. Through: © From New MORK. 11053 G86) LID. 839i se 6, 653/$363, 324. 13)$398, 848. 13)-..... 2... From New Orleanss Sle te S80ie 37,007 8s isle oe 41,698. 67| 27, 737. 97'$13, 960. 70 From Europe | 148, 581| 126,910) 21,671)....... 530, 263. 19) 448, 006. 33) 87, 256. 86 Total. 22. .=) 265, 647) 246, 756) 18,891). 935, 285. 99} 864, 587. 43) 70, 698. 56 Local: ee ae es ee ee Commercial. .| 106,882) 84,529) 22,353)......- 380, 423. 04) 282, 931. 92| 47, 491.12 Isthmian | _ Canal Com- mission....| 481,651) 271, 046'210, 605)... ..-. 829, 412. 10) 485, 855. 19/343, 556. 91 Company freight. .... 2Os2T easy. SOUS ees | le ORO iee tea Alte eta ieee meee eh eh | eee lana se Rotalecsss2 sr 614,641. 393) 876221. 278ie 1,159,835.14) 768, 787. 11/391, 048. 03 Total freight .| 880,301) 640, ee LGQ ees 2,095,121 .13)1,633,374.54/461, 746. 59 MAILS. Weight. — Harnings. | D D e- e- 1908. 1907. Inerease. Gronnon 1908. 1907. Increase. ieacel Pounds. | Pounds. | Pounds. | Lbs. | From New York..../ 1,355,000 | 1,242,500 | 112,500 |._._... $95, 480. 33 ($79,623.74 |$15,806. 59 |..-.--.-- From Europe......- 131,549 120,983 LOS D665) Sass » 723.88 | 9,675. 44 AS AAs ee Wee. ocala se : 248,277 -150, 881 975396) Eee (028, 21h 0 O84. Ale le cece ee: $2, 560. 90 Rotel ees : 1,734,826 | 1,514,364 | 220,462 |....... 112,177,478 | 98,883.65 | 18,294.13 |..-...... TREASURE. t Value. Karnings. De- | De- 1908. 1907. Increase. Grease: 1908. 1907. Inerease. Grace. From New York....| $1,642,315 | $1,700,990 |.......... $58,675 |$4,098. 58 |$3,321.60 | $776.93 |........ From Europe....... 3,127,320 | 2,424,480 | $702,840 |......... 10,788.32 | 7,641. 12°] 3,142.20 }.. 2. 2... Local, commercial... 17,200 16456807 (ose te 147, 480 89. 00 DAT (2 lance eee $158. 02 Totalecnse 4,786,835 | 4,290,150 | 496,685 |...._.... ae Spee 2098747 3. (Ole dd aes eee EXPRESS. Weight. Earnings. 1908. 1907. Inerease. 1908. 1907. Increase. Loeal: Pounds. Pounds. Pounds. Commerciale ses 1,605,011 61,028 | 1,543,983 | $9,958.97 $367. 56 $9,591. 41 Isthmian: Canalies-23 2... LG; ODO tae eee a ee 176,855 1090S SO eer ae ce 1,090. 39 ————— | RO Cal ses eee cents 1,781,866 61,028 | 1,720,838 | 11,049. 36 367. 56 10,681. 80 REPORT OF THE PANAMA RAILROAD COMPANY. ee) Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for the years ending June 30, 1908 and 1907—Continued. BAGGAGE. - Weight. | Earnings. Se Ae ee ee { ae 1908. 1907. Increase. ieee 1908. 1907. Inerease. Rate Pounds. | Pounds. | Pounds. |Pounds. From New York... 102, 269 87, 433 WAC SS Onl eeee ee: b1, 818.15 SOO0E AL BOGTE A ink Bas ee From Europe...... 94,170 LVL Q0eeaeen eae 22, 950 1, 383. 40 De SAQA eee ares $459. 00 Moca ee 1, 148, 276 954,811 | 198,465 |.-.-..-- 22 AGRO Tel ali W388. 82) bs 323. lool ae see Motal: 0. 1,344,715: |. 1, 159,364 | 185; 351: 2.2.23. 265163252 | -20,331--63 | 5, 881589)... 2a PASSENGERS. Number. Harnings. 1908. 1907. | Increase. | Decrease. 1908. 1907. Increase. | Decrease. From New York: InSG Classen oe 2,365 BOO Fa eee see 1,282 | $8,068.27 | $10,930. 42 |_-...._..- $2, 862. 15 Second class... ./ 210 OZ Oe tee ee 116 903.39 AaB Ole |e eras 539. 98 From New Orleans: 5 Birsyelasss.- =. a haere Des Saco aie AO eee ee ee BAGO pas a SOCOM Classe eas See ee SIS ener Us Wore miler ete nds Roe ana ee lene [ny Oem Sid caNtd (Re 2) ernie Ud Aa a From Europe: First class... -- - 716 747 DOr eee tee out 4,574, 99 4, 521. 60 Do. O ie eee ee : Second class... 402 AOD ae aeons 53 1, 625. 49 Ll Die co tel ere eee aire eee 146. 73 ocal: Hirst class. 222 =: 245,152 | 166, 444 1S OSE| eee. sees 127,284.56 | 72,765.75 |54, 518.81 |-.......- es Second class....| 455, 486 | 289,815 | 165,671 |......... =| 126,786: 76 |. 78,837. 90 |47, 948: 86 |- 2. 7 RO Gale 704, 402 | 461,384 | 248,018 |_.......-. 269, 314.76 | 170,271.26 |99, 043. 50 |.....-..-. Exuipit 1.—Statement of railroad freight statistics for the years ending June 30, 1908 and | 1907. Earnings per mile of road............-.- Estimated loaded cars in each train. ..-. 1908. 1907. GROSS Carmi Se ie oe ee ee eer eae $2, 842,840.98 | $2,389, 327.07 Freight train mileage (including all mixed train mileage)................---- 225, 841 03, 560 Hreight trains permd ay. per alle OL TOad aa ee ees 12.30 I. _ Loaded freight car mileage._.........- eee aes Oe ee ne veers 2,653, 412 2,389, 075 Minpiy, dreiphticar mileage. pe ees 1,156, 944 811, 365 Caboose car mileage os es Oa A Sane 208, 793 244, 531 Potalsineicht car-muileage: includine caboose... 2. a 4,019, 149 3, 444, 971 Percentage of loaded car mileage to total freight car mileage (including CaO0SE) se CO Ear OR OR EP oe Nidan ari career ne eae 66. 02 69. 35 Woaded:treicht cars-per thal. cen rer ee a ee 11.85 Le (: Wimp bythelg ht. Cars per trail = onc. e 6 cen ae eo ete een eee bel 3. 99 Woaded-andsempty treieht cars per trains. 2 17.02 15. 73 Miroueh, Commercial melghy. 0 ee ee ee tons. . 420,527 | 380, 672 ocalecommercialireigh tiie 30500 Se ee ee dsc: 134, 889 112, 159 Local Isthmian Canal Commission freight.....-..-...-...222-22. 222. dos 589, 503 401,993 {Company (releht.2 fey ar ee eA ee eee an eae ae dons: 39, 730 41, 522 Revenue and company: treieht canted)... 822 doe. 1, 184, 649 936,346 — Lhrough commercial freight carried | mile:-2 2.2.0 ss do. 2 21,697,210 18, 444, 583 Local commercial freight carried 1 mile............. Ss oe eras do....| = 4,782,124 4,145,521 Local Isthmian Canal Commission freight carried 1 mile........-...-- do....| 18,244,660 12,750,278 Company: freish® carried tmile. © 6558. 28 a eee does: 1,212,210 1,444,948 Revenue and company freight carried 1 mile........................-- do....| 45,936,204 36, 785, 325 Tons in each loaded car (including company freight). ............. wee donee 17, 31 15. 40 Tons in each car loaded and empty (including company freight)...........- 12. 05 I. 49 NOMS Gach Ghalneess oot eee es eae aie eve eg cee eee ee a 205. 22 180. 71 Warnings per trerehy Camper miles a: sic kc eye ee cents. - 10. 73 69. 36 Average miles each ton of revenue freight was carried................---.--- 39. 06 39. 49 Hamaines per ireront wal mile ee ee ea a $12. 70 . ll. 74 Harmines: per vomrOrrevenuentnolehtss 5 pee ee $2. 48 $2. 67 Harnines per TOneper mile sae ae ee eS ee eee cents... 6. 35 6. 76 Revenue freight carried 1 mile per mile of road......................-.tons.. 899 , 336 705,256 eRe te ee Ae ela ue a Srey ee Nearer $57,165. 51 $47,681. 84 14. 44 14. 33 Revenue iretehteneine mileates. soi ee i Penge 228, 054 205,774 Estimated loaded cars hauled per revenue freight engine. ...........--..---- 14.17 14.18 Hons hauled per revenue treisht engine <..- - 22 2 201. 42 178. 77 44 REPORT OF THE PANAMA RAILROAD COMPANY. Exuisir J.—Statement of railroad passenger statistics for twelve months ending June 30, 1908 and 1907. ‘Gross earnings (including mail, extra baggage, and treasure) Passenger train mileage (including all mixed train mileage) . Passenger trains per day per mile of road HOORC AIM G age nes Ae hee ae ps ler ees eee Sas ve ey men Sy semeite oat Bascare;- express: and imatlemleagers ts. ose eh eer ages me ee ce Total, passenger car mileage Passengers carried Passengers carried 1 mile....-..... SS RU Ores Average distance each passenger carried Passengers in each passenger train Passengers in each passenger car, excluding baggage, mail, and express...... Earnings per passenger train mile Earnings per passenger car mile (including mail and express)....-..-- cents. - ‘Cars in each passenger train, including baggage, mail, and express...... aa Harnings per passenger Harnings per passenger per mile Passengers | mile per mile of road Earnings per mile of road 1908. $751, 949. 08 141, 169 7.76 883, 017 179, 789 1, 062, 806 1, 385, 645 18, 550, 767 13. 39 131. 40 91. 10 $5. 33 70. 75 7.53 38, 02 9, 84 373, 030 $15, 120. 63 1907. $495, 482. 94 143, 871 7.87 768, 469 143, 944 907, 413 882, 277 11, 254, 152 12:76 78. 22 14.74 $3. 44 54, 60 68h. 37. 02 2.90 224, 588 $9, 887. 90 | Bexar K.—Statement of railroad general statistics for twelve months ending June 30, Average mileage operated Total freight and passenger earnings Total freight and passenger expenses Net freight and passenger earnings 1908 and 1907. wee ee wm we ewe ee ew wet ee wee ee ee ee ee Percentage of freight and passenger expenses to freight and passenger earn- Operating expenses per revenue train mile.................. Net earnings per revenue train mile Total gross earnings Total gross expenses Net earnings, all sources Total revenue train mileage Gross earnings per revenue train mile Percentage of gross expenses to gross earnings............--- Earnings. per mile of road \ Expenses per mile of road Net earnings per mile of road wee eee ee ee ee eee ee ee = 2 40.78 $3, 594, 790. O1 $2, 404, 716. 05 $1, 190, 073. 96 66. 89 $365, 010. 00 $9. 85 $6. 59 $3. 26 $4,541, 437. 79 $2, 831, 142. 76 $1, 710, 295. 03 62. 34 $91, 321.89 $56, 930. 08 $34, 391. 81 00. 11 $2, 884, 810. 01 $1, 922, 050. 52 $962, 759. 49 66. 63 $347, 431.00 $8. 30 $o. 53 $2. 77 $3, 638, 900. 21 $2, 208, 526. 77 $1, 480, 373. 44 60. 69 $72, 618. 24 $44 073. 57 $28, 544. 67 Exursrr L.—Statement of railroad freight tonnage handled, years a June 30, 1908 and 1907. FIRST._FROM ALL POINTS TO ALL POINTS. From New York to San ‘Francisco COLON TO PANAMA. wee meee ee ee ee From New York and New Orleans to Panama, South Pacific, Central America, and Mexico wer ee ew ee ee ewe ee ewe - From Europe to Panama, South Pacific, Central America, Mexico, and San Francisco From Colon to Panama (local): Commercial freight Isthmian Canal Commission Company freight From San Francisco to New York From South Pacific, Central America, Mexico, and Panama | to New York PANAMA TO COLON. So ewe ere ere eee we we ee ee et et ee tee wee wee ee ee ee From South Pacific, Central America, Mexico, San Francisco, and Panama to Kurope From Panama to Colon (local): Commercial freight Isthmian Canal Commission Company freight women nee eee ee ee eee Decrease. Per cent. 13. 68 =s22ee28ee22e8 1908. 1907. Increase. Per cent. DROPS Ele 6,044 ee 93,808 | 92,902 0.98 148,581 | 126,910 17.08 106,882 |} 84,529 26. 44 481,651 | 271,046 77.70 IDI Se SO late 880,301 | 640, 132 37.52 151627 15,085 [oe ee AS. 64 | 49,0702 91,077 | 69,557 30.94 28,007 | 27,629 1.36 1076852.) 180,947 |aes 13, 609 3,721 | 265.74 304,348 | 296,214 | 2.75 1,184,649 | 936,346 : 26.52 REPORT OF THE PANAMA RAILROAD COMPANY. 45 EXHIBIT L.—Statement of railroad freight tonnage handled years ending June 80, 1908 and 1907—Continued. SECOND.—COUNTRIES OF ORIGIN AND DESTINATION. 1908. 1907. | Increase. | Decrease.. COLON TO PANAMA. ROI AAI Oe Saree se ae ee ace nen ela cen don Ue eta et ety ae 666,273 | 438,696 DL 8S 2 |o4e ss pies Hor CemtraleAmeriCa sauce an eek ie a SOR vale tape dean 54, 329 DORIA SR uC eS ve OER Or SOUT PACih Cire ac ata ieee ane A ee eee 119, 809 95, 209 5; 84 eee eee HOE San WranciscO seas oye a ee ee a en ena 28, 070 SO G0O cee eee ae 8. 29: BOE MGS CO eas ae i a UN pee eee eae ae 11,820 OOO Aa ate ies 25. 68 Toba. Soe eae ae ene ann SESS Rls ees ~ 880,301 | 640,182 Se 52s oie ees PANAMA TO COLON. Co AC Ce ee HOM RAMAN, eer nie SR oe Daycare ceva ener en gy EAN 15530307170; 084) os 8.85 From Central Americas... 505.222. Bu ernie’ aoe Sana a ee cS o7, 522 40, 286 ADT le cra terete HEOMASOUUN PAC CR ee Mees ie en eae y et win ein ean 72,210 66, 741 SO a hese TOM Sans WTANCISCOm a. cee ae UG o re eee aaa eee 15,785 LOSUS OG eran ee 2. 29, BOT MORI COM eae Seen, Aa ee at Hague en aie an yess Wace ae 3, 801 By G48 (soe 28S OB los Wr gaees Motel ees RE ea ae ee 304,348 | 296,214 Deh (eo noes Total westbound and eastbound. ..:...5..2...........: “1, 184,649 "936, 346 os 6.0) eset ae Hxuipit M.—Statement of steamship statistics for the years ending June 80, 1908 and 1907. FREIGHT TONNAGE. 1908. 1907. Increase. Decrease. carried. Carried. carried. Carried. - Panama Railroad ships: PATETLVIG Cert acetate ee ate 32 26,079 44 SAE SOSe eee eae eee 12 8,784 Salledmie eee ease 32 57,274 45 WA OSG | Satie Oa ae eee 13 16,762 Chartered passenger ships: ATTIC Cs ea ere aah ones 36 32, 568. 30 24,964 6 604 e | Bae Ss ee ee SASS ee ee A, 36 84,126 29 81, 007 7 SOs tees eee ae |e ene Notal ese Sabo caste! 136 | 200,047 148 | 214,870 |....-...)- jee alesse 12 14,823. Total freight earnings.......- $865, 257. 56 SOS D8 OO eee ee ae ena $79, 915.13 Average rate per ton....- ves 4. 33 4, 40 epee A Re ai aia Ee D eatefi PASSENGERS CARRIED. 1908. 1907. Increase. Decrease. Ships. Passen- Ships. Passen- Ships. Passen- Ships. Passen- gers. gers. gers. gers. Panama, Railroad ships: TEV OC ce epta ie se an ok 32 2, 549 44 SilOG eases |Seeees seee 12 557 Wallede sy ae arse yeah 32 2, 493 45 A202 eee lien ties 13 1,709 Chartered passenger ships PRETIV CO ices oon sce sie 36 4,056 30 2, 769 6 TDS Tah ose reins eye ten Salledir ee eo neces 36 4,718 29 4,081 7 OS Geese oan | siete eee Rotalee et ees Ne eae ss 136 13, 816 148 14, 158 ee See 12 342 Total passenger earnings..... $368, 078. 48 OOO; OSOL ALS see te sas $33, 561. 98 Average rate per passenger... 26. 28 28. O1 1. 73. REPORT OF THE PANAMA RAILROAD COMPANY. Kxurpir N.—Statement of locomotive and car equipment. pa ee To conne: Passenger cars. Freight cars. ao © 4 As = Ox z R 2 4 6/4 \gq vn io} | % 36 A | @ q op a aa n — 3 oS eae Sj © 4.2 5 S o o © 3 DCE Gael tesco ekS o8 oe se 3|SI@E Sie] a] &| S| . ie = SSeS aisles 6 | 6 ie se Sladojai/m#la|mia|e | a | o | & BLOC On huNG:50) LOO (ea. Sos. essa wes ss 26 | 33 SL 214 4 2; 1,010; 144 41 Destroyed Gunn gsyear: oo. ss cea Gee os TL alae Sa | at | ASS Ft aes 14 38 29 WVOCOLVeCG: GUNINE Year. ese eee sees Dales 5 [Se as | eC ES TNS USS ed oe can a hcg cee lene ee Changed from another class..............- ef eee | sete ees Dale eee rece | ae cess ence as yee ene 23 Changed to,anobther class... 22-5 eos EFS EPS se fares olin cn ie | Os eae eee PRD cng A eerie Birans erred: vousuhmian Canali Conn SSO. (ess efe le ieee es ee lerccrs sees (See es oes eae eee Stock on June 30,1908... 27|26| 71 5 | 16 | 22 | 3 | 8 296) 0e | 86 Miscellaneous. | ie wm eH jNo . a oe le eee eR Z a pe ee ee Bele S S|olSali4|a/| 8 Aen 5 B\AIES/S isis Sele \ele slblel2@lals 13 2\8 Ss Ss Ore eye iss a a | Ss BS la q qs 61 Ste taf S38 a oe ie |e sec SO lm bla oe | nib |O oe Slrocksoneane:s0; 1O07e ee: soso es 21 DOF Da Sebel: |o0 100 Ql 2aler2 10 Destroyed duringsyeab=. 2... 4s ee Delve List| SD teres Neal cereal Cresent ec arcanel Pa eae (Sete sear anget| caer | VE COLVOC. (UTI Psy Cae ss oleh aus ae eel ers | ena leer ere |e este Soe ae bere tere olen Lele: Changed from another class. /............. DPE OG rae ena es flan c | uapeann | eee ie ei ee Coal see ae aan | ace Changed to another class..... Ry Sarena ier Cece eas Disieve eal ce | seas DOO Reese ee IS ae | ee | een Sl edea eae ee Transferred to Isthmian Canal Commission. |... -|- eed eS ese alert So [ie aly oe ase oes os Jecre|ecce|eec-}eee- Stock on June 30, 1908..-..-.:.-..--.- ine DAO \18c Pa 8 1G | 28 100.1) 2.|< alo | tel aay | 10 | Exuisir O.—Statement of floating equipment. Passenger accommo- dation. Gross Name. ton- | Length.| Breadth. | Depth Hull. BOER: , ._ | Steer- |Stand- Cabin. age. ees. : bso Hb, ANe | hb tN. : Steamship Allianca..........:... | 3,905 | 336 0 AD 0323) 97 rome sce 159 24 382 steamship Advance. 22222222222. | 2,605 | 295 0 38 4a R28 alee On cea 74 30 60 Steamship Finance......:2.:.... 2,603 | 300 0 3945 |) 8237 100) os GOesee 72 30 60 Steamship Panama (chartered)...| 5,667 | 360 0 DOs OF 32542) | sotecles a2: GA QAR os 79 Steamship Colon (chartered).....| 5,667 | 360 0 0) UES Gye Pee Osea see DAO As eee 79 uc sbolivar:at bangmaac 3 : 234 | 127 0 23 0 OS56 7 WAT OT see See Cees ee ee Pug Cristobal, at Colon... =.. <|2 2 161 102.0 2080 | old 0c ©cO PsP Bless ee te eee : sheathed. 4 freight lighters, at Panama....- 200 | 108 6 24 0 7 3 OMNES reece cys alae ees te a ee 1 freight lighter, at: Panama...... 275 | 108 6 24 0. Wot ras One era Meee a ee On laene ee 1 freight lighter, at Panama...... 300} 109 4. 24 0 Ue On eee Oe sree as re eile ee ee |e 1 freight lighter, at Panama...... 300 | 109 8 24 0 Ves Onl err Oe ool ete c oe ben Sarees [eee 2 freight lighters, at Panama.....| 300| 109 8 24 0 (eee Op ese Os ree tel aesec cek |e crerenne | erences 2 freight lighters, at Panama....- 300 | 107 0 23-7 MPS eee Oncccincs eerie oe ewe gaa 3 coal lighters, at Panama........ 222)\ A100 24 0 Ses OE ese Oe seca es | See pe ee 1 floating pile driver, at Colon....|....-..- 60 «(0 30 0 Bes Ol |S VWWiOOCe ee era At lee ae _@ When additional staterooms under construction are completed. REPORT OF THE PANAMA RAILROAD COMPANY. AT SUPPLEMENTAL REPORT SHOWING THE RESULTS OF THE COMPANY’S OPERATIONS FROM JULY 1, 1908, TO OCTOBER 31, 1908. [Presentediin compliance with resolution‘of the,board-of directors adopted at its meeting of December 2, 1908.] pBie Bieta Exuripir P.—Income account.and profit and loss account for four months ending October > INCOME ACCOUNT. Railroad: : GPOSS Carmings-from Operation ee ee ee ee ei aie ae $1, 312, 552. 19 @perabin ge xpensesiee ss seek ee Re ie ct ates vals Serie reg erases 791,951. 82 Netearnings from operation <2 4. ue ome een a eeu ee ene sou ae $520, 600. 37 Steamship line: Gross earnings fromeOperaviOne a ij28 eee oe era eee eerie: 486, 214. 96 © PeratiN ese SPENSCS ee ese ee erry eae rt shen rea) ee a Sn 486, 693. 51 Net loss from Operation ee Fe See Cry See is ay crey at reee 478. 55 520, 121. 82 A dd income strom iMmterest: and exCMam oe. es es see ere ear i ce oes 5, 098. 05 525, 219. 87 Less: : Concessionary subsidy to United States Government under treaty..--..... 83, 333. 33 Interest on loan from United States Government for redemption of first TMOLLSASC DONS tee se ee ere ee eye eae ee Spee eit ers 17, 276. 81 Fund for repayment of loan from United States Government for redemption Of MIYSt mM OLtPAse DONS ese ee ee ee eee ea aa ns eee eee $38, 00004 INberest Om 1OaMSes eee ee ee oe es aoe et eee seein 30, 031. 45 Rental of docks andsimachine Shopsec i: =a. ak oe eee ee ey a 8, 290. 55 ——————— 172;265. 48 Net income forfour months 22362 jee ee ee CSc a et eae eet 352, 954. 39 _ PROFIT AND LOSS ACCOUNT. By balance to credit of profit and loss June 30, 1908...................... Ne ine ears 7, 349, 151. 35 Surplus from income account for four months ending October 81, 1908....................... 352, 954. 39 Amount paid on account of loan from United States Government ‘‘to pay the 44 per cent first mortgage bonds of the Panama Railroad Company, October 1, 1907”...................... 100, 000. 00 By balance to credit of profit and loss October 31, 1908......- EES ge Uae ait ee Accen nan yee 7, 802, 105. 74 e - Exursit Q.—Balance sheet October 31, 1908. Cost of road, real estate, and equipment.......-....-.-..-.-.------.----- lmprovement:and Construction. aCCOUN tS {sss se oe ee er os Floating equipment: ae Allianea, Finance, and Advance. $631, 064. 73 Cost of rebuilding steam- ship Allianea to date-..... Less replacement fund to July sh QO $373, 858. 62 15, 580. 46 ; 358, 278. 16 == $989; 342. 89 Mucsand liehters:: 5 2 ee 290, 943. 80 MOtalCOSE OF PLOPCLUYsssece sc eete ee ork. eee ere Ce Se ee Bonds in Treasury: Thirty-six6 per cent Panama Railroad Company sinking fund subsidy bonds.....--.. BO ee tac SP Be a HES eee eT CO Advance of subsidy. to Republic:of Colombia =.= =) 2-222... oe. Current assets: Cash in banks and with agents............-.. apie Seats a Coalkand:supplies onehan Giese eee yea Due tron COnneChine: COMMPANICS: 2 sa Due from United States Government— Isthmian Canal Commission..........- $647, 199. 66 Post-Office Department.............-- 82, 065. 02 Nay, Departinent ss. ae oe es 15, 228. 71 1, 167, 856. 47 178, 184. 99 744, 493. 39 Due from companies and individuals...........-....-. 77, 696. 60 Miscellaneous accounts: 2.222222... by Eos cca ea yet 960, 075. 81 General average disbursements. .--..- Seen eae ene 18, 087. 48 21, 377, 345. 85 $1, 125, 994. 62. $15, 255, 301. 84 398, 367. 96 1, 280, 286. 69 16, 933, 956. 49 36, 000. 00 135, 000. 00 4, 272, 389. 36 | | 1 Vi Wap iUalleS UOC Kata ase sa rc et Aa ae ei rene en Scat Ae, eae Capital liabilities: : Due to United States Government— For cash appropriated through Isthmian Canal Commission for new equipment and improve- TNL OTS Sacre season ch Sons Boas eles nk ns aia es ee For cash appropriated under the act —of Congress, approved March 4, 1907, ‘‘to pay the 44 per cent first mortgage bonds of the Panama Railroad Company October 1, NGO Toe es ey REG ce es ai $2, 148, 217. 50 Less cash paid Treasurer of the Wnibeg Staessen. eee eee 100, 000. 00 —_—___——— 2,048, 217. 50 $2, 234, 046. 74 Total capital stock and capital liabilities ...:-.........---.222- six per cent cold sinking fund:Subsidy: bONdS@. 20 ee | Fund for redemption of bonds: SUXBWeTCOLMb SUDSICiy WOM CS icc sh aoe eee arene ee ee Fund for repayment of loan from United States Govern- ment for redemption of firSt-mortgage bonds....................-.-.-- Hqupment-and pianbreplacementtundsess = 20 ee ee Current liabilities: Due to United States Government— Concessionary subsidy accrued....... $150, 833. 33 Interest accrued on loan for redemption of first-mortgage bonds............. 4, 267. 12 —_____——— | $155, 100. 45 Isthmus: drafts mot presented nec. .225) Ae eee 702, 206. 02 Coupons motepresented: 4s ae es Bh 60. 00 Accrued interest on 6 per cent subsidy bonds........- 4, 050. 00 Audited vouchers and: pay rous: : 2.222 es DWebO-COMNECCGINOMINeS in ree ee eee aN 30, 698. 99 Miscellaneous: aCCOUise sree oa eee 137, 015. 15 UM PAlGe Wa CGS ss sees pas ee OE Se eis ee 9,109. 53 Balance torcredit, Of pronianGd 1OSS=. oo a ee ee ee, $7, 000, 000. 00 4, 282,264. 24 11, 282, 264, 24 135, 000. 00 130, 650. 00 25, 000. 00 406, 936. 46 1, 595, 389. 41 7, 802, 105. 74 21, 377, 345. 85 a One hundred and thirty-five 6 per cent gold sinking fund subsidy bonds of $1,000 each, amounting to $135,000, issued November 1, 1880, fall due November 1, 1910. To meet this bonded indebtedness, $225,000 annually of the Colombian Government subsidy was pledged till March 27, 1908, the same to be applied by the company, first, to the payment of the interest, and, second, as a cumulative sinking fund for the redemption of the principal; the bonds to be drawn yearly in September to an amount equal to the then surplus of the subsidy sinking fund, the drawn bonds to be paid on November 1, after each drawing, and thereby redeeming the whole issue in 1908, SF ‘“ANVdWOO GVOUTIVE VNVNVd SHEL JO LHOddY REPORT OF THE PANAMA RAILROAD COMPANY. 49 Hxurpir R.—Summary of earnings and expenses for four months ending October $1, 1908 and 1907. | 1907. 1908. Increase. Decrease. Railroad earnings: Colonoto: Panam arc je users ee eee $754, 504. 22 POS0; OSD ONG ce oe ose eee $81, 131. 28 Panama tO. Colon: seco rss ee ates 323, 478. 96 GAG S200 tele nus aes oe 23.350. 11 Miscellaneous2 Sosek sews Sees cone ees 234, 569. O1 DSd, MB ODy tye asters seis 49,199. 54 Motal:rairoad-eamings. 2.25.5. 0 2 1,312, 552.19 LAGOS 28 Be a eas Opes eect 1E3, 680. 93 Total railroad expenses =. 5. .---:21522 3. 791, 951. 82 Q397S0S 5 28e| evens 147,351. 46 Net carmings > oes. tie ccu sea es 020, 600. 37 92037020; SA eee eee ete 6,329. 47 Per cent of expenses to earnings.......- 60. 34 OFF OGc Bias rane 3. 72) Steamship line: Rotakearnings <2 ese ee te ie 486, 214. 96 S20 DSO SIS ees aa ree 34,365. 22 MotahiexpensSesec ss {hee Siete ae eee 486, 693. 51 OSE OSU S30 dee eee 97, 987. 84 ING THEO SS ere Sr ee aS aoe ee cone 478. 55 DOD AQUEM li ie ee ene 63, 622. 62 Per cent of expenses toearmings:- 5.22 -. 100. 10 See 12. 21 Grand total earnings........-.-.------- 1 70s 1071p | 986,815 40 _.| 188, 046. 15 Grand: totalbexpensesiss:. 3.2262 ee iG 218, 645. 33 ODD O84Oon ecient sees 245, 339. 30 otal met: Carmimes= sno a se 520,121. 82 462, 828. 67 POU 295s LO leek. ese ware Per cent of expenses to earnings.....-..- 71.08 TORO ge See ee cre 5. 62 @ Deficit due to— ; 4 Increase; of charter steamship Dunottan Castles: ess! on ee $59, 982. 88 Increase in extraordinary repairs to deck and engine departments of steamers Soe Srey ass 52, 604. 21 NONI sii reeee er wearear yn ies mers eeer A ape cieyurce aah pts eg oN ea EN Ly ee ee ages ne ici aa see 037.09 Exursit §.—Statement of classified railroad earnings, tonnage, and passengers, Colon.to Panama, for four months ending October 31, 1908 and 1907. FREIGHT. | Tonnage. Earnings. Hates 1908. 1907. | Decrease. 1908. 1907. Decrease. | 1908. | 1907. Through: z From New York..| 30,787 | 42,053 11,266 | $104,919 95 | $140,692.49 | $35,772.54 1$3. 41 | $3.35 From Gulf ports -. 3, 500 3, 697 147 13,253. 17 13, 608. 61 355.44 | 3.73 | 3.68 From Europe..... 42,231 | 52,915 10,684 | 146, 458. 37 184,895.16 | 38,486.79 | 3 47 | 3.49 MDotals ce ees ene 76, 568 | 98, 665 22,097 | 264, 631. 49 339,196.26 | 74,564.77 | 3.46 | 3.44 Local: Se ee ee ee Commercial......- 32,649 | 37,672 5, 023 91, 302. 88 115,785. 46 | 24,483.08 | 2.80 | 3.07 Isthmian Canal Commission... .. 139, 897 | 148, 052 3,155 | 242,107.68 242, 553. 18 445.50 | 1.73 | 1.69 Company freight..) 5,369 | 18, 141 Ui TUDE Le SU SS asah le ae soe Stas eh ors lier ciosag coset | ee ecre aeca MOtale essai cs: 177,915 | 198, 865 15,950 | 333,410 56 358, 339. 14 24,928 58 | 1.87 | 1.85 Total freight....| 254,483 | 292,530 | 38,047 | 598, 042. 05, 697,585.40 | 99, 493. 35 | 2. 35 2. 38 MAILS. Weight. Harnings. 1908. 1907. | Increase. | Decrease. 1908. 1907. | Increase. | Decrease. Pounds.| Pownds.| Pounds. | Pounds. From New York... 439,000 | 429,000 LO OOO Se ee -.|$31, 024. 38 |$30, 940. 26 SSAC LD Seer ee From Europe...... 30, OOS ASE (Si eee oe AOUS he 2: 946562123, 286030) eo ee $339. 68 Local .. Beye fae 157, ODF ob 289715 25 O53 ees Sak ee 2,818.24 | 2,448. 83 SOQUALE Cae een Total ae 635,802/1 503057. 180.985 | 2 oe [13sec ee S. Doc. 632, 60-2-—-4 50 REPORT OF THE PANAMA RAILROAD COMPANY. Exursir S.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for four months ending October 31, 1908 and 1907—Continued. TREASURE. Value. Harnings. 1908. a 1907. Deere. Decrease. 1908. 1907. Decréase. eee ee Se —— WER SOG | ian ENS a From New York.....-- 54, 068 $592, 246 $538, 178 $381. ee $1, 533. 93 $1,152. 76 MTOM HULOpPe. =.=. -: - = 771, 942 | 2,013, 551 1,241, 609 3, 014. 35 5, 995. 17 2,980. 82 Local: COMMEerClals see oe ae 17, 200 | D008 | eee eee 89. 00 89. 00 VS Ghar an © Area cs eee |e ee eo SON eg ee ecrea [ones gctatc eins Synth tae anon an |e eaM gemetga cera iat ERO TAR see ee 826, 010 2, 622,997 | 1, 796, 987 3, 395. 52 7,618. 10 4,222. 58 EXPRESS. Weight. Earnings. 1908. 1907. Increase. 1908. 1907. Increase. Local: Pounds. Pounds. Pounds. Commercial.......- 481, 212 405, 280 75,932 | $3,115.69 | $2,454. 36 S661. 33 Isthmian Canal... - 121, 242 34, 348 86, 894 801.12 . 202. 91 598. 21 Motale a eas 602, 454 439, 628 162, 826 3,916. 81 2607.27. 1, 259. 54 BAGGAGE. Weight. | Earnings. 1908. 1907. Increase. | Decrease. | 1908. | 1907. Increase. | Decrease. | Pounds. | Pounds. | Pounds. | Pounds. From New York... 39, 959 21, 725 S28 Aa reece rere aoe PIZ4EsO29 |. Hooke UO | spOSi nol ee tee From Europe.....- Net e ( SOROS Ts eee oe ~ 12, 400- 045, 74 AOSTA eee oe $248. 00 OCA es ee ne 514,444 | 364,509.| 149,985 |..........- 65950739! 12/5 000.008 Se sas 600. 16 otal 2s 581,690 | 425,921 | 155,769 | Laren geen S220 1D eS OS(s o4e lee ae 460. 59 PASSENGERS Number. Karnings. oe | ae oo os 1908. 1907. | Enorease. Crone. 1908. 1907. Increase. crease. ee SR Ue es a Sa epee a ae ei ee eee ae From New York: | : Hirst Class... 2: 587 A OAO sie eee 4531 $2,249, 14:|- $2; 800.541: 22222 ees $581. 40 Second class. - 62 SA eee 22 289. 00 SO220 2 |S eet So sce 73. 26 From New Orleans, | finst Class) 25 nose Aas ie Ae ee DOAQ0M es eee 26.00 From Hurope: | : First class....-- 228 DRO ica eter 54 1, 413. 32 LG ONO eters ena aes 247, 87 : Bae class... 87 Sete ses 86 365. 00 WANS ge 359.13 uocal: First class... .-- 86, 165 78, 088 Be OSIE cia 46 ;220:26.| 37,992. 70 |. 38) 227-5641. 2. second Cclass....| 195,791 | 182,221 | 63,570 |-..--.-- Dd, O21. VO OO; OOO Ore To, (oie OD tease Totalers. << 282, £20 | Bilea7. Mi 088./0. 104, 133.85 | 82, 462.00 | Diomen REPORT OF THE PANAMA RAILROAD COMPANY. 51 Statement of classified railroad earnings, tonnage and passengers, Panama to Colon, for four months ending October 81, 1908 and 1907. FREIGHT. oe Bie Sa LISI Seite Sees | Be ; Rate per | Tonnage. Harnings. | ton. lee ona ee LG EE a i | In- De- 1 In= | De- ane | tes: | 1007 | eee. || 008: 107 ace | cranes (908: 1dr, BS Ue eo eee a re eee eee eee ee Through: | To New York....| 18,896) 24,348]....... by. a $57, 059. 271970, 219. OSs $13, 159. 81 Ig3, 02 $2. 88 Mo- Gullsportsss5 |e: eceee: Pres ee 1. 80 SelS oe eee OrsSl veces ROPHUTOPC.-- 22-2 TG 943 2h OO eee 4, o 625:170.'051269 375. (9|o8 fae 7,205. 74| 3.67 3.26 Potalet203 es 30,839) 45,620|......- 9, 781)119, 231. 12)139, 603. 05}. .......- 20,371.93) 3.33 3.06 Local: oO Oe ee ee Commerciail— 7 | La Boca— Pa- TVEMTAN Sie eae 3 GOS, 21Ole see: P20 b2;20. 13\ 2 Ot2WSliscs5 ose. 492. 65|—. 0a ~~ 00 Panama—Colon.-} 4,610) 5,283!......- 673) 18,516. 42) 16,300. 59\$2,215. 83)..........| 4.02 3.09 Isthmian Canal | Commission... -- 49 356 45,672 SOSA eS 615255; O90, 8491 se. 29,094. 10} 1. 24, 1.98 Company relight. 9 070280, 100s b O04 occa che ae sl sere aera ese Se lel so ecu lene ee ee Motel ones ee: 67,004; 61,940) 5,064/....... 81, 891. 56}109, 262. 48)....-...- 97, 370:92) 1.22: 176 ‘Total freight. ..| 102,843] 107, 560|....... | 4,717/201, 122. es , 865. BS oes 47,742. 85} 1. 96 2.31 MAILS. ne ee eerie eee Se Zea (Se ane igh Ge ey nC Na RN MO eG ane SUS Mae Sar Weights. Earnings. | CIT Tee iat cS ome Ieee GNC Fe Oa tT ng ca | 1908. | 1907. | Increase.|Decrease.| 1908. | 1907. | Increase. | Decrease. za eee aS ai ale a nee neers | eens pesca Pounds. | Pounds. | Pounds. | Pounds. To New York........ 48, 323 AQ Bo oe ara 1, 410 82, ae Sta S2s Ole oG) ee $33. 49 Mo CMULODOs. 522s 1, 498 1,143 BOO |e woe 122. 84 97. 46 DIOGO) acre ee OCA aes ees oe 31, 720 3, 184 28,000, |o tee SOL On le AOU 40 umes aes Donte POUR Sa esoe es 81, 541 54, 060 DT ASE ee ee oe 2; 953.44 4°35 O10 287s. c5 cee 63. 84 TREASURE. | Values. Earnings. 1908. 1907. | Increase. | Decrease. 1908. 1907. Increase. | Decrease. MouNew. Vote 22. $810, 088 | $481, 004. poe0; O84 1s ce $2, 826.75 |$1, 865.81 | $960.94 '|........- = Fe uurope Wayans (Ol OCOTE SAO O20 on cone se $80, 948 | 2,487.34 | 2,971.87 |..........- $534. 53 0ca. Commercial 2s. =e s oes. Us OOO Mee eee 7, 386 2.18 Sk AG Geen 18. 64 Tsthimiam Canal scl nos Sa ele cia alee asec LS a Lee I Se cree [eget ic Se lee teem otal Ovid, WOoall: pov Ola 240 e700n |e ees 5, 268.91 | 4,856.14 AQT alec ee J $$ EXPRESS. : Weights. : | Earnings. iE - . Sarria = be patoene = ss is ~t EG OVE GATOR Ea lke A ue | 1908. | 1907. | Increase. | 1908. | 1907. Increase. Loeal: S Pounds. | Pounds. | Pownds. nee COMMercial 2 ase 869,522 | 736,788 | 132,734 | $5,634.66 | $4,359. 50 $1, 275. 16 i@ Isthmian Canal........ erage ste 139, 458 80, 672 58, 786. 885. 40 434. 30 451. 10 ee otal ( re 008,980 | 817, 460 o 191, 520 Te 6, 520. 06 io 4,793.80 | 1, 726.26 @ Debit. D2 REPORT OF THE PANAMA RAILROAD COMPANY. % Statement of classified railroad cartin gs, tonnage and passengers, Panama to Colon, for four months ending O-tober 31, 1908 and 1907—Continued. BAGGAGE. Weight. Earnings. 1908. 1907. | Increase. | Decrease. ; 1908. 1907. Decrease. Pounds. | Pounds. Pounds. Pounds. MOINOW.Y OLKS os Se eee se= eee 1,272 SOOM ee eee ee 1, 884 $19. 08 $56. 63 $37. 55 MRO PUTOPOs ate ors cee ee ae neers eee ea ere a ea ae ee nmea memnienner CE APC eee ot cro Gls sloiearste are wiwrere ava erecione ocaless csc ke sy eee SZ agri: SOL ool) 215,548) eats oo. 5, 982. 07 | 6,105. 85 128. 78 TOT eee Pre eeenins 518; 401 304, 747.1 218, 66412222 ee 6,001.15 | 6,162. 48 161. 33 PASSENGERS. Number. Earnings. i908: | toon [oe | Be. 1908 1907 ree : > | erease. | crease. ; ; * | erease. To New York: Hirsticlass= 2335 26 129 1 oy ed Bde a 38 $800. 82 BOO0ZBO aCe eae $168. 53 Second class.....-- 113 Dorlas os 126 500. 50 104956212 eee e 549. 12 To Europe: : Mirst Class <2 io 204 S20 le eee. fe 125 1,170. 72 LQO0RS9 eee aos ae 729. 67 : Peron Classs2csce = 59 (aes eee 14 265. 51 DUO FOO | See eae se 44, 99 Local: Hirst class .2:- = =. iat. 80;/8D1s| ty Basel 0;0204| 2 ee sae 44,985.03 | 36,681.49 | $8,353.54 |........ Second class.....-- 195, 504 | 127,128 | 68,376 |-......- 53, 895.14 | 38,272.49 | 15,622.65 |.-.----- Potala 276,866 | 202,168 | 74,698 |........ 101,617. 72 | 79,183.84 | 22,483. 88 |........ ee eee eee Exursrr ‘T.—Statement of steamship statistics for four months ending October 31, 1908 and 1907. FREIGHT TONNAGE. 1908. 1907. Increase. Decrease. , ae Tonnage| q:: Tonnage! q; Tonnage | q:; Mloanace Ships. carried. Ships. carried. Ships. carried. Ships. carried. SET ay ee Pe CTS ESRI RET ciend Ea ON TI SELLE | STON SS RRR SS ae cae IE [eee Toa LTS TEENENE | LG DEAR SATCHEL DE COLA ATT Seay: | NIB ERP SS Sage eiaas | Eatin eae = «\ Panama Railroad ships: | Cay PATTIVOC se i eee 16} 11,692 9 a2 (EAS AGE | cae eal kU ea ye Sailed 2s see 1d | Oo eRADN I AO Tae ae 7.1 105728 | Chartered passenger ships: : ANTIVERG see Se cte ae oes ee 9 6, 640 13 BO Gl ariel anata ea a 4 » 6,099 Salled@ ee 10 | 20,087 15? 86/8737 Be SS | 5 18,786, Motal 6 49| 61,261 44| 70,957 Bi le | 9,696 Total freight earnings........|. $257,033. 51 | $302 0027, 90 le VO ee , $45, 894. 41 Average rate per ton........- 4,20 AS 2 ean Sots er ea 07 PASSENGERS CARRIED. 1908. : 1907. Increase. Decrease. : Pas- ‘ Pas-. : Pas- . Pas- Ships. | songers. | SPS: | sengers. | SHIPS: | sengers, | SHIPS: | sengers. Panama Railroad ships: ATTIVOC ose ete 16 1,880 9 654 7 LPOG eer ces Bol ee cer Ces Salleqerces 3 ER aca 14 1, 537 le 602 7 OBE eee eran ea ean: Chartered passenger ships: © ; ee ATL VOC erie ene ee 9 1, 729 13 DSO aie | nice wae 4 57 Salled ke a 10 1, 429 15 DOS Oa eer un eee ren 5 957 Ota a een ein ens 49 6, 575 44. 5, 428 5 Dy VA Te oR es oa eae Total passenger earnings... .. $151, 518. 71 $137, 126. 10 $14,392.61 |... .. S08 eee . Average rate per passenger... 23. 04. DOs 20M eee s Mesa cae era $2. 22 O 6lst CoNGRESS DocuMENT eae \ HOUSE OF REPRESENTATIVES ee 60TH ANNUAL REPORT & the BOARD OF DIRECTORS of the PANAMA RAILROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30 1909 JANUARY 13, 1910.—Referred to the Committee on Interstate and Foreign Commerce and ordered to be printed, with illustrations WASHINGTON GOVERNMENT PRINTING OFFICE TOTO. LETTER OF TRANSMITTAL. To the Senate and House of Representatwes: | | I transmit herewith, for the information of the Congress, the sixtieth Annual Report of the Board of Directors of the Panania _ Railroad Company, for the year ended June 30, 1909. , Won. H. Tarr. THe Wnuirkt Houses, a anuary 18, 1910. : ee 3 PANAMA RAILROAD COMPANY. BOARD OF DIRECTORS. GEoRGE W. GOETHALS. Oswatp H. Ernst. H. H. RoussEauv. J.C, 8. BLACKBURN. Morpecal T. Enpicotr. RicnHarp REIp Rogers. H.-C. BoGcs: D. DuB. GAILLARD. © W. L. SrpERt. EE. A. DRAKE. H. F. Hopeszs. | EK. T. Witson. CLARENCE R. EDWARDS. 3 _ OFFICERS. GEORGE W. GOBTHALS, president: 2 ceccsenseee se we ee Culebra. He AcDRAkE “vice-president... a Oe Ce Oe os New York. ELE. Hopess, SECOND WiCE- PTestdent: ok ee Pe a Culebra. Hiram J. SLIFER, assistant to president and general mandger 2 6 Colon. J. A. Surra, superintendent PS oan eee So a a Le Colon. SWEVESTER: DEMING. Uneasunen. @ ee ee New York. T. H. RosssBotrom, assistant to vice-president and SCORCLOTY Se ee New York. JOHN ADAMS, dion New York. jek doe STUNTZ, local Gudilon se eo os es. Colon. ii © BOGGS, general Purchasing OfiCen =. We a New ork. UGENE Ee WILSON, COMMISSONY. i is Cristobal. WENDELL L. Simpson, commissary EY agent Pee ee Bae een New York. ROLAND ALLWORK, inspecting CNGINCEh. Swe eee ee New York. P. G. BAKER, master mechantc.......-.---- See On ee eee Colon. R. Bupp, chief COOMERA e eA ay eae Colon. Heb. BAWDEN, (ermInal StUperInicnaent=i.0 se A New York. PICHARD LUHTDUROGERS, General. COUNSEL... 5.2. 8 oe New York. _ General offices.—No. 24 State street, New York. 4 SIXTIETH ANNUAL REPORT OF BOARD OF DIRECTORS OF PANAMA RAILROAD COMPANY, 1909. PANAMA RAILROAD COMPANY, New York, N. Y., November 10, 1909. To the stockholders of the Panama Rawlroad Company: | I respectfully submit, for your consideration, a report of the com- pany’s financial condition and operations for the twelve months from duly 1, 1908, to’ June 30, 1909. : I call attention to the accompanying exhibits, showing income and profit and loss account, general balance sheet, and statistical tables, which will give you detailed information upon the financial aspects of the company’s business; and, further, to the subjoined reports of op- eration and maintenance of the company’s property. | ©apital stockissue (inchanved!): 2.22. 4 ee Bele os $1; 000; 000. During the fiscal year covered by this report all of the details re- quired to establish the record of the redemption and cancellation of the company’s 44 per cent first-mortgage and 6 per cent subsidy capi- — talization were completed, and at present the company is indebted only for advances made by the United States Government for im- provements and new construction called for to facilitate canal construction operations. The sums heretofore advanced by the United States Government were increased during the current year by $377,331.79; the total of $4,759,596.03 thus established was, however, reduced by payments on August 1, on account of advances for redemption of the company’s. 44 per cent first-mortgage bonds, $100,000, and on June 30 last, on account of advances for new equipment and improvements, $650,000, leaving a total balance due of $4,009,596.03, of which $1,961,378.53 ‘bears interest at 4 per cent per annum and. $2,048,217.50 at 2 per cent per annum. : : 8 The company’s operations for the period covered by this report re- sulted, after meeting the total cost of operation, together with fixed charges aggregating $493,058.11, in net earnings of $1,522,780.45. The net earnings were applied in part, as above stated, to a reduc- tion of our indebtedness to the United States Government, and of the balance, $551,185.68 was applied to new construction, equipment, and improvements. : : Karly in the official year it was deemed advisable to establish the commissary department of the company on the Isthmus upon a sepa- rate basis as to plant, amortization, operation, and revenue results. Maj. EK. T. Wilson was appointed commissary, and the report sub- mitted by him will be found subjoined hereto. During the year Directors Jackson Smith and W. C. Gorgas retired and were succeeded by Maj. EK. Tf. Wilson and Capt. F. C. Boggs. In April the office of second vice-president was reestablished, and Director H. F. Hodges was elected to fill that position on the Isthmus. Respectfully submitted. | : GrorGcE W. GOETHALS, President. 5 6 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. PANAMA RAILROAD COMPANY, New York, N. Y., November 5, 1909. Col. Gzo. W. GoETHALs, President, Panama Railroad Company, New Y ork, Noy: Dear Sir: I beg respectfully to submit hon the financial exhibits and results of the company’s operation for the twelve months from July 1, 1908, to June 30, 1909, with statistical tables and accom- panying explanatory comments thereon, for your consideration in connection with your annual report to. the company’s stockholders. Gross revenue receipts, expenditures, and net earnings for twelve _months ending June 30, 1909, compare, as under, with those of the twelve months ending June 30, 1908: Operating ex- Earnings over ings. ti - Harnings penses. oo eens TO Re EN er aie ops ee ine Oueye Da set te i OR a cae $5,715,517.16 | $38, 699, 678. 60 $2, 015, 838. 56 - DOA re eyes ae ear eres, err ci ea Mee A ue ...--| 5,999,992. 07 4, 469, 507. 71 1,530, 484. 36 HBCTEASE SEE LOOG Sse ates ee ee tae Wa 485, 354. 20 Decrease 1h 909s eo OS ie Se ea 284, 474. 91 169: S29 AAs oes eee ; EARNINGS. RAILROAD. The total earnings of the railroad for the transportation of all kinds of traffic show a decrease of $274,275.94, or 6.04 per cent, under twelve months of previous year. This decrease i in revenue is divided as follows, viz: : Am ount. Per cent. Through commercial freight...........-.- ASSN CG SECA TP ah ai SES OS _ $149, 817.77 10. 45 avai comunerclalireiah ts os es ee oes ee Eee ea 6,591. 84 Ail: Local Isthmian Canal Commission freight... .............-...-2-+-+---- He rect 115, 273. 38 11. 27 MINS CEM aM COUS ZANT Sete ee ee eek te eee a 140, 670. 76 14. 86 RO LOM eerie aee es sre a ee I ch uct eae reue wenn Chen IgE Cosa 412, 353. 75 10. 88 Passenger earnings (including mails, baggage, treasure, and express) increase. 138, 077. 81 18. 36 SNOT CECREQSC ascent Sa he es Pe ai aa ie 274, 275. 94 6. 04 Freight traffic from New York and Gulf op shows following decreases, viz: Tons. Mo Souuh raciie portss . 6.8452... ee ee 9 26 To Central America and Mexico........-.. Be ere ee 7,651 - and the following increases, viz: g Tons Mossan Wramcisco.. 25... 245.. So ee 14, 837 MOPAR AM Acti! Ce ee eso ee ee ie pores Ne ee 2, 594 _ From Europe to corresponding pdints the following decreases are shown, viz: : Tons. To South Pacific ports..... rs CO ee ee ..-- 15, 062 fo CentralsA merica and: Mexico. 9205522. 2 0 8. fs eres ete 8, 728 PLO Daly TaN CISC Ones er Sa Se ee eS ee aaa oe 387 ho Panama oe ee a ORR ete 5, 483 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 7 In the opposite, or northward, direction the following decreases and increases are shown, viz: | Increase. | Decrease. Tons. Tons. South Pacihemorts tO Wuropes: o..6 Soe ee SU uaa oau ne Ae ee ecuieee De AO ie Siero OentralcAmerica and: Mexico TO*MUTOpPCess2h2 0225 i sl enn goatee se ec wce tial erro. 18,690 San Francisco to BUT DCs tee ee ee FL eA EG SI GEES PS NU Toa (MORON nee ae 80 ATVI AGO BUT OW Cars et oe arth aaa ee Gra oa IE eee BRIE Shay eter OU tae rah ss Roe Plo 1 5 ei tc Femara ay 2 30 SOuUuh Pace ports tO NCW. WORK and Gul DOLiSce coe se ss sac eee ce eee ee eons DONASD A sos eeaeans Central America and Mexico to New York and Gulf ports................-..2...---- A DBM ae eee Dan LranCisCOstOouNew. Oli, Gullt DOris CLG. sce ce ere eS ies en cy acts awa ares ae 6, 369 Panama to New York and Gulf OTUS ee rT aN CS et tray eee cee eaten lca | Saeed es es 1,140 The following table shows the freight tonnage carried over the rail- road for twelve months ending June 30, 1909, including company freight, as compared with the twelve months ending June 30, 1908: Twelve months ending June 30. 1 1909: 1908. | Increase.| Decrease. Per cent.| Per cent. Tons carried southbound (to Panama)... 2... 2.5.2.2... 838, 755 S80; 30T ee acs: 4,72 Tons carried northbound (from Panama)................. 321, 549 304, 348 DOO Hees Total south and north bound .................--.- 1,160,304) 1. 184,649 | 2. 06 @ Tons of 2,000 pounds, or 40 cubic feet. The gross earnings per ton moved on the road compare as follows: Twelve months ending June 30. 1909. 1908. Increase. | Decrease. casa a SPU case PSS ee SY DiS eA lel pe a -- Per cent.| Per cent. Southbound. (lo Pandma) ss owe sees oe ee $2.30 ae Ag shee seca 6.12 Northbound (from Panama)............- Aa ase Esau lee shae vies 2.28 De Olea eee 11. 28 Average south and north bound ........--...------ 2.30 DAS Cie ee Sa oe 7.26 Exhibit L, accompanying this report, shows the origin and destina- tion o the freight carried over the railroad. The total revenue freight traffic of the railroad during the twelve months ending June 30, including both merchandise and coal, was 1,120,181 tons, a decrease of 24 1738 tons, or 2.16 per cent. The total revenue derived from this traffic was $2, 571,157.99, a decrease of $271,682.99, or 9.56 per cent. _ In addition to the above traffic, 40,123 tons of company freight, ae aoe of mails and excess baggage, and 2 035 tons of express were aule _ Of the total freight tonnage carried, 72.29 per cent was south- bound and 27.71 per cent northbound. In 1908 the percentages were 74.31 per cent and 25.69 per cent, respectively. The through traffic was 32.86 per cent of the total tonnage handled, as against 35.50 per cent for twelve months ending June 30, 1908. Coal (including company) cm aee 52.63 per cent of ‘the local traffic southbound. 8 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. The following statements show the number of passengers carried and the passenger earnings: : | PASSENGERS CARRIED. Classification. 1909. 1908. Increase. | Decrease. Per cent.| Per cent. HATSt-Class Passeng@ ergy sss eles ss CS ee ees 555, 908 479, 586 HOSOI a Mr oko w eee Second-class passengers. 2 Sek Se ee ee 1, 328, 390 906, 059 46: 6leleewcsccae see Motale eee ee Se i 884,208 | 1,885,645.) 35.901... \ PASSENGER EARNINGS. MITS (Classe PAsSeNersscscen = hoes Sai Ue ote eee ne $317,034.89 |$267, 997.31 LSecOeles stew woe cet Second-class passengers........- SAE we Siace ier oer. rae 352, 898.65 | 258, 849. 55 SOs00) [east cence coe Motel ee ee 669, 933. 54 | 526,846.86 | 27.16 |.....------- AVERAGE RECEIPT PER PASSENGER. ED INTOUE Dee eee es Se OS UR ee ese aioe $3. 97 D4. 042 [5 oS 12. 56 SOCAL Se Searels eae tate cleats ROR. See eae 04 02 SSO a aoe Gees = Second-class passengers: TOUS Hees eee aS Ses See es BOL Fe Ae oe eles 4.35 4, 27 LES (Al Sees oe OC eS ROR SS Pe te ee are sae 26 ice eee ea ae 7.14 The gross revenue from the transportation of passengers was $669,933.54, an increase of $143,086.68, or 27.16 per cent, while the number of passengers carried shows an increase of 498,653, or 35.99 per cent. : | The revenue received from through passengers shows a decrease of © $1,599.88, or 6.07 per cent, and the number of passengers an increase of 232, or 3.94 per cent, as compared with the twelve months ending June 30, 1908. | ae | Local passengers show an increase of $144,686.56 in revenue, or 28.91 per cent, and 498,421 in number carried, or 36.12 per cent. MISCELLANEOUS RAILROAD RECEIPTS. The total receipts of the several accounts grouped together under this heading amounted to $805,977.02, a decrease of $140,670.76, or. 14.86 per cent, as compared with twelve months ending June 30, 1908. The receipts for wharfage at Panama and Balboa and lighterage of cargo in Panama Bay, which are included above, show a decrease of $12,451.61. | STEAMSHIP LINE. The total earnings of the company’s steamship line were $1,448,- 355.31, a decrease of $10,198.97, or 0.70 per cent, as compared with the twelve months ending June 30, 1908. ) | Freight traffic increased 19,578 tons, or 9.79 per cent, and the revenue therefrom shows a decrease of $16,901.02, or 1.95 per cent. Passengers show an increase of 708 in number carried, or 5.12 per cent, and an increase in earnings of $95.51, or 0.03 per cent. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 9 - The increase in revenue from the transportation of mails was $10,964.48, or 5.49 per cent. | Of the total tonnage transported 103,606 tons were carried by the company’s steamers and 116,019 tons by chartered steamers. In the twelve months ending June 30, 1908, the former carried 83,353 tons and the latter 116,694 tons. EXPENDITURES. The operating expenses for the twelve months ending June 30, 1909 and 1908, compare as under: | 1909. 1908. Decrease. Per cent. Railroads a ae ee $2,356, 319.27 | $2,831, 142. 76 16. Steamship dimecec 8 ees eee ee petra aN eer a ete 1,343, 359.33.| 1,688,364. 95 18. OL PTT ee Se eho pee rc Cree oe ae aya 3, 699, 678. 60 4,469,507. 71 17. 22 This table shows a decrease of $769,829.11 in total operating expenses, while there was a decrease in total earnings of $284,474.91. (See pp. 32 and 33.) 3 : | RAILROAD. | 4 Summary of operating statistics. Items. 1909. 1908. Increase. Decrease. | Per cent. Average miles operated.......... 49.73 AQ STS | oa eee pee A eS eee ae ese GYOSS'CATNIN GS. eee se $4, 267,161.85 | $4,541, 487.79 |.....222222-.- $274, 275. 94 6. 04 Operating expenses........0..... $27 G00; 019s 2h ee Sol ADE (Ose fe as $474, 823. 49 lOnie INeGearnings =e. s 7 eee ee $1, 910,842.58 | $1,710,295.03 | $200,547.55 |.............. 11. 73 Per cent expenses to earnings... 55. 22 O2E Sar aay reese oe (el2 11. 42 Gross earnings per mile.......... $85, 806. 59 SOU S21 89 cs Cee eee $5, 515. 30 6. 04 Operating expenses per mile. .... $47, 382. 25 $50; 930; 08cl teen eG ei $9, 547. 83 16. 77 Net earnings per mile............ $38, 424. 34 $34,901 Sit $4 03200805 oe ee 11.73 Earnings per passenger-train mile $6. 09 $0. 33 POS On| seers Te leiees 14. 26. Earnings per freight-train mile... $18.65 $12. 70 BONGO e | Reve eens 7. 48 Amount operating pay rolls..... $1,737, 072.93 |) $2,005; 196. 4387\ eo ee $268, 123. 50 13. 37 Tons per loaded car............. 18. 00 17.31 OS OO eee ese cae 3. 99: AROUSEWOLELT A Mes. See es Fa ts 222.77 205. 22 Tit AGS Sie Siege 8. 55: Locomotive mileage............. 883, 143 LLSOO2ZGe ta ee ee eae 305, 883 25.73 Passenger-train mileage.......... 146, 209 141, 169 5, O40. oe ee 3.57 Freight-train mileage...........- | 188, 297 223s BAN | Sw soiree hee 35, 544 15. 88: Various details of organization and operation on the Isthmus are shown on graphical charts, Exhibits P, Q, R, S, T, and U, submitted herewith. CONDUCTING TRANSPORTATION. The expenses of this department decreased $225,031.41 as com- pared with the last fiscal year, or 17.79 per cent; while the freight tonnage handled shows a decrease of only 24,347 tons, or 2.06 per cent, and the mileage of this tonnage a decrease of 3,988,741 ton- miles, or 8.68 per cent. : 4 Data relating to operations on the Isthmus are supplied by Mr. Hiram J. Slifer general manager. 10 REPORT BOARD DIRECTORS PANAMA RAILROAD* COMPANY. The following statement gives the number of trains handled during the year ending June 30, 1909, and also a comparison between the months of June, 1909 and 1908: Isthmian Canal Commis- | Panama Railroad trains. Rion Haine: : : Grand Direction. ena eeann eee total: Comer Work. | Total. | Special. | Work. | Total. INOLUDDOUNGS eos ee eee aa 3, 666 2,158 | 5,824 20 | 19,1381 | 19,151 | 24,975 MOU UMD O UGE ees Sets 4,052 2,158 | 6,210 27 | 19,182 | 19,159 | 25,369 Total, year ending June 30, 1909... 7,718 4,316 | 12,034 47 | 38,2638 | 38,310 | 50,344 ASVCTAGS DOR GaVeu.s Wt es ee Zio 2 11.8 33.0 0.1; 104.9] 105.0 138.0 - Such 1G0Q. se ee BO aid | opt S71 93,180) 3, 160 iad uTrers1O0S. es kee eer Gat cote 879 154 | 1,033 6| 4,485] 4,491 | 5,524 IDECTEAS Oia sty SE Bes Saas trains. . 339 @ 257 82 DB lels 29641 = esl 1, 383 DOCKCASC ES ka Set ek per cent. . 38.57 | @ 166.88 7.94 83.33 | 28.90 | 28.97 25. 04 Average decrease per day in June, 1909, . OVerJUMe O08 tsk ae eee trains... Tes fa 8.6 2.7 0.17 43.2 43. 4 46. 1 a Denotes increase. The increase in the number of work trains as compared with 1908 is due to the labor train running between Panama and Balboa having been treated as a commercial train in last year’s statistics and as a work train this year. | Notre.—tThe largest number of trains passing through any one block in eight hours was 253 by Miraflores, but as many as 303 train movements have been made in the same period by one point (Miraflores). MAINTENANCE OF EQUIPMENT. The expenses of this department show a decrease of $77,140.76, or. 20.16 per cent. 1 During the year the following additional equipment was received, erected complete, and placed in service: Oal-purnane locomotives. 220 eo ee Se 12 Bom cars: cach 60; 000 spounds: capacity. 15. 3235505 ook 300 modeers ballast.cars, each 100,000 pounds.capacity..:............:.............. 100 MVCMUGehA LON Care: nano Nh hee eee Ce ee ee a a ee ee ae 8 At the shops of the railroad company there have also been erected for the Isthmian Canal Commission: | Western dump cars, each 12 yards capacity........ ee oo eau en ass 20 Coaline cranes. each 20 toms: ... 2.222025. 8. By om a ae ie 6 Coalimoicrames IOitOnsis 2 a ois Oe i a ee 1, Wanthvepreadenst ss ae Ca ee a oc a Or a ay 1 The general policy of equipping the best of our smaller cars with automatic couplers for safer operation in trains was continued, and all the power and equipment now in use is equipped in accordance with the “safety-appliance acts’? which were made applicable to the Canal Zone by. executive order of January 6, 1909. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 1s MAINTENANCE OF WAY AND STRUCTURES. The total expenses have decreased $86,175.36 as compared with the previous year, or 14.88 per cent. | The total trackage in miles June 30, 1909, was: OPERATED LINE. Main line: ! Colon-to Ranamag sete eee ae ee ee ea 47. 27° Balboa Branches scaics Coen Ges ee eer ee ees 2. 46 3 49. 73 Second main line: Meer Hill torCulebracc. io a 26. 95 Pedro, Miguelto: Balboa Junction. 3:.52.2.....2 2 5. 69 32. 64 Atlantic terminal: ) OlON ee ae ees eee RE OU Ci i eee ee ee 5. 16 Cristobalvand Mount Hope.) 5) i 2 eee 25. 02 30. 18 Pacific terminal: AQ Gere ee eG PN aya SG a ey aes areca ed 6. 96 Balboa ores a a Ce ee 6. 19 | ! 13. 15 Intermediate sidinos. etc 22s ee bee a ee 14. 52 ; 140. 22 RELOCATED LINE. Permanentsttacks sc re ee ee ee lees 20. 48 Temporary tracks.) 2) ose a ee eee eos 30. 96. otal under control of the Panama, Ratlroad..).204 2... 2.2.50 a. 191. 66 The activities of this department, which is charged not only with the maintenance of the operated property, but also with the construc- tion of the relocated line, is peculiarly affected by the movement of the commission’s dirt trains, the total ton mileage of which is esti- mated between 180,000,000 and 200,000,000 for the year ending June 30, 1909, and for which no credit is given in the various operating statements submitted herewith. Details of these activities are as follows, viz: 3 OFFICE ENGINEER WORK. The engineering force in the office consisted of an office engineer, five draftsmen, and a blueprint boy. All designing, mapping, index- ing, and caring for records, and all blueprinting, was done in this office for both the operated and relocated line of the railroad, also all mapping for the land department. | On September 238; 1908, the engineering work in connection with land matters was placed under the engineering department, and this work was handled by the office engineer. Three parties were engaged in resurveying and laying out town sites and staking lots for lessees. New surveys have been made and maps platted of all existing town sites on the Panama Railroad lands, 13 in all, as follows: Colon, New Gatun, Bohio, Frijoles, San Pablo, Empire, New Empire, Camacho, Golden Green, New Culebra, West Culebra, Cowpen, and Panama. In order to bring all frog, switch, and track material on the Isth- mus, both Panama Railroad and Isthmian Canal Commission, to the same standard, so that it will be interchangeable, some changes were 2 12 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. “made in these, and some of the turn- out standards have been re- designed. A book of track standards, consisting of 32 sheets, each 12 by 24 inches, has been made. NEW STRUCTURES. During the year 101 authorities for expenditure, covering special work in this department, were issued, and under these, and the A. F. K’s. current at the beginning of the year, $443, 820.68 was expended. TRACK DEPARTMENT. ~ The operated line between Mindi Junction (milepost 4%) and Tiger Hill Gnilepost 94) was abandoned July 9, and operation begun over the relocated line between Mindi Junction and Gatun, and a tempo- rary line between Gatun and Tiger Hill. The exigencies of the work on the relocated line and on the Gatun dam made it necessary to abandon the new line in September, and from the latter date several changes were made in the operated line, as circumstances dictated. On June 15, 1909, a final change was made in the new line, and the old line, consisting of 6.84 miles of main track and 1.45 miles of siding, was abandoned for use of the Isthmian Canal Commission in Gatun lock and dam construction. An additional three-fourths mile of second track was placed in operation between milepost 40} and 40%, in order to facilitate the handling of dirt trains from the canal, near Pedro Miguel lock site. - During the year there have been used in maintenance 15,331 ties, 22,078 cubic yards of gravel, and 4,039 cubic yards of crushed rock ballast. In October the further use of rock ballast was abandoned, as all crushed rock produced was required by the Isthmian Canal Commission. Since that time 10 miles of track south of Paraiso have been reballasted with gravel; 26,441 feet of 90-pound, 56,099 feet of 70-pound, and 7,008 feet of second-hand 70-pound rail has been used ‘in relaying main line and other tracks. The 90-pound rail laid during the year replaced that which had been laid on several sharp curves, 9 to 11°, last year. The latter had only been in the track from twelve to fifteen months. It was Bessemer rail of the usual hard- ness, having a carbon content of 0.45 per cent. The unusually short life of this rail was due to the sharp curves and heavy traffic, 17,500,000 tons of traffic having passed over it. All 90-pound rail ‘laid during the fiscal year is of open-hearth steel, with a 0.75 per cent carbon. Rail renewals have all been made at the expense of the Panama Railroad Company. The second main line between mileposts 10? and 11, across the _ Black Swamp, has been taken up, and a oauntlet track laid over the old roadbed, to avoid danger from settlement of the heavy double- track embankment. The relocated line joins the present, or old line, at Mindi, on the Atlantic end, and at Corozal on the Pacific end. From Colon to Mindi, 44 miles, and from Corozal to Panama, 3 miles, the old line is therefore permanent. This being the case, these old pieces of track have been improved along permanent lines. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 13 The old temporary bridges have been replaced with reenforced con- crete culverts, giving a continuous ballasted roadbed; track has been . relaid with open-hearth steel rail and fully ballasted, and between Corozal and Panama a relocation is being made between mileposts 448 - and 452 which eliminates 210° of curvature and 150 feet of distance. The new line also replaces an 8° curve with one of 4°. At a point 2,000 feet north of Bas Obispo the operated line lies within the canal prism. In order to permit the completion of exca- vation at this point the line is being shifted back into the hills around which it is located, so that it will be outside the canal. The cost is being borne by the Isthmian Canal Commission, and the work is about 75 per cent complete. BRIDGE BUILDING AND DOCK DEPARTMENT, The following bridges have been rebuilt on permanent lines: Length | Bridge : r . : No. Location. Gren: Type of structure. Ls SMEOUMU HELO PCsie ean he iets ees ee Fe Oe a 7’ 9’’ | Rail and concrete box culvert. Qe eeaebs CLO Bees Or Ai Se SS feo ee eas es ee Do. Oe eee i Seca as has Smaps cir Me II ee ree ene ata y Bue De Aye ees CLO PS ea as SAR RU i ty aun evn ace fe 122 Do. Die cee OG Sey Cae Nis ae Se G21 Do. G4Es CORO ZAG SS ieee Selva tee et Movin ea hae Na eae 4’ 4’’ | Concrete box culvert, 2 tracks. O53 Balboa umCtlone ss. sa ee ees 13’ 6’ | Rail and concrete box culvert. Balboa Wy Ces [oe re sea eee a ee ioe a aa 3’ by 4’ _| Concrete box culvert. PRs COs ae Rae ae Gee Ae a Ay At Do. ee Pier 1 has been widened, strengthened, and the uncovered portion roofed, and dock 11 is likewise being widened and lengthened. ‘This work was necessary in connection with handling new steamships ~ Ancon and Cristobal, bringing large cargoes of cement to Isthmus for use of the commission. The 4,000-barrel oil tank at Mount Hope has been completed and connected by a 6-inch pipe line with the machine shops and cold storage. A steel tank of 1,200 barrels capacity for supplying fuel oil to locomotives has been built at Fox River, and two 100-barrel supply tanks for the cold-storage and Cristobal power plants have been built at Camp Bierd. A floating pile driver with 65-foot leads and mounted on a steel hull consisting of two old French barges has been built. In addition to the regular maintenance, some improvements and additions to the cold-storage and bakery plants at Cristobal were made. These covered additions to cold-storage space, additional ice- making capacity, moving and consolidation of Colon electric-light — plant to the cold-storage building at Cristobal, and the construction of the two new Duhrkop ovens in the bakery. A municipal stable with 256 stalls was built on E street. Consid- erable filling and construction of driveways was necessary in this connection. : In order to facilitate the handling of passenger traffic, and to in- crease the revenue therefrom, a new station has been built at Highth _and Front streets, Colon. This will take the place of both the Colon and Cristobal stations, consolidating the passenger business at one }O1i tic ¢ pn 1ei 1g i] c expense of Cristobal agency. The building 14 REPORT BOARD DIRECTORS PANAMA RAILROAD: COMPANY. is 20 by 440 feet, built of concrete blocks. The train shed is 20 by 720 feet, of steel and galvanized iron, and the inclosed concrete platform is 1,140 feet long. The station is about 90 per cent complete. In August borings were begun on the site of proposed dock 12, to determine the character of foundations. The result of the investiga- tion indicates that it is entirely feasible to construct a dock along _ permanent lines, and preliminary plans have been drawn, under which bids will be asked for the construction of the substructure. In the meantime, work has begun on necessary filling for construction of tracks to serve the dock. The necessity for additional quarters for white employees in Colon led to very heavy expenditures during the year for the construction of new quarters, and for the repair and remodeling of old buildings. Including those incomplete at the close of the last fiscal year, there were 36 A.l’.E’s. issued to cover this work. Twenty-nine thousand five hundred and ninety-one cubic yards of sand were loaded at Panama beach, and used for locomotives and miscellaneous construction work, by both the Panama Railroad and Isthmian Canal Commission. Highty-six thousand four hundred and seven cubic yards of gravel were loaded at Gorgona and used for making concrete on the relocated line and in ballasting the old line. CONSTRUCTION OF THE RELOCATED LINE. At the beginning of the fiscal year, the final location had not been definitely decided upon—a distance of 20 miles between Gatun and San Pablo. The first location made in this section skirted along the east border of Gatun Lake, following around the west end of several ridges that are in general direction perpendicular to the line. It had been decided to abandon the old crossing of the Gatun Valley, between Gatun and Tiger Hill, if a line could be found that would give a better bottom for building the necessary high embankments and at the same time not introduce too much distance and curvature. Surveys were made along the Bohio, Agua Salud, and Baldo Espino Ridges, referred to above, seeking low saddles through which a loca- tion could be made. Such saddles were found and the location made was approved early in June. The Gatun River crossing on this approved location is about 4 miles upstream from the first location. The operated line can later be shortened 5 miles by building a 4-mile freight cut-off from Mount Hope to a point on the Gatun Ridge, about 4 miles east of Gatun, and by so doing, eliminating the pusher grade (1.25 per cent) from Mindi to Gatun. The extra expense of handling two freight trains each way per day, if capitalized, would — pay for building the suggested cut-off line. Except this pusher grade, the maximum grade, both northward and southward, on the new line will be 0.45 per cent compensated for. curvature at the rate of 0.04 per cent per degree. : : | The completed line as being constructed will be 46.2 miles long, 1 mile shorter than the present line. The maximum curvature will be 6°; there will be six of such curves. | The main divisions of the construction work during the year have | been as follows: ) 2 1. Work in vicinity of Gatun. 2. Grading in vicinity of Gatun River crossing. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 15 3. Work in vicinity of Frijoles. ! a 4. Completing the gap between Gamboa and Caimeto and working — from Caimeto northward. 5. Miraflores tunnel, and grading in that vicinity. WORK IN VICINITY OF GATUN. At a point about 800 feet south of the Gatun station there is a large embankment which carries the railroad across a valley 1,600 feet wide, which joins the main Gatun Valley at this point.- Seven hundred feet of the embankment is from 80 to 85 feet high, and the permanent relocated line occupies the center of this embankment. Along the west side is the temporary connection track, known as the , pusher grade, or 14 percent line, which leads from the relocated line at Gatun station (elevation 95 feet above sea level) to the old line at Tiger Hill (elevation 22 feet). The valley which this embankment crosses will eventually be an arm of Gatun Lake. During fiscal year 1907-8 considerable difficulty was experienced with this fill on account of slides, and it was necessary during the past year to widen out the base, making the side slopes very flat. As finally completed, June 15, 1909, the top width of the fill was 40 — feet and the side slopes about 6.1 on the west and 3.1 on the east. Five hundred and twenty-eight thousand cubic yards of filling was placed, somewhat more than twice the amount required for an ordi- nary fill of the same length and height. : : | Fifteen hundred feet south of the high Gatun fill the line turns. sharply to the east and follows along the south side of the ridge, which extends from Gatun dam and forms the rim of Gatun Lake. The line follows this ridge for about 4 miles, where it makes another sharp turn, this time to the south, and crosses the Quebrancha, Quebrada Baja, and Gatun valleys, which converge into one between there and where the original relocation crossed between Gatun and Tiger Hill. The south slope of said ridge is more or less cut up by gullies, and numerous ridges extend out between those gullies. The method of construction has been to build as much as possible by benching into the side hill and casting over with steam shovels, driv- ing pile trestles across the intervening cullies. A permanent depot was built at Gatun. It consists of a 2-story concrete block house 37 by 67 feet, containing on the first floor the ticket and telegraph office and rooms for baggage and freight and on the second floor 6-room family quarters for the agent. ‘There is a covered concrete platform or waiting room 37 by 132 feet. The work was started in December and completed in April. : WORK IN VICINITY OF GATUN RIVER CROSSING. | The relocated line crosses the Gatun River at a point about 4 miles east of the old line of the railroad and very close to the east boundary of the Canal Zone. A camp was opened near this crossing in Feb- ruary, 1909, to accommodate the engineer party, construction super- visor, foreman, and about 100 men. A clearing gang of Panamanian natives living in the vicinity was organized, and about 4 miles of right of way were cleared. About 100 men worked at erading during the last three months of the fiscal year, and prepared over a mile of ® 16 REPORT BOARD DIRECTORS PAN AMA RAILROAD COMPANY. roadbed. The camp has been served with provisions, tools, cold storage, and miscellaneous supplies entirely by native canoes from > the operated main line to the camp, a distance of 7 miles via Gatun River. | WORK IN VICINITY OF FRIJOLES. In order to get work started as far Hon Awana. from the completed section north of Gamboa as possible, a connection track a little over a mile long was built from the old station of Frijoles up the Frijolito | River Valley till it reaches the relocated line. Permanent track has reached a point 3 miles north of this junction and about a mile south of the Bohio Ridge. The cuts have been excavated for a mile in advance of the track, and track will advance as rapidly as a track pile driver can build temporary trestles across the numerous streams. There remain at the close of the fiscal year 8 miles of such track to be laid from the north end of the work at Frijoles to the south end of the work at Gatun. A little over 1 mile of that distance is already graded south of the Gatun River crossing. About 24 miles will have to be built by first driving pile trestles. The remainder is to be built by taking out the cuts by hand ahead of the pile driver and driving trestles across the intervening gullies. WORK ON THE CAIMETO SECTION. Caimeto is 5 miles north of Gamboa and 5 miles south of Frijoles. At the close of the fiscal year, June 30, 1908, the north end of the track from Gamboa was about a mile from Caimeto. During the present fiscal year trestle was driven across a 4,000-foot valley, which made up the greater part of this mile. Track was laid through the intervening cut, which was taken out by hand. Excavated material has been hauled by the Isthmian Canal Commission from the Culebra cut across the Gamboa Bridge, and this trestle, as well as all of the other large trestles, lying immediately north of Gamboa for a dis- tance of 6 miles have been filled. At the same time work has been carried on northward from Caimeto toward Frijoles, and there remains a gap of about a mile between the north end of track on that section and the south end of track on the Frijoles section. MIRAFLORES TUNNEL, At the beginning of the fiscal year, excavation of the tunnel bore had been practically completed and temporary timber lining had been placed through nearly the entire length. The north 400 _ feet of the tunnel passes through solid rock and the south slope. of that rock hes at an angle of about 45°. The excavation of the south portal of the tunnel so disturbed the equilibrium of the earth which forms the south side of the Miraflores Ridge, which the tunnel Pan that during the months, of July and August the entire side ill, involving about 200,000 cubic yards of material, began moving southward along the axis ‘of the tunnel and also slightly eastward, at an angle of about 60° from the direction of its axis. This carried. the earth section of the tunnel with it and literally twisted the tunnel to pieces. The timbering in the earth section, 200 feet long, collapsed in September: The rock section, 421 feet at ‘the north end, was not REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 17 affected and was lined with concrete during September, October, and — November. Work was discontinued in the earth section until the beginning of the dry season, January 1, when the tunnel was again opened up on the original center line and grade, and was completed ain April, 1909. BRIDGES AND CULVERTS. On the completed line there will be two steel bridges carried on reenforced concrete piers and abutments. One of them, spanning the -Chagres River where it enters Gatun Lake at Gamboa, was built during the fiscal year ending June 30, 1908. The other will be a Bascule bridge at the Gatun River. All of the other rivers and streams will be carried by culverts below sub-grade, so there will be a continuous ballasted roadbed. ‘Three types of concrete culverts are used: Reenforced concrete arches, reenforced boxes, and vitrified pipe culverts. Gravel concrete has been used almost exclusively during the fiscal year. 3 | LABOR. Three systems of labor have been used: 1. Construction by the railroad company’s own labor forces. 2. An outright contract at a fixed price per cubic yard. 38. What is known as task work. The outright contract is of the usual form, except that the railroad company furnishes tools, Decauville cars and track, and the con- tractor supplies labor and supervision only. ‘The inaccessibility of the work makes it impracticable to do contracting on a large scale. Task work has developed unsuspected working ability in the West Indian laborer. He is paid for each Decauville carload of material (about one-third cubic yard) moved. Engineers of the company give stakes and direct the work. The railroad company furnishes Decau- ville cars and rails and picks and shovels. No classification of mate- rial is made, as the company does all of the blasting necessary to get rock into small pieces to be handled by one or two men. A number of negroes cooperate, some doing digging and loading and some dumping and spreading. They work hard and steadily until their “task” isdone. The company requires that at least 15 cars be loaded by each man for his day’s work. The work is thus advanced more — rapidly than if the men were allowed to determine the length of their own task, and the equipment furnished by the company is kept © more constantly in use. — MATERIAL STORES DEPARTMENT. The consolidation of the storekeeper’s material at one convenient point has brought about its economies and resulted in reducing the pay roll expense for the year $9,685.54, or 15.23 per cent. : During the year we have changed our method of distributing sup- plies by sending over the line once each month several special apply cars, which not only increase the efficiency of the department, but also allow it to gather. up monthly the surplus supplies which may have accumulated at various points. es Hi. Doe.929, b1-2 2 18 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. The business for the fiscal year as compared with twelve months ending June 30, 1908, is as follows: Items. Material on hand July 1...........-: Material received by New York pur- CHaSCS Se see Ue eer one Material purchased from Isthmian Se Canal COMMISSMON sees cet se koe Material received from shop work... . Material total Gebitescs. 22 on Was Material distributed -.....-....--.-.. Invoices:handledss fase FS Ss IPBYyaTOL Sass ek or OTHER OXpPeENnSeS 82s ss ks es ‘Per cent store expenses to total busi- NESS See ee eae 1909. $312, 553. 69 $1, 160, 146. 10 $193, 391. 82 $112, 758. 23 $1, 958, 897. 04 $1, 646, 343. 35 15, 714 $53, 927. 48 $12, 904. 69 4.1 | 1908. Bs $403, 061. 72 $1,315, 700. 01 $342, 547. 56 | $110, 571.82 $2, 030, 325. 99 $1, 627, 264. 27 16, 385 $63, 613. 02 $14, 836. 47 4.8 | Increase. Decrease. Per cent. $90, 508. 03 $155, 553. 91 1 $9, 685. 54 70 22. 46 11.82 43.54 1.98 3. 52 teed 4.10 15. 23 13. 02 14. 58° LAND DEPARTMENT. Karly during the fiscal year it was decided to consolidate this de- partment with the general manager’s office, believing that a closer touch with the details of leasing lands was necessary, and also for economical reasons in connection with the operation of the depart- ment. This change dispensed with the services of all collectors in the field, and now all rentals are paid direct to our agents, and the amount due for back rentals has been materially reduced. Thirteen new vil- lage plots were prepared, as shown by engineering department’s re- port, and new records were established. The leasing of lands is being automatically and methodically handled by three clerks. _ The general policy of issuing leases at nominal cost for ecclesiastical, charitable, educational, and other public institutions, is continued, and there are 49 such lots divided as follows: Churches, 32; schools, 10; parks, 3; fire stations, 2; miscellaneous, 2. Leases outstanding at end of fiscal year June 30, 1909. ; Annual Location. Leases. Lots. {4 mar tal Colont es. oo. sce. CRUE ao toes Mace ata oe ph a ye ee Lo mere Mane ees 612 649 | $53,679. 96 MOlkesetilvier. S63 o ce ee ae 39 49 1, 152. 40 RESUME eye Se ees ae OEE he Saas omen Rae Ce en a ue 125. 147 3,751. 00 ES OW Ones a rey ie en a a Se ea eee nee ee ope tae 11 11 142. 92 AEP TF OOS eset vias Ve ace ele com TR eames ge Semen ai 36 36 227.40 SHTTR POET Ostet oe aver ie epee aon NOS ee ed ee Oy men SOME ec ac 322 327 9,942. 40 MO UTC Lr ae aa Se Nears ica ae Gin eee ee aN 279 282 6, 541. 04 RAMA erro ee org es eee ese een eas age ees RU See Ci 354 369 8,791.32 DCAUCCTIM De ees eet erie rekon uae rae pie oes ne ae ae aera 52 a2 660. 00 Moat ce 6 eR ee eee ee ie hte 1,922 | 84,888. 44 On June 30, 1908, the outstanding back rentals amounted to $2,828.65. On February 28, 1909, these amounted to $6,579.25. On June 30, 1909, they had been reduced to $1,061.60. : y TELEGRAPH AND TELEPHONE DEPARTMENT. The pay rolls of the consolidated department, as compared with the former organization, show a reduction of $3,487.70, or 3.19 per cent. The Balboa electric plant was transferred to the Isthmian Canal Commission July 1, 1908. The electric plant formerly operated on REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 19 the Colon Beach was consolidated with the commissary plant at Cristobal and turned over to the subsistence officer October 1, 1908. The electrical department was consolidated with the telegraph and telephone department October 1, 1908, thus bringing about certain. economies, as the only electrical work which we now have is the maintenance of electrical cranes at Balboa and electric lights in the company’s various properties. The railroad company continues to maintain the pole lines in Mount Hope, Cristobal, and Colon, but negotiations are being considered by which these will be turned over to the commission when the current is supplied, as it will be, from the plant at Gatun. The activities due to the construction of the canal and relocated railroad call for continual changes in telephone and telegraph pole lines, wire, and instruments, and also-in interlocking switches and sionals. In addition to this maintenance, a large numberof additions and improvements were made in telegraph, telephone, signal, electric light, and power installation. New switchbaards for telephones were thrown into service as fol- lows: : : Tele- Location. | Number. phones. Ge cate ees is ee eC a aa ae eat have GSE Atay Ue Sani ce salir teres 1 140 GOrmOnm aes eo Ae ee a oe ae ae ee no eae nt enna eee 1 100 GUTS ae Se a oa a Oe UT CATE SNE rg ey Uae are eer ante seu aned erie 1 140 WO RO Zeal eee eB IS ee pee eee reir Shee, wena eneae eee ae ain peg ve nasi tea corse ea h Bae Nera nL ena ae Re ea 1 140 PAT COT ser eee ARB Aaa ye nied aetay ae aCe A Re uC agi prin haem ECO) 1 140 Private switchboards for interior service were installed in seven different offices. : | Some idea of the physical work required of this department can be had from the following comparative statement, showing in detail changes that have been required: | | In service : In service Items. July 1, 1908. Installed. Removed. June 30, 1909. a ne ent | reese cence ees ee cones reentry || face eee ess ee reese ef eee eee nena ne Melephones = i 926 288 102 1,112 Pole line, telegraph and telephone......-miles-- 65 BOC cose eee es 115 OROSS QT Sse eee ie ns a Re eee ea 8, 289 4,500 _ 1,500 11, 289 OPenswirese es 6 Selene See ees as miles. . 1,761 dil 397 1, 875 BVWaresin Cables ess ce coe aes Rin enirec rane Oro 443 218 65 596: Hnsmlatedawinesns: Sere eG ee {OCH Me es. ec AQ O00 Meese terete. 40,000 . Umderhancino brackets ese oes tok ac as ee | Eg a O20 cise Senet s ae 926 Cross-anm braces2ss ee ae beneuie a ns eens 12,578 990 442 13, 126 Orosssarm Pineiro ae sea ane 69, 000 14, 064 9,878 73, 186 UMS a tONS sees ees es ae a ee Sas 65, 442 | 8,594 | - 3, 490 70,546 © Mansparembielasse csc suc coe ee ee a 2,500 | 178 38 2, 640 Mainsexehan cess costes See eer 11 6 6 11 Branchvexchances: sbi oe oe ee 3 6 2 7 Mercury ane rectitiers:..22 80s boca 2 Balhoe sc sare eee 5 Motor generators... 22.2. esac erases Nae 3 | : Lose hese 4° Charoine panelsee 2025 Bo ee ee ee | 1 Tee Re ane 8 Pole changers. ...- Bie eis gM ee ah Seer aS 4 Gn Sao eee nee 10 Stordce: battertes. 2.222.092 a Beis Nisan oe 118 ODE Gait eee eae 170 Melearaph OMicese sss a ee ee 41 10 14 37 HeGtiG ClOGkGy ee ee a ea 21 5 5 21 Ca lespORGS eee ee ee Sea 35 40 10 65 Cameron ring construction.............-- feet. ee ee D2 Gl Ge ae ee 52,610 Imberlockeinoys sear cs a Oe es eters 4. 5 3 a O Signal levers.....- RNG AE pt ee gE 77 55 39 93 Switch leverseeew ee a ee 10 17 8 19 WOCK1OVeIS oso oo oe . 3 13 3 13 20 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. In service _ In service Items. July 1, 1908. Installed. Removed. June 30, 1909, PATELOIMO DIG SLOTIALS aie uy esas ony CSR etna tee 4 4 4 4 2-lever Ramapo switch and signals stands......|..........-... 10 + 6 Single-lever Slemal Stands. <0 sk oe So ests a Rs As Raat as CON is Lei PTR Ss OP ATISS yey pe Se Pa Cage a EE TU ee eSeuce saree 11 DSWILCH=POIM Us Gerallshsars cies wn h ON ee ARE Oe eae ES pean eke 1 Swacehsan dirossderailse sce wks ee ea ae anaes 1 : SLOT est fab aa rare Poleselectricdiehite pics Sac ~ 930 40 610 360 Ensilatedswares sss ose eee ce miles... 55 5 33 27 (DraNSTORIMELS es yee ue ere Se as en cnn 100 4 89 15 PASE ORIBITI SEE one ce Ce Mae IS Sas 8 10 5 13 INORMST lamp S eS See eis Sie is aa aA a are ant see 250 - 45 70 225 8-candlepower carbon lamps...............-- os 318 50 252 116 16-candlepower carbon lamps............--..+.- 9,577 320 5, 785 4,112 25-candlepower carbon lamps--..............24- QA eee Mae ans | ete aca SUR 94 32-candlepower carbon lamps:-.......22......2- 80 143 o7 166 SUITES Gola U Sian en ere SMe ok L2G en ies aaa : [28s |e Re ater AQEWalLUbUmMOS TMU AIM PSeie sess Soe Se ae eee eee Sy oer at a Si Ail Sorke Gessner 814 1OOswatushunesten damn Sica Ses oes eae eee GAR Re ees 34 HME CERI GHAMST aS eee ois 7 ei a als d sang ee RT| ache NEMS ea BE eae 7 ETC CUPICISLO VES a eae re ee ee eee ae pee [Galera eoste ices ic [ mites Beene 7 A=ton onawCleGtric Cranes ss .6 [52k Sg Rea ee ai ec CNet | cao eet aby 8 3-ton French electric cranes............ jaan Qo eee Seeger Rens mae ane 6 19=ton PE rench electric: eranesic 2 o22 ka Se area ESS ke EN SGRen inset 1 - 3-ton Wellman-Seaver-Morgan........5........- Ar |R ess SU eh attest Sei etter cite age 4 CASHIER’S DEPARTMENT. Comparative statements of cash receipts and disbursements for fiscal years ending June 30, 1908 and 1909, are herewith submitted: Item. . 1909. 1908. Decrease. Cash receipts 5-20 2 Soe ee Sack Sa rage eg eae OE $16, 345, 792.47 | $26, 282,579. 87 $9, 936, 787. 40 CASTS UTSOIMCTIES Sees ee ete Rae ee oe eer ae 16, 256,295.05 | 26,064, 788.39 9, 808, 493. 34 Of the amount of cash handled during the past fiscal year $5,312,163.77 was secured by drafts upon the New York office. HOTELS AND BACHELOR QUARTERS. Owing to the fact that 99 per cent of the patrons of the Washington Hotel were employees of the railroad, it was deemed advisable by the president to transfer its operation from the commission to the railroad when the buildings and plant were remodeled in connection with other improvements that. were made to employees’ quarters. This department now provides accommodations for 236 bachelor employees divided between the Washington, Lincoln, McKinley, and Bennington houses at Colon and miscellaneous quarters at Panama. Since July 20, 1908, when the Washington House was transferred, 101,227 meals were furnished. , | AUDITOR’ S DEPARTMENT. Many of the economies that have been accomplished during the past year are the outcome of a reorganization in this department whereby all heads of other departments are promptly and continually kept informed concerning their expenditures, so that careful cost analysis can always be supplied and studied. | REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. GENERAL MANAGER'S OFFICER. 21 . ¢ The supervision of the company’s interests on the Isthmus is re- flected by the fact that while the general expenses on the Isthmus (including pay roll of land department) have increased $22,422.93, or 19.02 per cent, the gross expenses have been reduced $474,823.49, or 16.77 per cent. PORT BUSINESS. Comparative statement of vessels arriving and aggregate cargoes handled at Isthmian ports during fiscal years ended June 30, 1909 and 1908. Vessels. Tonnage. Decrease. Received. Port and kind of freight. : z oe This Last | Decrease. year. year. Per No. | coat, | 1008. | 1908. cent. | Tons Per cent. Colon and Cristobal: | Tons. Tons. ; COS nee pas grey 66 Gh 11 14.29 | 337,200 | 380,792 43, 592 11. 45 Other freight. eae 987 942 @45 | @4.78 | 483,375 | 451,158 | @32,222| @7.14 SO Uell see Geir toe oe 1, 053 1,019 a34 | a3.34 | 820,575 | 831,945 11,370 1.37 Panama and Balboa....... ae 181 9| 4.97 | 156,898| 183,430| 26,682 | 14.46 Tonnage. Dispatched. Total tons. Port and kind of freight. i | Decrease. | Decrease. 1909. 1908. Ls 1909. 1908. | er Per Tons. cent. | Tons cent. Colon and Cristobal: Tons Tons | Tons: Fons. OGL ee Ss eesti a een oar a Se as eS ae Ma ene ne cohen Oe Vt ee 337,200 | 380,792 43, 592 11. 45 Othentreigits ss) 157,293 | 152,684 |@4,609 | @3.02 | 640,668 | 603,837 | 436,831 a 6.10 ) ARON Ifa Les Aine os CoRCIaN ae 157,293 | 152,684 |@4,609 | @3.02 | 977,868 | 984,629 6, 761 . 69 Panama and Balbva....... 183,029 | 204,188 | 21,159 | 10.36 | 339,927 | 387,618 47, 691 12.30 a Denotes increase. Fuel consumption and sales. 1909. | Per cent. In- -| De- ee 1908. | crease. | crease. tae De Coal. Oil. | Total erease. | crease. : Tons. Tons. Tons. Tons. Tons. | Tons. | Tons. | Tons. Panama Railroad road engines.| 16,188 | 4,518 20, 706 2D (AG ees ce 2 OLD) eee ee 6 800k Panama Railroad switch en- SINGS eh e ere ren ae ene ay T2008) |e se es 7, 208 SS Ar eee ao O1 Genie: 11.98 Panama Railroad other pur- DOSCSE ee see a 2 ROA PE AOS 1 20478 nye 080-1 21 O4b ears ves TASS hee Panama Railroad steamship 3 MNCS eae ee ae ee a GiOiia lie eee. 6, 017 5, 581 ABGnl psa core (28M | oyoeere Miscellaneous steamship lines..| 48,682 |........ 48, 682 41 Odeo T1585 | ees FD Ae Sia Miscellaneous. 9. ue 2 O82 0s eee ne 9, 820 LO; O88. Sees DES see eae 2. 66 Isthmian Canal Commission....| 260,270 194 | 260,464 | 262,375 |...-..-- Le Olan -13 MOLARS ie coe a | 857125 116,200.) 378,375 | 368,081.) (6,040 i LST ee eae 22 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. During the fiscal year fuel oil was used for various purposes, con- suming 2,730,000 gallons, which when transposed to coal would amount to 16,250 tons. STEAMSHIP LINE. In view of the depression which prevailed during the year in all lines of commercial business, and especially in maritime circles, the result of operations of the company’s steamship line for the fiscal year may be regarded as satisfactory. ? The earnings amounted to $1,448,355.31, a decrease of $10,198.97, or 0.70 per cent, as compared with the previous year, while operating expenses decreased $295,005.62, or 18.01 per cent. Of that reduction $90,299.06 was due to lessened charter-hire expenses. The net earnings for the year ended June 30, 1909, were $104,995.98, as against a loss for the previous year of $179,810.67, a total gain of $284 806.65. oo That result was accomplished while operating on the lowest com- etitive basis of rates for all classes of transportation that has ever een made effective between the United States and the Isthmus of Panama, and attention is respectfully called to the resulting effect upon the cost of canal construction and to the paramount benefit that accrues to the United States Government through owning and oper- ating a well-equipped steamship line with which to guard against high rates during the progress of that work. Further, there was a reduction of sailings from a five to a six day _ schedule in December last, made necessary by an accident to the 5.5. Finance, that vessel having proved a total loss as the result of a collision with the 8S. S. Georgzc in the Bay of New York on November 26, 1908. Responsibility for the accident is in process of deter- mination by the admiralty courts. In view of all the circumstances it is confidently expected that full value will be recovered from the owners of the colliding 8S. 8. Georgie. © ay The repairs to 8. S. Colon, referred to in the report of last year, - were completed and similar repairs effected on 8S. S. Panama. Both are subsequently to be equipped, at the expense of the commission, with enlarged refrigerating space in order to take over cold-storage traffic heretofore diverted, for want of such space, to the vessels of the Royal Mail Steam Packet Company. During the month of September, 1908, shortly after S. S. Colon had been restored to the line, she encountered at sea a hurricane of excep- tional force, when her total loss was threatened, but she was able to reach port with damages costing $38,000 to repair, which outlay the company expects to recover out of the fund set aside by congressional — enactment to cover such risks. | : Availing of a congressional appropriation made for the purpose, two 12,000-ton vessels, viz, S. 5. Shawmut and Tremont, were pur- chased by the Government for operation in Panama Railroad Steam- ship Line in transporting cement to the Isthmus for account of the Isthmian Canal Commission. They were renamed Ancon and Cris- tobal, respectively. Repairs necessary to adapt them to that service were made under this company’s supervision, and Cristobal sailed June 25 on a preliminary voyage. Both vessels have since made | monthly trips as a part of the company’s itinerary. | REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 93 Their facilities for passengers, mails, and miscellaneous shipments, in addition to their cement cargoes, have been availed of to the mate- rial advantage of the commission’s and railroad company’s services. The carriage of cement will extend over a period of years, and it is expected that, when in full swing, a cost for transportation by these vessels will be established as low, if not lower, than has been offered by others of American registry. Under the conditions of purchase of cement by the commission, delivery is to be made at the terminals, in Hoboken and Jersey City,,. of the Delaware, Lackawanna and Western Railroad Company and of the Central Railroad of New Jersey. : When not engaged in loading at those points, the above-mentioned ships will be berthed at Twelfth street, Hoboken (two blocks south of the Fourteenth street ferry of the Delaware, Lackawanna and Western Railroad Company), at a new partly shedded pier erected b the American Warehouse and Trading Company, equipped ul tracks, car puller, scales, uplands, warehouse, and office accommoda- tions, hired by this company at $1,250 per month, under a lease which will expire in February, 1911, simultaneously with the com- pany’s lease of its pier 67, North River. © | : The “favorable proposition’’ mentioned in this connection in the annual report of last year refers to an offer by the American Ware- house and Trading Company to construct, at the above-mentioned location, and lease to this company on favorable terms, a terminal adequate to all of its requirements and, in addition, to accommodate any of the vessels of the United States army or navy transport serv- ices that may require temporary berthing not otherwise regularly provided for in New York Harbor. _ The plan contemplates the erection of at least two large shedded, pay double-decked piers, with the most modern appliances for andling all classes of cargo and with slips alongside to accommodate four to six ships simultaneously, together with upland and warehouse facilities, including a spur track of the Hoboken Shore Line, which directly connects with all the railroad lines on the Jersey shore run- ning into the interior of the country. _ Plans and details of the proposition, in course of preparation, will be. submitted to the board of directors at an early date for their action. GENERAL REMARKS. By availing of the services of the technologic branch of the United States Geological Survey this company was enabled to standardize its specifications for fuel and, by other changes in contract advantageous to the company, fuel for the company’s steamships has been bought at exceptionally low prices and of practically uniform quality. Incidentally, the same method was applied to the large annual pur- chase for this year of 400,000 tons of coal for use on the Isthmus, with like results. | The completion of the Tehuantepec and Guatemalan railways has — brought those transcontinental highways into active competition with the Panama route. The opening of the port of Salina Cruz, the Pacific terminal of the Tehuantepec Railway, situated some 1,200 miles nearer the United States than Panama, has resulted, through close traffic relations established between the Tehuantepec Railway %4 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. and a powerful American steamship line, in diverting from the Panama route a large proportion of its “‘coastwise”’ traffic. oe _. In order to meet this competition, minimum rates have been made effective by this company in connection with its cocarriers on the Pacific. ‘The resulting business was unremunerative to the interests concerned and a formal notice was received from the Pacific Mail Steamship Company terminating the working arrangement effective since the abrogation by the United States Government of the con- tract. of 1902. | Negotiations to establish a basis for a continuance of relations with said steamship company or, failing that, for the establishment of a line to replace it in connection with this company are in progress; but meanwhile the low rates are of necessity maintained in order to retain a proper share of business in competition with the various transcontinental routes to the north of the Isthmus of Panama. It is of interest to note, in an up-to-date study of the effect of canal construction upon the railroad’s status as a commercial carrier, that 64.70 per cent of total freight earnings was received from commercial . sources, as against 35.30 per cent derived from Canal Commission traffic, which latter, nevertheless, constituted, in tons, 53.23 per cent of the total revenue freight tonnage handled both ways across the road, as shown by Exhibits S and T, attached. oe Because of the failure, through inability or unwillingness, to com- ply with all of the requirements of regular through billing in connec- tion with the Panama Railroad Company, the arrangement hereto- fore effective with the Kosmos Line in that regard was terminated in the month of May, and has not since been renewed. The relocation of the railroad, to meet the changes necessitated by canal’ construction, has progressed rapidly under mutually satis- factory terms and conditions. The details of the work are elaborately set forth in the report of the general manager. Under an agreement effected in May, 1909, all of the telecraph and telephone equipment of the Isthmian Canal Commission on the Isthmus was turned over to the Panama Railroad Company, to maintain and operate in conjunction with its own plant, on the basis - a lump sum charged monthly to the commission for services ren- ered. : Respectfully submitted. K. A. Drake, Vice-President: PANAMA RAILROAD COMPANY, _ Commissary DEPARTMENT, Cristobal, Canal Zone, August 4, 1909. Lieut. Col. Gro. W. GorrHats, President Panama Railroad Company, | | Culebra, Canal Zone. Siz: I have the honor to submit herewith annual report of the a of the commissary department for the fiscal year ending une 30, 1909. | | Increased demands made upon us during the year made it neces- sary to construct a more commodious building at Gatun. It was also necessary to provide additional space in our bakery and additional REPORT BO ARD DIRECTORS PANAMA REO COMPANY. 25 refrigerator space in our cold-storage plant, which ail be referred to hereaiter. Seasonable fruits and vegetables have eh provided in large quantities during that portion of the year when they could be pro- cured in shipping condition in the United States. The constant increase in our sales would indicate that the em- loyees are being well served and are taking advantage of the privi- fs eges allowed them through this department; that the end for which the department was created, of providing wholesome food and other necessaries of life, has been obtained; and that the department is contributing to the comfort and economical living of the men em- ployed by the interests it serves. Below is given results of the operation of the manufacturing plants for the year: | BAKERY. Improvements.—Two thousand five hundred square feet of floor space added. All motors permanently wired. Installed: One attach- ment for Thompson molding machine, 1 dough divider for making rolls, 2 roll molding machines, 2 Duhrkop continuous baking ovens with a capacity of 800 loaves per hour. With the latter we are able to supply Vienna, French, and other bottom-baked bread that pro- vides a change from the pan bread, the only bread that we were able to supply with the Reel oven. Product.—There were consumed during the year 16,832 barrels of flour, from which was produced the following: BiCad 2 eae Gy ae ey Ae as ee ea ae EURO se nia loaves.. 4, 992,778 ROS ee ee ee Sees eh ee ee 615, 782 Caley ue oa Cee A Oe ee ee ee pounds.. 185, 279 Pies et hoes ee ee ae a et Oe eee 129, 414 Value of the product was $249,276.73. LAUNDRY. Improvements. Ail motorsand irons permanently wired. Installed: One shirt press, 1 cui! press, 3 hydraulic presses, 1 collar and cuff iron, | collar shaper, 1 seam dampener, 1 sewing machine. Equipment has enabled the plant to turn out work rapidly in modern finish and to the satisfaction of employees served. : Product.—Number of pieces handled during the year was 2,476,292; average number of employees served monthly, 5,675; value of prod- uct, $85,595.27. COFFEE. Improvements.—All motors permanently wired. | Product.—Consumed during the year, 203,587 pounds green notes Value of product, $50,165.40. ICE PLANT. 7 Improvements. 2 motors permanently wired ; capacity ol plant, 72 tons per day. | Product.—Twenty-six thousand one hundred and pekig tye tons; value of no $164,861.27. 96 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. ICE CREAM. Improvements.—All motors permanently wired. Installed: Three motors and one power churn. Capacity of plant, 500 gallons per day. Product—Amount produced during the year, 61 214 callons; value of product, $44,723.62. POWER PLANT. During the year this plant was enlarged by an extension to the power room, allowing for additional floor space of 1,567 square feet, to provide for the installation of two electric units, each consisting of 110-horsepower single-acting Westinghouse engines, belt connected to 60-kilowatt separate exciter alternating current generators. These units were formerly operated by the electrical department of the company. ‘There were also moved to this room two 120-horsepower Ideal engines direct connected to 100-kilowatt direct current genera- tors, and one motor generator that occupied a floor space in the compressor room that will be required for a 1,300-ton ammonia com- pressor that has been provided for and will be installed during the current year, being necessary to take care of increased refrigeration — space that is under construction and which is referred to under - “cold-storage plant.” _ There were installed during the year three 150-horsepower Aten droth & Root water-tube type boilers, being necessary to furnish sufficient power to operate additional plant installed. Roof venti- lators were built and ventilators around stacks provided. In con- nection with the engine room there was built a small shop 22 by 57 feet, providing space for blacksmith and repair =nOD, carpenter and electrical shop, and tool room. All the plant was permanently wired and ahead changes made to provide for new units. COLD-STORAGE PLANT. _ The heavy increase in demands made upon this department made /it necessary to convert one of the coolers into a freezing room pro- viding 10,893 cubic feet of freezing space, to take care of lamb, mut- ton, veal, pork, and other meats requiring a low temperature, and. also to take care of increased quantities of beef required. The loading arrangement provides only for three cars, making it necessary to load four cars in the open, which causes more or less deterioration to refrigerated goods on account of exposure to the atmosphere. We are not provided oie any cooling space in which to store smoked and pickled meats. To overcome this condition, an extension to the loading corridor 21 feet by 1386 feet 5 inches was planned and ‘is now under construction. This will provide a space where refrig- erated goods may be loaded into cars at a low temperature and will also provide a space for the storage of smoked and pickled meats. Owing to the increased quantities of meats to be stored, plans have - been completed to convert the present ice storage room into a meat storage, and a new ice storage room has been provided for. Conveyor machinery that will lessen une cost of handling ice has - been considered. | REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. oT Below is a classified statement of merchandise imported during the fiscal year. The figures quoted are for cost, insurance, and freight _ paid on the dock at Colon, Cristobal, or La Boca. | (GTOCCTICS se a aes oe ie wee ae eo ete genta eee $1, 028, 658. 22 ard Ware sts sess eee eee Se 62, 122. 17 Dry. coodsiand shoes. use oe Se cee ee ee 609, 403. 64 Cold-storage goods, including meats, fruits, vegetables, dairy prod- UCTS CUC arg re ere Sarin cups eis use icicle is ein mag an res 1, 311, 381. 61 Murmurs. oe 14, 313. 09 ObaCGCOS, Class eles ee oe es es eae 146, 744. O1 Raw material tor manuiacturmo: plants. 2222.22.22 6 229, 333. 32 3, 386, 906. 06 The , followtie | is a list showing the quantities of the following food products imported during the year: GROCERIES. COCOR SSG et ee ee ee pounds 126, 468 ACE BS Ch as See Oe Ss a oe er Ae ee do 64, 400 Salmon Ses Ce i Oe se ee ee ee eae do 222, 192 Preserved fruit in sirup in tins. .-.-.- Se ee a ee done: 439, 003 Jams, jellies, and preserves in glass and tins. ........-.--.--.--.-- do. 7. 1032586 Meats: canmeda sores se hi eae mm as ee Sa ee 20.2 437, 842 Milk, evaporated and condensed......-.......-.-- OO ICN do.... 1,576, 880 Tomatoes Wins So. 2 5 ee ee ee ee do.. 006, 080 Rorkeand: beans imtins.22 253 ee ee do 53, 388 iPeas.and= beans 1 tins 2.254. 08 o ee ee do 340, 234 ar ee ee ee Ces aoe a Ae ee do.... 488, 360 Other vecetables:instinse 2.2.2.2. ee dosss2 = 7ATA, 192 Godtish: <0) See ee ee ee es eee Ree ee 20082 295.4120 TOUT Oe ee ee do.... 4, 809, 124 MEATS AND DAIRY PRODUCTS Preshsmea thc. ee ee ..--pounds.. 5, 167, 627 Cured and ‘pickled meats.......- SG ce a a eet aie ac ee do... 2 963, 633) Eggs. . Se oe ee ee a ee i es dozen.. 434, 442 Bute pounds.. 319, 911 Poultty 226g. ee ee dor. 2 399) 562 Hresh nail) ocean eee gallons. - 34, 080 Fresh cream........- Oe et ae ee dog. 950 FRESH VEGETABLES . : Wihite potatoes: =< 42-220. Cs ee pounds... 4, 822, 062 Onions) S225) 2 ee ee GOs 22 2 O27 ONG ERUTDD Sts eee eo ie ee ee ea eee do... 105,977 IBCCth se Se doc = 36, 738 Oarrotss 2 a a ee do 70, 571 Cabbaces2 2c. eee ae a ee do 672, 483 VIN eee do... A427, 978 Sweet potatoes: = 22.522. 2.28. a ee do.2.< 1,306,825 Other veg etables, dias celery, tomatoes, squash, and other northern seasonable vegetables. . Be oe oe a ee ee ge pounds.. 326, 504 FRESH FRUITS. | Apples! on SS ee ea ee ee pounds 422,473 Orances: 5.0 t ee ee dozen 86, 315 WbeMONS Heese ee ee dos. 29, 650 Cantaloupes: 232) 6 22 oe 32, 145 Weatermelons 7) 32. 22055 6 a ee 10, 844 Reaches eek eos 8S ee ee ey ae pounds 30, 921 Pears oe ee 0 26, 269 Plums. Oe ee eee dost=: 4,025 Grapes e252 ee ee do:= 57, 838 Grapemruite. (32.5) o ee a dozen. . 9, 106 Limes.....-. OP PI Se ICs a ree See es dos: 5, 169 Otherinuliss 2) eas pounds. . 18, 290 28 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. The following statement shows stock on hand, goods received, sales, and issues to departments during the fiscal year, viz: Scock on hand June 30,1908)... $782, 735. 95 otal stock received: =... 5s ee a a 3, 636, 225. 87 GES Gas Oni oa Sales and issues to departments: Sales to Isthmian Canal Commission................ 1, 653, 169. 04 Sales to others'torcash® 2 254, 747. 69 Sales, toobhers forcoupons:.- 4 eo 2. 437, 374, 21 Issued to departments of the railroad and used in Operation of the commissary. ..60 263. 207, 586. 11 Issued to Panama Railroad Steamship Line......... 7, 069. 54 Condemned and damaged coods:.. 2. 6) 8.2 52, 940. 84 _ | —__—_— 4,613, 387. 43 ene Ol sales and issues *per:month.* {030 2 ee. 384, 448. 95 ptock on hand June 30,1909). 2282 ae i as 810, 696. 94 Respectfully, : KuGcENE T. WILSON, Subsistence Officer. EXHIBITS. PANAMA RAILROAD COMPANY, ? ACCOUNTING DEPARTMENT, New York, N. Y., November 3, 1909. Dear Sir.—l herewith submit statements of income account, a balance sheet, aa tables showing results of operations for the fiscal year ended June 30, 1909, as ollows: Exhibit A. Income account and profit and loss account, Exhibit B. General balance sheet. _ Exhibit C. Earnings and expenses. Exhibit D. Operating expenses of railroad. Exhibit EK. Operating expenses of steamship line. Exhibit F. Expenditures for improvements and construction. Exhibit G. Equipment and plant replacement accounts. Exhibit H. Classified railroad earnings, tonnage, and peeve Colon to Panama and Panama to Colon. Exhibit I. Railroad freight statistics. Exhibit J. Railroad passenger statistics. Exhibit K. Railroad general statistics. Exhibit L. Railroad freight tonnage handled. Exhibit M. Steamship line statistics. Exhibit N. Locomotive and car equipment. _ Exhibit O. Floating equipment. _ Exhibit P. Chart showing organization. Exhibit Q. Chart showing comparative ton miles, Isthmian expenses, and pay rolls, Exhibit R. Chart showing total revenue received. Exhibit 8. Chart showing revenue received from freight handled. Exhibit T. Chart showing tons of freight handled. Exhibit U. Chart showing operating expenses by departments. In December next the following tables, showing the results of operations for the four months ended October 31, 1909, will be prepared and published as a oe to _ this annual report, viz: Exhibit V. Income account and profit and loss account. Exhibit W. General balance sheet. Exhibit X. Earnings and expenses. Exhibit Y. Classified railroad earnings, tonnage, and passengers, Colon to Panama, and Panama to Colon. e Exhibit Z. Steamship line statistics. Yours, respectfully, : JoHN Apams, Audttor. Mr. KE. A. Draxs, Vice-President Panama Railroad Company, New York, N. Y. ip REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 29 Exurpir A.—Income account and profit and loss account for the year ended June 30, 1909. INCOME ACCOUNT. Railroad: GYOSS Carnes tTOmM OPERA tlOM 6 ser oe ce ee eee ee se Bees $4, 267, 161. 85 Operating expenses an sce acl aie eet a ee ne ie aces atari 2, 856, 319. 27 Net earnings 1rom: Operatioies stots oo Ween cs aloe: NS REL eat $1, 910, 842. 58 Steamship line: Gross earnings from operation...........- Eel cies inte os tn nanan cate ae Aa era co 1, 448, 355. 31 Operating expenses sce tice. ee eee Pt odie la rae ce area crane ae 1, 343, 359. 33 INetiGarnings irony OperaiOMe cet etks soma rte eae Lea BATS ear eae eee 104, 995. 98 2,015, 838. 56 Add income from— Imtberest On SeCuritles OWNEG so22 has Soe a eta Ae 1,080. 00 Intereshandexchaneer sees Go hai ieee ee aa oene me Semone 22,159.76 we 23, 239. 76 2, 039, 078. 32 Less: Interest on loan from United States Government for redemption of first- madKoynifeys heey of0) OVO Ksleasena ses) Gas pat once Au a [ole Dem anen ene a MAR a Repa a ale pt vat apy 51,413.77 Fund for repayment of loan from United States Government for redemp- TOMO NTS ts OLUSAC CO OLGS meee acces ota, Bi ee rena are ree Ci ret ae 100, 000. 00 Concessionary subsidy to United States Government under treaty.......- 250, 000. 00 Tnitenes om Oasis oo esa en AG ee arora nee mio ae 93, 368. 42 nental op docks and machine ShOpSssi22 seen a es eae ot 21,515. 68 —_—_——— 516,297.87 Net income tor Gwelvesmontns ee ae. sce es ee Ratt ene eC aici dtu 1,522,780. 45 PROFIT AND LOSS ACCOUNT. | ; By balance to credit of profit and loss, June 30, 1908.....................-. eee eee 7, 349, 151.35 Surplus from income account for twelve months ending June 30, 1909052 es 1,522, 780. 45 _ First payment in reduction of loan from United States Government for redemption of AES TAINOTGRAS EDOM AS. we ce see apie ee ee rename ee Cente wah Cees here Galina y 100, 000. 00 Unsettled accounts written off and adjustments....-...... SEALS ANS eel seen ee ELIE es 317.55 8, 972, 249. 35 Less: Value of supplies sent to Kingston, Jamaica, for earthquake sufferers......... $7, 278. 05 Difference between cost of six lighters and amount received for them upon — transier to jhe dsthmian Canal: Commissions. 2222.52.52 ese cele. se 1, 854. 45 Book value (less depreciation) of ice plants at Colon abandoned and torn down. 15, 753. 35 Additional expenses in connection with redemption of first-mortgage bonds. .. i 500. 00 26, 386. 35 By balance to credit of profit and loss, June 30, 1909 ........... SRE OMe eee cease 8, 945, 863.00 ~ -Exurerr B.—Balance sheet June 30, 1909. Cost of road; realestate; and:equipment: 2.2 2. = 222. 2 oe $16, 201, 460. 19 Improvement and construction accounts................-.-.-.-- Loses Floating equipment: Canes Allianca, Finance,and Advance $989, 342. 89 Add: : Balance of cost of rebuilding S. S. 6, 434. 74 ATA CAL ie ares ie encaus Wine e etc Duplicate electric plants, refrigerat- ing plants, and fresh-water systems S. S. Advance and Finance....... 11, 201. 36 1, 006, 978.99 Less: : Book value of S. S. Finance, sunk November 26, 1908. ............-. 244, 265. 37 SS $762, 713. 62 IPSS ANG Mi Ghterses eee Nee oe ne es oe 290, 943. 80 otal COSt-Ol Property.) cee Se Re eo ama Current assets: Cash in banks and with agents......_.. gin amet RSs, Coal-and: supplies onphandin 2 aes ce ss es Due from connecting companies............-......-- Due from United States Government: Isthmian Canal Commission .....-. $1, 189, 014. 72 Post-Office Department........... 72, 978. 02 Navy: Depantmento222 22a s2c5s se 14, 280. 23 1, 055, 357. 86 1, 277, 917. 91 283, 539. 61 1, 276, 272. 97 Due from companies and individuals.............-..- 125, 808. 56 Miscellaneoustaccoumts sock os a os 363, 315. 87 General average disbursements. ....-..2-.s.--:...--. 4,976. 49 206, 317. 72 1, 053, 657. 42 17, 461, 435. 38 4, 387, 189. 27 21, 848, 624. 60 Catia StOCKe Reece ser es Sas ase gs Oe Oe ees SUE, Capital liabilities: Due to United States Government: For cash appropriated through Isthmian Canal Commission for new equipment and improve- $2, 611, 378. 53 Less cash repaid June 30, 1909... . 650, 000. 00 —___—_—_ $1, 961, 378. 53 For cash appropriated under the act of Congress, approved March 4,1907, ‘‘to pay the four and one- half per centum first-mortgage bonds of the Panama Rail Road Company October 1, 1907’’...... Less cash repaid Treasurer of the United’ Statese 2.3. ssi: 2, 148, 217. 50 100, 000. 00. ee 2048, 217-50 Total capital stock and capital liabilities.....................- | Fund for repayment of loan from United States Government for redemp- HOM OF MISt=mMOrteageWOnGS2 es eke eee ee ee ee (| Current liabilities: Due to United States Government: Concessionary subsidy accrued. . . $31, 250. 00 Interest accrued on loan for re- demption of first-mortgage bonds 12, 801. 36 44, 051. 36 isthmus draits not presented: =<. 2. 2. *-. -51; 314. 09 Rote OR ee Oe et rr Baye 30. 00 Audited vouchers and pay rolls. - 822 1, 011, 217. 08 Due to connecting lines......_- Gane LEC OG Oh nee tenn 57, 389. 85 MiscellancoussacCCOUNtS aie si eae i} Coupons not presented Balance to-cereditotpromt-and: lOSSes ie a Equipment and plant-replacement funds -:.--....2...2-2 222.2222 ee: ; WT alde Wide CSes sss ce wes sae nS ee 3, 789. 36 $7, 000, 000. 00 4, 009, 596. 03 11, 009, 596. 03 91, 666. 66 573, 961. 50 1, 227, 537. 41° 8, 945, 863. 00 21, 848, 624. 60 ‘ANVdIW00 GVOUTIVE VINNVNVd SYOLOMYIG GUvOd LOATH REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. a1 Exutsir 0.—Statement of earnings and expenses for the years ending June 30, 1909 and &. Earnings. 1909. Colon to Panama: Charter of steamlerss.ss522 5. sec ee 144, 410. 63 1, 348, 359. 33 3, 699, 678. 60 Total steamship expenses...........- Grand total expenses VOLS Wt oes ae Oe ee ee $1, 880, 966. 06 IRASSON PCTS 2 cee ere see ee aie 343, 368. 39 MSS a eae ee are ne Pee C eae 114, 655. 65 Hi xtTabaclalOaas stesso ese. occ c aoe es 21, 143. 80 (rOASUTO ss see os ee a a es ees 8, 139. 24 HE XPLESS cede eee eee Seca wr nee eae 11,839. 91 ROUGE ea ts SUES eee ter rear 2,380, 113. 05 Panama, to Colon: TOO ee Sees ee See eiaiorare 690, 191. 93 Passengers: ...-. ao taints tenie oS ck meaner os 326, 560. 15 MESS Ge srg re Ge ia aaron ise seiecree 9,905. 15 HW xtra; DASealew tees ee eee ae eee cee 18, 492. 05 TEPCASUIG He ite sere ee eee eae a 14, 130. 47 TEX PLOSS sos. Se eects eesti oe scaitrare 21, 787. 03 Mota ee Caer Need Sie 1,081, 071. 78 Miscellaneous: igh terage tests se eee ey Sales 56, 623. 70 Water supplied shipping.........:-.-.- 28, 607. 85 Rental Ofplopelu yes: wee a 81, 103. 44 Wharfage and light ies Bt alea samen 86, 225. 00 Wharfage—Panama and Balboa.....-.- 255, 302. 63 Cranaceearmings, 522 Geen eet ce eee 69, 656. 56 Storage and freight handling..........- 57,101. 73 Melepraplecsne aye eee a eee 6, 380. 64 SiwitChii eee ie ee ee eee 16, 998. 55 Miscellaneous earnings, other sources. - - 147, 976. 92 OVA ee OS eee PS eee ares thom es 805, 977. 02 TNotal-railroad earnings. 2.2 2-222... 2 4,267,161. 85 Steamship lines: HROLOT Gaia sc ceeeoee etiees Mae nese one 848, 356. 54 IPASSCNROIS ctr a eee ee ee eens 360, 907. 50 IME TNS ae oie els nS BE oe aes 210, 697. 34 HbA WAS SACO naa oe ae one. Seer 2,732, 22 ERTCOSUTC one SERS es eee ears Nears eae 13, 846. 14 Wiinesandeli (UOTSsescese5e cece ae eee SO 198573 MiscellaneouSics: es ess oe oe 2,621. 84 MODS a Ae OBS RS Eee Cs 1, 448, 355. 31 Grand total earnings: 02.22 ce: 5, 715, 517. 16 Railroad operating expenses: . . General expenses, New York.......-... 70, 334. O01 General expenses, Isthmus......-...--- 140, 298. 83 Conducting transportation.........---- 1,039, 669. 44 Maintenance of equipment........-.--- - £305,531. 38 Maintenance of way and structures..... 492,912. 60 ISHTCLASC NSS Se ee Oo nee a 152,725. 71 - Docks and wharves, maintenance...... 43, 875. 20 Real-estate expenses. e222. ti. ee 28, 413. 75 Loading and discharging vessels.....--- 82, 558. 35 Potal-railroaG expenses-c2.2 22 —--. 2 22. 2, 356, 319. 27 Steamship line: General expenses, New Vouk Bin era uta ene 22, 917. 07 General expenses, Isthmus............. 45, 976. 23 SlLeamMen Expenseseo. ces selec eee ce 966, 133. 33 Agency expenses. ......-..2.- cere aE 163, 922. 07 1908. Increase. Decrease. $2 O90 UAT oe a ee $214, 155. 07 269, 314. 76 $74;'008:, 63 las sae e ae 112,177. 78 DQ AT(ST i eae eee 20, 163252 |e eo eee ee. 5, 019. 72 14 OV O280 ale eee ae 6, 831. 61 11, 049. 36 190259 3s aoe as 2EO293 1 Oe ADH ieee ee moe 148, 684. 35 TA THAQ: SD |code ee ie 57, 527. 92 257, 532. 10 693038;.05 sa ese aes ee 9, 870. 62 S4508 lee eae 18, 448. 17 ASP SS stitie tae ae TD O09 2H O28 ee Bae ees 961. 55 17, 334. 85 4 ADS sess ee 1,065, 992. 61 LG s. O79 CR Tes epee re aera 41, 864. 61 T4:7590 O05 ue es Gee BU; OL2VSS cteraa cee ey eee 8, 305. 03 57, 519. 70 29} 080% (A Macau re sts L799 7208 ates eee se 31,372. 20 2821 D182 G0 leew oe eos oe eee 27, 210. 70 L218 20) Saas See 52, 173. 28 LG; 399 20b8 fics Bese 59, 298. 22 5, 091. 15 2895 4908) ev Sees De AOR TOs lek vices Seven angers 4, 431. 20 145, 489. 37 2, AST; Deo oes aes 9465647218 |i 8 sees ose ee 140, 670. 76 A OAL ABT 19 oeees ee Oe 274, 275. 94 8695207, 00) |oucis cance ee 16, 901. 02 360, 811. 99 Ob. Dd eke eae 199, 732. 86 10; 964.48 Atte se ees 2, 261. 44 AON Bea ees neal BY a7 Oe Pecunia eet 5, 273. 56 Qi STO 44. | Sue Genie eee 185.71 1,991. 29 680552 ee ars os eee 1,458; bd4e28 esate soca 10, 198. 97 5, 999, 992. 07 OS ee ee oN cate 284, 474. 91 60, 379. 20 9: 054 Silt ate 117, 875. 90 ZO ALD OB a Mes Sia uan L264: 7008858 eee eae ee 225,031. 41 382; O( 2214S ee oe ee 77, 140. 76 O19 087962 abe aes 86, 175. 36 101, 698. 16 SL OZ DO soo Seca VAD 23416 [2c ore ae ieee 68, 358. 96 21, 256. 10 (5 AOL, Om oS ane eee TOU 288220 Fees ieee ae 108, 679. 94 2, 831, 142. 76 ata be eae eae, 474, 823. 49 19, 563. 45 3; 008; O2 ils ca see oe eee 38, 414. 32 7; SOLOS lice e eres TTS 7 QAQE OS eee tes ee ee 221, 815. 70 157, 728. 46 GelOBE OL: eu eee ZO4 100; GO| carsite acca eta 90, 299. 06 1,638; 364595 eos oe oo oo one 295, 005. 62 Ay AGO BOT (lin sccccscroremictce ste e ute 769, 829. 11 45 82. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Hien C. Statement of earnings and expenses for the years ending June 80, 1909 and i 908—Continued. SUMMARY. Earnings. 1909. 1908. Increase. Decrease. Railroad earnings: Colon tosPanania see: see Oe $2: 880911305") $2;628; (97 A0e see ee kes $148, 684. 35 Ranamia to; Colonyye oo soos een e 1,081, 071. 78 1, 065, 992. 61 DLO OVO nM le cere as MuscellaneOusie cesses ss oes 805, 977. 02 DAG G4 Ouiee sete sae 140, 670. 76 Total railroad earnings bicue hel wake ow 4, 267,161. 85 ANDAT AS (19 ee soot ok cee 274, 275. 94 Total railroad expenses...2........-.. 2,356, 319. 27 2. 831, TAZ OSs esa ties 474, 823. 49 INCU CArNIN gsi oo eee te eae 1, 910, 842. 58 1, 710, 295. 03 200; Sa7Sb0" Stee eee Per cent of expenses to earnings...._:.. 55. 22 G2E BAS ess ce hs cerca 7.12 Steamship line: : Brae Motalearmingg. ssa ee oe eee oe, 1, 448, 355. 31 TADS DOs 28 Gl oan wos nena 10, 198. 97 MOGHeRPCNSES. ie as oe Sues Poets 1, 348, 359. 33 T6385 004,902 Sac Sac os 295, 005. 62 Netearmingse os ee 104,995.98 | «179,810. 67 DRA 806865 || ses ee Per cent of expenses to earnings........ 92. 75 IAS SRY eee Ses Sere te 19. 58 Grand totalicarmings. oc: os oss Dello OLA LO D999 0902S 0%e eek Soe ones 284, 474. 91 Grand total expenses............-.... 3, 699, 678. 60 A AGO SSO (eileen osas oes 769, 829, 11 otal: Met Carmi OS: shes See 2, 015, 838. 56 1, 530, 484. 36 485, 354.20 |... 2222.2. Per cent of expenses to earnings i Sane Se 64. 73° HAAG wis ered oe ae 9. 76 a Deficit. Poe D.—Statement of operating expenses of railroad for the years ending June 30, 1909 and 1908. 1909. 1908. General expenses, New York: ; Advertising— Holdersiand posters: 2s. 20s 22 so pe cialis erect in egal eee aes See aye $107. 38 $94. 87 Goer ere ee eee Ia ee et Re Raa Re A eas Se ge ENE SiS 221.77 381. 72 Clerks ssa anieSOle ues sea ues oe sic mec ne rae ore is oes nya cae 28, 676. 19 27, 416. 96 Directors ang’ COMM TLOCSIEES isn: oc oe amet ee a ce eter Capa inies (oreo ant oysiooe Gysies (ses men aie General offices— epairssand rent: Obes ek Sacco ose eee Uae ete eee ee leet 6, 029. 06 4,679. 95 OEP EXP CSCS se ee ee ope Ser ear eee eet 4,068. 16 3, 278. 02 ANGIdentals see eee eee Pepe See at ele a eae ee Me ee ee 9, 057. 21 4,333. 27 Wecal. SenvVACes aNGhOXPCNSOS oc ons ee eee eee eee ee eee 706. 59 90. 19 Ofiicerssalaries Otc so oc Sisson aces eal ce eels cen eee Tete cee es saci 18, 735. 21 17, 164. 86 SLAaMOneLy. aNGspUNtING ees eee ose ne eee ee ema cece ais ae 2, 224. 20 2, 336. 55 Hbelegrams and: Cablesz esos. co. she oe eee a aan Paine eae aera 508. 24 602. 81 ALOT AS eae eos eee Chica See ec ARES Tle ies ae Wea tok Sees sia 70, 334. O1 60, 379. 20 General expenses, Isthmus: ‘ BATU GI DISTT ee eee ek sie Tees DOR SEIS a sere rer tha eRe ates 45. 83 3. 76 Clerks and arbendantsAsalaries: Ola six cae sige eh Oe a Ae ce 82, 819. 61 75, 018. 64 WaT COT ATIIS resis es aN Ss oe re eect ee ie eeu ity ieee ose 704. 65 1, 706. 59 Hospital service......... PUR Fairer ps rate a ge naa Sr Nan Sepa etter eh ae Pore eae Sava etal tee UU i eke a ee aver pene eee ITICLC OM Pal Stee sents eee ees ais eee eran Oe URE eis SO UNE Se age ects 7, 149. 27 7, 218. 24 esalroxpenseSc. 2.22 2s es Beara Geese ees he tere eda mere ie ea eee 1, 093. 19 155. 81 IMGSCOLIATRCOUIS exe cies ois eee ee ea os Ue see ioe et hres ancieicl ater 19, 484. 54 11, 621. 56 OMMCOLS SALARIES ODS apres eek as AS ee ee Oe es ae 16, 948. 41 13,079. 20 Oftice expenses andisup ples cece ae es ee ence eee 5, 4538. 55 4,579. 94 SLAONMery; aNGepriniiNnOvews woke oe is oe ye ee a Eee fees sre 6, 049. 78 4,497.16 SP OTUs eck rte crt CN Sy EN eA ORS AUN Ree can Mec een acces 140, 298. 83 117, 875. 90 Conducting transportation: aes PGW ONGISING ee coe meee aan eee See che ui es tie Cie areal Meee eure 9. 50 87. 40 @leaning wleckse es. oa Wan ais iss ee i i os See ee eee LOST Gs 2217.44: HNISINCOrS AICTE OM rte sen se ea ee 2) SES ears net rnd ates 82, 764. 24 104, 559. 26 HirielefOnsLOCOMOULVES Serta a aes See ee es SO eas peur ieee 73, 305. 74 108, 762. 69 Freight agent and clerks— , COLO ae ee eh aan ares Ue ab eta as earaa ie 51, 587. 51 48,947. 56 Ranamavand Dalboaeeis ws coc cce se ke Ce yee 43,705. 89 41,411. 22 UUM CSlOsPCLSONS ee ere eee se wae ie he Sue lero e oa aee 6, 334. 82 1, 098. 74 TINCT CLGINGAIS eee ay eee eS Tei ee LU Gee Arar Sia s are 2, 780. 17 1,681. 88 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 33 EXuisrr D.—Statement of operating expenses of railroad for the years ending Je 30; 1909 and 1908—Continued. Conducting transportation—Continued. Labor— penne Colon:Stanlon- 22 ie eee ee PE orci gus nore a eae Panama station and Balboa. Bare Mc cee ee eee eee a ee ner Oil-tallow.:and: Wast@vss 28 2 a6 oe oases oe es ee eae Other supplies for locomotives Bae es eee se ee eee FOUN G HOUSE AMOI ee a ia a eae Superinsendence: and: clerks! 2245052 yee oo ee Switchmen, yardmen, and yard watchmen..... eee e PaaS: Station agents, clerks, and laborers..........- ec ack te os Boe Station SUpPplleS:andcexpenseSaa. 3 oo sec se ee ee Stationery. ands printin oes = ee fee see ee ee Train conductors, baggagemen, flagmen, and brakemen.....-..--..----.- Train supplies and CXPENSES..----- +2222 eee eee eee eect ee aoe MelegraphsexPenses 3s eee oe ee a ee ee ee eee Wailer SUP phy: f0r 1GCOMOULVCS: se... aoe RentOl Dull dinGs Clee terre ee a eer ee eee ete rarer nicer Loss and damage, freight: and DACCACC eee ore eae eee aes Oupsid@:acenclesia is ee ee ee eet ae CL eer ees Signals and interlocking plant...........2..2...----.- See ee te Maintenance of equipment: = Weight Carsprepallsral dren ewes Ole carga esr ee =sINSULANCO sie sos eee a ee ae on ee Hea Locomotives, repairs-and renewals Of. <3. ees ris Passenger cars, repairs and renewals of...........---..--.. eee eee Superintendence and:-clerks=s25 26 ce a ee - Stationery and printing........-. ene a ie Se er sense OPC XP CTISCS 55a a es ee re ee Shop machinery and tools, repairs and renewals of................--..-- WOLk Cars; repainscan d2rene wals:Olasas en eee Maintenance of way and structures: Bridges and culverts, repairs and renewals of.. ae Pe Ee ee General offices, repairs and renewals Ole ee ee sineidentals 22s ss Sa a ee ee ee Machinery and tools, repairs and renewals Of 2. ae se Ralls; renewal ofscn = oo es ee oe ee eee eae oe ‘Roadway LCE TEAC LOANS 0 fara eee oe ne ee ee ‘Road crossings, sions and cattle guards, repairs and renewals of..-.-...: Superintendence AMGEC ORG ee ee es ee Switches and trogs renewals Ofsa= =. ee ee eee Spikes and rail fastenings, Lene wals:0 ss oe ee Station buildings, repairs ndenowalsot = = ee Shop buildings, water and fuel stations, repairs and renewals Of. Stationery and printing Bec ee a oleae ES ae Ore meee aye ee Section houses, tool houses, etc. , repairs and renewals of....:..........-. Ties, renewals Qe ee Se eee Telegraph, TOPAITS aNd TONE WHS Ole Sos ee ed Weeds, brush, PEASS ee = : Filling fire zone and vicinity of old terminal, Colon sos O9L S226. = Corswuching team track and roadway to dock: No 4 <=; 068279 a 3, 160. OL ~ 1,246, 891. 56 LESS - . Credits (on property sold and adjustments in construction ace _ Sold to the Isthmian Canal Commision Blectric-light plant,Balboa-. 3... 2... 2-2 . $156, 682. 20 Ancon electric light Plante ee 5, 033. 19 Block offices and interlocking plants.....-..-..------- 4,808.19 __+. Machinery and appliances......-...-.---.-. Sie e Tecan 2,394. 50 ~ Sold to outside parties— ° a Se eae ——_—_—_——— 168,918.08 Buildings and machinery ..-..-.---.----------+--+------ SS asoo en eoos 13, 000. 00 Adjustments in construction accounts— E : Locomotive and car equipment.......--.-...------ -... $68,124. 83 fo Buildings.and other structures See eee ee AT Gone eo ee ee ees Sidings AnGsyVardsecc< 82 ose eee ae eee ae 12, 035. 63 Biontine equipment.) 222s = a ee ees BOLL Se, Machinery. and appliances..-----..-...-+---------++--- 132.965— <3 : ya ee —_—_—_—_——. 136, 456.01 =e eS —___———— 318,374.09 Grand total 2s eee ee eee pr eee ee OZO Le Sk REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 37 Exuisir G.—Equipment and plant replacement accounts, June 80, 1909. —weny Amount. Total. Locomotive and car equipment: 7A DO RECAT Car a ie ee Pea ay epoch eet a EEE ea aa ei eiee ere are $7, 080. 00 Beal Cars 2 ee ee Urge ee ee eee aie eee 570. 00 PD OR PLOSS: CALS aes seas oi aes ene rm wae oon ee ceo ere f 624. 00 ee : oe poe eas $8, 274. 00 Book value.'| Rate. Period. Amount. Floating equipment: -Per ct. ie ee eo ee 8. eoA OMCs eee $518, 865. 87 62s 7 months ees| see ee 44, 103. 60 ‘06, Binance--2. 921, 410.39 |..--- 6 | 18 months..-.| $19,926.90 |.. — DO epee ae eee 240, 171. 93 6 | 4months.... 4, 803. 44 DOSS ee ee 244, 265. 37 6 | 18 months...| 15,877. 27 5 eee A607 61 S| SeAd vance. 221, 186. 30 6 | 17 months...| 18,800.82 DO see se eee 222,928. 22° 6 |-1 month... 1,114. 64 Os ee 240, 221.97 6 | 13 months...| 15,614. 42 DOR See one 243, 847.75 6 | 11 months...| 18,411.63 ee ASS OF oi Tug Bolivat-...2:.. 70,001.78 | Prior Jan. 1, 1906....| 10,755.12 : DO eee eee -| - 10,001.78 10 | 42 months...| 24,500.61 | eee ——————-| 35, 255.73 | dhe Cristo bale sac = cote 57, 942. 53 10g eee. 0 eee eee 20, 279. 87 : Lighters at Panama ee 162,999. 49 102eeo Oe ee ee 57, 049. 81 246, 238-18 Blanks re wea At Cristobal— A Bee ee 424,286.84 |...-.. =e 2OsMODbNSass eae ee 270, 454. 66 Bak CRy ost an os 37, COD OTe ae OR Ao |e eee ee 25, 768. 96 WAMU Cys oe ee AN 694s OD eee ee COs ie ee 19, 218. 29 Coal unloader......... 97, T5OSOD See HAMONGNSsele ee 4,007. 46 hans 319, 449. 37 | | | 573, 961.50 j Exutpir H.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for the years ending June 30, 1909 and 1908. FREIGHT. | Tonnage. _ Barnings. | Hate Der Tn- De- | : obs 1909. | 1908. erodce lorence 1909. 1908. Inerease.| Decrease.|1909. |1908. - THROUGH. From New York. . ./103, 5361105, 686|.....-- - 2,150| $334, 716.13} $363, 324. 13|....-...- $28, 608. 00/83. 23 $3. 44 From Gulf ports...| 13,784| 11,380| 2,404|....__. 50,998.26, 41,698. 67/$9, 299. 59|_......-.- 3. 66 From Europe...... 118, 921/148, 581|....-.. 29, 660| 420,773.32) 530,263. 19|......--- 109, 489. 87 3 oal 887 Total 236, 241/265, 647|.......| 29,406] 806, 487. 71) 935,285.99|...-..--- 128, 798. 28| 3. 41] 3.52 22 S30CAL. 7 : ; oo | | | Commercial....... 117, 386|106, 882) 10,504|......- 316,261.04] 330,423. 04|.......-- 14, 162. 00| 2.69] 3.09 Isthmian Canal : Commission. .... 464, 348|481, 651|.....-- 17,303| 758,217.31) 829,412. 10|...--.....| 71,194.79] 1.63] 1.72 Company freight. .| 20,780] 26,121|...... ES SAN ee ee ee ee Total. ......|602,514 614,654)... 12, 140,1,074, 478. 35,1, 159, 835.14)......... 85, 356. 79| 1.78! 1.89 Total freight.'838, 755|880,301|.......| 41 5008 al i3| 214,155. 07| 2. 24| 2.38 88 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Exuisit H.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for the years ending June 30, 1909 and 1908—Continued. MAILS. | Weight (pounds). Earnings. De- De- 1909. 1908. Inerease. renee: 1909. 1908. Increase. GreAgo: From New York...| 1,356,000) 1,355,000 1,000)...-...| $96,676.53) $95, 430. 33) $1, 246. 20)......... From Europe...... NGL Sven 1315 649 Bees 18, 174 8, 443.17 ON(235 OOhacwe sees se $1, 280. 72 OCR eS soe oe ak oe 526, 113 248, 277| 277, 886)<...-.-- 9, 535. 95 ih ODB OT 2 Olan ool cca see | Totals: 1,995, 488) 1,734,826) 260, 662)........ 114,655.65) 112,177.78). 2,477.87)... 2-25. TREASURE. oe me — 7 ——— ae Seepneoeenentle S Seaspese eee + —_— Value. - Earnings. | 1909 1908 Increase. | Decrease 1909 1908 In- De- : : : : * |erease.| crease. From New York...-.. $958, 203). OL 642° 315| oo. 252 oes $684, 062/$2, 619. 131$4, 098. 53)...-.-- $1, 479. 40 Heron Durope See PO 3255230| = os Lore o2U see eo 1, 802, 084) 5, 520. 11/10, 783. 32). ....-.- 5, 263. 21 ocal: 2 Commercial. es ease LE 200 eee elivs 200 ee ee 89:00) 2 3355 89. 00 AUS GENT TS air a ii |e ee I ee Saas ee [et eee ee [prem en | Sauipe sy wens me pene SSS RE a eee eae | Dotals sos sas 2 OSS A890): 47867835 eee ae 2, 503, 346) 8, 139. 24/14, 970. 85).-...-- 6, 831. 61 EXPRESS. Weight (pounds). Earnings. : De- De- 1909. 1908. TehOaee prance: 1909. 1908. Increase. Grease: Local: Commercial....... 1271s 522| L605, OL a2 .---| 383, 489] $8, 489. 54) $9,958. 97).......... $1, 469. 43 Isthmian Canal... 491, 702 176,855) > 314; 847\-2 28 2. 3,300. 37) 1,090. 39) $2, 259. 98. - 2.22... PPOGA SS hace 1, 763, 224 15/81; 866| = 4s 2c =e 18, 642) 11, 839.91) 11,049. 36 (90855 lec ce ces BAGGAGE. Weight (pounds). | Harnings., De- | es De- 1909. 1908. Increase. Orange: 1909. 1908. Increase. rence: ‘From New York..... eAOS or 102, 269 868). 2... oe $1,911. 08) $1,818.15 $92. 98\-scaeccs< From Europe. ...-...- 86, 624 QA Ol Ua 040| cd (20-182 1, 8807402 sys $157. 27 OCARS = SS cea wk 550, 880| 1,148,276) 402,604).......- 17,506.59)" 22461. 971 oo oe eo 4, 955. 38 —_———— || | | Ee ee Potat. oo. .26,.|- 1,740, 641| 1,344, 715} - 395,026]. =. 21,143, 80| 26, 168:62|...-..-.-. 5, O19. 72 \ REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. og Exureir H.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for the years ending June 80, 1909 and 1908—Continued. - PASSENGERS. se ceoett ee PE SIS Se reeset ne ane gh ane i Number. Earnings. FF hrm ne | 1909. 1908. Increase. Cinco: 1909. | 1908. Increase. oieates Be é [ewe eae ere Cees eee | One ere ite ee te From New York: Hirst class28 5.32 2,344 2.365 ease oe 21) $6, 280. 49) $8, 068. 27|.........- $1, 787. 78 Second class....... 145 21 OR ee 65 629. 18 903-39 eee 274. 21 From New Orleans: ses Birst:class-< 2 See aioi obi eeeeen ares A Sees eke ZOO |More eee 71. 50 Second class... ...- [ee sachet els eae miere ana oo ay a pre ieee eee ae eee ee eee From Europe: : Hirst-class=2 22 727 CiOlee eee 49 4.410. 12) 4, 574.79) 22 eo 163. 67 - recoud Class#e- | 390 AQ2| Sa ee 12; 1,669.59) 1,625. 49 $44 10 es, ocal: HUTSt ClaSS: 220 289, 682 245, 152 Aan DSO ee ae 152, 657. 99|127, 284. 56) 25,373. 43)........- Second class. .....- | 678, 259 455,486) 222, 778)......-- 177, 720. 02/126, 786. 76} 50, 933. 26)......... Olas see | 971, 547 704,402) 267,145 4s, 368. 39|269, 314. 76| 74, 058. 63)....2...- | Statement of classified railroad earnings, tonnage and passengers, Panama to Colon, for the years ending June 30, 1909 and 1908. FREIGHT. ; : Rate per Tonnage. Harnings. one In- De- | : 1909. | 1908. crease.|crease.| 1909. 1908. Increase. | Decrease. |1909. |1908. THROUGH. | To New York...... (0; 858) 035-791 7,14. oe. $211, 427. 76/$186, 907. 48 $24, 520. 28).........- $2. 98 $2. 93 To: Gulf ports. 2s =. o| 12 33| sees 167. 77 66230). 10K 46S eee 3. 73} 5. 53 To Btirope. 1... 74; 047 91,077... 17,080) 266, 225: 12] 319,021.49)... $45, 796. 37| 3. 60| 3.43 Eo: Colons =. = 67| Se lee plas ees 155, 141 Cee oh (2, O2 lees Mota! 2s 145, 017 154, 880 sepa eee 9; 863) 477,975. 79| 498, 995. 28)... ....-.- 21, 019. 49} 3.30} 3. 22 LOCAL. | Commercial: | : fone Balboa, Panama| 10,721) 12, 257|....... 158615 ol: 44) = 6,008 Avi [= 702.03) .51| 461 Panama, Colon.) 14,589 15, 750|......- 1,161] 57,371.87] 49,099.68} 8,272.19).......-..| 3.93) 3.12 Isthmian Canal | s Commission...... 131, 879 107,-852) 24,027|....... 149, 342. 83) 193, 421. 42).......... 44,078. 59) 1.13) 1. 79 Company freight... 19,343, 1S O09) (34 cea ea ee eee ae ee [cscs a cc ae EAS Se ers eine MOtale 7 176, 532 149, 468| 27,064|.....- -| 212, 216. 14) 248, 724. 57|/:-..---... 36, 508. 43) 1.20) 1. 66 Total freight.'321, 549 304, 348 17,201 600,191.03 747-719. S52 57, 527. . 2.15| 2.46 Z ae MAILS. SET TE eT Ee CE ES Se ee aE ee ee | 2 ; Weight (pounds). Earnings. | 1909 1908. | Increase. | _P& 1909 1908 Increase. | © | : : "| erease. : ; * | crease. To New York...... 146, 851 LA7s 185 coon See 304| $7,676. 66) $7, 702.65) =. - 222.2: $25. 99 LOVHULOpes. =.=. 4,742 ASSOLE ose. 79 393. 70 415.45|.... 2.2.65 | 25. 75 Wocal 132, 240 ASeTOA: SS8edd6 | se 1,984.79) 1, 752.52) $82.27 12. Total........| 288,833} 200,800, 88, 033)........ 9,905.15} 9, 870. 62 Sh 58| eee ise eres a eg PEE ee eas ie i ee I eee ee on ar eee 40 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Statement of classified railroad earnings, tonnage and passengers, Pons to Colon , for the years ending June 80, 1909 and 1 908—Continued. TREASURE. = a eee eae Value. Earnings. | 1909 1908 Increase. | Decrease. | 1909 1908 i | De mee ‘ * : "| erease.)| crease. Sec S _@o.New York.......:.| $1,971,741} $2, 131, 346 Sse $159, 605/$7, 197. 85 $7, 741. 78)... | $543. 93 = pepe SSeS se 2, 134, 739] 2, 060, OSES = SiS NO02 [eo cce eee 6, 932. SO (7 80l00 is se | 398. 80 - Local: Commercial. | 7. =... 9605. 0.605 cls! 18 G4 4 18 Re pln nn Canals |e ee lee ee fe ee foe oe ee ieee © Lotale.o. 532. jo5- 4,106,480) 4; 201; S88ic-- 2 -= 95, 40814 130. 47| 155092502). | 961.55 ee = Se a@ Debit. Se EXPRESS. Se — Sesradener lea UE ant eee eee es = Weight (pounds). Earnings. . Wee De- 1909. 1908. Increase. Grease 1909. 1908. Increase. Sea Local: ~ Commercial... <. -.- 28125176) 25 563;919 |= 248257 less $18, 528. 69/$15, 779. 08 $2, 749. 61|..-....- Isthmian Canal.... 494,373 277, 178 217, 105 |s 3, 258. 34 5500: a L025 3a aes: Total] 3,306, 549; 2,841,097; . 465, 452)......... 21 181..03|-1 7,000: 05 4, 451. a See BAGGAGE. Weight (pounds). . Harnings. — De- | De- 1909. 1908. Increase. crease. 1909. 1908. | Increase. Crone: To Now York SR 4,447 G08 lees ees 2,340|. $74. 44| _ $124.32)... _.. ee $49. 88 To SEGURO WC ae ere | ree es wi | ee ee ee eee ee aera Sas Locals oe 1, 775, 824 926,415} 849,409|........ 18, 417. 61) 18, 318. 85 SOSE(Ole ae ne ‘Total ig et ae 1, 780, 271 933, 202} 847, 069)... ..- 18, 492. 492.05 18, 18, 443. a 48. 88sec a PASSENGERS. eee s oe zeae Ss = S peg es Number. Dh Earnings. aoe eee ————— ee — pn ree eet €- : e- 1909 1908. Increase Granta: 1909. 1908. Increase. Cresce = = See is een ee (esa eee een ee eee i To New York: Hirst Classs.<=— 4380.30. 477. 81 . Second class...... igi ss 198) We 930, 21|= 819: 00) = 111.911. = = ocal: First classe. ' 261, 226 229, 976 S150 See 144, 509. 07|120, 466. 03) 24,043. 04).......-- Second class...... 649, 004 449, 136) - 199, S68 | soos oe: 170, 270. 75 125, 933. 92 44. 336E838 eo ee REPORT BOARD DIRECTORS PANAMA RAILROAD’ COMPANY. 4 Exurpir | — Statement of railroad freight statistics for the years ey June 80, 1909 and 1908. _ 1909. 1908. Gross ERT ELT Sao cera reer ee eo ee ee eae |$2, 571, 157. 99 82, 342, 840. 08 Freight-train mileage @icludine all mixed-train mileage)......:......../:... 188, 297 22 3 OS) ee Mreisnit- trains: per: dave peril lel ronda s.ss se cee eas se eee 10. 37 12. 30 boaded treight-car mileage... 3 i a eo oa ee ee eee ee 2, 3380, 273 2,653, 412 Hmpty-ireight-carmileages.<.--2 team ec re eee Sa ete” 936, 777 1, 156, 944 @axboose-car mileag eke os ae a Se a ae re ee ae oa ee 172, 734 208, 793 Total freight-car mileage, including caboose... .--.---.-- 2-2-5. ek wees 3, 439, 784. 4,019, 149 Percentage of loaded-car mileage to total freight-car mileage (including a = CAD OOSG) oes ct a ee te oe Se ne et ere ete es 67. 74 66. 02 Loaded freistit cars per train...............-...---eeseeee eee se Crees eee aks Paes OS 11.85 inp tyalreioit Cans Permiuraile cc a ee es ee ee eee eee 22 AL DTe 5. 17 Loaded and empty freight cars per train.....-....-.- ha: eevee Oe ee een ees LT. 35° 17.02 ‘Pons of throuch-commercial treigh te. se eee See 388i, 258 | . 420, 527 Tons of through commercial freight Balboa and Panama................... eas 10, 721 | 12, 256 ‘ons: of local commercial (relight 3-5 2 ses ee pn ne a le Bie ‘131, 975° - 122,633 Tons of local Isthmian Canal:Commission freight .........-...-.2-.--.-520-5- . 596, 227 589, 503 BROMS-OF, COLD al yale bis ace os co ere ee re eee ee eects 40, 123 - 39, 730 Tons of revenue and company freight carried... .. 2-22, eee ee eg ee 1,160, 304 1, 184, 649 Tons of through commercial freight carried 1 mile ........-... Ee ae er oars ste 19, 062, 302- 21, 697; 210 Tons of local commercial freight carried 1 mile...........-...-.---.---------. 5, 098, 560 4 782, 124 Tons of local Isthmian Canal Commission freight carried 1 mile.............. 16, 603, 371 18, 244, 660 Tons-of company freight; carried mile. oo ee Ot eee ol ody 20U 1, 212, 210 Tons of revenue and company freight carried 1 mile............---.......-.- 41 , 947, 463 45, 936, 204 Tons in each loaded car (including company freight)...............---.....- 18. 00 17.31 Tons in each car loaded and empty (including company freight)............. 12. 84 12. 05 PROMS im each trains. eee ea aes scores SiS tars aera ce nee 222.17 205. 22 BaEnings per relent: Cal Wer Tatler ee $0. 7475 $0. 7073 Average miles each ton of revenue freight was S carried Semin ees See ee le - 36. 39 39. 06 Warnings pertretgh t-train mile ss. ee es ee ee Boas $13. 65 $12. 70 Earnings per ton of revenue freight..............- Deel ers einer a cue ee $2. 30 2.48 Harnines perstOn=PermMile. = seas ee ie eee ee 50. 0631 $0. 0635 Tons of revenue freight carried 1 mile per mile ofroad............... Parr - 819, 711 899, 336 Hreicht earnings per mile of road: se ee eee $51, 702.35. $57, 165-51 Estimated loaded: cars-in-each trains 2s eS nose oe eee 15. 32 : 14.44 Revenue freight engine mileage...........-....---.-.----- a aac ane tere 194, 228 228, 054 Estimated loaded cars hauled per revenue-freight engine. ..................- 14. 85. 14.17 Tons hauled per revenue-freight engine........--..--+.--2+-++2+t2-2sisses--- 215. 97 201. 42 ee i — Statement of railroad passenger ae ‘for twelve months ending June 30, 1909 and 1908. : 1909. Gross earnings (including mail, extra baggage, treasure and express) Lie ee ms 84 Passenger-train mileage (including all mixed-train mileage)..........-... ee 209 Passenger-trains per day: per mile of road... oo et os ee se se eens = 05 Coachenillonta oe oe ieee es eee 369, 804 Bagcave-sexpress and: mail leagew Se ee ee ee 190,940 dotal passenger-car Mileage << so te eet eee cn tines 1,.060, 834 IPASSETI SETS CATTIC Cs cele Sac fers ene eee eed eee 1, 884, 298 Passengers: carried =|-amile ss OSs eos ss Bess cde ect se eueese cs | 24, 548, 338 Average distance each passenger carried..........---....:-2-2-----22e-es eae 13.0 ASSONEELS-1N- CACh=PASseN Cer ThalN ec ee a ee ee eee 167.90 Passengers in each passenger car (excluding baggage, mail, and express).. 28. 22 Harnines: per passenger-train mile axcc ce rs Ss a ee i $6. 09 Harnings per passenger-car mile (including mail and express).-........-....- $0. 8390 Cars in each passenger train (including baggage, mail, and express).........: “T. 26 HWanmmines POL passCUel ioc. cccu sc oct neni een oe a es eee $0. 3555 Harmings per passenger per mile-. 22. ss <2 s sw os a eee Ben eee _ $0. 0273 Rassen cers: mile per mileOfroadisss << aes ee os ee ee -.| 498, 632 $17, 897, 18 Harnings-per- tile OLTOad = aise cee oan ce ee Seer = 2 ee 1908. $761, 949. 03 141, 169 1,062, 806 1, 385, 645 18, 550, 767 13. 39 131. 40. 21.10 ~ $5.33 $0. 7075 7. 53 $0. 3802 $0. 0284 373, 030 $15, 120, 63 42 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. Exuisir K.—Statement of railroad general statistics ior twelve months ending” une 30, 1909 and 1908. | ee | 1909. 1908. = : Se eS | SEs ASVOLage WCAG OPCLaLO Cees occ sss cee SS Se ge eee ce 49. 73 49, 73 otal ireight: ang: passenuserearnin es =< os Se ee es $3, 461, 184. 83 | $38, 594, 790. O1 Motaltreicht and “passenser OXpenses 2 hs Ss ee "$2; 048, 746. 26 | $2,404, 716. 05 Nebireieht ands passenvereagimin gs a2o- aaa ee Ss ee ee $1, 412, 438. 57 | $1,190, 073. 96 Percentage of freight and passenger expenses to freight and passenger earn- TREES eats es Cees Serene oe oe rae e ais ae ae ey Su A auairon 59. 19 66. 89 oval revenue: tram mileggew ss so es a a ee 334, 506 365, 010 Gross.earnings per revenue-train miles. 5. ee a 10. 35 $9.85 Operating expenses per revenue-train mile...........................-...--- $6. 12 $6. 59 Wet carnings per revenue-train- mile. 22. $4. 23 $3. 26 PROULALPTOSSO ALDI DS Goss kek en ie ees ce Re $4, 267, 161. 85 | $4, 541, 437. 79 MOAI SLOSS: OXPONSOS Sos Sewn ee i eee te ee me es $2,356, 3819. 27 | $2, 831, 142. 76 ef CaLNINaS SAlESOUTCOS scree ec es ee Se $1, 910, 842. 58 | $1, 710, 295. 03 Percentage of gross expenses to gross earnings......................-.------- 55. 22 62. 34 J Oxehga aa kegs) ores eau (Kone) 0 210 hav oe een en ep ere Se eee $85, 806. 59 $91, 321. 89 EPXpPORses: Der Mule OLTOaGs sss ese ees ee a ee ee $47, 882. 25 $56, 9380. 08 Neearnines per mileOLToads 2223 35 Se et ee ee eae Gres $38, 424. 34 $34, 391. 81 Exursit L.—Statement of railroad freight tonnage handled, years ending June 30, 1909 and 1908. FIRST.—FROM ALL POINTS TO ALL POINTS/ : : 1999. 1908. Increase. | Decrease. Se Oe Tons. Tons. Per cent. Per cent. Hrom New York to San Francisco. =. ....2:...2..222.2. 38, 095 23, 258 OSE (QF From New York and New Orleans to Panama, South Pacific, Central America, and Mexico..........--..-- 79, 225 93; 808 ose tee. 15. 55 From Europe to Panama, South Pacific, Central Amer- ica, Mexico; and: can EP ranciSGO: . 2.2. =. soe eae see 118, 921 14S SOS 1s es tae = 419296 From Colon to Panama (local): Commerciakitetoht: Ss. ee 117, 386 106, 882 OR Con co see eas isthmian Canal: Commission. =. 2 =. = a. 464, 348 481: Obds ee ee 3. 59 Company trelebtees ss seo sen coco ee ee 20, 780 2OF EQS es 20. 45 HOtal es pe ESS ee eg ee eS 888, 755 880, 301 AS ge ae 4, 72 : PANAMA TO COLON. | MLO oon HranciscO:to New. VOLK. 6c css coo 0s ee 8, 728 15, 162 —- 42, 44 From South Pacific, Central America, Mexico, and. RanamastorNew. YiOrkss sis ee Se eo oes 62,175 48, 641 Ql OLA ence aes re ss From South Pacific, Central America, Mexico, San Hrancisco, and Panama to Europe... -:.........----2 74, 047 OL 0 | eee ee 18. 70 = LOMA. tH ranciseO tO;COlONS. cs oc ssa ce wo ec cee ee GT a ee Oa cane From Panama to Colon (local): | Commercialtireieh ts... 35 2 = ees Ss Ss ees 25,310 28 OL sche eae: 9. 63 ESthmian-CanalsCommissions = 45 62-2222 cee cee 131, 879 107, 852 D2E08) es crete Se CompanyaAreish tees Sess ea one i sce eee ee 19, 343 13, 609 ADT Uglies ees Total): os 5. ee 321,549 | 34,348 BO Total westbound and eastbound............--... jel 160; 304 | 11845040. oe. eee 2. 06 SECOND.—COUNTRIES OF ORIGIN AND DESTINATION. COLON TO PANAMA. OLS AINA Oy ee eR Re 651, 244 606; 2785 lke 22. 56 or Central-Americas: 2a... 22. Sse a een See ECS 45, 554 ° D4 BI ess eas 16.15 HOE SOUGMe RAC G. oimes se hs ese eee oe oe ca nee 95, 221 119 809s aoe 20. 52 MOT Sanh Aan GlSCOns. es ee ences. 42.520 28, 070 OLA Ta Se ee HOI MOXI COm si tee ee oe a eee 4, 216 LS 20 ce eee 64. 33 OCA ee es OS ee See oe 838, 755 SSOsB0L ee eee 4.72 PANAMA TO COLON HrOnIeeanalM dasseokes cee eas hss Se ee ets em 180, 924 155, 030 LOO eee ese Hrom:-Central2America2:: ses oe ooo woe eae Soe 46,314 DUG O22Ele ee ae: 19. 48 MTOM: SOUth PACliGe: ose a ee 84,426 | 72,210 eG ::O2 2 aa eee TOM AOA ME TANCISCO Ses sie on see oe ere ee ce GrseOel ease On (80sec 40. 86 Prom: MEXICO. eee ee ee 549 S801 |ss-2 sees 85. 56 MOtale ee 321,549 | 304,348 BRO ese Total westbound and eastbound................. 1,160,304 | 1,184,649 lee ae eae 2. 06 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 43 Exureir M.—Statement of steamship line statistics for the years ending June. 80, 1909 and 1908. FREIGHT TONNAGE. | 1909. | 1908. Increase. Decrease. ‘ Tonnage . Tonnage ° Tonnage ‘ Tonnage Ships. | Carried. | SHIPS. carried. Ships. | carried. | SHIPS: | carried. Panama Railroad ships: ATTIVCO spo aes oe 37 36, 362 32 26, 079 5 102838 ieee ere Sailed ioe 36 67, 244 32 57, 274 4 O° O70! on acd ees Chartered passenger ships: NET OChe cc cece eee 29 26, 808 36 32; 0082 mee Sache eee cee ee a 5, 760 Balledeas Se 31 89, 211 36 SAL 2OH soreee 5, 085 NA aera acte Motels cc: Fae ee 133 “219, 625 | 136 | 200,047 |........ 19,578 Solera Total freight earnings........ $848, 356. 54 BS00 220700 = ee one ce Pee $16, 901. 02 MAVELrave Pave Per UOlc ac clo a OOO lee ees eA Orn Hine aoa oe eee ; PASSENGERS CARRIED. 1909. 1908. Increase. Decrease. ° Passen- : Passen- . : Passen- ° Passen- Ships gers. Ships. gers. Ships. gers. Ships. gers. Panama Railroad ships: ATUIVOde = i ee 37 872839 2, 549 5 Lie ee Sailedic<= 20s. 36 3, 219 32 2,493 4 T2GG\eeies ee Chartered passenger ships TTI VOQS 2 eet te cies 29 3, 940 36 A ObGElaeec ce eclee cc meee 7 116 Sailed = 31 3, 642 36 WTA SMe See etc ee 5 1, 076 Motel | 188 | 14,524 | 196 13-816 | 708 Blea Total passenger earnings. ..-. $363,639.72 | $363,073. 43 PpGGL20 ge (Sect rae Average rate per passenger. - | 25. 04 QO RDB eee ee ee $1. 24 Exurpit N.—Statement of locomotive and car equipment. SS Se eee eee ee ee eS | sere mo- pesseuel Freight cars. Miscellaneous. | tives. : | | beers | i | | a :| 2 oe a Ble o/s ln | @ eae v3 S| {2 oe Ou O71 bl 3 wa m(43| 8 Eig |2s S| bo ieee x Oo} 1.2 S/o 8 1218 | gslalsia El a5| feral’ < ® lst rey | 80] O01 8 OlSl ell (B(SiEl 3 be 12] S | & ISIalSlalalc [Sis s 21 S1O1D |B Blol|vio |s Bla Geass a ISERIES Em Resa lak 6 Stock on June 30, 1908............ 27| 26) 5/16122| 3] 5) 2, 996/106 35/21/18] 2| 3/16 10|../28/100| 2} 2} 2} 2 Destroyed during year... eee ag seg Se | : S71) QU Oza las Sele Sle Lice ese eee ee Received during year............ 1D eee oS lee sis 0 OOS Sete loales esse Nea ees Changed from another class......|-..- 1 SAS oleate elem aele. eRe Le SISTA Q atc || oat eels Changed to another class......... Pisa ese ee eee 1 Olah feist Sa ee Stock on June 30, 1909....... _....|@38| 027] 511622, 3| 5 Be “79 291819] 2} 316181927200] 2| 2| 2] 2 438) @ 27 one 22 3 ° ah 240 ee 2 oe 18 9 27,200 2| 2 -aIn Isthmian Canal Commission service, 14 locomotives, 91 box cars. rn en renner veeeeneaeee 44 REPORT BOARD DIRECTORS PANAMA RATLROAD COMPANY. ~ Exurpir O.—Statement of floating equipment.» : | Pence: accommo- Gross dation. Name. ~ ton- | Length. | Breadth. | Depth. Hull. nage. ; -. | Steer- | Stan- : | Cabin.) “aoe. | dees. eel Ft. in. Ft. in. | Ft. in. Steamship Adlisnca. RES Season = 3, 905 336 0 42 0°) 238: 95) Iron. ..-. =: 159 24 32 Steamship Advance. ...:....22-:) > 2; 605 295 0 HOO 4520 4 00 ee (oe OO 60 Steamship Panama (chartered)..| 5, 667 360 0 50: -0°| 32 = 2 | Steel. =. ::. 2037 |een ee os 79 Steamship Colon (chartered).....| 5,667 360 0 50 0 |; 82 2 |..-do. Slee 101 secs 79 Steamship Ancon (chartered)...| 9,606 489 5. 38 O08 28 Oe GOs as: 82 34 | . 250 Steamship Cristobal (chartered).| 9,606 489 5 De OE 28509 dO 82 34 200 Tug Bolivar, at Panama........ 234 127 0 23 0 O>- Ose rons eco Se eon ee Se cen Tug Cristobal, at Colon.....-... Ee 161 102 0 QO Ou le elo. ole C.O-pap.e Teens ss nie eae hee aioe eae |e Stee 2 sheathed : 4 freight lighters, at Panama.... 200 108 6 2A OM ead. Oo | LOM ess Sal sis os [Sr Seema sie ee 1 freight lighter, at Panama...-./ 275 108 6 24 0 ER Oe oe OO a sees Sees ee es eee eee Re Rie a a Se else acing Sees 300 109 4 24 0 do One TOPS [Sa aca Seieaee waieeee Seo ee ae ta es Se ae 300 109 8 24 0 (eEGReeGO ses ose | acc | eos S| re een 2 freight Tena at Panama - ae 300 109 8 24 0 PEGA OO Ses eee | eae Sse oe ee cee seeeecstecesewieweces ve} -- 300 107 0 D3 Fd She Oe |S oe OO aie ws ow ose lees Sows bes seieer 3 coal lighters, at Panama....... 222 110 0 24 0 Seen Om eee See eas 1 floating ae driver, at ne See: (leeO 30 0 OSs el SW00dee ss ens | eee ore lee eee a ae & LExmieir P.” PAIVAIGA fr PCO BOSPOD OF DIRECTORS. F.C. BOGGS. SCS LACK OUT72. EA Drake. MMT Lt1Qcor? OL Erriss CRLAWwards. D Dub Gotllard G.MWGoe/slid/s. Mf Hodges. RR. Rogers. VHA POUSSEGE. WL WG€r7- E.F bis DQESIDENYT. J | VCE PRESIDENT. Lieut Col GEO. WGOETHALS. \ : L.A. DRAKE. Culebra CZ. 676 Ver 2°" VICE PRESIDENT. Liew? Col 4 Ff. Hooses. U SA. GENMLAAL /TALYAGER FHIRAIM. J. SLIVER. Total (7b/1- G282. CONMIMIS SARY. Owper(atesai Gngincer Jerminah up 44 BAWDEN. G42 LICR. ASST te Gerreral /lajager G. £. GEEF?. C/i67 Clerk.- Pe Lf 4ock. Office Force -— 19 /7éen Lond Def, ~ 3 17E#. | a LASOR ET, WILS OM. LAND, J50 en Cashier QUpauiyenders, Storekeeper. Chief Engitieer NasterMechante ; Ou FL Hubbard, RH Wardlaw J A.Staitls FP? Bes ale, PG. Boker B oe Sid ibe aes Local huaitor 86/Iep, 13 Mea B76 (Fer, : 36/ G/F El. 649 Me, Or 7S ¢ 220/4é77 Chief Clerk - Flt ITEP. Chlef Clerk- C.W Lee. Vt. L. Dttrv2z Chief Cark.- GW Anorers, Wfice FO7CL- B SIE7?, Chie s Clerk -BADAIWSOM Oilefos ges Chief Clerk Qn Alfare, Chief Clerh- SC. Pots, Offite Force 8 en FP? Idaraley. CFC? Office Fe 5; , CPIGO RES YH70C FOrCE 15 19077, 38 en, Ger foreérmarn FAY OST EL 5197701 Cos, Electrician SUer Visor Chek bsp ecror, Of OCS I CLE, k&lA Pe Balboa 79r te CHAIGE WiCce Laon (a Charge \Zocemotive. Je Car Oépt. Travelling 4G. ALTO OIG, GE Kise va Bal béa Tel ong Tel FOCEUO? Tees jon , Soe inp AS Chir Heitor 2 Me tice Ev? GTI EE. ps lor Constrechon, General pee Gerzera/ fore. Auadlor 2/78, Wd Epps C.L. Bleak ly, A Artur. ue Ss ae ie: Bastien _ HP Warren | WE Burkholter Liewh F/leors W 7- Brewer J Bef/7. A. Ernst, Tees: 171 V76t. (51760, | : : Office Force 8 (er, 21 (97. 223 (7en, 279 eH ost Cashier —— Fava a, Machi nists “Fare lé"¥ere, Ass? / Vie eh Whort Supt Reese NQATEN@ICS Of Chief C : - a. ; /7/ Jerk = e a. evignal Wale ier CW Northrop. | | UA Giobe 4, Oratisimat i Hlachine Shop Gey eaee oe pis bless RW Har? a7, OG. Tis boley, ore. CT Hiliabiae. ; f 86/7 Mepopysia GG F3/7 Es. 207 rch Despatche ao Men en 2 Teamsters ties rclegh : 4ES7OG99TI Wharfinger : Clee Er . 2 Checkers, Teller. - Colo 2 a: 3°? Trick Daspotche AB OH OLET fe 5 Asskstan? E17 Fearel/, Yo, Gory, OLper ¥i30r Gen Foremon|\: ; OUP VISOr Caw 1M Sige Chief Clerk V0. Ad Sstewart|| || wiCgqvers Vast EPIOREME| | Ciena tr? Fare-h Ander san. a Le “393Nen, ley ‘| 690/Ven. A CHEMTGVES 3 || | teeasemery | PACS" Con beapecth Recenehi : : “Ol? chert Gaia (eee ae ae , Waururs, : Sfatian Agen’ s. 5 /7E7. “ ‘: LE. Butler, A. Red, (lessenger fre efter [fare 2gren ee oe oe a pee RW. Bergia, figs 5: Sorter, salerks. laswpectors Glaspectors eee 0 PIER. SEMA O Asst totngr | \\i ~ 122 * Accoun?s B GRErATars Werarors : Asst F& FASE PC |177 C of (7aint. 6 >. ‘ ld line Mara 292 41en PE Cuchle LB hi é Fatai Shey Fayakle ee | ile 2 fernana ||) os Cte 20 MEn. 7 /¢Er2. , 26/fer7 4Clerk. / a CAICE Clark VI Sle (Yordajaster Br1e8, LastFM mao, gS ge Loy ae 2.4. Needham SoMen ae Sees 2/l1en. OUper ViSor Ps kohey |} 292/er Gen, fore UEP ¥ISOT fg NAA BD Sy G. A Oeshorouglt RE ‘WE NSQ@an. Lan 29 SUpervV/sor. eee ee eee {fore 13) | Vance 3 f of on" - % = “, f @ . . es < 33 rer, (oe ise / Fore Tite Asst ta bigr| | 1 3b. eee Cristobal Brows Ln Lyn 1% 6% iM CofConst) \4 " 38% Hors? PEG tg BF Horror. i fi “a 2 100 14642. 4 ” j ‘a “ Gen Neromaster fesse ene pe 4 694 Supervisor ContdererGrane Jt Luther TERaNCCD AO a0 ion Lon GF x 2 Men. 29ea eee Bet C6. O7es : 2/ er PERNT Sti scella neo. — . = 9/7En 1 Yordmaster. 1dg PhOCIAK | 10/972. tore k ‘ i SOE ond Grane bba (1. E.Ciltnore Mw 3 Petry, 3 . fee ’ OLY, (Capt -20/en. OO ilen. See ; 22 Candictors RE. Hofimark, 22 Loto ln gitleers 12 Nea ef cae Ors / TARE GL. Bei ee Crgamzorian a5 of August lit 1909. ee | Sb Brakemen a (orliman. 25 FRIGMA0. 10/7807 Fi. Doe. 529, 61-2. (To face p. 44.) No. 1. £44 181T ~ O— COMPARATIVE STATEMENT == TONS HAULED ONE MLE OPERATING EXPENSES PAY POLLS FOR FISCAL YEARS IS Of” ia 190s 4909 TONS HAULED ONE MILE. “eopene | Jormsme | j amcen jf cmew ame Gau> O 4 ane i } Te i A ne NSES ee RAT We e APE! ® Sa 1766000 A 8 Se 2 ss | : : iN S 8 J== Camm. ee ye fe Oe. L >. 110,000 100,000|; FE000 (To face p. 44.) No. 2. H. Doc. 529, 61-2. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 45 EXAMIB/IT "Fe" F FLIGHT, PASSENCLR REVENUE MISCELLANEOUS. — PECLWED LS Gets1947 Through BWhartage> WN a a2 | COMMEL Cla FG "Nn P34 527 Es : Leap eg) Mp aS ]/ lrelghT (igzeees | \ “aesgese —— FUSSOENGETENE o ca! \B 57 2 thy jar fg ’ \ Cotta COMMMSSION FT EMGUIT #507560 4 SSS SSS Zx8IT ! 7 ° TONS FREIGHT HANDLED. — COUT SS1O1? SIC,PP7. RC omnertid VY 46. REPO | : RT owe DIRECTORS PANAMA RAILROAD COMPANY : Re . LXMMMET "Ss" VENUE IPECEIVED Pm REICH T HANWOLED, Catia COUIUTIIEEIO/7 GATZSECO LF Tl OUGl? | COMME CIA 4,284, FEZ 2° N IF Yeoh 7 | Commercial = BR? 374/34 26S ~S SS WK C———Y/ Cond vcr leg Matt BLIA0IC2 of \SS Way, & ON UCT ES. = ‘eS = 3 SUPPLEMENTAL REPORT SHOWING THE RESULTS OF THE COM- PANY’S OPERATIONS FROM JULY 1 TO OCTOBER 31, 1909. {Presented in compliance with resolution of the board of directors adopted at its meeting of November 8, Exutsrr V.-Income account and profit and loss account for four months ended October $1, 1909. INCOME ACCOUNT. Ss Railroad: Gross earnings fromZOperaulOne 24 note 2 Sec ces Bee ote cs uae cee $1, 485, 614, 71 Operatingiexpensese Se as es ee acini eee ne ee tee 930, 067. 69 , Netecarnings 1rom: operaWOne. ss eis as ee ee ce te ener ee ae emo $555, 547, 02. Steamship line: Gross earnings from operation SON CR a (eee cee ore Eins Cnn Bere oe Ree Ok 616, 185. 86 Oyperatin er expenses ce ieee cee sw ee ee GR ene ache ee US 542, 841. 87 Netearnings from operations 2 sa228 as cee oe etna se ee odes ees tamoneee sts 13, 348. 99 Add income from-interestrandrexchan cess. asa sas see Sek in hc sn eke bb ce ee Coe anor ae 2,250. 15 : 631, 141. 16 Less: Concessionary subsidy to United States Government under treaty...... 83, 333. 33 Interest on loan from United States Government for redemption of first- TMOTUEA Se DONS ace Ses en ee ety Soe sneer meee a “16, 443. 48 Fund for repayment of loan from United States Government for redemp- tion of hirst=mortgage: DONdS® se oe ee occ a eee eae es 33, 333. 34 Interest ONM0ANSs 29s oe ee os Sn eh ee 26, 572. 21 Hental-ofdocks-and machine:shopsi. stom 2ceccs 62s os ae ak ete te 9, 236. 57 oe —+_———— 168,918. 93. Net income for four months..............- Boece rae ee Bet Ga el sat eee. 462, 222. 23 PROFIT AND LOSS ACCOUNT. By balance to credit of profit and loss June 30, 1909...........-...--4.-- 24-0 +e sees ee tee eee 8, 945, 863. 00 Surplus from income account for four months ending October 31, (0 te ee 462, 222. 23 Second payment in reduction of loan from United States Government ‘to pay the 4 per cent first-mortgage bonds of the Panama Railroad Company, October 1, 1907 a 100, 000. 00 By balance to credit of profit and loss October 31, 1909............-:- csc cesecsencceee 9, 508, 085, 23. : 7 47 1S ae ON Bele To October 31, 1909. 4 as Cost of road, realiestate, and equipment: (6.2... 4501.4..0. EEE cy speiat a . $16, 250, 629. 79. Capital stock. . Beene einen ese ya el ae Mare Meal nian ee aA ease A) eer Ma eee Ge ar $7, 000, 000. 00 Improvement and construction accounts......... eae eer eesiec aaa a py 262, 838. 25 | Capital liabilities: : Floating equipment: Riad Bes -. Due to United States Govt Steamers Allianca and Advance............0.-.e.e.-.- US OsiLon Dante ae nus ce fee For cash appropriated through Isthmian Canal Tugs and lighters, June 30, 1909... .. see $260, 543. 80 ; ie f _-. Commission HO new equipment and improve- Less two lighters sold Isthmian Canal: : ne Searles ae GUL CIN ES ASU UGN tea ty kir aN DU ved de eae LAG a iy $2,033, 258. 53 Commissions see ee cele Cie 285 284. 64 eae ih “Wer cashi Appa under the act : ————+—— 267,659.16 ..:: ee | _of Congress, approved March 4, Po t ~—s- 1, 080, 372: 78 : | 1907, ‘to pay the 4% per cent first BR Ret trey Gpuieae! Rt iaereata cen ee ; mortedge ' bonds of the Panama Total cost of property Sigal s UREUnT. ee Ude Re Cate NO Ne OG tule und lanaitn Pig cae . AT, 543, 840. 82. . . Railroad Company October 1,1907” $2, 148, 217. 50 Current assets: ; Rassias : ith TU RSt : : Less cash repaid Tie ice of the Cash in banks and with agents............... Pca seem val OOOs Bas 20: c: ee ante United SUALES ES Wigan nse ' 200, 000. 00 Casbiini transits jo Vo Nee Ne ef wea 530, HOSS Teicha Veet ——————_—— 1,948, 217.50 Coal and supplies on hand...........2....... esa A Se 447, OGOl LO se: Pane abt HY # ——_——_—— 3,981, 476.03 ‘Due from connecting companies. ... 1.0.2... 2.2.30 297. OL Rs Len ey sea Ons Ue Te a Due from United States Government: Ngee reaiigle Salm suai PER Bane eights Accu Motal capil stock oad banttal liabilities SUE porisr a RE AEA cL ata 10, 981, 476. 03 Isthmian Canal Commission......... $21,093,910.20.. 2.) at Bed for repayment of loan from United States Government for redemp- Post-Office Department............- : 84,595.48 F EARS ven eMC cua tlonOfArsthimorteage DONdSi 56 72 eA ee en Onn ta 25, 000. 00 Navy Department We Serre ap Orang eso 6,576. 81 PEdac Ue Ras aR Geter Ua ELST Equipment and plant replacement PUI oi Ds apa eM Aes ey 726, 861. 02 a LOD Oe eae 2 Current liabilities: . Due from companies and individuals. .._. ieee cea er Ve 84,600. 81. _ Due to United States Government— Miscelaneousiaccounts 7000 es ar aires! 621, 341. 25 | Concessionary subsidy accrued.-..._. $52, 083. 33 General average disbursements Sra clansmen T a at DE Pas 4,976.49 - ; Be Interest accrued on loan for redemp- ap Co a IO Leer SL tion of first mortgage bonds a 4,058. 79 yaa ae ee se : wo 56, 142. 12 Isthmus drafts not presented . Sei atid oe eine Caen te 126, 867. 24 ‘Coupons:not presentedsy 2 yey es a aes 30.00 -Audited vouchers and pay rolls...._..2..._.. Sd 1,002, 397.77 Due to connectne liness.9) 2s oie Boe Meee 28, 967.98 MiscellaneousyaccOUnts soe ke eI ey 93, 582. 75 Winpardiwasese cick edt We eee ei alan a 6, 319. 49 ———_—— 1,314,307. 35 Balance tocreditiot profitand loss. yi. eo 2 et 9,508, 085. 23 22, 555, 729. 63 22,555, 729. 63 Ss Gaur aS ena a ees : 1 PINS cit) yA eis Sh “ANVdUWOO GVOUTIVE VINVNVd SHYOLOUSIG davod TaOd aa REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 49 EXBIBID X.—Statement of earnings and expenses for the four months ending October 31, 1909. Colon to Panama: Prevehiticcsce Passengers Malls seers ose. 3 Extra baggage Treasure EXPLGSS*< 2 Soca Wreleht ses! se Extra baggage ‘Treasure IRGXDIOSS S52 oa Miscellaneous: Lighterage Water supplied shipping Rental of property weer ene ewe em wee ww ee tee ee ee eee eee wwe wee i Wharfage and light dues, Colon........-.- Wharfage, Panama and Balboa.....-..-- Cranage earnings Storage and freight handling Telegraph Switchin Total railroad earnings ee ee er 1908. Increase. Decrease. $598, 042.05 | $137,165.46 |... 222. 104, 133. 85 S562 2 630d se ae 36, 789. 24 2; O42n 202 eae See Os 20 VO eee ee $332. 80 OOO sO gn eee ee ae 1, 048. 58 OS DIOZS ls ee or ets 85. 91 _ 754, 504. 22 1565302. (3c se ee 201, 122. 68 £35 AQ5: 23° | sce ce ee 101, 617. 72 LOS 20230 eee 2,953. 44 690:31s i ae O00 Palos |= eee eae 691. 02 D208: Quel eee 1,304. 91 6, 520. 06 TAN O48 cee ae 323, 478. 96 AD 5 Sous O20 ee ets 10, 042. 34 B;:lO0sOls| syne eas 3084843 e ree oe 8, 747. 14 26,311, 21 85:200 526 4 eae ee 25, 457. 75 3, 425. QO oe ee 77, 585. 55 2; 883-00 foro ec en ce SOROS OA a eee ee eee 24, 980. 87 2D; SLOL (OF Sescer nee 22, 207. 72. DQ (407002 | eco ie ee 1, 244.17 Ae (O90 Qs ee ee 831. 60 13, 632. 28 33, G4 65 1 es 23400920 eee eho 6, 131.73 $735, 207. 51 122, 756. 20 38, 831. 45 7, 893. 95 2,346.94 3, 830. 90 | 910, 866. 95 214, 227. 91 111, 938. 09 3,643. 75 47, 196. 93 228, 437. 28 1, 485,614. 71 1909 and 1908. 1, 312, 552. 19 173, 062. 52 Steamship line: TCI Shee eer ee eae 379, 179. 70 257, 033. 51 122, AAG AQ ee aes IRASSON COOLS a es ee eee ee 156, 790. 25 151, 518. 71 Oy 2 EL SO 4S |e eee ee MiB LIS ssa en re ee ei ete 69, 185. 13 66, 410. 79 2 MAL OA Oca eee XU ASDAGE AIO oe ce ee ise 823. 91 694. 16 129108 oes eee PRT OASULGr es ots Sos ee Memes Se 3, 959. 63 Ded O Ae ee eee 1, 289. 56 Wilnes and ]GiOls. <2: se. ee oS 4, 323. 30 4,195. 50 127. 80 ir cee MiscellaneOus? sss saee se oe eee 1, 9238. 94 1, 113. 10 SLOESE eee eee OU a ees ee ee ee en a 616, 185. 86 486, 214. 96 1295970290) 238 eee Grand-totalearmings 22-22 2,101, 800. 57 303,033. 4251 oe as Railroad operating expenses: | 105459509 cline Se oes 1, 798, 767.15 Maintenance of way and structures. a 204, 257. 22 127,797.53 Maintenance of equipment...........-.:- 211, 700. 61 105, 635. 22 1065065239) |= sss Be ePranniG OR DCNSCS aioe oo tee eee Ss 2, 925. 92 2,731.59 1042355 |S3 2 ee Transportation expenses.........:..-...: 317, 032. 11 S29 O88 8 (Aes es eee 12, 651. 60 Lighterage and harbor service..........-- | 45, 869. 07 AT SOO S20 a | eee eo tees 1, 931.18 Loading and discharging vessels.......... 13, 894. 17 SOcOU sao Oe enre tee re 22, 119.'42 Nealestate:expenseS.:-.22222. she 4,713. 94 8 A0S2300 | oe. = Se 3, 689. 86 General expenses: : ES PRU Sree Ss ee ee | 108, 628. 78 Ls OOD U2 see 8, 376. 34 ING We SYAOD ee ee ee ee 21, 045. 87 18, 382. 59 2, 663. 28 | cere eee Total railroad expenses. .........-- 930, 067. 69 | 793, 452. 90 1365 OIAS7O Se eee Steamship line: | | Steamer CXPClSeS <. 22 ee ee 417,171.16 349, 162. 95 O83 0085252 ees eee ee APONCYACKPCNSCS. 25552 | 69, 845. 14 99, 280. 72 4,564.42 |.....2...2.- General expenses: 3 ING WaViOR Koss te aes Se sea | 9, 399. 32 6, 672. 10 DUD ea cess me TSthIMUSe sess ee Se ee 14, 996. 10 11, 934. 12 3; OGL 98: = es Charterolsteamens- == 2 a 41, 430. 15 O24 Dae oceans 20, 712. 39 Total steamship expenses............-- 542, 841. 87 485, 192. 43 01; 049: 44 oe Grand=totaliexpenses= 2-4. = | - 1, 472,909. 56 1, 278, 645. 33 194, 264. 23 | Bcc retin H. Doc. 529, 61-24. THROUGH. From New York....| 39,582) 30,787) 8,795|......- $119, 195. 13)$104, 919. 95)$14, 275. 18)...-....-- $3. O1)$3. 41 From Gulf ports ....| 7,182) 3,550) 3,582).-....- 27; 201 Wie 2135 2035. 0 (ie aes OU cs Sesh 3.81) 3.73 From Europe......- 37,313} 42,231). ....-- 4,918] 133, 012. 73) 146,458. 37!.....-.--- $13, 445. 64) 3.56) 3.47 Totalivess. sas. 84,027) 76,568) 7,459)....--- 279, 409. 03) 264, 631.49) 14,777. 54).......... 3.33) 3.46 LOCAL. ® Commercial. ......-- 36, 684) 32, 649 A OSDIR ee ses 98,289.83} 91,802.88) 6,986.95|.......... 2. 68} 2.80 Isthmian Cana * Commission....... 186, 431|139,897| 46, 534)....... 357, 508. 65) 242,107. 68)115, 400. 97|.........- 1.92! 1.73 Company freight. ... 7,887 5, 369) 2, 518)....-.-|------- ee eee eee eee fone fee eee eee fee ee fee eee Potala. 123 00277, 01D! Sos0B7e seen 455,798. 48) 333, 410. 56 | 129, 387. Q2) eee ON 97 1 SV. Total freight. .|315, 029/254, 483) 60,546)......- 735, 207. 51) 598, 042. 05}137, 165. 46).......... 2.33) 2.35 MAILS. | Weight (pounds). Earnings - 1909 1908 Te ve 1006 1908. | Increase e- : : * | erease. | crease. ; crease - From New York... 483,000 439,000} 44,000)..-....- $32, 542.96) $31,024. 38) $1,518. 58)-.......- From Europe...... 36, 506 39; 100s cess 22 , 194 2, 762. 92 405 62) 22s 83. 70 OCA a Sos ese 118,759 D7 AOD eee 43, 433 3, 525. 57 2. 818. 24) Ole do\ ste. ces Total ease: 633, 265 6385;892). 2230 2,627; 38,831.45) 36,789.24| 2,042.21|.....-... 2 50 REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. “ Exureir X.—Statement of earnings and expenses for the four months ending October $1, ~ 1909 and 1908—Continued. Earnings. Railroad earnings: Colon to Panama. . Panama to Colon. - were ee ee twee Miscellaneous Total railroad earnings Total railroad expenses - SUMMARY. 1909. $910, 866. 95 346, 310. 48 228, 437. 28 930, 067. 69 1, 485, 614. 71 Net earnings : Per cent of expenses to earnings - Steamship line: Total earnings. Total expenses... Grand total earnings......... Grand total expenses. ....... Total net earnings. . Per cent of expenses to earnings 616, 185. 86 542, 841. 87 73, 343. 99 88. 10 1, 472, 909. 56 628, 891. 01 70. 08 555, 547.02 62. 60 _ 2,101, 800. 57: | 1908. $754, 504. 22 323, 478. 96 234, 569. 01 793, 452. 90 486, 214. 96 485, 192. 43 1, 022. 53 99.79 520, 121. 82 71.08 1,312, 552.19 519, 099. 29 60. 45 1, 798, 767. 15 1, 278, 645. 33 Increase. $156, 362. 73 22, 831.52 173, 062. 52 136, 614.79 36, 447.73 2.15 129, 970. 90 57, 649. 44 308, 033. 42 194, 264. 23 Decrease. eee eee eee ee eee newman ne ee ome e ee wee eee se ee eee ew eee Se eee ewe wre een oe sen een eee ee enw ww wee i) Exutsir Y. —Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for four months ending October . 1909 and 1908. FREIGHT. Tonnage. 1909. | 1908. In- De- crease. | crease. 1909. Earnings. 1908. Rate per ton. Increase. | Decrease.| 1909.|1908. ——— | os REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 51 Exuipit Y.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for four months ending October 31, 1909 and 1908—Continued. = TREASURE. Value. | Earnings. a In- De- 1909. 1908. Increase. | Decrease. | 1909. 1908. erence erence: From New York......- $106, 081 $04, 068i: hol, OlS bare see. $301. 65) - $381. NY El sen ae $79. 52 oe HUTO POs. ..2 <2 701, 423) THA 942 ire eo $70, 519} 2,045.29 3,014. 35)....... 969. 06 ocal: COmMIMer Clas See ae | i ene | a [ieee ce eae elec erase real ease cae | ei re Isthmian? Canale cs. 2 ese Joctccccteccc|es secs ee eefee recs eee ec] peer ee eelee eee Gilt ees ge | ae reamed Notas 807, 504) 8265010 See es 18,506) 2,346.94; 3,395. 52)...-... 1,048. 58 EXPRESS. Weight (pounds). Earnings. : ) De- | 1 De 1909. 1908. ple Grende: 1909. | 1908. : Increase. crease. _ Local: Commercial....... 395, 354 AST DID eee es ee 85, 858) $2, 790. 90| $3, 115. 69).--....-.-- $324. 79 Isthmian Canal. -.|— 145-779|< 121 °249| 2 = 24 53710 1, 040.00!" S01, 19) $088) SR eee: MO tales cen eee 541, 183 G02 454 eas 61,321) 3,830.90) 3,916.81).......... 85. 91 BAGGAGE. Weight (pounds). Earnings. . ria ennouae aoe 1909 1908 Increase Deals 1909 1908 Inerease De- : : | erease. : . s *| crease. From New York.....- 47,344 39, 959 (gol wseeees $920. 52 $724. G2 = S195 90lee ee From Europe......... 48, 639 27, 287} DI Bb2 ieee ee 972. 78 545. 74 ADT OA a ee OCR ee Se 637, 707 pol Aas e 1237 208\- 22 6; 00056516; 950239|22 22. aoe $955. 74 Rotalecec te 733, 690 581,690) 1525000). -- =... (5893. 90|28; 226.12 sae See | 332. 80 PASSENGERS. Number. Earnings. a oe ae | Smantoe 1909 1908. |Increase.| P& | 1909 1908. | Increase.| _P& : j "| crease : : |. Crease. From New York: First class......... a8 378 BST -209| $2,219. 08| $2,219. 14).......... $0. 06 Second class....... 49 G2ieS eee 13 12. 63 2892 00\o2 ses 76. 37 From New Orleans: Mirst: classes): 4 Oe ake Qig anes 5S2O0 es eae $08.50 oeeewess From Europe: : : = See $280, 6411$2, 026. 53 $2, Gib es $800. 22 ie ees Sew ce 5712, 763 (SECIS =e 194, 912) 1, 932. 47| 2,437. 34)....... 504. 87 socal: Womaimereial:s ss ee ao Se ee ee |e ee alsa ee OAS) Gls foe eas Isthmian Canal...|...........- ee Ss lnee fogs. shee ties Seneee Povales es 1,102,210) 1, 577, i ee: 475, 553) 3,959.00} 5,263. 91 Est 1,304. 91 @ Debit. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. 53. Exursit Y.—Statement of classified railroad earnings, tonnage, and passengers, Panama to Colon, for four months ending October 31,1909 and 1908—Continued. — EXPRESS. — Weight (pounds). Earnings. 1909 | 1908 Increase.| _D& | 1909 1908. | Increase.| _D& by | 2 ’| erease. Z ; "| crease. Local: | Commercial....... 932,211) 869,522 62, 689]........ $6, 187. 14| $5,634.66} $552: 48}......... Isthmian Canal... 151, 240 139, 458 Eds oe 1, 044. 45 885. 40 159. O52 2oe2 ass: Potalin.s: 2s. 2s 1,083,451} 1,008,980} 74,471|........ 7,231.59] 6,520.06) 711: 58)-........ BAGGAGE. Weight (pounds). — Earnings. 1909 1908 Increase De 1909 1908 Therese De- : *| erease. : : "| erease. To New York......... 2, 412 1,272 PolaOtse $3126 = $19.08] -$12.18\5 3 PROSE IODC ss eo as | er ee le ee | es eee eee ee en ee miveleuaeen es. OCB SS she 766, 934 517,139) 249,795). oS. Bs 21GEOl. 0, 982007 |< ae eeeee es $703. 20 Totalesccc ccs 769,346} 518,411] 250,935). -.:.... 5,310. 13} 6,004. 15}. 2..2..2.. 691. 02 PASSENGERS. e Number. Earnings. 1909 1908. | Increase. | _ D& 1909 1908. | Inerease.| ,_D& : : | crease. : : "| Crease. To New York: First class.-..:..... 270 129 P41 es $1,608.50! $800.82} $807.68)........- Second class....... 106 LS ae 7 465. 75 BOOS 50 |e ae $34. 75 To New Orleans: eKirst classes... 2: Leese Ese CLCOO err eee Tle bO SS eee: To Europe: = First class......... 162 204 eee. ADS ON. Oo) A Ontal cae eee 253. 39 i Pecond Glass 2355: 48 Ose ii 194. 00 20020 Ll Serre es 71. 51 ocal: First class......... 91, 100 80,857 10, 243). ......- 46,805. 95) 44,985.03} - 1,820. 92)......... Second class.......| 240,459) 195,504) 44,955|.......- 61,875. 06| 53,895.14) 7,979.92|......... Motaleses se 332, 156 276, 866 55; 290| So ee 111, 938. 09/101, 617. 72) 10,320. 37|......... 54. REPORT BOARD DIRECTORS PANAMA RAILROAD COMPANY. ExuHisitT Z. —Statement of steamship line statistics for our months ending October 81, ; 1909 and 1 908. | FREIGHT TONNAGE. 1909. 2 1908.. __ Increase. Decrease. . Tonnage : Tonnage : Tonnage : Tonnage Ships carried. Ships. carried. Ships. carried. Ships. carried. - Panama Railroad ships: eATTIVGGS Ses otha ce ee ong 10 | 18,919 16 1156923) ee 2, 227 es Onder Se Saeed ss ee es 10 20, 056 14 DOE Shee eee sous a 2, 786 Chartered passenger ships SAT VO0e coo as oo cae sobes 17 13, 646 9 6, 640 8 (ONCE seers eee Sailodess. 22. eee 17 69, 076° 10 20, 087 i 48989.) 2 ee eel one Totals: =o 54 | 116,697 | 49 | 61,261 5 bb; 486 |e ee Total freight earnings........ $379, 179. 70 | $257, 033. 51 GL 22; 146 AQT toe eae cee tence Average rate per ton..-....-- 3. 25 | poe AP QO Sars oe he he oases $0. 95 PASSENGERS CARRIED. 1909. : 1908. Increase. Decrease. ° Passen- : Passen- ° Passen- : Passen- es gers, Ships. gers. Ships. gers. Ships. gers. | ee |] | | EY FES Arrived............ oe eo 851 16 1880 el 6 1,029 Daeds cs eee et 10 1,157 14 VDOT ae Sees elas oe eee 4 380 Chartered passenger ships IATTIVOO Sc Sass cee ena cee 17 2, 045 9 1, 729 8 SIGH Sota [ee Palled? 255 ses Sees os 17 | @4,320 10 1,429 7 2. SO1e essai eee Motil sr 54 | @8,373 49 | 6,575 5| 1,798 | ae: Total passenger earnings... ... . $157, 614. 16 * $151, 518. 71 $63 005% 45 | aes ees Average rate per passenger . - 23. 26 23. 04 BOD Were thea ec acces Average rate per laborer...... Lie QO oises Sea pane etapa ate eet rare Oeste ay ea ee eS eee reer -@ Includes 2,313 laborers for Isthmian Canal Commission. 61st CoNGRESS 3d Session \ , SENATE — SIXTY-FIRST REPORT OF THE PANAMA RAILROAD COMPANY MESSAGE FROM THE PRESIDENT OF THE UNITED STATES TRANSMITTING THE REPORT OF THE BOARD OF | DIRECTORS OF THE PANAMA RAILROAD COM- PANY TO THE STOCKHOLDERS FOR THE YEAR ENDED JUNE 30, 1910 - January 16, 1911.—Read, referred to the Committee on Interoceanic Canals, and ordered to be printed. WASHINGTON » GOVERNMENT PRINTING OFFICE EOL oo - LETTER OF. TRANSMITTAL To the Senate and House of Representatives: I transmit herewith for the information of the Congress the Sixty- first Annual Report of the Board of Directors of the Panama Rail- road Co. for the fiscal year ended June 30, 1910. Wn. H. Tarr. Tae Waite House, January 16, 1911. a D PANAMA RAILROAD CO. BOARD OF DIRECTORS. GEORGE W. GOETHALS, OswaLp H. Ernst. H. H. Roussgav. F. C. Boaes. Morpgcarl I. Enpicorr, Richard Rem Rogers. C. A. DEvot. D. DuB. GAILLARD. W. L. Srpert. EK. A. DRAKE. : H. F. Honagss. E. T. WILson. CLARENCE R. EDWARDS. : OFFICERS. GHORGE Wo GOWPHALS: president: 43 42 Se Culebra. As DRAIN Ce DrCSteent:.. cmc ee A eae lew York. eI EODGHS,-4CCONO UC President. sc. 2a so ae oe Culebra. JN SOMern, General superiniendent: 22-2 ee Colon. PYESHSOTER ORMING . es ee dos = 766623 Jams, jellies, and preserves in glass and tins. ...............-..--- do-2= = 195; £99 Meats canneds se ee eS eS do. ==. 675, 852 Naik evaporated-and condensed:s =2 2 22: = ee do: =... 2; 221;-032 Roma LOCS a GAG = oe eS ee ee es ee do... 677, 278 Pork and eanssuMS sso. 2-2 ee 00... 77, 586 Rede and beans (ns = = ee ds 470 452 Pickles: ad -sallees 2.2. 2 2 ee eRe a eee do.... 169, 460 SINE 2 ee do 420, 110 Other vecotablesim tins. 3.22 se do 524, 069 Ou do 597, 516 eIC GCG etS Yc ee ee d0ss:= 27, 250 Riguy 22 ea ee ee do.... 5, 363, 574 UIC C= se ee ee do... 1, 629, 558 Coreals not otherwise specitied . «3: es ass. 5 oss os ee ee do 412, 429 DUS Wr a do 364, 982 ComeetlOnety 22 = do 188, 319 REPORT OF THE PANAMA RAILROAD COMPANY. 29 MEATS AND DAIRY PRODUCTS. Fresh meats. ..-....8 Ee ee ee ee pounds.. 5, 229, 306 Cured:and pickled: meats... 2-2 ee do.... 1,046, 029 Cheese 2205 a ee ee eee do. 25 7 EIA, 102 WS ee ee dozen.. 602, 950 Buber 22 oc eee a ee es ee ee pounds... 471,551 Pony eee ee Ce ee d0n =. 2 429 515 Bresh muik: 255 a ee ee gallons. - 41, 901 res crea. 02.20 oe dou. 22, 900 FRESH VEGETABLES, Potatoes: : Witte 2 ee ee ee ee ee pounds.. 4, 586, 967 SWC a 2 se ee ee ee do...- 638, 584 ONIONS. so ee ee dO2 2225 1 000 SOY Seog os GOs. 2 = 22, Gan, iDeCts ee ee ee (eee aoe does 2- 26, 059 @arrotss 2S Ses Saas eee ae O22. 91, 830 Cabbaler see ee Se ee ee do.... 656, 905 AVAINS 2 oe se ee ee ee ee ee ee do.... 424, 789 Other vegetables, including celery, tomatoes, squash, and other northern Seasomn ble veectables.-.--2 22. 2 pounds.. 622, 484 FRESH FRUITS. DD DICR So FS EE ee geet eg pounds.. 626, 472 PCR CHOS 52 ee ee dO: 63, 944 Peds = ee es ee ee ee ee doze 21, 780 RL GWiSs oe ee ee eee doz: 17, 706 OqTapes. 2-2 igs ee ee ea ee a ee ee do 54, 066 ONO CSE ee a ee dozen.. 236, 854 seémons 2-2 23. Be ee ee do2 22 13, 574 Grapeiruit...... En IE ee ee d02- 11, 837 INC ee a ee doe: 5, 493 Wal talolpes so Ss ee See ee ee ee 59, 724 Watermelons. 5.20 2555-2 oo ee eee 10, 845 CMU Or fats. ee pounds. - 26, 276 The following statement shows stock on hand, goods received, sales and issues to departments during the fiscal year, viz: Stock-on Nand June 30, 19092 2. 3 es ee $810, 696. 94 PeOba ll BLOCK TCCClY CG anc8 ge ee pee ee 3, 913, 519. 14 ? —_____—_— $4, 724, 216. 08 Sales and issues to departments: Sales to Isthmian Canal Commission..........--.--- 1, 664, 873. 66 Sales to United States Government..........----.-- 135, 068. 36 Sales -to:others tor cash=— 100, 901. 78 Sales: to others for-coupons: <2. -. 5 = ee 3, 083, 064. 13 Issued to departments of the railroad and used in operation of the commissary =... 222. 5. 2 229, 328. 02 Issued to Panama Railroad Steamship Line ....-..-. 9, 501. 84 Condemned and damaged goods, shrinkage, etc...-- 108, 779. 02 —_—_—_——— 6,331, 516.81 _ Average of-sales and issues per month..................-....-- 444, 293. 07 Stockion hand Jame:30;, 1910). 2 eee ee 1,027,487. 61 I give below an exhibit of the comparative selling prices of fresh meats, poultry, and game, cured and pickled meats, dairy products, vegetables and fruits, and groceries sold through this department during the periods shown in the statement. 30 REPORT OF THE PANAMA RAILROAD COMPANY. MPVOUSG sce oe ee ae ae does: Prices. Unit. April— June, 1910 1910 1909 | 1908 1907 FRESH MEATS, Mutton: DLOWIM PS sso ss et sek eee ee ete ees Pounds Se $0.07 | $0.07 | $0.07 DO; LOS oe ee. shoulder, neck trimmed off. ........../2.... GOSs eee sss . 10 . 10 pO SoS See he tae Entire forequarter (not trimmed)..:..|..... GOSS eae 09 09 09 . 09 $0. 09 NGO Oe eee Os eed ee ee as Gos oe 19 19 19 .18 1 Cutleign So ee ness owes Pan | sees Ose se 20 . 20 SOUP Sisal hau PHO: CUiCHOPS sa 2Ge = coet ose ose cece le oe GOs ons sccsuee. 22 22 .22 20 24 Lamb: SiC WINGS: RSs ees ooo sce cee en Sees GOs Sse Se 07 07 07 10 11 Entire forequarter, neck trimmed off..)..... dots Sec oes 10 10 10 10 11 TOR Soe SSR oS Sees since oem ce eos oe GOs Besse 24 24 220 28 22 CHOPS ess Sos er tee Se ee ede | Scare dOsS Se Ses . 26 26 S208 30 27 GE GLO US seco tas cae Sea Bese | es GOne eee . 26 202 | ssa oes ese Boose eae Veal: OWA Dee vena rt acen scenes cee See toe oa he wee dOsst aces 10 10 . 10 11 12 Shoulder for roasting (not under 4|..... GOs ese See 15 15 15 11 11 pounds). HOINAOL TORSUINE. oss o os ce ete we eee eal. ess dose e sete 19 19 21 23 25 Chopss= sis oases. ie te seers eee clece cs COs eas sceses 22 22 22 24. 25 BOULICLS nae Foe en oesa cco er eee Beale ce GOts cee tes 26 26 . 26 24 27 For LOM CHS Sooo oe a eee COS Sse sess 22 22 . 20 20 20 eef: DUOGs cee ee eee ees Goes. 02 . 02 . 04 S045 (eae OUP se ee ee See ioe cee eee S| Canes COS eee s 05 . 05 07 07 07 DUOWis oe he eee oe oe ee eee SE Se ae GO Rese tes 09 .09 vue 32 12 OIUICKSLOFSTs oa eo oe oe ee ee ee GOs 13 Ocoee oes slo 14 POUTOASUssc oS eee Ss ers es Se S| BS GOs Se eesaces 15 15 16 eal ee ee Rib roast— SCCONG=CUtees ae oe se ee ee cee GOs2 See eee 18 18 .18 17 16 HUTS CUbst se ee ee GOES Ss ee 20 20 . 20 20 18 DITIOMETORS Gs a es ie lee (0 Ko ee ee 21 21 ZO . 28 25 UUM DsTOAStse see oe es GOs eS 21 21 20 285| eases Porterhouse LORSt seen Secs oe Sees 0322 eae 21 21 25 281 Seats eak— ChuCK esr a Se ee GO eee se 14 14s | ee eens | ee VOUT sey oe ee ak ce a eae GOSS see alo 15 . 20 . 20 18 Tesora ese ee tates linen ae GOs ae . 20 . 20 OA SS ees oe eis PSR OUT a Oe see 21 21 B25 28 25 POPCCRNOUSE 228 Sete es ees ee es 0st ee 21 21 +20 28 27 PUN See wae. esac ten So os saeco 02s. 325 21 21 25 28 27: Mend erlomes: Sees ca ae a es dOwonetueeiess 24. 24 . 30 28 29 MISCELLANEOUS. ‘Livers BCC le oe a a ee POUNG Ss sss ee 10 . 08 . 114 10 09 COVES a ee ee Ha@hess os eee . 60 . 60 26001. 36023 ees Calves? ali ee eee Onsuvcesecces . 30 SO0s| coe eee | vee ee eee Sausage: a OTe es ee ee ae a ROUNCG seca: 17 salege ae 16 16 SOLOS A ee tee ee a Pe se Op ee 14 14 ste LDS eee PAM KPT Ola ee rs ee ee doe 14 .14 17 Lp erbenwulst o-oo e COS ese 14 .14 Le Lee Sweetbread: BV Coe a ae as Paine oun Aone: 1. 20 1201220 18203 Soe BCCie ee ees ee ROUNG eee ss 25 20 . 30 Ob ae ees Oysters: One-GuantKkorse ost eo ee cee KG gee a eee Sl eerie ie ae eee ea Fl aliepalOusKORS.2 ce es eee dOnae nice eee oe . 80 S OOEe eee eke 75 BiG OS ITOSh ss Sirs es ee DOZON Ss Sajae oe 28 30 . 284 28 30 POULTRY AND GAME. Chickens, fancy roasting: DES ORe eac ose Peete ces Se 28 costs So cees Wachee seen aes 1.50] 1.50) 1.50 1. 50 1.50 MOC ee oo oe ee ee eee Otis: 1.30 NBO Gels aO sce sec |e ee SWO WiASee ee se oe ee ee dO eee 70 . 70 15: 1.10 1.10 DO ee ee ee es GOs. <= : 145 1.15 | 1.00 1.10 1.10 Ducks: NEAL EO see eee eee ioe ee Ss cle vere dO 1 0 1250" |= 1230; 1.15 1.10 MGCL MMSE ree oe cee See dose: 1.30 1.30 | 1.30 1.15 1.10 DBT OU CTS 2 toe ce ee ae ss eee | GOneee 75 0d 15 90 .70 PRULKOYS conte. Se acne 5 on eee POUNGS. cess se 30 . 30 30 26 25 SQabs22 ee eee WaGhisss sca ec 35 .35 . 30 35 . 40 CADOUS ass ee COs eee 2. 50 25508) 2.40 | ee 2.40 OOSC aise a a ee in Sa eee do 2. 50 2:00 {Sess e 2.00 2.75 SMORSAINUS = co ee re ee eal Ose ees . 70 FLOSS Se oa ek Se a eos es SD) Ose Ss eee ee or Gone ee a 00) L003 |S Se PAN GOS seo 8 See ee ee dies oe ca . 50 SOU Siiecssotara ccece'| erevemenetes eee cee eee Suse . 85 PODS eeecelse cere REPORT OF THE PANAMA RAILROAD COMPANY. 31 Prices. Unit. April— June, |_ 1910. | -- 1910 1909 1908 1907 CURED AND PICKLED MEATS. Ham: Hnglish YoreCut. 2 ee POUNCE et en $0.30 | $0.30 |........ $0.25 | $0.25 boss German=wWestphalias:< Accs cc oe ee dO ee eee 30 sOOe oceans Fa igs eee Sugar Cured 22-26. Spi uee me ig eerie ce dO aaa oe EP . 23% | $0. 21 .19 .19 HCO Geis ss Saas ee ee ee d0etese esc oecie aoe wake -29 2D Se gs ee: Halt. (or boiling) sets oe ee es CGpe ee 22° . 244 APA D0) scl ees pares BOUeGd o. ee ee ee eed ores Cost eines Ses 28 20 ioe easel oie eon | =r LOCKS ssc St a eee ee One 08 08 O87 oes cere Bacon, breakfast: ye Whole: pieces: seen sco ote es ee ines dOre ise cess . 28 . 28 . 234 23 =28 ge SH COG Ru Se ee ee ne Pee dO se eee . 29 . 29 . 26 QO pee ee Deer salt; tamil yoo a aes eee ole COeieie ies 12 . 09 . 16 14 . 08 Pork, salt, family...... Seg ee alee ee ee (OO Aen ace aner 18 15 .13 13 wld (OR CON SUCS areca seca = a ee ee IURVel Ne mancmcamer 80 80 1.00 90:2 eases Pigs: feet vss oi eas eee eae ‘POUN GEE Heese os 10 08 14 08 08 PLoS’ CONCUCS ce tee eee eee a | eee GOsete sce cese 16 16 16 LZ. 17 MEU bCON; IMSS. oe eo ee eee sees dows. 07 OU eee | ee ee eee We DAIRY PRODUCTS. Butter, creamery special..................- POUNG a5 oss - 40 40 42 e403 AN Cheese: RoqueloLis esas Soa ken ee ec ewes| oes COM ee cect 38 38 45 . 45 .45 Philadelphia cream’: 2. ee Cakesee tine ee - 10 - 10 . 20 pases Rie reyane et YOUN GEAMETICR 3. 20s. ee see PeOUNG ee 22 22 Loe De 25 SWASSetiscic spe Me ere eee a esl eee QO7e5 6 ca «26 . 26 ol TOOT aaa HCL AIM ee en ea a ee WaGh@e cease 1.00 1.00 1.05 Ti ODesins eee Neuichateliicccn2:0. <<. ee ees Cakes sores . 06 . 06 . 06 . 06 . 08 GO sees a ee eee Pounds: oe esse 34 34 34 34 . 20 Mlk eTarclitico.oi2% os on cae ces ace ceee BOtlOr ee ee 25 25 | .25 BLO 2a | teen ere VEGETABLES AND FRUITS. COlOLY see Soe a es ee ae ee On dss: sees oe . 08 08 10 .10 112 Lettuce... 2... Gace roa Sa Pac apne eta ee EN eae dO eee 12 12 10 10 15 OUCUINIDOIS2 sae set Sa ecw ee SS Pounds: 2222-22 05 12 18 . 28 15 Potatoes: Wii tesco ose oa we ots oe Si oe ee COsseaee see ee . 034 03 03% 03 03 DWOGLS enw coe emir eae ee cee ance GOs ies. ee . 024 . 02% 024 028 ccc ces MiGUISR rose ee ae ne as ke ee ee COmesaiea ss . 034 . 034 034 034455 eee ONIONS 2 oS ee se ae ana Otte a 05 . 033 04 034 03 EROIBALOOS soe Se oo De Sas ie ee ees eee Ores es . 08 SOS ee eI ae eee RUMP Sisco ec oo ee eee ee d0tta. aes . 044 03 03% OAR Eee OATrO USesc sets eacok oe ete i eee oes QO ee 04 03 04 O5#s ee IBATSIDS 2 eos ee Sis eet ie ow eS eal oes dO ee . 03 03 07 OAs eee ese WADDALO Sess ee ee Ose . 04 03 05 03 03 ube bar besos se as eee ine ee ree eee GOs ee ee 05 LQ a ees as oe een ee PSCOUS sc. ees ee ee eae Pe et doz . 03 03 034 06:5 Sees SWOT OLS C= cece arene a ee ne ene Dozens ss 5252: . 24 . 24 .18 15 25 SR DIOS Saee aes eee ac eS ROUNGe ee es eee SOG2e eee .07 05 Wancerinest = a eee eee HACH soccer eae | eee . 02 JOP eee eee ere AMOS eso oes aa sees Se oe ee 10023232 Se . 80 . 80 . 80 OUes sate rete OTAN POSS ee er ae DOZEN 2.2.25. ee 212 .12 wD AZo e eee sere Grapetrult essa ee Hachivescwse cs se - 04 . 04 . 04 FO2F al ecci cee e AAINGAPPIES 22st ce Os ee EMCEE ee eel ete ee 0 (0 eee eee ene «AS wLSe sl bs wlOReecaees 32 _ REPORT OF THE PANAMA RAILROAD COMPANY. Prices. ; June, | April, | June, Unit. 1010 | foto W007 = GROCERIES. Bis teT oe oe eS ee ee ee Din lS oss ees $0.42 | $0.42 | $0.39 $0. 41 Extract TGOMON Serset coo he Ee Bottle, 4-ounce . 13 16 NOG lesonass SVARTR EL Gye eee ee ee eee eee | Seo Ses 23 . 23 NGOE=3| sees SATIGMO VACS ee hae ous tre Se hs er ere ee Bottle, is........- 23 . 20 S26 Sess PATTI Sa SSS a Se ee Be CDi Sig eee nee 15 eG cl ee eee cee COGS ee ee Found. . 074 . 074 Sk eee Se EVerrines, lat ppered sss eee TS Se «3 io AS Sea Oysters; black labelis == so. os SSS BO ee . 09 . 09 de eae RS PLE OUEST CO Kasse ee Lge ees .18 322 SIGS eee as DAT OIN OSs ss oo ioe ae Seles So Oe ee ees PO a tence eee 22 22 Oa See PO UA TADS eee eee tee eee SE ea ea ee [Sess Se 12 13 sds = Se ee SAMI TIC OUSR ae wi en cee a oe ee DP eplcheeteer ae netics 14 14 . 24 . 20 ACP PICRES See costes Neen oan Sen See ee Ses ee 12 sas ald: - 10 DOES eee SS See ae Se eee ee ees ee Gallons ee ae 30 . 30 BON eae Sees: AGI DOLENCS 8s Sn nt eo gs Seas ot ee eS Rate ee 16 .14 what ee Cherries Soe SS ee QE ee aw oN ee . 20 . 20 .32 . 29 Gra pesse eh ee ee ea Se eS OES Sac 12 .12 22 old. GeO CR CGs se wae ee ee ee ee DE Sirea seen. a 14 .14 21 . 20 SC EIGKIOUEITMOSs oe as ee ek 25S 15 .16 MMOs: oes teoes ROOTS ete ee ee DERE os ee es 20 . 20 <20 woe CACHES = Se et eat Ree eee HG tiss ee ee 18 aD =20 e277 ae SSS Sa ee ee ee Dee ene eee 13 We Beeline See ee Se ee Oe Da ee eee 18 .18 S2Oe 2 esos Shas bentics BS Se OS StS ee ea oy DS Bee an ee 25 ~ 29 . 24 «25 MRS eT OOS pre eo re ee ee a ISSR Aes .16 a3 Os eee NeliiesaScOnieGs ss ea eas Soe eS Sec: LO: OURCESS ook fe re .23 P20: Ose Marmaiage. Dindees ase es Coe POUNC sn eek 14 .14 CoA Nee sk WOT Gs er ee ee 5S Se es 1.08 1.00 . 70 . 60 SALA Gece ee oe eee hee ee SSeS ee eee 34 . 34 . 38d - 40 BOUSS See a Sie ease ee ee Se eee D8 10 13 . 09 15 Beans, baked, toniaeO sauce: na Use oe ee a ee MED esta carne aa 10 10 .10 -10 ECCT Es se Rea eee dO==. 14 14 eS sehen NTO ceases es a | ee do 20 . 20 AD sales ws Beans: NEM P IGN oe eae ss Soe a = See Coe ee ee 10 ly) - 10 mbal: VeRO e eae ee a ee DS nae eS See eee 10 .10 AQ .10 Carrols see es ie ee eS es 25s ae 10 LO . 09 -10 POT ee ee De Se er es 12 ae, ats 12 NEGSHTOOIIN Ssx a se eee Dene eee eae 18 soos SOD ele Cas: Sittede cea ee DS ees CRS ee 12 = 4 «lock RS 7 PB AQO eS ore oo Sa is oe Oe Ce ee Dinar eee ee 18 .18 Dl sol ees renee ss ooo oe oh ee ass we OS eee ee 15 15 .16 set BAUR ee es RS ee SHS ee 08 . 08 ADS See BOUCE elie ee ee 38. ee 10 ld .10 . 10 SPINACH eae eee oe ee ese OSse eres 10 e12 to Se ee Se PEL AS Mice ee ee eee OSes oe ess eee 12 lS Slo: alesse ER OTMDUOCS = ot ee es DS ee 08 . 08 . 09 07 DO ee ae oS ee Se ee SSG geen meer 10 .10 12 .10 GROVER) ons ee ne ee eee TS ee ees 11 eld . 09 -10 Pork a CGS ses Soe ee ee LS en eee -09 . 09 . 09 .10 Se Se eee ee Nas Ss eee Se QS eee ee ee .14 loeele see Do aR tat ge Seer Se ee ge BS ee eS | AT, .16 Ty: 18 SPONSES INC soe oe Se ee 25 a Siar ee - 06 . 56 Oe Spates = Vealioal = ee ee LSS See .14 14 92.2 Biscuits: SA SSOLL OOS So ee ee ee LSet eee ate ateoeoeeees .29 «25> +25 SOG Aare a ee ee OSeve teeters se 68 . 68 . 60 . 50 OE CYcaes ee ee ee OSS ee ees 31 ait “ou . 40 Gream= Of WCE se ss es eS Shin 22S Ses ee ie 523 .23 25 14 DO ee ee Package, 283 15 15 .16 .14 BO ECC Segoe ees es a ee OG ee 14 14 ~1d ~15 - GRA DEMUG eee ce ee ee ees 1s Seen eee ee 13 . 10° whe esse se OUT BRY See an e o OSes seees ee eas 28 28 S20 | Sea oes Meal, my bte Se Fa nea ee OS SSS See 26 . 26 20ers ee a Package, pound=-—)<. 03 . 03 . 03 . 04 Oats, “ OU OK OTS tan ae es es ee ne DSi ee ee 15 15 se Ae sae ions Shostunes hea Seen eee es .23 .23 23 -20 ShTréddedswheats Se 1S ae 25 20 2205S |S ees RUGUI sre ee ee ee POUNC ces 04 04 . 03% 05 Milk: Eva erated See trae ae a a ee re Mines se 10 10 . 10 .10 Condensed se ee 60s 10 .10 . 10 .10 Gold-dust = a ee eee AS eee ees 20 . 20 218 tT: OlaShe Se ote re ee es Oe LSS ee 05 05 SQUEs|e DADONO se Caker es ees 08 . 08 OS | ae eee oap: AV ORY oS oaee Se a a a eee dOs Se es 05 . 06 .05 07 SEU ae ye eee ee een | dO See 05 05 wOB sees White Noahing = = a ei ee dO .07 05 2 OBS os ee REPORT OF THE PANAMA RAILROAD COMPANY. 33 Prices. : June, | April, | June, Unit 1910. | 1910. | 1907. | 190 GROCERIES—Ccontinued. Pickles: CHOW CHO Wa Oo 0 eR BO Une vera 18-ounce........... $0.16 | $0.16 | $0.20 |........ MIXCd): SWeOl src foci Been occas oe ee elem ae OSE geese Cale BO . 30 £0 ale sae Sos Cocoa: . UUNIKOMS ss reos ets Boe tee nae a eee ASS Gee ener ie ely LT . 20 $0. 20 VO POULK Sivan were acl vise ox ec corona creer BS oa due a atereee . 20 . 20 S2OEA ee ers e Vie SELOULOIS eae oe hc, ac on Ge ote eee NSE CRN OA . 44 44 44 46 Coffee: NO ees Sei Se rs ee ea POUNC 2 seme cee . 174 174 23 21 Ino OF, facie es ee Ra ek oa See a ee es I COR 25 5 G2a |e ees : a Mocharand: JaViaes oa. he en eee oe DS eee eae ep nee 70 70 70 74 ea: SAY Ee Boe SA SBE Rees ee RS Pay eo aE DS Eee le en 05 00 1. 26 . 66 Ce vlone seo eeu us ice Petree ee epee ate ae ee cant RS eect ey aera .19 19 . 20 .30 Sugar, eranulated.. Bip EOS PARR? see SN Gea ere ae Oe Oa 5-pound SACK es 205 . 20 . 30 . 30 Ginger alee sc ee eer ee Cee egress anes PING eee poate, oe . 10 . 10 eDiets Apollinanise :.cce eeu Oo er teu eaten ame eee eee Coe seeee eek ll 14 14 WTI CO PEO Kis Se so eR Se ts Ne Bae eo ae le ee Oss es ees “3 Teele SDS eee ADDIES CVADOTALOG EG sas 25 ese es nae Soe aes DS ee eae . 70 .78 . 70 . 70 Apricots, OVADOLALOM ie este ee eea cere en ares OSes eat re 1. 40 1. 40 BA ees Be Reaches=evanoratedes. eos gau se ee as DSi ne ange 08 . 63 LOC es eee Pears, evaporated Gee ot Sot has cee Ree Deh Oca eam OS cee earn .93 93 Ole ates RoR MBUITIO Si ero ees ee Nat oN ee eS eee ea POunG 26 a, 07 . 07 wlO . 08 Currants sClOaned en: mes ie OS eee ee ee eee LG Se eeee ae 09 . 09 «12 09 RUAISINS S600 Oe a oar ie Se ee ea ee Sig een oa . 08 . 08 .13 — 08 Cinnamon proundits 32 oe aes oe a eae RG ler uae Meare . 26 . 26 ll Bray ke) IMCS Uae yer oe Sse ary a ety as eae ec Leen tas BS CO ee eer ek .12 .12 Lares ae ceri INGUIN OR Sas ise Oh oe es ee Sei Se ee era 18 18 44 . 36 Pepper Bla@ kat oer Eo ee a eG oe oe Seas See aoe . 10 10 13 17 Cayeune i. oes cis Sunt ae oe ae eee BAS Pi ati ee eer eee ~12 15 WO Slee SEO tee ee RE eae ee oes Dean ire ya ee Rien SN une . 09 07 OF ea pane powder, Oe Raa se ae eae oe re ava ote NG cok SS ea reer ae 45 | .44 44 47 Candies iiss s ee ies Cg aia ee ae ee meas POUNGi ees 14 .10 ANB} .15 MTC IOS aii re ee UES ghia OR a ce DOZON 2s ee ces 05 05 05 '.06 Starchee stan casera Ae ee oS ee vag POUNGE ieee: 04 04 O4R sl sceee Bacon, Sliced ar sae a ese ees ERAN S 2 eee 26 24 22 20 Beef: COTO cess a ees ee a ee Ds Sere ror erercaree . 28 25 21 20 CHI POC eee ais ee agen oe [Ges ee hae . 20 20 17 18 Chicken BODO ee see OAs Olga Gm een a Veo HE ae Str ees . 50 50 43 47 TRORS Ge sc ee eee ee eS eee DS eS eie eeo e anes 27 21 26 26 DSTI Gees te FO Re ae riya eae Sk On cents LSS Se ele Sony 18 18 15 11 OGG eee a rece ene ey ae eRe soe canoe IG Bs eee eee soo 23 22 26 am: HCG eS ie ae es a ee ES re a ee ce ae an oe . 20 20 25 24. TOR De Sree GS i en i EN rie So eta ee RSM eet ane LL al ie 09 TD VAL O Ci ie sie ee as Le ae RS SEL SS se hon aes 20 25 23 32 OTS eee a RS ee hg ee ee DS Es Oe ee . 24 . 24 . 20 22 EROS OO Gees ces een cise s ary eI oN oi ae ee 1 ype ae ca 14 14 SLO eer DAUSALC. VACMN A oe ao os SUNS Shee re Rie Gees eile ae ire esa .16 -16 .18 »13 Ketchup, Blue Wabeletee se ee Sere aya ens Pint. Gee es . 20 . 20 . 20 . 20 Mustard dressing. HeinZ: 3222. sek ce S-OUNCOS2. 22S 24 24 e2Dica| reetes Dallees GW OLCOSTOR sc. sic tees eae eee Pint ee 45 . 45 .45 49 Salad ‘dressing, UR KCC Sr kG Sok Se neces FpIN bs Se ess 24 . 24 220s eee eee IMATACOIN CD fis neste ie Serge ee a eae DS ESS eee a2 Nid | oes IMIQIASSCS Si ee ee a ee Oliart 2s ee, .18 .18 19 . 20 Maple sirp 230-9 ss ta nO eee canes Sa een eee G02 eee SU . 30 . 29 . 28 Soups Eranco-Amenicans 2c ee oe ae GOs eae ce: . 30 30 - 25 . 28 MEA COT OM eno is re aie ese ne iene ee Se ee ate . 074 . 07 OTS LD ROR HU ieee eS i on ect ane ene BG ess re eee tty . 074 . 07 . 10 - 10 Wert Celine 2 oe ei Rene ee et LGN ee ue . 074 Oe loca eee DAMASH MES ee ae ee ee aie Tighe erase eae ae . 09 <3 LO. cheeses Beans: aa Guedes ise es ee ee ROUNGL 2 rasa .07 .07 . 07 07 INAV Saree eee comms ec ye Sen Or ncaa Toe ener ae GOs ee . 06 . 06 044 05 Peas, ae AA PASSES a ip Re ah eee ET heh be eta tes | eee GOs ee eee 04 04 044 04 Rice: VUAN SOON sees ae Kae eee = a ere Aor ee ene COs se or es 03 03 034 052 FVONGUTASs ss see Oe Sass Ae ee a gen eae GOs oes 07 083 07 07 Olives: Mangan l ae Scere SS ASG ts ae ee a Bottle; liter.....=. - 40 . 40 SAD Se geeuers a Ro Sse er aie eels eel oe ee era Bottle, 4 liter.:.... 18 18 lO aaa : QUIGOT ss es a eer aes he en ee 1O-OUNC6. 525.2 ore 24 24 COL a eee 4 Salt, fable. EEN ER RT ashe eG UG BAUD coh eee eens TSSSsee es. Seon . 02 502 -2):3402 02 Kerosene 2) ee 5-gallon tin........ . 80 . 80 1.00 .8l Olive Ouse Se ie ee en ee Pinto ees oe ees PEE OD, . 34 55 53 740383—S. Doc. 743, 61-33 84 REPORT OF. THE PANAMA RAILROAD COMPANY. The above table will be interesting, as it will show that, in the face of a constantly advancing wholesale market, we are to- day selling goods cheaper than during any period of our operations embraced in the fable with the exception of pork products, on which the advance in price within the last year has been phenomenal. The table given below will show the relative percentage of goods under each classification that were sold through the retail stores during the year: Groceries and staples......-..- RU a vie ee ee ee eC a 31. 64 Cold storage SUR clone ic ana ee See eRe OREO CG icf Sider Se ONGC ain ar iarcrs eee 36. 49 Gents’ furnishing POOds: AMG MOMONS ie cee ee oc es Soe ee ree 60 Womens Gry s00ds and: MOlOnse Vs nos ek Sa ee es 4. 63 OOUsHAMG: SHOCK <8 ie ee ee ee ts Cae oka a ie nek Se iolantutgs 6. 05 Tobacco, cigars, and confectionery.................- Woe Sean Sig es eee 6. 11 Flardware and; NOuUse LUPMIShINOS!. - foals ase ie Oe a 2A Haun Rhys 5s Be ee es he ee geo vo9 100. 00 Respectfully submitted. : HuGENE T. WILson, Major, Coast Artillery, Subsistence Officer. EXHIBITS. PANAMA RAILROAD Co., ACCOUNTING DEPARTMENT, New York, N. Y., October 21, 1910. Dear Sir: I herewith submit statements of income account, géneral balance sheet, and tables showing results of operations for the fiscal year ending June 30, 1910, as follows: Exhibit A. Income account and profit and loss account. Exhibit B. General balance sheet. Exhibit C. Earnings and expenses. Exhibit D. Operating expenses of railroad. Exhibit E. Operating expenses of steamship line. Exhibit F. Expenditures for improvements and construction. Exhibit G. Equipment and plant replacement accounts. Exhibit H. Classified railroad earnings, tonnage, and passengers, Colon to Panama ‘and Panama to Colon. Exhibit I. Railroad freight statistics. Exhibit J. Railroad passenger statistics. - Exhibit K. Railroad general statistics. Exhibit L. Railroad freight tonnage handled. Exhibit M. Steamship line statistics. Exhibit N. Locomotive and car equipment. Exhibit O. Floating equipment. Exhibit P. Chart showing organization. . | Exhibit Q. Chart showing comparative ton-miles, Isthmian expenses and pay rolls. Exhibit R. Chart showing total revenue received. Exhibit S. Chart showing revenue received from freight handled. Exhibit T. Chart showing tons of freight handled. — Exhibit U. Chart showing operating expenses by departments. In December next the following tables, showing the results of operations for the ‘four months ending October 31, 1910, will be prepared and ae as a supplement to this annual report, viz: Exhibit V. Income account and profit'and loss account. Exhibit W. General balance sheet. Exhibit X. Earnings and expenses. Exhibit Y. Classified railroad earnings, tonnage, and passengers, Colon to Panama and Panama to Colon. 3 _ Exhibit Z. Steamship line statistics. | Yours, respectfully, Mr. E. A. Drags, f JoHN ADAMS, Auditor. Vice President, Panama Railroad Co., New York, N.Y. uy REPORT OF THE PANAMA RAILROAD COMPANY. 35 Exursir A.—Income account and profit and loss account for the year ending June 80, é iL . % i INCOME ACCOUNT. Railroad: Gross earnings from operation... .- BRAG OO GN as eer ear evan ype $4, 224, 062. 28 OPeralingeXPensesce secie ys Sense eee rise be OEE REV a Rs ear eel ceawr aaa c 2, 649, 652. 62 INetiearnings from Operation ci 0 yee eee ea i On ces Ci iar Seater as $1, 574, 409. 66 Steamship line: ~ Gross earnings from operation Rare ak DEN Cie adn RE SEVER Ae eR Bae ree 1, 876, 726. 55 OPeLratin es OXPeNSESs fi Sees ewe ee ise eRe eet ay On dea rae Mace er EN eae g 1, 708, 774. 30 Net earnings from operation... 2... .2.225...-2. Bi SIAN alte. OG erie Maas ange as es EZ 167, 952. 25 1, 742, 361. 91 Add:income: irom interest-andexchamve ys: 20 ee ee Vibe Matinee. 21, 701. 67 1, 764, 063.58 Less Interest on loan from United States Government for redemption of first INOLESALO DOA ie a ea a a I ae ned Mu fe a RR 48,913.77 Fund for repayment of loan from United States Government for redemp- tlonvol first mortgage DONS ieee ere et een en ee 100, 000. 00 Concessionary subsidy to.United States Government under treaty....... 245,923. 91 Ini GeresthOMlOaiis:: 25 Fie ey ee ae Sree rs eect I ee aoe one anne Stk 76, 677.93 Rental of docks iat Is taming: ses 8 ee a ee ee en 23, 894. 44 United States Government income tax. 2.2. .2200.. 2 622 ee eee ere 13, 875. 73 : ae ee eee Net Incomevlor Lamont scsi se es es Chas a ae Ua Ca eae 1, 254,777. 80 PROFIT AND LOSS ACCOUNT. By balance to'credit of profitanddloss; June30; 1900s 2 ee ek ee ee 8, 945, 863. 00 _ Surplus from income account for year ending DUNC 30 AION ae eC ee Daun Nae ‘1, 254, 777. 80 Second payment in reduction of loan from United States Government for redemption of ITS HAM OTUPE DO OUGS fete ck cee ean ess ae ES lS Bn cae aa 100, 000. 00 A ECOUNTS “WETUGOI: OLR. 2S rca cis cr rt ee oe eave cee EM ars LG DO ac aye ean mae 9.30 10, 300, 650. 10 Less: Difference between earnings credited for transportation of Isthmian Canal Commission freight on the Isthmus from Aug. 1, 1908, to June 30, 1909, at established rates, and revised amount paid by the commission........---- $176, 692. 91 Accounis wriitemiot. 0 os ee ee 5 : 178, 107. 96 By balance to credit of profit and loss, June 30, 1910.......--...----eeceeee cece ee eeee 10, 122, 542. 14 Exuipit B.—Balance sheet June 30, 1910. Se ea eee ee eee ee oe eae eee ee ee Cost of road, real estate, and equipment...........----.-----:.----------- Improvement and Construchion acCOUNUS.< 23. -c eects see eee: Floating equipment. Steamers Allianca and Advance.........-..------------- eae and lighters June 30, 1909..........--.. Two Mentors SOlGia oh es eee eect ss 267, 659. 16 Potalcost. Of Properbys: 2-3-5 ose eae aco ee ence Current assets: Cash in banks and with peer RSs RUSS a ape Un gee mere $1, 544, 804. 94 Materials, coal; and:swpplies..-......-.---.---------+---- 1, 728, 576. 99 Due from agents ANG CONGUCLOLS =. se es 30, 605. 82 Due from connecting companies....-.-.----------------- 226, 401. 72 Due from United States Government— Isthmian Canal Commission...-......-. $1, 365, 333. 08 Post Office Department...-....--...-- 67, 102. 48 Navy Department. ...-- ee aR ee 41, 730. 85 1, 474, 166. 41 Due from individuals and companies......-.----. eee 124, 176. 40 Miscellaneous 8CCOUNtS:<2.22 2 oo tee 241, 755. 82 Deferred debibitems: 2. ee $16, 469, 790. 03 Capital stocks eee yee es ek aie See carat cle wnlea = = 139, 783. 75 || Capital liabilities: 1, 030, 372. 78 17, 639, 946. 56 5,370, 488. 10 11, 070. 91 23, 021, 505. 57 Due to United States Government— For cash appropriated through Isth- mian Canal Commission for new ‘equipment and improvements. .... $2, 786, 829. 53 Less cash repaid to June 30, 1910....- 7 1, 387, 714. 92 —____—— $1, 399, 114. 61 For cash appropriated under the act of Congress, approved Mar. 4, 1907, ‘*to pay the 44 per cent first ‘mort- gage bonds of the Panama R. R. Co. OMe 90h ee ee 2,148, 217. 50 Less cash repaid Treasurer of the United: States22225. 2 ee 200, 000. 00 1, 948, 217. 50 Total capital stock and capital liabilities. .......--.--------:- Fund for repayment of loan from United States Government for redemp- tion of firstmorteage. DONdSss =: 255 hs ee cee ee ee Equipment and plant repiacement funds..............----.-------------- Current liabilities: Due to United States Government— Concessionary subsidy accrued ......-.--- $27,173. 91 Interest accrued on loan for redemption of first mortgage bonds.........--- Deer ple 716200 —————— $39, 350. 27 Isthmus drafts not presented . . 2 S222 2.2 ee 239, 089. 57 Coupons not presented = <2 22-02 ae es ee 30. 00 Audited vouchers and wages unpaid..........--.------ 910, 602. 78 Due to connecting cOMpanies:-..2 44.22. 28 es ees 52, 641. 06 Miscellancous ACCOUNTS .02 soe Seo es ee ee 67, 105. 47 Deferred: credibatemse ki ee ee ee ese Profitand Oss balance. 22.2 ee se a ee es $7, 000, 000. 00 3, 347, 332. 11 10, 347, 332. 11 91, 666. 66 1,078, 241. 81 1, 308, 19. 15 72, 903. 70 10, 122, 542. 14 23, 021, 505. 57 9€ ‘KNVdWOO GVOWIVE VNVNVd SHL 40 LYodwE REPORT OF THE PANAMA RAILROAD COMPANY. 37 EXHiBit C. Statement of oy and expenses for the years nine June 30, 1910 EARNINGS. Colon to Panama: Freight Passengers Mailsn oc cesee ess Extra baggage. . Treasures. 2% o/s HX PLESSe oct. Panama to Colon: Freight Passengers Extra baggage Treasure Miscellaneous: Lighterage Water supplied shipping Rental of property ewe tent e www eww we eee ee Oe ecw wn eee aes ee ew ee we ee Wharfage and light dues—Colon....... Wharfage—Panama and Balboa. .--..- Cranage earnings Storage and po handling Telegraph. . Switching. . eee eee te ee ee ew eR ee Miscellaneous earnings, other sources. eaereenr Total. . Total railroad earnings Steamship line: Mreighte ces Passengers Mails. . Extra baggage. - Treasure Wines and liquors. . Miscellaneous. . - Total. . Grand total earnings wee wr wt ww ww eee meee eee e tee wm wwe tw mew ww tet eee wee er ee ee ew tw eet eet eee et tt em ee te weer tee wee tte ew tw wwe tet eee eee eet we eww ww ew etree eee EXPENSES. Railroad operating expenses: Maintenance of way and structures..... Maintenance of equipment Traffic expenses . Transportation expenses eae eeseeeeees eecer ee ee ew ese Lighterage and harbor service........-- Loading and discharging vessels Real estate General expenses, Isthmus General expenses, New York Total railroad expenses Steamship line: Steamer expenses Agency expenses General expenses, New York General expenses, Isthmus Charter of steamers Total steamship line expanses Grand total expenses eeanreeeas a ee et er ed Increase. Decrease. | | ef a | ESEESSSSSSESESSSSESESSeESEeE ~ ——$———— es | | ET and 1 909. 1910 1909 $1, 788, 121.65 | $1,880, 966. 06 381, 946. 55 343, 368, 39 122, 524, 49 114, 655, 65 21, 043. 47 21, 143. 80 6, 604. 10 8, 139. 24 10, 613. 14 11, 839. 91 2, 330,853.40 | 2,380, 113. 05 584, 450. 29 690, 191. 93 357, 811. 03 326, 565. 15 11, 117. 13 -9, 905.15 15, 019. 28 18, 492. 05. 12, 990. 70 14, 130. 47 20, 332. 71 21, 787. 03 1,001,721.14| 1,081,071. 78 44,026. 84 56,623. 70 18,185. 36 28,607. 85 92,702. 52 81,103. 44 87,629. 57 86,225. 00 223 356. 47 255,302. 63 28,007. 53 69, 656. 56 43 360. 52 57,101. 73 2,727.51 | | 6,380.64 7,645.35 | 16,998. 55 343 846. 07 147,976. 92 891, 487. 74 805,977. 02 4,224,062.28 | 4,267,161. 85 1,258,652. 99 848,356. 54 366 , 801. 29 360,907. 50 218,098. 04 210,697. 34 2,108. 92 2,732. 22 14,788. 92 13,846. 14 ~ 9,813. 36 9,193. 73 6, 463. 03 2,621.84 1,876,726.55 | 1,448,355.31 6,100,788.83 | 5,715,517. 16 671, 441. 47 378, 420. 48 495, 040. 74 301, 608. 43 10, 274. 65 8) 762. 57 963, 444. 40 998, 917. 24 130, 037. 95 157, 161. 61 33, 566. 92 82) 354. 49 18, 675. 56 26, 062. 48 263, 383. 73 343, 266. 50 63, 787. 20 67, 276. 72 2, 649, 652.62 | 2, 368, 880. 47 1, 324, 532. 06 966, 133. 33 190, 876. 07 167, 690. 64 28, 884. 58 21, 915. 98 41, 237. 63 35, 697. 55 123, 243. 96 144, 410. 63 1, 708,774.30 | 1,335,848. 13 4,358, 426.92 | 3, 699, 678. 60 7, 868. 84 enr ecw ene we ewe w ewe oe ewoe ene erees eee es 31, 245. 88 woe were we eee eee 1,404. 57 eer eee neces wee ces ecw ewe ewe meee eee Se Se ee ee 410,296. 45 5, 893. 79 7,400. 70 er) ee cee me ew eee wee oe ee wee ee eee ee ew ee eer eee eee wee eee 23, 185. 43 i 226. 77 49, 259. 65 79, 350. 64 12,596. 86 10, 422. 49 31,946. 16 41,649. 03: 13,741. 21 9,353. 20 eae rt ee ee ee oe oO |)S Oe | SS SS eee eee ese tee —— eee ee eter cess 79, 882. 77 3, 489. 52 38 REPORT OF THE PANAMA RAILROAD SS BXxarert C.—Statement of earnings and expenses for the years "ending June 80, 1910 Increase. Decrease. es Se NR ET ee na oes emeeemans fee ee ee fe ence eeredy and 1909—Continued. SUMMARY. 1910 1909 Railroad earnings: Colon to Panamass os0 ose s ase: Pe $2, 330, 853. 40 | $2,380, 113. 05 nanan a to Colon... ovis ieee aes 1,001, 721. 14 1,081, 071. 78 INNISCOLANCOUSistas Soe ose ed Sse ee 891, 487. 74 805, 977. 02 Total railroad earnings: .-...-..:..... 4, 224; 062. 28 4, 267,161. 85 Total railroad expenses.............. 2, 649, 652. 62 2, 363, 830. 47 Wet carmings. 08 1, 574, 409. 66 1, 903, 331. 38 Per cent of expenses to earnings........ 62. 73 55. 40 Steamship line: Motalearmingses se. soos ES Sika Dg oe 1, 876, 726. 55 1, 448, 355. 31 Polarexpenses: 222s. 66 3s as eee es 1, 708, 774. 30 1, 335, 848.13 IN OI CORNINGS cosa. cee ore tn 167, 952. 25 112, 507. 18 Per cent of expenses to earnings........ 91.05 92. 23 Grand toval, earnings 2 cole. .ce ss 6, 100, 788. 83 5, 715, 517. 16 Grand total DADS: Seas ecercees 4,358, 426. 92 3, 699, 678. 60 otal neb earnings. 25 fies ees 1, 742, 361. 91 2, 015, 838. 56 64. 73 Per cent of expenses to earnings............ 71. 44 Se 428, 371. 24 372, 926. 17 385, 271. 67, 658, 748. 32 79, 350. 64 wee eee eee ewe Exner D.—Statement of operating expenses of railroad for the years ending June 30, 1910 and 1909. 1910 1909 Maintenance of way and structures: : a evel oreo Sree RT en ee en RS Oi ace ne me ee Un cee Sines $24, 005. 01 $33, 622. 76. Balas Gi ee ee ae Ure eater rack. Git oe, Rape ne ete ee eee as ene 21, 508. 13 12, 850. 34 ERT OSes Fee RE Lok cee Le a SIU TE GE aN re IP eet ae 30, 835. 64 1 5, 830. 12 ARTIS eo see Se Sone gee ear ema eee en eae ea ee Ce Sa 12, 503. 64 14, 208. 34 (OTNER HAC KeMAaLeTIO Nereis ho) ee OME ends ook ee aecia 14, 653. 02 1,154, 23 Rac wie al cba Clone. as tay kee ae eet BS ees Sima ae ba ne coc ges 195, 280. 41 200, 484.10: UNpaeISEe see. Sak ee en ae Co eee ee puree tate, are Cale wince whe Sate Sree wl rae a eS Bridges. tresties; and culverts: 22 20. 22. Solo ae Mo Ne Re SEO 31, 092. 69 8, 991. 24 Overan dun Ger eTade:- Cross Gee ae. ose ee eee ae es ASE: OO nee opie eee tS. Grade crossings, fences, cattle guards and signs...... hee tue sss ea ea an 3, 089. 86 1,312. 47 Sisnals andiumerlocking plants.<240 23) seers es 10, 661. 38 12,571, 51 dclemapuiaid telephone dines: ce storks che se eee Se act ee 7, 016. 68 6, 797. 71 Buildings, fixtures, and grounds— ~ A—General office buildings....... Seopin Tee eae e Ieee re SLAs ie aera | ees 2, 213.54 4, 877. 26 ee Wrans Olu vlons OUGIN GS. eves Ges Sheet ceca cas anes 30, 853. 63 15, 346. 27 C—Shops, engine houses, and turntables............-....-.-.-22.--- 16, 763. 63 18,371.52 D—Other DUG SS ee ee Oe ee ae Si rd oe iy ra 3,954. 72 | 3, 741. 09 Docks and: wharves: 2. sscehs. ee Teds oA gh OS RCN ioe Os Niet CARP RE 252, 984. 27 28, 675. 34 Roadways soos and suppliesaas 4 oo. oe oa ieee Seo ae 8, 388. 06 12, 626. 67 pa uOg Utes LOMDCISOUS 27 seccc cme geht eter etctl Anne ete s hens econo ate As 950. 33 2, 222.10: PORAIOUCHY AN GDL. 2 Se eee cos oe ee a ce 4, 202. 83 4,741.78 Oper expenses!. 32.5252: Ree. ae eae ns eI MY Sees i Ne meee a ene 1, 655. 82: Mota ee ee a 671,441.47 | 378, 420. 43 Maintenance of equipment: i SUPOLIITEUGONCEE ener nonnne teen cee ere See See ce =e 23,203. 58 15,589. 05: Steam locomotives— WODAITS Ecotec es ine ae Lets ks ERIN aa ea ate sat aehete 15,317. 45 38,814. 85. CNS WaAlSs resco ee: Gt on ala Ek Oy ep lennuaeieteg arg ale avatars ats 5,984: D8 -4e sere eee Depreciavions2 so. 00 ee sos PI tes ORE Re Bogehy ee Sore te ce er ee GR a 24, OTs 82 ieee eee) Passenger-train cars— ; IVCDAIG See corel SUS yoo ia esa ee ewe eee 62,089. 75 58, 216. 62 ROTO WallSee setae ct ieee mi Pe Bo OS SS Ne Sarre yar ons 1,881. 20 250. HD epreclallomns a pgoter fe ERS. Bs Bes Pete sso ce WEBB A RB i Acie mera deen gee ck _ Freight-train cars— IGDAllSesetinneer vices cee ohare oa CR sae a ee eral, lee doh ieee ty Be _ 167,525, 03 121,098. 33: Renewals........ Bes ea Pt a eR ee a RENE Eerie re 45,396. 59 13 , 089. 23. pee DODICCIA MONG aa: aerate iaer A Meet re tees oe oak O95 288: 387 — eet ec ks. Work equipment— ; TROP S ee oe ra pe a ee a SOE 15,685. 30 19,186. 48. ONO WIS eae et eee es oe ss inh gsi nes Sr ia oN Re ae 1,398. 27 8,511. 37 IDE DIECIBTON eee re oe eee cee ie ee een Se ee Lun ra an 205230102 |p ee ears 1 Credit. REPORT OF THE PANAMA RAILROAD COMPANY. Hae D “Statement of operating expenses of railroad for the years ending June 30, 1910 and 1909—Continued. 1910 1909 Maintenance of equipment—Continued. 4 Shop machinery and togiese cs oe ais ee a seep a $22,444. 63 $23, 876. 21 Taj W@S CO PERSONS fee a Me ae ae ee il ae area ale ag eta 1,392. 66 830. 02 Sta vlOneny aad apr Gin Os es ea soe ai ahs ane eRe ee cael 665. 21 2,145. 83 OUROTORDENSES ees GOS N Gers OOM BES aI Te dsiy Os Nr UL Sy Gav os COSC | Say eT ee ee Et ane ed a MO Lae a eg cere eM Ue UVB TERY BRE Dra ar oak Ure a 495,040. 74 301 , 608. 43 Traffic expenses: SUPCMItenGCNCO tat cic. eee See oe oe as tae Sats ames cee tree cee 4,779.75 | 4,348. 00 OUCSIGO A SON CLOSE a25 aes Pin irk Sie sete eh ara Aatey ty besa User ae Na 5,080. 63 4,186. 08 AOVGLUISII Oe as eke ae Me REE eA EN Le eerie cia et er 243.35 137.19 Statloneryan de prim Giro <8 ony tes ly esi i ee OS oir I aie A tee eae 170. 19 91.30 Ofer Ox PeCnses se fey ee OIE UN SS coke alg Abo tse eas COS Ee art aera mene AD OG EE oe encvetncha verateen aghast ian ee pte Siem een dtu aes et eeccd Ne way pa 10,274, 65 8,762. 57 Transportation expenses: Superintendence....... Eres Se AE dele he ee Ne ae Js weet Yuet REIN 21,765. 29 23, 639. 62 DISPATCHING UTAlIS Go ye se OR ees EB OL Ii Bok San a alae a 27, 717.74 33, 167. 23 Station employees— : A -OCOlOn- agency, through Wate 22 Solan Sot ee Sa as eee 160, 817. 66 194, 166. 96 B—Balboa agency, through traffic. ...222..22.2.- sane tie oes a era eames 144,677. 25 162, 091.18 ¢€Localstations, localitramicucss oe oe eg ee ea 93, 070. 46 97, 533. 87 Suahion- supplies ands expenses 22 sok sie one ca ce ee 29, 397. 25 28, 149. 78 VarGdimasters. ana bhercClerks: secs yke ee i se fier 28, 959. 85 34, 617. 87 Mardeconductors and prakemen yo ses sa Fe ras ae Bt 174. 01 32926. 51 Yard switch and signal tenders....... BOE A i cage a Se eR ES aE Ey 5, 310. 98 5, 675. 88 Vard: supplies-and: Oxpensess Pasi aere yee NG Cee eae Omnia iy 608. 54 425.58 ES COEG CUO IT CIN CM cig coe. 2 ae a ees ie hc creer mm Sie once nt a SEER os 21, 425.58 22, 546. 81 HmeinesNouse Ox PCHSes, Varad cess ese ss ee es eine 9,971.14 9, 433. 96 Buel forsyard lOCOMO tI VES crt ee aes Na ae cd peas 26, 538. 20 31, 157. 59 Wiatertoriyard lOCOMOVIVES!: esa one tews seen cts ws as oe Se wniee wee 837. 29 1, 086. 13 Lubricants for yard! locomotives +. 2a oee sek ere ea ae ove OTOL 30 3, 102. 87 Other. supplies for yard locomotives 2.0 shi ee eee 1,329.79 1, 005. 56 Road enginemen....-. Pe BIRR TROND Seis cts pc SPI HOSS STH PRC OU a 54, 765. 25 52, 668. 96 Ha SiNe-HOUSE EXPOSES; TOAGS ie vies BO eR a ee eee 5, 796. 25 4,106. 81 Fuel for road locomotives........... EOE IS ESR Ce Sais ce el Cee te era 86, 650. 69 42° 134. 53 Water lor road JOCOMOUIVCS 20% sce sos Ha ea ees 82 1 2, 460. 67 Eupricants tor Toad lOCOmObtLVeSs 2 ieic 2s Sais Oe hes cn Nene ee eee 772.71 1, 956. 26 Ocher supplies for road locomotives io. 2 os So Ss oe a ee 1, 573.56 1,367.50 TVOOGeCrALMIMON pone Oe ye Y os AaE CO SRN ER Ce Ease oA aU aE tei nena ut 97,770. 10 92, 470. 58 rain Supplies and expenses. tc we Nek oe se ee ne eee 30, 642. 16 23, 605. 79 Interlockers, block, and other signals, operation.......................-- 2,935. 56 4,221. 67 Crossing flagmen and PY TOT C NS eats CH ENS ene Sle aa eae ates ei techs 2, 399. 20 2, 908. 65 DTA WOTIC SE: OPCLAUION S255 cee sis re i aaah Slee ira eno [rae eC en eae GIGHTIN Se WROGK Rae ces Soe hccioe dace te clan et cartes ERS See aese + 1, 688. 25 1,931.77 Helesraph and telephone operauon. 272. 0.2.2 nee ee ee 10, 270. 95 8, 608. 48 Bde inl OLVOE Ve euNGh POEL GET ei oat ea ae ee eer ere 16, 993. 62 15, 358. 28 Other expenses 222.2... ITT REE Nae oi Sie oie ac ar an ene 816. 55 2, 044. 64 Loss and damage— RGLO Geese cies cain ee ee eae eat Cie segs ela ie eras 38, 794. 36 59, 508. 38 PREC ROO ons Ser es cok Us nae Des She Le oo ee am ies eos iee 341.72 436. 00 amare tO WLOPeLby: . c.ck ce eae RP ois Sa ee gre Ne aeaearte 74. 70 466. 89 Damage to stock on right OL WE Vis cee es CREEL FBS ie re Baa ae eee te oop | ener erage TnjUTISS TOPCISONS | 5 Ae ass Sore a IS ae Sh ea Sues eee a2 4,954. 76 6, 255. 32 HO Ga Teter tre eke serene cer Cues teeta ae aha ac ees tt aie eee eae 963, 444. 40 998, 917. 24 Lighterage and Heer service: SUpPerintendence sens Ge ee PO a a eerie en aed Ca aa 5, 511. 70 5, 180. 37 Tugs— . RC AAES ete ates Nee as ee ate ea Ci eat eee c tsa eget ts (re ee eee 21.22 iG 57.52 Lee 80 OGL TEN Do ae 38. 25 | ai 12. 81 0°65 ee | EXHIBIT M.—Statement of steamship line ‘statistics Jor the years ang June 80, 1910 and 1909. Panama R. R. ships: INTTIVOGi os ies eee Chartered beseneer ships: ATTIV OG: Sos So. fe ager a Satledscctsce esse ses 3 Total freight earnings.......- Average rate,per ton........- Panama R. R. ships: Chartered passenger ships: | PATTIVOOR 222 ee Noes SalleG seer see es Total passenger earnings (in- cluding excess baggage) .... Average rate per passenger... FREIGHT TONNAGE. 1910 Ships. Tonnage Decrease. . Tonnage oes carried. —_—$ > | |__| | Ee carried. 29 37, 431 30 58, 848 51 66, 461 52 | 262,829 eee er eee el|se ew eec ese ee eocerr ewe els eee eee eee ee | | I BS I 162 | 425,559 PASSENGERS CARRIED. 1910 : Passen- Ships. | gers. 29/1 2,106 S01. 2,477 51 5, 056 52 | 6, 976 162} 16,615 $368, 910. 21 29, 20 74033—S. Doc. 743, 61-3-——4 $1, 258, 652. 99 2.96 1909 <4 Tonnage Ships. | carried. 37 | 36,362 361 67,244 29 26, 808 31 89,211 138 | 219, 625 $848, 356. 54 3. 86 Increase. . Tonnage Ships. carried. Aas us 1, 069 22 39, 653 21 | 173,608 29 | 205,934 weceet ee el|eee ee eee se ee Decrease. Ships. Passen- 1909 Increase. : Passen- : Passen- Ships. gers. Ships. gers. gers. | S0 Sei2o ee see eee 8 1, 617 36 SQLs ieee acetal ce ore 6 742 29 3, 940 22 PPG) eyo ees eres 3l 3, 642 21 S04 ree ee eon Or eee ene ee 133 | 14,524 29) O01 | le $363, 689. 72 $0f270549) [Sorte a eee eee Don OGaek es Soe See ee $2. 84 50 REPORT OF THE PANAMA RAILROAD COMPANY. Exurisit N.—Statement of locomotive and car equipment. Loco- mo- |Passengercars. Pree Miscellaneous. tives. oy ce on ss : : ic @|.| |Si@lLeleis g E S18) (BIselaisl |. 2 : a : oe Ml|O/Olc {yal 1d) é Sa] GEcelel P18) |elslslols EA S|2| FES S/slele S |g balay | oo ols 1S i sle| |B] B slola|alalolare SiSfalsle/HHla) . islslslStsissel ie ss sisieicie S | 5 8/2/83 |212/8) & SSiSSiS/sisi2i3 (S/S s/s |8/3/4|5 BS ininimlaiaiaid| m SOFIA a\F 2/0|e Ola a|ClO le mie Stock on June 30, 1909........... 43) 27) 5/16)22) 3] 5) 2) 1, 240/79/29)18119) 2) 3)16)27)200). .| 2) 2) 1) 1)18)19) 2 Destroyed during year.......... Ble Le eeh | 130/40) 6/10) 1): Gliese Sl nlisead ea | oem [cant oes Received during year.........../....|.-. eee SOS ELSES = Changed from another class.....)....|-..).<|.-|.-{-.| 1j..|...-.- BL Ol Ole e276 Bi Changed to another elass........|...-].-.)--}--|.. Lhsslke T2becloodk: 4164 sd oles oles 3 2 Stock on June 30, 1910 .......... 1 41 ¥ai}i27) 522212] 6] 2), 038)41 i) 4)20) 2] 3/0|12/200/76| 2) 2 1) 1/22419).. 1JTn Isthmian Canal Commission service, 5 locomotives, 94 box cars. Exurpit O.—Statement of floating equipment. | | Passenger ac- commodation. Gross | | Name. ton- | Length. |Breadth. | Depth. Hull. BAe ee | .. | Steer- | | Cabin. age, SE ee Bs Ft. in Ft. in. | Ft. in Steamship Agianca: 2.2.2... b ee 3, 905 336 0 42 0| 23 Tron cee oe 208 20 Steamship Advanee. 22. 2s... 2 S 2, 605 295 0 38 4] 23 41|...do.. 91 26 Steamship Panama ee. Soa sate 5, 667 360 0 50..Q0'| 32 2 | Steel.....- 231 14 Steamship Colon (chartered).. --| 5,667 360 0 000 822 28ee.d0. ei. 231 13 Steamship Ancon (chartered).. -| 9,606 489 5 68° .0 | 28 9:/...do. 110 63 Steamship Cristobal (chartered). . Se 9, 606 489 5 98°70) 285 Oo dou... co 110 63 hue Bolivar; at: Balboa... 2:5 ..2c5 65 * 234 120 al 23. 2 9. 6 |: Tren... bel ouree Glenna Tug Phoenix, al Colon sce 161 112 0 24° O12 6 OF C:0 Pieter ss ete eee sd . sheathed. Pilot boat (12 horsepower gasoline), 2 27 0 20 2.0 O0Gw canes, Heroes __-at Colon. : 3 freight lighters, at Balboa........... 250 116 0 24 0 (Ob Aone cass Remark tne wal oe 1 UA Gy sos ey gee gee OR 300 120 0 24 0 SOM doses &. pe rers ca a ART 2 freight lighters, at Balboa........... 300 116 0 24 0 8 01] Steel.....- lors ceieueie | aceaours r 3 coal lighters, at Balboa............-. 300 120 0 24 0 8: Oh =Tron 2: Beas see 1 coal lighter, at Balboa.............- 250 117 0 24 0 1 SOW ee GOs voces pea eum ia Pe Guise iceoa) lighter, at Colon. ...2..22.-. 0. 250 80 0 30 0; 10 O| Steel...... Rete gare eas fase: 1 floating pile-driver, at Colon ........)........ 71E0 30 0 Gite oO rss. cee cane eas SAWAMA RF. Co. LOARD of DIRECTORS. 1 AC. LOEGS, 2OUB. GAILLARD, GA:- DEVOL. GM GOETHALS. EA, DRAKE. AEHODG ES, LAT ENOICOT?: &RROCERS, OH LERIVST: MLM ROUSSEAU. CR EOWARDOS. WL OBERT: : LETWILSON. Friel? FP FRESI DENT: COL CLOW. GOETHALS. CULEBRA. CZ. 3 Weck PRESIDENT. L.A. DRAKE. E22 L7E0. ae Uce FRESIOENT.. \ LiewF Cot. ME HO0GESUEA, | Fanatia lek. | GENERAL SUPEPANTENDENT. Commissary LéparTiHefl\ AAS TH eG 3 ys 4 Seen bes 6555 (Ve/2. VE¢ii. OU MYbasistanee OFFVCCr* Co . tt Hl bawde Mii Fe ZT Wie = CHE CRIA. = FLOCK. DEWUUG. : a Vek Award) Vo ; \Aiyerluge7eé W500 ASA. Gee Ae A 5 LL, , B36/IE?. "Wonéeger. Litt BUTKE. Asst Chie} Cletk. f. Beverley, 253/er i Ts G97 (7er7, Office force (7 IIE, Ve Chet — WF Sfyjwley. ie ese Ofte 73 yt ot Serta la/ : Oupy re Ss = = = CL Hoffa Cee Ca CULT AE, As; Whdle Sale DEGh \ EE STC 1 ‘ LNIPECCTOF. +f OYOETRTCHAELI. CORea HA ChEGEEL Ass? Lnspecior; vacant _ FOF 11er. Var LAVAGE. . V82/Ten, | Offfce . o/1er, | OTSIEL2,. : : z Wwagai lien VE ne : sae A: fetal Stores tacharze se Wile sale OFACS. | ordrerekeqpers. , : ‘ Warehouse 22/Teir eee ee A | Power Pant | | | Coker ant. Gee ae Gyjen Rehr ede | | Chie fagiheer| | \Cofee Roaster hardware 5 . WanPahlo nv «2 But kacan?. 5 ; Boats ETHICS. Fe ga. AIGA S al + meatialErydaliite 4. ” eaoper rs, 1 sc Total 50 » COVCKT A nn Bh an re , : seen : aC rance. Rae "5 » , 2 : Pe ae ee mae BAhOZ 0 om Sf (VE. < SVIE/. f Lycon ey (arf Gs ; : site - or7o Belo herastare 12° » i Beha gages teas Bakery, \ Cold SIQGEl TANT ee be « 8. ee tead Baker ; OVOIEKRCEIEL Tore, CG0Er ore rein " "BS Wiltiam Brugge. U6. 51vel/ CE Austtla : Tora S80 IS277E17, LEVEL? Cer VOUIGS. LOWMMATY, CEM MAF UTC: C5109 Vurafjores 1 Marr. pee AGAY. Nowtre JeTHas 1 « (INEWCOMD aca buyer TH MCEZE. g Tora! -2/7én. 132 17/2, 2 Men. WTareheeper: Cashier OUygt Tel, & Jef, Vlaster Of Ui apsoart i, "¢ FA. & PE. Colon. | Land Oey Ciilef ENGIMCET.. . | Waster llechatic. uot A&B Local Auet tO?” LL Mibbor]a. . #1 Wordlaw. AL Kratz. A. 4. Stare. UW Berg/z, Lana Clerk A ears, ~ PG Beater pe Yt LEH UIL. 12 (fer, U Net, 224-ME/, FESHME/. 202/072. A. A. GEC A. _ 8285 Mer. 929 Cer. Bea a, IO/IECH. Chea CerkBIDawson Chit Clerk. DAM fare. Ghat erk, S.C. Fos. el Clerk. HL.Gipord. Werk CMETk. AC Hitged, - ClefClerk: CW lee. Lat ef CEPA GLA ATENS. TALL Chief Clerk Witce:-14-/ fer, Wice: Aer, Wlee- BCH. _ Yhie-8 Wen, OWiice. K51TEL. 2 Men, Opie 18S E77. Yice- 8/77. I//7é7 CW Mare Geak, far CHA7?, POY STO. , | Mgr Facite Div UDEL VISOR Gent Varatmasier: ylof Sevenoring. “Lge of Const he. |). Lagh of Maik | ChietDreavsrian Cer DevF Voca Lew | hasty neon Asst Chief | Md Blatr: CLS Tale QL.Grankerry. CL Bleakley, i acl Ce gaan es Puarren eZ ‘Zook. OG Tibey Cer Foeee Gen Fees Hovel Crera ave, Lr chargeot Consirda, A cs = rae nets : : } “A Be/r. “eT Brewer ACTER, Ze. Bé Nev. , g SHGE CAs ; BCCI (BOE le Forentan £21 f0rgan S6M en, . OK eae G3O (7E72. 24807674 oe GA Chi. 3 Clerk. 2/7C72 Acts Kecvile 2189 (er. B64 Men [Zreting Room 5 ther Cert: ColLov : Teller Store taremare. See 3 ] | Yardimaster ans Sue Stare as ; oon eaige : } PuarvETs, killer fer ne SS OW Heald — SygtofConstn WU AB EWS. MasterCupie| | supervisor || | Tustum/nan, Cay hed. Hache Sig SEVIER, 3 /7E 72. 22 Her. oes OE ee tA Geer eal MEA Conraily KA Pucduwn, Lalysuger ||| AdSiewartl:|\ | WePatersan\| | 4 @ herman Cr Hifabidle . Geurers : Qperanrs, Z : TENGE : oe ; 264Men. GMen. U5 Mer. |: OF Mere Colo? ' Vide t | Asst Cashier U Pep. a iene 2o/1en, 7990 Mere. 198 (7e7, ELE LIEG, : : We. i LOIS Preigit (reors earner aes Presse Nl |e CCUIiMer. \ —— = Sen M07 [ Baier shape — COOGEE. £9. ‘ - 5 Ys H y : . 5 GPEMGAIE ; o x g (Mat. 27 Men, 2/ (fen. 523 Swervisor “1 Poreman 2). fen, Genttoreman.\.\\| Genltareman. v4. . £0 Hitter. Weker ACEIF iMag eli, \ BM Elder TRa G2 +. ME COUPES. AA. Mlo0r Ee: POlTer2 FOGHAT a Depry PHledld. reg tet Ge EE | WE Men eee. 4-17E 72. = Aer yt : - Z S8Ve7, a es : > ‘ ; j ; EAE. Ore repo See CMS LGBIEL, ; ema Bs 7 y é us: oe a Mae ith Shoe, Cz TWisce. ep cous| : f es GHUMAA. ‘ a : COCA OTE iret lu charge yllectr/c 2 Ven. TH Luther. levee ce We asraithe Zee LILEH, Cranes & Lighting. on 25M El, Loe Fae Locating Engi SEMER. Lever: Z * ae ' . i x P * z 3 "7 SLATE: preman Ganghas, Facet ea HintorEngiqesr Gt fruggles. \ = VU1a7. 7? Mi ars ; : : A ° be as ry oe art TQAVEIIMAG SLUG Tone RELA SiC Balboa) Efi Yercmaster: Ve Ph daderhi il, pee CeCe OI Aaditar VVoretian. 6 Men, ASAC Mint & Xe? WABI. URE _ TH en, 190. 10Ef7, Ehteeds PT, ball Cx BIS COE. Lhectrical Deo Sa Mer. reine 5 EEE ges : SEES aoe. “Nar. GhietClert Ewan. Frinn Cangho F eet = : Wie: 24M CL, Crane dperatars. ONC Carli Cian St Engr Asia RRoE Cogver ei 20ge Warehouse. 23 New Ti} TED ZH Weller: Se OSes Foreman 22 cr f St TECK DI Spaicher (2: BEM RB. Ke Viereman Map, aes CW Narthroo. | Dns ae 9 en, eRe SEE: _ E —, ‘ Bnd AD UES aa : NTA : : oo Hardware Déph Whar, Sug: —_—_—— GEL ce GA QGeOT. : OYPErVisor. . SYPELYISOL: i lOremon, (Man, 714. Clark, Eleciejan Cristobal Wire Chief ira IK LU SOF: Jf # . Ei fekey, WESC Ce77. 3 : Whortiager a Ween RT Davenpork Looe yess ” Ir Lag Ast ENGT: SBS URES. Flee: Sugnal Walatamrer: aes eee 5 fn chergeof Caintaf [ie ns Lk Needbarn ME, GilwOre, | sARahegord. | Le Fe. ‘a ee ‘ Nan Line ; s Gren, 25/167. Wht Reade d Cristobal& Colon, . 2 7 en ductors ; : = - ; 7-4: Davell. : ee : =. Y Loco LNGIMEELS. ae — : ae Fae anes, Lehane Z Collectors. | 4 : oe oe oe a ' SIVern, ; TA eT : 77. oS: ? | #4. AGESTER a DF Chan netlinth Yq Bolivar, | | Shae blectrivion as 4A, Menmessey, g2 Bienen Taney - BSE. CM Carrer. 23 Hagel. € Men, _ (BHC, SMa . : le S| ee Sass : gles - : AWG 001 SWE, Lnshesalmar. : ection Dept Oe ei Satin Agea’s, Tee ee eaaaonn | || Adeter & HSartor: ORGANIZATION, “pagents. | Sten. 1 Sen. JUNE 30TH 19/0. oie SLE SKetefigen? | AMER. ‘ ° : - 433 /1€n, - oe ia WaTerial Clerk | POM Cormict 74033—S. Doc. 743, 61-3. (To face page 50.) No. 1 Lyrr/817 Q. —— sed COMPARATIVE STATEMENT m= TONS HAULEO ONE HULE: OPERATING EXPENSES, PPAY FPOLLS, FOR FISCAL YEARS ————-/908 -/JO9———— -49O9- 1/910 TONS HAULED ONE MILE: ie 8 iS s 1S ne) ll | CC Anh LN Ul ma Q 3 Ss CZ A INT he ‘| PA A HL | AM VM ° Eee | ay Seige ot | WINGS EER re IER | SE RO Racer ess pore | aon | ae RS AE [Ds DOE | ieee EI OPERATING EXPENSES a 0) i ih IL LI FAY ROLLS. vn ri No. 2 (To face page 50.) 74038—S. Doce. 743, 61-3. EXHSEALF "FE" Reb UE FS RLGHT, PASSENGERS. TI USCELLANEOUS SEL CEL, WEL Anpice lereous Ki 58050122 N ‘7hrouagpN Wirartage XS Le ElLiobf hartane ... 2. -.22.-.-.---- a: 247, 332. 11 Fund for repayment of loan from United States Government for redemption Of first mortgage DONdSE ease ie ee eee ae a ee oie 25, 000. 00 Equipment and plant replacement funds.............-------.------------ 1,214, 390. 25 Current liabilities: Due to United States Government— ‘Concessionary subsidy accrued......-... $27,173.91 Interest accrued on loan for redemption of AESGAMORUEALC DONGSae eke eae 3, 850. 46 ae Ly Uae ol Isthmus: dratis not presented... 225 2 ese es 134, 565. 19 Coupons mots presented. 2s. oe as 30. 00 Audited vouchers and wages umpaid.................... 838, 319. 54 Due To;connecting COMpanies: 3... ose See ees 64, 010. 35 Miscellaneous acCOumise ss (ia oe eee 41,180. 00 . 1,109, 129. 45 Deternedscredih ACeimMS ise S22 ss Ae ea et ee eae 71, 089. 91 IPTOMG and OSS==DMlANCOr eee 222 ocr oe ee es .. 10,709, 754. 33 23, 376, 696. 05 6G “ANVdGINOO GVOUTIVE VNVNVd HHL AO LYOdHY REPORT OF THE PANAMA RAILROAD COMPANY. O93 Exurpir X.—Statement of revenues and expenses for the four months ending October $1, 1910 and 1909. 1910 OPERATING REVENUES. Railroad: Revenue from transportation— Colon to Panama— Bright ee eres ee ae $517, 547. 54 PaSSGn Seren aces eer cr cae 110, 254. 27 IEPKGOSS: DARVAGO Ce eee ioe 7, 154. 73 Bil ee ets en ee 41, 440. 88 XO ECSS eee cere eae re ree Se 3, 996. 54 IEreQsul@ec nace ns Sea e me 6, 439. 22 Special service train............-. 1, 608. 00 Motels cers ae ee 688, 436. 18 Panama to Colon— TOISIG we pen eae oc eee can Sacer 183, 965. 96 Passeneer cose ee ee eee eee 109, 485. 29 TEX COSS DAS kage ee see ees ' 6,241.32 ULE Rca ae Seen ie Be ee Ce 5, 956. 46 IXDTOSS! 2a Sek e res sec ce 5, 872. 78 EDTCASUINC seca ea ee Nias cee cee 3, 731. 83 Special service train:.7....2-..2.. 1, 903. 00 MO tale: Seen 7 Ge eee ee 317, 156. 64 Miscellaneous transportation ......-... 1, 040. 00 Total transportation revenue....... 1, 006, 632. 82 Revenue from operations other than [~~ transportation— Station and train privileges.......... 600. 00 Storage— Freight s.02 ceo ae Se eee 2, 605. 67 Baeeare onesie cus mies ses 109. 65 Car SCLVICO scoters one 1 30. 00 Telegraph and telephone service. ..-. 498, 24 Rents of lands, buildings, and other Proper by2 ee eo e eas 38, 336. 62 ‘Miscellaneous revenue.-...---.-..-.- 54, 273. 59 MO Ua oe eee See eee oe neloas 96, 393.77 Harbor terminal revenue— W harfage— ATIAN te LORMIIMAIS a3 002: ae oes 27, 521. 50 Pacific tverminals 3: sss cee. a2 69, 408. 23 eI GMtOLace ee eee oe ee sees 10, 056. 43 © Wighthouse<. 22s. ee i sae 1, 939. 50 Oranage cares xiseariroscnlb oe hosed 8, 974. 35 Water supplied shipping....-......-- 7, 753. 53 IMUSCCHIANCOUS ss a5 See ee 1,344. 70 TRO tales Olen cas eee 126, 998. 24 Total railroad revenue...........-- 1, 230, 024. 83 Steamship line: Poe eae INTOISIN Gs Acie ares eee oes oe 455, 508. 70 IPASSCN SOs eh eae e a iam ae 142, 845. 64 EX COSSHDAGEALO a ae Sle ese oe a ce 768. 35 Biles ose See oh ial eh cote be orto 73, 366. 92 TET CASULC Se oe eee en eee 5, 868. 80 Wiines:and liquors s <2) Sao i ee 4, 304. 27 Miscellaneous: si. . 26 gee 3, 627. 12 Total steamship line revenue..........- 686, 289. 80 + (GLOSS Operating Tevenue sxc 526 ee ore 1, 916, 314. 63 OPERATING EXPENSES. Railroad: Maintenance of way and structures. ..... 153, 506. 63 Maintenance of equipment. 2.2.0. 22.22. 117, 579. 53 EDT ATL CIOXMOTISCS: sre yo inne tres 3, 759. 14 Transportation expenses...-.-222..22.2-- 336, 412. 02 Lighterage and harbor service...........- 3, (23. 27 Loading and discharging vessels.......-- 9, 302. 67 Riealcestaterck succes ies eee eee 6, 011. 47 General expenses— SUH MUSs ee Sena ee 84, 030. 57 ING We NOD keene eee ae ee. 19, 767. 98 Total railroad expenses..........-- 762, 0938. 28 1 Debit. | 1909. Increase. Decrease. SISOS 20 (arO ly sepa cere sen cae $217, 659. 97 191965.20 122i eee 11, 010. 93 7803; 95 tea teen es 739. 22 38, 831. 45 $25,609: 43. |e chee 3, 880. 90 1652642 ees ce ae 2,346. 94 A; 0928282 See acoso. 1, 491. 00 112500 |e hee QUO S8O0595: (eee ee eee 222, 430. 77 QUA D275 Olea eee 30, 261. 95 TOF O94: O08 soo aos ee 1, 208. 80 5, 310. 13 O31. 19) eee ae 3, 643. 75 DON 2 Tees ees ee ae Tp 2oU OOo eairac oe 1, 358. 82 35959: 002 |e ee QOL. 1, 244. 00 6592.00) | Sze aes 346 (SLOZA8 Ae oe eee 29, 153. 84 Be GSUsOUs |= nee ce eases 2, 897. 50 D261) TARO Sse ee ee 254, 482. 11 450. 00 LO Z002 eee es 1, 069. 39 1s SBC 28K ee eae 71.05 38.60) | eee 1VAQ2 00 See eee 170. 00 POOR A383 tease ee 1,002. 89 34, 111. 47 42255104 eas 48, 813.00 | 5 AGO ROO s See eee 86, 156. 04 LO; 23 Tadonlen oo toe 27, 503. 50 1S300) |e ee SO; 468.00) eons acne ee 11, 060. 82 TBE (98 cbs ieee meee 3, 742. 52 1,379. 50 560; 00; se. 10; 199507 siecle 1,224.72 4, 287.70 35460583; |e oe 706. 47 638. Sicor eae LBS O4o (Ane ee eemes 11,345. 50 TAR SH GLAC ec aeion Beet oe 255, 589. 88 379,179.707| 76,329.00 |.......-.-. : 156; 7900258 eto tee ce 13, 944. 61 SISO NM eee eee ee Do: 69, 185. 13% ASIST. (9s ee ae ee 3, 959. 63 1 GOON ek oe ae A S03 SOR ee ae ee a 19.03 1, 923. 949 LOS 18s eee ee 616, 185. 86 10; 103; 94) ees QO 800: 07s lease ew ascmere 185, 485. 94 D04 2b, aoe sae seer 50, 750. 59 ZL OO sO ere roe ae 94, 121.08 2,925. 92 S88 20 Clea e neem 317, 032. 11 LOSS79. ON) ett ee ADA SCOR fe eee sae 14, 145. 80 TS SOAS. bea Wee sie 4, 591. 50 4,713. 94 T2907. (Dos laa ee LOSS G28C (SH ner cn uma ae 24, 598. 21 21040081 see ee oe 1, 277.89 930} 067.092 |e ctu oe 167, 974. 41 54. REPORT OF THE PANAMA RAILROAD CN EXxuipit X. “Sinner. oF revenues and expenses for the four months endian October SL; ; 1910 and ed 1910 ; _ 1909 Increase. _ | - Decrease. OPERATING EXPENSES—continued. Steamship line: Sieamenexpenses. oe ores ee $460, 389. 89 $417, 171. 16 $43 2182 73)12 250 oe oe AP CNCY:OXPCNSES: oc s Ue ae oe 72, 859. 60 59, 845. 14 13; OL 400 Seco General expenses IN GW: NEOD Seco as Gee es Scns as 9, 926. 30 9, 399. 32 DLOROS a ee ae sie cee TSGHIMUS Seno Se Se ees 14, 597.14 14, OOOO u arewe ee tse $398. 96 Charter of steamers: s.ossocoec 56) oe 40, 567.15 Al, ASOD: | Vier a eacice 863. 00 Total steamship line expenses. ..... 598, 340. 08 542, 841. 87 5D; 498s QU ase cs Gross operating expenses........... 1, 360,433. 36 LP A12 909 OG Alecia seam ae 112, 476. 20 SUMMARY. Railroad: Operating revenue............ BRE oeen re $1, 230,024.83 | $1, 485,614.71 |........-...... $255, 589. 88 Operatinwexpenses uaa sls ee ee 762,093. 28 O30R067069) | Vesa s eke. 167,974. 41 INGE TEVENUC. as See ae ee 467, 931. 55 O00; 04 (02 es et eae: 87, 615. 47 Per cent of expenses to revenue.........- 61. 96 O2;G0 cfs es wool eee . 64 Steamship Line: Operatnerrevenue ss 22 vse 686, 289. 80 616, 185. 86 $70; 103.94 lores cal Sc Operating expenses...........-.- ee 598, 340. 08 542,841. 87 Bo AOR Ob occ IN@t LeVenUO sree Se ce sy 87, 949. 72 73, 343. 99 1A 60D. Bele Sse e cack: Per cent of expenses to revenue.......... 87. 18 S85 10s eee eevee . 92 Grand total operating revenue......... 1,916, 314. 63 AOL SOO Oe is ae eee 185, 485. 94 Grand total operating expenses......-.. 1, 360, 433. 36 1547259095630 50% aie cs 112, 476. 20 Potalneb revenue... 255 ek See ee 555, 881. 27 628: 89), Oly ose a eee 73, 009. 74 Per cent of expenses to revenue.............-. 70. 99 70. 08 TOU eae see Se Exurpir Y.—Statement of classified railroad earnings, tonnage, and passengers, Colon ) to Panama, for four months ending October 31, 1910 and 1909. ; FREIGHT. Tonnage. Earnings. Hate er 1910 | 1909 | 22: | De 1910 i909 Theréage (Decrense: (1910 1909 crease. | crease. THROUGH. x From New York.! 35,282} 39,582)........ — 4,350/$100, 125. 19)$119, 195. 13).......-. $19, 069. 94 ee 84 8 01 From Gulf ports. 1, 527 1,182 S9dle eee 28, 562.96} 27, 201.17/$1, 361. 79). .......--. 3.79] 3.81 Hrom Hurope....|: 35; 202) 37, 313l-. 2.5... 2,111 127, 740. 53 133, OUZ (Slee seks 5, 272. 20) 3.63] 3.56 Motels sss Cbs GN S84. OD Tiree oes 6, 066) 256, 428. 68) 2:19; 409.03). 2252S. 22,980.35) 3.29) 3.33 LOCAL. : Commercial...... 42,214) 36,684| 5,530]........ 102,966.90} 98,289.83] 4,677.07|........ ..| 2.44] 2. 68 Isthmian Canal ’ Commission... .} 231,216] 186,431] 44,785)........ 158151; 96 300, 008: Coles o.22. os 199, 356.69} .68) 1.92 Company freight.| 8,638) 7,887 TO | ade le eer ee tae gay Be See Peet es Shen kal ae naeas [ee ie Lotale222., 282, 068) 231,002). 51, 066)........ 261,118.86) 455, 798. 48).......-. 194, 679. 62 93} 1.97 Meosta | |% ee REPORT OF THE PANAMA RAILROAD COMPANY. 59d Exuisir Y.—Statement of classified railroad earnings, tonnage, and passengers, Colon to Panama, for four months ending October 31, 1910 and 1909—Continued. MAILS. Weight (pounds). Harnings. De- De- 1910 1909 Increase. prensen 1910 1909 Increase. Grease. EE eR RN | eke a Ve ike CCRT eae Wns ak : | ae From New York.... 505, 100 483) O00(4 4:22; 100l = 2 ee: $32, G58. 84 $32,542.96) $115.88)......... From Europe......- 37,981 36, 506 LATO ee es 2, 857. 40 2, 762. 92 O94) ASI Sore TOC ae ee 137, 556 TS OO DBO Uae cee 5, 924. 64 3,020.01). 23 B90s0M aoc. ek Totals cys 680, 637 6337260|9 473 72| 52 sac 41,440.88! 38,831. e| 2) COQ AS eet as TREASURE, Value (dollars). Earnings. e- De- 1910 1909 Increase. Ghenae: 1910 1909 Increase. Crna From New York....| $229,116} $106,081) $123, 035|)......-. $869. 54 S801. Gol F00t. Coles te pom Europe.....- .| 2,589, 801 701, 423)1, 888, 378|...-...- 5, 569. 68 2,045.29] 3,524.39)... 2.0 2. ocal: GOMTME TCH sae |i es area Fe ase i ees eee tek Sea [at Sere pel ange ge hac et does lca eae NS GIMP aT ase ea ee ee ate Sear tac al a hota nal emule eta ae Ne sts care. AeA a [a evs eee rE ri eeea Potalesse eo: 2, 818, 917 807, 504/2, 011, 413)....:... 6, 439. 22 2,346.94). 4,092.28) 2. 30s. EXPRESS. Weight (pounds). Earnings. e- De- 1910 . 1909 Increase. paca 1910 1909 Increase. afeaca Local: Commercial. .... 509, 414 395,304, 114,060)........ $3,383.12! $2;'790. 90) $592. 22)... 02S: Isthmian Canal. 210, 148 145,779| 64,364)........ 613. 42 15040. 00) eo $426. 58 | | | —__— Totalss eos, 719, 557 541,133) 178, 424)........ 3, 996. 54 3, 830. o LGSO4 eso ae BAGGAGE. Weight (pounds). Earnings. In- De- : | In- De- 1910 1909 crease. | crease. 1910 1909 crease. crease. From New York......- 35, 177 AT BAA ee een L2G Ale nO iis lOnle poe0r oe | ele cea $242. 76 From Europe.......... 32, 086 ASS G39) |e eee 16, 553 641. 72 OT DETR i eas 331. 06 TUOCA is ee eee =| (01; 000 637,707. | 69,846 12.22.20. 52880020410; OO026D: eae 165. 40 i | | | | | FB OUa oso e oS es 774, 816 138,690" | 41,126 |. 02.2222 Us hod (Ose Uy OOOn GO ae cee aad 739. 22 56 REPORT OF THE PANAMA RAILROAD COMPANY. Exuisit Y.—Statement of classified railroad earnings, tonnage, and passengers, Colon — to Panama, for four months ending October 31, 1910 and 1909—Continued. PASSENGERS. Number. Earnings. In- De- | TIn- De- 1910 1909 crease. | crease. 1910 1909 crease. crease. From New York: RinSt-Classe so 350 SIS sas 28| $1,847.10) $2, 219.08).........- $371. 98 Second-class......- 4) AQ) Oa 8 176. 63 DL2R63 |e see ee 36. 00 From New Orleans: BITSU-ClaSS see nee 26 9 7 See cae 169. 85 DS: OO GEL gol see cas Second-class......- De Neeee eRe Ql ees QeOO Se eres OROO (Aa wees From Europe: BITS b=ClaSSeciciencac 229 OLA eee 152); 1 382608| 252887935 ee 906. 35. . pecs Hoos: 95 LOS Seer es 10 376. 55 BADDEST | eae 76. 32 ocal: MiTSt-Class-es 96, 041 95, 785 DOG eee 42,927.00) 46; 704. 74). ese. 8, 777. 74 Second-class....... 281,075 ZO .OGS |e = s2S01 2s vee 635365, 56) 695328..45|) ooo ce 5, 962. 89 POtae kas eee 377, 852 OOS 105\2 2 USO. tex: 110; 2545271021 265.2022 11, 010. 93 Statement of classified railroad earnings, tonnage, and passengers, Panama to Colon, for jour months ending October 31, 1910 and 1909. FREIGHT. : Rate per Tonnage. Earnings. aon In- De- In- De- 1910 1909 | crease.| crease, 1210 - 1909 crease. | crease. 1910 11909 THROUGH. Mo New. Vork <3 02. 30, (92) 30,043) 5, 749)....... $71, 449. 911$79, 115. 85)... 2.2... $7, 665. 94/$2. 00)$2. 63 HO GU Ports. ss.cs5 < 15 3 Loses 48. 96 125291 SoOnOulee cca 3. 25| 4.17 POM ULO PC ses 22sec 18, S11 | TAS¥78\ 3; 538\-oo ue 62, 363. 14) 48, 936. 17/18, 426.97|........- 3.41! 3.31 Mots Sse wos 54, 118 44,824! 9,294)....... 133, 862. 01/128, 064. 31 5,797.70) Peace 2. 47| 2.86 LOCAL. Commercial: Balboa, Panama..| 4,634) 4,313 SoU 2,278.87} 2,246.19 SQeOS eee res .49| .52 Panama, Colon....| 6,809) 6,083 MG eS Soa 25, 208. 45| 22, 420. 60} 2, 787. 85|.......-- 3.70} 3. 69 Isthmian Canal Com- MISSIONS sc ce 34,000} 37, 893)......- 3, 893} 22, 616. 63} 61,496. 81)......... 38, 880.18} .67| 1.62 Company freight...... 2,762} 4,594|......- | eB BBO Mees se sae ocr ale a aearnccaler piers Cmte iran eel ieeeape Motalescs wae Seo 48 20b 1 52-883 a2 sas 4,678) 50,103.95) 86,163. 60).-....... '36, 059. 65 1.04) 1.63 Total freight....| 102, 328 97, oH 4-616)s- sce 22 183, 965. 96/214, 227. 2 ere Eee 1.80} 2.19 MAILS. Weight (pounds). Earnings. ' Bem yz | Tn- De- In- De- 1910 1909 crease. | crease. 1910 1909 crease. | crease. To New: Yorks. 2.2 ona 53,327 BO 3198 | 5 eee: 3,471) $2,891. 70) $2,986. 86)........ $95. 16 DO AMUTOPCe ose ae ee eee 1,718 AABBle eo. 2 365 138. 52 25468 ie 33. 94 S A WOCH ese ee Bos ae a 81, 329 BIA09G) 2 222 233in a eee 2, 926. 24 484. 43'$2,441.81|......-. | Poller eases ees 186.3740 1A, O77) 189397 3c oe | 5,956.46) 3,648.75 2,312. el eset ys REPORT OF THE PANAMA RAILROAD COMPANY. 57 Statement of classified railroad earnings, tonnage, and passengers, Panama to Colon, for jour months ending October 31, 1910 and 1909—Continued. TREASURE. Value (dollars). Earnings. | In- De- In- De- 1910 1909 crease. | crease.. 1910 1909 crease. | crease. To New: Yorks 22.0 eee $588, 307| $529, 447) $58, 860)......-- $1, 934.32) $2,026. 53)...-.... $92. 21 Mo -HUTOPC ss. see ee 564,764, 572, 763)...---- | $7, 999) ol, 797.61) 1982. 47\ 3 2s. 134. 96 Local: WOMIMerGial secs a ee ee OS ie ce a ee ace encima are aya Sec aN | Cn eg | PAS GIT AT CAT a yee a a a ei es Ne are ki a ta ape | ar Motalscescsesansseqeaues 15168, 071) 1,102,210) 50,861). 2 3,731.83] 3,959. 00|.......- 227.17 EXPRESS. Weight (pounds). Earnings. In- De- | In- De- 1910 1909 crease. | crease. 1910 1909 crease. | crease. Local; COmmercial2. eee 877,564; 9382, 211|........ 54, 647) $5,254.79) $6, 187. 15)... 2-..-| $932. 36 Isthmian Canal.......... 210,271) 151,240) 59,031)... -- 2. - 617.99) 1,044.45)........ 426. 46 otalecoress e255. es 1,087; 835| 1,083,451; 4,384)......-- BR Si2018). 7, 2ol, OO|--a2. a 1, 358. 82 BAGGAGE. Weight (pounds). — Earnings. In- De- In- De- 1910 1909 crease. | crease. 1910 1909 crease. | crease. MouNeweViOrk. 358 eae 1, 155 DAO Noe OY ie RICO ine $15.52 VO SHVULE OPO 5 ois) Se ee ace a CR ea rc Ve ace Oe |e a ee a ee gece | aceon PoCal se es 691,856 | 766,934 |.......- 75,078 | 6,225.58 | 5,278.87 ($946.71 |... ... Otabe cee 693; 011: | 5.769, 84622 2 76,385 | 6,241.32 | 5,310.13,| 931.19 tee s | PASSENGERS. Number: .Karnings. In- De- In- De- 1910 oe crease. | crease. 1910 1909 crease. | crease. To New York: WIEST ClASS wate ee. ee 220 Die ers ee 50 |$1, 076. 61 |$1, 608.50 |.....-.. $531. 89 NeCOndiClasssia 68s 88 OG ee 18 357.75 AGH los lates atic 108. 00 To New Orleans: : Birst- Classes es 14 11 OU le eae 87.75 Gc0O: OSLO? 253 |e oes To Europe: ‘ ITS UICIASS es = aes ee 212 162 50s 1,171.90 O175383 (204 001s eae SeCONG ClASSase. eon e ae: 34 AS Se ces 14 135. 01 1945008) 25 eee 58. 99 Local: é Lie Birst classes 60. 8 102, 125.) 91 1004) 11, 02512 44,312. 48 |45,561.95 |......-. 1,249. 47 Second class.-............ 1 QUI 821 | 2405459) 381 862 lke 62,343.79 161,875.06 | 468.73 |-...-.-- Total oie Renae S74 BIA 889.156.1042, 88 |= 109,485.29 |110,694.09 |........ 1, 208. 80 . 58 REPORT OF THE PANAMA RAILROAD COMPANY. Exuipit Z.—Statement of steamship-line statistics for four months ending October 31, 1910 and 1909. FREIGHT TONNAGE. 1910 1909 Increase. Decrease. Ships Tonnage Ships. Tonnage Ships. Tonnage Ships. Tonnage carried. carried. carried, carried. — Panama R. R. ships: AITIVG Gs oo8. ete t ke 10 14, 205 10 PS) OUON oc ceeee ASO He ee Aaty vary ei Gailede oo ae 10| 16,525 TOs QOs0BGe ee ee Ca ae aiGu a. 3,531 Chartered passenger ships: PATTING Cine aS aeons oS 19 29, 408 17 13, 646 2 Th G2 cis Sees ei ace Sabledsocwierse cae oe ee ee TBs D125 299.) 14 69, 076 1 AS O2B Oe noe eae Tce ADOURIS Sea ne os 2 57 | 172,487 54 | 116,697 3 BOAO |e Total freight earnings........ $455, 508. 70 $379, 179.70 BOs a0. OOM eer is ere ees ae Average rate per ton....-...- 2. 64 Suse cece eee eee $0. 61 PASSENGERS CARRIED. 1910 1909 Increase. Decrease. . Passen- . Passen- : Passen- . Passen- Ships. gers. Ships. gers. Ships. gers, Ships. gers. Panama R. R. ships: ATTIVEG ss ooo Pe 10 756 10 ST et ache | ay ces 95 SaneGs ees hoes sees 10 834 ‘10 SBT ries are re eee eos eas 323 Chartered passenger ships: PATHIVEG coh see et ee 19 2,423 17 2,045 2 BBs cee a cen ee Sailed..... Be Roe ae Se 18 2,196 17 | 14,320 Leis ee ies aes eee eras 2,124 So Dol et 57 | 6,209 54] 18,373 ee 2,164 Total passenger earnings (in- : cluding excess baggage)... $143, 613. 99 SLOT SOLA Gols Seo as $14, 000. 17 Average rate per passenger... . 23.13 Q3e 26s eee eae ae ee aia} Avergce Tate perlahorenss.. foo. oe ee TAA) a te ee ae Sieh OS re sen ete en 1 Includes 2,313 laborers for Isthmian Canal Commission. O ce EDs 3 e : < i | OL : O 62p CONGRESS } : ee A ; ee ad Session § SENATE ) PANAMA RAILROAD COMPANY MESSAGE FROM THE PRESIDENT OF THE UNITED STATES TRANSMITTING THE SIXTY-SECOND ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAILROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDED JUNE 30, 1911 JaNuARY 15, 1912.—Read; referred to the Committee on Interoceanic Canals and ordered to be printed, with accompanying illustrations WASHINGTON 1912 LETTER OF aes To the Senate and House of Representatives: o I transmit herewith, for the information of the Congress, the © Sixty-second Annual Report of the Board of Directors of the Panama Railroad yompayy for de fiscal yen ended June 30, 1911. | | oe Wo. H. Tarr. THE Wie House, January 15, 1912, ae Se PANAMA RAILROAD COMPANY. BOARD OF DIRECTORS. GEORGE W. GOETHALS. OswaLtD H. ERNstT. — H. H. Roussgav. F. C. Boaes. Morpescal T. Enprcotr. RicHarp Reip Rogers. C. A. DEVOL. D. Du B. GAmLaRD. W. L. SIBERT. EK. A. DRAKE. H. F. Hopezs. E. T. Wison. CLARENCE R. EDWARDS. ! OFFICERS. Gnorce W. GOnTHALS, presMent...2)--- 22-8. 2 ee Culebra E. A. DRAKE, vice president ie Ga cis Wats cues Sue ey ne get See nah Se eee caters New; York. FH -ELODGES:. second Vice: presidente sc. sf 5 oe NO ee eee Culebra. J. A. Smiru, general superiniendent.....-.- oe ata are ee epee is Colon. SYLVESTER DEMING, UCU SULT Se ee are eit a New. York. He ‘RossBorrom, assistant to, vice president, and secretamy.........--...-New Yonk. Joun ADaAMs, auditors: ile ONE TA een Tn Fe een York, R. W.. Hart, ‘local, GSMliLOl eS ee OE ee a »...Colon. F.C: Boaes, general PUTCHMSING OffiCOe oo oo eet era 4 Washingion. EuGENE T. Wiison, COMMUBSOTY GS Tce ee ee oe . Cristobal. WENDEL L. Simpson, commissary purchasing agent............-----.----New York. Rotanp ALLWORK, superintending CNOUMNCE. = sock, ee eee oe New York. i MmARS, chief engineer. 5.2252. so Be ee ee ee Colon. laid BAwDEN, terminal superintendent... os .8 2 sso ee oe. New York. RicwArpD Rem ROGERS, general counsel....-.0.5.02.55.00505 02. eee New York. General offices.—No. 24 State Street, New York. SIXTY-SECOND ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAILROAD CO, L9LL Panama Rar~RoaD Co. New York, N. ¥., November 21, 1911. To the stockholders of the Panama fatlroad Co.: I respectfully submit for your consideration a report of the com- pany’s financial condition and operations for the 12 months from July 1, 1910, to June 30, 1911. | In this connection I call to your particular attention the subjoined reports of operation and maintenance of the company’s property, to the details of the accompanying exhibits, showing income and profit and loss account, general balance sheet, and statistical tables, which furnish complete information concerning the financial aspect of the company’s business, together with the report of the commissary con- cerning the operation and financial results of his department. The sums heretofore advanced by the United States Government, amounting to $4,185,047.03, were decreased by payment August 1, 1910, of $100,000, making a total payment on account to date of $937,714.92, leaving a total balance due of $3,247,332.11. | By congressional enactment (sec. 2 of the sundry civil act approved Mar. 4, 1911) this company was released from further payments on account of principal or interest upon its indebtedness to the United States Government, for which, however, until further action the company is still held accountable. , The company’s operations for the period covered by this report resulted, after meeting the total cost of operation, together with fixed charges ageregating $55,161.44 and charges for depreciation of rolling stock, floating equipment, and commissary plant amounting to $413,878.91, in net earnings of $1,711 ,080.39. The net earnings were applied in part, as above stated, to a reduc- tion of our indebtedness to the United States Government and of the balance $181,532.56 was applied to new construction, equipment, and improvements. | Respectfully submitted. : Gro. W. GoETHALS, President. PANAMA RAILROAD Co., | He New York, N. Y:, November 23, 1911. . Col. Gro. W. GOETHALS, ae President Panama Railroad Co., New York, N. Y. Dear Str: I have the honor to submit herewith the financial exhibits and results of the company’s operation for the fiscal year ending June 30, 1911, with statistical tables and explanatory comments thereon. | : 3 6 PANAMA RAILROAD COMPANY. Gross operating revenues, operating expenses, and net revenue for the year ending June 30, 1911, compare, as under, with the year end- ing June 30, 1910: ) Operating Operating Operating | revenue over revenue, expenses. operating | expenses. LOU Dare ie Se ceicre Sis oles carn muta Hamre stale eek mur ea hetc arse $6, 009, 555. 52. $4, 257, 038. 10 | $1, 752, 517. 42 REO OQ ies ierga ek ieee cinta 2a ak a wis cum RIE eb nera lara ua le amature sta eis sian 6, 100, 788. 83 | 4,358, 426.92 | 1,742,361. 91 Increase in 1911...... ee Sead NRCP ERB Eien GUL el Cre cl Ren eC OE ranks omic cuca 10, 155. 51 OCTEASOLIM OTD. oe ae SAS oe ice Ga aie acts 91, 233. 31 TOL; 88858282 eee: OPERATING REVENUE. RAILROAD. The operating revenue of the railroad from all sources shows a decrease of $74,617.62, or 1.77 per cent less than the previous year. This decrease in revenue is divided as follows, viz: t | Amount. Per cent. DECREASES. Local Isthmian Canal Commission. freight Sogo ioe fe aires seve arcvteg rt iniece: Salva Ae $227, 039. 30 30. 95 OCH COMMIMOELCIAU FEIN Gers Sou een LS orn roa eu et Stet orr gO scien i oS aa 4, 882. 81 Asay Opher tranSportavion TOVeNUe! Noes co ee ee eae ee See ee EL PES 4,498. 75 21. 09 Miscellaneous revenue—other Sources: .: 2: 2.4.55 she soe gees oe ee eS 98, 851. 72 11.19 335, 272. 58 16. 30 INCREASES. Through commercial freight, $257,528.05 (21.09 per cent); passenger revenue (in- - cluding mails, baggage, treasure, express, and parlor and chair car), $3,126.91 (OBS Mer Comite ce SN ee ee RS Pee Ss CM eee elec eer aig ms 260, 654. 96 12. 03 Neb dechease.c6 ji. bk Pee Sat se Eee ee ONT G2 Le. Freight traffic from New York, Philadelphia, and gulf. ports shows the following increases, viz: : | a _ Tons. (Ho South Pacific ports.2.-.. i ee ee ee ASE Ee SN 10, 881 So rpam (HraniCiscOe 8 ssisr eee eS A ae US ye ee 50, 026 io, Central: America and Mexic0.. 2... i.2 eet ce ee ee Pa 6, 337 and the following decrease, viz: | Tons MosPanamar ses ou nee se Pi PARSE ee ya eee ee O80 From Europe to corresponding points the following increases are shown, Viz: , \ : Tons. EG POUPA RACH CDOKISS) fg 5 hose. en cee ae eee a aie 7, 049 MROMPANAMIdts ee ee a a pee ochre 2 oe 3, 427 To Central America and Mexico..........-.- a en ey eee ae _ 2 O27 and a decrease as follows: 3 Me es ness ewe ee _ Tons. MO San HYAUCISCO a eit ae ee ne en ce ae CG es ae en oO PANAMA RAILROAD COMPANY. : ? al Tn the opposite or northward direction the following i imecreases are shown, V1Z: : _ Tons. South Pacific porte to Europe. celegs eoee ee eee BS I Ge es cS atiitas ere By O0e San Francisco to Europe..............-.------- Daiseeie ee wile cleisiare fate oo marae are 1, 262 Bamattia tO Muropess cee ee eae lai es eres eee ee 1 829 Central America and Mexieoto Wurope:..--.)-.- 26sec os oe wow Lb 168 South Pacific ports to New York, Philadelphia, and Gulf ports..... fae Shes .- 41,014 San Francisco to New York, Philadelphia, and Gulf ports..............-.-... 82, 026 Panama to New York, Philadelphia, and, Gull porte-¢ ss oc: seen PO 8bl Gentral America and Mexico to New York, Philadelphia, and Gulf ports...... 11, 186 The following table shows the freight tonnage carried over the rail- road for 12 months ending June 30, 1911, including company freight, as compared with the 12 months ending June 30, 1910: 12 months ending June 30— Increase. | Decrease. 1911 1910 : Tons. Tons. | Per cent. | Per cent. Sue ont (horn Pan Poets 1,178, 560 991, 856 TRe82e| ora Northbound Grom Panama) o.3 bo ee es eee 378, 470 280, 361 34,99 |....-- EON Total Pe 1,567,030 | 1,272,217. op 30 : 1 Tons of 2,000 pounds, or 40 cubic feet. REVENUE FROM TRANSPORTATION. Freight traffic. aS , The gross revenue per ton moved on the road compares as follows: 12 months ending eee Increase. | Decrease. 1911 1910 eee Bes ace eer | aes eee , | ely Percent. | Per cent. HOULNDOUTIC COs aMam a). aka foe ee oe ether $1, 51 SESS as eee 18.38 Northbound (from Panama)...-......-..-. Sh ses eee yee 179 PD Ds ie ae uae 16. 74 eR eee BAgeue Sr See re. 1.57 IQ2: aoe ae oe? gh S129 Exhibit L, accompanying this taport shows the ou eats and desti- nation of the freight carried over the railroad. The total revenue freight traffic of the railroad during the 12 months ending June 30, including both merchandise and coal, was 1,523,681 tons, an increase of 285,300 tons, or 23.04 per cent. The total revenue | derived from this traffic was $2, 398, 177.88, an increase of $25,605.94, or 1.08 per cent. In addition to the above traffic 33,349 tons of company freight, . a ce of mails and baggage, and 2 ,909 tons of express were aule Of the total oink tonnage carried, 75.69 per cent was southbound and 24.31 per cent northbound. In the previo year the pone were 77.96 and 22.04, respectively. ' 1 Decrease. 8 ; PANAMA RAILROAD COMPANY. The through freight traffic was 36.42 per cent of the total tonnage handled, as against 30.60 per cent for the 12 months ending June 30, 1910. Coal (including company) comprised 51.98 per cent of the local traffic southbound. PASSENGER TRAFFIC. The following statements show the number of passengers carried and the passenger revenue: NUMBER OF PASSENGERS CARRIED. - Classification. | 1911 1910 Increase. | Decrease. Ge eeenne eve | pails sse | Per cent. | Per cent. First-class passengers..........---..--- Se ea ee | 696, 688 627, 397 (UKOP ee cee pecandaclasspassen cers... os ose eee | 1; 715, 466 | 1,600,172 COAG ee ee Role 2 6 be ee esse) 2, 412pt54 | 2,227, 569 890 (ee PASSENGER REVENUE. First-Class passengers.............------.---- eee $314, 026.98 |$312, 960. 75 OVsts aera Second-class Pee Per emi sero een eu ec tes Sane 372, 964. 27 | 399,105.98 |---. 2.2222. 6. 55 Mopales a ee 686, 991. 25 1:712, 066.68 |-..--.--.--- 3. 52 AVERAGE REVENUE PER PASSENGER. First-class passengers: ' | | een BS a ee ae es a noe oo Ua one re oan $3. 92 $4348 eee 12. 50 Rs oe eee ee Liha yl en ae | 4073 MGIB eae ea 11.71 Recon dees passengers: PEATOUSH ere se ee forest ae cis cs eo Se Sais oe 4. 21 Bil Sal Sere eee 3.66 _ WOCale se Sens ee eee eee rare me ier ND So . 2152 HZAGD S| oe ee ees 12.70 The gross revenue from the Coon of passengers was $686,991.25, a decrease of $25,075.43, or 3.52 per cent, while the number of passengers carried shows an increase of 184, 585, or 8.29 per cent. The revenue received from Gen passengers shows an increase of $6,542.24, or 20.92 per cent, and the number of through passengers an increase of 2 963, or 36. 56 per cent, as Compa’ ik the 12 months ending I une 30, 1910. Local passengers ‘show a decrease of $31,617.67, or 4.64 per cent, ‘in revenue and an increase of 182,022, or 8.20 per cent, in number carried. REVENUE FROM OPERATIONS OTHER THAN TRANSPORTATION. _ The revenue: from the various accounts grouped together under this heading amounted to $47,766.83, a decrease of $2,911.54, or 5.75 pe cent, as ee an the 12 months ending June 30, 1910. : PANAMA RAILROAD COMPANY. Gg HARBOR TERMINAL REVENUE. The revenue from the various accounts shown under this caption amounted to $415,588.51, an increase of $12,722.77, or 3.16 per cent. The receipts from wharfage at Panama and Balboa and lighterage of cargo in Panama Bay, which are included in the above, show a decrease of $2,794.71. | OTHER OPERATING REVENUE. The revenue from these accounts amounted to $321,563.48 for the year, a decrease of $108,662.95, or 25.26 per cent. This large de- crease is due to a falling off in miscellaneous revenue, other sources, _ the total revenue from this account being $227,080.55, a decrease of - $112,245.66, or 53.08 per cent. : STEAMSHIP LAINE: The total operating revenues of the company’s steamship line were $1,860,110.86, a decrease of $16,615.69, or 0.89 per cent, as compared with the 12 months ending June 30, 1910. Freight trafic increased 112,880 tons, or 26.53 per cent, and the revenue therefrom shows a decrease of $2,773.99, or 0.22 per cent. Passengers show a decrease of 2,461 in the number carried, or 14.81 per cent, and a decrease in revenue of $26,975.72, or 7.381 per cent. : The increase in revenue from transportation of mails was $9,066.85, or 4.16 per cent. : Of the total.tonnage transported, 99,559 tons were carried by the company’s steamers and 488,880 tons by chartered steamers. In the 12 months ending June 30, 1910, the former carried 96,279 tons and the latter 329,280 tons. OPERATING EXPENSES. The total operating expenses for the 12 months ending June 30, 1911 and 1910, compare as under: : . 1911 fA NE % = — es wee ee ms oconeserasod —2- aermeerone 1910 Increase. Decrease. PeaurOa Gc as oir Bee US eae Nae $2, 474,115.21 | $2,649, 652.62 |-.........-. Steamstip line... SEE re 1, 782,922.89} 1,708, 774.30 Loa PS Motal ee ee 4, 257,038.10 | 4,358, 426.92 |........4. sd 2. 33 This shows a decrease of $101,388.82 in total operating expenses, while there was a decrease in revenue of $91,233.31. (See Exhibit C.) 10; PANAMA RAILROAD COMPANY. RAILROAD. [NorE. +The following data relating to operations on the Isthmus are supplied by Mr. J. A. Smith , Items. Average miles operated Gross operating revenue Operating expenses........ Net operating revenue. .... Per cent expenses to revenue........ 59. 63 OQ On| es cee tee Gross revenue per mile... 2222.2... $83, 439. 47 $84, 939.92) |... 2222228 Operating expenses per mile......... $49, 750. 96 $53. QR0 Tal sear aoe sues Net revenue per mile.......5........ $33, 688. 51 $31,659.15} $2,029.36 Revenue per passenger train mile, . $6. 10 $62807 oe Revenue per freight train mile....... $10. 38. SLA Sie ote Amount operating pay rolls......... $1, 620, 666.38 | $1,649,012.85 }......-....- DONS per lOagdedi capesss os eae: 21. 43 18.16 3. 27 PONSiPEr Wal we Sen a eS 254. 47 220. 66 33. 81 | Locomotive mileage: ; Freight, passenger, and switch... 731, 131 696, 636 34, 495 WOR KAGTAIN os eS reas foe 440; 784 DLA; 228) sseonee wees Passenger train mileage............--. 158,405 141, 711 16, 694 Kreight traim mileage 2250.22. [Ren 235, 534 200, 434 35, 100 general superintendent. | Summary of operating statistics. 1911 1910, Increase. House eee 49.73 BONO Meio bees Seco aeons $4,149, 444.66 | $4, 224,062.28 |............ Sou oeeacar $2, 474, 115.21 | $2, 649, OD2502 il eee eee eats Ramey es ol, 675, 329.45 | $1, 574, 409. 66 |$100, 919. 79 Decrease. Per cent. wen we em em eww efe em wena news $74, 617. 62 $175, 537. 41 eee eee een ene $1, 500. 45 $3,529. 81 -s- eee ewww ne cet r em eee oes meee were ewes 1 Decrease in work engine mileage account engines in Eolocnuene service turned over to iether tan Ganat Commission May 1, 1911. Various details of oreanivation and operation on the Isthmus are shown on epee charts, Exhibits P, Q, R, S, T, U, submitted _ herewith. MAINTENANCE OF WAY AND. sareeaes The maintenance expenses for the fiscal year have decreased $256,763.10, or 38.24 per cent, as compared with the fiscal year ended June '30, 1910. The total trackage, in Hales June 30, 1911, was: Main line: Colom to Panama. oe oc Paes) ee toe eae noe 46. 97 aL Oa ran se eae ae acer cae 2. 70 ! 49. 67 Second main line: Bridge 15 to Culebras: =. 2000.22.05 220 2: ae 28. 40 Corozalto Balboa JUMCGHON 3.2 2 eee ee, 2.2 Saieee 30. 52 Atlantic terminal: COLO ee set re ae Ge ee > 4,90 Cristobal and OEE ee Heese 24. 75 29. 65 Pacific terminal: UT Ts eo Ne De ee er a 6. 25 a Oa oe ee ae es 6. 19 | 12. 44 Tmuermediate sldingset suc wie ss ae oe ae ee es ‘14. 05 RELOCATED LINE. Permanent traGkS: {ooo eo a ae 29. 37 shemiporany (racks: sore ee eS. Nae a O208 Total under control of the ‘Panama Railroad................ OPERATED LINE. 136. 33 PANAMA RAILROAD COMPANY. oe 11 This department is charged with the maintenance of the operated line and properties, and the construction of the relocated line for the Isthmian Canal Commission. Until March, 1911, all engineering work in connection with the Panama Railroad land department was also handled by this department. On that date, the engineering work in connection with land matters was turned over to the third division of the Isthmian Canal Commission. ~ OFFICE ENGINEER WORK. Office engineering work has been somewhat increased during the resent fiscal year. The office consists of eight draftsmen and one eae under the supervision of a chief draftsman. The force has been engaged in routine work of mapping, designing, and pre- paring monthly reports of the construction of the relocated line. During the present fiscal year a new map of the relocated line between Mindi and Gamboa, scale 400 feet to 1 inch, has been very nearly completed. This map has been platted by latitude and departures and when completed will show, in addition to the relocated line, all of the old preliminary lines, with the topography. Maps and profiles for the proposed Panama Government line to David, designing a fireproof building, to be erected at the corner of Eleventh and Front Streets, Colon, and the design for remodeling the steel pier at Balboa, | have been completed. | : Since January | a great deal of time and careful study has been given to the preparation of plans for the permanent concrete docks at Cristobal Point, and various types of construction were carefully looked into and estimates of cost prepared. NEW STRUCTURES. © During the year 66 A. F. E.s, covering special work, were issued, and under these and other A. F. E.s current at the beginning of the year $281,434.21 was expended. = = =. TRACK DEPARTMENT. Ninety-pound steel was laid south of Mount Hope a distance of 1.143 miles, and from Corozal to south of the “‘ Y”’ switch, a distance of 4.264 miles, replacing 70-pound steel. a eek The relocated line from Paraiso to Corozal was completed and turned over to the Panama Railroad on September 4, 1910, and the — old double track from Paraiso to Corozal was turned over to the Isthmian Canal Commission. Interlocking plants were installed at Corozal Junction, Paraiso, and Mount Hope, and the Balboa Junction interlocking plant was remodeled. : | a Interlocking plants are being installed at Twelfth Street, Cristobal, and opposite the Fox River yard office, this being made necessary on account of opening up borrow pits for filling the site of the new dock terminals at Gratobal: ce oe 12 PANAMA RAILROAD COMPANY. Following is a statement of main-line switch changes: Crossovers. Turnouts. Location. PoC Ue a a ae a eae Installed. | Changed. | Removed. Installed. Changed. | Removed. COLON eee Ae 2 PS CURE ae Sc aay 12 DOE Sesser ion” SEER Pee Si eS eee OR Pann Se eta aee ae FUSS vise reed ue Se a ae) PMT OIOS oe Sine 2 SO ee Sw ik Re Aaa oe Pe Ce on on caries Meal eer eater eG | a emcees MGMOR ae Oe ee ae Lee ee 1 De eat sya ote 1 wuan Grandes... ose ey Do |e sete ag 2 ANI SAR an Suen 4 MGT SOMO NEG R e ROE Ea ESO Pe PR Sg Pre Ue eR a Le Ha |e a ese eee 1 COLSON A ee So OA ok MS a atl su eee ecg cs ae ar LS le eiee aaes ens UO DTA ee eee aS BAe aa veto | Cae toes US Se SE SRE ya een ei San SAR OD Efe os ee oe eee Ree ee Pee Pad ee ee See 2 NS ey See Botale ccs aise 6 1 3 24 3l 6 During the year there have been used on maintenance 7,000 cubic yards of gravel for ballast, 1,637 hardwood crossties, and 11,047 cypress ties for renewals; 88, 106 feet of 90-pound steel was used for repairs. Of this amount 24. 501 feet replaced worn-out 90-pound steel; 57,810 feet replaced worn-out 70-pound steel; 5,795 feet re- placed worn-out 56-pound steel; 11,523 feet of 70-pound steel was used for repairs. Of this amount Z 587 feet replaced worn-out 70- pound steel, and 3,936 feet replaced worn-out 56-pound steel. BRIDGE, BUILDING, AND DOCK DEPARTMENT. Preliminary work on new dock terminal facilities at Cristobal has been authorized; $60,255.14 has been expended on this work to date. An extension of 150 feet on Dock 1 was completed, and berth pro- vided on the north side. All piling in this extension is protected by concrete shells. A trestle ‘has been driven at the north end of the lumber dock at Balboa, and track laid on face of the dock for a distance of 300 feet. This facilitates the handling of freight ships. This department is also charged with the regular maintenance and construction work in connection with the cold-storage plant now being operated under a separate department. In addition to the regular maintenance of this plant, about $48,000 was expended in making improvements and additions, at the request of the subsistence officer under regular A. F. Hs., as per statement below: A. F. E. 398, construction of 50 by 290 feet Woes Use BEE eC ene ae bo, 975. 57 Aled, 456, extension of ice plants 2... 1 ..s lic) 5... TSO ee a 11, 564. 14 A BE. 477, metallation of 300-ton compressor. -.22:.-8 41-220) care 20, 522. 47 A. F. i. 483, raising roof and building ventilator over condenser coils... 54. 66 — me, a 495, building 8-inch concrete wall between engine and boiler TOONiae Uo Be ae oe ig ee 442.95 A By, E. 496, extending wall across track to admit construction of ice | chutes, changing stairway, and insulating ice room..:..2.:-:22-..-+. 5, 673. 17 A. F.E. ‘497, ¥ Talsme rool oven loading track: 486. dees. 121, 34 | A. FE. B. 521, Pepaitiune TOU! OF COMM eeOrage: =. 2 3, 286. 46 Preliminary work was started preparatory to the construction of the permanent hotel on Colon Beach. , - PANAMA RAILROAD COMPANY. | 13 GORGONA GRAVEL PIT, The Gorgona gravel pit has been exhausted, and after the present storage pile, consisting of 1,000 cubic yards, has been depleted tracks will be removed and pit closed. Following is a statement of the operation of the Gorgona gravel pit for the fiscal year ending June 30, 1911: ae : ‘Shipped to ie Construe-. | Etec - Operation | Indi- Month. Operating | A.F.Es.,|. tion |oaceuma? |, com, jwidualg and} ‘Total, accounts. mission. | missary. | companies. ; a ; Cubic yards. UO 7 AS a i ie a 900. 175 2, 425 MRD teen e Oe Somos e ene? deh 3, 675 ATISUSUS Sooo ee BOWS ace a cecares 8, 625 -|- AD ales ie zeke ele ert as 9; 350: September... ...-. ZRAQGE SEN eos 5, 550 ROU ee ee eects sare cnr 8, 100: Ogtober....-2----- 225, QBN coee Ce eet * - 6508)' DOP eae eidone = 925 November... ....:. COE eRe RPE Ss Sires gen iene eee eC Oeoe ie B20 6 |e ere Ue eal OO Decemiber: - 2.2. - 200: 125 50+): PO ee ne i eesseet sa es 515 JANUSLY oe oe sl Roel ci ste ares aces 125 PA Srl Vas are eer eye nie shen ores apa anlar 3 O80 JUNG Set 280 75 2, 600 150 65 50 3, 220 Potaleccs..* 5, 840 400 19,375 1,750 115 50 27, 530 GAMBOA GRAVEL. PIT. The Gamboa gravel pit was turned over to the Panama Railroad by the-reloeated line, January 1, 1911. On June 30 we had a total of 66,093. cubie. yards im storage available for ballast and other: purposes during the rainy season. Following is a statement of the operation of the Gamboa gravel pit for the present fiscal vear: | Shipped,|. 7.4;. | | Opera. (Constrne-|Isthmian| itais | Gon, Month. Stored. ing |A.F, Bs tion: | é Canal | aa com- |. come” |. Lotel. accounts. aecounts. | Commis- |" ayers le = _ sion, | Pentes: | misery, Cu. yds JVOMUaT yak eee cs 2,170 450 100 1, 815 BO (ae ey ee eee seeks 5, O85 February..........--- 11, 085; 975 SOs Deiat al Pe ee 14, 895 March 25, 640 262 650 | 4, 005 (eee 30, 720 Aprile ye eT 12, 986 569: 1,240 | 5,950. 185 axa eS 21, 316 Biase ee ee 13, 542 440 255 7,340) 60 350 25 22; 012 JUDO oar I oe OfOS shee 20 Le5S07 |Past 25 25 2, 320 Rota asec ss 66, 093 2,696 2; 315 23, 475 958 701 50 | 96, 348 PANAMA. GOVERNMENT RAILROAD SURVEY. In the month of March, 1910, the Panama’ Railroad Co. entered into a contract with the Panama Government to survey a line for standard and narrow gauge railroad from Empire, Canal Zone, to the city of David, Province of Chiriqui, western part of the Republic. Hive complete locating parties were: put into the field at the beginning of the fiscal year, under charge of Mr. George H. Ruggles, locating engineer. The filed work of these surveys was completed in the month of October, and maps and reports were submitted in December, 1910. Besides maps and profiles accompanying the original report, the office engineer has been extremely busy in getting out. 50. complete sets. of maps and profiles in connection with this work for the use of the Panama Government in advertising the project throughout the world. \ 14 | PANAMA RAILROAD COMPANY. The proposed line from Empire to David is 289 miles in length, the Anton. Branch is about 5 ae and the Los Santos Branch is about 67 miles, aggregating 361 mules. This survey was completed ata total expenditure, including the extra cost of maps, of $92,322.47. MAINTENANCE OF EQUIPMENT. The expenses of this-department show a decrease of $91,416.06, or 18.47 per cent, which is explained as follows: First. ‘‘Repairs of locomotives” shows a decrease of $43,309.30 by reason of credits to this account from bills. against the commission for engine service on relocation. , These credits more than offset the -actual expense of repatrs to our engines, which was light on account of the 600-class engines being new and in good condition. This amount, while taken into our accounts. during the current year, in reality provides a reserve fund to cover the expense of overhauling the engines in relocation service when that work is completed. — Second. ‘‘Renewals of freight cars’’ shows a decrease of $40,735.70 due to the fact that in the previous year we destroyed 176 old freight ears, the value of which was written off to this account, while during the present year there were only 27 cars destroyed. _. The position of master mechanic was abolished in October, 1910. .. There was no additional equipment received during the year. _ At the shops of the railroad company there have been erected for the Isthmian Canal: Commission 300 19-yard Oliver dump cars and 100 12-yard Oliver dump-cars. _ ee { : TRANSPORTATION EXPENSES. The expenses of this department increased $218,574.71, or 22.69 per cent, as compared with the previous year, while the freight ton- nage handled shows an increase of °284,813 tons, or 22.39 per cent, and the mileage of this tonnage an increase of 15,707,231 ton-miles, or 35.51 per cent. : 3 The following statement.gives the number of trains handled during the year ending June 30, 1911, and also a comparison between the months of June, 1911, and 1910: Panama R. BR. trains. | /Sthmian Canal Commission trains. ‘ Grand Direction. total. mean Work. | Total. | Special. Work. : Total. Northbound... 2.1)... ose ee 6,058 221 |. 5,279 14| 71,580,| 71,504 | 76,873 Southbound: 2205). 952222027 2.205 6086 221 | 5,307 | 3| 58,896) 58,899 | 64, 206 Total, year ending June 30, 1911.| 10,144 442 | 10,586 17 | 130,476 | 130,493 | 141,079 Average number per day.......... aa abso 1.2) . 29:0 eee. OD 307.47 | 357.52 | 386, 52 June; 19025 Pe SESS 604: ae 280 684 1 9, 207 9,208} 9,892 Gune, Otte oe ec ahs Ge O04 1 4 96 081980 |, 31 10,707! 10,710} 11,660 Decrease or increase..........trains. . 1 320 54 | 1266 12/ 11,500; 11,502 | 11,768 Decrease or increase........per cent.:|.. 152.98 | 67.50 | 138.89 | 1200,00| 116.291 116.31| 117.87 Average decrease or increase per day ; : ; a in June, 1911,over June, 1910.trains..|' 110.7 LS 28.9}. 07 150.0} 150.0] 158.9 ‘ } + 1 Denotes increase... | PANAMA RAILROAD COMPANY. — 3 15 LAND DEPARTMENT. Two parties were engaged on ‘the work of surveying, laying out town sites, staking lots on Panama Railroad property, settling land claims in the upper Trinidad and Gatun River Valleves making survey of lot No. 1, and general land survey work until the middle of March, at which time the work was turned over to the Isthmian Canal _ Commission. The general policy of issuing leases at nominal cost for ecclesiastical, charitable, and educational purposes has been continued, and there are 64 such lots, divided as follows: Churches ies ee ea Ge ee Ce are i a 45 Murnicipa| parks’. 90) 925 Oe ree ea erage ee ee beens Soa NChOOls 3. ee Sales DA SO Tee Fs Yd Sa ene eee Sy Re tor ee 10 Hire stations 2.20 2. DSR Te Wek aad SOL ee de TE 4 Municipal washhouse.2 {205 40 ge00 beer que re i ag eee focece el ‘Leases outstanding at end of fiscal year June 30, 1911, compare with those at end of last fiscal year as follows: ottoman mioensens Aotranen aaaapt heen capre oat dtity reteae nent arr ecnnarn eet aver lieder ae a ner OE pa aera alate oar ao ae Le gO RRP = eo Leases. Lots. Rental. Location. ce eee | eae 1911 1910 1911 1910 1911 1910 COLON ee eee ea oN eRe eres 527 599 480} 687 | $52,992.86 | $54, 536.16 BOXARIVeL 26 oc: WSs bya Uae Sbsay yeni os Neetu wre lee BOR 7 OF 49 67 3,038.00] 2,172.40 GAatUnee sos forsee NEISerEa IRE Gainer nt anamrn 160 161 193 186 5, 9238. 00 6, 031. 40 BONIS erties nie ere eae eee es SPREE RM cons ae ADs gene: pe VAS Celis ees 142.92 INOWeETIOIOS 2) esi cree ee ae ee a ae CLO Poe ccc Dee Cee PU ODOr OO! ase ee Sa Ba plows 23 eres ea Ase SLE alee eee bo An eee Nee Diy Sanat panier =o Dla. 00 HMPITC wes. : et A RUE ea EEA se rverske £43808 338 390 | . 850 | 11,711.10} * 10,908.60 CUS DI arse ee eee ee aeteees 283 | 301 290 309 6, 380. 20 8, 612. 88 PANnAM as eset Sea Bee Se aes cet Seta es 347.; °° 283). 428 836 | 17,671.20 | 18,811. 78 SCALLGRIN ES cae oo er ie Sune ki ae 73 63 (31638 13" 2 361,00 189. 60 TACTICUIPUTAL IANS aero tise ea 7 Oxi. 2. Moslem neeeee "288. 20 458.00 Motal ene ee ee 1,829 | 1,873] 1,919} 2,018 | 98,688.56 | 97, 437. 34 MATERIAL STORES ao ee The expenses of this open for the six ines show a decrease of $1,602.50, or 5.22 per cent, as compared with the same period of last year, due to reduction of force from time to time preparatory to turning over the material stores to the SEU UES! S department of the Isthmian Canal Commission. The business for the first six months of the fiscal year ‘ending June 30, 1911, as compared: with the. same pened: of the previous fiscal year, is as follows: 1911 1910 Increase. | Decrease. | Per cent. _ Material on hand Jan.1,1911, and July 1, 1910. ee 749. 05 |1$461, 531.97 | $31,217.08 |.f::..-...-- 6230.16 Material received from New York..........-. 321, 089.85 | 408,085.34 |....... eee $36, 995. 49 21.32 Material purchased from Isthmian Canal COMMISSION eee Pee Ue rae ees 54,092.17 | 95,689.18 1... 2222-8 41, 547, 01 43. 44 Material from shop work...........--.-.---- 57,418.77 | 38,346. 60 is 067. Wiloes ee See ee 49, 72 Material received from outside purchases and |; ee ‘ founer departments: <2. -0- 4 sa oe el 8 90n20 | 64,024 86) 150. ewe) OOo LaOO 86. 31 Total:debltsc co eee a ee .--| 902,921.02 | 854,624.81 | 48,206.21 |............ 5. 65 ~ Material. distributed. ..2. 622-56 kc. 84-2 4265. 410,171.97 | 501,614.78 |-:..........| 181, 442. 81 30. 67 Pay TONS sso ee ee OY ee eee 235,793.01) 26; 406,004. fast cc tee 2, 663. 89 10. 07 Other expensSesiee cen cos coeces oes eeeee 5, 284.75 | 4,223.36 15061289) (eet cali 25.13 | ES | | —— | ee Per cent of store expenses to total business... 7.09 5.19 LOO cee oe ae ea 6 PANAMA RAILROAD GOMPANY. On January 1, 1911, our entire stock of railroad material was turned over to the depot quartermaster of the Isthmian Canal Com- mission, and inventory of the stock taken, which has been paid for by the commission. Since that date all of our material has been secured by requisition on the depot quartermaster. TELEGRAPH AND TELEPHONE DEPARTMENT. This department. is charged with the maintenance and operation of all electrical equipment of the railroad. The pay rolls of this department hawe increased $14,624.40, or — 11.68 per cent, due to a very large amount of construction work necessary on account of the progress of canal construction; also construction work on the relocated line, necessitating relocation of pole lines, construction of additional pole lines and circuits, to prop- erly take care of demands for increased services The following is a summary of the construction work accom- plished during the year: . eer auen of lead-covered cable from Panama exchange to alboa. Installation of 100 pair lead-covered cable between Culebra and Empire. . Installation of 30 pair lead-covered cable between Kmptire and Las Cascadas. Installation of lamp-signal switchboard at Empire and consolida- tion of Empire and Culebra exchanges into one exchange at Empire. This consolidation. permits the handling of all telephones in the dis- trict between Pedro Miguel and Bas Obispo in one exchangé, thereby reducing maintenance and operation expenses and resulting in an increase in the efficiency of the service: ae Installation of 20 pair lead-covered cable from Empire exchange to the office of the examiner of accounts. Installation of switchboard at Toro Point and construction of two metallic circuits frony Gatun exchange to. Toro Point exchange. Installation of 20 pair lead-covered cable underneath the locks at Gatun, connecting telephones on south toe of dam with Gatun exchange. | Removal of hghtning arrester and cross.connecting frame at Gatun _ exchange to floor below, and the installation of 100 pair lead-covered cable underground from main line to exchange. | Removal of Cristobal exchange from previous location to house 80, Colon, om account of the fact: that building previously in use was to be torn down to make way for tracks in connection with new _ dock construction, : : | Construction of 4 miles metallic circuit between Empire exchange and the plantation. of the Las Caseadas Estates Co. : Construction of new main line pole line and wires on Relocation, between Monte Lirio and Caimito Junction, and partial completion of pole line between Gatun and Monte Lirio. Installation of 30 line common battery switchboard in the office, of head of department of civil administration, Ancon. Replacing magneto switchboard at Mount Hope Stores with mod- — ern common battery system. PANAMA RAILROAD COMPANY. 17 ELECTRIC SIGNALS. Installation of automatic electric signal protection at Miraflores Tunnel. : Rearrangement of signals at Black Swamp, so as to operate manu- ally during the daylight hours and automatically at night... ELECTRIC LIGHTS. Electric light was furnished all offices and quarters during the year. A reduction in price of current from 4 cents per kilowatt hour to 3 cents per kilowatt hour was made effective January 1, 1911, and a further reduction to 24 cents per kilowatt hour was made on May Pot ELECTRIC CRANES. The cranes on Balboa Docks have been maintained and freight handled during the year, notwithstanding the fact that many of the cranes are very old and require constant attention to keep them in good operating condition. The Shaw cranes were remodeled by the . removal of the horizontal member between the towers, which arrange- ment permits the handling of freight without being obliged toliftit SO ed above the floor. , Specifications for new cranes for Balboa Docks have been prepared and contract awarded. Following is summary of the operations of this department for the fiscal year ending June 30, 1911: i My SeEVAC? Se ee a service ems. uly 1, nstalled. une 30 i910. Moved ss ete POLS PU OW CS! ieee ree ee eae ire ene eee 1, 213 313 135 1,391 OlG HIS She Se oy ih bee eee eae Soa ees miiles. . 140 25 12 153 CroSSianiWiss See Ve nse ore eerie Se aes ae ee ce eae 13, 586 2,936 479 16, 043 Open wire: . COD DCR Saas ee ooo e e EOS ee eae miles. . 1,510 594 47 2,057 POTS aN SSS ere Bode ta esis prep ISG eyes doers 653 3 70 586 Ware VLE Cables nen ee Senet ec eee Nee era omte dove 746; ~~ 480 143 1,083 PaSiilaved Wane os soso see ceca es meee eee, feet..| 1,265,552 | 489,191 96,948 | 1,657,795 Maim-exchangeses=s3.2 5-22. SAREE a es une gee eS Ua ee are 10 1 1 10 iBranchvexchaneessar atin Aes see is Sena es SRS Ee Ne a LD ese eee 2 10 MOP CUI TECELIERS U8 Sede Aes ASS Wee RCO ee oe ache Ot |e eer eee eee ome 5 IMOTORSPON ERATOR so Kaeo. ee eee ae ee ee eat ee 4 Assi ata ie cities 8 @hangim samamel ses ois ee eee oie ee ores atte i el ee ee \ Oi [ete eee 2 6 IROLORCMON GELS ai yee est eee er avy is a eae es ee a eee 8 1 1 8 @ellsOl Storage: DAtlCNess occ ee eee oe oa 190 1 12 179 Delos TAD OLICES Sacer a eee ce pet eed ony se ny 35 Siletsa tee 38 BTCC iEIG CLOCKS saa hs Sener yt Cee Crepe ya eee 28 10 I 37 Cale DOXeSes ances nee nes cee cet Ee Ue ees eae a 61 19 42 68 Cable Terminals seas eis hee Mar ee ea ets ERNE tee 17 Desens 19 ELECTRIC SIGNALS. | AULLOMA LIC GISK SIOMOISe ites asec eek ca ie se acl | 4 Nga eee 6 rack Telayse as (ee even ieee enn Je ae DSSENO SI AOE a aS a 6 Boo. - 2-2-7 -- 9 ELECTRIC LIGHTS SAT CHAIN SEES seen ise we see ae car eee Gar aie te nage 34 2 14 22 INORG fir eae ee i ES ato Rt Dee ge a Sane eee Ese Lae eee S-candle power CarbOm lampsss vee eee ee Se 124 39 | ot es BZ l6-candiépowercarpon lam psicce. fase ee ae 4,280 201 3, 532 999 e2-candlepower Canbondaimpsi.s: see eho ek oe a a LOGCIeE Ss 153 13 AQ Wal b DUMESLOMs lat Steen a. ee ro ote see a tare eect ee 838 96 244 690 ZO=Wab bt UNOSLEM Lam PSis. aig cee hc ee ee eS Rs es eS 2 133 Dae eaves Uae 347. LOO=WatticGumesten lamps: cor. as eae ee We See 60 14 24 00 ZoU-WalbcUMSSbensam ps wecie sos ae Ot ee ees en Ss 3 9 3 9 LCC UETC STAINS see sce aie ee Es Pee aa ie ere ra at 2 I 2 S. Doe 257 62.9.9 { 18 | PANAMA RAILROAD COMPANY. iy \) Ia service Re- |i Service Items. July 1, | Installed.) oyeq, | June 30, 1910. t SSS OU EE ete | Ned A BALBOA CRANES. atom Shaw. electnigictanes wa. shi NG ee aie Sire cee GSE caer ranuol Hrenehelectnic Cranes= cect oe Ce vse ns see men obo. Opals Sees Ree | ae Wee te 3-ton Wellman-Seaver-Morgan cranes................--2...--.- Arle Sse eR OR SE 19-ton trench? electric cranes: > sce. ee eae PsA G PSUS Ace ah > G2 00 t CASHIER’S DEPARTMENT. Comparative statement of cash receipts and disbursements for fiscal years ending June 30, 1910 and 1911: Item. 1911 1910 Tnerease. Decrease. — Cash receipts see eS Aiwa $14, 817, 282. 34 |. $15, 028,848.18 |2. 2.35.22 c lee $211, 565. 84 Cash disbursements 52 seek aes Bee 14, 923,740.69 | 15,007, 338. 56 | Boia ecg 83, 597. 87 | Of the amount of! ah handled during the past fiscal year $3 504,557.79 was secured by drafts upon the New York office. HOTELS AND BACHELOR QUARTERS. This department is charged with the operation of bachelor quarters, Washington Hotel and Bennington House; the latter being open to _ the transient public. There were no alterations or new construction during the year. Statement of operation of Washington Hotel dining room and restaurant, 12 months ending June 30, TOU: tes INOCCI PIS ees oo eee ee ee ee ce aaa $49, 527. 24 IRI CNSOSL Ve Ga eer ees AUN Se oe 48, 587. 69 : PROHts ec eeerece. see ea Bet esl OU ec icons ecto cians Rn 939. 50 Statement of apetation of Bennaicon House, 12 _ months ending June 30, 1911: Receipts, May, and June, HQ TO Ue es ee $346. 50 Receipts, 12 months ending Jume:30; 2911 222s. 5, 969. 00 . es Opa lon 00 Expenses, May and June, 1910...-..-.........- 87. 45 Expenses, 12 months ending June 30, 1911 1, 860. 84 7 1, 948. 29 Depreciation of equipment, 25 per cent on POO Gs Rr ae rece ears 1338. 22 | | —_—_—_—— 2, 286. 51 Profit, May, 1910; to June 30101 8 te ees $4, 028. 99 The Bennington House was opened in May 1910, and as all equip- ment supplied was charged into operation, no profit was shown June. 30, 1910. GENERAL OFFICE. “There was no Shuncea in the general office during the year. Changes in departmental a shown on organization chart. PANAMA RAILROAD COMPANY. | 19 Port BUSINESS. Comparative statement of vessels arriving and aggregate cargoes handled at Isthmian ports during fiscal years ending June 30, 1911 and 1910. : ais oo Vessels. Tonnage received. i Increase. Decrease. Ports and kinds of Eee Rie eee ee eet areca h vt freight. This Teast | Inerease. year. | year. Num-| Per |Num-| Per ber. | cent. | ber. | cent, | BiS year.jLast year. Per | Bons. | cant. Colon and Cristobal: fa) a am as ea 86 Qi ee weg lips | 5 | 5.49 | 492,284 | 490,974) 1,310 On2ta Other freight... ... LOLs rah 2a (he BOO: lee 2Ou Boal ne eee | aster 749,375 | 577,927 :171, 448 29. 67 Totaloosncueee 1,699 | 1,388 | 361] 26.98 Jecceccfeee eee 1,241,659 |1, 068,901 |172, 758 16. 16 Balboa and Panama, lea : | ViATIOUS eat amn eno 243 212 Bila 627 eaves 207,383 | 180,094 | 77,289 42.92 Tonnage dispatched. Total tons. Ports and kinds of frolght. Increase. Inerease. This year.) Last year. WNDIS Var WWASG WCariter a a aa Tons. | Per cent. : Tons. | Per cent. Colon and Cristobal: (Oia Pee et itr ge ee ee Ue eat poe ka ASE eae aL 492,284 | 490,974 Ee SLOn a 20s 2 Other freight... ... 270,492 | 169,101) 101,391 . 69.96 |1,019,867 | 747,028 | 272, 839 36. 52 POtawr a fee 270,492 | 169,101 | 101,391 59.96 |1,512, 151 |1, 238,002 | 274,149 22.14 Balboa and Panama, i Via TOUS ete tne 242,563 | 174,522 68, 041 38.99 | 499,946 | 354,616 | 145,330 40. 98 Fuel consumption and sales. —— + oP Se set SRA eee ee pons: ae . £ tee ote eae rn 1911 Per cent. | 1910 | Increase. | Decrease. Coal. Oil. | Total. | Increase. | Decrease. Panama R. R.: Tons. | Tons.| Tons. | Tons. | Tons. Tons. neines we cee 11,649 | 22,929 | 34,578 33, 496 TS OS2H lesa eens: Sueor aes ee Switch engines.....- SelB tenes out 8,518 6, 968 Te DOO sees oe DDO DAL Oates Other purposes...-..- 12,777 | 3,250 | 16,027 TS SADT ts Bee ae DrOOae Ss Seen Gl 13500 Steamship line... -- S 8OGs| saree: 8, 896 8, 567 S208 cians peice S84 hae Miscellaneous steamship Hines eee: Cee ee ST000F Ree ae 07, 955 45, 350 12: 60 0iaiss sete Dish Oe Vee eee eae Miscellaneous.........-- 24, 418 Q | 24, 423 28; AQD Hoo aces OVOSI sie seers ee 14. 02 isthmian Canal Commis- ‘ SION ee oe al 366,651 | 1,180 367,881 | 365, 666 DEL OO setatas a fe es IQ oly eee ee ae Motal.:.22:1:2....| 490,864 |, 27,364 \518, 228 | 506,873 | 11,355 |...222 20.4. DOA ars se Cale a During the fiscal year fuel oil was used for various purposes, con- ~ suming 4,597,152 gallons, which, when transposed to coal, would amount to 27,364 tons. 20 ) PANAMA RAILROAD COMPANY. — STEAMSHIP LINE. All of the company’s steamers have been kept in a high state of efficiency, both as to personnel and condition. ‘The personnel of the line is maintained on a basis of seniority, and inability to fulfill the duties of his advanced position when promoted serves to demonstrate an employee’s unfitness for further continuance on the company’s roll. The company has long had under consideration the advisability of allowing its commanders and chief engineers vacations, under pay, during the period required for one round voyage. The plan was made effective during the past year satisfactorily to all concerned. Many of the officers affected had not missed a voyage for many years, and it was thought that such continued performance tended to impair their efficiency. : The operation of the line was continuous except that because of an accident to the low-pressure cylinder of the steamship Alhanca she was obliged to return to New York, where she was withdrawn from commission for repairs for a period of about six weeks. Her expense of operation was relatively affected by her maintenance while under repair, and her loss of earnings is reflected in the aggregate earnings of the line. All of the vessels in the company’s service between New York and Colon were laid up successively for overhaul at an aggregate expense of approximately $200,000. It has been arranged that the cost be distributed to operating expenses over the ensuing 12 months. The operating revenue of the steamship line was $1,860,110.86, or $16,615.69 less than last year; while the net revenue was $77,187.97, as against $167,952.25 for last year. This decrease may be accounted for chiefly by the fact that while there was a large net increase in total tonnage both ways the net rate per ton earned was $2.33 as compared _ with $2.96 pertonin 1910. The increase was in ‘‘coastwise”’ tonnage, upon which, in order to stimulate that traffic, the company’s propor- tion of through rates had been reduced from 50 to 30 per cent; the development was accompanied by a material increase in cost of handling, despite which the expense of handling all revenue-earning cargo by our steamers shows a reduction of 42 cents per ton. While the earnings of the railroad itself were similarly affected, it was subject only to the expense of the short-haul section between Balboa and New York. | ie The cost of operating the steamship: line has been materially advanced by increases in the wages of the different grades of employees afloat. These advances, aggrecating $9,000, were made only after all other steamship lines of equal importance had granted them. Referrme to the references made in several previous annual reports of the company to the possibility of the establishment through lease- hold, with option to purchase, of a terminal on the Hoboken water front to more adequately accommodate the vessels and traffic of its steamship line, after a very exhaustive consideration by a special committee of the advantages and disadvantages of the proposed step, it has been adandoned, so far as this company was directly concerned, though by resolution of our board of directors the atten- tion of the United States Government has been called to the oppor- _ tunity offered to effect the purchase of a terminal in New York Harbor for the united service of the various branches of the Government. PANAMA RAILROAD COMPANY. 28 The company’s berthing requirements in New York Harbor are still very inadequately provided for, notwithstanding that with the valuable assistance of Mayor Gaynor and Dock Commissioner Tom- kins the company secured a temporary lease from the Southern Pacific Co. of one (Pier No. 52) of its group of five piers on the North River water front. However, both that pier and pier No. 67, which is retained, are one-sided piers, and the company is constantly obliged, at very considerable.expense, to berth its vessels at other piers and to rehandle ships and cargo at an expense disproportionate to earnings. The steamships Ancon and Cristobal having been previously placed by the Isthmian Canal Commission in the service of the company’s steamship line without charter hire, subject to a stipulation that they be maintained in serviceable condition, especially for the trans- portation of cement to the Isthmus, on November 1, 1910, the two vessels Colon and Panama belonging to the commission were also placed in the company’s service without charter hire, this company agreeing to effect all repairs necessary to their maintenance in the condition they were at the time the arrangement was made, subject. only to ordinary wear and tear. The company was thus relieved of the payment of approximately $120,000 per annum. ‘This allowance was, however, immediately offset by an arrangement made with the Isthmian Canal Commission by which an agreed rate of $1.75 per ton for the transportation of the commission’s cement requirements to the Isthmus was to be modified by a deduction from the monthly amount due the company on account of such service of a pro rata share of the total charter money waived. This has resulted in a rice to the commission of $1.25 per short ton, as against $1.84 per long ton paid under contract to foreign vessels employed to transport Se of cement required beyond the capacity of the Ancon and ristooal. : ; The fuel required by the company’s steamers delivered in New York was increased both in quantity and in cost due to the demon- strated necessity for the use of a higher grade of coal than had been purchased under various contracts in the prec@ding two years. During the year the company suffered the loss by death of Capt. Edwin Hammond, who had grown up in its service, to the time of his decease in command of the company’s steamship Colon. GENERAL REMARKS. As the result of congressional action the company discontinued all forms of insurance, and was at the same time relieved of its obligation to pay an annual indemnity of $250,000 under its contract of con- cession from the Republic of Panama that had been assigned by treaty to the United States of America. By subsequent enactment (sec. 2 of the sundry civil service act, approved Mar. 4, 1911) this company was released from further payments on account of principal or interest on account of its indebtedness to the United States Gov- ernment, for which, however, until further action, the company is still. accountable, in amount $3,247,332.11. In this connection it should be noted that the sum represented by this indebtedness was — applied to the liquidation of the company’s outstanding 4% per cent funded debt and to extraordinary construction and equipment called for to facilitate canal operations. 29 PANAMA RAILROAD COMPANY. In order to meet increasing demands upon the company’s terminal facilities on both sides of the Isthmus, the construction at Balboa of a reenforced concrete dock, with adequate slips alongside, has been authorized, to cost approximately $470,000. At the same time improvements and additions required by the company’s other docks at Balboa were authorized. The company has under consideration the construction at Cristobal of such docks as are required in connec- tion with its railroad at that point to make a water terminal adequate in every respect to the requirements of combined canal and railroad operation. Work is already tentatively in progress under plans that are comprehensive, and the estimated cost large, but all are subject to the expected early determination by Congress of the scope of the railroad’s functions when the canal shall have been opened to com- merce. Because of a large accumulation of funds in the company’s hands at New York, which was distributed on deposit with various trust companies at comparatively low rates of interest, and pending the application of those funds to definite purposes to be determined later, a reserve fund has been established by the board of directors, and $1,500,000 invested in New York State and city obligations and high-class railroad first mortgages classified in several States under the savings bank act. The securities were so purchased and are held in the separate custody of a committee of securities composed of three directors and the vice president ex officio appointed for that purpose. | The suit in the admiralty against the British steamer Georgic for the value of our steamship Finance, lost in collision with that ship, has been finally disposed of by the payment to this company of a sum of approximately $33,000, and it is not expected that any further recovery can be made from any source on account of that disaster. An arrangement was entered into with the Isthmian Canal Com- mission whereby freight transportation of every character furnished by the Panama Railroad Co. on the Isthmus be settled for by pay- ment to the railroad of the lump sum of $41,000 per month. By a similar arrangement affecting passenger traffic the railroad company is paid the sum of $9,000 per month by the commission. The earnings of the railroad company and its steamship line have been derived practically on the basis of rates, both through and local, that were in effect last year. ‘Those rates were considered unremu- nerative by all connecting carriers, and, owing to increased cost of - operation and material and supplies in every direction, there is good reason to anticipate an advance in rates by initial water carriers both ‘outward’? and ‘‘homeward,’’ in Europe and in the United States, in ~ which, as the intermediate carrier, Panama Railroad will participate. Without directly participating in the traffic conferences of our com- petitors in service to the Isthmus (all of whom operate under foreign registry), this company has been fully advised of their proceedings and has by its independent attitude been able to stimulate competi- tion and thereby insure a low scale of rates greatly to the advantage of canal construction cost. | | The Pacific Mail Steamship Co., which has for more than 50 years - operated on both the Atlantic and Pacific Oceans in connection with the Panama Railroad, has extended its service in through billing cargo between foreign and domestic ports on the Pacific coast and — i ne PANAMA RAILROAD COMPANY. 23 Europe to ‘‘via the Tehuantepec’”’ by establishing a traffic connec- tion at Salina Cruz, the Pacific terminal of that route. As the ‘‘sea is open,’ there can be no objection by this company under the Gov- ernment’s ‘“‘open-door”’ policy in effect via the Isthmus of Panama to any of the company’s cocarriers establishing connections with any other routes established, or to be established, though the -rail- road company will invariably insist that it shall receive from. its cocarriers the best treatment extended to any other routes. -In order to effect economy and for the good of the service, it was arranged recently that all material required by Panama Kailroad Co. for maintenance and new construction be purchased by the quarter- master’s department of the Isthmian Canal Commission for a com- pensation of $4,500 per month, which rate in itself effected a material economy; as a part of the arrangement, the Isthmian Canal Com- mission inventoried and purchased the entire effective stock of railway material in the company’s warehouse at a cost of approxi- mately $428,000. .The total purchases of the class of material referred to amounted in the fiscal year ending June 30, 1910, to approximately $1,340,000. ; For purposes of canal fortification the company turned over to the Isthmian Canal Commission its undivided half mterest in the islands of Culebra, Naos, Perico, and Flamenco in the bay of Panama. To effect economy and secure better service the railroad company’s land department was merged with that of the Isthmian Canal Com- mission and uniformity of operation thus established. The company has adopted the basis of compensation to employees © injured in its service established by Executive order to apply to such employees of the Isthmian Canal Commission. oe As the tide of tourist travel has developed to a degree that hag made the accommodations of the Hotel Tivoli, constructed by the Isthmian Canal Commission officials at Ancon, inadequate, the com- pany decided to erect for its own account a large, modern hotel on the Beach Road at Colon at a cost of $350,000 to $400,000. The beauty of the location selected and the modern hotel to be erected will add greatly to the present attractiveness of the Isthmus. The development of travel to the Isthmus and points of interest in its vicinity has led several important steamship lines to announce their determination to improve and increase their service to better pro- vide for it. | | Following the practice established in the previous year, certified accountants have been employed to audit the books and accounts of the company and to certify the cash on hand, under the control and in the custody of the treasurer to June 30, 1911, and thereafter to October 31, 1911. . | As the company’s report for 1910 indicated, more satisfactory — arrangements were made for coffee traffic, with the result that the quantity of Central American and Mexican coffee transported across the Isthmus in 1911 was 395,000 sacks, as against 199,000 sacks for the previous year, out of approximately the same total crop output in both years. There is no reason to expect any loss in coflee ton- nage during the ensuing year, while our cocarriers having advanced rates for its transportation, increased revenue will result. 3 Contracts for the company’s requirements of coal at the Isthmus for a period of 12 months from April 1, 1910, amounting to over 94 PANAMA RAILROAD COMPANY. 500,000 tons, were concluded at a material reduction in cost over the © previous year. 3 a Following the allowance in 1909 of increased proportions of through rates of ‘‘coastwise’’ traffic and other benefits to Pacific Mail Steam- ship Co., so that it might be encouraged to continue its connection with this company at Ealboa and-if possible increase that traffic, especially eastbound, a very important development in both direc- tions resulted. 2 As the larger proportion of through rates that accrued to the Pacific Mail Steamship Co. would be allowed equally to any other carrier entering the business, the added attractiveness of the business to the Pacific carrier induced others to enter the field, and in August, 1910, the California-Atlantic Steamship Co. applied for privileges equal in every respect to those extended to Pacific Mail Steamship Co. with the purpose of engaging in “‘coastwise”’ traffic only—the Pacific Mail Steamship Co. is engaged in traffic to and from foreign ports on the Pacific coast as well. The new company undertook to establish a regular fortnightly schedule of direct service between San Francisco and Balboa, and as their application was granted, on October 1, 1910, inaugurated such a service. Coincidently Pacific Mail Steamship Co. inaugurated direct fortnightly service, and from that date on the volume of ‘‘coastwise’’ traffic in both directions increased rapidly until it threatened to become a serious burden to the Panama Baas Co., especially because of the extremely low proportion of through rates received for its combined rail-and-water haul between New York and Balboa. Hence a continuance of the then prevailing division of ‘coast- wise’’ through rates was, early in 1911, deemed injurious and imprac- ticable by this company. As it had been recognized from the begin- ning of direct ‘‘coastwise’’ connection with two carriers on the Pacific side that only a limited part of the capacity of this company’s ships could be devoted to handling “‘coastwise’’ traflic in both direc- tions in addition to its theretofore normal traffic, and on account of our inability to carry sufficient outward cargo (westbound) to load vessels which came to Balboa fully loaded with eastbound cargo, the California-Atlantic Steamship Co., with the consent of the Panama — Railroad Co., inaugurated a direct service between the ports of Philadelphia and New Orleans and the Isthmus. Existing conditions continued until in June, 1911, after exhaustive consideration of the subject by the board of directors in consultation with the company’s principal shareholders (the United States Goy- ernment), a recasting of divisions was made whereby this company received 40 instead of 30 per cent of the through rates both ways. At the same time the then existing $8 flat rate on eastbound cargo was replaced by a classified commodity tariff based on 40 cents per 100 pounds, or $8 per short ton, for rough and bulky cargo. Such a tarifl on westbound coastwise traflic had been continuously in effect; “coastwise’”’ traflic, which up to June 30, 1911, had shown an increase eastbound of 82,026 tons and westbound of 50,026 tons, as com- pared with the 12 months ending June 30, 1910, has since that date continued to grow in quantity until it has become imperative for this company to limit quantities of lumber, structural iron, and dimension cargo that we can hereafter handle across the Isthmus, in order to avoid interference with canal construction. PANAMA RAILROAD COMPANY. oR The company’s working forces and terminal facilities, both at the Isthmus and New York, have been steadily overtaxed, while addi- tional costs of rehandling, tiering, and storing cargo, as well as for procuring additional berthing facilities to discharge the enormous cargoes brought back from the Isthmus by our cement ships, have made the business progressively less profitable, inasmuch as its vol- ume has repeatedly caused the diversion of whole or part cargoes of better paying freight to vessels of our competitors at the Isthmus for transportation to New York. The alternative remains for the com- — pany to enlarge both its fleet and terminal facilities so as to accom- modate all of the business offered to it; and, »#f that be adopted, it will be necessary to consider action upon requests made by the shipping communities of other ports, notably Boston, Philadelphia, Charles- ton, and New Orleans, that the service of the Panama Railroad’s steamship line be extended to those ports, as it is claimed can be done with relatively equal profit and advantage to this company as has resulted from operations out of the harbor of New York. This latter proposition appears more attractive to the applicants as the time for opening the canal approaches, and all are waiting with anxiety the decision of the United States Government upon the proposition. _ Subsequent to the expiration of the fiscal year the California- Atlantic Steamship Co. withdrew its service on the Atlantic between Cristobal and Philadelphia, while that to New Orleans has been con- tinued. This company, in order to provide for the current of traffic that developed out of Philadelphia, agreed to and has operated under a short-term charter one large cargo steamer out of that port, to and from Cristobal, but the character of cargo has been so bulky and expensive to handle under existing conditions as to render the service unsatisfactory and unremunerative, and it has accordingly been decided not to continue the charter nor to remain in direct Philadel- phia traffic until more favorable conditions can be established. There was an increase of 285,300 tons in total revenue tonnage of the railroad for the year, thus: 186,923 tons from commercial sources and 98,377 tons from ‘‘commission traffic.”’ Of the total, amounting to 1,523,681 tons, 48.56 per cent originated with the commission and 51.44 per cent accrued trom commercial patronage. The division of earnings resulting from this traffic was commercial business 78.88 per cent, commission business 21.12 per cent. The larger volume of through traffic over the railroad serves to further emphastze the normal development of ageregate traffic, which, it appears to me, should be followed by a substantial increase in the company’s transportation facilities in every direction, notwith- standing the anticipated early completion of the canal. Operations of the Peruvian Steamship Line, the company’s most recently introduced cocarrier in connection with South Pacific traffic, have been continued and enlarged, while all of our Atlantic cocarriers have extended full through billing privileges and direct accountability to that company. : The company has recently suffered the loss by death of its auditor, Mr. John Adams, who had been employed for more than 25 years. Respectfully submitted. K. A. Draxn, Vice President. . 96 ) PANAMA RAILROAD COMPANY. PANAMA KAILROAD Co., COMMISSARY DEPARTMENT, Cristobal, Canal Zone, July 31, 1911. Col. Gro. W. GOETHALS, | President Panama Railroad Co., | Culebra, Canal Zone. Siz: | have the honor to submit herewith annual report of the operation oi the commissary department for the fiscal year ending June 30, 1911. : As will be observed from the annexed statement, the business of the department was $5;754,955.69, an increase of $423,438.88 over last year. It will also be observed that although the business has increased the stock on hand shows a decrease, the figures being $997,175.60 as against $1,027,187.61, and also that by means of careful handling the condemned and damaged goods, shrinkage, etc., notwithstanding the increase of business, decreased from $108,779.02 for 1910 to $98,276.38 for this year. The high standard of all our merchandise was maintained during the year, and as a result there has been little or no complaint on the part of the employees served. ‘There were heavy increases in the importa- tions of fresh and pickled meats and the prices on same were largely reduced, as is shown by the comparative table annexed. On some ‘of the staple articles of groceries we were able to make reductions, but as a rule the prices of groceries maintained about the same level as obtained during the previous year. Boots and shoes and standard dry goods were reduced. The inventory shows that the losses from all sources, 1. e., clerical errors, pilfering, shrinkage, etc., for the year were a little in excess of four-tenths of 1 per cent. _ The following stores were maintained during the year: Cristobal, Gatun,t Camp Totten, Monte Lirio, Tabernilla, San Pablo, Gorgona,' Las Cascadas,' Bas Obispo, Empire,! Culebra,'! Rio Grande, Paraiso, Pedro Miguel, Corozal, Ancon,! Balboa,! Porto Bello,! Toro Point. All stores except Camp Totten and Monte Lirio are provided with ice boxes of sufficient size to store meats and other perishable goods. Laundry. —There has been a large increase in this business during the year, 3,581,923 pieces being handled this year, as against 2,993,761 pieces the previous year. The revenue this year amounted to $98,303.27, as against $90,797.56 last year. The revenue did not increase correspondingly with the amount of business for the reason that very heavy reductions in prices were made during the first part of the year, laundry being handled at prices 124 to 15 per cent lower this year than it was last year. The average number of employees | served monthly was 7,260. = Bakery.—During the year there were 16,638 barrels of flour used and there were produced 5,236,474 loaves of bread, 557,557 rolls, and 91,581 pounds of cake. The total value of the product was $221,352.06. The value of the product did not increase correspond- ingly with the increase in volume of business for the reason that reduc- tions in prices were made. | Coffee roasting.—During the year 330,491 pounds of coffee were - roasted, producing 270,0474 pounds of roasted coffee. The value of 1 Butchers are employed. PANAMA RAILROAD COMPANY. Oe the product was $60,543.86. Although there were heavy advances in the price of coffee during the year, we were enabled to sell this article at the same prices that we did the previous year. Ice manufacture.—Thirty-three thousand two hundred and sixty-. seven tons of ice were produced during the year. The value of the product was $206,188.01. The additional tank installed during last year increased capacity sufficiently to meet all demands made on us for ice. The total output for the year averaged about 90 tons per day, -and our present capacity is about 100 tons per day, first-class ice. — Ice-cream manufacture—During the year we moved the ice-cream plant into a new building erected for its use. We are now able to turn out more ice cream than ever before. The quality of the ice cream is improved and cost of manufacture reduced. During the year we manufactured 110,208 gallons of cream, as against 91,321 gallons for the previous year. The value of the product was $79,318.80 for the present year, as against $62,379.93 for the previous year. The demand for the product grows steadily, and it is thought © that next year will show a still larger increase. Automatic weighing and packing department.—During the year the following goods were packed by this department. It will be observed that 1,445,815 pounds more goods were packed this year than during previous year. The cost of packing amounts to about $1.90 per ton, _ and the system presents great advantages in the rapid and cheap han- dling of supplies over the counters as well as eliminating waste on account of overweights: Pounds. COC Ser Rael Ue ee dt ae ia ea a ee Oa 284, 940 Rice: | | Car Ome Fe ee ee Ee OPO ae tee ae es 51, 458 FRANC OOM ees So Se ae A nok oan ce seen a ne i ae ee ee 1, 514, 702 Sbarchinvlaumel ry sess ee ae Se es ee ee ee wea 49, 464 eas: GOW Oe ae re i a Cae es 2a a ee a ee 14, 520 NTs PS a ee a a ie Bei er ae 240, 278 Dried oreen es ee ee FE Begs Sa Res ey, 8, 847 Cormmimes ye ccree ee Ne Oh Oi A een a ee 1, 508 Beans: | EWE SCV ck ee acne rays et a ee es ar ot ae ann 22, 686 TCA Oso oe ts at Se ee Se MO eat cea 46, 353 ING Ws Vibe COD Os see a eS Oe Se organ ce eat ‘ 53, 199 Garbanzos (Neds) eck nis oe ee ee ois a ee anaes tae eis oa 964 entitle 32 ee ei CRD ser alas Nye eaten th ca rH GIN ees coma eae 10 Oe eek Ga a ies Go Oe ee aie ei cae 1, 610, 464 NUS CIOs ree See ee ee BAB ON Sen Se oe ae ear 16, 382 3, 915, 775 Hlectric light, power, and refrigerating plant.—During the year installation of the 300-ton compressor was completed. A new concrete dividing wall between the engine room and the boiler room was erected, a new roof applied, and new floors are now in course of construction. The overhauling and painting of all the machines are nearly com- pleted, and the plant is at present in first-class condition. Cold-storage plant.—Ice-storage room No. 4 was converted into a cooler for the storage of meat, the ice being moved to the storage room on the second story, as indicated in my last annual report, making an additional 12,114 cubic feet storage for meat in this room. Cooler — No. 7, for the storage of fresh milk and cream, was installed, the capacity being 3,433 cubic feet. Cooler No. 9, for the storage of 28 PANAMA RAILROAD COMPANY. eggs, capacity 3,414 cubic feet, and cooler No. 10, for the storage of cheese, capacity 6,355 cubic feet, were installed; bringing our total refrigerated storage space up to 193,230 cubic feet. Additional storage space was necessary to take care of the large increase in our importations already mentioned, and also to provide — a more economical and safe method of handling refrigerated supplies. Our beef contract has always provided that we may take beef in the carcass or in the quarter; but on account of the demand for hindquarters being far in excess of that for forequarters, we have been compelled to take more hindquarters than forequarters. The price of beef by the whole carcass is far more advantageous than by the quarter. I therefore had constructed during the year two pickling tanks with the net cubical contents of 595 feet for the purpose of corning our own beef. ‘The results have been all that we expected. . We are now enabled to take beef by the whole carcass and corn such of the forequarters as we can not sell fresh, and do not have to import any more corned beef. Wesupply about 1,500 to 2,000 pounds daily. this has resulted in great economy, and there is general satisfaction among the purchasers, as we are able to give them good corned beef _ from choice cuts of the animal. | We have until this year always bought our butter in prints in the States at an advance of about 3 cents per pound over the butter in bulk. In addition to the cost, the surface exposure is largely in- creased by the printing of the butter, and it has to be wrapped very carefully in tin-foil and parchment paper in order to retain its fresh- ness. During the year we installed in the cold-storage plant a com- plete butter printing outfit, and it is now in full operation. We print daily about 1,400 pounds of butter at a considerable saving in price and improvement in quality. Laboratory and experimental kitchen.—During the year a complete laboratory and experimental kitchen was installed where we test all food products both as to quality and weight of package. We manufacture here extract of lemon, extract of vanilla, bay rum, and other similar products. This branch has proved very useful in providing assurance that the quality of the goods that we receive is always up to the highest standard, and its manufacturing feature effects considerable economy. : Below is a classified statement of merchandise imported during the fiscal year. The figures quoted are for cost, insurance, and freigh paid, delivered on the Isthmus: | Giocctiess | Se ae, ee ee $1, 278, 594. 79 ATOM AVC oe a ee ee 86, 768. 86 Dy OO008 si eres ee ee et ee re 608, 490. 18 SOObe ONG: BOCs: se Os ee a ees 164, 168. 89 COlG stones G8 ee. Be ee tee ee en 178; 202. 97 = Rurnituré-.. 2... ee Oh se ee aS a ae Bo 9, 020. 48 ONO HE COs 5s es ee ee eee rs A ee a 182, 590. 96 Reiwenbenighes cer eee ee ee ee ee Gone SLO, 370s 22 Paper, twine, stationery, etc...-... Ro ae 54, 579. 70 4, 267, 792. 05 PANAMA RAILROAD COMPANY. : 29 The following is a list showing the quantities of food products imported during the year: Groceries: Pee aud beans im bull. 2 2 pounds.. 1,185, 071 COCOaR Era Pe ee ore Sees Cee eee do 147, 637 UGE sas ee ee er i a i ee ae d6.... 4, 269, 394 NCR ORG Me ie ger ers a oe do. 90, 200 Baking powders. 32652 0. een Mee ee es ae do. 37, 129 Salmons. see ee a a ee ag ea eee d0222247 107.681 Bresenved ttt tn Bini Wm Vins.) 2 do. 725, 184 Jams, jellies, and preserves in glass and i dosc- 260, 219. Meats, canned (6h ae se eB doe: 358, LAD Milk, evaporated ‘and condensed. TAU ee alg Siete sone Oe 2h 9, 869 Tomatoes Wins: ee do. . 696, 854 Rorkand beans in ins ee ee te ee ee ae do... 58, 169 Peas: and Deans imstins = tee ee oe ee es ae do.... 295,879 Picklessamd-saucesne. es oP ee Oe OE ee do.. 164, 069 aN ce cee aye eee EE ey oN cee om Wee ape do... 302, 765 Other vecetablesin-tins.2 Ae ee eee do 535, 857 COGMS yee ys Be Rea eer eee do 931, 500 Pic led fishies ee a ie ee do: 35, 430 ROU Sais ee er Oa eee ae Oe Set a ee ears do.... 6, 140, 126 RICO seat se See een ae CUES eee eae do.... 2,029, 493 Cereals, not otherwise specified.<-........-.- 2.23 .5.52 222. do.22.4 4618, 872 BISCULIS. 4 220 ee ee a es Bs eg ara haa lee een a dOz5 282 Zou, oul: Confectionery.....-..- We abe ee oe ee Rae ie Gree eek 83, 472 Butter in tinsice. 42a i ee Ceres: doc... = 168; 908 Macaronicand vermicellivi2. 2.362 ee Oe 06 Bish Canmede: i556: ost ee eS ee a do..-. 204, 144 Keroseneiol 232 nae pe eG aoe oe gallons.. 270, 280 Meats and dairy products: Bresht meats: 252 5282 eco es Se See ae pounds... 5, 454, 989 Cured and pickled meats..........- Peon See a on ae do.... 3, 786, 869 @heese nse ee ee Se ee ee ee do...: 110,416 EQOSs oo eee a ee eens eee dozen 692, 060 BUGUCrS ce Soo ee i oe Oe a Be ee ane pounds.. 429, 267 ROULthy see eee Geet aes See Be oe do.... 554,028 Brosh mieiee s a eee ne gallons. - 57, 016 MRCS CreaMiee. ot obsess Pe ea a ee Ser ee ae d023: 29, 950 Fresh vegetables: Potatoes— ANGLO 8 eee ee ee ee ee pounds.. 5, 250, 609 SWCCUi woe eae eee ee ee O22 181, Ook OMI OMG ea es a ee ee ae dos2 lo 921: AUUIRIVUD Se Oh. see os Ses Ree eae ee Be ae do 107, 912 BCCIS Se oe Oe oe. oe ee ae cd ase ee oe et ene dose. 53, 279 Carrols ek oe es Oe es do. 101, 788 Cabbage 2 do 640, 681 SVG See Oe I ere i eee go ae ee ee 0. 193 127 Other vegetables, including celery, tomatoes, and other northern sea- sonable vegetables Pe ee Ss Se OR oo re pounds.. 499, 952 Fresh fruits: ADDICS o. eieee So els ee Sa ee is do... 668, 485 Red Ch ese: sees A ee eee oe een pa cia doe: 42, 958 Pears oie oP ee ee ee cs do 45, 637 Phang 5 go: SU Ss Bing Se ee ae a ee do... 30, 825 GRO DCs Sia ei a does: 62, 608 Oranges::...... Dp On ia ieee ae ee a aes dozen.. 225, 984 emons: 32 =< Ss RESO Soc oe ee ge ie Pepe eee dogs: 34, 550 Gera DORRIT So ese ee el it cee oy verona ae do. 10, 446 Dimes os a a ao eS ee ee ee dow 6, 848 @antaloupess 6 ee ee ee number. - 56, 155 Watermelons asec sie Oe Soe eae ee dOse. 3 18, 888 Other traits. 233 0G oe ee pounds. . 29, 480 30 PANAMA RAILROAD COMPANY. The following cata will show the value of stock on hand, the value of voods received, the amount of sales and issues to depart- ments, and the value of ‘the average sales and issues per month: Stock onshand June 30, L910. so a ee ee iE $1, 027, 187. 61 Motaletock received durne year. oo ee oe 4, 267, 792. 00 ° 5, 294, 979. 66 Sales and issues to departments: | Sales to: Isthmian Canal«Commission.cic0 ee Ok es 1, 624, 348. 77 Sales:to. United States Governments. (2330 2 ee: 102, 188. 31 Sales: tO OLMERS fOr Cask eee ie Fook hag er oleae a Se ns 103, 706. 31 Sales to others for-coupons::. ceo SL ee 3, 609, 358. 01 Issued to departments of the railroad and used in operation of the COMMMAISS DV es ic ies We ee tenn eet eee eu 208, 223. 82 Issued to Panama Railroad.steamship line.....2..-2 552.382. .2 8, 904. 09 Condemned and damaged goods, shrinkage, etc. ......--.------- 98, 276. 38 | 5, 754, 955. 69 Average sales and assues per month... s00. 0.0. oe ee 479, 579. 64 Stock Onciand. dume: sO. TOLL ene ec cat ea Ne 997, 175. 60 Below is a statement of comparative prices for June, 1911, as against June, 1910: Ge. Tae es BEER SU aee Uenonem te eeten ee ake a tip RAN Se a ANA AGOGO Gt oy On SGrcsatir conv Spee hed ntac, ele Sao Make PLC eR Prices. Prices. Unit. Unit. June,| June, June,| June, 1911. | 1910. 1911. | 1910. FRESH MEATS. MISCELLANEOUS Mutton: Livers Be wanes sy see ELS |. Pounds: 2: XM 06 | $0.07 BOG fis Se Revie tas Pound . ..-..|$0.07 | $0.10 Showlkder neck |... 22 doOcsines. 10 Calves? eee Hachex is. 3 . 60 trimmed off. Calves shalt. et sesame Contes . 30 30 Entire forequarter|.-:.: GOS cy . 08 .09 || Sausage: (not trimmed). . POr kes esa tend aes Ledoybh aXe tssouue. eh] oe CD ERE Gas ute SARL RPA Go ssa 17 .19 Bolomnaae: ae see eee Coates . 10 14 CUTE tS See as les QOz ss te5 1s . 20 BreMk{UTteR, Siew os |e GO See ee eke 14 Shon; cur chopse-: 642.0. dow sages . 20 woe eiberwurst.- 23225207 sacs oO ware . 10 14 Lamb: Devonshire Farm... |----- dos stens PARE es Gets Stewing SRN reed ean COesesss . 06 .07 || Sweetbread: Entire forequarter,|..-... doenes: . 09 .10 LOA ee Bean aie doze 1.20 | 1.20 neck trimmed off. 4 Beet aioe Sein a esee Be a OOS EE b 20 Coens te ee co nae [on Op Seana sts . 20 24 2B { O20 153 ce . 24 28 CHOPS ete | aise COs sees 24 . 26 Higgs, tres... ---- 22.02. Half dozens alkalis 3 ese CUlts: ee Se ee | eas dose 24 . 26 Veal: : POULTRY AND GAME, ROU WEL ace ee ee a | cet COs . 10 10 Shoulder for roasting |...-. doe eaas -123} .15 || Chickens: (not under 4 \bs.). Fancy roasting— om for-rolstinge sy sess GO see 24 -19 Milk fed, large.:..:. Hachive sie 1:25 | 1.50 Chops, shoulder. .....|-.-.- Oss sass BG Ses ee Milk fed, medium..|..... COs sue 1.00} 1.380 CHODS sees Seas GON 24 . 22 Corn fed. eee tag = enegin Coogee 90th ae CURIGTS Seats Lag eee Gowns ee . 28 26 || 7 onl ate . 80 . 70 OTK OIMCLITS eve ete Sone doses lo: DOr cl | Sear a cn teeramirce oe gue aua ner red een mine 90) 1.15 Beef: DUCKS eee so Sis ua chet ee Gov: bO0# 2 hs 30 POO Uae aya sheen se eee | ey Cosa see): .02 | .02 || Broilers: DOD ne Mice ee eh eee Gove: . 05 . 05 Mie TE Gia oe Sie So |e doze: . 60 -1D LOW or ice oun uere. ol Baca COmGeake . 08 09 Gormtedcacs ey ont ee COs sears lees OD tees GHUCKETOASTS aac rk ars ae Gosnea 2 .13 || Fryers, corn feds ee iO Owe EGOS eae. PP OUMOAS Tectia terman |i cise Goseue eee Loy OR Ke VSrm ca. ae taasene ed JeeROUnC ae . 26 . 30 Rib roast— GUID Sains cea een ete in HCH eae 30 . 30 SCCONG Cites se. val eaee GOR ee 16 al Bn] CADONS seine tie cares ele Onerae 2.10.1. 2.50 s rust Clb Ses Oe aM ook ae Semi Eels e2O A GQOCSC eee cere eS ok (oRe pagina ache 2.50 SH OURLOR OAS eaters ches Qari 19 wZik .70 PREVI POAStien sh Moe Gomes LOR ne 2 Pheasants....-....+--+-]----- do...-..-|-.---. { 1.00 Porterhouse roast. ...|..--- Cows: . 20 2 Dest POT UPULCeS ku eases somalia at COs 00 .50 Steak— . GTOUSO Re sete Baie aon eee a dora. 00 85 Chia G kts ae Cates COs LQ ALA UOUIBIG ae ue ces Sell ae se COsteets .13 15 CURED AND PICKLED TTD) ec oeie ee eet eee LOM are iets 18 . 20 MEATS. SUOMI See a ee Cowan 19 .21 || Ham: : POrtCrnOUSe=2 ee bee dO sees . 20 521 Hnglish York Cut.==.) Pound. 523) 4-28 3. . 30 mp seers ea hed: Gove: 19 sal German W estphalia..|....- COs ia 36 . 36 PenderlOinr 322 Shoe|e ee dozeyees 24 24 Sugar Cured tee o ee does s 21 PANAMA RAILROAD COMPANY. 31 Prices. Prices. a j Vaw June,| June, Uni. June, | June? | 1911. | 1910. 1911. | 1910. CURED AND PICKLED GROCERIES—continued. MEATS—Ccontd. Blackberriesici ci ccxtne 2 TRIMS e25ivseees $0. 17 |$0. 16 Ham—Continued. CHERTIES fo Oi ene ial TNS Qes es cha. 20 oe0 Sugar cured—Contd. GYAPESE eee eee een ea One rietats ~ 14) 12 ANGISMCEC:. i220 ae ROUN Gira $0. 20 |$0. 25 Greenpagesc.) a naaacian ss: CO tee ers 23 | .14 Half (for boiling)...|-...- Ore a ©1922 Huckleberries: -.: 222.2: ins S29 se oleulegalerc BS OUCdetyesies ho sul Ses: COs 2220 528 POArS es een aie ya Tins, 248. . «20/15 420 FLOCKS: yess aie es oie dose ses .08 | .08 POAC ess. see a tel et Oe sucee slop eelsS Bacon, breakfast: Bineapplesscs22 weiss Tins; 282 = - 14) .15 Whole piece........../----- dogs, 2D S28 el HW OOM Scr een nw cores Tins, 248. . p22 els Sliced ewes Bee: dos ose 2 280129 Stra whenries: 2% won eS PDS POS eis v2 2 825 Beet. salt; family ss case 28 COs ek ear teal JAMS Involasse 2 coe. JALS Sea. 16 als orks Salt,tamuly ssn coe Doar ane 2 468 Jellies, assorted.......- Janse elLOr 619" aee23 OSStON GIES ey eas at Hach scsi: HO. 10 ounce. PISSMCCU cs ccc ar eh ey ROund ese: .09 | .10 || Marmalade, Dundee ...| Jars,lpound, .14] .14 PURI ES’ CONGUCS 15) tla dojeseee: el Aalss eh6 Taree Vises sys aiarn e MAS, OSes. 2 68 | 1.08 Mitton messi sees CO ga Se. 07 ASPALASUS + 2s feel sete [LMS OR ene cere 22° |..34 Beetsa cacti ae ar FDIS 28 joss 14) .10 DAIRY PRODUCTS. Beans, baked, tomato sauce— Butter, creamery Spec F2OUTIG eat 0, 202i |wae-40 ROU Leis Se eae eer eh al QOsy see Ogre saO Cheese: Medias Sietieie ae iuiigal one GOS tes V4 ele FROQUCIORG ae alean dossiers: POBE ISOS e |||) se IUAR Ge ae el es cms Gu ales a BRO eR ie .20 | .20 Philadelphia cream— Beans: small cake..2.2 5052 Machu cna e tact eae ie () Strimnelessz:2 2 cache do aaa: LOE lO Ra IVALOe CAKO i ols veo GO ee cos lS: eee NTI Ses an en re a ae Covers .09 | .10 Young America ...... Pound oak PSs le 22 Carrotses. 56 ee ages eres Gost eAOui ee LO DWAISS cicherdastel citeneuent et anor Gosseeee: 726) \te 2 26 COTE AB 2s aan IER ins es does 4 Opie a lD SH) Cera teres gee a Hachis osas 100322200; 4) Mushrooms.:: 2 jase as NS! ASi-2) ce 18/18 48) Neufchatel... 0.2.22. Cake soe .06 | .06 || Peas: 5 OU Bree eas oe OUTER eee Goad EDL OC at reas Sar ray a SPs 2sioe ate Oe take Milk, Certified i: ae Bottles aoe: Qe 25 Silted, 40077 seca vate as COs bal Gye Feed ts} Brongn 2 ea dove LU ls atelD VEGETABLES AND Up Kal ete aes eaten 2 MINS OSes .10} .08 FRUITS. Daven kuna. ese cess. a eae donee One eed 0! Coleryer see Ae Heads ae .10 1 .08 eoeh L Meeisiceasra ott sae paneay = oe aot a ee QUASD Soiree ae kc tis Sete Optarensice sell cued HC GUUC Oris See cas Sree las Tate COsnneee SLOu a2 Guneeoe 08 08 Cucumbers: 2 ee ok POUNC eae lO #205 TOMATOES eae ae ere (Tins Bann Si Ge Potatoes: Purnipssc) eee Tins, 2s... ie at IEA C a Siacteys sits gai teres dotke . 03 é 034 Tins. 1s 09 09 i Sue isos : 4 Sweet.............2.-|..-.- do....... -02| .022 || Pork and beans....... Lng gwar slidels ede Yams Mioiassicimciai nice miereta Te lohera)|teiecnice do.. - 03 03% Tins, Rosia 17 SZ. poe Base cca aie aia seen de eee: ; 2 oe Tongues, lunch........ MINS Ses oa 62 | .56 CUA LORS eters cise aio a Ears -0 Meal loatuenme onan Minswiseass8 [4G DUIS 2 Sonate sensi ates doze: SOG Cay al net aiat as Warrotsi en here hs wal beates doves. 04} .04 IR ReOHOG ene le ea 99 | .99 ea do......-|.....- 08 Godage 0 sieeve: Tins, 58-.... 62 | .68 BD DAG CBee tS es aad COs sale 20371604 B d Rhubarb d 05 05 APIO V ioeee Sia ters een al neg ies Ones see soley rok UDOT Donen ence |e =< Does a: ; Cream of Wheat.......- Mins, 25. 2325 703).|.4..98 TCO US seek eno asa et CO side eeeiee 00 . 03 OLCO Le ea doe 14 14 Pepper, green..........)....- do....-..] -10]...... Grapenute: 7 Mins, Is. os. 218) 218 Worn; ereenee eres.) Dozen....:.. Dao es Hominy Tne ne 26 98 Beg plant... eo Oe don | 26 | 26 EMIOUSHSe os ah nas ozen. : : ; zs Apples. DAR eeeih Cy ah Pound SQ etait Meal, white..---....... | Backes, . 03 1 08. 7p amgerimes. ----2-- =... a ae ay gar ROats, Quaker... Tins, 2s....- 15 | .15 Onan To pl aetn ee ae OStUM ee ean Mins, 1S ice. 93 | (628 Fe eS ee Ce eee Dee se sane : : Shredded Wheat.....-- Package,is..| .18 | .25 Grapefruit PO See a a ates ISR Ke obs eee 04] .04 Rigur Bnd 03 04 euuene ples EC ae POOs seen ’ ey PLS eli NgaTigs 20 ie atone eae LapeamE aT : ; ranges, California... .. OZER sro Ou etere aves . . Watermelons........... Hache a0 8 £40) leis ee Hibeaetde has es Benn ; He : 1 Gold “Dust. 2 sees eo Package, 4s..-) .20 | .20 Po OCuBTES Rots a hanes ace Mins, Isa. 06 | .05 Butteronee as eee: TNS, ASe ses Hoge Aoi lA POMOn ea cie oe wes os Cakere22e8 .08 | .08 Extract oap: eMOn eee eee: Bottle, 4 22h eS EVOL: beni Hae ae Sica aheeaees dO sees 05 |. Oo ounce ERSLD Vo Soajeta f eeea COete. S “Ode 260) Wanillace ee oso. er ea eos GOs 388 ssp 2251 2223 White HOAtIN ge css val eet. donee OC 307 ATICHOVIEGS! Ain en ie Bottle, 48... .| .23 | .23 4) Pickles: LAN See ieee seat ei Ming ast 29 LT ed Chowchow......-.--- Bottle, 18-| .29| .26 Codfish see ee eae Gund se .08 | .074 ounce Herrings, kippered...-. TINS HS es PAB herds Mixed, Sweet... 2.22 (sis see dOnt ae .34 | .34 Oysters, black label... .|....- dose: -09 | .09 Ganon Tins sAsieos Sis leee ley Nalmontresh: ago sere) ee Conca) REL Gat Me sE Ree Neste arn Hater cineca oy erent ag MINS els ok 26 | .34 Sardines, Erenchs.% 22. TNS; $8 eae. eODe eed Van ELouten’s 2s sss: Tins; 4825.2. 44 | ,44 HTTPS eee Snes Pings 1S er 10 | .12 || Coffee: AS DEICOLS es sae ee Tins Qas. viele baile ced INGO Sede ree peor en ats Pounds: .20 | .17% ‘Apples, “nea | (Tins, 3s..... Tees INO DUN a ees Gr hae dom Obes 2b ee et Gallons..... 401.30 Moca and 7 Vea aie (nS; Osi oat. TOR A10e 8 Se PANAMA RAILROAD COMPANY. Prices. Me Prices. & Unit. Unit. June, | June, June,| June, 1911. | 1910. 1911. | 1910. GROCERIES—-continued. : GROCERIES— continued. Tea: Ham—Continued. ; English breakfast....| Tins, 2s... .. $0.55 | $0.55 HORI or eas wee peas WNns 48.2535 -|80. 10 |$0. 11 Osylon te Tins, $s... SOG 108 Deviled dom. 2 25 | 25 Sugar, granulated...... 5-pound) .20 S DOAN ORs Tals eine oes cea MINS 628.05 oak. AB 524 sacks, Pigs feete sacs oe eee WINS) 1SC se 52 sla eo 1 Gingerale: sc. e coe PUNT See oes . 10 .10 || Sausage, Vienna........|---.. CLO Sais Oso kG APOlINenIS- ose Sas Sas dons: ue -11 || Ketchup, Blue Label ..| Pints......-.| ©20') ..20 Wahiteseock ssc ose as oe. does sce . 10 .13 || Mustard Dressing, | Bottle, 18-| .24| .24 Apples, evaporated..... ADIN S58 os: 1.05 . 70 Heinz. ounce, Apricots, evaporated.--|...-- doses 1.40 | 1.40 || Sauce, Worcestershire..| Pints......-- 45 | .45 Pears, evaporated......|--.-- GOs: . 93 .93 || Salad Dressing, Dur- | 4 pints.....- 24] .24 RUNES Esso SES Ve RPoundse ese: 14 07 kee’s. Peaches, evaporated... .| Tins, 5s..... . 63 OS Man Ceniedtss se cases. SRIINS) 2S sacs .22 | .22 Currants, cleaned...... Package, Is..| .14 OOP MUOLASSOS «es oo oa. Qilartece Sloe hls Raisins, seeded.......-|----- doesn 07 SO8clis Maplocsinu peso oot ele ce doscuess Oe at Cinnamon, ground..... Tins e922 os . 26 . 26 || Soup, Franco-American)...-. GOs eses -30:| .30 Mustard 2S ooh es nS S482 cae LD plQulle MeECCAnOMse son: 5 eee a Package,1s..| .074| .07% INFIGINE SO see eS Pings. os 18 LOS pO PASNOUlL es sous ones crcl cee doses es .073| . 07% Pepper: Wermicellion aos 5eo. oes lec ae dO fs2c8 O74] . 074 BBG tse so eS Tims 49.25. . 10 e100 vamMs TOeInss 2 eee PAINS AS esis .09 | .09 Cavyennews noes cos Os Ge Soe On Re 12 .12 || Beans: BEC See ee ae does so 09 . 09 Lima;dried: 23.2 22c3 Pound. .one OS. OF Baking Powder, Royal.| Tins, Is..... 45 45 INDIE Secos ococas Soe an docks: .06 | .06 Candles sist eee Pound 2.22: 14 S14 Peas splibus: sooo encase donee: .04 |} .04 Matches sano. oo Se Dozen boxes 05 .05 || Rice: SbarCh es are eee Pounds ..: . 03 . 04 RangOOn acces alee dos .03 | .03 Bacon; sliced ys ccet oe Pins, 1s'esa 30 . 26 HONGUPAS sec pees | es doe ce 506)" - 207 eef: Olives: Corned eo ss aes {Ring 295s 34 . 28 | Bottle, liter 55 40 Chipped we seis sss 8c2 INS AG aes 23 . 20 Manzanilla 3: 2 2sce3- Bottle, + 20 18 Chicken: liter. > OUGG ae ee ese sea Ooo ee GO sess 50 . 50 Queene sas Sos: esas Bottle, 10-| .24) .24 HUORSU ross Seis ANINS 32952228 33 oe ounce. MAMAIC So se see Tngelg ss s3 18 .18 || Kerosene oil...........- d-gallon tin..| .70| .80 DQate see ee ee Oe 23 e2o Salo, tablesases.2 ccs o. I-pound,| .02/] .02 Ham: sack Sliceden ese este eek doxets2: 20 20h HO] V6 Olea ees Pings os OOS oO The table below will show the relative percentage of goods under each classification that were sold through the retail stores during the year: Groceries and staploss 255-2585 eee ee ee ee? 29. 20 COMMS tOTaOG se ee ee ee a ea 36. 30 Dry goods, gents’ furnishings, and notions.-.......-..--....-. (od Rt ey 15. 41 BootsranedeshOes s. u ee ee es pe 4, 36 Mobacco; cisats, and contectionery. 2S se. i ee ee 3. 97 Ordiware® 2) se ee see RO eee eran 1. 62 EN GUT ce see ee ee a a ee ea Ps Ae ee 19 PATIONCR Yeo o a S ee ee e Ce Be a Ge ea 119 aw Material: Ss ks es ee eee 7. 76 Respectfully submitted. F. 0. Wurrrocx, Captain, Fourteenth ee, United States Army, ae Subsistence Officer. PANAMA RaitRoAD Co., ACCOUNTING DEPARTMENT, New York, N. Y., October 24, 1911. Mr. E. A. Drakes, cae Vice President, Panama Railroad Co., New York, N. Y. Dear Sir: I herewith submit cislemmonts of income account, general balance ae and. tables showing results of operations for the fiscal year ending June 30, 1911, as follows: Exuipit A. Income account and profit and loss account. Exuipit B. General balance sheet. Exuipit C. Revenue and expenses. PANAMA RAILROAD COMPANY. 3 33) Exuipir D. Operating expenses of railroad. Exursir EH. Operating expenses of steamship line. Exuipir F. Expenditures for improvements and construction. Exuisit G. Equipment and plant replacement accounts. Exnipit H. Classified railroad revenue, tonnage and passengers, Colon to Panama, and Panama to Colon. Exurpit 1. Railroad freight statistics. Exurpit J. Railroad passenger statistics. Exurpir K. Railroad general statistics. Exursir L. Railroad freight tonnage handled. Exuipit M. Steamship line statistics. Ezureir N. Locomotive and car equipment. Exuipir O. Floating equipment. Exurerr P. Chart showing organization. Exurpit Q. Chart showing comparative ton-miles, Isthmian expenses and pay rolls. Exursir R. Chart showing total revenue received. Exursir §. Chart showing revenue received from freight handled. Exuipir T. Chart showing tons of freight handled. Exuipit U. Chart showing operating expenses by departments. 2 In December next the following tables, showing the results of operations for the four months ending October 31, 1911, will be prepared and published as a supplement to this annual report, viz: Exursir V. Income account and profit and loss account. Exurpir W. General balance sheet. Exurpir X. Revenue and expenses. : Exurpit Y. Classified. railroad revenue, tonnage and passengers, oe to Panama and Panama to Colon. Exuipir Z. Steamship line statistics. 7 ‘Yours, respectiully, JOHN ADAMS, ae Exursir A.—Income account and profit and loss account for the year ending June 80, a INCOME ACCOUNT. Railroad: Gross revenue from oper Pi OR=a anon Osea ree a ee $4,149, 444. 66 Oeratine Ox PCUSCS sass Se ee ee ieee eee 2, 474,115. 21 Net revenuetrom operation <= 22 Se a ee wees eee fees fee.. 52 $1,675,329: 45 | Steamship line: Gross revenue [rome Opera tl OM se cee ee Senor 1, 860, 110. 86 Operating CxpONsesicss <5 acs sew es ee a ee ee ee 1, 782, 922.89 Net TeVenuGIlora- Operations eos eee eee no ae ee ee ae ee 17,187.97 : 1, 752, 517. 42 Add income from interest and exchange......----.--2.. Bo ene pea oe ne oan ee en eS Ae 724. 41 1, 766, 241. 83 Less: Interest on loan from United States Government for redemption of first FOLTEE2C DOI Ga a er rr ea ee te 11, 759. 69 - Fund for repayment of loan from United States Government for redemp- PIOMAOL TST OFL CAL Cz ON GS = Sia soccer ee se ete eee ea 8, 333. 34 Rentaloldocks atisthm Us sa.s2 os oo. ts es ee ee 21,696.12”. United States Government income tax-.:..:: 2.2.2... Bees nee 18,372. 29 : ———— —— 55, 161. 44 Netincome for lo months.c6 ace Sei ae nen en cee 1, 711, 680.39 PROFIT AND LOSS ACCOUNT. By balance fo-credit of-profit and-loss,J1ine 30; 1910... = ee Pee es 10; 122,542, 14 - Surplus from income account for year ending June 30, 1911 Sareiebicss oe mnie omen hte eee te 711, 080,39 — - Third payment in reduction of loan from United States Government for redemption of LAPS UTM OP USA CeO MA Ges se oases eee eee re ae eee - 100, 000. 00. Proportion of annual subsidy from May 16, 1910, up to and including June 24, 1910, not payable to United States Government under act of Congress approved June 25, 1910, Writven-back- to: credit-of- this acCOUMU s.r 27,173. 91 \ ee 11, 960, 796. 44 Less: ‘Difference between earnings credited for transportation of Isthmian Canal Commission freight on the Isthmus for January, 1906, at established rates, and revised amounts paid by the commission...........-.-.-.-+.-+---- $1, 775. 70 AN COOUNTS WRI LbOM: OL eae a ee eras Fe eee at Og eee ee 1,214. 47 a —————— 2, $90. 17 By balance to credit of profit and loss, June 30, 1911.....--..... 2.22.2. este 11, 957, 806. 27 S. Doe. 257, 62-2 3 ae ae _.. Exurerr B.—Balance sheet, June 80, 1911. ~— Cost of road, real estate, and equipment. La ISL een cere nu $16, 629, 749. 24 || Capital StOcley ee Bip Te rare eer OR Ratesheet esate: SeSen Carat eh $7, 000, 000. 00 Improvement and constructionaecoutites: 6.16 ee 143, 094.46 || Capital liabilities: - ; Floating equipment: ls Due to United States Government— . Steamers Allianea and Advance..........-....---.--- $762, 713.62 - For cash appropriated through Isth- Tugs and lighters, June 80, 1910.-.-.....- $567, 659.16 mian Canal Commission for new Add cost new steel coal parge ee rue 18, 262. 64 | -. equipment and improvements.... $2,786, 829.53 —_— 285, 921.80 Less cash repaid to June 30, 1911.... 1,387, 714.92 ee 1 OR 4OS0. 42 $1,399,114. 61 i He For cash appropriated under the act MOLAR COST Ol PEO PORUY 2c ease yee cor NM la eee eis eo aa 17,821, 479.12 of Congress, approved Mar. 4, 1907, Current assets: ‘“‘to pay the 44 per cent first ‘mort- Cash in banks and with apents: So eee eT OOO lank gage bonds of the Panama R. R. Materials: coalvand suppliess jae aa ae ares 1,341,116. 91 COM OCT ALOU cack ans aaa 2, 148, 217.50 Due from agents AMOCCONGUCLONSS soul: cece noe neues 89,101.26): 1% Less cash repaid Treasurer of the Due from connecting companies. ....:..-2.-.5222.--2- 340, 927.39 ‘UmiteG States! oa ree ee 300, 000. 00 Due from United States Government— a A, 848, 217. 50 Isthmian Canal Commission........- 1, 281,767.74 + 8 247, 332511 Post Office Department. so 2526. 74, 082.14 ( Navy Department. 2. 2a i. i: eet 15,768. 45 Total capital stock and capital liabilities..........-.....-. main ONDAT 832.4 4. aE tO Ly OL oeDO Equipment and plant replacement reserves. ..-....-..-.---------------- 1, 492,120.72 Due from individuals and companies...--.-........-- 144, 047. 66 Current liabilities: a, Miscellaneous accOunUse Gar s ayaa ee es es, 345, 798.58 Isthmuisidraits nob presented acti es een ses 107, 259. 23 —__—__————.__ 7, 196,787. 24 Coupons mots presented 2015 Gee ee ae ee - 30.00 Metered: CeO OMS ee ens Oe NS Shas eee Ry ne Lie 17,111.88 Audited vouchers and wages unpaid........--.-.-...- 869, 697.15 Due to Connectings Companies. * s20 3085 see ee se 115, 980.56 MiSCelanecOUs aCCOUNUS rh i Gee aes cn eae Toes 201, 199.92 : —_——_——— 1, 294,166.86 Deferred Credvipvems. ieee oe Ce CUR ee Aa Aaa Nae ake 43, 952. 28. PrOMG aC? 1OSS# =a lata COs aie ee inerrant Sb ON CTU ee Bh aye sr oe 11, 957, 806. 27 25, 035, 378. 24 : | 25, 035, 378. 24 $e ‘ANVdWOO GVOWILVE VINVNVd PANAMA RAILROAD COMPANY. 85 Exursit C.—Statement of revenue and expenses for the years ending June 30, 1911 and | 1910. 0 Operating revenue, - 1911 1910 | Increase. | Decrease. RAILROAD, Revenue from transportation: : ‘ Colon to Panama— ; aoe | - TOL Sn ie ea ee es eee $1,738,409. 72 | $1,788, 121.65. |. 2222.22... $49, 711. 93 IRASSED Seis eee ee Sey E A340 O40 l= 00, LOO mUOE een ar ae ee 21, 363. 73 WX GOSS: DAS SACOM a necator ate ee TO 210292: as Di OCS Ale hese s See ce 1,882. 55 Parlor ama: chaitcaninss 2... ose ase cee. TABS 500 cl ros eis aeiet eee $1, 4388.50. |2 24 223 os Migs os ten alier Gs Vai c eeenre | 148, 790. 64 12902449 17-195 266hoe ee HER LOSS ete Sen eae eee een ee ger 10, 557. 42 10 G40 2345) cago eee ae 291-92 Treasure. .... Se as CE io oe eG 13, 623. 05 6, 604.105|4227,018:90. | eee Special-service tral 23.3 2s. . ce ce oe 6, 225. 00 yao Gas le ene te Ls 012. 45 Motalecics ates WSS he Oc auig aoe 2, 284, 600. 62 2,300 ;OO01 OO taees cre cee 46, 288. 98 Panama to Colon— HTCLO Googe ae eae en ee 659, 768. 16 58454502298 scion odes ees eres ee Passenger. 22 2 225 BU eae re unas 340, 645. 88 344, 357.58 |.....----- oe 3, 711. 70 HIXC@CSS DAS PAlOs a ea. Soe eae 16, 408. 90 15, 019. 28 LBS 9E02 detec ees Parlorand: chair Cancers acess. see cece OOO. eee reece OOO e eee ee Mia oes oe ie eae re ae ena ee ee 21,345. 64 18, 117.18 Ds CROC set en Gaels DROSS sie et nek oo nee er 17, 869. 67 2205 308.00: lec eesti sees 2,498. 69 SEV CQSULC Ss es Gia ew ce oes eS 12, 357. 47 D2 G00 7 Oe eager ae 633. 23 Specialsservice trainees: ia. fe ee ee 6, 725. 00 6, 453. 45 271. 55 ste e eee ce eee PR Otal SS Aes ee ew ce ee 10765.0387.. 722) 1, OOL, 756279" 2874; 280298) |annos ceecy Miscellaneous— Otherpassensertrain soso ee Soe ee eae lee ee a icra ieee ete eae tae egentioma orate ase earn etree SWE CITI Ot nee crs ae te 3, 887. 50. 1; 040830: law e ee ee oe 3, 757. 85 Miscellaneous transportation ok sacs |e ee aia ee cee | Sire see | Serre Motal osc ee 3.887200) 7,645 So 3, 757. 85 Total revenue from transportation....| 3,364, 525.84 3, 340; 291. 74.|° 24, 284,10 |... - 2 ee opens from operations other than transporta- = ion: coe and train privileges. .......2...-.-. 2, 505. 00 1, 760. 00 UES OOF ees aes orage— Freight Agee eerie Aeon es Besecin er oars 5, 709. 76 (926284 is See 2, 217. 08 Baggage Bu) oe argo aes Soe ee eee alo OO 228. 25 Soe CO sires ee OTE CERVICO ey see ee em ets 265. 00 L180 003i en 865. 00 Telegraph and telephone service...........- 1297. D2 soda see nee 1, 198. 34 MAScellanCOUS= s 242 ee oe ee 37, 448. 95 36, 905. 77 Hossa oats OWA Se 55 oes oe ae ee ee ee eee ee 47, 766. 83 SOR G7S8 87 ee tee 2, 911. 54 Harbor terminal revenue: -Wharilage— ; PA Tlamiele COLMAN Ses cose es os eee 88, 860.50 | ~~ 838,020.07 5, 840. 43 |:...-- PeeN Os aCe TOLMINASe se. Fe ee ees 221, 221. 56 DOB OOs Ale are oo ee 2, 134. 91 TSW TOR aS Ce Nae Se ee care Soe aa 43, 367. 04 44° 026504513 659. 80 Tjeht house... 23s. ee eee Speen 6.153500 | 72-5 4 6092009) 1 5440007) OLranacens ee a eae ore ates 29, 042. 20 28,007. 58 1 OS420 7/4 ee aes Water supplied:shipping. <<. 2262-222 ee 24, 052. 96 18, 185. 36 Dr OO(e OO same aie MSCOLIANCOUS 2 oo ee 2, 890. 75 : 1, 659. 97 E2300 8a) cee eee Motil eee ea BE ANS, 588.51.) 402, 865,74 | 12,700,772 Other operating revenue: | Pe of lands. buildings, and other prop- Bene ey ee meee See ae 94, 482. 93 90, 902. 52 By O00: Al eee eae biscellanccis revenue—Other sources.....- 227, 080. 55 339, 323. Ol eect eee 112, 243. 36 Totals oies. RS Sains Se ees ae eee Sees 321, 563. 48 4301226548. 4 3 ee 108, 662. 95 Total railroad revenue. —...-25..2....2. 4,149, 444. 66 4,224, 062. 28 ee ee 74, 617. 62 a STEAMSHIP LINE. ep AU POLS bse scn aera a ee ate 1, 255, 879. 00 1258 -Oo2e00 cia none s se one 2, 173. 99 ASSO G Cle eet ee ies gi 339, 860. 90 366; 800-29 eee ee 26, 940. 39 MC eae ee aes ea ces 227, 148. 86 218, 098. 04 9 0508827 seen ee REX COSS DAL CAO Cate a terre eon Sea e 2, 089. 62 DAOS392 2 eee lose 19. 30 PET CASUIE Ca Se ee eee ee 16, 083. 17 14, 788. 92 1 29496: see eee Wines: and QUWOrs? 2.22.5 eee eee ee ee 9, 610. 55 OBIS s3Osl awa ee 202. 81 Miscellaneous -< =.=. 2.2... ie ee ae eee 9, 438. 76 6; 463:08:|02, O7bs (Od osee eee ne Total steamship line revenue............- 1, 860, 110. 86 1S76;( 20,000 | eee neces 16, 615. 69 Gross operating revenue.............-....- 6, 009, 555. 52 6; 100; 788.2838 oes see 91, 233. 31 36 PANAMA RAILROAD COMPANY. Exurpir C.—Statement of revenue and expenses for the years ending June 30, 1911 and 5 _1910—Continued. See Se | , ca pate gs Operating revenue. 1911 1910 Increase. | Decrease. OPERATING EXPENSES. Railroad: Maintenance of way and structures: ......-- $414, 678. 37 $671; 441472 eS $256, 763. 10: Maintenance of equipment..............-.. 403, 624. 68 495,040. 74) 02. 2222 91, 416. 06 Droiice-@XPOuSeSsas< =o ee ee 11, 025. 16 10, 274. 65 SiOOKOL ee oe eae ess Transportation expenses... ..........-..--:. 1, 182, 019. 11 963, 444.40 | 218,574.71 |....-..-.-.- ‘Lighterage and harbor service.............. 100, 659. 52 1303 087005123 eee 29, 378. 43 Loading and discharging vessels............ 42,754. 83 33, 566. 92 SUS fe Olle (erence ose tara FUOMICS tlCst ne enone ae oar eae 20, 941. 15 18, 675. 56 DBO AG ei eas eee General expenses— TS GAIUS eo ee ees eet ree 236, 184. 76 203; 8805 (Onl sess ater 27, 198. 97 New.-Y0tk= ons: eae i sate 62, 227. 63 635-787-203 |. Soe 1, 559. 57 Total railroad expenses......... oe 2,414; 110. 20 | 2, 049 5002-62\- se 2 ee 175, 5387. 44 Steamship line: : DGCUMICISO XP CHSCs nn see ee eee 1,390, 573. 53 1, 324, 532.06 | 66,041.47 |..........-- AP eNCY--OXPeCOSOS. == Sete See cee 280, 356. 59 1905876: 07s| = 89, ASO ro2s eas cs General expenses— OWA ORK Sa Se ae See 28, 272. 13 OB B84 OSes: Sse 612. 45 ISUHMUS sens Se ees Se enemas 40, 992. 00 Ali 200008) See ae ee 245. 63. Charter-OEsteaimersce- sna oe oe ese ese 42,728. 64 1235249; GOs | esc nbe ee 80, 515. 32 Total steamship line expenses....-......- 1, 782, 922. 89 1,708, 774280 22:74) 148,50: Soc. Gross Operating-ex penses. «ss Ws iss es a 4, 257, 038. 10 4,358, 426. 92°|5 oo ee 101, 388. 82 SUMMARY. | | | Railroad revenue: Colon 0 Panama ss. a Se $2, 284, 600.62 | $2, 330,889.60 |.-..--2--.-: $46, 288. 98 Panama: tO: COlonss= =o. ea ee 1, 076, 037. 72 L008 5.7505-095)-p4,-280. 3sia2 se es MaseCUANCOUS Se oeee en ee ee 788, 806. 32 | SOS ALS SO 102, 609. 57 Motal railroad tevenule-« 2 sone | 4,149, 444.66 |. 4, 224,062.28 |...... 2... 74, 617. 62 Rotal-ratlroads@xPpCDses.oc7 case ee | 2,474,115. 21 25649 092.022 2 ee 175, 537. 41 ———— eee INCU TCVCHue Sse ee Ss eee 1, 675,329.45 | 1,574, 409. 66 | EQO; O19 279s eee Percent of. expenses-to revenue: <2. 5-5 59.63 | 62.73 | Sees 3.10 Steamship line: POtALTeVenNUCs=.6 wc ee Soc eesuees 1, 860, 110. 86 187105120500 = |e 16, 615. 69 otal expenses — 2 $22. eee ees 1, 782, 922. 89 1, 708, 774.30 | 74,148.59 |..--.22-.-.. INGETOVenues sso oes ess tease (7, 187.97 | HO75 902205 (sess ee 90, 764. 28 Per cent of expenses to revenue......-....- 95. 85 91.05 HOO Sees Grand total operating revenue.........-.-. 6, 009, 555. 52 Os LOO S8E85— = ee ee 91, 233.31 - Grand total operating expenses.......-.--- 4, 257,038.10 | 4,358, 426.92 |-.---.-..--. 101, 388. 82. Total net operating revenue.-...........-| 1,752,517. 42 | 1,742, 361.91 | 10,155.51 |... Per cent of expenses to revenue.....-...-.- 70.84 |<: (AAS Eee . 60 | PANAMA RAILROAD COMPANY. ol Exurwit D.—Statement of operating expenses of railroad Jor the years ggg June 80, 1911 and 1910. 1911 Maintenance of way and structures: ; ; aes Sijperinten dence hase sehen Fie poise ck ee oa eae Coe ee eee re $30, 484. 57 QULAS Gass Maser so ea ee nee ere ae a ee Se we eee 3, 950. 27 OSs eae oe Ee I ee ees Bis See ee 14, 496. 71 SRLS Ses cc at epee cr ace aes eee Goce ao re eae en eae oa ea 20, 644. 60. Other track material ccs ose ae ec oe Oe ee aes 20, 193. 30 Roadway-an Getracks osha sc ke as eS ES a ine ote eee eee S128 VOLO Bridges trestles; and. Culverts: ss. Sees seca a ia ee eee See 15, 931. 30 Over-and under-erade Crossings. os: 2 feces Soc oe ese es cee ee 643.15 Grade crossings, fences, cattle guards, and signs.........2..------s:..-.- 2, 637. 98 Sionals and-interlockinoplamtse.. see oe ess oe oe ee ores c eee ee 8, 656. 89 Telegraph and: telephone lines: 2253. - Ac -<2 3. ose. ee PE anon Aaa eres 8, 118. 61 Buildings, fixtures, and grounds— A—General office buildings.......-.....-------- ee eee 1,815.32 B—2 Lraneporta tion buildings 52a. sso =. sec 2 ce nee ie eee aoe 22, 374. 07 C—Shops, engine houses, and turntables. ..-....:-.. 022.222. 22.. eee 4,783. 00 1) OPO PUL oS ete eee eee ae Sms ee ae ee 3, 203. 03 Doeks-and wharves... 5-..-..2.: Sains Ceres St rae ee ee meine = Ll, 280,40 Roadway, tools, and SUE Se ae ie ie eter SATE Mee oe Cure as ane eR ate See 11,032. 56 Un EVICS CO =POLSOI a are a eee eee ee Se ee ee 3, 145. 45 Stationery ana -printit Oe ee ee ee es ee ee 2,039. 24 UD O Geils teas = Rasy so es aa ees So er a ee 414, 678. 37 Maintenance of equipment: aD SOOT PUPCrINn Ten Gen Clee os ecies e Oe es See ee ee ee 15, 889. 56 Steam locomotives— ; ® SE PATS co ceo a rm ee creer ee are te ape aera 1 27,991. 85 ROI O Wels So eee eee Pe oe Ce ee 13, 489. 00 Depreciation... +=. eer oe es eS oat Gore aed pis eioeee oe ee oe ee 24, 617. 52 Passenger-train cars— UCP RIN S es ae se ee ose ise coo ae ie ees eee 67, 881. 87 Renewals: arse ee ee oe cee eee tee ew eee ce eee 2, 532. 09 AP) GOOG 1G El st ae eye te etre eee ie rea 14, 745. 48 Freight-train cars— QD AIES eter ener ae ne ce on Ricans ah eee emer emer ee ee 163, 838. 02 WRONOWalS oi eect sa eee oe i oe ee ee Ce eee eae 4, 660. 89 Depreciation 322s se eee Bes Sot eee Meee ei ee sss 67, 801. 64 W ork equipment— ERG BUI S occ ea eae ae oes oe Ss ee area aca ne owe eeors oe ine ee eras Ers 3 11, 444. 79 ONG WAIS ee ese e estes RS ee Sin cw oa ae ee ae ener ete Bsiiceese is wae St IDK Shue inlay ere Ins ree ng Aimer epee o-- 26, 964. 21 shop machinery and tools...-.=...---..---- Se oa oS cis eee tee te 14, 712. 07 I UTICS FO. PersOnSian 2 cee oe eee es omen ee ees . 1,671.16 DLAONEL YAN Op elLIV yl as are ee eects teen ee cee ee 1, 368. 23 Oba see so Sales Sein Sena a oe Pea ero a eee ee ee 403, 624. 68 ‘Traffic expenses: Se a nae DPUPCHINTCNACN Ce. cee Ss oe cee cls wei oe Sac sie e oe eee ss See 5, 318. 00 OUUGSIGG ASCNCICS eases Ss oo ties cece ee ee ee ne eee 5 5, 241. 55 ACGV OMS Sass ioc 2 oe ee ss oes os een ee eee ee eee ee tees 400. 14 HlALONEery- aN G-Orin (IN is). ooo eee ee eee ome ea iin eee 64. 61 = OUNCE €XPOMS0se sca .0-- 2 -e- - eee eres ee eee - 86 FRO Geil a ere es ee ea ean See eee, ee me ees 11, 025. 16 ‘Transportation expenses: BlupermN tend ence. oo 7 ee... cee Bee crete tines et tere eee ae 18, 042. 00 Dispatching trains..........-. an eo ne ee ene oe ee nse Pewee 29, 123. 42 Station employees— A—Coion agency, through tenes ee a 249, 614. 20 B= balboa agency, Uanouehy (rates ssc e ee 209, 826. 76 C—-Local stations; local trathci.2.23 x Ste ee a ee ee es 91,341. 71 Stationesmppltesvand=Oxpenses secs as oe ew eee ee ee ee 32,399. 48 Yardmasters and their clerks.....:.---------- Oe Nears oe orga ae anaes 31, 358. 26 Var CONMUGLOTS- ANG DIakeMen 2. sess. ase ee Se ee ee 31, 332. 50 aY-GUCeS WAL CheamdssleMal LOMCCIS =. % cscs tee ee nc ee ee 4,818. 70 EVar dss es ailG Ox PONSCS 22 eee eres ee ae oes eee 1, 623. 88 AOE: CD PIN CMON 2 a5 sec ce sos Se eee Wes eos 56 5! Coe nee oe oe a ee D1 122-25 Engine-house expenses, yard ...........- ai eee ocean rg eee = 6, 886. 55 Fuel for yard locomotives = 27, 649. 63 VWeator foreyvards|OGOMOtlVeS: 22... 55.2 eee ee 467. 96 Eubricamisstoryard lOCOmOtVes. 2. when. eee aes ee 553: 70 Othersupples for yard:locomotives.: 2.22 s22 <2 oe ee ee 609. 77 Onder einem Gn ss os See es ee ee ee eee 59, 343. 84 HNN =NOUSE-EX PCN SEG: fOAGs ci = es eee es eae es Ge 35, 854. 35 Fuelior road -l0comotl ves Sea ee eee 110, 885. 68 “Water Omron dlOCOMOELVES sane se ee er eee 8, 402. 09 Lubricants for toad lOcOmotives <= sess cost oe orn Sete Sere i 1258. 72. ‘Other supplies for road 1OCOMOLIVeS ae acee oe oe Seah Re tam ee 1,041. 02 ORCL ALTRI Ties eee eee ae Cee eee eo - 102, 662. 70 Laine SUPDNeSsan dex PenSeS =... os sai eee ee ee 30, 388. 92 Interlockers, block and other signals, operation..............:...-+....-- 3, 184. 58 Crossing flaemen and Patelien ee oes 2,319. 44 1 Credit. 1910 $24,005.01 21, 508.13 2,213.54 30, 853. 63 16, 763. 68 3954, 72 252, 984. 27 8, 388. 06 950. 33 4, 202. 83 671, 441. 47 23, 203.58 — 15, 317. 45 5, 984, 53 24, 677. 52 62, 089. 75 1, 881. 20 11, 854. 32 167, 525. 03 45, 396. 59 69, 288. 38 15, 635. 30 26, 236. 32 22, 444. 68 1, 392. 66 495, 040. 74 4,779, 75 5, 080. 68 243. 35 170. 19 7B 10, 274. 65 21, 765. 29 Q7, 717. 74 160, 817. 66 144, 677. 25 93,070. 46 38 PANAMA RAILROAD COMPANY. Exuipir D,—Statement of operating expenses of ratlroad:for the years ending June 80, 1911 and 1910—Continued. 74. 70 wee ee ee ee ee 968, 444: 40 5, 511. 70 46, 401. 49 meee er eee eee 12, 794. 40 4, 988. 80 2, 358. 20 14, 747. 64 130, 037. 95 3, 218. 97 6, 290. 06 24, 055. 98 1.91 33, 566. 92 16, 647. 97 2,027. 59 18, 675. 56. 12, 731. 27 64, 342. 50 2, 413. 89 1, 735. 73 3,228. 61 7, 144. 80 87, 484. 07 84, 212. 86 90. 00 263,383. 73: 16, 953. 64 25, 981. 16 5, 044. 17 2, 417. 18 566. 89 2,583.16 3, 153. 50 7, 087.50 63, 787. 20 2, 649, 652. 62 1911 Transportation expenses—Continued. - Drawbridge operation.....-...- eS NL ES PR an Seng sae $2, 809. 32 GIGBTIN SS WTEGKG is See Moe Seana oes emote oa a: A ye rena. ere 9,751.15 Relesraph and telephone: operationes-s.- 22. 2 eS 8 Se 17,937. 41 SERUOMCLY aC ORIG Oe ose ee OA ee eee eee eee aera on 74. 87 Oper CXpPeNnSess. sacs Se Se ee ee SR eae 32, 404. 07 Loss and damage— TOL G See ese oe See ee ee ooo Sata ees eee ers 99. 83 RE ONL O pres a ops ie eee oe ie ew apa Ra enor es eer 1, 169. 10 DAMA SO OSLO PERU Vis = ae oe aie ee eee Bacon Seg re ol ec ere cera Damage to stock on right of way...-....-.--. be pe ee ae 7,178. 69 Tay TIOS FO sPOLSOMGse coca e sae Se ee ee I Co a oe ee [eee Snes eee ERO tile ee en ee ee es 1,182,019. 11 Lighterage and harbor service: ees Guperintendencoe...20 =. Ao PSs eS Ses eee 7, 058. 38 Ae S—— PROD OU Sa receet re cou ea ee ee a eee an Ree 15, 761. 74 EROTIC WIS Se ees see eS Se NS Gene GEA NR Dade ae ate we a woe eae eae ea ees DEPreClawlO Mas eee Oe en ee ee eee ss 12, 794. 40 Lighters and other equipment— EVO DALES tere eesers arse oe es ee ig eee te Se i 6, 321. 10 BERT VG WD] Sect ose See eS es SEs yee aN see acs | eee Sonne ss ee Depreciationes sass oo ee eee SUR ee ose ee 15, 797. 76. Cranes; sa DOaR Wan cca eae era i en 938. 36 Gharter-ol boats sa. so ee os Se oe tua ee oS ten ee 694. 50 MATIMIN GD OdtS eee Nase Oe ees Soca Peers ee a Sees Se 24, 225. 04 BOadesSUp PMOS-aNG.OxpCNSOS sa.c oe soe e ees rae 12, 925. 74 PILOT OR Ss ee era es ee ee ee eter Sn auee ee ee Re SE a $15. 00 Damage to property......------- Rin RS AEE ke ae OE RSS ates 1, 5380. 10 HFOSGea Ns Gait BOO secs aes ese Re oe eee ee eee S| OS ee eres ANITEETOSELONPOESON Stare ie sees Se ee Oe ee as do. 21 SEA LLOMOLY ANG qOrIMy Mes scene Se ee SO a ee ees 134. 62 Other expenses.....- Ses ap en ery Ns gp ee eee 385. 45 Lighthouses— IRE PaIES AN OsnONO Wal See cee ee OS SS ee ee eee ee oe cea OW POLATHONCOL See re Cae Re ee ee ees 1,222.12 BAS Oeil sia eS ye pore ne er 100, 659. 52 Loading and discharging vessels: PLDOELD COMGOM Cote snes oe eee ene eee, ee eee 2,534. 70 Cranes— Repairs and renewals. .2. 320s ois ee ee Rea eye ee 17, 828. 64. Opergbions. oss ee See aS ial aie aarti oaeE 22, 308. 838 SOTHEROXPENSOSs ote coe es tr ei ees a es eer ie oe Sree ae 82. 66 AO Vase eee se ee ee a ee eee ee ee 42,754. 83 Real estate: Lands and buildings............ reeset es eee raat es em Rare oe 17, 913.95 Hhevaleanid-OGHemexpensese: 22 ee ee ee ae ey ee 3, 027. 20 AN Get Lesage ae ea Re ee ered re nea A a ose ores 20,941. 15 General expenses, Isthmus: Salaries and expenses of general officers.....-- 22.22.02... ee. 10, 092. 47 *. Salaries and expenses of clerks and attendants.............-.. sie 66, 822. 74 General office supplies and expenses: . 2. 25. so ee 1, 949. 93 We WAX DOMSCR eer ee nes Be ee Se SS Se ee Cane 1, 785. 37 ShAONETVsANC PRUbIN eee ee ee Sa ne ee tee re se eres 3, 189. 22 Omierexpensesten ss a se ee eee ee es 6, 454. 90 Extraordinary compensation— PAS a ATICS ANI Ga WAlCSs. osc es ee a oe ee 71,919. 01 ‘B= Quarversiand Ober OXPeNSeS= <5. =. ee ee 78, 841. 12 ROUSTONS icp oe thre hen ee ee ee ee Se a res eats 180. 00 PRO beats 236, 184. 76 - General expenses, New York: Sp are aes Salaries and expenses of general officers..........5...0.52 02222222222. 20, 098. 52 - Salaries and expenses of clerks and attendants..............- Spe Saree eee 26, 354. 07 General office supplies and expenses— AS RC DaIES ONO SON tee eee a ee ee ee eee 5, 132. 40 2 OUNCMOMEC EX DCNSOS oe i a ee oe ee 1,964. 48 “oC helespams and: cabloerams: nfo Na sae en 471. 09 Soe LG WHO PO TSOG sino ee ante ee ne Se Ss Oe eres 3,071. 44 Se SUA IONCRYJODG DI MbIN Ot a eee a ee eee 2,321. 21 _ Other expenses........ eee eh ee es ee ee a See 2, 814. 42 BESO Ge sees ese ee es ea as ae 62, 227. 63 GAIN LO Lellecte Sere ee Na ere a SOC ee ee ee ee 2, 474, 115. 21 cee oness PANAMA RAILROAD COMPANY. 380, 1911 and 1910. 1911 Steamer expenses: SURG ee ee eh ata ia aia arora seat ee ae eo me se Og sihaws ct iy beeen atc ac rts a CUStOMmmnouse anaeport Charees:. jer. oe Pe ie eee $13, 453. 12 EGC Lehn 25 ee ae ee ee a oes rereleased 2,152.05 = Ba@uipment, deckedepartment. =" oo 2 eee os eee eee oe 24, 985, 41 ’ . Equipment and spare machinery, engine department..........-.-.------ 2,009. 80 Equipment, commissary department....---..-----2 22+. pl es 15,816. 31 UB Oe Seis 2 ae PR ee i ee Oe ne ee eee eee ee si Way omen oc pre 241, 855. 59 Heedinge-passen gers: ANG CreWe <4. De 5 oe he oS es wae ce ete eee aes 151, 670. 14 Tver dental se cea ea oe ae oe eae 10, 708. 86 TR MPIES OP CUSONGs = ei otc ees ere it ir were 2,394. 49 ~ Laber on— eae COLgOn Ses See eee ee ae eee ee aes ea ee ae ee 298, 920. 14 CORN Fa pa OPO RS a a eee 35, 202. 21 GMOS Gece nee aes Soo outer ele aa ae Seep Cres ae eons arcane marae dee 945. 50 Goss.and.damage:.......-..- Saag aig raya oA cr a eTE ea tt per ee 23,125. 96 Ollrand wastes 2 a er ee ey ee 7, 083. 72 (Pain bi eeSh ip Sis WO OUGOIINS 25 oe aan rete ree es ee eee 1, 749. 03 Pilotage and towage-....-.... ieee ee ge pace Phy ic Ba Ra ene 25, 177. 59 Quaran Gites ae a as ce ino c te ey yeeee e 702.25 Repairs, deck depattinent: ss. ater Bates eis en eS oe ie eee | 35, 280. 41 Depreciation and extraordinary repairs, deck department........------- 30; 508.56 Repairsensine department... - 2.2... ls ioc ee ceetinas eee oe os 55, 498. 43 Depreciation and extraordinary repairs, engine department..........--- 15, 254.28 Repairs: commissary, departmnent=-2.-..<.20 25.2.2. 15; 453-99 Stores— Deckide partments aos hoe Ain eee to a ee ete pe ae es eet 20; 747. 89). bngine:departiment scsi win cease ce eee eee ee ee one eet tans 16, 375. 40 Commissary department.........- Se arentee eater Cate Ok cannes bea Se oe ae 6, 657. 00— SULLeOnsss ES Partin OMn tortie es eee ses Ni crs ne ia ee eee 663.12: Stationery-and-prin tin es vices oases. eas ees gk hos See eee eee 2,213.17 Telegrams and cables......-...-. SESS ERE SOc rates eels oes ee Eee 6,350.70 SVE OSS see cele a eae nee naa nnd ag ete eran es 314,096.91. WEA UCT sc Sie Ee ae een ars Sao a rete ere crc 0 a epee eas ee 3,359. 65 |: NYAUEE ESN GWU are 2S ee Ss oe BE GA rete os Re ee np ee ee Ne ceae ape pee ne See ince ee 10,161: 85+)" elNSUTAM COS: Sue eso oer a nee eras Se mE Cen aes Sateen US Ga] ese Seo as paar cen ea Sacer ne akc ee eet eg 1, 390};:573..53 Charter OFStedIMerss 2 on eee em et ee eee tees 42,728.64 “Agency expenses: Advertising «Newspapers =<-- 2 seeat oe ee 2,074, 71: Buildings, docks, and wharves— ae Repairs BHOsren Olee lactase ee es eee ee meee Tarsus ae eree 2 89, 301. 44. OQ) UH er OXPONSCS a sire tal orca acon thecie Someone eer wee ee ete Somes 30, 174. 51 Commissigns passensers:and ireigh taser esc ese ee oe ee ee 10, 944. 43 TMISUPRAN CC S52 See SL a ene cre gic ee 1,617.50 EN} UPICSsbO PelSONS =. cess ee Re cass wa age eee SET VCT GEN GES oes oe eee Sea Scape oem rcvag rence Sessa sip oer le 929. 49: Ta OW,, BOM Clete eee oo rere tole ee ots ie yee 67, 459. 59 Legal services and OX PCUISCS sii iercssee eas eens eer sree em e era pare taeeat esteem caper emerge eee SALONS AN CUCAIM GS Crs hes coe ee hee emen ene er aun ea le eee ne eee 89. 41 Salaries olagents an G Clerks ss see eaters: sche epee oe ee ne 62, 242.78 Stationery and printing........... Pe aerate ne One heen ae ee tk 8, 174. 03 ne DOICRT ATMS: AN Ge C8 DIOS crccses aicenrereries croc nace Serseameaio soe Uae oe cielo eee 1, 002. 84 DROS eee el sec eeaie Otis Gates Se aE Sc ala a ate Sata SRE Su aera ee eke Se 1, 250. 00 Outside avencies = ts Paes er oe ee 4,095. 86 EE Oe or a Soe 2 eee oe re ee Roe a eta tee ace 280,356. 59 |: General expenses, New York: Salaries and expenses of— General OMi@ersasss se sees oe ee erie ies ore ane 9,305. 99 Clerks*andvattendam te: ccc a. se ou e eee: aot eae eee 11, 858. 74 General office supplies and expenses— ; —Repairs and rent.........-....- US Se ee vanes on er eee 2,323. 66 = Other: Office Cxpenses 2.2 oes Sees Se Ses Gas See oe oe oes 901. 27 oe G= Pelesramsand cablesrams 5 280 ease ee ee fae 216.18 FAVA WHO DCMSCg ee soe es eee on eae te ge es eta nsaee 1, 382.13 Shationeryangdoprinhines =o. S2 soso ee ee es ee ee pee 1,024. 51 NCIC RD CIS CS este a en ee ea Seer cen ee ae eee ee . 1, 259. 65 PE Oey ee Sia ene ee ti Seas Pe ny cee rete ee epee 28, 272.13 39} af Bxnrprr E.—Statement of operating expenses of steamship tae Jor the years. cng Jun é _ 1910 $4,108. 86 14, 001. 12 3,625. 19 24,359. 15 6,200. 05 16, 944. 8k 2303710. 43 157, 529. 72 12,388. 43 1, 356. 80 247, 433. 03 : 13, 608. 57 18, 366. 47 13) 572. 91 8,235. 96 "634. 03 1,530. 80 6,149. 96 303, 497. 70 3, 466. 96 10,890. 00 se ewe mee ee mee ele ew ee OO 1, 324; 532. 06 123, 243. 96 2, 556. 82 54; 870. 86. 21, 676. 26. 5, 721. 47 1, 546. 90: 1,150. 00 3, 833. 15 190, 876. 07 . 7, 691. 15 ‘11, 790, 82 7 2, 284. 66 : 1) 415. 20 3, 165.99 - 28, 884. 58. oo 40 _ PANAMA RAILROAD COMPANY. Exursir E.—Statement of operating expenses of steamship line for the years ending June 80, 1911 and 1910—Continued. EL aT 1911 1910 a expenses, Isthmus: Salaries and expenses of— GreherakOMi Cerswsc sees Soto oes ce ea a eS $4, 509. 06 $5, 722, 72 Clerks:and-attendants.... 22 Se SS ee 30, 403. 65. 28, 943. 91 General o1ice:stpplies and: Cx pensess. csc... - sos ose oes eee 891. 40 1,097. 25 awe SDONSCS se ee Se ats So Nes Oo Se ee ee 807. 02 755. 71 _ . Stationery and printing ........- SIE Sueno a ck Ge See ee See I _ 1,438.30 1, 467.79 S OUNCr CxPenstsiets. secs. es. Se ete te Sy Seeeees Se Smee cass 2, 942. 57 3, 200. 20 Slot 40, 992. 00 41, 237.63 Grand tom eee eS 1, 782, 922.89 | 1,708,774. 30 ‘Exurerr F'.—Statement of expenditures for improvements and construction for the year ending June 30, 1911. Locomotive and car equipment: Passenger and baggage cars.........2 2.2. eee eee eee eee $8, 927.30 Buildings and other structures: ‘ NewedOcks di Cristobal wOINt ss ss ene. ee ca an ee eee $60, 255. 14 HESLCUSIONLOL DOCK NO ml COONS: eno Se Sok ao eens oa Case aee eee 22,723. 12 Extension of ice tanks, Cristobal ice Plan tise cet ee ee 11, 564. 14 ~ New. notel, Colon Beach= ns ae ee eS ee bese eae oie eens Nae es 10, 373. 52 . Sea wall from Pacific Mail Dock to Eleventh Street, ‘Colona 6,288.85 - sv arehouse Nearcold-storage- plant «sess. os. so. Soa wees ea cee eee ee ee 5, 975. 57 HochonsioneOl icra sw OOM eet ee ee ere ie ee 3, 998. 81 Permanent bridge over CATON MTL INO saree see is eee as ce tee eo een 3, 520. 97 Laboratory and experimental kit@hen> COMMISSAL ss. 2 co scces re eS es seen meee 2,429. 23 Washhouses and servants’ quarters for ‘houses 60, 61, and McKinley House, Colon. 2,173.62 Mamicipal stables Colon. sssce cece Soe de oe ae oe oe oe cess aaa 2,122. 41 Permanent beirigerating plant; Cristo bales. sess se so oe coe oo wee ee 2, 095. 70 SAIS tO Male MIAC WLIO ESUOPSes se ee ee See er, oe ere ee ee 1, 535. 00 Office building for California-Atlantic Steamship Co., Balboa.....-...-......... 1, 646. 56 NeweGepot al Gatun sscse ees ee ee Oe a Sea Ce oe ee eS 1, 238. 52 Four-family washhouse in rear of building No. 54..........2.2...2-2-.-0e- ce ee ee TAQ sok Storeroom-at: balboa Dock see ees So ae oe oe ee ee See ee ae 488. 71 Commissary ice-storage house.....-......-.-.....-. eros teen eine . 306. 05 | — 139, 861. 23 Main tracks, sidings, and yards: - Relaying track, Corozal to Panama, and part Balboa line with so-pbund rail. - 6, 674.18 Additional track on lumber dock, Balboa ee _ 2,681. 63 . Relaying track on tangent south ‘of Mount Hope with ee Pail ss Seas 1, 788. 52 Installation No. 10 trailing point south of Corozal...........--2.-2+-..0-..--0-- 546. 51 hone Se I O00 St New machinery and appliances: 500=f00: Com:pressor-1n-Cold-storage plant 2.5. Se es oe Sook oor eee ee Sees 20, 522. 47 rau rOAGs CNbG Niet sass See eee Soe seg at aie cen eee ts er ee ue 7,670. 93 RYO Ad ZN and DOMME MACHING:. ss. a. cco ees Se ee ee se eee ee 5, 000. 09 PCLewespike GrivVine MaChinGs 22 s.ciss ses os ot See see ec Ses weet ee een bam 1, 420. 50 New machinery, Cristo Dalsb a Rely 2s Ss ee ee te ee 2. 45 - ———-—— 34,616.44 : Real estate: 14:9 hectares land at Frijoles, Canal Zone, for new town Site Beet ena, Bese re as 100. 00 Voating equipment, ING WepllO bau Chicas Sr aes ee eae Siac Se oe os SO Uke She Paces 4,419. 21 199, 615, 02 Less credits for property sold and adjustments in Property accounts: Sold to the Isthmian Canal Commission— 3 INGw=pUlIDStablons MrijOleS 2o- i ca oa So ea a $4, 731. 92 Machinery and appliances.........----------++s-e+--e+-# eee ee 6, 918. 40 ——_—_—— 1, 650. 32 Adjustments in property accounts— AS Buildings: and: other StruCtuLres 2.3 == sss SS ee ee ee 1,129. 82 IO ATM QUID MCN bse. es ae Sree eee ae eee ou wes 0, 802. 32 —_—_—_ 6,482.14 18, 082. 46 : e : ne STE SU OVA be sc ete SOS a, soe pee oe ee eRe ner NE ES ee ee ae 181, 532..56 PANAMA RAILROAD COMPANY. ~ 41 EXHIBIT G.—Equipment and plant replacement accounts, June 80, 1911. Amount. Total. LI ne a A | ar Locomotive and car equipment: TiOCOMOLIVES oo oes as ora ee ge es ee ee ee $72, 172. 37 Passenger and baggage ct CORRS Sg ee re ere ae ee eee wire eee 28, 499. 80 BOX CALS yc css cars ccceec ts eo eee ee eee ow cwine ee gGa cated one wera Bee eeen 174, 899. 75 COB Cars corset sree ce eae eee ee oe eee ees oe eee eae - 11,342.99 WiIlAt GALS csi eo ee ee ear cee tn ans oe ee scans been een siete ieiecines 2,080. 72 EX PIOSS: CALS ees ae eet secs Wicca in ese se venee Cee ates sees ele eee ood.00 t= CADOOSG CAMS. esc eee es eee Cin eee ec Ss wae = an ee eee ue eee 3, 206. 92 WRetriseraton Cars cc eso eos oes panes oe Ue klcs Scene Slee ener Karate cece 4,224.92 StOCK Carsss Sooo ee 5 oe ce sea oceans Bcc eiern era Sates orepeicieee noenrere eee 3, 808. 79 CLANK COUS ae semace es Bee ae omen Scam ees Agate ae cara a eae erecta cae ais 217.44 SS DOCIO: CALS sisson ww eee eee Sas cee Be genera epee re eer es rip eee 306. 72 | WV OTK CG UIP IMO bias accor eee en ere riers eee wee wets eee 53, 194.08 ee : a $356, 960. 06 Book value.| Rate. Period. | f oa | Floating equipment— Pech. Steamship Allianga...... $018, 865. 87 624 monthses ase ee See 106, 367.52 Steamship Advance.....- 221,186.30 6 | 17 months..... $18, 800. 82 : DOs see ee 222, 928. 22 6 | 1 month....... 1,114. 64 DOS ere eee 240, 221.97 6 | 18 months..... 15, 614. 42 DOR ae: 243, 847.75 6 | 35 months..... 42,673.39 ———_——| 78,203.27 TUuoSBOMValosss sees ness 70,001.78 | Prior Jan. 1, 1906.....! 10,755.12 DOs eee ces 70, 001. 78 10 | 66 months.....| 38,501.01 | - —————| 49, 256.18 PuesP OOM kes ss 57, 942,53 LO cases COs elie ee ene 31, 868. 31 Lighters at Panama...... 139, 714. 85 Ae eee DOME Pas eset eae cee: 76, 842. 46 Lighters at Panama (new)! 18, 262. 64 TOs |e125months. eos ae ate 1, 826. 27 Floating pile driver. ..... 7,815. 53 Ibe 24- MOntaSas.. | eae recs 1, 953. 84 Plants: =e SAO BIT 80 Commissary— Refrigerating and Boo Storage: sesesc2 a oe - Seteeit00 nents See teen na cs KORY eee ae pO DOT OOS ss ees toe SOOs2 eee s slg cmc oi Laundry............. 4B AO OR dee ee ee 144, 840. 73 Miscellaneous...:.... AO OO Uslc ce alee ae Oye eee Coal unloader.........--. OAS OD sles es 2(-AWMONtNS seal Sess oS 43,717.92 Hotel equipment... =... -- 15,693. 68 20} oe IMONTHS Ss ercte oes 284. 21 ———__—_—_—_ 788, 842. 86 1, 492, 120. 72 1 As of ee al, 1911. Exurpir H.—Statement of asia railroad revenue, tonnage and passengers, Colon to Panama , for the years ending June 30, 1911 and 1910. FREIGHT. ear ied hier ae Poe = z Cae, ae pa ge Lo eR De my Seen Se ane ie ene ae = | | Tonnage. - Revenue. Hevea | | i | ii =| 1900 5 ee iol 1910 _| Increase.| Decrease, | 1911 | 1910 THROUGH. | oe ana orner = : : P tantic ports.....| 176,707 111,866) 64,9311... $431, 203, 80/$334, 508. 94|806, 784.86)........... $2. 44/82. 99 From Gulfports.., 23,612) 24,384....... 772} 85,816.99] 91, 126.20].......... $5,309.30) 3.63) 3.74 From Europe....| 123,291 110,518| 12,773|....... 441,335.50) 396,811. 72| 44,523. 78|....-.....- 3.58) 3.59 Total.......| 323,700|246, 768) 76,932|.......| 958, 446. 29| 823, 446. 95|135, 099.34)...........| 2.96] 3.33 LOCAL, ee Commercial... 139,145)131,983 7,162)... 333, 763.48) 839,009.10|.........- 5,245. 62| 2.40) 2.57 jan ana, Commission....| 691, 890/587, 483|104,407|....... 446, 199. 95| 626,665. 60|.........- 180,465.65 .64| 1.07 Company freight.) 23,825) 25,622)......- DELO [ce as re cer Lerner | oc sycrern are aioe | Seow oareles Total.......| 854,860|745, ae Oe 779,963. 43| 965,674.70|.........- 185,711.27} .91) 1.30 otal freight. 1,178, 500 901, 850 18, 704 eo 1,738,409.72|1,788,121.65|.......... 49,711.93] 1.48) 1.80 AY. PANAMA RAILROAD COMPANY. Exuisir H.—Statement of classified railroad revenue, tonnage and passengers, Colon to Panama, for the years ending June 30, 1911 and 1910—Continued. MAILS. Weight (pounds). _ Revenue. 1911 1910. | Increase. | _D& 1911 1910 Increase | woe |;CYORSe: "| erease. From New York, ....{1,687,100.|1, 543,000 | 94,100 |.......- $113, 010.10 |$103, 829. 58 1$9,180.57-).....-- : From Europe.......- 129870 | 109,496 | 13,444 |. 17,459.49 | 8,320.60 | 9,138:89: |-......- ocak: oss es 357,188 |. 207,054. 60,134 |.....-.. | 18,321.05 | 17,374.36 | ° 946.69 |/....... POtalkse Sees 2,117,158 |1,949,480 | 167, 678.|.......- 148, 790,64 | 129,524. 49 |19,;266:15 |.....-.- TREASURE, Value. ae Revenue. ¢ De- |: De- 1911 1910 Increase. crease. | 1911 1910 TInerease. pronse: From New York.......- $1, 046, 494 | $353,263 | $693,231 |........ 1$3,,017.54 |$1,080.71 ($1,936.83 |........ TOM: PULODGs 22.2 se ee 4, 142; 845 2, 003; LAO 254395 1200 |S oe ns ee 10,423.26 | 5,523.39) 4,899.87 |........ From Gulf ports........ 60, DOO SESS 2 ia 60, 0005 |. aee SS 2G2bs| ae eee 182; 253)5 sae ce TOCA Se ee oe Sen ct Re eee Se eee Totals: = See 5, 249, 339. 2,356, 382° z 892, ORE eae 13, 623.05 6, 604. 10 7, OUST OSs ce ce EXPRESS. Weight (pounds). _ ; Revenue. In- De-. |. In- De- Toh 1910 | crease. | crease. 1oet 1910 | crease. | crease. LOCAL. Comercial Sees eee oe 1,348, 735 |1, 310,054 | 38,681 |... 2-2... $8, 818. 76 |$8, 796.20 | $22.56 |........ [sthimianCanal<: =. ses: 768, 430 570, 271 198, 159el See Lf OSc008| kh. Coase soc ou oe $114. 48 (DG bH so eee 2,117,165 |1, 880,325 (236,840 )........ 10, 557.42 |10, 649.34 |...2.2.- 91, 92 BAGGAGE. Weight (pounds). Revenue. In- Desc4 In- De- 1911 1910 | crease. crease. | me) a erease. | crease, From New York............. 115,953 | 99,531 |. 16,492 |... ...-. $2, 200.73 |$1, 997.04 |$203.69 |......-- Hromburope.. 03,905:| 96,631 | = a: 2,636 | 1,879.90 | 1,932.62 |..... -.-| $82.72 From New Orleans: eet ee Bots eee ee SOs | Seeks Os( Aa ees ee 63 Alger ele Local. Best aoa ee oe a eee 2, 034, 682 11,828, 295 |206, 387 |........- 15,4237) Let 3 8 eee 1, 990. 26 ———————— ee OS Oe PANAMA RATLROAD COMPANY. 43. Exuipit H.—Statement of classified railroad revenue, tonnage and passengers, Colon to: Panama, for the years ending June 80, 1911 and 1910—Continued. PASSENGERS. i et ies . es sa es Number. Revenue. Tn- De- 3 Tn- De- 1911 1910 crease. | crease. 1911 1910 crease. | crease. From New York: ee PITS hiGlassim a. Sa. 3,621. 22084 Ledeen ek ete $12,680. 38; $9, O55. 99 |$3, 424.39 |...--...- Second class....... 112 LORS ee 508) <* 480.15 6988637 \2oa52 & ala . b218; 48: From New Orleans: as : HATS hi Classacssts ae 59 38 Dil se os a 377.85 237.25 140. 60s\e222 22 ae Second class......-. 2 Sales toa ee 1 9. 004) = TY 25S eet ee ae 2. 25- From Europe: BUTS tHCLASS fase 22 se 743° SS Aries ce 141 ASG11 86> |=. 5 446: 09: ae os eee 834. 73- = eons ClaSS:sasese 339 312 Divs ee ctces 1, 422. 42 1,353. 09 69538852 ce oca, AES G-ClASS a.-cse eos! 3907443.-|--3L05 011-1325, 4322 a 139,389.13-1. 142-380-8121 22 oo. ee -2, 991. 68-. Second class....... 868, 4380: |= 8635398 | -5;0382-). 25. 1ST 310308 Je 208, o20e00) | aun a 20,950. 91 OVS eae eee 1,208, 749 11,177,101 | 31,648 |.....- @\5040, 340, 01 100.1, LOO LOn i cmenc eee 21,3638. 73: Statement of classified railroad revenue, tonnage and passengers, Panama to Colon, for the years ending ‘June 30, 1911 and 1910. FREIGHT. Rate per Tonnage. Revenue. Ge In- De- In- De- 1911 | 1910 | Grease.| crease. Bek LOL0 crease. | crease, | 1911) 1910 THROUGH. To New York and -other A tlantie ports-|171, 062) 94,291! 76, 7711 ...----|$808, 851. 66/$231 , 592. 98/$72, 258. 68}. .......- |$1. 78|$2. 46- To Gulfports. 2... - 4. 270 af 4, 298 eee te 7 249.19 149, 21 me 99508 sie eee: 1.70} 4.00. LORUTOPOn 2 2 = 67. 739| 48, 089 19, GoUles ee 207,998.91) 166,691. 92) AL 306 :99|2 esse: 3.07) 3. 47 To: Colones 397 83 SiA eee: a t 154. 80 291.74 2963. 06\2 5 2.90) 3.51 Potala: see 243, 468)}142, 500)100, 968)... -.-- 620, 254. 56) 398, 725. a 28s (iuiee ere 2.14! 2.80° LOCAL. e | Commercial: Balboa—Panama .}. 14,440) 11,900) 2,540)....-.. 219. 08|2 7 Oslo Olt OOO seit eee -5OF 251 Panama-Colon ...| 19,094) 19,773]....-... 679 71, 893. 77 72, O2B A322 Bore oe $727. 96) 3.77) 3.67 Isthmian Canal Com- NTISSIONG Sas ee 91,944) 97,974).....-- 6,030) 60,406.25} 106, 979.90)........-- 46,573.65) .66| 1.09- Company freight... ..- sb DAB QUA BL Ol ee eae a Stee ess See ie ee aca ere oe) See ne RO Gass Ses 135; 002/187, 861). <2. - 2; 6a) 139° 51360 ASh 4240445 46, 210.84) 1.03} 1.35- Total freight... .|378, 470 280, 361) 98, 109 See See 659, 768. 16 584, 450.29). 15, Oke Oll oo eae = 5 «|p belA 2. 08. MAILS. | - —-s Weight (pounds). Revenue. ; In- De- | In- De- 19lt 110 crease. | crease. 19u1 LOL) crease: | crease. | ; ; Mo New Yorks. -..-| 124,075 | 168, 521 | SE on ade 39,446 |$6, 804. 27 |$8, 741.48 |..-.....-- $1, 937. 2B. EO WUTOPOs 2 2225.0 53h 5) 0382 4, 863 GO0s eee se 623. 70 404.95: |. $218.75: |....--2-- OCA eee ee cs 316, 998 221, 96651.95;032 yo 13, 917. 67 | 8,970.70 | 4,946.97 |...-....- —. TS | — |, | | |. | —-- OOO fs 44. PANAMA RAILROAD COMPANY. Statement of classified railroad revenue, tonnage and passengers, Panama to Colon, for the years ending June 80, 1911 and 1910—Continued. 3 . TREASURE. - Value. Revenue. | In = De oe In | ‘De YLT | 19Lo crease. | crease. Toul 1910 crease. | crease. — To New York........... $1, 730, 583. | $1, 751,305 |........- $20, 772 |$5, 757. 46 |$6, 561. 72 |......-- $804. 26 TO WULOPC sa. oe steee ke 2,074,721 | 1,923,171 |$151,550 |.....-.- 6,600. O01 | 6,420.34 /$179. 67 |.....-..- To Gull ports ss 2 D200 esccs ook 2 200s|S esos 8: 64c ieee oe 8. HoGalS see te eee cc loae A0 oe oe lee eee SURE as Sato we Se ces seal Soewe moan [Gao cease |= sae cele came. Potals coc ess 3, 805, 254 | 3,676,676 | 128,578 |.......- 12,357.47 |12,990. 70 |......-. 633. 23 EXPRESS. | Weight (pounds). Revenue. . I D I D n- e- n- e- 19H 110 crease. | crease. 191L 1910 crease. | crease. Local: : a | Commercial....... 2,980,822 | 2,775,935 | 204,887 |.....-..- $16, 214. 53 $18, 625. 65 |.....-.. $2, 411. 12 Isthmian Canal...| 720,715 478, 832 | 241,883 |......-. 1,655.14 | 1,742.71 |........ 87. 57 Potalioss see 3, 701; 587 | 3, 254, 767 | 446,770 |....-.-- £75869. 67-| 20;-368;-305|52..5- 5. 2, 498. 69 | | BAGGAGE. | _ Weight (pounds). Revenue. SS : a De- De- | = A9iT 1910 =| Increase. erence: 1911 1910 Increase. Grease: To New York..-..--.. 3, 147 10; S97 Sse 7, 450 $43. 69 SOS RID eee $54. 43 Local ss 2,085,718 | 1,966,661 | 119,057 |-.----.. 16,365.21 | 14,921.16 |$1, 444.05 |---...-. Roi 2,088, 865 | 1,977,258 | 111,607 |..--...-. 16, 408.90 | 15,019.28 | 1,389. 62-|.......- | PASSENGERS. Number, — Revenue, - De- : - ‘De- Agit 1910- ‘Increase. Crosses 1911 1910 Increase. renee: Saale eG ae es es tags aad | ae eta a EN Ses Degeoa aim eae eed Sap eg NNG Seams naeood | em Reel ee mE, To New York: ) Ea UTSE ClaSS oc. 3,231 2, 038 g ES OR te eeaiereees ee $10,727.78 | $7,763.96 |$2,9638. 82 |........ Second class... .. 346 | — 6204s ce 174 1, 486. 15 2 Gal. Bosleeeceern es $835.18 ‘To New Orleans: ; ; : Coe = EIPSt ClASS.22 131 66 G5= tet s 820. 61 407. 87 ADS Ase e oe Necomd Classi isc ee AS ss Qi eS Se ts 8/002 cee 18. 00 To Europe: Hirst Classs ose. 832 548 284 4,561.94 3,159.07 | 1,402.87 |....-... - pecoud class... . 158 143 LO Seeeeeee 635. 03 597.90 Bi51d"| coos ous cal; = First class...... 802, 628 311, 519 |- 41,109 |-..2...: 140, 857.93 | 144,309.71 |......--.. 3, 451.78 Second class.....| 846,079 | 735,630 | 110,449 |........ 181,556.44 | 185,779.74 |..-:.....- 4,223.30 —_—_——_— | | | | | otal: = .| 1,203, 405 | 1,050,468 | 152,937 |........ 340,645.88 | 344,357.58 |...-.....- 3, 711.70 PANAMA RAILROAD COMPANY. 45 Exursit 1,—Statement of railroad freight statistics for the years ending June 30, 1911 and 1910. 1911 1910 GOSS TOV CU C Saison ee eae eee Dee os woe eie Se ene soe weee cee airs $2, 446, 618.35 | $2, 427,829.00 Freight-train mileage (including all mixed-train mileage)..... Seite eta pica oe 235, 534 500, 434, Hreienb trains per: day: pelle: OL TOA. menos se cles ae cece een ee ee ee 12. 98 11.04 Woaded=treight-car muegee acs. eae. ee owe oe soe we nee Sent e eee eee ee 2,797, 069 2, 435, 029 Empty ele bt ealemitleages 222 rea eter weitere teat sewn sae teense 1, 210, 114 1, 124; 093. Caboose-car mileage Gets oe eee oe ee i a oe wen are aa em ome eemee 205,001 |. 184, 505 Total freight-car mileage (including caboose)... 2... sc cece ccc cse eens 4,212,184 3, 743, 627 Percentage of loaded-car mileage to total fiche mileage (including ca- at WOORO) sine erate oe ae cee eee See pee St ae ae cae eae 6 Vas Sel tome eres 66. 40 65. 04 Loaded freight cars per train........- Bite eee ese a Seve sat nese eeae eee: 11.88 12.15 HIM Piy ireisit- CARs per arainw seco. aces orcs ee ew eee ee ete ce 5.14 5. 61 oaded-and em ptyreig ht cars-per train | se se oo oe oe eee eens see ee es 17.01 17. 76 Pons-ofturgush:commercial rere Nt e. 4. oe ease en es Meee eee see 567, 168 389, 268 Tons of through commercial freight, Balboa and Panama...... Sens eee 14,440 11,900 Mons of local commercial freight. -..... 2.3.2. 52. 2.2 158, 239 151, 756 Tons of local Isthmian Canal Commission freight .......-.-.......--..-+---- 783, 834 685, 457 TOnS-Of- Company Weigh tis. <5. ee ae Sees Ss eae ee Se ea ewe cee oe 33, 349 33, 836 Tons of revenue and company freight carried. .---.....-2-2...2 +222 ee eee 1, 557, 030 1, 272; 217 Tons of through commercial freight carried 1 mile. ...2..... 2... .2-2-- eee cee 28; 209, 580 19, 358, 297 =“Pons of-local:commercial treicht: carried Jemile =< S25 2 oe See oe ce we 6, 406, 166 40, 234 Tons of Isthmian Canal Commission freight carried 1 mile.......-......-.... On 381, 124 18. 248. 893 ‘Tons of company ireightcarmed Lanule~ 2 o2o- sean wee nea nina mene 938, 963 981, 178 Tons of revenue and company freight carried 1 mile....-........-..........- 59, 935, 833 44, 208, 602 Tons in each loaded car (including company freight)..................-.-.-- 21. 43 18. 16 Tons in each loaded and empty car (including company freight)............ 14, 96 12. 43 PONS 10: CACM GPO 2 os ee oe we eee ess ee ss ea ee ees eae eee 254, 47 220. 66 Revenue=perireight car per mile 2s Ss Sn ee cic ee meee $0. 5808 $0. 6485 Average miles each ton of revenue freight was carried.......:........-.....-- 38. 72 34, 92 Revenue per freight-train mile. ...5...5...2.-2--+25 Bernie cee ee eee $10. 39 $12. 11 EREVEHUS pPer-tOnOf TeVeNUG-Irele Nts acs a5 a es oe ee ee eee $1. 61 $1. 96 INEGVEGHUC Pers LOM = pels Os oe ree ree ee eee ee in ee wae cn ee eee $0. 0414 $0. 0561 Tons of revenue freight carried 1 mile per: mile-of road ses 232522 es eae 1,186, 344 869, 645 reight revenue per mile Ofroad si sae ce oe inte en ee tie me aegis $49, 198. 04 $48, 820, 21 Estimated loaded cars in each train........--...----2------ eae eee - 14,88 15. 41 Revenue-freight: engine milesge=. 2 oc2s oso oo as Se ow bw nee ve we isco 252, 936 217,791 Estimated loaded cars hauled per revenue-freight OnPin Owe ee ee ee 13. 86 14,18 Tons hauled per revenue-freight engine............ Bi ora Seriecanal 236. 96 203.08 ‘Exursrr J.—Statement of railroad passenger statistics for the years ending June 30, 1911 and 1910. 1911 - Gross revenue (including mail, baggage, treasure, and express)........-..... $952, 724. 32 |. Passenger-train mileage (including all mixed-train mileage)...........--..-- 158, 405 Passenger: trains-per: day per-mile of-10ad <2 <3 52s 2s Sa ee eee eee 8.73 COACH rat] Ge Ceara aera ee as creee e t eeaae 1, 007, 184 “Bargace, express; and amail milease@:222 se 2 es eis ws ces sees 200, 477 ‘Potal=passenger-car: mileage. cise. neo cae oe oe ne Soon ee ea ee 1, 207, 661 Passengers carried --....------ Site ieee Rie ee rt oe ea ene 2,412, 154 iPaSseneers. carried: Limi Osos eee ps ee ee eee saws ce oee ees 28, 185, 118 Average distance each passenger carried .... 2.2.2... eee eee ee ee eee eee eee 11. 68 PassengenrssimcaChatrailiarc . ‘ ee SECOND—COUNTRIES OF ORIGIN AND DESTINATION. 1911 1910 Increase. Decrease. ee COLON TO PANAMA. Per cent.| Per cent. MHMOr Pan aM an oni se ose ee eo ee ie ore 921, 968 811, 853 132963 2oe eae “For Central America..-....-.- Seat Ie ta Ree mes peice eae rae 47,039 38, 125 D823 8 |e eee MEGI SOUTD RACH Oe ces ues ec tea acs ume Coed meee : 116, 914 _ 92,984 ARS RPL amen ears. MOMMA REANCISCO sis ota e noe ea ee ties cere Ue 98, 067 48,271 LOSEIG sis eee HPO? MOXICO... 5.2.25 e2 diner ee ss Sa ee 572 6235 ee 8.19 ee otal ec ee te 4 A;178,500 |e 001,856) Sar ee cae PANAMA TO COLON. : ie | uBirgiat Panama a0 sees Seen eae ee ee ‘ai - 189; 159 142 540 ee ee 2.37 From Central America......... ERE ee ae es : 33, 635 de ee saTOM SOULN=PACINGs foot. aie eee ce ees Pie Soe te OIG OLO 83, 754 AL 68: |2-ssek Seas S SR TOM San NTA CISCO:sese see ee es se ea ee ee 117, 658 - 84,055 DAS ADE ree eee STON! MEXICO 2ciis Siw iste: Scns ceases ee AN SSeS ee ee 348 339 WOOT cee eee otal 6 _ 318 470 | 280, 86h | 8400 | Total westbound and eastbound ..............--..--- - 501,030: | 15.272, 217 D2839 oes aes ‘EXHIBIT M.—Statement of steamship line statistics for the yeu ending June 80, 1911 and 1910. ee eae | “ ee TONNAGE. mt 1910 Increase. Decrease. Ships. Ronn. Ships. | Ponnage Ships. Tonnage Ships. Tonnage carried. carried. carried. carried. Panama RB. R. ships: A TELVOM sn es 29 | = 47,649; - 29 Be4Sl eee LoL OS OES Shenae rete |e aeoeret Nalled= sn eres See eae 29 51, 910 30 Bootes ee eset. ee 1 6, 938 * Chartered passenger ships: | ATT IVCG So ee ee 52 | 128,454 51.| 66,461 1 GU903 72a eee ee Sailed eS ea ee — 60 | 3810, 426 04) + 202,819" 22 oso AUOOT Ae Sa BO Nee ase Ota eect eee 160 | 538, 439 162:| 425,559 |..--.-.- 112, 880 De ee Total freight revenue. . 2... - $1, 255, oe 00 oo es oF QO se reas eee $2 773.99 ia O8 Average rate per ton.*.......- 2.33 LS OOH cere tec ee nee PASSENGERS CARRIED. - 1911 1910 Increase. Decrease. a Passen- eae Passen- | a: “Paston: - | Passen- Ships. gers, Ships. gers. Ships. pers, Ships. cers. Panama R. R. ships: Arrived = =. ech a= 291 1,963 DOO NG eee ee ee 2148 Salled. See cee ee 29 1,995 |. 30 QeATT asus ees |e ae oa ite . 482 Chartered passenger ships: SATRINGG erator pee 52 5; AL 51 5, 056 1 GODS | Gees eee Dailediss. es eee ee 50 4,785 52 G5 O7On etre aren ee 2 2,191 Total See ee sie 160 14,154 162 LOS Ol Oe sees oes 2 2,461 Total passenger revenue (in- cluding excess baggage).... $341, 934. 49 $368,910.21 |... secs eh Serres $26, 975. 72 Average rate per passenger... 24.16 22.20 SLO Gs ea re peers AS ' PANAMA RAILROAD COMPANY. Exuisir N.—Statement of locomotive and car equipment, June 30; 1911. Loco- : mo- | Passenger cars. erent Miscellaneous. tives. ae ai) 6 F E S| 3 . Bisiais o A » Q . fa & my | hd e 2 @| [gl fe g| | Al lal Sissisisig oO Festc{save Res : 3 ©} Q a 1D Bp 8 ales /Sa S18 (5) El els SE SIIB mo 8 PS} S [451 S| So] Sle, ; : | Stal Side bos |B BIS Shei SEIS ase 43 4 faleiSislsisisislS SiSisisisisa Binlmimimmmamad| © SmAOmE mole OmmolO les _ $§tock on hand June 30, 1910..... 41} 27| 5}. 122/21| 2} 6) 2|-1,088]41|23} 4/20] 2] 3}20/12/200|76| 2) 2) 1) 1\22|19: . Destroyed during year. Sees |e 5}. Soe echoes ler DAN S| ST ET EST CRS | See eae (pad elses fee | eh oc es HOCOLVCd GUTIN Os) CAlnen Se aa ele eee dete [ae OL es he eee eee ee eect ened eet teres Changed from another class. - ..}....|...|.-| 1j.-| 1|--}-. |. OT SS ee Se Sea ae tear Changed to another class........|....|... SDD deals S| Se ae to See I | 2S ed eel cee ee (ere | erate cee Stock on hand June 30, 1911. ..-. 1 41}122) 4) 1121/22! 2) 6} 2/11, 018)41/22) 4/16} 2| 3)26/12)/200/74) 2) 2) 1) 1/22/19 1 In Isthmian Canal Commission service, 24 locomotives and 134 cars. Exuipir O,—Statement of floating equipment. es Passenger accom- G 3 modation. Name. TOSS | Length. | Breadth.| Depth. Hall. tonnage. | . Cabin. | Steerage. Ft. in. Ft. in. Ft. in. 23. 9 Golon. Steamship Allianea...-.. 3, 905 336 0 42 0 TiO ee 208 | - 20°. Steamship Advance......| 2,605 295 6 38 4 28a ae dose 91 26: Se Panama (char- 5, 667 360 0 50 0 $222 Steel ee 231 14 ere ee Colon (char- 5, 667 360 0 50 0 Oe eee ee dose DOL 13 ered). Se Anecon (char- 9, 606 489 § 580 PSOE ee 16S 110 63 ered). Steamship Cristobal:| 9, 606 489 5 58. 0 B26 Oa a do 110 63: (chartered). Tug Bolivar, at Balboa. . 234 1d ae 9-265 11 0Ne sess ee ee ee ae Tug Phoenix, at Colon... 161 112 0 24 0 12 0 Conner shoguicd (= eet os Pilot boat (40 horsepower 43 Boe-O 4-6 4 6 000 eee gasoline), at Colon. ~ Pilot boat (12 horsepower 2 27 0 7-0 2 OF sae G02 Stet See ee ee ees gasoline), at Colon. = 8 freight lighters, at Balboa 250 116 0 24 0 pe Oe PON Se ea |e eee DO SS 300 120 0 24 0 80s aes CO re fe ee te ote 2 freight lighters, at Balboa 300 116 0 24 0 S02 ES tele = Se Sess eee 3 Goal lighters, at Balboa. . 300 120 0 24 0 S220 SION ogee eee ee ee 1 coal lighter, at Balboa. -. 250 117 0 24 0 OSes GOs ee ee es 1 coal lighter, at Colon. ... 250 80 0 30 0 10 U2 Steels ee eee 1 floating pile driver, at }.-..-..... 71 0 30 0 Gas Ss COs a ee See Heesurer S 2sruNvs 3 Mer LocolAvatter fw Moré A2en: Traveling Auditor 4 Hood Chief Clerk L492 DUlF ; Ao llenr Asst Bret Cler& AC HEM GUES Accounts faiyaee OSatwala tHE? uusheceivaale 4F lead | &Mer . Chet Fay Kolt¢. Coupur Clerk AL Red 15 /7ER Fed Feceiprs &- Ota Socounrs IRAE ACHTE- O/7eR. VithetAccousar? 44F Oars SMe7 Noterial Clerk WOME 2fen Viscelaneors 6G/E7 Syptll? B Guarlers Ton Murphy S$t/Ven QW ADANS.| |? FAROGERS. Sbeshing lei. 2B ten, Benniiglon tiie Bn Quarters Colon 16 » Garracks nu 2a. Barracks Gatlin F « Guarlerslenatid. Bo - Ger, Cowese/ Cashier L077 Warland 42 (len FORLNE AS8P Caster BA AlMArO 109277. Ce/er7 Fey MASAEr GE Mohr 2 En 7eller BS Fenne/ +lfar ( Book keeper ; Clerks A OUWKCCCTESSELGEF. 44FA.& FC, Baleae ASHE Hover 1310 /7e7 hie? Clerk A S.biks 007. O*tiee 3F S7er. Whart Sup TH Clark , Wharlinger 4B Shiieer 6/arencn 1/254 (Yep, tig Bativar 13/727 S. Doe. 257, 62-2. Vice PRESIDENT E.A. DRAKE. SyorAllaitic DY, Operavaors TE MET 1 Time Keeper _ Gang *3 oreman Fh Servic “4 Men Supervisor of Wink Lines Jorg tipo MIF EME Stain Line 6/7e77, Shap lorena GA Gorter: 4 Map Cristobal & Clon 4h Ligh Mireme A Ser. ratte (aspecta MF fenke/ Core:2a71, CE bids : 23 /7ar. (To face pages48.) . No. 1. WMHOSS BOTTOM, RA ANOALL WORK. 232/727, oe |___feeee 4o ag ; Mice restate: S/7E7?. Supr 7éel&7el, 4.8 Aralz 237 /7e77. Chief Clerk: Geo Dawes Oice 3 (7271. Stor Crtral QV Cz. Bleakley, (ea harge Mai & Gh Uespectors L£U0E 7217 234Er, Qeraters 46 (4277. tiimekegper Gang 4 ares APEC (314 en, General foreman 42 Mocgan (Cable Foreman / Iaycecter. 2 Wirseren. oA AX i Potcored tine 64-Mer, | Axe aR A LIA 16 ER Stor Facific Lity QOL Granberry fispecrors LIEN C0? 2/1en Qperarors. 72 (lez. Gang *2 € LYN ning : Geren. Weremern Ser, Crave Gperatars ellten. Pareman ©. SUsC8. 22 Mer ‘Timekeeger (lastecor Transparrarion. 4 &. STore, 2U er Chef Clerk AP Slewarr: Office Glen. Gen xarrnaster Caen & Criskoba/ HBR Er S719, Yeramaster COW. COMM er 2//7ER ara STEP CTI SIOLY OW Heald 34 /7ar7 Sanna Babar: WH Baa 19 L0€0. LNGI9CErS 19 CoMEaC/OrS S Boggagemen - 34 Aajemen 18 ¢/aggnen, Cher Clark. OA. Vallarine. ice SIE, EXHIBIT F: C.BOGGS. . 0.0U.8.GAILLARO. | C.ADevaL, G.W.GOETHALS, | E.A.ORAKE. HF HODGES. | C.R.EDWARDS. R.R.ROGERS, MTENDICOTT. H.H.ROUSSEAU. O.H.ERNST. WLSIBERT. E.Y.WILSON. PRESIDENT CULEBRA. CZ. ‘P” PANAMA R.R.CO. BOARD OF DIRECTORS, Cor. Geo.W.GOETHALS. Chie? Drsporcher LB MTAGGIATe 88Ner, C7%ce Ble Agents 79 « Dispatchers A ~ Vek Ospatcher. CU Marlirap) ° “ EF Orr . ES +rrscé, local Ager? 4.5. SU8SER 77 77ers. Fenda, Fass, $72, Agh Y Dit llar gov. 7 (Ie. Chiet Cherk Asst Chiel Clerk Whieelorce #3/1en, GENERAL SUPERINTENCENT WA. SMITH. S269 Men BEFA EFPE, Coron, OM Bergin, (292 Men, CAtef Clert SC Angel Office 16 (er Ouphof, Slereaocing, RA Fb lh COV aR SD laylanid 423577272. Chel Crerk , PE, Cruch/ey, W4%ice F/7e7. Pot AConsloatine Fhoaliig EGU O01ER? kg Phoenia Ue stlaattch 2 xn OQ slirch. Rreman Bis VEA Kalish. ] 22/ Men, Oistrrct Foremars. Dif 2 A. orion, 992 MER. Loca! Freight Cherk a Charge. AC WOLTE?. 24 er. 4assqt- Baggage Ond Express. Station Agev?. EL Hubbard. 12 (772. Steawstyaiicket Ager £6. Boor, Oganzatiop as of Supe 3Q 19717. 4.4, FROCK, ? Beveriey S2gr Of onsh 77 MP Waret. 200 eer Secerrésar BB. &. Shay hack 497 1G C72 Spec Fveman 611460 ‘e 00D aes SS Lagi, WH Bedel/~ /2Men SS Perkias /3 1 ASSL ENG TE VA Laforve 77 « 4, A Neechaw, 4itras Engr 22NVern VOM A OPEL. ; Gualitied Engr + Ligh AE 1artS. COM Cau. eacer CASA. Qualiteee Candicher Trstmna. G 0. Caogpe. VU Sessions, * AT Aenyor. oar GE Thamron ingiee ENGI ELFEN, pial Canals Fler Hasifer: Us hing. 1 Capt Pareince 4 Aen (foremin 28 #, Z ” 3S... § fom 74 «, lag be Hayne: Mais Cee, LEE Ly! 7 Psion \ast. ML, Fiske Tatas GF. 4» 20 « Jian AO. Ao" 2F « 4” 27 « pypector S&S, dee 42 + fia 2) a PM Bales eae 33 Vis 26. COAsTrUchiGn eens fetal Ospvartnern? MPS /ZECTOT trearrk Floyd Asst lyoector. (Vacant FO4 MEA, Kelas Stores 17 Charge Of Storeki ws. Listohal kerath Hore 53 /%Cr| o"’ViceE PRESIDENT: (tT Coc H.F Hooses. U.S.A. PANAMA RR COMMISSARY DEPARTMENT SUBSISTENCE OFFICER MAJOR EUGENE. 7. WILSON UGA | ASST, SUBSISTENCE OFFICER CAPT, F.G WHITLOCK U.6,4. JOHN BURKE. 15435 MEN CHIEF GLERK WF SHIPLEY, Orricc 7OMEN. MANAG tA . loy¥ice fonwer Plant Wanilacteting +7arrs Cuypert#/eraan? OS Werte GIWIE7 Wagon ltt, 14 4SSIVC? Coffee (Nati UF LRG CE (Coffee easter Clitef Engineer #Medgrs. 3/68 /¥e72, Chief Gletk C.W Lee, Office (9 MEN, WN ANNAN NS ANAL Nombre We Qia Supt of COs: ME Conpolly 1802/77. Qalitied L7grs. 4 AV CLG7 FE Qevaro LA ROB CLISO8 Cvalfed Conauctar ~AMN MNWiike Ungual Engrs OME) alCopars 2 F467 / her A. Grea Fx + horecnar Ta/a/ ZAe2 “. Crear Stag Ys LO (secant) B3er7, 2 (1E0 KO. Saar MEK ENG IRCET (Wacans) 72 (7E7 Ace Cream Flat Ace Crean Taker 8/7202. Kaw lat sria Sle 4 Store Kegper- 39/727 Lawary Line ai ynoha Hoe 4. FOCCHHA Cuyperizteadant 137727. SES CTC, Chief Drape sire Dack Engr OG libby GH. agg. 272 Men, Office 9Mfen Veries (2, ". festler ft. Elio? Cent, fareriae. CGkAMleerls . V7 CR { SARA SNS SNS NAN > ny s ~NN AN RAN Sypervisor PA Fahey - ” ffow, Supervisor ” FO * WE MK Core ‘ M4 MEL. Nt 4orenaa 36 7762 co BG e. Puolited Exgis, doses “iw Cou & SAL He. re Se 4 8. Thompserd Goes Qualired Condr Gea Bikthaher? 2 /4en, : : Genl (arena? Engrs. 6/4Ee.\ a MT hvara es: 2 ver| | Nelepal Clerk AOE? p : CY (foreman. 2704¢R Qn | Wide Sale Devariment | Gevera/ Srarekecper Bor lk iiyita 32 Wer hiacsale Stores. herehouse SANG Quggaods 72 ~ } Grocery Siar Hardware FS w« S008 ¢.Shoes Jon , Selon ery §- COTTE. ene Toa) §4-», heonrhns Ory Goods Stare 7Me7 Cola Storage Fait Starekegper.. CB Fastin - S00 40n, éngr of hank 4 Za0k 862 Mer, V0asle7 COLDEATEF YOY SIAGEr 320/7e.7. Gent foremar? . MK CaY2ETS 2/7 Ven _|tForemaa (0/760 4 4 4 4 / 4 4 7 7 ” KEVISOF: AA Stewart 7/727, s d fasirunent man ; > ap Sor oe Ken tte Ser, 23 Nev Nea FYEMAP AMAL T 25 (e73 1 fearerien +) Mer 47 «8 ef Genl POCEr7Gi - JS 0, MOH enTé, SS LONE LR a} 4S | ie see . ‘TRAITS (Bay Aen oe Wechariical Dep. Chef Clerk BL QaWSOr, S41 Mer, Office 3/ter. ac Leute Brovee |heist Gea foreriai. . §+ABel/f “372 Ver. Car lspectors. tf Butler 12 /6e0. RI Wh ha@ker hs Brown Hast Plant Qoeraror in Charge. YP Dovelt - 166/7ER. found House Cristobe > foreman MA Reade 4836 Mer, Night Hostler 4 @ EXHIT OF COMPARATIVE STATEMENT a i Tc a SS a it mau ST “TN A TMT S888 S55 Se 8a Eaede a NI — jojo = = FAY FOLLs, FOR FISCAL KEARS ‘G10 2 LSS. on ROT Te HA ----~-/909 OPERA TING b EXPENSES OPERATING EXPENSES. JONS HAULED ONE MALE. TONS eo Que NT 6, 000000, 1S $540G000 ; LOO $6000) (To face page 48.) No. 2. S. Doc. 257, 62-2. EXHIBIT R” | FREIGHT, PASSENGERS VENUE = and MISCELLANEOUS te po Harbor ~ lerrnal Lf REVETIUCS #Y/5, 58 , Gorm $2aggagEnKE IFEASUr EN ercial Freight . Uy 1,478, 7002 | ‘ Yj Nj oreg% Mail LIN Yj , SS S yeep. Ly, 10, fp jf Wt ff EXpress K C60, 165 S i he of ee PASSCIGEr. © 558, ASE : 36;.650..79" |osecsu cee te Air lines... .-. Reale ae SS Ges i iy ete Rhee ic cess oe [clare hee elites L216 40e[s ees a Wiaterilines242 se bee Se es ya soe cka|in aoa eae a eo asc t= = 5 mine ac pie OSU. aa alislerts wolweni eters Division expense.....:.-....--------4+---2 22 -[oc ees eee ete e[oee eee ose Wi SB0ND feiooee was cece OCA. oe eS eg oe Reece oc eel her: 395583500) | Sa eee esse. Caissons, 4-foot diameter— : Pee : Hxeavation in caissons:. 222-5. ¢s52022.-2 62-2. Cubic yards. 3, 603. 7 8, 892. 41 2. 4676 Steel cylinders in place. ..: ..22..- 522.2222 t. Linear feet..) 11,151 88, 427. 07 7.9300 Maintenance of equipment. ....-. eG ieee. van Meee Gl Omeeas 11,151 5, 158. 54 . 4626 Division Expense......- Boe eee ese dozsc3: 11,151 2,176. 09 . 1951 Mot es do ae iyo cd ena 9. 3852 Concrete in caissons, 4-foot diameter— ~ Cement. ..-- pee Sele eA Scniie en ins ogee tar Cubic yards 4,410.6 6, 883. 64 1, 4474 Gravelies sos: de ke Ott tes Mare Ae cay eee Cae doeecc: 4,410.6 1, 820. 85 . 4128 MERA Oe eee ta eke on cis se ae SEw eS hce dongs: 4,410.6 4,146. 91 9402 Placing 25. 2.22: ee San Ps ean re eisai doczes 4,410.6 2,575. 49 . 5839 ‘ Reenforcing iron........--..- SS a eat dow! 4,410. 6 2, 839. 38 . 6429 Maintenance of equipment......-.---.--.----|----:d0..... 4,410.6 660. 33 1497 © DIVISION OXPOnse: 0s eee ee os lee do.-... 4,410.6 795. 79 1804 ; Ee Motale een ee as ee dow. 4,410.6 | 19,218. 39 | 4.3573 - REPORT OF THE PANAMA RAILROAD COMPANY. © 23 pe TaBLe No. 1.—Cristobal terminal docks—Continued. STATEMENT OF CONSTRUCTION EXPENDITURES TO JUNE 30, 1912—Continued. Unit. Quantity. | Amount. | Unit cost. Construction Docks 15-16—Continued. Conerete superstructure— ; OLIN Fe sie A es nen Ae Roatan eg Cubic yards. 79. 5 $666. 42 | $8. 3827 COTS eS a es eee Sts eine tae Obs 79. 5 127. 47 1. 6034 Grae) eM e PN ee Nate ei tiae ere tad eS tears dozeeee 79. 5 36. 33 . 4570 BS WhO See nee Na co Re Da ie eee ree poral ra doztee 79.5 96. 80 1. 2176 PQ CIIN OR ee CNT es eee ee Se ure ence eel ater dOznees 79.5 148. 35 1. 8660 Division expenses. hk. Mi ee ee eee | Mrs do... 79.5 54. 40 6848 otal See See ke dOz.2c2 19.5 1,129.77 14. 2110 I beams— TE beams insplaces 21.2! Pounds. ...-. 212,610 3, 503. 35 . 0165 IDIVASIOM OXPCNSOo 2 Loe Arse te ote eet eon ol Sees does 212, 610 39. 50 . 0002 PROCS ae Se tesa kA 5 Saree Nien ee aeee 2 dOnt: 212, 610 3, 542. 85 . 0167 Permanent track— Track laying and roadbed.............-- scene fac eea ae eters arash a faded tee eearas SyOQO Me ite ae oes Rails and astemim gg seas aes ee ae ae | hae Seema Satna entrees ine 1, DOI OG lie oe paces: PAD GIIASU ede eel ere Re Ag ae ax Salteiehnn apa gional ae ea a eieeclars eek eeret (iad SAR 24 ee eis Maintenance oequipmenticc ce 26 ee eee eer a ee DOU eens tee ‘Divison! OXPeCNnSewes soe. be hee ie seein, Seca a ersce nal eee eaters teicl| ce fy 280s Oa ec tees ee EO 0 Iyer da er RN she ews le eA EON BA SOL Obes Abutment wall— MPxcavationsfor foundaome < se lec ee Ie erento S| ee ec ee eres ge | cea I ea oes 0163 . 0163 Ee CN | ee 2432 . 2432 SOO ee eee 4.6901 | 4.6901 Construction Pier No. 17: - Caissons, 6-foot diameter— 2: | Quangiiies, cule yards s.r, 230. 4 502. 9 845. 2 137 390. 5 397.6 2,503. 6 PE XCaVvablon it: CaISsONS. 52 Sco eee as lan ee ee eee eee | Shae ae $0. 8157 | $2.0413 | $2.2984 | $2.1517 | $1.9350 | $0.7495 $1. 8000 Quantities linearleets so Shy Ne ee ee eee ia ae 765 935 1,815 S802 a ee FY Gee ice eee oe 1,080 6. 900 Steel cylinders in place........ | is erecta | Mie Gila e Real Sng Como RG $10. 7348 | $11. 7219 | $11.1343 | $10.3673 |_.......-- S95 02862 (e225 S22 $9. 8320 | $10. 6005 Maimtenance ofequipments 222 2)o0 i |e I ee . 0880 2. 9558 1, 0621 S80D' es se eae LOO ls oe Nene . 1023 . 6752 Division: OXpense:. 3257.2: | aan carer aii [iu Roe seen [ee eae ea . 2433 ~ 1252 . 1726 2882.2 |e a ee SODA nee 1028 . 2042 Total Bee faetevee eeape ante one tte ryat Ure Laces SGA ora pees ERLE ter ee hs ammliaes ed Set re TT 06612): 14580400 3489 | AD U8 797. 10562295 |e ee 10. 3130 12. 1330 Concrete superstructure: Ouameicies, Cubic yards] 28.0 eee wae ee ee a lO oe ese a ee 53.6 25.9 79.5 AE OTE Soe ee ee es nee oe en en eee Sie ee aon seta me as I ke Bie rome Ss ae $3. 0076 | $19. 3406 $8. 3827 COTO TGS eee ee eel eae er oe ale ae nial soe eS OS ie Ne Se See eee Ie eee 1. 1578 2.5255 1. 6034 GRAV eles ee eR Se ae or ice datatecahe late atatan are en SNe t See Tose See eee ER RU Lee avr On Beers SN eee al Larne ae ae iar IS OR eRe - 4353 . 5019 . 4570 9% ‘ANVdUWOO GVOUTIVY VAVNVd FHL AO LYOdaY 1.3050 1.4112 1. 2176 1. 8660 . 6843 . 0002 weer ee ee eee $0. 7968 . 6344 1. 8135 . 3862 . 6948 . 9998 . 9051 . 2830 . 3983 2. 2650 Nici ee a a ee ee 1.1754 GUI senor 2 nr ar cree cra aia seetotien |e aes eee ae eg eas ia ie emma ee eR foe Satis Seen eo eee S| cw Oe Oe Si ee ee mere Aes A 2s 2. 0858 DD IVASIOM CORP ONSCe ef es boar dame ses (SCL me eae eect nie ieee homes aurea! woe | Se Me seo, Slee RI eT el eee tears [elena cea 7127 Ce 8.5746 “I? beams: 5 QYATIELELOS; JO OUI S ei oe a ne ie ee | ae on fe ae |e ee ae ee 54, 660 TE béams.in place 235- 50 ec ee lien ee ere et re ee a ee eee $0. 1065 AE UVALDE) OURS a a ee | 0002 LER GEN sees Sosa eens | mre (mann npc Son hrs ORC Se etal nen MU Sear tea MA Ne Aan | ess once tore nue [ic earn een Sra MES aera a 0167 Face wall: : Quantities, cubie yards -: 224 22. 2\2 2.2: fea ele epee eee ence essa eu en a Done ices a ON eet eee Cal ee Sen 222 89 HE XCRVaAtION Lor 1OUNG at OMe ce ee eel ee $0. 2468 | $0. 2772 SOLIS so ome ee aes ong gence eae eh aie (oe ulm ei Reins wb Ae cues eee Mee oes is eR A nn Go eal ee . 4603 1. 0685 TINO TN Gas a a ee ee oe ee ee er aes Pee oa Cee 2.0913 1. 1208 GTEC te ee een ee se er on ern a mit | che Le [es ei ie a . 3784 . 4057 INT Sch Ya teers eae em ey ae ale a enon Ata sy a | See | ee ee | cea oe ee 6609 ~ 7795 *PlQCiN Gs oe BUN Guan eure Ware ay INS cores (asa to| Sesto [eee aN Ragen ee 3323 1. 2130 PUCCIHOLELMO ATOM ies co ney noes een en eA ease ccna OU hit ouicems eae ay | . 8784 . 9718 Maimtonance of equipments. < clei ose ee So al ce Soe eae se eS . 0346 . 9027 Division OXPCNSes ser ees Seale eae ares eee oe ny ate nara ect ee 1764 6264 ‘otal Gaceswall-CONCLCLC) = =| sas es oe | SS ees eee e 5. 2594 7.3656 Ousnhiiies CHDIC Valse ss ee rn ee es ie ee ree a ch Soe See Oe 88 ai lacie 01d Erench CONCEELEDIOCKS shone eel ee ys ee ie $1. 8007 | $12. 9529 CO UINGIULCS -CULDLG: VALGS sce ae ar se rN ree (a aA | ae ae enema A Se 310 96 Motal Gace wall) =: aes | ae es ee ee | See ee 4.2776 | 7.7729. a Credit. ‘ANVdGWOO CVOUTIVE VAVNVd HHL 40 LXYOdata LG 28 REPORT OF THE PANAMA RAILROAD COMPANY. Exuipit No. 2, Hotel Washington. DETAILED CONSTRUCTION EXPENDITURES TO JUNE 30, 1912. Jiems. Amount. Preparatory work: ; Preparing Sloe ko. oe ae $481. 92 Temporary structures......| 885.38 Foundations in place....-..- 19, 603. 74 DIVISION CXxPCNSeC. < o.2s. 22% 838. 86 Handling material........-- 706. 21 TOCA es SS 516. 11 Concrete columns OLINIS Sse eee ee ees 2,109. 59 Concrete material.........-- 226.65 Reenforcement..........5-.. 837. 72 MAIO See ee OE Se cece 341.34 PAGING eee oes ae 426. 60 E SDivislomexpenses 5.5.52: 207. 24 Handling material........-- 65. 95 NOVA eos ee ee 4,215.09 Steel columns: Steel columns in place..-..-- 1,078. 30 Division expenses ss... ..22. 90. 98 Handling material.......... 6. 91 Dota ee as es | 1,176.19 Walls: Reenforced conerete in place 114.31 Hollow tiling.in place....... 5, 386. 08 Qutside:stucco:.<. 25... =} 23 292,02 Inside plastering..........-. 2,113.93 Division expense......:....| 419.03 Forms (hollow tile)........- 529. 89 Forms.-(concrete).. 2.2.2... . 812. 49 Handling material.......... 344, 92 MOta eer oe 10, 012, 67 Floors and ceilings: Reenforced concrete in place | 3,577. 53 EVeonforcementes 2-55. c be 3, 226. 35 «1? beams in place. 22... "785, 22 Floor tiling in place.........| | 298.38 Binsin ess so eee 576. 27 Division expense......../.. 598, 21 OLMIS See Gee oe oe as 7, 698. 36 Handling material.......... 487, 83 otal ss oie OAs So 17, 248.15 Roof: Concrete in place... soos ea: 974, 71 Reeniorcine iron... . 2.22.5... 491.54 Waterproofing in place... ..| 1,604.25 Cubie Unit. Unit Unit feet. cost. feet. cost. Pounds. cost. SBI, 1884] GS0.9884r | a a ae 51,13 SOlGA Ss ee Se eS ee 51, 138 SS es ese eee | | 51,188 AVSOe [een ee oe tae see |e ee oo | erence 2, 892 DOA SRS en ENE TOG cn itera | Sinestro 2,892 M0784) (ON ees 2, 892 OO TE | See Oe ines 3 Rohe ae erates [eer 2, 892 TSO CS Ge Se 2,892 LADS |S ea oe 1 aE Sees eel ye 2,892 BO TARE ee eee len, S| eee en retina 2, 892 SO 228 [ree a [ie eee cee aN Ts i eerie 2, 892 TAD LD a[oo os AEC Seas yak Cee are c| Oh epee at ee ieee |S Stee byes ee Ns ntact cer meaty 83, 800 $0. 0128 SRY Aiea eatecea soos oi oul crenata Nei tea 83, 800 . OO1L eda eet ors Siem | oe oreva Rema le eee ea ae 83, 800 0001 pa a | SS ec Us| rear aie ere CSB Neg ae ree 83, 800 0140: 584 BOD (alee oe | Se Kees (kins sa caine etre cis 12, 298 AB UOS Oe ne ees coe rene Rem ee el ees eee 444 . 6577 63216) $0. 04682 te 5 eee a aay 1,118 1. 8908 15, 652 s1Bb1S Rewer oes elas seco eee 14, 444 OZQO: ee eo ee ss ey eae es [eons Paes Pc cote ars 12, 298 OAS TEE ee oes he sree ee eee ie | Seen me 584 ELS es ees (eee On et aera tee nen ey urea ogee 14, 444 10289 oe ee ee ee 14, 444 6982 See Sa eee | dee eens Bee ae nes 20, 886 (3 27, 387 TZOG ee Soe sale as oe Ss 20, 886 . 1545 27, 387 TAPS eS es ee (eee ee 20, 886 O31. G es Stic seal or 8 8,850 0887 20, 886 . 0142 686 CABAQ eee So eel eee ae 20, 886 ..0276 27, 387 NO2ZTOE | Ses oS lee es 20, 886 . 0286 27, 387 SOQUS aes cies ea | eee eer ae 20, 886 . 3686 27,387 ZOU ee esc eeeie eee es 20, 886 0234 27, 387 OL (Sal Se eee ee ees 20,886 8258 27, 387 GOO Ss | Reece el eee 6, 247 . 1560 12, 730 SO6G"\s sce once Ahearn Se 6, 247 . 0787 12,730 0386 [ose es eae 6,247 . 2568 12,730 SOON Se eee eee IMISM INO a ees 30. 60 6, 247 . 0049 12, 730 OOD4S Sees i Sears Cinders in place: ........... 8. 64 6, 247 . 0014 12, 730 000% ese eee ee ee Division expense........... 334. 77 6, 247 . 0536 12, 730 K026333)255 ee eee eee ORIMNSE eo eae ee as 4, 633. 22 6, 247 7417 12; 730 3689) |i Pee Loe \ Handling material..:....... 213.17 6, 247 . 0341 12, 730 O16 75 2s ee ee eee | MOta ese Rey eee ee 8, 290. 90 6, 247 1.3272 12, 730 SOOlSs ween Sass |S aces ae Stairways: Reenforced concrete in place 204. 60. 115 WHO Ne oc eo ha eS SO Sa atc wea eee oe See Division expense. ...2...... 22.65 115 7 alee eS ae ae ita Suen ase Handling material.......... 15.34 115 [S38 4G lec ceo cele hee ore ee ea ome oe Wooden treads...... See rs lee als ee ahs ee erat eel ciao oe Vera een |e eee ec | Soa era he saen | etn cere ade lt eae gees Motal e 513.81 Mote ioe | ote Quantities and cost per unit. Square x 74710—S, Doc. 1022, 62-3. (To face page 29.) CRISTOBAL DOCKS GENERAL PLAN Scale _["=300E Dock il Q SMALL BOAT LANDING E1332 Ye APPROACH CHANNEL 0020900. e0a00 7 Y, MBL? OF JO" a. PU LY LL. gorgo-Esd et old Treokes Note -/ole til] os of Gate. Jely 28,1912 Ghewn thes

116524 ee ce lee ek te toe sleet (ileeiicn shears oe eine COVA rhs ee ee WTS SYS I. Oe Sie eta | eee | ee ee a eee at ete er Miscellaneous: Drainagenss ko Gee TOU AS |e So eas le eee eel oe NU ei tary Ge a nel a ane (ne pe Sewerage system............ De SOO aU | See ee ee | | Meh mte ye eine ee Rents ree e Cp ar eran Watersupply and plumbing: 745355761 6.00.20. aid et: Elis Ba gS Et MER Peet A a ote Electrical and lighting sys- GOIN) os es eas De OQG AE ic eGR ase ae OE | ee ae a ee aaa ee Doors, windows, and awn- LOS sigs AI SI ae LE SIE Ley VS Ia ey an I ae A a ee rae EET WS Ce SGreRMITT DSS ie kr ee BOL SU eee aa eles spe eae oe oa aes | oe ee hore asa ae Peerless ae Dumb waiters. .-.—. 2... GeO eS aere cms eas Oe eee ee lie AA er eciens |e GOLDOX seca ee Qe LOS |e ere es iS NS eee TL Se ae ete re ee av EAU Cee rs Miscellancoussmachinerye vil + LOO 255 sa ae Sie aie ee eee RN ee ae Tools and equipment....... GIA Goes oe eee oe ee ea ees eet ed ee eer eee Blan ee ee ANQHOC20: eee On en ale eS eS SA les Blang oe ee VOU QOOR O07 se EE ee et eee Nie ENE | Notas Paintings si eo te Ok. AO |e pele Sie Ps PSUR oe Ch IBN Cat nel Sy Weta ae es Division expense... ........- GIS EAB EIS ee ee es I I cee |e nc cae ee ae Bet Handling material.......... ESO |e ie a | ees aes |e ne Fate | ae pee eee arg eho MOtat ss eee os ees DSS Goa soOr Pte tree cea SU aes | eee RE eR Sc ae be | aed AT are ae Total construction cost to ae JUNC 3051912): 3a es 925 798. 29, |e. Bea ate Sc Fe Bi, | Eee aS RR | eh pene | Sercete eeccond (a ogee rereesteter Notr.—On June 30 the local auditor’s books show. $128,705.59 charged to this project, while the above statement shows $92,798.29, a difference of $35,907.30, being the value of material on hand but not yet used. This statement represents cost of construction of building only. In addition thereto, the following expenditures have been incurred in connection with the hotel: Moving old buildings, clearing site, etc.............--- i ee $13, 000. 00 Sea wall, swimmine=pool.-walks; and filling 9405 2 se ss Bo ee 30, 763. 09 The amount expended on this project to June 30, 1912, was, therefore: Moving oldsbutldimes:clearimosite, 6G. 1 36 eg: ee ee ea 13,000. 00 Seawall swimmine pool, walks,and filling. (c22 50.28 5 eee ye ee 30, 763. 09 Consinreti on: ofp ull din tert ee ee ee a ea ORNS sey seinen ae 92,798. 29 Material on hand— Oharredsbyrlocal auditory. see sc ee et es SU ie eee ee Nee 39, 648.07 Dorbe charsed by local auditonesc. 24-32. ok oe nee ACA eg ease 16,365. 51 — Potali......:. a NE ae is) re ae - 188,574. 96 The value of material ordered, but not yet received, was: : Construction material-—Approxamatel ya... ee ee - 90,000. 00 Puraiture and equipment. Approximately. 1.2.) 2) 4.25.6 2 et ee 45, 000. 00 Motel oe ee ee pe es ge 135, 000. 00 Grand: totale ios oN eR OS Ge FES ee i ai eee rn ee ae 323, 574. 96 STEAMSHIP LINE. All of the company’s steamers have been kept during the year in a high state of efficiency, both as to personnel and condition, and in continuous operation except that the S. S. Advance was laid up from March 13 to April.18, 1912, on account of an accident to her stern tube that necessitated prolonged dry-dock repairs. \ OO REPORT OF THE PANAMA RAILROAD COMPANY. - While the result of company’s operation as a whole shows a satis- factory return upon capital cost, the steamship line did not contribute as usual to that result, but, on the contrary, yielded a net deficit of $305,742.85. | The principal items{to which that loss was attributable are as follows: (1) Operations, chartered steamer Lewis Luckenbach out of Philadelphia, deficits... s: AE Rue ee Tea og ge garg HRC Beene arn Gin tpn steric rata ts $70, 057. 29 The purpose of operating this vessel was to keep sufficient domes- | ‘tic cargo, in addition to that carried by our own vessels, moving in both directions to furnish cargoes for the ships of our Pacific cocarriers engaged in direct coastwise service between Balboa and _San Francisco. As the loss increased rapidly, the operation of the | ship was discontinued in the latter part of January, 1912. | (2) Operations, chartered steamer San Mateo, deficit. ........-..------- 21, 739. 20: This vessel, lying discharged at Cristobal, was employed on - emergency requisition from the Isthmus to lift an accumulation of coastwise cargo for New York, that threatened to completely con- gest the railroad’s terminal facilities. Her charter provided for her redelivery at Colon. (3) Twelve months’ amortization of $233,553.24, or total cost of general and extraordinary repairs to steamers made for account of owners in lieu Ol CHARteR TRG eos oS SN Ses EU le Se ipa hate 207, 488. 88 The remaining balance of $26,064.36, together with $19,219.46, the net, cost of an accident to S. 8. Allianca on August 18, 1911, that involved a general average not yet adjusted, will be carried in account to next year. All repairs, ordinary and extraordinary, were made while the ships remained in commission, the cost of the former being taken up in current operating expenses. : 8 Pier rental, account additional wharf 52, North River.......:....-- 18, 071. 88 (5) Increased cost of stevedoring and extra labor in handling of cargo on Newyork piers: ) 0. eG ea ees 65, 519. 73 The increased cost of handling cargo at New York terminals was attributable to advances in monthly, per diem, and per hour wages of labor, and to extra cost of handling coastwise cargo of unusual character, such as bulky structural material, canned goods, lumber, barley, etc., that moved in large quantities. Total: ker ee ee Pa 377, 876. 98 . This total was augmented by increases in cost of nearly all minor items of expenses as shown in detail by accompanying tables. There was a material decrease of 1,560 in the number of passengers carried by the steamship line, with a resulting decrease in revenue of $16,158.99. | | The combined total of the extraordinary expenses and decrease in _ passenger revenue before mentioned was offset by an increase of 45,164 tons in cargo moved by our steamers with a resulting additional | revenue of $96,389.90. | -Had a 10 per cent advance in westbound coastwise rates been made October last, as then contemplated, the resulting additional revenue 7 as have forestalled a large proportion of the steamship line’s deticit. The original purpose of the owners, that steamships Ancon and Cristobal be applied exclusively in the service of the Panama Railroad Co., for the transportation of cement to the Isthmus, has not been adhered to in that part of their cargo space has, since midsummer in 1910 been devoted to the carriage of passengers, mails and Canal Commission, Panama Railroad and commercial cargo, the latter chiefly - coastwise westbound. Mes a , REPORT OF THE PANAMA RAILROAD COMPANY. | 31 One hundred and thirty-four thousand nine hundred and sixty-seven. net tons of cement were carried to the Isthmus by our vessels at a con- tract price to the commission of $1.25 per ton. Vessels of foreign regis- try were employed to transport 161,494 gross tons at from $1.84 to $2.40 _per ton of 2,240 pounds. A moderate advance in the contract rate to our vessels would have helped materially to offset the balance of the deficit. ! | | oe The entire capacity of the company’s cement ships is unrestricted v the transportation of all classes of cargo from the Isthmus to New ork. | 7 i | At the close of the fiscal year the outlook for better results for the steamship line was promising, but, coincidentally, through a serious. breakdown of an important cocarrier’s scheduled arrivals and departures at Balboa, many of our steamers were obliged to leave the Isthmus without coastwise cargo for New York with a serious” resulting loss of revenue, while the railroad was under heavy expense through holding large quantities of accumulated westbound coastwise cargo oe cars at Balboa awaiting delivery to vessels that should have arrived. | ; Provision was made for the fuel required by this company’s steamers delivered in New York through a contract with the Ebens- burg Coal Mining Co., J. H. Weaver & Co., selling agents, for bunker coal for the 12 months ending April 1, 1913, at $2.89 per ton, an advance of 6 cents per ton over the cost of the previous year. The United States Government, having, after a six months’ trial, accepted a submarine signal bell installation at Barnegat Inlet, our board of directors authorized the equipment of all of our vessels with — the submarine signal outfit as an added precaution to the very complete life-saving equipment already installed and maintained on them. A serious strike among marine firemen, oilers, water tenders, sailors, and petty officers in New York Harbor developed at about the close of the fiscal year, that threatened to completely tie up the Panama Railroad Steamship Line. As it was inadvisable that a Government- owned line employ strike breakers, by consent of the United States Government, our ships were all manned for one round voyage by | enlisted men from United States war vessels then in New York. Our sailing dates were thereby protected, serious loss to the company averted, and great inconvenience and discomfort to the officials and employees of the commission and railroad on the Isthmus, through lack of communication and supplies, prevented. GENERAL REMARKS. By Congressional enactment this company discontinued on March 4, 1910, all marine and fire insurance, one of the accompanying conditions being that the company was to be reimbursed by the Government, through the commission, for any losses such as had been previously covered by underwriters. Those losses, amounting to approximately $300,000, remain unpaid. It is now claimed that the act as passed by Congress was not mandatory upon the, commis- sion except in the event that the railroad company’s resources were inadequate to sustain its losses. As no such condition has prevailed, no payment by the commission is anticipated. It has been sug-. > | Ly e o2 REPORT OF THE PANAMA RAILROAD COMPANY. gested that this company might be reimbursed’ through special legislation by Congress. , - The indebtedness of the railroad to the United States Government on account of advances for new equipment and construction and retirement of first mortgage 44 per cent bonds remains, as on June 30, 1911, at $8,247,332.11, the company having, in accordance with congressional action, made no payment on account of principal or interest. , 3 At the end of the fiscal year the company had $2,318,475.51 of available funds on deposit with its designated depositories, and securities purchased at a cost of approximately $1,500,000 held in a reserve fund established September 12, 1911, upon which there is now $52,701.08 of accumulated interest to be further invested. The relocated line’ from Gatun to Tower: R was: completed and turned over to the railroad by the commission on February 15, 1912, and the Gold: Hill section on May 25, 1912. Corresponding parallel sections of the old line'of railroad thereby, under agreement, fheedude the property of the Isthmian Canal Commission. By a subsequent agreement the double-track section of the railroad on the west side of the canal between Gorgona and Pedro Miguel was taken over for operation by the Panama railroad upon condition that it relocated and constructed, at its own expense, a bridge and loop line across the canal near Paraiso, at a cost of approximately $23,500 and agreed to maintain the roadway in good condition in lieu of a rental for the use of those tracks. | In connection with: the construction and taking over of the relo- cated line the company’s telephone and telegraph system was entirely remodeled and reconstructed. All plans, material, and workmanship were first class and up to date, installed to meet present necessities and susceptible of enlargement to meet comprehensive plans the . company has in mind for the construction of a telephone and tele- graph plant on the Isthmus adequate in every respect to the require- ments of completed canal and railroad operations. What propor- tion of the facilities thus established may be operated under con- _ tract by private interests is yet to be determined. The company is engaged in the construction of a large reinforced concrete hotel on the beach at Colon at an estimated cost of $440,000. Up to June 30, 1912, there was expended in this connection the sum of $172,468.68, and it is now expected that the hotel will be ready for occupancy about February 1, 1913, when it will effectively relieve a large part of the pressure from increasing tourist parties for accom- modation at the Tivoli. Material progress was made in the company’s plans for the con- struction of a series of terminal docks at Cristobal Point, involving an ultimate outlay of approximately $3,000,000. Detailed informa- tion, furnished by attached tables and diagrams, illustrates what _ has been accomplished so far by the expenditure of the $796,180.83 in building docks Nos. 15 and 16 and pier No. 17. Owing to the rapid development of direct coastwise traffic during the year the company’s terminal facilities at Balboa were operated under great disadvantage. The discharge and loading of a large increase in the number of steamers employed both north and south of Panama on the Pacific side in connection with our railroad required accommodations far in excess of that at the company’s disposal by REPORT OF THE PANAMA RAILROAD COMPANY. ) 33 its combined dock and lighterage facilities. That condition gave rise to serious dissatisfaction on the part of and complaint by all our Pacific cocarriers. To meet that situation, the board of directors, in June, 1911, appropriated $428,700 for the construction at Balboa of a reinforced concrete wharf and channel alongside. Sufficient progress was made with the work during the year by the expenditure of $343,141.09 for the company to announce to its cocarriers on July 30, 1912, that the dock was open for service, but that vessels regularly assigned to it would be obliged to load and discharge with their own tackles, the company having not yet installed any per- manent dock cranes. ! The pressure upon our Balboa (Panama) terminal facilities was only temporarily relieved, however, as on August 17, 1912, a large section of the Isthmian Canal Commission’s 1,000-foot lumber dock collapsed and capsized the Pacific Mail Steamship Co.’s steamship Newport moored alongside. Almost iamediatele thereafter, as evidence developed of serious weakness in other sections of adjoin- ing uplands, the dock was dismantled and its use discontinued pending decision to rebuild or not. | Temporarily the company’s Balboa (Panama) terminal facilities are less adequate to its requirements than before the construction — of the new concrete dock was authorized. However, no possible e effort will be spared to hasten work upon certain sections of the | authorized permanent terminal docks for temporary use by Panama Railroad Co. to relieve congestion at Balboa. Under a contract with the Alvey-Ferguson Co., of Cincinnati, Ohio, dated August 25, 1909, that concern experimentally constructed six cement conveyors for use in discharging the cement ships at the Isthmus. The first lot proved unsatisfactory and the firm then constructed a duplicate set in which they endeavored to meet the company’s peo cations that had been -amended in the light of experience of operation. The original contract was for $29,000, but efforts to perfect the appliances were very expensive in time and money to the contractors and to this company. Recently the com- pany accepted two conveyors under the contract which had been extended and after compromising differences by a further payment of $8,693.85, took title to all of the plant on the Isthmus at a total expenditure under the contract of $28,818.89. The previous coal contract expiring on April 1, 1912, a contract was entered into with the Pocahontas Fuel Co. in competition with numerous other bidders, to furnish our Isthmus requirements of coal up to 550,000 tons per annum for two years and six months, ending October 1, 1914, at a price of $2.70 per ton for the first year and thereafter at $2.65 per ton, should the ruling rate for coal at Norfolk, Newport News, and Sewells Point fall below $2.70. The company hopes to secure better results by departing from its prac- tice for many years of inviting bids annually. While this company has participated in a general advance in rates on foreign cargo in both directions across the Isthmus, it has in no case originated any advance, all increases having been made at point of origin by initial carriers, and upon justification concurred in by the Panama, railroad as intermediate carrier and by the con- necting steamship lines as final carriers to destination. | 74710—S. Doc. 1022, 62-3——3 | 34 REPORT OF THE PANAMA RAILROAD COMPANY. There has been no material change of rates on coastwise cargo during the year. The division of those rates established on June 1, 1911, between cocarriers has been maintained. Space on our out- ward-bound steamers available for coastwise cargo was distributed on the basis of 57 per cent to the California-Atlantic Steamship Co. and 43 per cent to the Pacific Mail Steamship Co. 7 Relations with our foreign cocarriers have in the main continued satisfactory, but our interests in the Pacific coast traffic were mate- rially affected by the deviation of the Pacific Mail Steamship Co. to connect with the Tehuantepec route at Salina Cruz, whereby the volume of foreign cargo, especially coffee, customarily moving via Panama, was materially reduced. : By arrangement with the postmaster of Great Britain, compensa- tion for the Isthmus transit of closed mails from Spain and Italy to Central and South America, previously made on the basis of actual weights, is now made on postal union statistics. During the fiscal year supplies for the commissary department on the Isthmus were purchased and forwarded by the New York and New Orleans offices at an aggregate cost of $4,089 ,933.64. In 1907 this company purchased for service at the Isthmus a large seagoing tug, subeoqucrily renamed Phoenix, at a cost of $57,942.53. After five years’ continuous service, it was estimated that it would cost approximately $30,000 to properly repair and otherwise overhaul her. As such an outlay was disproportionate to her intrinsic value, she was ordered to New York, where, by authority of the board of directors, she was sold for $25,000, a satisfactory price under all the \ circumstances. , : The company’s accounts were audited to June 30, 1911, by certified public accountants. Of the total of 1,871,076 tons transported over the railroad 49.93 per cent was Isthmian Canal Commission local freight. Of the total reight revenue of $2,820,951.14, 83 per cent was derived from trans- portation of through and local commercial freight. | Mr: John Adams, auditor, an employee in various capacities in the company’s service since 1886, died on October 25, 1911, and on November 1, 1911, appropriate action was taken by the board of directors, and Mr. Victor M. Newton, an employee of the company since 1891, was appointed auditor to succeed Mr. Adams. On September 3, 1911, Gen. C. R. Edwards, director of the com- pany since April 17, 1904, resigned, and the vacancy thus created was filled by the election of Gen: Frank McIntyre. Respectfully submitted. oe | EK. A. Drake, Vice President. PANAMA RaATLROAD COMPANY, COMMISSARY DEPARTMENT, | : Cristobal, Canal Zone, July 31, 1912. Col. GkEorcE W. GorETHALS, President Panama Railroad Company, ee Culebra, Canal Zone. Sir: I have the honor to submit the following annual report of the operations of the commissary department for the fiscal year ended June 30,1012. ee | REPORT OF THE PANAMA RAILROAD COMPANY. B07 The business of the department amounted to $6,702,355.68, an increase of $921,055.27 over the last fiscal year. The stock on hand as of June 30, 1912, was $1,166,481.76, an increase of $169,306.16 over last year. This increase in stock occurred mainly in groceries, cold storage, and boots and shoes and was made necessary by the increased demand. Although we show about a 16 per cent increase in the business, our losses from condemnation during the year increased only $1,567.41. The losses unaccounted for from all sources, including clerical errors, pilfering, etc., amounted to only 0.42 of 1 per cent of the total amount. The high standard of all our merchandise was maintained during the year, and as a result there has been general satisfaction. There were heavy increases in the importation of groceries, hardware, dry goods, boots and shoes, cold storage provisions and tobaccos, the notable increases being in groceries, dry goods, and boots and shoes. — | 2 | ae On a good many articles of staple groceries we have been able to reduce the prices. Boots and shoes and dry goods generally for their class are sold at prices that could not obtain anywhere in the — United States. Owing to the large increase in business and econo- mies instituted, we were able to reduce the surcharge on most of our ae lines of shoes and on a great many articles of wearing apparel. | : uring the latter part of the year there has been a phenomenal advance in the price of all meats, especially beef, the price having reached a point during the month of June never equaled before in the United States. In the face of all this, however, with a very few unimportant exceptions, we have been able to keep the price of beef down to the same low figure that it was sold at the year before, our losses in this respect being covered’ by profits earned on other goods. On account of the abandonment of the old track of the Panama Railroad between Gatun and Gorgona and the completion of the work on the relocation of the new line, the following commissaries were closed: Camp Totten, Tabernilla, and San Pablo. The follow- Ing commissaries were opened during the year: Camp Bierd, Mira- flores, and Naos Island. At the end of the year stores were in opera- tion at the following places: Cristobal, Camp Bierd, Gatun, Monte Lirio, Gorgona, Bas Obispo, Las Cascadas, Empire, Culebra, Rio Grande, Paraiso, Pedro Miguel, Miraflores, Corozal, Ancon, Balboa, Naos Island, Porto Bello, Toro Point. 7 Laundry.—There was a large increase in the business of this depart- ment during the year, 4,243,614 pieces being handled, as against 3,981,923 pieces the previous year. The revenue this year amounted to $108,096.83. The average number of employees served monthly was about 7,500. | 3 Bakery.—During the year there were 20,238 barrels of flour used, in comparison with 16,638 the previous year. There were 6,014,667 loaves of bread, 651,844 rolls, and 114,134 pounds of cake baked, as apes 5,236,474 loaves of bread, 557,557 rolls, and 91,581 pounds ol cake the year before. | | The value of the product was $260,865.33, as against $221,352.06 the previous year, an increase in revenue of $39,513.27. | 36 REPORT OF THE PANAMA RAILROAD COMPANY. Coffee roastung.—During the year 341,780 pounds of green coffee were roasted, producing 280,909 pounds of roasted coffee. The value of the product was $64,220.98. The high price of coffee continued during the year. We were, how- ever, able to sell this coffee at the same price that obtained the pre- vious year. | Ice manufacture —Thirty-seven thousand two hundred and forty- eight tons of ice were produced during the year, as against 33,267 tons the previous year, an increase of 3,981 tons. The value of the product was $229,535.98, as against $206,188.80 the previous year, an increase in'revenue of $23,347.18. Ice-cream manufacture.—The business of this department increased to such an extent during the year that we were compelled to replace the direct-geared circular-motion freezers with the more modern ver- tical brine freezers, capable of turning out 50 gallons of ice cream each hour. These brine freezers are sanitary; with them the operators do not touch the ice cream at any time during the process of manu- facture. The increased output fully justified the change. During the year we manufactured 138,551 gallons of ice cream, as ~ against 110,208 gallons the previous year, an increase of 28,343 gallons. The value of the product was $110,993.68, as against $79,318.80 for the previous year, an increase in revenue of $31,674.88. The demand for this product grows steadily, fresh milk and cream being imported from the United States in refrigeration for its manufacture. Automatic weighing and packing department—During the year goods as indicated in the table given below were packed by ae department. The cost of packing was reduced from $1.90 per ton to $1.16 per ton. This year shows an increase in the total weight of the goods packed of 792,608 pounds over the previous year. VICE RO ee ee ae ae pounds... 2, 126, 532 Hl@Um ee eae ee ea noua pounds.. 1,786, 194 Coffees: 2.32. ye ee Ee SO Oe ea ye er pounds.. 288, 005 CQNS 3. bos wee Ns oe ee ee et pounds.. 228, 633 Rease o. Re ae ee ND ke pounds =." 183.723 Potatela oo ee ee a eee eee pounds. - 73, 252 NUS) 22 bs. e: te en Gee PaO Gere pounds. . 16, 105 rpm amiZOs Seles A ee ee Oh pounds. . 3, 059 OTM AMNCAL Ss eke ek Se ee ee pounds. . 2,880 ~ 4,708, 383 Beef corning.—The result of our effort in corning beef justified our conclusions as expressed in the last annual report. Corned beef of a high grade is produced and the advantages obtained by buying beef in the carcass instead of by the quarter have served largely to keep the prices of fresh beef cuts down to the present low figures in the face of a very high market. | ' In this department during the year we used 259,724 pounds of fresh beef, producing 263,573 pounds of corned beef, the differencein the weight being represented by the amount of moisture that the beef takes up in the process of corning. In this department we also pro- duced 9,635 pounds of hamburger steak. — The total value of the product in this department was $29,594.24. _ Butter-printing department.—This department has proven to be suc- cessful not only in the saving in the price of butter, but enabling us / “REPORT OF THE PANAMA RAILROAD COMPANY. Od. to present butter for sale in a much better condition than when pur- chased in the United States already printed. During the year 333,658 pounds of butter were printed, and the — _ value of the product was $122,660.26. | Industrial laboratory.—The activities of this department were largely extended during the year. In addition to our experimental laboratory we installed an industrial laboratory. The following is the principal equipment installed therein: One 125-gallon double- ' jacketed steam kettle, one 75-gallon double-jacketed steam kettle, two 40-gallon double-jacketed steam kettles, 1 second-hand baking oven, 1 second-hand sterilizer, 1 bottle-washing machine, 2 bottle-corking machines. 2 The value of the product of this department was $10,275.49. The value of some of the principal items manufactured is as follows: 4 Vanitlorextraction es so 20 etn Je Fe gee eas bo, 115. 94 hemon extract... 2. 2 I Aa RON Pn gl RN LIZ ANS COMCCER AGEN Go a Be yo ae a Se ae 183. 60 Denaturedvalcohols: 2030 ee er es 2, 129. 00 Taleum powder sh: S22 2s 8 ee ee oe eee ee 258. 25 DOAPe NEE Ae cE Gs ee Boe GARG te Oe ee een Ne en | 230. 93 Witches ele cc so ee te a ee 100. 80 Hydrogen peroxide 8.055 See a 150. 84 BOY TUN Be es Ee en a eae 171. 00 The industrial department is just well started. We anticipate a big increase in the output during the coming year. It is intended to manufacture all our extracts, laundry soaps, talcum powder, tooth powder, and toilet preparations of various kinds. | Electric light, power, and refrigerating plant.—One A. C. D. C. West-_ inghouse motor generator set was installed, 125-kilowatt motor, 190- horsepower 3-phase,25-cyclemachine. Thisisoperated from the power plant at Gatun, and will make a great saving in the economical opera- | tion of our electrically driven machinery. ‘The motor generator takes © the place of the 2 high-speed D. C. generators formerly in use. e also installed during the year one boiler-feed water weigher — for weighing boiler-feed water in order to determine amount of evap- oration as a check against fuel consumption. Cold-storage plant—A new ventilating system for purifying the air was installed. ‘This system, which is operated by a 24-inch motor-driven fan, is so installed as to be able to pull in fresh air from the outside, at the same time passing it over refrigerated coils, which are sprayed with a calcium brine. ‘The air is both purified and dried by passing it through this brine bath. Below is a classified statement of merchandise imported during the fiscal year. The figures quoted are for cost, insurance, and freight paid delivered on the Isthmus: ae non Grocériosas 4). ee P20 er fond svat ee ee OE ree ae ie Sere esd eee 99, 947. 78 Diy Coodeanieek a eh oe ee ee 851, 072. 15 DOOUS aimnGyenOees os Re ye a ee ee 259, 869. 25 Cold "stonases (Oy Phe a ee .._ 1, 965, 082. 64 PEW IETNUUTO ce kOe ere Ss ie Saenger eae GR 10, 492. 85 RO DUCCO. a es ee eae 208, 489. 88 EVaiWe MAbONIA ieee tee Ve Gey OA eS ES NS 342, 146. 38 | Statlonenven Gres BO eee ee Cee 58, 461. 73 Ce 5, 325, 408. 07 \ 138 REPORT OF THE PANAMA RAILROAD COMPANY. The following is a list showing the quantities of food products imported during the year: Groceries: | Peden and beans in bulk. 2 208 pounds. . 1, 165, 003 COCO. See a Se CS ee pounds.. 128, 566 DUDE ks so a PE Ret gaia oe a ee pounds.. 4, 154, 587 CROaE ES Sa BE ee ee ee eae pounds 106, 155 Ba kimipowGer 852 ss es oa pounds. - 45, 885 AMON Se ee ee pounds.. 118, 304 Preserved fruit in sirup in tins and glass..................-- pounds... 887, 172 - Jams, jellies, and preserves in tins and glass.................. pounds... 249, 824 Meats, Gqmmed ee eS pounds.. 205, 338 Milk, evaporated and condensed: 335.0 s53 ah ee pounds.. 3, 025, 930 ‘Vommatoesam= tins) 28a0. 8 Pee ee ....-pounds... 557, 430 Bork and soeang mm tins. tes cS pounds: . 78, 444 Reagand: beamsimyting 2 tees es ee pounds.. 534, 378 ercklesrang SUCeSs oe ca a pounds.. 208, 691 NearG ee ee ee er as pounds.. 618, 880 Other wveretables im tinssss 2 A pounds.. 705, 872 OdtaGlie eh ae Se pounds.. 1, 092, 716 Raciledstish= esa Se ee Bee pounds. . 75, 000 POU ES 5 See aS ee oe pounds.. 6, 959, 332 PNICCrr Ge ee a ee pounds.- 1, 945, 373 Wereals nototberwase specified. 2... pounds... 377, 532 Biscuits: 82s ea ee pounds.. 298, 288 Comiocnoneny: = pounds.. 116, 607 Butterim vines eo es ee ee pounds.. 208, 280 Macaroni, vermicelli, and spaghetti... -=.-2.:-:..22.2--.. -- pounds.. 428, 517 Fish, Canned @( pounds.. 200, 442 ierosene Ol gallons.. 319, 000 _ Meats and dairy ne Rresh meats: se ee ee ee ie pounds.. 6, 453, 138 Cured and eee IMe@Atee te he a pounds.. 976, 445 Ohieese se te ee a es ee ee pounds... 142, 786 WSs ee ee ee dozen.. 720, 580 Butter, ieslie 28. pees ee ee Se ee out se pounds.. 427, 683 Poultry. . Be eA ee Os Se Ps Se pounds.. 503, 590 reshma e gallons. . 81, 388 Hreshscreams 22422 5 a oe ee is eee gallons... 37, 750 Fresh vegetables: Ro lavoes, White. 0: oi se ee a ea fe ee pounds... 5, 843, 692 Potatoes, sweet... UA Te ee ee Oe ee ..-pounds.. 1, 016, 392 Onions a | pounds.. 896, 850 HMUIEMIPS soe Se ea ee soe LES os pounds.. 129, 310 CC USe Fe at eee es pounds. . 61, 747 Camtolene hs he Fe eye ee oe es ee pounds.. 135, 256 POA WDICCr se ee eee pounds.. 677, 234 NAMING Sees s cS as ee ee pounds.. 300, 045 Other ‘vegetables, including celery, tomatoes, and other northern sea- sonable vegetables: 62.6520 0 ee pounds... 741, 627 _ ‘Fresh fruits: INDICE 2. hes ee ee ee pounds.. 916, 622 RCAC ESS) se ke sec eee es ee ee pounds. - 99, 467 eats 2 Se Se ee ee, pounds. . 83, 457 I IUIMIS Se ee pounds. - 36, 226 GIQDCS= oss es eo ee ee pounds. . 92, 534 Orameese ee ee ee a dozen=-— Wl. 787. WCTNOMS oe a ee ae ee dozen. - 36, 850 Grape Muli 6 oe ee ee dozen 11, 254 Wiese. Sa ee Oe ee dozen. - 111225 Camtaloupes..2. 25.22 ese 2 eS Be ea aes 62, 750 WWILeRINCLON Gs. en cee ee ee 34, 358 Othien triltse. 2 oo ee ee pounds.. 104, 857 REPORT OF THE PANAMA RAILROAD COMPANY. ( ag The following statement will show the value of stock on hand, the value of goods received, the amount of sales and issues to depart- ments, and the value of the average sales and issues per month: Roundas.: 5225 | ee dos te. lo ld Ducks 22ers 2s Se eee doses 1.35 1C. I. F. value. : 4 Selling value after adding surcharge. A Stock’on hand Jume 30, 190 $997, 175. 60 Y Total stock received during Vear..: 0. Ge ee ee a 5, 325, 408. 07 6, 322, 583. 67 * Sales and issues to departments: ales to Isthmian Canal Commission... 2-2... 32 1, 734, 842. 59 Sales to United States Government...-..........-..- WE eae 185, 375. 50 Sailes*to- others tor cash. .-.5. 3). see ae ee 117, 496. 30 Bales! UO OlWets 10h COUPONS 7 ee 4, 280, 366. 25 Issued to Panama Railroad Steamship Line., ...-..--.-- ee 8, 492. 77 Issued to departments of the railroad and used in operation of the COMMMISSORY Su. oh ee a he eee 279, 938. 48 Condemned and damaged goods, shrinkage, etc......-.-..--.--- 99, 843. 79 6, 702, 355. 68 + Average sales‘and, issues per month:..20. 225.0222. .522525 322 558, 529. 64 Pstock-on hand Jime 30, 1912s os bese ee Se 1, 166, 481. 76 Below is a statement of comparative prices for June, 1912, as against June, 1911: Prices. , Prices. Unit. Unit. June,| June, June,| June, 1912. | 1911. a 1912. | 1911. FRESH MEATS. FRESH MEATS—contd. Mutton: Beef—Continued. Slewile 222 bs Pound 2° << $0. 06 |$0. 06 Steak—Continued. Ppouidet is CCkealoa dozasae .09 | .09 aD bile ae see Found eee $0. 18 $0. 8 rimmed off. IPOM se eee Ocoee .19 ; Ege eee Secs dose .08 | .08 Eguier nouse Boe aa ae ees oe ae not trimmed). Rump eee esl ces Ones s .19 : leg eee do ose ‘ a : i Tenderloin...-.|-..-- dO? a2 . 25 . 24 Wlets 3 ees |e Of oe : os ee CulChOpSs= 2 sl. <= 2. does. 3-4 620417220 MISCELLANEOUS. St Wine: cee a ete: Conse .06 | .06 Li : * Entire forequarter, |..... do. .09 | .09 byers: | neck trimmed off. Hee Seen Found aa * a Leg ee dome 20:1 20 OS eS ae eae earl : Chops aa 9A 24 Calves’ half... 2-7 \2- se: dove . 30 . 30 i a ere aoe ausage: eee Loe ieee POT 2-2 Pound......) 17) 17 Gtowing dot 2 10 | 10 Oe ee oes CEC ae : : Shoulder for roast- |..... dO soe: 123] . 124 peu eee toes sete. ae Sees a ae ing (not under 4 Be SU ase es coe ee nce ; ; pounds). 5 Pov ouabire fou Cole doa 3 19 oes: Loin for roasting...|...-. do. 5 4 24 |, 2045 || Cweenbreas: .16 16 Cae reat eee Bache 23 Eee we 1.20 Chops, shoulder....|...-- doweSede "934 OA IBeCio as lee Found GR 20 ee Cutlets. 2 |e don (28-|.28 |\ Wess, iresh. OLN a | ee Fork, Toi cuts) 9 |e dOss: 8 18) 15 soe HET DUrcer Ha coven lees 5 td eef: Fe Clee |e Ure Stee | eee lve naog ish; shad: 2 2 ea2 Machen ess 007 eee Soap de | fon us| Oe Pa 4 StOW.¢ coe oe oe ae doe sss: .08 | .08 “Js Chueleroast: sc sce-|22 PROS eee wh 2 2 12 POULTRY. See Obl TORS coe See eee GOs es Sor aloe . Rib roast— Chickens: Second cut...../...-- GOs. Ses lee 167 |e 216 Fancy roasting— » Si a irst one wo ttcee|eee ee oo ee a aS an le ane Been sertttee : i Pe iploin Toasts.24%-..|2-2 0: Ones & .19. i Cds ees. One saecloL Z AUIMP TOASt <6 se she cee does: lO a) 19 medium, epee house TOASU |e-- = do. ..: -20°| .20 Corn fed 2222-2 )552 dO; if a 3 eak— ° ‘ ; Chuck bso: do.....|| . 124). 194 |) Pow!s:----.- Core 00 90 le 40 Prices. le Umit. June,| June, 1912. | 1911. Ks Le SSE SSS RES Coeeesaeeeeospenitesnet | Reaeeeaee ae beeen ene POULTRY—Ccontinued. Broilers: bi ksteduce nose | SAC. PSs oe $0. 70 | $0. 60 COPMueG yes ye | SES GOS Sass . 60 -00 HURViOIS ees ae SUS ee GOR See ae . 60 PUPKOVS Sooo ose Pounds sass: 223 . 26 SUUMADS sae oy SOAS Hacheon ccs: oo OO CApONS ee Seance COP sees sZelO ee 210 CURED AND PICKLED MEATS. Ham: German Westpha- | Pound...... . 36 . 36 as lia’. MUSA CUROd so.ces lose cS dove sec. 20 .18 Sugar cured and |..... GOms ec: 22 . 20 sliced. Sugar cured half |..... GO ak 21 19 (for boiling). Sugar cured, boiled|....- dows. . 28 22 Sugar cured hocks.|..... dos sas . 08 . 08 - Bacon, breakfast: WiEnOle pieces. ssl wee dos: id ~22 SHGOds ste aa | hee CO sses . 24 a3 Beekisalt family 0: avis: doe: St] Dates tote Pork, salt, TAM yee ests doses: a3 .14 Ox tongues Beem reas cae Wachter: 1.00 15 MEAP SOBEL ee gs se Round: <.222 . 09 . 09 Pele R LOD SUO nee se ee ie Ss doses sse .18 14 DAIRY PRODUCTS. Butter: Shefiield,- ex tra‘ | Pound......- VAG Ses fancy. Creamery special:...|....- Gone . 38 32 Cheese: FVOMULCTONG seen aie. etek) don ie 45 38 Philadelphia cream— Small cake. ..-- Caker sie: : aL Oa [hens Barge Cake: = 24). 62 2. Ota a a .18 Young America....) Pound.:..-: 22 .18 DWISS oe es RS ICS Edom us eee . 28 26 Gams oS es Hache. se.a3 1.00 | 1.00 Nemtchatels. 2355 s/o downs: . 06 . 06 OU aes se Ore Pounds 23: . 34 . 34 SHAD DV eee are Conti: SQe eae PPALIMCSAM ts Nek aa dos oes SOOT eons Milk, certified..-......- Bottle: ase . 20 220 Mer-mil-lae fs see Coen 8 B20 Reese BU GUCr IMT. Sa Neri ees doe Pe yee ae VEGETABLES AND FRUITS. Celenyes eon se a Head 22ers . 10 . 16 HCLUUICOs sh Pept POUNGe ies. . 10 . 10 Cuctimbers.2. 280.52. POO e sees s . 05 . 10 Potatoes: WV GOs sue re A Sat ei is doz sess . 03%) ~~ ..03 DWCOb socks Sobran oat tes Gosia OBR te 02 GAINS Se NES ete he utiles tee Gow siin . 03 . 03 OMonsi somes Goose GO ses s9 . 04 . 05 MOMALOCS eae ee sn ae do. . 05 . 08 ERUPT DS eases ee ee a es dose. . 04 . 04 CammOts eee ene Mie ee ee COsaxes: . 05 . 04 IPATSHIDS: swe |e GO 2282 OGRE eee Cabbage caries (out he dons tes . 04 . 03 HUD ar eee ee heen GO eee . 04 . 05 GIDCOIS Cee Ree Bae a [eae GOs ees . 05 . 06 SPEDE ZeTeCN 0 es ey GOn ee .12 . 10 Corn: ereenes see: Dozen... . 36 . 24 Egg plant eae ces eos SP OUNG see es . 08 .07 ScDCIMONSie shoe ee: Dozen... . 24 . 24 EXD DICH: aaa Bounde se: . 10 . 10 Pang erines 6) sss. 2 Each.. . 02 . 02 GTM OS Foes eek LODE eRe . 80 . 80 REPORT OF THE PANAMA RAILROAD COMPANY. Unit. VEGETABLES AND’ Prices. June, 1912. FRUITS—continued. Oranges: JAMEICHS eso S kes Dozen. - $0. 12 Caliormigwse eek Got meas . 30 Grape. 2.2 se ha: Bgchioaas coe . 04 IRineappless: ees ages Gores: . 10 Watermelons sso: eis). ee GOs oak (OD GROCERIES, , BUthenenes se aS Tins siigse': .42 Extract: TOMpN = See Bottles, 4-.| .22 ounce Voth Tae Ses e eee acne GOm ATS “22 ANICHOVICS eee ea Bottles, 4s 523 OIGMS es 2 eaOae eR Sore Ding Asie ce rely Coafishe sso Sse ese Pounds ies: . 08 Herrings, kippered....- Mins Wsecs se 3 Oysters, black label... .|.---- dos . 08 palmon,Areshinc2s2 et Scene Gos: 18 Sardines, French....... GING AS oa Sa. SHriUNpPS tes a SPINS Sse . 10 ADpTricOtses sre SG he oe aoe (cea i INS, 38. ‘ ADDIS Gallons. .... "34 Blackberries. .....-...% PINS 252 oe @hermiess.- 2 ee: Tins; 2482. a). .24 GTADES ee rah eee ene COSSee .16 Grebasages see a es COs ase V20 Huckleberries: .2.2% 2 Tins 28. AT Oats or oo Sees SSNs Day ave P PO SSB aes Be 20249) PCAC ES hs es ae does sss . 20 Pineapples f22 2s: se AINS 328 270523 .18 Hege=plumsiee es Sake Tins, 23 24 Strawberries. ..-......- Pings 28s. 22: . 30 JMS UM SlASs ss Sees Jarsv is ssos8 lip Jellies, assorted... 2. .: ars, 10-)) 315) ounce Marmalade, Dundee. ..| Jars, ls....-. 14 Hardee se ee ee TNs; D8 vee 72 ASDAFASUS Aah: fica. Tins, 255 <. 22 RCOUS es Se oe Oa eS fins} 2822 eee Beans, baked, tomato sauce: SST CDT Steere aces .10 WEG GUIS is 8 ee ee us DO ie wes 14 WOE COs eae Seal eae donne . 20 Beans: Siningless ee AMINS 2S 0s . 09 DET SE See ae ee Es done .14 CarrOtse: toss ee ee COs ese . 10 COnn aay Bere te lone |e doze . 10 Maishnooms:i2 2". 2% TINS - 48 .ist iS Peas: Silla oe eee MIMS 2S fos 14 Sifted 640022 soe alae. Ov tie E16 ROTA Ces Se | ae doses. 2k Pump kines ie ee Mins: 8822: . 09 Sauerkraut. RRS ESOS ce Fac dove . 10 SPIMAche eee ae ele ee Gone ts: 16 Squash \2 ese ee ao ae See nt IDS 28 ues : Tomatoes...-.:..--.-.- pins’ BSE sees ike MOTI PS Ye bete 2s eee Wins; 28 vo.0 cael Ming is vers .09 . Pork and beans........ PINS 28ers 14 Ming 88v.2% lid Tongues, lunch. . 232... WINS OS As es . 62 Wealloatens (fous Minis; Uses. .14 Biscuits: IASSOLTOG= 2. rice ee Oras . 29 SOdsg ese eae TMS Os Secen . 62 Barleyscs 2 os oe ae te eee. Ose eae Cream of wheat....---.- MNS 285.2 “20 HOV COSe oes te este Los CO: Fi tose ee: Grapenutss 2.2 32 ee MTS el Suns .18 SEL OMMD Yi e he eee te ee OSs ahr 4 38 Oepatevenae ; Meals whitecss¢-20 250.1 Pound 03 June, 1911. $0. 12 . 36 . 04 . 09 40; \ REPORT OF THE PANAMA RAILROAD COMPANY. 4 I Prices. Prices. Unit. Unit. June,| June, June,| June, 1912. | 1911. 1912. | 1911. - GROCERIES—contd. | GROCERIES—contd. 2 : Oats Quakers 3a 3 ARMING O82 $0.15 | $0.15 || Bacon, sliced....:...... PINS eS ehes bO. 80 |$0. 30 POSTON R er eae Bins S1S2 oes a2o .23 || Beef: pelle e Shredded wheat... .. ..| Package, 1s..|\ .18 Se A COLN GC ees het eee ADMINS 25332 2 OSL B45 IOUT ae ane tee: Round: 232.2 - 03 . 03 i, (ODIPPOG ese ee Ting; lsvie-. Soo eae Milk: Chicken: Evaporated......-. (Mn SE eee ~ .09 . 09 Boned aes aareveaes leet does OO aiere0O Condensed... .. - et ae donee . 10 . 09 OAS Ha eye ee. ANINS 3 2Si24 2. NooulbusoS Old DUST a ee pee tee) 4s. | . 20 . 20 } Ramales 3. Coe ces AMINS Sees Selle Rotash sr Mins, Is. /2 | 206 |: +06 TOA Re Oe ie dove 593/19 998 SAVOlMOcess creas cn ae Cakes tes ask: .07 .08 || Ham: Soap: Woalzsssace sao Tins, $8! 2. ela FAO TOL eee ee dos. 05 Son DOvileds vee es Ose eee BOD alae WAI c coe ee | koje eee . 04 SOO NEO xetall Saas ve eee Mins 29h CLS eas Wihtite; Hoating: 220 |. v2 dOs as: .07 SOUNPIgs eeu sce fo.) ea ee: Mins slsie 2 Yea aie a Pickles, chow-chow....| Bottles, 18- | .29 | ;.29 || Sausage, Vienna.......|..... don. o08 16 | .16 ounce. Ketchup, Blue Label. .| Pints....... 220) 20 Onions, pickledesaso2e5|. ose doses ~. 34 34 | Mustard Dressin g, | Bottles, 18- | .24| .24 Cocoa (Ding) $8. 22. . 10 15 Heinz. ounce. PLS trar gen Lan oW aR Pings Sk selee20 26 || Sauce; Worcestershire. _}) Pints. 2....) 245 |. 45 Cocoa, Van Houten’s TINS :48e. G5: 44 44 || Salad Dressing, Dur- | 4-pints...... 24 224 offee: kee’s. INO eC Se es Rounds 32.7. . 20 S207 las Mancemea tea a Sc wo nS Ose: HQD 8222 NORD Ute eee ee ul COs C25: lua 220 oll NEOLASSOS ara scen te eee Quarts... -.-- LS 8 Mocha and Java...:| Tins, 2s....- . 70 POV eMaple sirWp 4.2. 382 eee GOs ave 13201 4.82 Tea: Soup, Franeo-American |.....do.....- OU 50 English breakfast. .|...-. dois? 50 5bU eS paghetth. i ee: Feckasey USA ae sOK aa s0cs Cevlonie oii ee Tins 395225 ° 19 LO ea CCamOMie es Ae Sela do. Cee Coal patie O ters Sugar, granulated...... 5-pound 25 Sonevermicellii. 2 ido aan SOC ta Ole sacks. JAMS AN INS ais Ne Tins ls.e.22 .09 | .09 GUN POM al Ogos oy co RIMS sceees all .10 || Beans: ACDOMIMArIS 4 Guts ee Ales ioe dor: pall oul Lima, dried. 2.2... Pound: 43.5: .08 | .08 W:DitetROGksss cies ees Ope . 10 . 10 Navy.. Ba ie rete a ela eg doen -05 1.7.06 Apples, evaporated... .| Tins, 5s: ..-: $O0u As Ones CASE SP bees erie bie oe doesn} Oa 04 Apricots, evaporated. ..|...-. doers: 1.25 | 1.40 || Rice: PYtnes iss es i as oe Pounds . 10 .14 Ram OOME esc cece ee Owns. 033| 37.03 Peaches, evaporated... -.| Tins, 5s..... . 90 . 63 RON GUTAS 2 282 oo pos tie doe eee .06 | .06 Currants, cleaned. ..... Package, Isveeee Ld .14 || Olives: | Raisins, seeded 2.20. 2.2). 0... Contes. . 09 07 '(Bottles, litre, .55 | .55 Cinnamon, ground.....| Tins, 4s..... . 26 . 26 Manzanillo.......-- iB: O7b-t hess 20 aae20, Mustards se sconce coc | Lins, 4550.2: 12 712 ;-litre. INUIUIICR Ss Bek cee eee, POuUNG2 2222) 22 .18 Queen ier Bas Bottles, 10- | .24 |} °.24 Sage eee TRINS AS ae eee . 09 ¢ ounce. Bakine Powder. Ding. sss 6: 45 240) || KeCrOSeMe Ol eacs eos: 2 ee ings : b-gal-" 2807100 Ss EVON Ee | is lone @andlegea sea SOtceeee 2 La Salt talOuces stk Gas ‘= pO; ad |03 02 152502 Mateh ess. fi ce erik Package. -... . 05 . 05 sacks. LAL aera) es a reres OUM Cnet: . 08 SOSs | COMV CFOs ere Pints eis Olah coo The table below will show the relative percentage of goods under each classification that were sold during the year: Groceries and staples. e225 Poe ee Re Pepe ce ee ee $28. 85 OOld:STORAGC ces eae US ee a ee eee Te Se ae Ot. OF Dry soods,.cent’s durmishings,and notions.) 22.) 2. Mae. eo ee 16. 38 Boots and Shoes. uc a ee Seen Sema Gale ON a ee aes 4, 27 ebacco, Cigars, amd conlectionery. 9 2--6 2) 6) 0 Ree ea ee ea 1 OOO) Hanae: oe ee ee ees 1. 84 PU UIMICUTS ee ee ee OO ee aes . 20 SUAULONORY SU ie a es ee ne Ve Se ee ee ae 1. 28 WEVA We THIUCR TOS enue ea ae ees ee ae BO Ee ee 5.33 _ 100. 00° Respectfully submitted. ae | 7 FE. O. WHIrLock, ae) 14th Cavalry, U. S. A. _ Acting Subsistence Officer. 42 Mr. KE. A. Drake, Vice President Panama Railroad Co., New York, N. Y. REPORT OF THE PANAMA RAILROAD COMPANY. PANAMA RAILROAD Co., ACCOUNTING DEPARTMENT, New York, N. Y., October 24, 1912. DEAR Str: I herewith submit exhibits of income account, general balance sheet, and tables showing results of operations for the fiscal year ending June 30, 1912, as follows: Exuisitr A. Exuisir B. Income account and profit and loss account. General balance sheet. Exursir B-1. Investment securities owned. Exuipit C. Revenue and expenses. Exnutisir D. Exuisit BH. Operating expenses of railroad. Operating expenses of steamship line—regular line. Exuipit E-1. Operating expenses of steamship line—Philadelphia service. ExXuisirt F. EXHIBIT G. Exutisit H. Expenditures for additions and betterments. Equipment and plant replacement accounts. Classified railroad revenue, tonnage and passenger, Colon to Panama, and Panama to Colon. Exuisit I. Railroad freight statistics. Exuipir J. Railroad passenger statistics. Exutsir K. Exursit L. Exurisit M. Exuipir-N. Exuisit O. _Exutsir P: EXxHisit Q. Exuisir R- Exutsit §S. Railroad general statistics. Railroad freight tonnage handled. Steamship line statistics. Locomotive and car equipment. Floating equipment. Chart showing organization. Chart showing comparative ton miles, Isthmian expenses and pay rolls. Chart showing total revenue received. Chart showing revenue received from freight handled. Exuisir T. Chart showing tons of freight handled. Exuipit U. Chart showing operating expenses by departments. In December next the following tables, showing the results of operations for the four months ending October 31, 1912, will be prepared and published as a supplement to this annual report, viz: Exuisit V. Income account and profit and loss account. Exursirt W. General balance sheet. : Exuipir X. Revenue and expenses. Exursit Y. Classified railroad revenue, tonnage and passenger, Colon to Panama, and Panama to Colon. Exuipir Z. Steamship line statistics. Yours, respectfully, VM. Newton, Auditor. Exurpit A.—Income account and profit and loss account for the year ending June 30, 1912. Railroad: INCOME ACCOUNT. Grossireventiolrom Operations 2.5 ns 25 eee ee ee ee oe re i $4, 677, 365. 76 Operating expenses <.:sse~7 cea sacs ss So Bee ee os cee eels 2, 680, 084. 96 Net revenue from operation $1, 997, 280. 86 Steamship line: Gross Tevenucdrom-OpeCrabiONs< 2. gis. Cee ene ue eee ais sre ce are Operating OxPenSese wees cea kee es Sevnacesa aaa ssi sleiens weirs ic Salers were men eee we ee tee eee eee HK HHH HH 1, 996, 299. 08 2, 302, 041. 93 305, 742. 85 1, 601, 587. 95 ING HGEHCIUITOMMOpOratiON ss < a scat nrc oe ies os oie seus cine epemis cstta etiaae * Total net revenue from operation...........- Eon eee ee ae a Addeincome irom-interest. and, OxChan ees. <2 5a. voces ck yo eee ee Suet cinis oe ban see ears 110, 465. 39 | 1, 802, 003. 34 Wessirentalotdocksat Isthmus. 222 weiss ns oe eee ee ie ee eee 21, 697. 20 Wnited States Government Income taxs: 2.2.5.2. e. se oa eo wt as 18, 256. 92 eee ee 39, 954. 12 : Notancome:tor: 12-mOonthss sec 2 seo so see oe eee PE ate ier ett Sian ecsnisie a nines 's 1,762, 049. 22 : : PROFIT AND LOSS ACCOUNT. SSS By, balance to:credit of profit and loss; June 30, 1911... - 0250: ee $11, 957, 806. 27 Surplus from income account for year ending June 30, 1912. -..... mote teed. 2 Glee aioe reat 1,762, 049, 22 AG\USUMeNtS in.suNndry accounts; el@.--2..- 1. 2. see eth Se Os reat ae koe oN tiaras 2,323.76 Less: = 18,722,179. 25 Epona: for improvement and construction written off, account abandonment or destruction of property ....:...-:..-.-...<-.--.--+-.-- $73, 950.27 AGjuSstmMents in: sundry accounts; ClCs..- 5.22 ss so eee Decal 22, 163. 28 ; 96, 113. 55 By balance to.eredit of profit-and loss, June 30, 1912.-............2...20.-20.-n eee ee 13, 626, 065. 70 Exurpit B.—General balance sheet June 30, 1912. eee a Road. real-estate sand equipment. <8 05) oe Construction and improvement expenditures for uncompleted work. ... Floating equipment: Steamers Allianea and-Advance.-.-.......5......-.-.. $762, 713. 62 Rugsand: lighters June 30: 191i. Se 285, 921. 80 1, 048, 635. 42 ENGG: Three MOLOrDORtSS= ese oes 2, 547.68 Total Capital assetsa.c8.s ye. CEs ye Ba ieee eae see Fey RO eT crea Secunibies ommed (see txhibitj Bo). 3. os ea Working assets: . Cash in banks, on hand, and in transit................ 3, 110, 436. 94 Materials coal and supplies: 34.232) 1, 524, 206. 30 Due‘from agents:and conductors 2032-5 83, 236. 20 Traffic balances due from connecting companies. ......- 449, 236. 88 Due from United States Government: Isthmian Canal Commission........... $877,987.70 Post Office Department. ....-.-........ 129, 416. 51 United States Navy Department...-... 10, 953. 31 ee ee 0185752 Due from individuals and companies................... ~ 186, 652. 11 Miscellaneous accounts: - 42 35, 612. 89 Deferred debit items... .........-. Crt ttt te me te we eee ee tee ee ee et ee et ee $16, 625, 656. 68 1, 433, 252. 16 1, 051, 183. 10 19, 110, 091.94 | 1, 493, 463. 50 6, 407, 738. 84 83, 048. 75 27, 094, 343.03 Capitalestocks 2550 2.2 959s ee es 2 ee ea $7, 000, 000. 00 Capital liabilities: Due to United States Government— For cash appropriated through Isth- mian Canal Commission for new equipment and improvements...... $2, 786, 829. 53 Less cash repaid to June 30, 1911...... 1, 387, 714. 92 ee For cash appropriated under the act of Congress approved Mar. 4, 1907, “to pay the 44 per cent first mortgage bonds of the Panama Railroad Co., OeGENGO (22 cee ee a See a 2, 148, 217. 50 Less cash repaid Treasurer. of the United Statese.) ei se cae Bro 300, 000. 00 1, 848, 217.50 ~ Se 3 047, 390 Votalecapitaltabuitiess 9 a8 Ge ee ee 10, 247, 332.11 Reserves for depreciation: / Railroad: equipment... 22 es raat - 493, 253.91 Hloatingequipment 86. 8 ee ee ee 422, 423.12 Blame QuULpM CMG. <5 cere eet eh MO, Dea tarps en 334, 574. 07 ——_—-—+——- 1, 250, 251.10 Result of commissary operations to June 30, 1912....................-...-- 648, 201.77 Working liabilities: Isthmus dratts not presented ....:..5..-....022- 22.2.5. - 220, 580.77 Audited vouchers and wages unpaid...................- 893, 446..89 Traffic balances due to connecting companies.........-- 88, 582. 79 Miscellaneoussaccounts: 00 2s ee 10, 410. 36 : ——_—_—_—_—— 1, 213,020.S1 Deferred: ereditdtems: 222 ee en a OR 109, 471. 54 ‘Profit-and*loss=— Balance. ss ee ee ee 13, 626, 065. 70 27,094, 343.03 ‘ANVGWOO GVOUTIVE VNVNVd HHL AO LYOdeY Cy 44 REPORT OF THE PANAMA RAILROAD COMPANY. -Exuisir B-1.—Investment securities owned June 30, 1912. Par value. Great Northern Railway Co., first and refunding 44+ per cent bonds, 1961...) $100,000.00 Pittsburgh, Cincinnati, Chicago & St. Louis Ry., consolidated series H 4 per BEN TOONS NGL ashes eye a Pc ase ieee Mig ie Se Cc era ora ce 100, 000. 00. Chicago, Burlington & Quincy R. R. Co., general mortgage 4 per cent bonds, OS ac ha NE SUG NCE ATES A ps Ge en ste iets NEE SESE onc ly 100, 000. 00 Chicago, Burlington & Quincy R. R. Co., Illinois division, 34 percent bonds, POs orgie Sete en cee carer os als ice ayaw ute Slates Sn eaune le Gn Re ee shag ay aan 100, 000. 00 Iilinois Central R. R., refunding 4 per cent bonds, 1955....-..........-...--- 100, 000. 00 Chicago & North Western Ry. Co., consolidated sinking fund 7 per cent OMS OT OS aries eps ee aes SONG De ets Oat ee een AS 100, 000. 00 Delaware & Hudson R. R., first, and refunding 4 per cent bonds, 1948.-...-. 100, 000. 00 Union Pacific R. R. Co., first and refunding 4 per cent bonds, 2008 ........- 100, 000. 00 Philadelphia, Baltimore & Washington R. R. Co., first mortgage 4 per cent DONOS OAS eres Neca ks Gos Seay incre See ee ahs ey Nem Ne Cimieoern en Guest 200, 000. 00 New York City, borough of Brooklyn, 7 per cent registered bonds, 1915..... 100, 000. 00 New York City, 3 per cent registered bonds, 1917...-....---.------------.-- 50, 000. 00 New York City, 3 per cent registered dock bonds, 1919. ......-..-.------.--- 100, 000. 00 State of New York, gold tax exempt 4 per cent bonds, 1961 ...-...-...-.... 250, 000. 00 POLAT DON GSe eee eee et ee a es eS eRe Ee Aces ae 1,500, 000. 00 Book value. $99, 875. 00 98, 500. 00 96, 000. 00 87, 750. 00 96, 187. 50 109, 201. 00 98, 625. 00 97, 187. 50 202, 000. 00 109, 892. 50 47, 420. 00 92, 312. 50 258, 512. 50 1, 493, 463. 50 Exuisir C.—Statement of revenue and expenses for the years ending June 30, 1912 and 1911. Decrease. erent een wee eee eer eww wwe “see eee wen ewe eee mee wn owe Operating revenue. 1912 1911 Increase. | RAILROAD. Revenue from transportation: Colon to Panama— Breigh te 2a. sk ous os ARNE ay oo eae $2, 020, 657.19 |$1, 738,409.72 | $282, 247.47 RaSSONG CR ste ee GO Te eae , 463. 93 346, 345. 37 43,118. 56 BYR@CSS DALE AC ORs sisi ME a oe Sate 12, 874. 41 LOS 210592 se Ge ae Eanlorane: Chair Cale sacs aes o6 Ses eee ee 2, 865. 75 1, 488. 50 1, 427. Nail ees Sees ek oo ire aes 156, 529. 06 148, 790. 64 7, 738. 42 REX PL ESS see sao ete eee es anus cn 11, 874. 97 10, 557. 42 1, 317.55 HIT GAS TANG es osha oe tes ate a et SA aS 8, 388. 86 TS2G2350br 125 fo ke ea SpeClal-service Wain os eee se rk es 7,161.00 6, 225. 00 936. 00 Total. . : Brena ee oan ane a ai ne 2,609, 815.17 | 2,284, 600. 62 325, 214. 55 Panama, to Colon— Re TOIOU een ee se BCR Fay etal 800, 293. 95 659, 768. 16 140, 525. 79 PASSON POM say Saas ee Cones yes 348, 283. 43 340, 645. 88 , 637.5 EX GOSS PASSAGE suis = vee una eS eave ies 8, 304. 20 165408590" | ota s ce eee ae arlorand Chair. Cals ecko e eo 2, 064. 75 917.00 1,147.75 Ma Tassie sees cee Oe Peau seine. alias 27, 908. 04 21,345. 64 6, 557. 40 EPL OSS ose se Roi Eis oye oh nee 18, 466. 96 17, 869. 67 597. 29 PET BASTILO 2 iin ee cies eee i so See en eR 16, 461. 58 12, 357. 47 4,104.11 Special-service trains sas oo a Mons 7,197.00 6, 725. 00 472.0 PROD AM ae ttise Gan ate Sc er rs sah Seats 1, 228,974.91 | 1,076, 037. 72 152, 937.19 Miscellaneous: +O GGT PAaSseneen, trains eos s Ware ce Sl le opie re ree UN Soe ee Sens eral eumcian ag tec DO WAbCMIN GH OSes ete ated 5, 691. 00 3, 887. 50 1, 803. 50 Miscellaneous transportation 2 ein Seas ee eS |e etc aS eee nme eusecee lees PIO Gd rss seers ere Sis ates teehee 5, 691. 00 3,887. 50 1, 803. 50 Total revenue from transportation ..... 3, 844,481.08 | 3,364, 525. 84 479,955. 24 ou uue from operations other than transpor- ation: Station and. train-privileges 22.3. .22. 22 4.02. 2, 671. 85 2, 505. 00 166. 85 Storage— PROGINS a oy 6, 296. 96 5, 709. 76 587. 20 BRABCAOO as Ses ee oe eee SL inet San 386. 90 313. 95 72. 95 @aleSClyiCe ese ese hn a Na pote Rigs 740. 00 265. 00 475.00 Telegraph and telephone service .....-------- 1, 460. 88 L529 es ees Miscellancouse: 2222 2 a ee ea as 18, 533. 96 B15 4433 9B laa cone on NEL HNO tale ese ee ee eat et 30, 090. 55 Al; (OOS) oie hos on Harbor terminal revenue: | W harfage— ATOMIC COrIMINAls Ao ses he ees 95, 094. 29 88, 860. 50 6, 233. 79 2 Paciic terminals: sie... Sis al 208, 164, 82 221, 221.56 36, 943. 26 ME IONECHACOs eas Soe ie eee ete aes comann Soe 63, 647.15 43,367. 04 3 6, 622. 00 6, 153. 50 8.5 PACH THOUSC Renter oo ae ee eC a ee { ' ! REPORT OF THE PANAMA RAILROAD COMPANY. 45. Beene C, —Statement of revenue and expenses for the years ending June 30, 1912 and: 1911—Continued. Operating revenue. 1912 1911 Increase. Decrease. RAILROAD—Continued. Harbor terminal revenue—Continued. Crandeor hae en eau es cee hi Wee aera $33, 179. 44 $29, 042. 20 DA LOT DA ee ee Water supplied*shipping..2: 222.622... ee 16, 710.02 24,052. 96 |..:-.-- eo eeteps $7,342. 94 MiISGOllaneOUS eer og Bee PO eye 4, 388. 48 2, 890. 75 VAOT 8r|oo eee eee SR OGL era ae east, oe re ln ee 477, 806. 20 415, 588. 51 62),2170 69) lees Other operating revenue: 2D Rents oflands, buildings, and other propery: 109, 591. 86 94, 482. 93 LD, LOSH9S i eee ae Miscellaneous revenue—other sources . ae 215, 396. 07 227, 080. 59 Bice revelers 11, 684. 48 EDO Galeays res ore ss oe GE es 324, 987. 93 321, 563. 48 By ADA AD eae ees Totalrailroad Treventie:s: 2.62 eo 4,677, 365.76 | 4,149, 444. 66 O21 D2 AO se ee eee STEAMSHIP LINE. Freight: ‘ IROOM I LT Gs cons esse ae oel oe eer a Arima cere 1,372, 120. 02 | 1, 255, 879. 00 TG 2402 i Se eee Philadel phiaiservice:: eesti ete aes ees AR TH S2. Obs er cacao o> AS O821600 | sees oes RASSON GOI. ech ho Re ee eae een ee 323, 685. 88 BOO O44 ST loa See 16, 158. 99 XCOSSIDARLALOy eres s eRe he oak en Ohi 2, 279: 11 | 2, 089. 62 VSO: AGI |i ae ae ee VE ete ices ea Ol ee eee Shc A oy Reg aoc ener 218, 284. 32 297, LGA BOs ee 2 a ee ae a 880. 57 EET CASUE OW ee Gash a RIG So al ee Aare aay ae ee tite 11, 323. 28 16, O88 ears estou. 4,759. 89 Wines AMG IGQuOrs!s 2k te. Ae aS 8, 163. 95 9080. 605). 2 ee ee 1, 446. 60 Miscellaneous—Regular line...............--..-.- 11,077.36 | 9, 438. 76 1638/60 (eee ee Miscellaneous—Philadelphia service.............. ee eo OU CUE coe so CSAS OWE lassie sree SE OU ne ee ON EA nT NEG re “1, 996, 299. 08 299. 08 | “1, 860, 110. 86 110. 86 136188722 eee eee Gross operating revenue................| 6, 673, 664. 84 ; 6,009,555.52 | 664,109.32 |............ OPERATING EXPENSES. a & ae ae Railroad: Maintenance of way and structures..........- 305, 138. 56 ATA O(8S3 0 ea ess ee 109,539. 81 Maintenance of equipment SST (te NEN AEA 466, 938. 34 | 403, 624. 68 63; SISN6Os ee PTATHC OX DONSCS 259 loi sees tie pein Kee sina 11, 657. 27 | 11, 025. 16 GS DE Ta Ri. eee aes Transportation expenses. 12ers ee is 403, 821.81 | 1,182,019. 11 221 SOZE(O Me ee ee Lighterage and harbor service............--- é 129, 228. 80 100, 659. 52 28, 0692 28425 eee Loading and discharging vessels............-- 33, 823. 53 AD TO. 83) nk ee 8, 931. 30 RCAMOStAGOs sea yi ae Sule a nie elie 24, 963. 45 20,941. 15 A O226308| Scene ame General expenses— A PSG INUS eters ee e ceeem ee Ee ear ee 237, 455134 236, 184. 76 T2710: 58" see ee ING Wi VOT se ene neh ane RET Gt 67,557.86 | | 62,227.63 Ds OO0seo se emer Total railroad expenses...........2...- 2, 680, 084.96 | 2, 474, 115. 21 205;,9695°75" esse Steamship line: ie LD RUG le eas Steamer expenses— ; Opa RIM Ces tec ve exes ae dahl mee ch ae 1, 730, 288.37 | 1,390,573. 53 339, (LAD 84 eos ee Bhiladeliphia service ico e625. ese: FO20s DOU ess esas eas 505 825895" |- cose osha. Agency expenses— eo Regia rinses: aa tieh er as ee mates) s 366,013.04 | 280,356. 59 80; 656545) se Seek eee exe Philadelphia Services snc Soe ae TBE B20098 | Son reese 13532020925 eae General expenses— ING Wis YiOUK Si ee Bote COREA ee Gee 28, 727.14 28, 272. 13 ADO ORS Ce VE eis USCIS eee SU a ry) Ca eee Or OheaG 387, 474. 95 40,9922 OO chat sae 3,517. 05 Charter of steamers— esularihinees sete re ie aa 20,115.98 AO (28.64 ee ee eae 22, 612. 66 Philadel phig services. se DD} COs Al ee es Gee 00, 0 Os4s ase oes oe Total steamship expenses.............- 2,302, 041.93 | 1,782,922. 89 O19; VIO: 040 x oo tee Gross operating expenses............... a 982, 126. 89 | 4, 257, 038, 10. 10 0 | 725,088.79. oe ae SUMMARY. Railroad revenue: Colon fosPanamae suey eu ah anmio ae .. -|$2, 609, 815.17 |$2, 284, 600162229825; 204505) see ee Panam ACO COLON Re wae ee ae ie he aoe Ie 298, 974.91 | 1, 076, 087. 72 OQ O87 LOE te ieee teats Miscellaneous see nade Sac tea can ae 838, 575. 68 788, 806. 32 495-169; SO ee Potalirairead revenues. 5.2) .2 5 4, 677,365.76 | 4,149, 444. 66 O20 O2T OR Eee ae Potalrairoad: expenses. —.24 2... esas os 4, 680, 084.96 | 2,474, 115. 21 205; 969/08 oneness INGUTCVGNU Chee Suto bt ae bare ee oe 4 997, 280. 80 | 1,675,329. 45 321, 951, 35 | Camu apscercr ears Per cent of expenses to revenuc............|. ~ 57.30. cS 59.63. STE ate Toss 46 REPORT OF THE PANAMA RAILROAD COMPANY. EXHIBIT CG. —Statement of revenue and expenses for the years ending June?30,®1912 and. 1911—Continued. SUMMARY—Continued. Operating revenue. 1912 1911 Inerease. Decrease. Steamship line: Total revenuet.-........-- Sow peeeas Grats Sete $1, 996, 299. 08 |$1, 860,110.86 | $136,188.22 |...........- MOtALEXPONSOS ' vc ys Sloe we te hee Soe Ses 2, 302,041.93 | 1,782, 922. 89 DLO LILO: 04s eecretcer INGE ROVENUO Es ooo ae Ske Oe ee 2 305, 742. 85 MEST Ole Ke ca eee $382, 930. 82 Per cent of expenses to revenue !............. 115. 31 95. 85 19586: eee eee _ Grand total operating revenue..............-. $6, 673, 664. 84 |$6, 009,555.52 | $664, 109. or Grand total operating expenses.....:.......--. 4,982, 126.89 | 4, 257,038. 10 (20 USSe1 9s cae ects Total net operating revenue..........---.-- 1,601-537295 | 1,752,617. 42 |... 60, 979. 47 Per cent of expenses to revenue......-...---- 74, 65 FOS BR 1 Includes operations of Philadelphia line. 2 Deficit. Exursir D.—Statement of operating expenses of railroad for the years ending June 30, 1912 and 1911. 1912 1911 MAINTENANCE OF WAY AND STRUCTURES. SiPOLMtLENGENCE soe Ne Gc i ie eas Sr ee ares ee $38, 443. 16 $30, 484. 57 pallastee se os Se RSG Be seo tor eeine cen sense eters winless hia Sea A one Mee oan 3, 853. 34 3, 950. 27 DOSS ee Se oe oer Nc ce Te hemes o Serer ames aun anon eg 7, 835. 03 14, 496. 71 aS Sees Sec ee Uc cise nae eb en omen 5 Deen inte ee RL rea ane a 1, 484. 49 20, 644. 60 Othonoracke me teridhes sess Fee is oe. ee eee ee ae a oe ee 11,230. 91 20, 193. 30 Roadmaveana back. soe soa ee oe ee ee Pee eee 1 07, 088. 52 128, 193. 13 PRUNING oo SS ees arc ta ace Se Cao ae oe heme ae eee oh ace Bee ot Sechrest a [ete ine Serres Bbldees,. uresules) and GUIVELtS so 2005. 5sek ees Pee Ce 4, 424. 52 15, 931. 30 Overend unGererade: Crossings. so: siecle ee OE ee: 199. 63 643. 15 Grade crossings, fences, cattle guards, and sius Se eae Petia ea Stee a 1, 899. 05 2, 637. 98 Signals and interlocking PLAINES ee ee a ee eae Sk oe 10, 085. 71 8, 656. 89 Hhelestapinand LelopHonelines: .. 0 22ers Ss a 8, 276. 71 8, 118. 61 Buildings, fixtures, and grounds: A. General office DUN GMES: so Soe ee ee ee ae eae 866. 75 1, 815. 32 Be cbransportation: DUUGINGS toss ook ae eee ae: cee eee ee Ge 15, 360. 88 22, 374. 07 @ 21,345: 64 | 6,557. 40 |---2 TREASURE. Value. Revenue. In- De- 1912 1911 Prensa: icreace: 1912 1911 Increase. | Decrease. To New York........|$1,798,415 |$1,730,533 |$67, 882 |.......- $7,789.63 | $5,757.46 |$2,032.17 |.......... To Hurope. <5... cc: 2,030,813 | 2,074,721 |.......- $43,908 | 8,671.95 | 6,600.01 | 2,071.94 |.......... Totals) =.. 3,829,228 |3,805,254 | 23,974 |........ 16; 461.587) 12 357°47.\ 4104eblel esa ‘ x EXPRESS. Weight (pounds). Revenue. In- De- ; ; 1912 1911 Graasoncorcace! 1912 1911 Increase. | Decrease. P- LOCAL. ‘Commercial......---- 3, 464,271 |2, 980,822 |483,449 |.....-.. $16, 801.16 | $16,214.53 | $586.63 |...---...- tsthmian Canal....-- 880,345 | 720,715 |159, 630 |......-- 1, 665. 80 1, 655.14 10266222 | | | | | SJ, Motal. = = 4,344,616 |3, 701,537 |643,079 |..-.-.-.| 18,466.96 | 17,869.67 | 597.29 |.......... REPORT OF THE PANAMA RAILROAD COMPANY. 00 Hxuipir H.—Statement of classified railroad revenue, tonnage, and passengers, Colon to Panama, for the years ending June 30, 1912 and 1911—Continued. BAGGAGE. a Weight (pounds). : Revenue. In-. | -De- 1912 LOE erencon | Croaee. 1912 1911 Increase. eS: To New York... =..: 3, 216 3, 147 69: se cee $18. 99 $43:-69 |. oe $24. 70 PILOCAlns et eer. 1,536,137 |2,085, 718 |..--.--- 549, 581 8285.21) 16,365.215 1442522 8, 080. 00 Ota. ooee |: 1,539, 353 |2, 088, 865 |.....--- 549, 512 8,304.20 | 16,408.90 |.....-..-.- 8, 104. 70. PASSENGERS. - | Number. Revenue. In- De- I De- 1912 1911 GPOAeO | cronse: 1912 1911 Increase. rence: To New York: a IDS t: GLOSS i802 ae ee 4,916 Break lL OSbEes a ee $12, 201.93 |$10, 727.78 | $1,474.15 |....... : Second classs:-2 347 346 ee ee de 0908265|--1 -ASGa15; | eee ee $390. 89 To New Orleans: St Class-sas aeoes. 1, 049 131 OISe Seana 1, 818. 36 820. 61 O90 TD ee <7 Second classe. .--<. AG eee ae IS serge ZOO wise ee ras| pe poe 00s ees oe Europe: urs Classee.ce a sa-< 841 SS2e ee 9a Se B,S80-10:| A,OOL. 940) ee 1,178. 76 5 coon Classseze a5 132 LOSE Ses ee es 26 380. 38 6355032|62. 4 ae 254.65 — ocal: NSU ClASS: sie see 368,985 | 352,628 | 16,357:|----. .|145, 937.93 |140,857.93 | 5,080.00 |.-.--.-. Second class.....-.-- 989,038 | 846,079 |142,959 |......--. 183, 464.39 |181, 556.44 | 1,907.95 |........ WPOURI eee ey 1,365,309 |1, 203,405 |161,904 |.....-.-. 348, 283. 43 |840,645.88 | 7,637.55 |-...._.- Exursir I.—Statement of railroad freight statistics for the years ending June 30, 1912 and 1911. . 1912, 1911 GTOSS TOV. CMU sss ss Sa ae create ar Rear ara ot PEP 9 cps een aed oa w TIO $2, 854,112.12 | $2, 446, 618. 35 Freight-train mileagé (including all mixed-train mileage).............-..--- 248, 741 235, 534 Ereight-trains per-day per mile:of- road: ee Sa 13. 38 12.98 Loaded-ireight-car- mileage .-ss.5 secon oe ea ee re ts Sa 3, 299, 154 2, 797, 069 EMPL Mrelenl-Car-Milegge =: ses ee ee eo ees ee eons 1, 558, 805 1, 210, 114 Caoose-car mnhled genes seh eee Bee ene SOA ee ean 219, 502 205, 001 Total freight-car mileage, including caboose. ......::........2...-2.2--2--:- 5, 077, 461 4,212, 184 Percentage of loaded car-mileage to total freight-car mileage (including CADOOSCO) es ee ee Sen a ete eS CEE AOE SSO eR TS 64. 98 66. 40 ioadedelreieht- Cars: per tains. ea ea ae ee es ae 13. 26 11.88 em pty Aree Cars por Wreln esses aoe eae re eee eee 6. 27 5.14 iLoaded-anG: empty. ireight cars-per-train:=< 2.25222 fee. ee 19. 53 17.01 FeOns: OL: through commercialireieht os. os2 se 688, 614 567, 168 — cRons:ollocal-commiercialireigh ta. ee ee es 178,797 |= = 1585-209 Tons of local commercial freight, Balboa and Panama.............--:....-- SOV ole 14, 440 Tons of local Isthmian Canal Commission freight ........-.......----------- 934, 196 783, 834. “Hons Ol Com pany cight s: 0 2ee. pet ya ee ee ee ee ee 54, 157 33, 349 - Tons of revenue and company freight carried..-...-....-......--..--.-----. 1, 871, 076 1,557, 030 Tons of through commercial freight carried 1 mile..................2....... 33, 602, 511 28, 209, 580 Tons of local commercial treight carried 1 mile... .... =... 22 7, 210, 216 6, 406, 166 Tons of Isthmian Canal Commission freight carried 1 mile................-. 30, 784, 875 24, 381, 124 Lonssof compan yelreight Carriodal-milG: exci \ 1,838, 037 938, 963 Tons of revenue and company freight carried 1 mile.............-........-- 73, 435, 639 59, 985, 833 Tons in each loaded car (including company freight).......°.....-...--.-.- 22. 26 21.43 Tons in each loaded and empty car (including company freight).........--: 15.12 14. 96 (PONS in: CaChatra nae. svi Sie ei in See ee eee ee ee eae ae 295. 23 204. 47 heventie: persirelght Gan-per Miles. 5 se. oo. ce ee a ee 156.21 | 158.08 - Average miles each ton of revenue freight was carried......-.....---.-=---- 39. 41 38. 72 VO VMUCE DCE Nelo MN U=Ul AlMeI AO cis cee rss Noe ren oe ees Ge eee $11. 47 $10. 39 Revenue per-ton-of revenue ireight.2o. 3. es es $1.57 $1. 61 ReVONUS per ton: per Miles 6c. a eee ee es 13.99 14,14 Tons of revenue freight carried 1 mile per mile of road.....-..........----- ~ 1, 409, 679 1,186, 344 Breight-reventie per mile offoad:c<.csscs cc soe eee $56,194. 37 $49, 198. 04 Histimated loaded cars:im-oach:=train=2= 3.23 ee. 16. 84 14. 88 Revenue treight engine mileage. = =. 2s ge eae ee 287, 883 252, 936 Estimated loaded cars hauled per revenue freight engine............-.--.-- » 14.55 13. 86 ons hauled per revenue freight engine... 27-222 2. 62. 255. 09 236. 96 56 REPORT OF THE PANAMA RAILROAD COMPANY. IN Exursrr J.—Statement of railroad passenger statistics for the years ending June 80, 1 912 and1911. 1912 1911 Gross revenue (including mail, baggage, treasure, and express).....-..----- $1, 020, 459. 51 $952, 724. 32 Passenger train mileage (including all mixed train IMNt]GAWO) Sows ats Se ; 158, 405 iRassenver trains per day. per Jie: OLroad =<: 222. tact wec se eel ee 8.77 8.73 Coach emnlonses ce oe rs aos Coa ona Eee eee ee sens ae es Se 1,071, 190 1, 007, 184 spaveavecex press, and mail Car milpage. oo 2.2. eo anc sk ence ce ew ce 205, 419 200, 477 Dotalpassenger cardnileage <<. 2-2-3 oo oe oe ee eee ee eee so 1, 276, 609 1, 207, 661 PaSSON&eTS-CAIMLOd ss see eae eee ee os Ses | ow oto Se ne es 2, 757, 671 2, 412, 154 PASSCHOOrs CalrloUrb ING seg eee oe een Cece eee SRO See 32, 073, 043 28, 185, 118 Average distance each passenger carried .-.---.------- +--+ --2++--- 225-2 ees U1. 11.68 — sesSOMeOnseltt, CHC MeULAUN neces ce coe See Se eee ee eee pes ee oe 196. 67 177.93 Passengers in each passenger car (excluding baggage, mail, and express). . ~ 29. 94 27.98 Revenue per-passeneer train Mile = css Ss Sow se ee ne eas Cees $6. 26 $6. O1 Revenue per passenger car mile (including mail and express).-.-...-.-..---- 1 79, 94 1 78. 89 Cars in each passenger train (including baggage, mail, and a Sects 7. 83 7.62 FREVEMUIO POLS PASSON Oks ocata = eee oe ee oe eee gous eas ots 1 26.75 1 28. 48 Revenue per passenger per mile-~ ------ 2+... ++ <2 + 22 eee ee 1 2.30 12,44 Passengers=L.mile per mile: of road == Ss eo a SS ies Soe eee ee 631, 483 566, 763 SV OMG: per Mlle Of LOAU see es See re Sms ea ae ne Sais Ce wail ee Soe a wae es $20, 091. 74 $19, 157.94 1 Cents. EXHIBIT K, Statement of ratlroad general statistics for the years ending June 30, 1912 ae LOTT. 1912 meAcv erage Milles: OPElaled.s. 6 oa See cee es Succ gacn,. Soe eae oes Se 50. 79 Notalirerczht ond: passen Cor. TeOVeNUG s...2 =. aoe ce sob cs ote ee wees $3, 874, 571. 63 ova letrelsht-and: passenver.exXPeuses 75.52 see ese iw ee ee Se ees $2, 492, 069. 18 iNet ireig ht ald: passenger TovCQUe << oe oe ee cn ee ene ee $1, 382, 502. 45 Percentage of freight and passenger expenses TOTOVCNUG so. o22 52. See 64.32 otal eOVventle tralnomi lea eee 2 ase oe hn cca Cue eee cscs ee 411, 824 Gross Teventie- per TEVenue: (rain Milos so eS as Se ee ce cs Sow me oe $9. 41 Operating expenses per revenue train-mile: -:..-... 5.22.2 ees eee eee eee $6. 05 Net revonile: per Tev-enue train-mMile 7: 2c ss. ssc we sees ok ot See oes sees Sees $3. 36 PROtOIoTOSS TOV CU Oars soo ccicnraters Swciosis aac are a Onis wie so aisle Sie es ie we ee tens cro as $4, 677, 365. 76 ERO TAISGTOSS OX: PONSOSes a ees ooo ues ns ann Coe oe vo Wb ee cuore aeeicm ces $2, 680, 084. 96 ING TE V.CHUC, Ol SOUNCOS oes tia Stine sc ae rc ct sie ceo nae Ss occa Site eee ee $1, 997, , 280. 80 Percentage of gross expenses to gross revenue... ....--.-..---2-----.-- Sree 57.30 Revenueper mile Ol TOAd. ks Ses Sol ese css Jape cee Soe eee $92, 092. 26 EEXPENSOS VEL It] O.Of LOAG=< eos sete ee cee ete s Secale sates Sei ne uence $52, 767. 97 IN@P revenue per Wine: OLTORG so oe nt eer a ee eee ee $39, 324. 29 1911 49.73 $3, 399, 342. 67 $2, 309, 759. 71 $1, 089, 582. 96 67.95 393, 939 $8.63 $5. 86 $2.77 $4, 149, 444. 66 $2, 474, 115. 21 $1, 675, 329. 45 59. 63 $83, 489. 47 $49, 750. 96 $33, 688. 51 REPORT OF THE PANAMA RAILROAD COMPANY. ey 7 Exurerr L. 7 Giatemet of railroad freight tonnage handled, years ending June 30, 1912 and 1911. FIRST.—FROM ALL POINTS TO ALL POINTS. 1912 1911 . | Increase. | Decrease. COLON TO PANAMA. ; Per cent. | Per cent. From New York, Philadelphia, and Gulf ports to San Fran- , CISC OM a aie eat ra. care reas a oe ee ee ane ee ee 150, 181 96, 420 DEMO 8 eee eee - From New York and Gulf ports to Panama, South Pacific, CentraleAmonica and MOxiC0s ac 20s cae ee es ee 120,045} 103,989 Leads ee ee ode From Europe to Panama, South Pacific, Central America, Mexico and Sam: WraneiscCO sae nee tie ka eco ees 139, 401 123, 291 SEO Melee From Colon to Panama (local): é Commercial freighiz 2 acc oo aos ae eee ies Ma ee 153, 339 139, 145 LO: 20 setae eee Isthmian. Canal/Commissioney-s2 2. = so an see 791, 830 691, 390 144A ene eee: Com panty (rel elite ste Seg re ee ee eee ee 21, 445 23; OLD eee ee 9.99 Potala occ Pas eee NOE et emis 1,376,241 | 1,178, 560 LOSE ee See PANAMA TO COLON. From San Francisco to New York, Philadelphia, and Gulf POLIS ois Sac ee eer ee at a Sis Vek Se eee 151, 200 115, 508 305904. From South Pacific, Central America, Mexico, and Panama to m : New York and Gulf POLS 3 oo es a oe ot eee ee 76, 561 59, 823 Dl DS aceeen ee From South Pacific, Central America, Mexico, San Francisco, and Panama to Europe Sot eae oa ee nae eee ee BOOMS ig. O ly lOO el cee oer 25. 19 From Central America, San Francisco, and South Pacific to COlOW Ss fa secs c ee aaa ates a a eaten eg ee _ 648 398 B(EO02 eae ees From Panama to Colon (local): Commercial ireipht-s 22s ee eee ee ee ee ee 40,770 | . 33,534 D8 ene ees Isthmian: Canal: Commissions 2 22 =. wore ee en Hae 142, 366 91, 944 4 BA Soa: Com paliyetrelgh es - ss. cee Cea ps pa oe ee 32, 712 9524 «| 2 243° 4 (alee Zz POGOe eee Soe ieee ie ee eee ee i ae ee a 494, 835 378, 470 BODE eos Total westbound and: eastbound: 2 .22:-<.2. 3-22. 1,871,076 | 1,557, 030 DOSE ee eee SECOND.—COUNTRIES OF ORIGIN AND DESTINATION. COLON TO PANAMA. For: Panamiane <3 i552 oes oes ee 1,080; 448:|2-92159683) = HA eee HOI. Centra LAMCriGa sc 2s en oo ere eo ween ee esos _ 56,628 47, 039 20539 ease BOr SOU PACING nee eno te Cer ere ee rae ere ta _ 184,555 110, 914 2 sie eae ee OP Sas E TAV CISCO iiss esata Sols so cou cae aes ee ee 153, 712 98, 067 Doge | saa cer oes HOT MOXIC OSs arene org es ae es tc eae ee es Gree 898 |- 572 SDEb9F |e wees Ota ec ee oe. sea Soe ce ae ee ------| 1,376, 241 | 1,178, 560 | IG es PANAMA TO COLON BROMO a MO eas sc 6 ee Ce ee 221, 385 1395159 ee O09 eee Z Hrom-CentralAmories ooo. 2 aos re See ee eee re 20, 276 303 000: faeces 39.72 Hrom South Pacific. 2... 22.222: Bieri ace ees rex eee 99, 413 © 87, 670. IS3239. | eee es rom Sab PaNnCiseO =< 525.255 se cee oot Soe ee ee oko ne 153, 533 117, 658 30:49-) eee BLOMEMOXICOS 65 Sirs ter ses rans de ose ae oe ae oes 228 S485 eee «34.48 POURS coo ees os 494,835 | 378,470 BO. 76s os Total westbound and eastbound... <. 22-2. .- 22 eee 1, 871,076 | 1,557,038 QO ee 58 REPORT OF THE PANAMA RAILROAD COMPANY. EXHIBIT M.—Statement oF steamship line statistics for the years ending Tune 50, 1912 and 1911. FREIGHT TONNAGE. 1912 : 1911 Increase. Decrease. . Tonnage . - Tonnage . Tonnage . Tonnage Ships: | carried. | SPS: | carried. | S24PS: | carried. | SP!PS: | carried. ATTIVOGs iosor See oe: 26 40, 455 29. AT G40 oe Se ee ee 3 7,194 Nalledvsse SS Ses ee 26 49,148 29 OL O10 eS ares. le ee 3 2, 762 Chartered passenger ships: SATELV OG ee oo oe See os 50 | 162,635 02 sie 128 454 | eee oe Be 34, 181 Dee eee Sealed See ee ee 00 | 296,755 HONS GLO SAQG oo cco | ee ee 13, 671 Chartered freight ships: ! FATREVOGS Se sees ee 5 LS OTD leeches | Giese eee 5 TS 59722 | See es eee eg PIOALOd sy Sees s eee Sat AE SSS 4 20; 688s laos Sasa eee 4 2036382 |S2 soo ee ROUGE Soe eet NS 161 | 583,603 160 | 538, 439 1 AD ah O64 cles caer es See ee Total freight revenue...| $1, 420,702. 67 $1, 255;879. 00 $164> 823° 66. 2 | coe a ee Average rate per ton... 2. 43 2.33 LOPS |e ees ea 1 Philadelphia service included. — PASSENGERS CARRIED. \ i s eae Sane ce Sis 1912 . 1911 Increase. Decrease. . Passen- . | Passen- : Passen- Passen- Ships. | ~ gers, Ships. gers. Ships. gers, Ships. gers. Panama Railroad ships: | | NTT VOC soso oe ee 26 1,353 29 lS QG3S | 2 ashe IS es 3 610 AMCs = Goce es 26 1, 600 | 29 LS OOO re ees ek eo 395 Chartered passenger shins ATIMV OU aoe eee eee 50 5, 268 | 52 Dydd la lees y Steet eases nese 2 143 Saled 00 4,373 50 ASO sake ce fee eae Sues [neo es 412 Oasis Sree 152 12, 594 160 L454 ae See eS 8 1, 560 Total passenger revenue (including excess baggage) sos $325, 964. 99 S41 904 40a cise Soe eo $15, 969. 50 Average rate per pas- SONG 2s = 25. 88 24.16 2 Ee se a ee ‘ Exuisit N-—Statement of locomotive and car equipment June 80, 1912. Loco- mo- | Passenger cars. | Freight cars. Miscellaneous. tives. yy 8 S PAGces | ; : eB 3 § ; 3 45 = B\-|\8 Be sie tails wa | |e} @ | bolMigiale 4 0 S| o| 0 q q Fe = = oleo 24 Oe #| 8 | Jal |slold Rls! |8) [S| 2 | IBIS SIS|2 3S Slsiclelsiars l8islelsle| & Sislgle ole S/ 8 eeleisisigi2| 2 |g |e Sesss/8) = sisjaiae|z Bln pmiminminit|] @ |S|s WOSFlad| & CabdoRela Stock on hand June 30, Oils Sas ees 2S 41) 22) 4) 1/21/22) 2) 6} 2) 1,018) 41) 22) 4/16) 2) 3/20/12) 200/74) 2) 2) 1; 1/22/19 Destroyed during year. . 3 Siete lee 1}. Se Sel Sel se ee HVOCOLVOG GAULT Say Calera [ae ate bs lots (eee Soe S| eee ee i el eal et alee shane) from another Se ee ee eee ne | Ale Se es Sea Slee Qh es Bice Sale cease ee cen ee eee Nes (eas Changed to anothert.class::|222. |... |2-|5-|-2)- 4. - |e. |2e Tiare Le Sale ARs Weld lve esac | ae crock on hand June 30, au See eee. Ze Soe ee 1 4] 122) 4) 1/21/22) 2) 6) 211,005) 1 41) 1 21) 2/16) 2) 3/20/12 ee 2| 2 "| 1/2219 1 Includes 19 locomotives, 75 box Cars, 26 Rodger ballast cars, 10 flat cars, and 2 coal cars in Interstate Commerce Commission service. EXHIBIT PANAMA R. R.CO BOARD OF DIRECTORS HE. HODGES R.RROGERS H.H.ROUSSEAU W.L.SIBERT GWGOETHALS CREDWARDS | F.C.BO0GGS MT. ENDICOTT ‘C.ADEVOL O.HERNST i €.A.DRAKE D.0uBGAILLARD ET: WILSON 2°eVick PRESIDENT LU CotH.F Hooses U.S.A, PRESIDENT Vice PRESIDENT Go. Geo. WGoeTHALsS CULEGRA, C.Z. E.A.ORAKE Go¢ Men } > 1 GO on . 5 ene. x Yressorge | Con Pug OF f Superinlens pated led S| Freigt Agent | \Finssengarhgen Special Age GENERAL SUPERINTENDENT PANAMA R.R ee Corer POR | a Oe Orme \ Og Man | (TELLIER | OCHIN RIPER MD. ALIUSO JA. SMITH . ¢ Mare BE EM ETE { C32 Mere. F¢ Men > 6165 Mer COMMISSAR Y DEPARTMENT Cheat Cleric RL. Mock SUBSISTENCE OFFICER Asst Chiet Clerk Beverdey Ofiice Force 23Mere ‘LIEUT, COL. EUGENE T. WILSON USA ASST. SUBSISTENCE OFFICER CAPT. F. O.WHITLOCK U.S.A. MANAGER. JOHN BURKE : 120§ Men Chieh Gerke WF Shipley Sst, Chiet Clerk. WD Me Cormack Office G8 Mer | @etorl Department Manulacturing Plaats Wholesale Department éngpector Superintendent General Storereerer Frank Floyd tee Ge : Cecart) SS 7 A95t. Laspector (Vacant Wire joa (eH 45S Mer Wagore Mer 19 0 See geen, EE EIE, Fower Flan? Coffee Plant WE ME SELE, Worer Cristobal Ketai Stare CGV fe Cea Eero l- Coffe$ekoashe, Bean Tee, [ow Shee 2 2» Kacant) 4 Gir me Gatun Pelail $9 Wi Mer Haraware Gis Corgora + ~ En DONS & Shoes Fu ; » furniture. Boxe ie fee Flan . dee Crea Slant ee oie ” 4 Chiet Exgihee z Vacant) Wenens fry Goods Store cy W2Men € Women Cold Storage Fant Bakery Kow Material 2f2) Storekeeper CE Asti: : /- Head Laker /~ Storekeeper LF Men x GS Her 8 : S FAO Cheniicak ara) v " : Furchaing LRA PTO nel Transporlatior CH Laboralories /-Feremar Les vgs Fi /- ChEmSE 13 Mer 3 Mere U en | ~ Cashier Lose! My Fifor Supt Tel & Fe. Masior of Transperlation Chioh dispatcher REFAAPC. Colon Chief Engingser Car Depart ent PRE Pineview PPS Cz. Bleakley A.W. Store Sr ie coed EM Bergize fF Mears Gent Foreman J. est k29 Mer 225 Men Ve ae 1574 Mer. 2606 Mer II6 Mer Ohieh Clerk GCPotts Ghiel Clerk BN. Mayer. ae Chet Clerk AC. Angel Chiel Clerk Chi Lee hich Clerk APM ; ; FE AGH 4 fer JF Wee Wize Force INen Whice Farce 8 Men hice Force 17 Men O¢icelorte 18 Mer: Chive Farce 4 Mar Famama | Gent Nardmasts (9 Pick Dispatcher - - paee clas iS IE Colon & Crisfobat COM Northrup Supt af Constr. Chiet Dratisman oe oe ae SE S eee LEELA 72 Mer r Melorial Clarke ; . Desborough 2 Willsarnso lerke im Charge Bie be Engr AC ” Se = | REXRE RC Beléoz Ee sale. / Time keoper- oe pies Men Je. Warren Yack Gang ee eee : Ce CIEEL, of FEE buat San & 4 Limemer ee 17 Mex Sh Men co. Engh: §. Conley : foreman leer } 024 Mer SL SCallert GBs Gang */ ‘wnduchor Li Csrre, * J 26 lagine Hevie Params i heal Steak SS Leer! Cee anemare I Ga ec. PETE, Jfouse J Men » 7 13 Plumber Fareman ridge Foreman Sere. Foremat (* ; On are 4. -C. Wer?, a eapeees sey Loe Lee oie ee oe | Avene $1 sil 2s Dae GM ee ee o La fe s 4 J : arpenter Forenan : 4 Colleciat Valiore Agerk 3 : Supt NaS eaxters [ 2B Saat anes Hog. Sumer Engr. Loe ae ; Z a & Plumbers / Fisld Clerk a snared \ PE Sepa ee Maths 53 Srakerren UKMen WO Hayre fa 37 = / 20 4 Coppersmiths 2 Sta Engineers 0 Men 7 linemen 19 Flaggrmen Supt of Stables hecotted 4 So": ¢ aS SELES 0 Corpenkers Serene MW Colberksore % |7 (0 leave) / ‘6 12 Iron Worbens 4 Fainters § Shep Foreman Tee Z POR, Jiniar Engr d ee Patnter Fe J Masons ¢ Scythe Men 4 4 IIT 2) POITTA, CK Gorter SIS Men Mahe Sgeat £6 Foers / 43 RH Sarlor / Ec) CZ. WN inion a 7. Concrate Mix ¢ Scavenger ( Fimeheeper (Marr 7 A FMey 12 Mere / Water Be 4 Garderrers 2 Machinists ‘ oF 4A kLaborers 4 Sacksimith : . fs Sago / Hireman Mlectrvic Ligh Gong Orgonization as of June 30 tHe : Caen : £8 Operators FMere. : 4+ lan 74710—S. Doc. 1022, 62-3. (To face page 69). No.1 EXHUBIT fe" PEVWENGE . FREIGHT, FASSENGERS mp, Ala MISCELLANEOUS oe BI Elon SOTTO ReCe VEO Ss WS // Yh 3taosp ay Pn. hii tN > Vz throug UU» Y Commercial Freight s Yip Total P¢ GIT, 365-16 EZ FOU EROS N ip BG F Jy §O CLE TR Ke NY, Yi 4: oa. a ‘SQN Yj Uj Yy SS LY stator DW 60608 WGI SSSI. CORAL RC ODT TONY iif) J AML LA openess520F6 \ fo eigRe WY, 0.88 — "Fran NR ES \Y \ YS yy “<< PGEL $90. 23 18GB Pa ess ON es — FI, $I, 90,384, EXAIEIT T" FREIGHT HANOLEO Total | 4871,0V76 , , Theougee L, Vij CADP CPHL I O86, 14 7, IG, 805 | Cavmrctl Corr ist8SS1008 FS, P5 fo ce a = oe 196 = IOIFTIE 74710—3, Doc, 1022, 62—3 (To face page 59.) No. 2 EXHUIEIT SS" M7, 58 4 BS reew 3 j hStimiaaN fr Candl Commision SS & GEE S28. SSS Comercial 1§. 80 fo— LL ESE, 941. 66.88 K 7 EXABIT UT” QPERATING EXPENSES 8% DEPARTMENTS LS SA \A > >. le, 26 He OLMLELTLTSTL LE Lory | Maulenaxce of Way? V/A Structures Go WAY Gereraé \ Total © 2992,069.18 A Pian EHAHEE OF: 2 EG iti p NEOTEL SS Yansportation SSs& EXPCHSOS 3 BE AaZ, 52). = $6.9) REPORT OF THE PANAMA RAILROAD COMPANY. 759 ExuiBit O.—Statement of floating equipment. s Passenger accom- _ Gross | modation. Name. ton- | Length. | Breadth. | Depth. Hull. nage. Cabin. | Steerage. / 4} / 4} / 4} Steamship Allianga.......... 3, 905 336 0 422502|% 23-0; Crone oe ee 146 20 Steamship Advance......... 2, 605 295 0 38: 4 | 23-4 |.22 Ose 68 24 Steamship Panama | 5,667 360 0 5005382 2 | Steeles: 3 ee 183 13 (chartered). 0 Steamship Colon (chartered) .| 5,667 360 0 DOLIOE 2282 2A ee doze: 173 14 Steamship Ancon (chartered)} 9, 606 489 5 850.1 28.295 |e a5 dose 78 52 Steamship Cristobal | 9,606 489 5 5S 0c 28) Gels. One 78 52 (chartered). roy Tug Bolivar, at Balboa....-- 234 LD I: 252 92 Ol AILON Sse eo ee een |e eo: Tug Phoenix, at Colon....... 161 1250 24-0 | 12-0 Copper sheathed':2|2 22.2 |v Pilot boat Dixie (40-horse- 44 302.0 l6 Are O ENN OU Gets os Sees eat ee power gasoline), at Colon. Pilot boat Farfan (12-horse- 2 27 (0 lee O 2 Ose CLO es le en powel gasoline), at Balboa. 3 freight lighters, at Balboa. . 250 116 0 24 0 QFN AIM OTe el ee nell ae re ID Ons re 300 120 O 24 0 S207 | saae. Oe ee | ae ee cre 2 freight lighters, at Balboa.-| 300 116 0 24 0 Secs SUC se a aie Ce ee alee ae ars ees 3 coal lighters, at Balboa..... 300 120 2602 ees 2a 0) Se Oe LPO Meche ee ise ee | | oer ee Ifcoal lighter, at Balboa...._- 950 | 117 0 TO 0s dO le ee Be 1 coal lighter, at Colon.......| 250 80 0 30:02 (2101 07 | Steele. oy. ov ee cal eee 1 floating pile driver, at Colonj......-- Mea0 302-0815 2 OF ielesces Ones eo ee aia ee 3 7 10 SiO) 2 WWi00G fies ee es ee eee 3;motor boats (converted life | 4 26 boats). | SUPPLEMENTAL REPORT SHOWING THE RESULTS OF THE CcoM- mPANY’S OPERATIONS FROM JULY 1, 1912, TO OCTOBER 31, 1912. [Presented in compliance with resolution of the board of directors adopted at its meeting of Apr. 2, 1906.] Hxurpit V.—Income account and profit and loss account for four months ending Oct. 31, D12* INCOME ACCOUNT. Railroad: Gross Tevenuiestor OPCrallONec c= oe ee ee $1, 446, 728. 07 OPeCraving OX PONSCS see ee eee 895, 067. 03 a Netrevenue from: operation 22. .22. os es ee PTA GCI ES NG ERE AS $551, 661. 04 Steamship line: Gross sTevenue 1rOM: OPCLaAlONe. osc occ es ae ak ee se ee 708, 834. 03 OPCrAbIEeXONSCS sake oe a Ss Se ne ee 623, 057. 73 Net revenue from Operation. @ 0 = a ee Bee oS 85, 776. 30 Potalnet Tevenue iMomOperation. © 3. = 9. 2 ee cae 637, 437. 34 Add income from— imiberestandsexcChanee:: ea ee a oie eee Soe eee 36, 836. 53 ARO TNT Sisco ac a TS ERE SOS Se ae eee Soca NO ore 49, 590. 31 el 6 | 86, 426. 84 723, 864. 18 ibessirentalof docks at isthmus:2 5 ee eee ee ee ee ee 33, 227. 45) ING CHC OMe LOT: 421 ON GG as as ey a me Rs ara tes 690, 686. 73 PROFIT AND LOSS ACCOUNT. ByzDalancetocreditsOf protr anG JOSS sd Wyo elO UD eee err eee ee re 13, 626, 065. 70 Surplus from income account for 4 months ending Oct. 31, 1912....:............- eRe 690, 636. 73 Sundrysaccoun te: wrivtensOlte oes = ek es ee ee eels Se i ee ee 30. 00 14, 316, 732. 48 Thess; = es Refund to Isthmian Canal Commission of difference between rate per ton y our cement steamers and extra chartered steamers for cement ex- cluded from the Ancon and Cristobal to accommodate general cargo. . 28, 672. 46 Hquipment:soldsandsabandonedes.. 3 i Se ee 6, 347. 40 35, 019. 86 / iene aes ‘By balance to eredit of profit and loss, Oct. 31, 1912--.-. .<.: 2. se 14, 281, 712. 57 | REPORT OF THE PANAMA RAILROAD COMPANY. ~“ 60 - EXHIBIT OG | COMPARATIVE STATEMENT TONS HHAULEO ONE MILE OPERATING EXPENSES FAY ROLLS FOR FISCAL VEARS —-------/9/0 -/Gll ------------- 1346 -—1G62 TONS HAULED ONE MILE oN Bo “TT mn ET eT OPERATING EXPENSES ~ = 290, 000 & 8 < & & ° ~ ~ * . . ~ Y) | SI S & » x rien A Hxarsir W.—General balance sheet, Oct. 31, 1912. de : a Mase ie ASSETS. , LIABILITIES. Road, real estate and equipment. .... RUNG AE SU AEA OU NGS TT SLR PLOSOo4 Sore teil Caria stockien stein o cs vein ieee Ra es EP Ban te eh a $7, 000, 000. 00 Construction and improvement expenditures for uncompleted work... .. 2,110, 098. 68 || Capital liabilities: Floating equipment: uz» Due to United States Government— Steamers Allianea and Advance..............2.-...22. $762, 713. 62 For cash appropriated through Isth- Puesand heh ters; Octe sila ses ue ean Nene 227,979.27 > te mian Canal Commission for new . aad Tea equipment and improvements. .-.... $2, 786, 829. 53 oe 990, 692. 89 Less cash repaid to June 30, 1911...-.. 1, 387, 714. 92 NOU STIMOCOTMDOR LS ore IGG ee BE 2,047.68.) — $1, 399, 114. 61 SS Se 993, 240. 57 For cash appropriated under the act of So ae Congress approved Mar. 4, 1907, ‘‘to Motalicapitalassetss yas Nee ue ee ae ORE aa ht 19, 757, 522. 36 pay the 43 per cent first-mortgage SECCUTUDIES OWAVO Ce nee yet ene he Ma SE Su lea P| SRM AUUE haar ooo tu 1, 498, 463. 50 bonds of the Panama R. R. Co., Working assets: : OCU HUQ OT Mae ans Cee ANS e YAH 2, 148, 217. 50 Cash in banks, on hand, and in transit................- $3, 157, 746. 05 Less cash repaid Treasurer of the Materials, coal, and supplies.’ .._..-_..- BLEU Ree AU EUR & 1, 409, 928. 78 Wnited States arson coe eas are 300, 000. 00 Duetromagentsand conductors... ose 91,379.00 1, 848, 217. 50 Traffic balances due from connecting companies... ...- 482,172. 01 Ss SEE OT Due from United States Government— Potala ial Wa Dies yess ye tes es oe Ge ORR CCs ues inet 3, 247, 332. 11 Isthmian Canal Commission......... $1, 166, 358. 18 Ye oe SERGE TSS aOT Post Office Department. ...2......-: 108, 117. 39 10, 247,332. 11 United States Navy Department. ... 31, 051. 49 Reserves for depreciation: pe et ee a IOS) Ai, ne Railroad: CQUlpmentbesn) Shue a a ee ae) 546, 770. 62 Due from companies and individuals................-. 176, 336. 64 Hlodtingvequirp ment sas Sore ee a eis Oe ee ae 408, 423. 93 Miscellaneous accounts? en sau s is Sees jue as, 33, 397. 90 Plan trequipimenig sce co wy wien aL UNO ae az: Bre 351, 524. 51 eae EE TO ODO 40m a4 | 306, 719-06 Deferred debit items..._.._- EN SO Zee Ie PUsa oN) SL NCU SIababren SoU Noga 1 aa) 44,569: 46: ||; Commissary, plant reserve fund «so foe shes eS ee 640, 218. 41 / Working liabilities: / Iisthimnus drafts mot presented sos eee es ey 285, 423. 90 Audited vouchers and wages unpaid...-....--.....-.-.- 757, 259. 22 Traffic balances due to connecting companies..........- 89, 590. 73 Miscellaneous: aCCOUMISs sae se te ke mua oe eg eS 20, 404. 86 152, 678; 71 Defemredtenedat 1LOmg Misra es enn r CRE he eats ee eaten SE gs 323, 381. 90 BRON t IG OSS “DalAanCO ne Ga RNe a oie Sg EC UE Get Vas sean Nesp 14, 281, 712. 57 % 27, 952, 042. 76 27, 952, 042. 76 ‘ANVdGIOO CQVOUTIVE VINVNVd AHL AO LYOdaY 19. 62 REPORT OF THE PANAMA RAILROAD COMPANY. Exursir X.—Statement of revenue and expenses for the aE months ending Oct. Si, 1972 and 1911. 1912 OPERATING REVENUE. Railroad: Revenue from transportation— Colon to Panama— HOIDN Gecce ccs ee es $643, 785. 00 Rassengerss as S25 ee ee ae 122,379.59 BPX COSSE DAL IAC OES ota eros 5, 054. 07 Parloriang Chaircare. se... fe... 6.8 850. 00 Mietile g ne e a e ae ee 58, 920. 35 PSSDECSS ase es oe a 3, 568. 23 ERT OASHMOS ee eee a a es 1, 934.05 | Special service train Seu ee 1S Go25 25 Oa eee eee 838, 4438. 54 Panama to Colon— BreIght Seer = oe eG ee ee 274, 352. 26 Passenger... .- eee eee 106, 776. 93 EPXCOSS MAP CACO ee no Soc es 2, 595. 25 Parloriand chair car. .2.. 235... 2: 522. 25 IMRT SaaS ae nn ese 11, 204. 98 HX ROSS 6, 470. 35 TRYCASUTO seek ee eS 6, 409. 98 Special service train.--_ 4 2, 015. 25 Noakes See Oe 410, 347. 25 Miscellaneous: Other passenger train... 2.2.25 5: SWiILGHING: <2 SPs ee eee 1, 285. 00 Miscellaneous transportation ......- PROG Se ere ee 1, 285. 00 Total revenue from transpor- GION Se ces Bree 1, 250,075.79 Revenue from operations other than trans- portation: Station and train privileges.......-.-.. 633.40 StorazePreieht 225 8-6. a 1, 741. 62 Storage Bagpape. 6. -- 2s 115. 40 Gar Sénvices 2 SS Se ee 110.00 Telegraph and telephone service........ 476.47 MISCOHAMCOUS : 35522 oe eee a 601. 25 TOGA eS eS Fe ess Se 3, 678. 14 Harbor terminal revenue: 1911 $650, 973. 79 120, 454. 79 4,943.55 995. 25 47, 889. 24 4,251.54 835, 157.01 264, 861. 09 110, 394. 30 3) 826. 59 1, 751.00 399, 842. 60 1, 447. 00 1,236, 446. 61 600. 00 1, 810. 00 119. 20 185. 00 417.16 2,113.05 5,244.41 21,609. 06 81, 892. 51 14, 213. 85 1,740.50 10,787.32 5,957. 61 1,769. 71 137, 970. 56 360.00 54, 784. 25 55,144.25 1,434, 805.83 412,977.77 Wharfage—A tlantic terminals.......... 23,031. 10 Wharfage—Pacific terminals........... 89, 959. 29 iON bCraAg ess ah ee ee ee 14,330. 57 Amon TROUSC Ss ee eee 2, 054. 50 OLranavess ee ee ee eee i, 158.38 Water supplied shipping............... 5, 999. 27 MiscellanCOUsiss5s ek ae ee ee 2, 138.70 ROTA ee ee ee aes 148, 671. 81 Other operating revenue: Rents of lands, buildings, and other PLO PCEGY. 222 oS Se we 360. 00 Miscellaneous revenue—Other sources. . 43 , 942.33 SOU Ge ees ee ae ees 44,302.33 Total railroad revenue............| 1,446, 728.07 Steamship line— Ereight— Hesularcline 2s ons 255: Ben evayr een csas 462,925. 92 Philadelphia service...-.....4..-....:.. 110. 24 IRASSON GOT oe eee ae aioe iis 152, 085. 28 ER COSSHWALLALOLS Sse ieee ee _ 620.06 MoT co eee ceo ch ee on ee 81, 529.91 ERR CASTE Cats Ss CS a ae 2,959. 89 Steamer-chair serviCe.... 3... 2c see ees 3, 092. 00 Wimes and liquors:.....- et So erin eee 4,341.67 1 © 1 Debit. Be 080. 02 Inerease. ee ee eee eee eet ee wee ee wm www a 11, 922. 24 49,948.15 eee ew eee ee ewe Decrease. wwe ee wwe mew eee wee en eee ewe ewe ween meee n en ewee omer ewer tw we ener eet tweet eee 1,447. 00 eee em ewe wee oee oem eet wwe mew eee meee nw we eee et tet ee wees one eee eww ewe ne ween en meee seos a 10, 841. 92 10,'941. 92 wweneeacenecaenees eoreee eee eee oe REPORT OF THE PANAMA RAILROAD COMPANY. 63. EXHIBIT X, Sie of revenue and expenses for the four months ending Oct. 81, 1912 and 1911—Continued. 1911 2 Includes operations of Philadelphia line. 1912 Increase. Decrease. OPERATING REVENUE—Continued. Steamship line—Continued. Miscellaneous— Regularline.2----. ne Pests ee hea $1, 289. 54 $2; 182230 orn oe eee $892. 83 Phila@@lipbiawsehviCes Wass e [oe sen DOU 45a eres sees 501. 45 NOt es Sor ee 708, 834. 03 633, 241. 62 DO; 09241 ss ee eee Gross operating revenue.......... 2,155, 562.10 | 2,068, 047. 45 SU; 0145000 2 eee see | OPERATING EXPENSES. Railroad: Maintenance of way and structures......... 104, 821.39 100, 415. 26 4 AG AOA Es tose ees Maintenance of equipment...............-. 160, 211. 77 133, 708. 40 2650S TOMEI Se oe cee SPALICIORPCNSCSs 22 ee tie eee eee 3, 844. 56 3, 843. 53 ec LuOS newest cae Transportation expenses... ...0.....-: 52... 465, 908. 76 436, 116.38 29 TODOS | ce eee Lighterage and harbor service..........-..- 29, 470. 88 DS; LOS: O98 see eee 23,697.71 Loading and discharging vessels See es 14, 487. 22 11, 658. 22 28295002 oe setae oe FUCAOS TS CO r ie eae ee ey elie rn ee Be ahs lagu Pena [eer cee eet | SSO ee eee Ae General expenses— | Shige ea ey 95.387. 5461. 103,915.29 | ee 8,527. 75 ING We YORK ieee en ae 20, 934. 91 22° QUST Seis aee ae ore 1,083.27 eee SE i A GOR Total railroad expenses.......-..- es 067. 03 __ 864, 843. 85 BO; 223018) eee ee ae Steamship line: Steamer expenses— Regular diner xeon ae eee 520, 120. 95 D380; 209 G9 ss ee eee 15, 088. 74 Philadelphiaservic@: s<. 2622. 2. 1 473. 26 28, 123° 3038 ee ee 28, 596. 56 Agency expenses— EG eularclitl ez ees ss eae sn ee 80, 521. 97 78, 005. 47 2, OLGVO05 |. eee sree ee Piiladelphia SOrvices: =... 2 01a c eles ee ee ANB O: 88% | tne ee ees 4,135.88 General expenses— ING We XiORK a ciccascc on eee Se eee 95 715. 22 8, 888. 06 S27 1G Sse ce ee EG GOT US Sos et eee ee ee 13, 172. 85 11, 780. 73 1392 sD al ee ee Charter of steamers— Resuil arsine ieee sts oe ee ee | ee os Re ee Nia oe eke Philadel phia:sernvices 22s. 5 22sec 325 (BOD 2a aces eee 32, 039. 52 Total steamship expenses........ 623, 057. 73 6985182-65.0| 5224 se 75,124.92 — Gross operating expenses......... 1518; 124076120 568.026.00 | 44,901. 74. SUMMARY. Railroad: Revenue— Colon=to-Panamas. 2 se $3838, 443.54 | $835,157.01 $35 200808 a ooo see owe oot Panama tO,COlONs eas soe ee ee 410, 347. 25 399, 842. 60 10004505 Se. 2a eae MiscellanCousie: a2 ee eee 197, 937. 28 L998068 226i enn ee $1, 868. 94 Total railroad revenue................ 1, 446, 728.07 | 1,484, 805. 83 1922 4 Bose re ea ae Total railroad expenses..............- 895, 067.03 864, 843. 85 BO 220 1S. ete eee NCU TC Venues 3222 ee ele Obl 66150441) 560; 061981 18, 300. 94 Per cent of expenses to revenue....:......- 61. 87 60. 28 1559. Sas Steamship line— ee a MoOtalenevenue2 ss ee 708, 834. 03 633, 241. 62 TOS O92 ETS |e eee eee MOLAR OK PCSOs 22 oie oso im eee 623, 057. 73 GOS 182: Gosia ee 75, 124. 92 SEO NCD TC V.CNUC Zeer se NS es 85,776.30 | 8 64,941.03 TSO ASB eee ee Per cent of expenses to revenue?...._....-.- 87.90 TQS 2G sl eea ere ee 22.36 Grand total operating revenue. . ..---.| 2, 155,562. 10 | 2, 068, 047. 45 805 SI 4SOD sae soe, Grand total operating expenses.. cuow rigs bese LOLS; 124572 | b5003, 020,00 ci. - iese eo 44,901. 74 Total net operating revenue.............. 637, 437. 34 505, 020. 95 1322416539. | oo eee Per cent of expenses to revenue............ 70. 43 TOPOS ea ee Onl sla . 1 Credit. 3 Deficit. 64 REPORT OF THE PANAMA RAILROAD COMPANY. Exursit Y .—Statement of classified rail oud revenue, tonnage, and passengers, Colon to Panama, for four months ending Oct. 31, 1912 and 1911. FREIGHT, Tonnage. Revenue. Rate per 1912 | 1911 | Mm | De- 1912 1911 |Increase.| Decrease.| 1912| 1911 crease.| crease. THROUGH. From New York and * erry | a | rs | af other Atlantic ports | 72,995) 74,170)--.---- 1, 175|$205, 784. 911$198, 344. 59/$7, 440. 32)...-.-...-. $2. 82|$2. 67 From Gulf ports..... T 844 8, Boul cee ” 488 28. 274.18 o7 HDpaodle <2 lSseOle cet oo 3.60} 3.31 From FUTOPOs soe e5 es | 44, 822 47, S50 |e e 3, 028 172, 033.08 169, 443.42) 2,589. 66].....-.--- 3.84) 3.54 Tovalsess: == 125; 668/130; 3522-5 =.= 4,691) 406, 092.17} 395, 343. 33/10, 748. 84)......-... 3: 201.03.00 LOCAL. BS ee eS ee a ee Commercial -..-. 2.22. 53,022) 50, 443) 3,079]..2---- 1232239554) AIS 335921742 878.01 ase ee 2.30}2..00 Isthmian Canal Com- : MUISSION = se oe 255, 062)229, 743] 25,319)....... 114, 460. 29} 1387, 271. 29]........./$22,811.00) .45} .60 Company freight..... O76 2012550404 O80 les eal ee ee | eet | eee ee a feos Total... ace 318, 204/285, 226] 32, 978|.....-- 237, 692. 83) 255, 680. 46)...-.-..- 17, 937.63} .75| .90 Total freight . . .|443, 865/415, 578} 28, 287|/....-.. 643, 785.00] 650, 973. eee rae ae 7,188.79 1.45 TeeD: : MAILS. Weight (pounds). Revenue. 1912 1911 Increase. 1912 1911 Increase. HPOMENO WAY OL se a ee ee 636, 750 | 555, 750 81,000 | $45, see 73 | $37,074.90 | $8,088. 83 HromsNew, Orleans: 2. s2552 sks 135650 SS ae 13, 650 QO see Se ek: 244, 20 HOM HUTODG 3422 ee 75, 709 56, 705 19, 004 Dy a 34 3,448.71 |. 2,179.63 TOCA eee ee ee 109, 264 | 100, 230 9, 034 Ae 889. 08 iG 370.63 | 518.45 otal ees ee 835,373 | 712,685 | 122,688 | 58,920.35 | 47,889.24 | 11,031.11 TREASURE. Value. Revenue. 1912 1911 Decrease. 1912 1911 Decrease. PONTING WeNCOLKs. -2,690520!)-3, 028756) 20222 nek 338.36} .49| .50 ___, Panama to Colon..} 15,103) 5,941) 9,162)....... 40,155.75) 22,164. 32/17, 991. 43). ...:-... r 2. 66] 3.73 Isthmian Canal Com- MISSION hs eae 104, 974| 36,721) 68, 253]......- 48,999.31}. 25,371. 34/23, 627. 97). :.......| .47| .69 Company freight...... LOSI SG] 7S OOS hls W/ Sia ae or asthe a alee eral aes wml aac eset fame a3 eee Potdls Barve 144, 757| 56,731} 88, 026}... .-- -| 91,845.26] 50, 564, 22/41, 281. O04)... -.-.. | 63 . 89 Total freight. . . .|215, 230/153, 191| 62,039|.......| 274,352. 26] 264, 861.09! 9,491.17|......... LOT re 215, 230/153, a G2). 039) Sac e 274, 352. 26 264, 861. 09} 9, 491.17 74710—S. Doc. 1022, 62-3——5 66— REPORT OF THE PANAMA RAILROAD COMPANY. Statement of classified railroad revenue, tonnage, and passengers, Panama to Colon, for four months ending Oct. 31, 1912 and 1911—Continued. MAILS. ween (pounds). Revenue. ; In- De- oe 1912 1911 Graneen \orenco: 1912 1911 Increase. EE Sc Ue ea | tes Le ee ee SA ee ee TRON We YORK ees Se Ee ane 47, 230° 28, 877 TS ee58\s2 eee $2, 533. 69. | $1, 439.68 | $1,094. 01 MOMMUTO POS a Se ee ES DTANE) SPAS buena ae 1,161 461.56 222. 95 238. 61 Moca ee 149,706 | 131,778 | 17,928 |.....-. 8,209.73 | 7,538. 44 671. 29 TOGA Sa | 197,210 | 162, 090 SO L20 sea 11, 204.98 | 9,201.07 | 2,003.91 TREASURE. Value. Revenue. . 1912 1911 Increase. 1912 1911 Increase. MoeNGwe VOLK eS $676,401 | $525,898 | $150,508 $1, 858.03 | $1, 712. 54 $145. 49 TOeMULOPO sess scs ces ee seks Co aes 1,179, 128 624,111 | 555,017 | 4,551.95 | 2,114.05 | 2,487.90 MOta see es Se See 1, 855,529 | 1,150,004 | 705,525 | 6,409.98 | 3,826.59 | 2,583.39 EXPRESS. _ Weight (pounds). Revenue. In- De- In- De- 1912 1911 crease. | crease. 1912 ty crease. | crease. Local: c Commercial..........| 1,266,451 | 1,158,013 | 108,438-|......... $6, 288.38 |$5, 744.23 1$544.15 |......-- Isthmian Canal... .-- 127, 391 S105 (D4 ls eee es 183, 363 181. 97 GB8E 72s ee es $486. 75 POtal ss es ~.| 1,393, 842 | 1,468, 767 |..-.2.5.- 74,925 | 6,470.35 | 6,412.95 | 57.40 |....:... BAGGAGE TO ING WOOL kK. 2 oes See 2,643 568 DEO TOs| eee $27. 66 HOrLoe| PelnOOn ee see ee TOCA Pag _ 114, 707 MLD 59 a eo 60150525) 25567059: | 25866072 | 02226. - $299. 13 Ota ee ee 117, 350 716, 327 pais ee 598; 977 | 2; 5952205 122.872°85) lacus 277.60 PASSENGERS. Number. Revenue. : - In- De- De- 1912 1911 Cietae orc 1912 1911 Increase. GrGaen: To New York: , MirsticlasSsss. 2. 222. 473 434 BO oleae $15 B28! (2) | pe, e02.1 1g eee $873. 39 Second class........- 32 Ole cas e209 63. 00 AQIS O36 eee oe 338. 63 To New Orleans: First CLASSE pase hac Sau AT 5D eevee: 5 129.00 | - SLOT oases ee 182. 51 ‘To Europe: WM TSshiClassee 222 25 242 DOO elec 10. 653. 12 1 ABO ods Soest eS 786. 40 Second class......... eof2 51 DIA eae 126. 00 LOC 3 Shite a 66. 38 OGals PSU ClaSS2 2 conc 120,048 | 110,784 | 9,264 |........ 48,393.68 | 44,022.52 | $4, 371. 16 enue Gets Second class......... 302,709 | 319,295 |....... 16,586 | 56,083. 41 61, 824763722 SSeS 5, 741, 22 | | | | FS | | Total iei ees 423,623 | 430,959 |.....-.| 7,336 | 106,776.93 | 110,394.30 |...........| 3,617.37 REPORT OF THE PANAMA RAILROAD COMPANY. 67 Exuisir Z.—Statement of steamship line statistics for four months ending Oct. 31, 1912 . and 1911. FREIGHT. TONNAGE. \ o. 1912 191) Increase. Decrease. a: Tonnage oa Tonnage. : Tonnage : Tonnage Ships. | carried. | SBIPS- | carried. | SD4PS: | carried. | SHIPS: | carried. | || | Ee | ee Panama R. R. ships: PATTIVOU RG seen cheek tac ees 10 12, 508 8 11,333 2 Ly LTO eet eae ees ie Sanediee ooo. eee Le 9 16, 238 8 14, 989 Beles Vy 240 lice te eee eee ‘Chartered passenger ships EATTLVOO 2 So oeie seis cele 18 38, 780 17 48, 593 Leone dog ole seecae 9, 813 Sailedesnsests woes cs oe 18 | 112,833 17 96, 366 eee IG; 467. [us csoe a ears Chartered freight ships: } TTIVOG Sono eS Sees el cce teen [ace eee ee 2 DOSSr Seccee selecc eee e 2 3, 588 Salledacee es Sasso een ee us 2 LV SOO els ree Ge reer ery 2 11,359 eo Oe SRO ba ee ee els oe ee Ncees 55 | 180,359 54 | 186, 228 DS eet eh al 5, 869 Total freight revenue.......-. $462, 915. 68 $442, 903. 29 $20, 012. 39 Slay gage isan eta 54. 67 2.38 19 Sy ceieiaca Smee crepes Average rate per ton......... 1 Philadelphia service. PASSENGERS CARRIED. 1912 1911 Tnecrease. Decrease. Ships. Passen- Ships. Passen- Ships Passen- Ships. Passen- gers. gers. gers. gers, Panama R. R. ships: : ATTIVEGS Coosa So se. 10 983 8 411 2 OU 26 eee ees Baueds ee a ee 9 840 8 564 1 21Ge eee eee aoe Chartered passenger ships: ATTIVOG 0 She see eset 18 2, 087 17 1, 846 1 DAY Se Oo coe ene Sailedeecet oe eee 18 2, 284 17 1, 804 1 ASQ eos eee eee secre oe Dotaleg 62s 55 | 6,194 50| 4,625 5 L560 ee Total passenger revenue (in- s cluding excess baggage). ... $152, 705. 34 $108, 431. 80 $44, 273. 54 SS eae eee Average rate per passenger. -. 24. 65 23. 44 121 © RANSMITTING . =e tires Rix i ; sot gee | 63D CONGRESS Document 2d Session eT No. 362 PANAMA RAILROAD COMPANY MESSAGE FROM THE PRESIDENT OF THE UNITED STATES TRANSMITTING THE SIXTY-FOURTH ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAILROAD COMPANY FOR THE YEAR ENDING JUNE 30, 1913 7 JANUARY 14, 1914.—Ordered to be reprinted with illustrations WASHINGTON GOVERNMENT PRINTING OFFICE tk 1914 In THE SENATE OF THE UNITED STATES, February 4, 191 4. Resolved, That Senate Document No. 362, Sixty-third Congress, a message from the President of the United States transmitting to Congress the sixty-fourth annual report of the board of directors of the Panama Railroad Co. for the year ending June 30, 1913, be reprinted, with the accompanying TepOM and illustrations. ee JAMES M. Baker, Secretary. LETTER OF TRANSMITTAL. To the Senate and House of Representatives: I transmit herewith, for the information of the Congress the Sixty- fourth Annual Report of the Board of Directors of the Panama Railroad Company for the fiscal year ended June 30, 1913. : Wooprow WILson. Tue Wuire House, January 14, 1914. | 3 eens ‘Say tonne iC Setar Si sieten eauEa eh ke eee se PANAMA RAILROAD CO. BOARD OF DIRECTORS. GEORGE W. GOETHALS. Morpecat T. Enpicotr. Ricnharp Rem RoGeERs. I’. C. Boaas. D. Du B. GAILuaRD. W. L. Srpert. C. A. DEVOL. _ H.F. Hopass. E. T. WiLson. EK. A. DRAKE. FRANK McINTYRE. OswaLD H. ERnNstT. H. H. Rousszav. OFFICERS. GrorGE W. GOETHALS, president........-..-.-- Ee se es Culebra. : E. A. Drake, vice president SEe Ee os oe ee ee as ee New York. H. F. Hopass, second vice president...... Se ie een eee Culebra. J.D. PATTERSON, seneral superintendent 2.2). Colon. SYLVESTER DHMING. treasurers... 2 ee ee New York. T. H. Rossporrom, ‘assistant to vice president, and secretary......-...-- New York. — Vi Mc NEWTON -aUGLtOr: =. 2 eee ee New York. We tbaR@loCaaldttOles a ns ec ae ee Colon. — f@ Bocas, ceneral purchasing omicer 2.02.22 5. Washington. HuGENE Eo WILSON; COMMMSIanyc:. 222222 - 2 Cristobal. R. EK. RuTHERFORD, commissary purchasing agent.....-..-.----- one New York. RoLanD ALLWORK, ‘superintending envineer 222s ee ee New York. F. MEARS, chief engineer Bo Eee ee as oe ee eee Colon. H. I. BawDEn, terminal superintendent. 2 2.2.26 sy ee New York. RicuArp Rew Roasnrs, general counsel..............- Wiese eo ee re eae New York. General offices.—No. 24 State Street, New York. SIXTY-FOURTH ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAILROAD CO, JUNE 30, 191s. PANAMA RAILROAD Co., New York, N. Y., November 1, 1918. To the stockholders of the Panama Raulroad Co.: I respectfully submit, for your consideration, a report of the com- pany’s financial condition and operations for the 12 months from July 1, 1912, to June 30, 1913. In this connection I call to yoursparticular attention the subjoined reports of operation and maintenance of the company’s property, to the details of the accompanying exhibits, showing income and profit and loss account; general balance sheet and statistical tables, which furnish complete information concerning the financial aspect of the company’s business, together with the report of the commissary concerning the operation and financial results of his department. The status of the company’s indebtedness to the United States Government referred to in my report of last year remains unchanged. Regarding the future policy of the company as related to the open- ine of the Panama Canal to commerce, the board of directors, after mature consideration of the topic in conference with the Secretary of War, the company’s principal shareholder, decided to continue to operate the railroad and steamship line as at present except for such modification of existing practices as may be expedient from time to time to meet changed conditions. | By Executive order of December 5, 1912, all land and land under water within the limits of the Canal Zone was declared to be neces- sary for the construction, maintenance, operation, protection, and sanitation of the Panama Canal, and the chairman of the Isthmian Canal Commission was directed to take possession, on behalf of the United States, of all such lands and extinguish by agreement, when ‘practicable, all claims and_ titles thereto. Consideration of the question of compensation for any of this company’s land taken over ~ under said Kxecutive order, as well as for all property, material, etc., exchanged by the respective interests in the course of canal con- struction, has been postponed until a final adjustment which will _ serve as a basis for a complete revision of the company’s inventory and accounts to meet the situation created by the opening of the canal to commerce. | , The company’s operations for the period covered by this report, after meeting the total cost of operation, together with fixed charges £f ageregating $113,585.39, and charges for depreciation of rolling stock, floating and plant equipment, »mounting to $268,942.62, resulted in net income of $2,179,175.50. | : During that period $2,275,905.70 was expended for additions and betterments of plant and equipment. | Respectfully submitted. Gro. W. GoETHALS, President. ok o. PANAMA RAILROAD COMPANY. Col. Gro. W. GorTHALs, » President Panama Railroad Co., New York, N. Y. Dear Sir: I have the honor to submit herewith the financial. exhibits and results of the company’s operation for the fiscal year ending June 30, 1913, with statistical tables and explanatory com- ments thereon. Gross operating revenues, operating expenses and net revenue for the year ending June 380, 1913, compare, as under, with the year Suny ge _— 80, 1042: = Operating Operating Operating revenue Over revenue. — expenses. operating expenses. POPS Se eas estos Selec oe Son veo. eS cenoemeecre te $6, 750, 321.12 | $4, 699, 978. 52 $2, 050, 342. 60 AGI2 2S gee Seeks SPR ae LES aL. 6, 538, 892. 72 4, 854, 286. 46 1, 684, 606. 26 PICT CASE LHL GTS nee oe ie ewe Soe Soto ee Asap D1 4985408 | sos sett Oe ob eee 365, 736. 34 Decrease Pa dOls so ease a SSE eee E A Mee ee see ee AGA MBO 04a be ccta ose stes. OPERATING REVENUE. RAILROAD. The operating revenue of the railroad from all sources shows an increase of $57,674.23.. This increase in revenue is divided as follows: Amount. Per cent. INCREASES. Revenue from transportation: Hxeiz ab (Oca lCONTMONClAle 27 estes os cnec ese ces clas cs - ees ceee ese: $31, 234. 27 7. 00 Hreight-docal Isthmian-Ganal-Commission). <3... 2.2. 1 se ee 1, 730. 32 .00 Passenger(UMTOUGI eS te eee Se ee os Sie ore Sie Se ee es oe ee 9, 148. 17 22. 23 PaSSCUIBCly (LOCH) Ge eae seeks etee as oe od Ah emt ont reece Serene eee 79, 503. 01 11. 41 Other transportation revenue from all sources.......-..:--.--+------------- Se 44,116. 57 15. 44 165, 732. 34 8.47 DECREASES, ——S—S————S —— Revenue from transportation, freight (through commercial).................-... 68, 403. 03 3.63 Nontransportation revenue, from all sources... 3. soe. c cess cece cee cssscees 39, 655. 08 5. 69 3 108, 058. 11 4.18 Net increase... cc Wee seo Sok ce cesta Pie See ue Seale aoe s Sheen es 57, 674. 23 Lagi: Freight traffic from New York and New Orleans shows the follow- img increases, Viz: Tons. PRO Ramana, So Se es oe ae oe ne re eee oe es eee oe 5, 376 Fo South Pacitic ports Ss .6 ow ed A088 _ And decreases as under: oo Ro. Genitral America and Mexico: = 2:2. 32.2 esa oe St 48 pe No han sia NCisCOs 1 =dOE: Pearses seo Sep aera arate Sree AS Cares Sortie apes tee ana ee ee do PIQHIS? oon ee ek ee eee ae eos oee ok tie ban Sateee oe Pe do GlO DOS ees a ee See Fe es oe ec mee me eer pe deze: QOTAaN OS = oh s5 5 SESE aera ee eee ems See sa eee dozen WOMONS 3 i sess eho obama aon ee eee oes SOAS Soe ae Oe, SRE doze: RIM OS Soo saa Fes oe ee aas Ss Se rae See ine pacers do.. Qrapeiruiit.= 14 14 Young America ai ounds-cc| =.22 |= 22 ATL 2 wee cee ee doce eel 220 20 SWISS Se eee coal Osea ot 28 Stringlesssesc.cec ccs Tins 2$22<|- 209 . 09 Edam Baehescsce 1.00.; 1.00 WMA ee cece coe clone Oa eraes .14 14. Bo eer ga a) IM aoc OD | ste Carrotsee re ee eae dos2.2. 12 10 Neufchatel..........- Hach... <<< 06; .06 ORNs ee ele ds | 12 10 QUdR2 ee nace cece Pound -2.4| -.30)| 64 || seUSHrOOMS =... seo. Tins, As. Sale 08 18 SNAPP ynce ee ee re Cake...... 10; .10° || Peas: ‘Parmesan: ei. Pound: :.:| .30 | 235 Silted 3. ee MinS32Se lees 14 Milk, certified. ..........- Bottles. 2 - 204.20 Sifted: (4002s ee cles One e258 16 Mermileace 2 cil Oss 22% -20} .20 Bpenches 27 se eal doses |e 412 : PUM p kin. ce sNe cece noe MMins<3Seee| 309 . 09 VEGETABLES AND FRUITS Sauerktaut.. e.c8 sce oe lee do. = .10 10, Spinach]: 553256 sce 8: Dozen-.... 24| .36 20 eee see . 26 26 Eggplant SAS ay Pane a Pound. = 5| -310')-- -08' || Meal, whites... -2...5..- Tins, AS eee 3G lee eee HCMIONS neon cease -Dozen... DA 94 . Pound.. 04 (083 AD PleSess cee eenc cee. ~o| Pounds. s<| 207 | 10 Oats: “@uaker cscs. Tins, 93.2 | 215 15 Mang erineseac. 2.2.22. se Bacht<2 os: 02] .02 Ost ee Tins, ISseS| 2223 23 UM OG See Pe es 10022. 2 .80 | .80 || Shredded wheat-.......- Pkg., Ise) 7 AS 2 8 Oranges, Jamaica........| Dozen..... 18310 || PlOUR Se 20s eee eee Pound....|°. 03 03 Grapefruit Bee eee ais res Each......| .04] .04 || Milk: Pineappleseas sees sso cles do. =: .10} .10 Evaporated .........- WMS 2s . 09 09 Watermelons............|.-- do= -40| .35 Condensed== 222.45 doe. 2.|5 210 .10 Butter: scesccuecce cee Ming lst 42.12.42 -|\ Gold: Dust a, Package...| .05! .05 Rice: : Starcheas = .cs5 Ss Sei ee: Pound. =.) -<04-|—..08 Reaneoone ss 2. ee Men smes .03%| ..034 Bacon: sliced’ Ses occcs= 5. Tins) 1S s\eaen308|— 200 Caroling -323 sscsse- 2 see doze: 207412 206 Beef; : Pee CVO 3652|5- 700 GCormed esses SS Ting: Qs | S| 98 x : iter. Chipped. =: Tins, 1s...| .23| .93 || Olives, Manzanilla.....--) Bottle, 4] .20| .20 Chicken: i liter. eet OUOU es tee e dons SHhOneaDD || <= Queen ==: ss sscse cece Boule, 10-| .24| .24 Rioastess sa see MRins=2S=2.- |e 35" soate ‘ amales=. 252-2) Pins |s- oc. 184) ed S| Kerosene oll wc: ss. ccc. ee Tins, 5-gal.| .85 | .85 Woah ee ee doses 238423 «|| Sale tables: ==. .2 cts 1l-pound| .02/ .02 Ham: : sacks Woats eo S855 8255.22 Minseagesete lyse e14- ||| COlive oil) so: sc oe oe < PINUS coees = Ob] 00K: Deviled= sss Sass: dos 233 » 25 25 The table below will show the relative percentage of eoods under each classification that were sold during the fiscal year ending June 30, 1913, as compared with the previous year: 1913 1912 Groceries and staples See are ES ae a ee NL Soa Vie eee ese $27. 25 $28. 85 Moldistorage Fees. ae Bishi aa eee Syren eee teeters 38. 06 37.97 Dry-f00ds; sents; furnishine,< ang NoOtonssss4 ses. soos i ee 16.33 16. 38 BOOS and Shoes nS Se re ES ete ne he mee 4,43 4.27 Mobaceo: cicarsand=confectionery. 22 a2 eee ee 4-27. = 3.88 Hardware. 6 oe RSI sae eee or ape aed eee 2.31: 1.84 Stationery: andshirmitures. 2 SS ee ere ee ee ee 1. 46 1.48 RUA Wel aheniale. se oie sees ot EE ee es ee ee ee Sa Se 5. 89 5.33 100. 00 100. 00 ® Respectfully submitted. KucENE T. WILson, Lieutenant Colonel, Coast Artillery Corps, Subsistence Officer. PANAMA RAILROAD COMPANY. 39 PANAMA RAILROAD Co., AccOUNTING DEPARTMENT, Mr. E. A. DRAKE, ; Vice President Panama Railroad Co., New York, N. Y. Dear Sir: I herewith submit exhibits of income account, general balance sheet, and tables showing results of operations for the fiscal year ending June 30, 1913, as follows: EXHIBIT oS GemXOWOZSh Aan Hotsdolt A. Income account and profit and loss account. . General balance sheet. . Investment securities owned. . Revenue and expenses. . Operating expenses of railroad. . Operating expenses of steamship line, regular line. Expenditures for additions and betterments. Equipment and plant replacement accounts. and Panama to Colon. Railroad freight statistics. Railroad passenger statistics. . Railroad general. statistics. Railroad freight tonnage handled. . Steamship line statistics. Locomotive and car equipment. . Floating equipment. Chart showing organization. Chart showing total revenue received. Chart showing tons of freight handled. . Chart showing operating expenses by departments. Chart showing revenue received from freight handled. New York, N. Y., October 31, 1918. Classified railroad revenue, tonnage and passengers, Colon to Panama Chart showing comparative ton-miles, Isthmian expenses, and pay rolls. In December next the following tables s howing the results of opera- tions for the four months ending October 31, 19138, will be prepared and published as a supplement to this annual report, viz: - EXursir V. Income account aad profit and loss account. W. General balance sheet. X. Revenue and expenses. Panama, to Colon. Z. Steamship line services. Yours, respectfully, Y. Classified railroad revenue, tonnage and passengers, Colon to Panama, an V. M. Newton, Auditor. Exuipit A.—Income account and profit and loss account for the year ending June 30, 1918. Railroad: Gross revenue from operation Operating expenses Net revenue from operation INCOME ACCOUNT. er eeeeeeeeeeneseeneeeeeseeeeenee en ese ewes en eaeee mers eee ee ee BeBe GeOesrsesee en eecewn sess en enero ewes ee ee enene Steamship line: ee Gross revenue from operation Operating expenses Net revenue from operation Total net revenue from operation Add income from— Interestzand-exclanee: = s.cce to se eee Pe Se aera ce ra Rentals Less — Rental of terminals and terminal offices United States Government income tax . Net . f ee ee ee) income for 12 months eaeneere ee ese ee ee ee ee ee ee ee BO $4, 599, 163. 13 2, 770, 310. 45. eoerecereeceeeaee $2, 151, 157. 99 1, 929, 668. 07 $127, 705. 07 114, 713. 22 bl, 828, 852. 68 221, 489. 92 2, 050, 342. 60 242, 418. 29 2, 292, 760. 89 $94, 296. 39 19, 289. 00 113, 585.39 2,179, 175.50 40 | PANAMA RAILROAD COMPANY. Exnisir A.—JIncome account and profit and loss account for the year ending June 30, | - 1918—Continued. PROFIT AND LOSS ACCOUNT. Ha, By balance to credit of profit and loss, June 30, 1912................ SNe otds weebecososeers ee $13, 626, 065. 70 Surplus from income account for year ending June 30, 1913.............-----ce--2s--ee-- 2,179,175. 50 Adjustments in:sundry accOUNts, ClCsocoe ss cc secc ee eee cc cess cece cese soc oe tesco cece ses cc 1, 041. 20 15, 806, 282. 40 Less— = Expenditures for improvement and construction written off, account abandonment or destruction. Of propertyce.c-. s---c ssc ce ose cee se sees $6, 355. 50 Difference in rate on cement shut out of “Ancon” and “Cristobal” and rate Dy. Chartered StCAMErS .. So oss ews eo oceans oe ee eee cee se eee elas = . 389, 218. 85 Sundry marine losses written off as uncollectible................--------- 244, 694, 92 Refund to Isthmian Canal Commission of over-collection of labor sur- charge and locomotive Service: ac... sce coe coe ek oe oes Soe ee ae eons 130, 642. 29 Adjustment of sundry accounts, etc... 2... cece te tec StS eae eae 5, 848. 42 : —_——-----— 426, 759. 98 By balance to credit of profit and loss, Jume 30, 1913. . cccccccccccncecccccececs eccccee 15,379, 522, 42 ~ yo es Exursir B.—General balance sheet June 30, 1913. Se 0 a SD ASSETS. LIABILITIES. oad; real estate: and-equipmient 22000 ee ee $17,159, 944.60 || Capital stock.................. ws ate ees ee scotia ee sre a sec $7, 000. 000. 00 Construction and improvement expenditures for uncompleted work-....... 3, 151, 970.99 || Capital liabilities: : Due to United States Government: For cash appropriated through Isth- mian Canal Commission for new % equipment and improvements ..... $2, 786, 829. 53 _Less cash repaid to June 30, 1913. .... 1, 387, 714. 92 . Floating equipment: —————— 1, 899, 114. 61 Steamers Allianca and Advance. .......---cccoceee ia $762, 713. 62 ‘ Tugs and lighters, Junei30, 1913.0 1 a 227,979.27 For cash appropriated under the act.of Three motorcboatSe a. he ee a ean 2,547. 68 Congress approved Mar. 4, 1907, ‘‘to < 993, 240. 57 _ pay the four and one-half per centum é Sa first mortgage bonds of the Panama Totalcapital assetsicisee ease ee ee ee ee ee ee ak 21, 305, 156.16 Railroad Co., Oct. 1,1907”......... 2, 148, 217. 50 Less cash repaid Treasurer of the United: States: oho ee ee 300, 000. 00 / ——_—_———__ 1, 848, 217. 50 —_—_—_————_ 3, 247, 332. 11 Lotal capital liabilitiese sa seek oe ee ake S oc Somes 10, 247,332.11 . a Reserves for depreciation: Securities:owned (see Exhibit B=1)< soca ie eS 1, 590, 234. 75 Rallroadtequipment ys i oe ee ee 642, 332. 48 ~~ Hloating equipment): ie ase ee 453, 243.37 Plant: equipmen tess .co. 2s Sec sone soe tee 382, 976. 37 : ——_—_—————_ 1, 478, 552. 22 Working assets: Cash in banks, on hand and in transit...-............... $2, 973, 375. 47 Materials, coal, and supplies ........... Petre tae es Re 1, 818, 588. 61 Result of commissary operations to June 30, 1913.....-....2..----.-2-eeee . 945,561.01. Duedtromagents:and conductors. 420.56 91, 788.15 Traffic balances due from connecting companies. .......- 396, 815. 92 Due from United States Government: Isthmian Canal Commission. ........... $730, 213. 32 Post Office Department: __.-.:......3.. © 96,483) 31 Working liabilities: United States Navy Department........ 15, 424. 48 / Isthmus drafts not presented.............-....-c6------ 257, 263. 90 eee : ————— 842,071.11 Audited vouchers and wages unpaid.............. pes 968, 582. 42 Due from individuals and companies...........-.......- 258, 548. 87 Traffic balances due to connecting companies. ......_.- 83, 345.14 Miscellaneousiaccounisis: soni ee ee 46,176.79 - Miscellaneous accounts...............----- Ses EN 9, 894.59 . 6, 427, 359. 92 1, 319, 086. 05 ee Weferred credibatems: |i. Ssy Nes see ae hk a i ens a eae ee 316, 433. 01 Deferred debit itemse cy te ee a es ee 163, 735.99 || Profit and loss, balance. ..............-- Sea geet Sa ee ae he arenes 15, 379, 522. 42 29, 486, 486. 82 29, 486, 486. 82 ‘ANVdIWOO GVOWTIVY VNVNVd LV 49 PANAMA RAILROAD COMPANY. Exurpir Bl.—Investment securities owned June 30, 1913. Par value. Book value. Great Northern Ry. Co. first and refunding 44+ per cent bonds, 1961.......... $100, 000. 00 $99, 875. 00 Pittsburgh, Cincinnati, Chicago & St. Louis Ry. consolidated series H 4 per Gent bongs, 1000. ee 100, 000. 00 98, 500. 00 Chicago, Burlington & Quincy R. R. Co. general mortgage 4 per cent bonds, TOS Ri erst eins Scie oA ees ee se Na snes DCS See Ga ae Sra 100, 000. 00 96, 000. 00 Chicase, Burlington & Quincy R. R. Co., Illinois division, 34 per cent bonds, RR eo toe eee Sas ance eas eine se Wate Res ce amin Sacer 100, 000. 00 87, 750. 00 Tilinols Central R. R. refunding 4 per cent bonds, 1955.............-------.-- 100, 000. 00 96, 187. 50 Chicago & Northwestern Ry. Co. consolidated sinkin g fund 7 per cent bonds, NOUS eee et ae BS ee eee Sie eee cae OC een Ses ee 100, 000. 00 109, 291. 00 Delaware & Hudson R. R. first and refunding 4 per cent bonds, 1943........ 100, 000. 00 98, 625. 00 Union Pacific R. R. Co. first and refunding 4 per cent bonds, 20085 = 100, 000. 00 97, 187.50 Philadelphia, Baltimore & Washington R. R. Co. first mortgage 4 per cent DOME Soe 4 eae es oe cs res ee ee ER we en eC Ce 200, 000. 00 202, 000. 00 New York City, Borough of Brooklyn, 7 por cent registered bonds, 1915..... 100, 000. 00 109, 892. 50 New York City 3 per cent registered ponds, 19 See eres ee ere ee ce _ 50,000. 00 47, 420. 00 New York City 3 per cent registered dock Ronde 119 eee - 100, 000. 00 92, 312. 50 State of New York gold tax-exempt 4 per cent ponds, LOGI Seo eee Se 250, 000. 00 258, 512. 50 Louisville & Nashville unified 4 per cent bonds, 1940................-.....-- 100, 000. 00 96, 771. 25 Ota DONS sss. c=s.. 5 5: een Sere se Rees oo sereeee neces 1,600, 000.00 | 1,590, 234. 75 Exuipit C.—Statement of revenue and expenses. for the years ending June 380, 1918 and LDL: OPERATING REVENUE. 1913 1912 Inecrease.. | Decrease. Railroad: Revenue from transportation— Colon to Panama— : : HCL CNG ese ees eee faeces $1, 932, 745. 93 | $2,020, 657.19 |. 22.20.02... $87, 911. 26 Passenver = ee ee ee 443, 847. 23 389; 463593 | $54 S88r30 cles WxCess Dae Cave so. seis cece 14, 818.°72 12, 874. 41 1: O44 SSeS eee ‘Parlor-and:chait Cars 5 3226s: 4, 609. 25 2, 865. 75 Le ASSOO se ee ee oe Walleicn ence oo ee cae ee 192, 372. 90 156, 529. 06 BOR B4S E84 ole EEX ROSS Ss ose oo oe oe ies 11, 618. 86 MS (459 [a Se 256. 11 ET CASUTO= = tee ee 7, 112. 38 85988: 865|ss5 oss eee 1, 276. 48 Special service train.........-..-.-- 6, 358. 25 (LOL AO0) Sse cece 805. 75 Tolalewe Ss ee 2,613, 480.52 | 2,609, 815.17 Bs 600830. |e ee Panama to Colon— _ relent Sri oe ee eee ee oe esc 852, 766. 77 800, 293. 95 02, Al 2502 c/s ce comes ne ae Passengehsss es ee 382, Doleok 348, 283. 43 BLL stotes | Rye eee ser FOXCOSS Daveares ase 8, 399. 45 8, 304, 20 QbE2br ee ee cees Bee Parlor and chair ear.:.....2.......- 3, 851. 25 2, 064. 75 1 e/SO, 0085 eo eee Maile op ee 30, 456. 87 27, 903. 04 2 D0B COs an eee HDL OSS Se se Sees ee OS 21, 100. 36 18, 466. 96 2050s A0 ser ee ee IPTOASUTOG seen ee ee ee 18, 471. 61 16, 461. 58 QE OLOSOS ees eae Special:service train. =. 22.22. .2:. 23 5, 823. 25 U5 VOT OO | ee Se ais 1373. 10 NO bale ae ee Ss 1,323, 420.87 | 1,228,974. 91 947445 96 2\o ne Miscellaneous— . SWitCDinGessac sce coeeesee cheese ct ecS 4,909. 00 03:691,-008|2 ae oes - 782. 00 TNO tales See en oe ee 4,909. 00 DOO: 00s ees : 782. 00 Totalrevenuefrom transportation] 3,941,810.39 | 3,844,481. 08 | “97390: 31 | eee ~ Revenue from operations other than trans- _ portation— Station and train privileges. Boys Sees 2, 200. 20 1, 891. 85 SUS ESb alae ees Se _ Storage— Brel ght one en se ees cso es 5, 936. 75 65296-9622 cceo ee eee 360. 21 BAS PAG Osea s ea ee orale - 276. 35 862905 cease a see 110. 55 CarSeOnviC@rs 222. ocean oe els 597. 50 (AOR 002 ao rare oes 142. 50 Telegraph and telephone service Se . 1,730. 87 ~ 1,460. 88 2095 OO al aes eae ete Miscellaneous oo: ssc et ees 10, 238. 23 18, Db: GOUl Sie cones. oes 8, 295. 73 Total. scosee cascocccusceescsesces oes 20, 979. 90 29, 310. 55 ae 8, 330. 65 PANAMA RAILROAD COMPANY. 43 Exuipirt 0.—Statement of revenue and expenses for the years ending June 30, 1918 and 1912—Continued. OPERATING REVENUE—Continued. 1913 1912 Inerease. Decrease. Railroad—Continued. Harbor terminal revenue— W harfage— Atlantie terminals.. so osscc.. os sees $71, 934. 78 $71, 574, 29 $300;499 | So ccs cleee nae Paciie penminalSa 2 <2 = er oe 267, 417. 83 258, 164. 82 95203, 0L eS ce ec cows iP COna ges icecee Sce e 34, 534. 54 G1 44215 le eee ee ee $26, 907. 61 Wei ON GROUSCE ie Sos a ee OS 6, 602. 00 6, 062. 00 SAOL OO te eee ees Cranaeess2siaes Sn eee ea eee 30, 030. 70 O3; 11D AM eee ee ee 3, 148. 74. « Water’supplied shipping............... _ 20, 968. 78 16, 710. 02 A 20881 On| neucccece oes Miscellaneous 2 =. Soe. Soest oe 4,901.49 | 4, 388. 48 O13 Ole oe ees ee RO tal sens es a ele ees aaa races 436, 390. 12 AOL O2V20 eae eee ees 15, 131. 08 Other operating revenue— Rents of lands, buildings, and ore e- DLOPOLGVise oe eas ae ree 1, 036. 80 780. 00 206. 808) 22 eee Miscellaneous revenue, other sources... 198. 945. 92 LOS OIG. OT alee mene eee bee 16, 450. 15 Total. o22o 5 ees Sees ore eee ats 199, 982. 72 ZAG ACOSO Lean reece ees 16, 193. 35 Total railroad revenue........2.-..--- 4,599, 163.13 | 4,541, 488. 90 01,014. 2397 |cce sore noes Steamship line: Freight— Rep wlar line s-a2 ssc sees eee oe Sas 1, 401, 720.01 | 1,372, 120. 02 29; 599: 99 le soe ees Philadelphia:service: 22s ss cee ee ee ee en AB 082260. ns slo oe 48, 582. 65 IBASSOI SC tea eee ela ee eee “447, 935. 08 323; 685.88. |. 124, 240.207 |2 32. 2c oce IN RCOSS DAL PARC ee Saree Saleen sees 2. 178. 77 Piper ot hs Kel 8 bel earnest Sees 100. 34 Motes ease oat tec se Soe ewe eee 265, 075. 53 218, 284. 32 469791 21s seen coe eee ER POASUI Oia ees tee ae ec 10, 540. 57 1d 9295283] Secs ees 782. 71 Wales anGeliguorsses: se. ooo e eee 11, 139. 05 8, 163.95 Qe OL Os dl Oem ee es eects Steamer chiar services. 2.. 2s. nace 7, 709. 00 5, 821. 00 1, 8885004 e eee sees Miscellaneous— Regular line:...-.-.. Tikics oeetsce hemes 4, 859. 98 G 3G) 10) See cece 1, 501. 12 Phaladelpiia*servicOsss2 cs care |G eee eee ee (82; Ole | See eee 782. 51 DOO ee ee ee ee 2, to 157.995 1097 40889 po oats lees goes Gross operating revenue.............. 65-750; 321.12 | -6;.538; 892.572 |-- 211: 428740 ccc. eee ~ OPERATING EXPENSES. Railroad: Maintenance of way and structures........-. $391, 193. 34 $305, 138.56 | $86,054. 78 |.....-...-.-- Maintenance of equipment Bee ee es 470, 823. 63 466, 938. 34 3, 8808297 | skeet MD ratiiciexpemSeSea. asc - usec. Suess store 13, 852. 43 11, 657. 27 DAQH Gales eos Cees : Transportation expenses... ..2...2....-..- 1, 427,401. 23 | 1, 403,321.81 24, O79 842s ee rae Lighterage and harbor service.............- 77, 086. 02 129; 2298.80) | cee $52, 142. 78 Loading and discharging vessels........-..- 49, 128. 75 33, 823. 53 15,5305; 22ers anes General expenses— TSUAIMUS Secs cee ee tee ee ee 275, 937. 38 237, 455. 34 38, 482.04 cla oe sei c New: Yorkie ec eee 64, 887. 67 Of; d0ce8Oel cc See ene 2, 670. 19 Total-ratlroad:expenses:.<.-2 2.5.5. - 2,7(0,310.45°| 2,655; 121. 51 115, 188504 2 ese Steamship line: Steamer expenses— | ; Regular lines: 5% ace eee cen | 1 00D OOM OS | 1h (20, sOd bly | eee ccnemar 122, 866. 73 - Philadelphia: services <<. 2 i eee DOS S9298 | ose ee ewes 50, 189. 95 Agency expenses— IGPU ARAN Cs (oe ere Sern eee 253, 588. 56 265, GISkO05 |S. 55 en eee ee 12, 025. 04 Philadelphia: Servic: a6 =. os oe eo |e eee 12 SO Q28 1s |e ere oe 12, 502. 81 General expenses— : INGWtY On kes 25 a Se a ee 29,825. 77 28,727.14 L098 2683 Sea eee VsthimUSgeta ee ee ee eee ee 40,356. 36 — 37, 474. 95 2; 881, Al| fre eo ree Charter of steamers— BER EVAL RT TEN src P| nae ree 20AN5 98s See 20, 115. 98 ‘Philadelpbhiaservice << 36) gs ees et ee SO lOsALe | ooo eee 55, 776. 41 Total steamship expenses..........-. 1,929, 668.07 | 2,199, 164. 95 ! pe eae 269, 496. 88 Gross operating expemses............- 4,699, 978.52 | 4,854, 286.46 |............. 154, 307. 94 — 44 PANAMA RAILROAD COMPANY. Exuinir O.—Statement of revenue and expenses i the years ending June 30, 1918 and 19124 ontinued. SUMMARY. 1913 _ 1912 Tnerease. | Decrease. Railroad: Revenue— Colon GosPanama ssc veo ce cose os----| $2, 613, 480. 52 | $2,609, 815. 17 $a, O00sBDE la esis cees sos annina GO: COlONses ssc a soe seek cee 1,323, 420.87 | 1,228, 974.91 944495965 3 Sese oy chess MaScetlaneoussoes eae ek es ee 662, 261. 74 102; 6985 825|eseess eens $40, 437. 08 Total railroad revenue... <<.scecce]: 4, 599, 168.18 | 4,541, 488. 90 OT 6142235 or oe Sn Total railroad expenses..............- 2,770,310. 45° | 2,655,121.51 | 115,188.94 |..... Se INCUTCVENUC Hae Se ones a eae 15328, 852:68 | 1;:886,367.39 |-22. 22sec. 57, 514. 71 Per cent of expenses to revenue........ 60. 24 58. 46 MeO eee tee mele Steamship line: NOUR POVENIC Ls eee ee 2, 150, 157, 99: | 1,997, 40358221 1585754. less eee Motalexpensesik oe ee AS 15,929; 668: 07. |= 25199 164.95. |ooecs testes 269, 496. 88 INGE TEVeNUG. os oe a es 221, 489. 92 22015-6118 |e 428 s20l Obcleeec ace acces Per cent of expenses to revenue!....... == 89:70 TOONS Seawes e 20. 40 Grand total operating revenue....... 6 780,321.12 | 6,538,892. 72 | 211,428.40 |........ See Grand total operating expenses....... 4, 699,978.52 | 4,854, 286. 46 |.......222.. 154, 307. 94 Total net operating revenue............ 2, 050; 342. 60 |__ 1, 684,606.26 | °365;-736.34. |. 2-2. -.-8- : Per cent of expenses to revenue........| 69. 63 (4524 Sosa o pea - 4,61 1 Includes operations of Sees line, 1911-12. 2 Deficit. Exursit D.—Statement of operating expenses of railroad for the years ending June 30, 1918 and 1912. 1913 1912 MAINTENANCE OF WAY AND STRUCTURES. DUPCREMbeNG ONC ea tre os ce be een, oui che eee ree $24, 249. 69 $38, 443. 16 Ballasts Sone e tes ae Se oss uSe s So Sees eee AS 10,134.62 | — 3, 853. 34 EROS Sebo ras fae a Se ee Sa SS ok wt eee 17, 661. 58 7, 835. 03 ° UGS sa. Soe se ayers 2 ete So SONS SE Seto Se ee ee ness 5, 039. 85 1, 484. 49 Other track matonials< 2729.25)... ee, eas Secs ac esa eee 14, 952. 28 11, 280. 91 Woadway,and tracks. 3.552 6 Si seoee ce cose os ads cee eevee t eee ' 174, 565. 95 107, 088. 52 IBMAZOS VLeStles; oN G: CUlVOrtsiesss oo sec coe as ee ces oo 4, 753. 04 4,424. 52 Over and under STAGE: CLOSSIN GSS see sos aetie soc e See seco cee 748. 64 199. 63 Grade crossings, fences, cattle guards, and signs. - So SS iies seeecc eset es 1, 617. O1 1, 899. 05 Sisneisandinteriockine plants. 228... ae ee 12, 587. 85 ~ 105085. 715 Helesraph and telephone lines 2 5 fc cs eo Se Sec eeee so cuess 7,625. 31 8, 276. 71 Buildings, fixtures, and grounds: aXe General office puilldingsis 5-3) steams sete oe esc ee oe 1, 289. 18 866. 75 — Be -lransportation buildings... sic. veo se ae fees e ne oso ssc k ee 11, 832. 26 15, 360. 88 C. Shops, engine houses, and turntables.............-:-------------- 2, 432. 73 3, 126. 18 DO ther-bulldings so sen os eee ee ee tae 593. 20 442. 90 Doeksancd. wharvese sss es ee ee Sere chee ts 83, 451. 77 71, 301. 11 Roadway, tools,cand:supplies: 2c. s-28. 25 22. ee a neo ses Beals 13, 535. 98 | ~ 15, 948. 54 Injuries to persons ep ens e Seee bas Staite OST ratare Rott aStote eo as he ee SEE as 1, 791. 63 - 944,10 Slsslonery.and prin bin or eS ee 2,320, 21 2,327. 03 ‘Other expenses............- Sai Stites tee Re Lo Ren OL ose mace eek eae sesh ORDO Seats ee cee ae Gee MO t ale es see ho oe a is ee oe 391, 193. 34 305, 138. 56 MAINTENANCE OF EQUIPMENT. Ss |e ees DUpeLMtCNG ONCE ee wet a eee ae ee RN ee §, 781. 06 6, 004. 24 Steam locomotives: INC WOMISE eee ee cee Sa ee Sees eee ye 43, 254. 66 34, 056. 13 INCH OWOl Sipe asr Ste a me Sones So an ee pee eee ak eas ABS OLROSs hese ee Depreclationss-2e.2 tases pA set e e e o 22, 994. 36 28, 221. 04 Passenger-train cars: . IROpalS: «ose ee cles soe Sek ne Ee ey ne 62, 014. 47 47, 146. 12 VOTO W.2l Scatter me ern ee oem ms Voie ett 309. 14 216. 82 Depreciation oo soo5 5 sees ewe ek ee ec se se oe eee eck 15, 223. 94 14, 745. 48 PANAMA RAILROAD COMPANY. a 45 Exursit D.—Statement of operating expenses of railroad for the years ending June 80, 1918 and 1912—Continued. 1913. 1912. MAINTENANCE OF EQUIPMENT—Continued. _ Freight-train cars: RG DAINS seit oii sac eee wee Cee eee eae tiae Sue ae oo Ones Chee ee $192, 956. 45 $230,085.18 . - BeUMONLOWAIS 2 acne c c cisco cieme's ose ce Saeco Ooo ool ween tte cece eee een 5, 090. 05 | - , 763. 06 © Depreciation: sae eee 66, 631, 44 67, 026. 74 Work equipment: PEUC et Sieeeteete e aie eleiclala sie cet aie a ee arenes enero a 12, 968. 10 18, 009. 30 IRIGNOWalS 7s Saar aes I Soo eels So a ce cee aie aioe Su aie o Srereitieine crores 630. 43 1 280.94 WepreClahlOMe ea sc ccs sees ces ce pe eee acre ree ciec en 29, 076. 99 28, 724. 08. Shop midchineryeamd OOS: ojos: sete seo eee ees ues vee \ 7, 977. 92 14,945, 11 TN ELE SHU OM CISOMS sec cc coe eo aes cote we cise cece ss ore cee cee seca cers 518. 07 444, 96 StationenyenG primum ors rs some cone ecco ec ier ere ees ees 048. 47 _ 721. 24 Totaliscc. Sicmeccumeccte steers cue arate eco ae cewek bee canoe. 470, 823. 63 466, 938. 34 TRAFFIC EXPENSES. SUpPer MtONGACM CON c= sec ees reece eee ot sa Seece er 7, 144. 96 6, 592. 18 @Uiisid@aeenCles ss ce mes ce cc cine ic wee aie sinless es eee ee ecies 6, 150. 08 4, 580. 96 Advertising .....- fo wee en ete ec eee ween nee ee nner enon eeeee 268. 09 ~ 378.18 Stavloneny: AMG EMMI Pm emcee soctcce qc cesce etre ctece eee Beeaeeeees 288. 93 104. 98 OUGNGHOXMONSCSs seer ene erie wines nee ee eee eee n cette nee 37 eos le 02 ARO Ualleyeete cee cists ocieie(= sinc wee vicis't oo c's Sem els erence nenie wie einem eens 18, 852. 43 11, 657. 27 TRANSPORTATION EXPENSES Be DU PCEMILCM COM COs a5. ox cium ve ae nec sate Se comin ieees seen Soman ore neee 18, 881. 25 17, 249. 99 Dispatchimectramms 2. costes cee e's er eee ee ee nee 49, 721.28 28, 167. 50 Station employees: AX Colon agency: throughs tratiG soccer re 320, 314. 56 352, 547. 47 iB. Balboa, agency, through trathCe< 32. pa 218, 954. 21 278, 425, 21 CWocalistations localstratics ss 7 ee EOE Bees 113, 021. 80 102, 915. 52 Station supplies an dlexpenses. 25 ecco ee eee re 28, 490. 09 24, 037. 79 Wardmasters and=their clerks: i< occ sec ccs oes ic es a 29, 886. 21 28, 866. 51 Ward conductors and brakemen 2:25 es ee 43, 337.77 36, 137. 08 Ward-switch and sienalstenders 5-25.26. 2 2 comes 5, 846.05 4,941.85 Yiard supplies and. sel. ee oe ee i 28, 381. 28 30, 200. 97 Interlockers, block and other signals, operation...................... see 1, 352. 69 35112051 Crossing flagmen and gatemen................... AEE een Sana een ee 2, 561.35 2, 410. 84 Drawbridge Operationens 22 see ease ake oe Rie eal ere eee (ee Snel aves Clearing2wreCks see as oie ae ee eee et he 2,552.85 656. 45 Nelegnaph and telephone:operavione.. os. . sess oes 9, 723.09 10, 494. 88 Stationery: and: printine= ssc ce ee ee ee 16, 901. 59. 19, 355. 30 Otheriexpenses o 5 cus ee ola e ewe cee ee eee ee sweet ecove eres rie 299. 65 191.75 Loss and damage: POISE es See eee owes uate e oes on ee sce se ee wees Lea 72,910. 11 _ 58, 719.78 IB ASCO SC ee ie wa cae wore oa oe cise wae Ne OS eS eae Ee ones re 63. 70 112. 38 Damage: to*properby cso sesso res Soe oe eee 2085883|2 cece conc acces Damace to:stock on Teht Of wayce<2-. eee ese Sse 20: 00 1 39.05 INJUPIESsTOMPCLSONS = Soe ea eh os ee ae es eee 25, 896. 58 22, 943. 51 ESO Get isos se a ieee St Ss Sa Py ceri saan 1, 427, 401. 23 1, 408, 321. 81 LIGHTERAGE AND HARBOR SERVICE. Superintendences 22-3 Sos a Ces oes ee ee ee eee 10, 638. 38 8, 977. 90 Tugs: ROD OILS = ae ee Oo ee cee cede eo eel we esas eee ee eee ies 2, 584, 80° 21, 302. 31 Depreciation ec ere ee eb ea eet ae on ee ee 5, 611.14 13, 567. 80 Lighters and other equipment: RGD BITS oo ees es Eee ey eee fences 11, 884. 90 8, 339. 69 Depreciation cso ee seo es ee ee = 15, 797. 76 15, 797. 76 1 Credit. = 46 | PANAMA RAILROAD COMPANY. Meat D.—Statement of operating expenses of railroad-for the ee ending June 80 1918 and 1912—Continued. 1913. 1912. LIGHTERAGE AND HARBOR SERVICE—Continued. = Granes Balooae Whats oes se Re ee Ao ie emo oe $1, 367. 48 $3, 042.0 Glvter On bodies ee ee 1, 936.16 1, 425.1 Mannincepoatse 62 oo oS o. Soo Gees ae vote eae Gate Se Soe bot aes 15, 814. 57 32, 935. 7 Bost Sup pues ANG expensess os os. Set a eeccet Sects oes tte eeteee soe eee 5, 405. 55 F1, 226.9 ROWAN Ses ore Oh Fee So SEWN SEG CS ese oe nS ee RE SeiGe sees 1, 950. 08 3,131.1 EH AINALO FO sPLO POLL yee ssc sca se ee os ee ES oe etc Re ies ES 678. 42 ~ 76,4 FOSS AN CEC AMaAg es nee es ee ec eee CRE as Sa eR EE SS 210. 28. 48.0 TAA JUPECS USD CTSOUS sacs onesie cer ne tte Boe cease ees oem cn een eeee 250. 43 Welfea Sta onery- and printing. 532s: oe soc vcs alee ae eS Re SoS eee 195. 85 204, 2 @UTMEMEXPCNSES ss. Roce Ss eee Se caw s cates oe SESS SEs See SS 1, 582. 59 7, 714.6 Lighthouses: Repairs AUGsLORGWalS see seec ones Seta ocelot eos e ss otes e ees 137. 73 41.2 Q pers WiON Os see ee ee eee ae Cee eS Se eee Sec eee ee cease 1, 139.90 1, 219.9 ER OUAR See ee re hos a ea as Ses ne ee oe Ss eee bales SENS 77, 086. 02 129, 228.8 LOADING AND DISCHARGING VESSELS. SUpenintendence= ewes ss eee esse coos s Se GE ok eo ie oe Se eens 1, 567. 85 2, 165. 6 Cranes: ER OpalTscand TONE Walsec coos: - ee he ee SG a See ee ue ure 21, 075.96 |, 5, 126.7 Operations sea es ees es Se eS ees Soe ee Se ee eee 26, 042. 54 25, 958. 0 PI TEIES WOsPCTSODS se eh occ oc os ais os 5 ke See ieee Se eee eee 314. 66 370.3 OPHEROXPONSOS $s ss Ss Sowa s oe Ses ose Sas So SH Sse ee eee ee SS ne ee 127.74 202.7 PRO VALS Sons Sao cce se cee Sac hc eA wees a bewets ns Soe woo ec ee coeee son Rees 49, 128. 75 33,823. 5 GENERAL EXPENSES—ISTHMUS. Salaries and expenses: Genetal Oicers4:-2 Ges sere ee ee Pe seach eves Sectececs 10, 599. 23 10, 189. 4 Clerksrandeattendants ses 2255 os ee ee ee ee ees es 66, 786. 84 . 66, 799. 8 General office:supplies and expenses:. 25. s cscceccccs = se ose esse es eke 1, 276. 73 1,011.4 Wa OXPOUSOS sere toc SOE Src re Wd sa SSS Sab SS Ee ee ee ee 2, 389. 24 2, 553. 6 Stationery and. printing: i223. osc Co occ os ese ees: hese See ee 2, 315. 39 2, 537. 0 OfHEMOXPCNSCS Ss sese Saas acs SR s Sak eb se ee Sees coe Pe ese eeeSs 4,015. 91 5, 260. 5 Extraordinary compensation: PA SOL ATICS: ANNO GWAC CS 6 Saree are Ge ee we oe eee : 89, 384. 29 63, 897.7 Be Quarters and ojhemexpenses:.. 3. 2.6.4 sec excess ss cae se ess cess 99, 169. 75 85, 106. 6 IREMSIONS Sse See ag See ee a hc Bae See UES CSET REDE SSS E Ss See ROE e oes Scie cee 99-0 eh OIE Se SS a eg ee oe eee 275, 937.38 237, 455. 3 GENERAL EXPENSES—NEW YORK. Salaries and expenses: General-officers = Ss hs = see os eee wa eee Ssaasssess 17, 602. 35 18, 659. 6 Clerksan@altenGantss:- ars. . Se oe a ecns nice seen eee es 32, 748. 37 30, 612. 0 General office supplies and expenses: os ACTED OITS cl POD ye ose er re ets ee da oe ec Sas eee 5, 717. 72 5, 637.7 iB; Otheroticeexpenses=< = 2. Fes oe ee 2) 103. 74 2. 372. 2 Cx Relesrams and: cablesrams= 22-225 = SS. ses occ Top ace ate "979.61 631.3 AW, OX PCHSOS2)-= eee ee So ee ee eee eee 2,973. 90 3, 433. 0 Stationery and printing Peaeiosins Sees See a ase es : 2,775. 50 3 223. Othenexpenses==: 2 sos oe POA 5 aero oe Cees Sree wep CS ee 636. 48 _ 2,987.9 PROG ale Sie ais ae we eS oe ae es See ee ee a cee ese 64, 887. 67 67, 557.8 Grand totals = Se oa 2,770, 310.45 | . 2,655, 121.5 PANAMA RAILROAD COMPANY. 47 Exursit E.—Statement of operating expenses of steamship line for the years ending June 30, 1918 and 1912. REGULAR LINE. 1 Credit. 1913 1912 STEAMER EXPENSES. Ballaste:<- :23: Da BS OS STs eee Ie sence ee mie oie aig ra conte meray eee | meee ee ae 1 $422. 28 Custombouseiandsport charges: <2. 22.22 sss ee eee ee $10, 534. 84 14, 238.17 DOCKING es Ge eee EN ae Se wine ee ec as occ ee ne ene 7, 412. 48 811.60 . Equipment, deck department....--.--.- 2... tee gies MeD Sci: 26, 163. 63 27, 055. 46 Equipment and spare machinery, engine department................... 4,327.31 3, 189.97 Hgutpment,commissary. departments: © 222-0. st ct eee 17, 258. 99 16, 714.17. WiC Se eins oe ee ae eee ceo use ce cemmin tewamte cei Oeaigeer 247,378.58 232, 508. 02 Meedimg, passengers: aNd ClOWs =<. esc hoc cou cece eo e eee ee 194, 520. 40 170, 900. 87 ‘Imeidenbalss: so: 2 Ser cecal ss ee eee te cee te ete becca enn name 19, 345. 83 19, 632.54 UII URIS S00: DOTS OS re wrare are erie eine ee ieee ie ce a ce ee 2,144. 85 4, 963. 62 Wa OL ON Cargo: Ao ease aa. te co eee oe eee sae oe omens ee 333, 375. 29 353, 930. 50 Paboron: coal. sock ecs ee semanas se cece res oo tes oe eae ae ee 39,379.31 37, 605. 72 ‘aboronm ashes: ssscsseseecetintcee eres eee ES SS arn es era a aoe 1,395.94 1,304.90 OSS:and GaMagescs see eee RSID re eee elas een ones 32, 617.05 37, 797.94 Oil and waste..-.2..-.... Focetwe et oa eyene ot. ose Sieve Sin oacasrereniaes Sere 7, 208. 77 7,163.74 Painting: shipsS2WOvroMisexe ce: er ccr ts aoe ecru ee eA wales ee 3, 886. 65 2, 770. 82 PiUOtaAge ANGELOWALCr OU Te as cae ease eee nt oe een nese aee eee Nee c 25, 798. 64 23, 347.50 Qlaramhine sees ee ee cece en ee nce eee Ea nee eee 2, 122. 85 650. 00 Repairs, deck department........... oe eae eee omen eat coos se 50, 660. 04 161, 122.12 Depreciation and extraordinary repairs, deck department..............- 30, 508. 56 30, 508. 56 Repairs. engine department. => css ae ee 95, 170. 40 138, 129. 44 Depreciation and extraordinary repairs, engine @epartment............. 15, 254. 28 15, 254. 28 Repairs, Commissary Gepartment.a22 s xcee sss ee es om 22, 337. 78 34, 384.92 Stores-deck: departments a= ee oe oe Oe ee 22, 496. 62 21, 823.59 Stores; eleine GepartmMent 2.22. a6 deca eee es ee ee ise 18, 139. 63 18, 082. 38 Stores; commissary. department... 2 Se. as ee 8, 324. 28 7,447. 07 Stores sureconzs: GepartmMent: 22. ee ee ee 762. 24 . 601.91 StationonycanGsprinitine <5 sce a a ae Se 3,361.36 3, 205. 93 Telegrams and cables....... ae RIS Soe I Sia oe a eee 7, 498. 94 6, 219.18 Wages... 02+. -.2 Peete iets wie Ne pero ee si eee ee Sees g ea 333, 979. 22 323, 128.59 Wiklerst owccsts ee ccs cee a ce a eee ee or teen rene Pee MeN years 4,015.08 3, 685. 77 Wilmore Se cies ok eee es ae eee ee ae Soe ee 12, 867.54 11, 007.11 INSUTANCES Sic ce cae tec sess Socom Noes oc See es Rens Pc ta eee eee PES USS elec ceee scm ees Oba are be ee ee ne ee 1, 605, 897, 38 1, 728, 764.11 Charter. OF Steamers. (o.oo. < oe dew eens case sees sores oes Se net sil See ere 20, 115.98 AGENCY EXPENSES. - AAVERISIN GE; NCWSPADCIS. noose. re ect ee ee 2, 068. 75 2,540. 43 Buildings, docks and wharves: ee Repairs andiren (otos 25 caso cee re nae a 2, 993. 38 4, 671.18 OTHER OXPCHSeSies ess Sec eS eco an en ee eae 31, 556. 68 38, 185.08 Commissions, passengers and freight.................... PE cee ee 11,327.02 6, 908. 52 SUTATICO Ri cores oot creer soe ee eee ee cee eS eae is oe ones 1, 652. 50 1, 617.50 I UTICS: TOs PelSONS ga aero ce cece oo oe ee eee nr ee ee ee 31.32 ~ 60. 00 nerdemital Ses ea ee, ee eee 4, 217. 45 5,971.99 Ua bOR CONCt al eesti Saori otic ee so a eee 95, 269. 98 105,376. 25 MegalsservicesandsOxpenses e.0 es ee ee ee ee 270. 07 615.10 bOssandi Gama gelesen Ea ee ee tg 720. 88 37.54 salaries: ofagents and Clerksa.c ssc oie oe i ee ee 88, 572.87 83, 013. 39 PlGllONery-ONGsprinbiNG sca ccs eee ne ees ee ea eens 8, 607. 51 9, 889. 27 Telegrams:-and: cables: 3 20 oa a es eas 1, 153. 83 1, 182. 41 BROS BSc reeset oe woes eo winicie eos eee een ee ee oe ace id Pe 1,000. 00 1, 155. 45 Outside: arenclesi see ee ee ee ee a ees 4,140.32 4,389. 49 MO tale Skies oa pak eee ae ee ee Se en pee 253, 588. 56 265, 613. 60 GENERAL EXPENSES, NEW YORK. Salaries and expenses: : General omicersi< =.--2--- =e Wes Soci s eee see eeet Coa cee ss eee 8, 088. 39 7, 926. 26 ‘Clerks:and attendants: .2252 2-22.27 oe ee 15, 102. 93 12, 993. 56 General office supplies and expenses: 3 | Ae heepalrs and Lente eu se. ce eee see ee ee ee 2, 630. 78 2,394. 57 By Obheromice expensess.- aa es 947. 40 1,004. 11 Cr Melesrams and cablegrams:a cs. seo ce 6 ee es 129.35 261. 59 Law. OXPCHs 25 te ae oe ee ee 3 1,356. 71 1, 457.92 Stationeryand= printings. fons Secs ee eee 1, 233. 71 1, 382.62 OthermexpenseSe soso. . oo se ee ee ee eee 336. 50 1,306. 51 Ota ones. cee ee @eesecenseerer eee eece eeeenaenveoes 29, 825. 77 28, 727.14 48 PANAMA RAILROAD COMPANY. Exuisit E,—Statement of operating. expenses of sean line for the years ending June 80, 1918 and 1912—Continued. REGULAR LINE—Continued. 1913 1912 GENERAL EXPENSES, ISTHMUS. Salaries and expenses: 7 : General OMmeerss.. ess ost cS ais Soto cc ccc voewee sas cobs eo sor ee ne see $4,919.10 $4,341.11 Clerks'and:attendants.<). 0 soe ase ss ooo serie ones sober e 30, 779. 79 28, 355. 15 General office supplies and expenseS........ 2... S2s6e-. 500050. 0c ese neces 582. 81 440. 36 PA WEO XPOUSOS see ects eats asia oie sists eel eiiote are Stas tues rerio Sales cious 1,095. 10 1,076. 72 Stationery andsprinting: cis. coos Gace ac es eae eee 1,081.39 1,077. 96 ee Bree 1, 898. 17 2, 183. 65 MOtA Ses otc eee cetis es cpe se scarce woe ou ecoe seus ces oede soba ees 40, 356. 36 37,474.95 Grand total..... SS oeed see eosin asNoie dase sts Soa ouee sone te Sess 1, 929, 668. 07 2, 080, 695. 78 EXHIBIT e Statement of expenditures for additions and betierments for the year ending June 80, 1913. Railroad equipment: Ranowcar CristOWAl{2 ic coe ooo Saas scence se Saoote seca cst cis soe ees $8, 684. 64 ATOM Cali scANICONMs osc c cc cecceseocsaccowusee deeb sen coat ec eee cu cues 6, 000. 00 $14, 684. 64 Buildings and other structures: New docks at Cristobal Point.......... Sess pes Ue See ye Se Seu SoS Seen Cee’ 1,331, 151.32 INewsnotel Colon Beaches: ososss oc ov sos cisc sociss ose w ot esse sc scccsiecs cuss , 631.38 Filling lots Second to Thirteenth Streets, between Hudson Lane and G Street, Colones oe ce ice ars area aes Ae es sices osienicis seeceine soS a ooasese se 164, 719. 36 New depot, Panama. -2..-..22.5....:.. Bacsess aces wesceocss suisalscescecss sed 83, 188.59 New concrete docks at Balboa......:......-....222--00- SUices ce asa a eee ee 45,559. 49 New: bridge: and: change in-line’. ParaisO-- 2 5. oo occ ocean So ces ooo ccc cc secs 37, 025. 85 Masonic temple and office building, Cristobal...........--.....---------2-- 20, 000. 00 Additions to quarters, toilet and bath for hotel employees.:.2.-.-:......-.. 3, 873.34 Waundry<- Cristo bales cies: 28 Soot sccsoses joe ote oc el oec eee cohecs Slkeccioes 2,506. 08 Pilling lotsa-and:2;-Cristobal ooo sss sacs csc cc oes sc oceeetcucsosanccsess 2,050. 49 Underground cable to new docks: Cristobales 3222 ea ee 1,022.18 Concrete curb and gutter, Colon Beach Road................-.-----------+ 872. 26 Installation of additional pipe line for fire protection, Balboa concrete docks. 614. 69 Pexcension top latiorm Gan Stavion. 3.5.5.0. -< so sects. | oss sess cee 475.55 nstallation of automatic closets, Dock 11, Cristobal. . 2.2.0... eee eee c cece 245. 50 Electric crane transformer house and office, BalbOQes cS. seas Socces csc ceeee 103.25 : 2, 147, 039. 33 New sidings and yards: Permanent railroad connection between Cristobal yard and new coaling SUAION = <4 Se ee eS SS coe See eeeeanet bees es ousnesene ee sce fae s 21,117. 63 Hxtension, passine track, Mount Hope sss: sacccos <<< osc cose sooo s sce es 3, 880. 47 Two additional tracks, Ancon crusher VANG er oo ah es oncess ales ioe scceyee es . 2,127.02 Switch and track to concrete dock, Balboa................-.:-.6ce-22e-2-s 1,465.20 Connecting tracks, north end of concrete dock, and passing track between ce- ment yard-and-«Big Tree yard, ~balboas. os asec So ee oes See ees ce ass 1,352. 41 Tracks connecting main line with track to new concrete dock, etc., Balboa. 1,211.11 Changing line between Panama and Balboa {“Y ”—. 2. 2.2.52. ec cesses cscs 858. 90 Swatch=to coal pile; Bolks River: =. 22. s S55 so he oe ee sces 609. 33 Additional yard track and connection at Big Tree dump, Balboa........... 309. 50 SS Ee 3 e New machinery and appliances: Erection of eight cargo cranes, Balboa docks.................... SoS be dese 31,169.31 @ement Convey Ors; Cristonale =a aces Soe oe ne oe ee See 28, 818. 89 Installation automavic plock- signals ease. sec nsec senes Ae sae eo 25 os Sse sices 11, 694. 46 Motor car, Panama R. R. No. 8...........-- Se ee ee 3, 913. 67 Interlocking plant— ; Cristobal So oe ee ees ee ee eis owes ie be oe oe Se ees ee ean oce 2,516. 90 Wiest leg Balboa Se Vet ae eee note ee oes ee a es oe 1, 740. 72 Rearrangement of Corozal interlocking plant..............2.2...2.22.---2-2 966. 89 Interlocking plant; Pedro: Miguelyss2 ssc ses sc secre Ses See PE ee ee 429.32 ee 81, 250. 16 2, 275, 905. 70 Less: : Credivsior Property. SOld =< eae sce noses casa ewes eas te osteo ceeas 12, 972.88 _ Adjustments in property accounts— Buildings and other structures <<: <2 sco: 2 2c se sce $5, 226.07 ce Rolling SOCKS cose cococesoee sce S@eeneeeeeeeeeeeeeeeeceeeeee 4, 700. 00 - a 9, 926. 07 ma —— 2, 898.95 2, 258, 006.75 e PANAMA RAILROAD COMPANY. - AS Exauisir G.—Equipment and plant replacement accounts, June 80, 1918. Book value. | Rate.} Period.| Amount. Total. Grand total. a | | rer errs, Locomotive and car equipment: Pach Months.) TOCOMOUIVOS tee ee ee ee | wee ew nls see mcllabcosaa-Gaccn0e jase ate $127, 671.27 ~ Passenger and baggage CATS... - |. ---eee eee ee |e eee e |e eee ee e|ee ee eee enees 58, 316. 72 IBOXACANS Ha eee Settee ce eee oes bos ekiewice - (oo 00s ele ene Se iotal| crores Sears ie ae 302, 701. 45. Coal Carsmar-ceuseece ses pea |S eS Soe cee lace oe ee Seen Semin eee 14, 428. 45 ; lat Carseat eons |S su eee Secs cel ee Ce slleoasemenlec cuca ee oe 2,915. 98 IX ROSSECOINS eet cere et oe ee eee uc cco |e eee pe icttarcnera tate 3, 310. 30 CabO0SC:Catcee eee woe eR loess Ses SSS Lees ee cee ec. eres ee 5, 258. 31 ROI CCLatOmCArseeceecc ses aia: alse ee cnc coe ce tieen paler omen | cam eaeenr eee 8, 858. 84 SlLOCKCORSt a eecnce ctr a cco Sole Sia s 2 esi cia ee See cere | ere ees aie era 6, 875. 99 |. WPAN GAYS eho erre cc cae oc sees la be eects See eee eee tee aa 453. 55 SGCle:Carss-s2c2c2 eee ore oie ws ae ae ete ciara aes ete ere ee eee cimrareratara ers 613. 44 Worksequipment:.2.. ce. oc. coco eee ae eee alee | eee le oer 110, 928. 18 ———————| $642, 332. 48 Floating equipment: : Steamship Allianea ..3......2..2. $518, 865. 87 6 652s 168, 631. 44 Steamship Advance ............. 221, 186. 30 6 17 | $18, 800. 82 DO se cee tees See SEES 222, 928. 22 6 1 1,114. 64 DOs es - 240,221.97 | 6 13 | 15,614. 42 ‘ DOSS ee eee ---| 243,847.75 6 59 | 71,935.15 : —_—_———| 107, 465. 03 Tug Bolivar....... set este 70,001.78 | () (4) 19,755.12 | DOs 5 Src ose ee 70,001.78 | 10 86.| 50,167.96 ; 6) 992208 lighters at Panama: 225. 250-8 139, 714.85 | - 10 OOs a eesee sees 104, 785. 47 Lighters at Panama (new)......- 18, 262.64 | 10 BGs eee Coes 5, 478. 81 Hloating pile driver. 2. 222s. ce 7,815.53 | 12% AST ee acrowse oe 4,030. 37 Pilot launch: .< ss sssseecc oe os 4,419.21 | 10 B32 fe eewte sees: 1,215. 32 - ——————| 452,529.52 Plants: Commissary: 005s 684, 348.23 | (2) (2) | 270,096. 20 DOS oi eon ese. BAe 684, 348.23 |.....- 12 | 29,223. 64 . ————_———| 299,319.84 Coal unloader2 et tee 975150:95: beens Slee $2,578.30 Hotelequipment.<3 2. S645 (9iSa loos Lee: 1,078. 23 © , ——__—__—_| 382, 976. 87 Miscellaneous, steamer chairs......... 1,904.94 |...... Wes setae eee sete 713.85 1, 478, 552. 22 1 Prior to Jan. 1, 1906. 2To July 1, 1912. * 3As of May 31, 1913. Exurpir H.—Statement of classified railroad revenue, tonnage and passengers, Colon to Panama, for the years ending June 30, 1918 and 1912. FREIGHT. Tonnage. 1913 1912 Increase. | Decrease. THROUGH. From New York and other Atlantic ports Re aes 218, 953 DAD G7 as |e ee 93,719 Kron Gull portes 22. os ee ee 30, 346 27, 554 DOD eee BLOM HUrO pes ot rss. eee eee 125°649:| = 189-40) |e 18, 759 - MOtal 4. stccs occ oe ee ee 374, 941 409 G07 lsc ee 34, 686 LOCAL Se Commercial ...-......-. ee ee ee ee 153, 418 153, 339 Hd eee Secere Isthmian: Canal: Commission. 222-55... 4 es 802, 224 791, 830 105394" ac ceeecoeees Company freight.......- See ee See 28, 714 21, 445 T2691 ee ee Qotel 2 eee. Gear b= 966,014 | tye S _ Total freleht cos ei ee 1,359,297, 21, 376,240 |e re 16,944 28454°—S. Doce. 362, 63-2—_-4 50 PANAMA RAILROAD COMPANY. Exuipit H.—Statement of classtfied.ratlroad. revenue, tonnage and passengers, Colon to Panama, for the years ending June 80, 1918 and 1912—Continued. FREIGHT—Continued. Revenue. Rate per ton. 1913 . 1912 Increase. |. Decrease. |. 1913 1912 “THROUGH. ren New York and other Atlantic | POLUSEs Rees aes deat meee ces $620; 122.-11 1$629,-878..09 | 0... 2.22. $9, 755. 98 | - $2.83 $2. 60 Foon Gulf ports. se siossse sees 111, 133. 89 95, 611.21 | $15, 522.68 |....- tae sbi 3. 66 3. 26 From Europe......-- ibdsse sees Saeeee 494,720. 44 525, 124563 j\aceoetcer oe 30; 404. 19 — 3.94 3.77 RG Gal eS ecco se ce eee ie 225,976.44 |1,250,613.93 {.......-...- 24, 637. 49 3.27 3. 05 LOCAL oo Ss ear Commerciale. Se 364, 475. 87 | 362,084.59] 2,391.28 ]...........- 2.38 2. 37 Isthmian Canal Commission.........-. 342,298. 62 | 407, 958. 67)... 2.22.8. 65, 665. 05 43 02 Total seycevao ere ee Se eee 706, 769. 49 | 770,043.26 |.......----- 63, 273..77 72 80 Nota {reignite ss ses ae eet 1 032 (45. 93 25020 OO4.109: | oc cscst. -e 87, 911. 26 1,42 1.47 MAILS. Weight (pounds). ; Revenue. 1913: 1912 | Increase. | Decrease. 1913 1912 Increase. | Decrease. From New York-..|-2;002,710| 1,736,550! 266,160|........-. $149, 455. 30|$118, 636. 22 $30, 819. 08|........-- ‘From New Orleans.|. . --50,310 . 26, 800 2B 10). ee se 2, 437. 51 305.:25 2: AS2IQ6\ sree From Europe...... 234,697] 192,298} 42, 404)....... <2 .| 16)036.38| 16,116. 94|./-....... $80. 56 SiGcals 60) Ss 400°528|. 330,247 70, 281 lke. ce 24, 443. 71| 21,470.65| 2,973. 06|......- ae SOtAlcss cscs: 2,697, 245} 2,294,890) 402,355)....-..--. 192,372.90] 156, 529. 06) 35, 843. 84).......-.- TREASURE. Value. SS Revenue. 1913 1912 | Increase. | Decrease.| 1913 1912 ‘| Increase. | Decrease. ‘From New! York... .|$1, 365, 753 $323, 638/$1, 042, LD See te ees $2,916.10} $1,325. os $15 590: 48 | ce os es From Europe.....- 997, 830} 2, 559, IY ee Sese Soens $1, 561, 297 4, 196. 28 7, 063. 24|..........| $2, 866. 96 Brom: Gilfiports: 3 \o2 3 cen lac ce ccc ce cle ccc ce dscelanececsneslecaretcnceelss seers e|---cenesa|erccccin-- = EOC Al soe se ee fs ae ee cree eo | Sere eee e al esc sere cinte cis cele s cicieie cl sie em beeen = sisi ieee cle reciemic as $ Motales sss. 2, 363, 583| 2,882, 765|..........| 519,182] 7,112.38] 8, 388. 86|.........- 1, 276. 48 EXPRESS. Weight (pounds). Revenue. 1913 1912 | Increase. | Decrease. 1913 1912 Increase. Decrease. Local: : Commercial... .|1, 207, 499 1,322; 506 |-.-.--- ps 115, 077 |$10, 559. 30 |$10, 041. oe $518:324, | >. cc Isthmian Canal ” 681, 889° ” 999) 529 |---------- 360, 640 | 1,059. 56 ie SodaGls| Sees cee $774. 35 Total. 3. --<- 1, 839, 318 2 BIS 035" | see os | 475,717 | 11,618.86 | 11,874.97 |...-.-.-.- 256. 11 rnc err PANAMA RAILROAD COMPANY. el Exuipir H.—Statement;of classified railroad. revenue, tonnage and passengers, Colon to Panama, for the years ending June 30, 1913 and 1912—-Continued. BAGGAGE. Weight (pounds). : Revenue. 1913 1912 Inerease. | Decreasée.| 1913 1912. Increase. | Decrease. From New York... 211, 720 158, 550. Od WAU leeece eee: $3, 895.95 | $2, 953.-78.| .$942.17 |.........- From Europe...... 186,955 | -102;,716)| 84,239 }:. <2... . 22 3,724.94 | 2,054.32 | 1.670: 62 12222-2227. From New Orleans. 1,552 603 O48. oA oe. Se 31..04 2 nOG |S aL BeOS a ee EO Cale ee eiccine Sree as 9380, 301 11,708, 109) |... .66-. wao{l, SULpEOS | 7,166.79 15 S04, 2:2 ec ees $687. 46 Total........] 736,578-|1, 969,978 |..........|1, 233,400 | 14,818.72 | 12,874.41 | 1,944.31 |...... ee PASSENGERS. Number. Revenue. 1913 4912. |Inerease.|Decrease.| 1913 1912 ‘| Increase, | Decrease. From New York: : First class.....| 10,334 5,348 4,986 |... ..\$21;, 266.79 ($14,192.64 [$7,074.15 |... 2-2. Second class... . 126 L285 |seenccsce: 2 253. 55 389 O08 osc cee ccc $135. 45 . From New Orleans: First class... .. 135 833 elSec<'s s'se: 698 393<00: |: 1,654..85.|- 2235255: 1, 261. 85 Second-class....|........6 SHlasessewees Bol eeewslscs'es TI5-00-,| so ceeecss 11.00 From Europe: First-class. .... 1,099 923 Gal cee cers 3,110.08 | 4,110.14 |.......... 1,000. 06 . Second class.... 561 556 Gocleuccceten 10912595 | 15 908127122 eee ee: 816. 53 ocal: a First class...... 4295325 | 394,'226 B5FO99 | cic cee ck 1205, 238.09 |165;848. 40 |39,389.69 |...:...... Second class..../1, 058,060 | 990,345 67,715 |....----.-|212, 494.13 |201, 349. 78 |11, 144.35 SS cciecce Total. .......(1,499,640 |1,392,362 | 107,278 |.......... 443, 847.23 |389, 463.93 154,383.30 |.......... Statement of classified. railroad revenue, tonnage.and passengers, Panama.to Colon, for the years.ending June 30,1913 and 1912. — FREIGHT. : Tonnage. $913. 1912 Increase. | Decrease. ‘THROUGH. To New York and other Atlantic ports................. - © 162,111 ADO Obs leccsccs ection 58, 626 To: Gulf ports osx 2 eos See aes Se ee ree es 184 470247 Scaeecose een 6, 840 PO MULOPO Soe ce ee ee OO ae oe ae See Oe 56, 156 | 50, 678 by 478 5| 2 cee eesees No: Colones. ies ss See EN ornare erisiaianne . - 648 548 100F | ESesceo ess Woah. ose = 2190001 278,087 | 6 59, 888. LOCAL Commercial: Balboa, Panama............. ssn oie SS eae ees 14, 418 15; 912 |e res 894 See Panama Cooney cc coc sooo aoe nae eee 38, 638 25, 458 13,1802 ee ccecce cee Isthmian: Canal: Commission=2—. 2 a 346, 477 _142, 366 204 11 sccececsees Company lei git = 20... ess cos se Tones enoccccs ccc: poe 48, 923 | 32, 712 LGR QE eee secur Se Retal oo ee es be 448 456 | «915 848 1 D382, 608 1 Motal ireight.. 2-2. -<... pe Soe "667 5p5, |2 5 OR Tod 59 ss PANAMA RAILROAD COMPANY. ~~ / Statement of classified railroad revenue, tonnage and passengers, Panama to Colon, for the years ending June 30, 1918 and 1912—Continued. FREIGHT—Continued. Revenue. Rate per ton. 1913 1912 Increase. | Decrease. 1913 1912 THROUGH. To New York and other Atlantic ports. $381, 623.31 |$443, 629.64 |............ $62, 006. 33 | $2.35 $2. 01 To: Guilfiporisscssc ewe ec Se Se 919. 08 19, W208 225 |Scecees oe aa. 18,807.14 |. .4.99 2. 81 FROSMUTOP Osco oi Se es se es CUT ol Onoe 170, 832. 73 | $36,544.09 |.........2-. 3. 69 3.37 To Colon...... RE ee pee ee 2; 412, 63 1 908. 79 HOSTS e One 3. 48 TO tale ee eee eee 592, 331. 84 | 636,097.38 |............ 43, 765. 54 2. 70 2. 28 LOCAL. a Commercial: : Balboa hanama 2-2. 2oso5582s 7, 048. 96 (SOLON sees Sa ceees 523. 89 . 49 . 49 Panama, Colones ae SSS 105, 448. 98 76, 082-105 f= 20) 366. 88: acess ce ces PE 2. 99 Isthmian Canal Commission:=.2. === 147, 936. 99 80, 541, 62 67, 3908072 eect eee oes 43 De POA aye lhl BIG see pss ec re en cies oda | weno ae steel ease acters Matern crac ec (eos. coe |e cece ccc Totals ee re ee 260, 434.93 | 164,196.57 | 96, 238.36 |............ 58 76 e-Potal ireights seo ce 852, 766.77 | 800,293.95 | 52, 472. 8 ee 1, 28 1.62 MAILS. : Weight (pounds). _ Revenue. 1913 1912 Increase. | Decrease. 1913 1912 Increase. | Decrease. To New York...... 109, 428 76, 000 So A2On lsc $6, 575,57 | $3, 884. 72 |$2, 690.85 |.......-.. To Europe......... - 944 2 OAD. sien sees 1,2685\221,388, (0) 2,4 (0200 ee eee $781. 91 OCA eee 445,025 391, 269 Dd; 100 sence eee 22,492.55 | 21, 847. 66 G44 a8 On eee Total 22 2s 555,397 | 469, 481 £80; 9162 ters et 30, 456. 87 275 903: 04.|72; 553; 833| seeks =. TREASURE. S: Value. Revenue. 1913 1912 Increase. | Decrease.| ~ 1913 © 1912 Increase. | Decrease. To New York:..... let 966, 091'$1, 798, 415 $167, 676 sie erate - $6,306. 77| $7, 789; 63)......-... $1, 482. 86 To Europe.......-- | 3: 901, 734) 2, 030, 813} 1, 870, OFT esses 12, 164. 84 8, 671, 95| $3, 492. 89}.......... Mo Gull ports. 325 oe see ee ee ett ee lo econ HOCH ee | a eae et Ee Gt eat ae Sg sty eee ee ee les SEDO Se ee oda | Seca oem Totalgess =. 5, 867, 825| 3, 829, 228) 2,038, 597/-..-.--.-. ie 18, 471. a8 16, 461.58) 2,010. 03).........- EXPRESS. Weight. — . Revenue. 1913-- - 1912 Increase. Decrease. 1913 1912 Increase. | Decrease. Local: Pounis. | Pounds: Pounds. | Pounds. ~ Commercial... .|4, 187,197 |8, 464,271 | 722,926 |.......... $20, 390. 53 |$16, 801. 16 $3, DSOE812 |e tee Isthmian Canal. 416, 109 880, BAO eee ee es 464, 236 709. &3 1, 665. 80 Bitet Sas eens $955. 97 | Votale =. .|4, 603, 306 i 344,616 | 258, 600 |......-.-.- | 2 100. 36 18 466.96 | 2,633.40 |......---. PANAMA RAILROAD COMPANY. ES Statement of classified railroad revenue, tonnage and passengers, Panama to Colon, for the years ending June 80, 1918 and 1912—Continued. BAGGAGE. Weight (pounds). Revenue. 1913 1912 |Tncrease.|Decrease.| 1913 1912 | Increase. | Decrease. To New York...... 95, 699- 3, 216 92 AS3 eeieeen $1, 454. 98 $18.99 1$1 435599 -|o ee ROCa ee See 290, 507 |1, 536, ISTE 1, 245, 630 6, 944, 47 | $2855 21s es $1, 340. 74 Rotaless 355 386, 206 |1, 539 30S) | assets 1, 153, 147 | 8, 399.45 8, 304. 20 O5F be eee PASSENGERS. } Number. Revenue. 1913 1912 | Increase. |Decrease.| 1913 1912 _| Increase. | Decrease. To New York: First class...... 9, 515 4,916 4599 ooo $19, 813.37 |$12, 201.93 ($7,611.44 |.......... Second class. ... 208 BATE eee ee 139 675. 24 1 095.263) 2 $420. 02 To New Orleans: First class...... PAV ese Ul aeisacocs. ele S40) | 2 O8be (pele 1, SUS. SU cles ese ee. 1, 232. 61 Second class.... meal We ees ee ae eee ~ 2.00 OOo eee eee To Europe: Kirst.class...< 2: 986 841 14 beh Sse cee 2.683.91 | 3,383; 18 |..2-..2... 699.27 © Second class....| 226 132 QAR eee "419. 75 380. 38 39, 3s | ae ee Local: First class...... 425, 992 368, 985 Of, O0T| ers ee 174, 283. 31 (145, 937.93 |28, 345.38 |.......... Second class....| 979, 386 989, 0382) 2 A=: 9, 152 184, 087. 98 iss, 464. 39 ” 623. 59 | eo3 cee TNotaleves... |s=- Pie Se ee ae les alee eee les -Stoek on hand June 30, 1913...| 43 2 3 ae 21} 2) 6| 2 981/39|19 2 2 eee 2) 2! 1} 122/19 | Exuipitr O.—Statement of floating equipment. Passenger ac- Gross commodation. Name. tonnage. Length. | Breadth.| Depth. | Hull. a . eer- oe age. Ft. in. Ft. in. Ft. in. Steamship Allianca................2-- 3, 905 336 0 42 0 23-9 | Tron.=. 146 20 Steamship Advance =... sis sce cees 2, 605 295 0 38 4 23 4 |...do... 68 24 Steamship Panama (diagiored) Busse: 5, 667 - 360 0 50 0 32 2 | Steel... 183 13 Steamship Colon (chartered)..........| 5,667 360 0 50 0 S22°25|e = d0see 173 14 Steamship Ancon (chartered).........| 9, 606 489 5° 58 0 282-95 | =eAO ee 78 52 Steamship Cristobal (chartered) Parsee 9, 606 489 5 58 0 2892) A2dOese 78 52 Tug Bolivar at Balboa!.......... se 234 127 1 23 2 95-62 SI rome eaten |e eee Pilot boat Dixie (40-horsepower gaso- 4% 35 0 7 6 42°6-|/W00d2 |S st line), at Colon. Pilot boat Farfan ( 12-horsepower gas- 2 27. 0 7 0 2-0 COsecle eee lee ee oline), at Balboa.? ares erelent lighters, at Balboa...... 250 116 0 24 0 (20s elnOnee sce Sales eooe Se ee oe 300 120 0 24 0 8=04e 00sec ee ee Twot freight lighters, at Balboa....... 300 116 0 |= 24 0 S20: eobecles ee alas oe Three coal lighters, at Balboa......... 300 120 0 24 0 Se: Ox slronesc tore eee = ae One coal lighter, aBalboas. == 250 117 0 24 0 IOS Ore ese | Secs One coal lighter, Ab CONE == ee ane 250 80 0 30 0 102-0 sSteeles ies alee oe One floating pile driver, at Colon.....|.......... 71 0 202-0 O(a S20 a ee Three motor boats (converted life- 4 26 3 7 10 32:62 |2WiO00s b= sat esl ees boats). : * 1 Transferred to Isthmian Canal Commission for service at Balboa, June 1, 1913. ‘Transferred to Isthmian Canal Commission, police department, for service in Gatun Lake, Apr. 1, 1913. EXHIBIT P: PANAMA R.R.CO. BOARD OF OIRECTORS. GW.GOETHALS. M.T.ENDICOTT. F.M¢&INTYRE. F.C.B0GGS. O.H: ERNST. R.R.ROGERS. C.A.DEVOL. D.Ou.B8 GAILLARD H.H. ROUSSEA E.A.DRAKE. H.F.HOOGES. W.L.SIBERT.. E.T.WILSON. VICE PRESIDENT. PRESIDENT. 2"? VICE PRESIDENT L™ COL.H.F.HOOGES. E.A. DRAKE. : COL. GEO.VWY.GOETHALS. 795 Men. CULEBRA CC 2. aaa: : U.S.A. PANAMA.R.R. COMMIS SARY DEPART MENT OOCLETATY F Assistant 7O bite Frestaer7 THAKOSS MOTTON, 7-/4VE/?. GENERAL SUPERINTENDENT J.D.PATTERSON. AFF B/1E77. CM1EF CLEFK FL IOCK. Asst Chef Clerk RK. Beverley. Office farce 22 Mer, TICASUTE FS: Ceneral CoUnSsC/ hi. &. ROGErS. CP 1111701) Our, (J Bawden FSE-MVEN. AUaror VN Wewson, 2/-(7E77. Passenger gen. CC lan 4yper 3-/VE/, Claltn AGEN. SHSM Er 7-Me?. SUBSISTENCE OFFICER LIEUT. COL. ET.WILSON.U.SA. ASST.SUBSISTENCE OFFICER. CAPT. F.O0. WHITLOCK.U.SA, MANAGER JOHN BURKE. (1277 Men. Grex Clerk... WF SHUEY. Office O7NEN. Suoerin tenting Liagi- Kolin Mwark. 232-277, Vrelglt figen?. DIE, FAIElSO/2. 34-Nen. Seca Saget, 17}. 71/0850, fetal! Depatimenl le es Ser cPei/1ing (Van PS. Wholesale Defear(iren Lnypjector Pee Oe Genet) Sore hegre Frank Floyd At Winihe (Vacarr) LE 420/e7 Bales O/TTCE 7571207, Asstlnspecior( Vacant) S77 (617 & Women Wagon Transparlariaa, 13+ Whakesale Crores Ware house JO Ory Goods S4 Llectrrcligl Powe r- Gna titltigelaltig FEM TS, VUES, LUGIMEET (Vecanr) Coffee /Van? (Coffee Oasler 2IE/. fetal! S1ares ( ChALGE OF STOEREGP ELS. Penamna Matitroad ("e/aCar10/, Grocer. 10 aaa NA Zo, Men UAE VO ie Z a “ GO a “o” BoabsGS Ss « bhomenshrygoods 8 Women| ; ees é Zen Bakery Lee Cream/ arr tir ttire, 2 OVGONa x» a i ——— Baiabiyvo sae iS ee VHead Baker Lee Crean [Toker 7o/a/ 383 LQSCOSCGGGAS 25 4 Lmpire 2 = Ja 07 (7E77. Sen, CUulelTa + i SA» Cory Worage lVant Sore ACC PET CB Aussi 98/%er. Kaw atertal fares (ore Keeper SSIVE/7. LaAGATY lOupertatendentl 151 17 E07. Farle BEM TOES . NOME LITVA 2 ” Waos L5G : SF » Toro olnr Fo Cherileal ¢Liacst7al Kalroad Panama Furchesing COMpEIETA 4» TK RMSPOTANIOT?. AGZE7 EY. Laboratories ie Z /Orel7 Of. 40CH/ Be, Gee 4 CLC Tofa/ U en TH. Keefe. LRT Chern ict. aerate S/Men 23 /7er7, Local Treasurer Loca/ Audiror Acting Cte! Diygatcher Cher. LUIGI IEC Supt Te! & 7e/. Nechantco! Dept Transportation Défpet. B&F AGENT. BA. War WwW. Sela OU CL Gleak/ey, 235-Mer, General Foreman CW Northrop. AW. BETG/2. EMEGTE. . 5 Gee aa ee MH fread/e, 129-(Yer7. 18/9-(I€0, 4551-17272. CL CLEA -- 5. CSOs ChrefOQEtk. AN 165-1TC 72. Sner Clerk —-—--C bi Le l2-/4ep. oo fe Jef Qlerk. P.M Moyer Chief Clerk TC/7Ge vet Clerk: Thi Lee i eat 3S-7e 7, Wiel aCe — -- 2-142. Office Farce 674677, Oticefarce 5-/4en, Office torce -8-/ ters. Otce Force — F/T, Office FartC ~-~14S T1610. Ohre/ Crerk. Chie : ; MYpPelvtSor Of LIME General Yard Cristohal rounds z : Sagi ‘ BESS. j ICES CUES Ley Ve % ‘ % TE 4h (TEN. ones | 1374 171K Ol sfral ct GNC aa Koad (nasvEer Siifol of Construct iar. Chiek Drateraate Cages af ger LETTE SIGH Bt. FEE, Z & Cate Consiraciiarn, T1 Sea f & Butld / Mh. DUP. C7 Geddes Cristobal & Colon , & Fort Cpa: F Zook Fao eae STA Weller d a Satter naker (Coli —/ CRS MELE. VIB. Contiellg cate AG libby. 7 ae ; 6-/4E72 FFHen. Crank Denny, MoWad BAK Er Nacthttis1'5, G --- ~4- SACS TSH 7 ee 37/2. lees Let POET Es FEG/VEr FI3sit Chiler Crer Kn. 62-/VE/. Cea, Yaras 26/0, Night Hastlet, G---/ V6 eS iG ee LEZ Office = Bee tall MAE one Zhen. UL¢F1CE FOLCE. tian /— Teer. Wii hkromer ; L0Ca Lrgtreers, G-26 Lune 1t1CK Df foareher ; i ; : VC ee Be ee | 2-Coble Solicers Si ee eo Voy Nef Clerk. ECU Ey 2 Clerk Sask 2-65, Hefpers. WiahF Loco, -iremenfiilrey-23 ee : as E a SRO ei Ce ELK: Ac couns Faydlele ~ 2 Z-Ohef Querators.\° e, eee oY Eee Switch baginecr3.5-1E OKYKce farce - 3 17én Supervisor Constructiae GONgs oe General (OHA? TFARNTRGR. ” FEC rable 2 PISIVOLGAl. “ fyrenen. 5-46 BB rs , ¥. . ct f 1 lforermat! FCCICr. LAT ECT Hw A Ce, CL EOUAAS. /- Bookkeeper G Ye Trick D1 sypan 2-Filots WE PIECE. 5 ; EIT es 5 . Kay-1Ols ---—--, 12 Fh aretnate- 10-71-4622, CCfiiler COUEIOTI, 8. ——~—-1 , 7 2 TE HEEAT/ CH 7 (lessenger oe oe nee $5-Qoerarors /2-Men Saf rity Engiaee¢ 5—/ fi. A Lay. By ee 526-/9E/, 7 is 25 1. SEF-SICEL. Mer $ a : Walehipaia 5 -----4 LAM Lh. Vicker es 24. -, Wason, S----- 7 Oecvon Gar 7 ie Ff“ 2S CLA IIASA. : See, Le 4 ms, ; ne Fieefisfers, $----2 / ” FF -. SF OTEHG, COG E ay Ye yo a fer CA CH1AICIESA ~~ lispecior & Lnstatler- YORTAAS7 Or Copsenter SI ----/ ee. PE: DE s go ar, Sea / e 7 cae f 4 ” CVAD EL. SLICES VISOL- OE ALO C arta tae Ne | nL ee a Of bitch eoaras. Ca, Boikrmakers 3-~~7 SORE: iy es » , / AN OIE: A351 Faylaasler Stenographers —-2 Vor eae r. DI M Nadctuntsts, 5 -~--9 Station SAGEMS.—/ 7 Shee SOLANA, ety 23 «, ; ee rome S is Se ae: Mason (oitver!---—/ ie CA Blarr Hass ae Mast e ia 5 te LO COLT WITGLY. Cie ae 25 -. * es GE LS LCL Le Blacksiiitt, 5 ----/ z : he ao SU ELS, 6 OF 1G: p lta pf. VIALE MTESSENGEL—B. fA-/VE/?. 13-47 E72. Laborers 5.---78 PST: Ler eds Z, J38O-/VE/7. 7 ° IS a. 7 FS VO! Yoer QV ar5.- ~FS- / a Sion CAE REC 3-fGpemcn asta ke 7 ” 20 » Mn 5 2 * GJOCMIEL: Coase WaVEUG MUGHOL Super visor Tayo ectar OF ELCCTITC Night Yardimaster Pana Switch Tenders — 20 Dsitich Wa 1B ; Clerh, S—~~~~—-—— ¢ S + Lranwarter 5 / 24g... - : Casiier £8 Wood. FOCHIC DLVK1270. Checks & TELL SUMP CHS, a He lerawiasper-Tais ep, ; i S1¢00/ Lagiecr ; Clerks, (rel, 5.-—~~3 ¢- fareman Drill ee O7. Calan. ck, Chap SALE GT Generel FOICLIGN. Tae 22 .. : ‘ Concretemich, S--AD 4 « Bricklayer AA SUF AO CH Carter : 2 $tngiieloustlwemnad TRS. a it ht fenle VFI ECLIAGTI. . ABN eh pon Nt HE OL. CFGHBETTY. LOWS (4LER Vor [tech ejoy, Gee *iuiser Zi ead BESN Y (E11aGeS7 le) CRM ms BOLO ae lead /-Man 4-/T0/7. i Cy ae GILDED. a) NESSCH GEIS -~— =~ Soe. 7 ” Siar STE 1? ; TDEMWEL, 5 — =~ ——, 7 Campenlel, G. —--—/ sie A Medes Peis PES LIOnWaM EES —-7E Lronnatkers,G.---8 Laborers, Poet F714. Stegmn Liagtincrs, GF AVISPECTOL= COlG/2. Wire Chler Yord master ; ‘stTiCd Vo 2 TE ee: f eo, eS anes MUU Ge a Sf7 3 : 4rgine House LYSTTICT Wo 2. : . S1G170l Gang N27, oe FEMMES, S.----6 tanary Ligtince3 6-2 Tih atl? AZ Linas. Bab 00. Faliate a. General (OCEAN. Line 78 >. GOW, LULL TL DCL Fupelitlers, 5----8 LaghvecrUnguelifiede-/ OW Yeala. Cite Anraten MOLT. ard 26 ».. yoyo OSS PM. OatT Or Clam bers, 3~-—— F Concinerar » G1 8B-er7 6/1e/7, Botbooverras © BIE 957-17 pen SF See & FSTEl?. lacksintths, (Sfre)-“T : . 02 YT AS: 77. 7. thse VatTaAnmner ---~- 7 LDhs1atth Helpet, 5 ~=-/ Car Repairers ----3 Lafernakers ----~ 2 Orrehlay els, 5. ~~~ 54 Cleth, S.=--——---/ Clerks rela 5----2 Foretian, PI557---f Carpeniers =F OUPEr 15 Or Might Yardra aster FQLQ7A. Brown Hols oy . : Central D1 v1 sian. BalH0". LIOOL EFS AS. SESS Coal tandling Flat. Pe Se es Slacksiittf) ----7 OWPer visor Coe vs es Z i ; Lp CE€fal (OVE UC A - SITIES, one ae Upat He feers, D-- Llec Light terce- 5/¥en GC. 77, Wicks. Gea, Da¥/s. Chief Cerk - O/ Vallatinvo. GES vel/, ao Ohare 46 -., GU SHEL 7 4, Wayhaek. General foreman ise ae S--25 8-11E/, . nMler Ute force P-Mten. (22-/4en. ne os oe CHEM ~~ ~~~ — 6 J4-17€72. ACFeIErsOn. Cancrere Hinisher.5-1 : Wrelaen HEfpErs—F EEE) CE S4-/en Drill Ruiter, S.----/ Sales £ Sock Nae. hoffe! Hi Te, eH a” 22 2 Dea 1/7, UJOLTEY DR#e/ 75, S --—-S ose oe es / ° 22 Gee f 7 « Dk Brryage cee pon eaten Or Machinist Local AGENT. LUMO ELS ------S FOV EDA ------ 4 Sywers inten dent DCS 1g (TAM AGEL: LiRspectar- Garr. FOVEINGH verdmastler Fretott House. Fessenge: 029903¢ : SEIN | eve PALME ke ere en ee Coffecrors ----20 Fareinan, LranwilsS— 1 XWCU/bEer7sor. Z ( : m ; So On 7D Bernrre/7. £4.41 Chandler PBK OFZ. eee Lifts SFareiat Y Express. Bhacksontth (Gd a )- / LTS CL aaa 4 oe i Ca, ook AH et2, naa : Liksin(th Hefper--1 eect uk F- PEL, 110-1470 G-IC77. Fanaa varas - 7 en 79-MEP, Stearastip Wicker Clerk SGA Gang WY? 2 Ln LCCIOL G / eae “ St NG HOSIVELS ~~~ - F Gen farenagh---/ Llackstniths (Silver) 3 BOGGIGEMANESS-F CF K709. a Carppenrers, 5 23 Cancrele(jen--— Nasons. 5.—---~ 74 4/09 (7 Er -—~— 21 5 : eS Concreremen,S 21 M@ChIIISS, 5. ---- 2 Night lard master Fassenger S1@/1077. Salon Ager/ LOCAL IF EIG LI. VION AHMAETE--- 2 Cook, S Fig enema al woke eaiee ete ici RS MESSC09 ef 5.—---/ Erakemen ---- 38 CarTITa. Agent TM freytia/ as. CYetk 1a ChaTGE Carpenrers Sea Clerk Field, S / Sth fenders, S~-2 MP Coufre SOW ME i Wi TronworkersS /4\ —'| Weartchmoan----- POUnC??, S,~----2 pes P (PP? Couffer L OWIM DMS O??, 14-(1€2. iC, Warren UT CL EMA PCL S—F Masons S S hotepman S---—/ f-1er?7. 12-4672, 18-(VES, Laohorers------ s FEIHUMETS, S 3. S Boy, 5 --------/ 7, Organlzarion as of June 30” 18/3. Senate Doc. No. J62 ; 63d Gong., 2d Sess. TNE NORRIS PETEMS GO, WASHINGTON, 0. EXHIEIT @” COMFAARATIVE STATEMENT JONS HAULEDB ONE ULE. OPERATING EXPENSES. Far FPOLLS, FOR FISCAL KEARS -————-/909 - /9/0--—--- ——_————— (G4 OG - (3f/———_—- TONS HAULED ONE MULE | a ss [ee eS Ue SG GS Boe 6c ee fe 8 8 SS ese er ee SS eee ae pe es a See a ieee ane | eames oe fee on pee po a eee ore ee 300000 : } fa . > a ee a ee oe Sy a oa Tn ar em oe TPN nfs mf sar $15709000 GOLE ae | ere ree Nee eee 5 200.000-—$<—— FH A ae ee ees ee Enemas 600.000) 10,000 ee fee ee eet 4 ae : SS ee : CO arate a Ur Pee Way ae OPERATING EXPENSES ie | eee [Pees eat | ENCE EK ASS RRR RIOTS PG Sos RENN BT es UE ear ARIS REDS | RSS LRDOR ROSES J eases eck Een CAT eI DT OTT § URAC ERE § TIRES AVG) Dg = ano TNE PEE A CHET aN PT eh Goes Wf ee Ne RR I fps eee TA pM AEN ee ANS DER a PERS LARISA RAD ATT ACOs EL PRC IASB REPS eR ORES UE SERRA fa rsa TAM NT RS | Lak IG LIER ENC BELSON ge ENO ESN oR STINE YER SVEL RPE BS MOUNT «C4 §sScaeee Pa Sf SANGIN PEARS Ee DR SIGROS EARLY aa PORE Tf DH OA AEN pT fT AS foal PSN Rp Rays PB aURNON P MEUOEES OSL eA td Le RO NOTRE A BRD aS GE SONU SEER eR EO 23 C0 eS eS 8 FEES NORD [eDOCS i POLO SAE RARE [oA PY ACURA i Sa MT ARIS SCENES CAN | RIE RNS, epee ee ee ee —= Nee} TARR [ RAT EE ERY : jp [Sav seaman, P MIATA RSLS It, [RNS E ENN SET pi eNOS A SEA NU RRR (ED iN AeA sea OU RE Ree RE [RCS rise i | RT pari ctiaagT ese ANA§ NE a TO INS PEA | RNS SET Sisaci reese ier pCR aS Gna coil SEIU ABRIRE VON ENS PREPOISNVES OMAN 9 METTLER REO CTIS | S. Doc. 257, 62-2. (To face page 48.) No. 2. — . . EXATB/T FPF REVENUE F36%— 7 — EXHIBIT 3. — FREIGHT, PASSENGERS, REVENUE RECEIVED FOR FREIGHT HANDLED. PPECEIVED. _& MISCELLANEOUS. : —<—— ooo Jore/ 2,785, 512,72 Loca/ ? \ os oe a/ Ly | — Se Comm LSS1O0——\ ge g Commére/a/ yy Lis \ LAG IE YY tase 59,5384 \. . SAN ue es ‘ bed OSs L0Co/ x ~ TALOUGL — Ss 4 18:8 90, 287 NC Ne Local Passengers. | | \Com mercial. hg ae | ee OYA BAZ76 273 L ee af. ) os a \ \ 42? KEK WY, LO” | ey \\\ . (6/9, gobs yy \\ LELT 7 - XFL. | 2. EXHIBIT -T | LIGHT FPIAN DL ED. OPERATING EXPENSES BY DEPARTMENTS. See | aS ee 3 Y : | | ee LS 1-4. BO “A J07'a/ 2,026,352 L e7eral~ 4 aint of Way Peres oe boo es ‘ : 2 en ee LOTS, 2,044, ODS, = ‘ Li ee xper = ON & SHYUCTUES. “rr = . = | / 4S PAO P25, OF is GES CES | , ~IIL/I9S OMIMEr CLA, 9828 % p9599 EN Yj; AX Sssxc Y | ie | | eee Ze : , Y | ee os a Mainiernance ~~ 17.8 / % 56,67% MISS) SOO SQ Ey, i, ES ot Loujpmen? a WN LE | | TL Wy 77 } MT ARS POF ,AT/ 00/// ZO SES CLS UE x peh ses Wy, ESS | Te, Ve Wile Yj, 1 g2% fo 4 iB ) Senate Bec. Ko. 362 + 63d Gong., 2d Sess. PANAMA RAILROAD COMPANY, PG SUPPLEMENTAL REPORT SHOWING THE RESULTS OF THE COM- PANY’S OPERATIONS FROM JULY 1, 1913, TO OCT. 31, 19138. [Presented in compliance with resolution of the board of directors adopted at its meeting of Apr. 2, 1906.] Exuisit V.—Income account and profit and loss account for four months ending Oct. 31, 13. mee INCOME ACCOUNT. Railroad: Gross FeVeENUCtTLOMMOPClatlOl = sc ss cece = ocr oc cement eess eas slee cane $1, 516, 734. 43 Operatin expenses aan ee as Se aoe sore ea oom soli mie osc 813, 795. 25 Net revenue from operation....... Some case ene EE Se ot nS a pede renee eee $702, 939. 18 Steamship line: GLOSS TEVeNue TOM Operations sce shen. sees eee on eee Seance cet ues $755, 026. 81 Operatingiexpenses s 2s 5 See ee nes eee eee eee ees 659, 245. 35 Net revenue: fromoperation= <6 secant oe tee ee ee ener OES Saree rae ‘95, 781. 46 Totalnet-revenuestrom:-operabionee Steen ee ees cree aie oe See ee mc ecieeees 798, 720. 64 Add income from— ‘ nee - UMCerest ANd OXCHAN GO ers eee cere clara he te te A es ee me $26, 903. 03 Rentals 265 05 eos Se eee ee ee ree ee ee 53, 002. 57 ee 79, 905. 60 878, 626. 24 ess rental of terminals:and terminalomees= =< egec cae oe eee eet ce eee oe 31, 147. 04 Net income for: 4’ months yoo 4.85 ose oss a a 847, 479. 20 PROFIT AND LOSS ACCOUNT.. By balance to credit of profit and loss July 1, 1913... 222.22 ee on ce ccc ccc ccenccces-s 15,379, 522. 42 Surplus from income account for 4 months ending Oct. 31, 1913.......................-. 847, 479. 20 16, 227, 001. 62 Less— z Adjustment charges versus Chicago House Wrecking Co. to basis revised con- tract executed in October, 1913... -......... Sea aie ee om aI $15, 977. 41 Accumulated overtimesior-years 1906-19102. 3.3223 2 ee 5, 207.75 SUNGry- 2CCOuUDTS: WHILTCMAO <2 ee ee eee ae ee ee ee 407.19 ae oo 21, 592. 35 By balance to credit of profit and loss Oct. 31, 1913.2... 2.22... 0222 cece ce ween cooce 16,205, 409. 27 : | | Exurpir W.—General balance sheet Oct. 31, 1913. ASSETS. LIABILITIES. Road, realestate, and equipment) ©8046 $17,158,706.41 || Capital stock.........-.-- Pe On ee ae es Dao $7, 000, 000. 00 Construction and improvement expenditures for uncom- pleted work..... eecoeege ease reesce co useeusecces Seen Wat gicaaa neue seals 3, 590, 599. 42 Floating equipment: Steamers Allianca and Advance ...........ccccccceces $762, 713. 62 Tugs and lighters Oct. 31, 1913...... Neate J CHALOM ee 227,979. 27 FRU TOG MOTO, DOATS Ee ee area ee eR aah ane cb 2, 547. 68 993, 240. 57 Total capital assets...... Re ae ie re Ui eed ONG Dears Seok seh eae ecces- 21, 742, 546. 40 Securities owned .........- ee ecloeais clomaty Gund Ce Ra Soe a eae e~ 1,590, 234, 75 Working assets: i Cash in banks, on hand, and in transit...... easenesece 3, 363, 119. 08 Materials, coal, ANGESUPP Hess 2s sees Seb e eae ae 1, 773, 107. 89 Due from agents and conductors ..............-....---. 116, 138. 83 Traffic balances due from connecting companies........ 326, 787.17 Due from United States Government: Isthmian Canal Commission........... $599, 501.37 Post Office Department............... 133, 507. 81 United States Navy Department...... 18, 946. 69 : ——————__ 751, 955. 87 Due from companies and individuals.................... 199,849.06 Miscellaneous accoumtise siiee seer ee es oboe Co abe Bo oe 83, 947. 61 ; R 6, 614, 905. 51 Deferred debit items........ BU tahateme io Sermae a oa oes ee osc oie ie ois Gromer oie 169, 624, 21 30, 117, 310. 87 Capital liabilities: Due to United States Government: For cash appropriated through Isth- ‘ mian Canal Commission for new equipment and improvements.... $2, 786, 829. 53 Less cash repaid to June 30, 1911..... | 1,387, 714. 92 cupeiiins For cash appropriated under the act of Congress, approved Mar. 4, 1907, “to pay the 44-per cent first mort- gage bonds of the Panama R. R. Co. OGG oV GO 7122 OR BA fa OR 8 2, 148, 217. 50 Less cash repaid Treasurer of the Wnited’Siates cu oa eo ee 300, 000. 00 Total capital liabilities. ...... ewace woe cie ce Soaccene Reserves for depreciation: Railroad equipment.........- Analen cclecio 687, 658. 10 Floating equipment... 022... eo cc. e ee 474, 465.13 Elan tequip ments: 220.2 ee eae cases 402, 087. 20 Result of commissary operations to Oct. 31, 1913............. Working liabilities: Isthmus drafts not presented............ 338, 877. 22 Audited vouchers and wages unpaid.... 774, 706.12 Traffic balances due to connecting 'com- \ DAMICS se ieee g se i so cen 139, 051. 47 Miscellaneous accounts.................- 7, 200. 72 Deferred credit items................ J Ves Dei tesmen cee eee ue as Profit and loss balancer veces ie Sas Oe. eas meen Lee 1,399, 114 61 1,848, 217.50 3,247, 332,11 scenseoccccee 10, 247, 332. 11 * 750, 359. 57 1, 259, 835. 53 e2ee280008088020 90, 163. 96 SS Se 16; 205 400027 30, 117, 310. 87 ‘ANVdUWOO GVOUTIVY VNVNVd 8g PANAMA RAILROAD COMPANY. \ D9 Exuisir X.—Statement of revenue and expenses for the four months ending Oct. 81; 1918 and 1912. OPERATING REVENUE. 1913 1912 Increase. | Decrease. Railroad: | Revenue from transportation— Colon to Panama— RPOlRn Gh oo Sete ee Se eee $641, 205. 43 $643 5.189500 ls 2). Se ee ee $2, 579. 57 Passenger: sentece Were Suc ous 144, 816. 12 122) 379. 59 | ~$22;436. 53-1 5.ce.cc.c 28 EHXCOSS baggage: 2... cheb lc ede cine 5, 877. 12 5, 054. 07 823805: eeosetaeees oe Porlorand chair carac.cu..sscdesee 1, 665. 50 850. 00 Sh5s 50d shies UU peyote ee GS es og ae 70, 461. 77 58, 920. 35 EL SAN 4D shee EEDIOSSC sceac occ chec sc Oescceeeees Seis 4,765. 59 3, 568. 23 1197, 36ers EV OQSUTO Sooo. nee cca ewe oom 2, 329. 46 1, 934. 05 BOD SAE cea eee Special-service train........ oweieeee 1, 229. 00 L905 2c20 sears cee eee 723. 25 Totaki. ss eto eeeeweest 872,349. 99 838, 443. 54 33; 906.4536 oo ee Panama to Colon— Proi ght 286 22 i Gol coma deues 297, 793. 15 274, 352. 26 | - 28,440.89 |........2..2. Passoneok. is 129, 119.17 106;776..93: |= 227340044 5 ae Excessibaggage......-.....0..ciese- 3, 106..87 2, 595. 25 Sl e6 Dales eos ee Parlor and:chait car: =. 22 5.5.5. -<- 1, 607. 25 522. 25 1,085: 008|2 5 Sasa aa. Male ee Se ee clean 10, 995..39 WE 2045 982s sc ene 209. 59 DEIN PY OSS os vasa Se Ses Shi Sale acia cle ster 4,651. 16 G5 400s BOs ee ease 1,819. 19 TYOdSULOS o.5 22. a eo ee eee 5, 100. 46 GR4092 98ers ane 1, 309. 50 Special-service train...........-020- 933.00 2; OL 20 s| tice tetera 1, 082. 25 Totabwsssececscc pwn saute 453,306. 45 410, 347. 25 42959520 cies i So ee Miscellaneous, switching..............: 1, 892. 50 1, 285. 00 GU505 |: ee ee Total revenue from transportation) _ at 327, 548.94 | 1,250,075. 79 CO, SIB AND ok eee evento from operations other than trans- ae eo portation— Station and train privileges............ 933. 40 633. 40 300002 )c cer seceees Storage— TOG Ges ee ee 2, 346. 98 1, 741. 62 605/362 2 ee eee: BSeeaee resi se anos ee eee "166. 40 115. 40 SLOOP esos Car SOLVICOtes ee ee ee 500. 00 110. 00 390: 003) 2 sere ee Telegraph and telephone service-.....- 562. 55 476. 47 862084 eee ss aeons MISCOlISNCOUS 2 eee ose 681. 50 601. 25 805253 | ete eee Total ee 5, 190. 83 3, 678. 14 1519605) see Harbor terminal revenue— Wharfage— Atlantieterminals=.ccccoeece fos. 24, 225. 85 23, 031. 10 V5 OG (Bele eee Pacific Terminals ccs. cscs ccec cee Ss 95, 353. 22 89, 959. 29 5,093. 93 +l. \ seteee nas Lightorate se: ot. 3 sais ae 2 o8. 7,170. 70 145880. 57 le oe eee 7, 159. 87 ighthous@uc ic. cce 2 es a a 2, 018. 50 2, 004:00)|Sec2ee2 = cee 36. 00 Clana? ess oi ecco eee chit eeeapeeeeces 11, 467. 59 11, 158. 38. S005 21 lev qacee eee Water supplied shipping.............--. 8, 066. 99 5, 999. 27 2 O60 (Qua eee Miscellaneous. .....---.---++« (eee 2, 256. 43 2, 138. 70 LEB ec eee eee Ro tallesn ete a oe ose See 150, 559. 28 148, 671. 81 L884 7a eee ee Other operating revenue— oe Rents of lands, buildings, and other DPLOPOUlY.nsee cre ee ee 667. 08 360. 00 307A 08s See Miscellaneous revenue, other sources. . . 32, 768. 30 435942533 Voc Soot one 11, 174. 03 MOtaler. 22.6.0. ee eae 83, 435. 38 44,302, 83.|..........--- 10, 866. 95 Total railroad revenue.........<----- 1,516, 734.43 | 1,446,728.07| 70,006.36 |.......------ Steamshi line: Sor ee Ler par memes Freight— Rerular line sas. oe gs ee 510, 756. 37 462, 925. 92 47880545 |e ee philadelphia services: 2 ee |e ee 110. 24 10:24 eee IPASSON PORE Ss ses Cea ee oe 142, 027. 75 15250853285 |e ace eee 10, 057. 53 IS XCOSS!DASEOPC. oo ee eS ds. 620. 06 LOS. 89 ses oe Ma eS ee ee ee ee 88, 557. 76 $1, 529. 91 (eO2Te 80- le ec oo aes rOSSUre ons ss es eee ee 4, 466. 18 2, 959. 89 1 C0G820 oe een Steamer chair'service. 25. 3.22652. 2, 800. 00 350920003 Soca 292. 00 Wines and liquors: 3. s.2) 2. ee. 3, 614. 89 A SALE Ol alae oe ees 726. 78 Miscellaneous, regular line.............-..- 2,029. 91 1, 289. 54 140887 eee Dotalinsss ssc oe ee eae 755, 026. 81 708, 834. 03 46,1922 782 oso cee cee. Gross operating revenue........ vecocsce=-| 2,271, 761.24 | 2)155,562.10 | 116,100 14]... 1 Debit. 60 _ PANAMA RAILROAD COMPANY. Exurerr X.—Statement of revenue and expenses for the four months ending Oct. 31, 1913 and 1912—Continued. OPERATING EXPENSES. 1913 1912 Increase. Decrease. Railroad: Maintenance of way and structures......... | $120, 583. 53 $104, 821.39 | $15, 762.14 |..... Cees Maintenance of equipment................- 130, 814. 27 1605211 S07. | Soca e $29, 397. 50 PTA MLC OXPOUSCSa0- cc ee see Sh Ee see 4,752.97 3, 844.56 | . GOS F4 lie as ioe eee Transportation expenses. ..-. 52.252... -se-e 435, 495. 37 465; 908270.) cscs eeeeces. 30, 413. 39 Lighterage and harbor service..........-.-. 14, 311. 50 295410; 88 lo ce eis 15, 159. 38 Loading and discharging vessels...........- 9, 470. 70 14,481.22) | co SeSesecees 5, 016. 52 General expenses— \ TStHIMUSS: See Se SS ee ee 77, 970. 87 Ob SS (e04cte Sos es caeeus 17, 416. 67 SING Wi VOLK sos er es as eon ee es 20, 396. 04 2); 9342 Ol ee oes aes 538. 87 Total: railroad-expenseS. =... .sce.ces ce 813, 795. 25 895 ;067603C |e ee 81, 271. 78 Steamship line: = Steamer expenses— Regular line... .. Soe en seta eee 550, 398. 52 — 620, 120. 95 BO 20d laliscsoee. Scuue Philadelphig service. sess Ss Sas Coace eee eee 1 473. 26 A Se 20u\ose. veces tes _ Agency expenses, regular line..-........... 87,027. 31 80, 521. 97 Gx00b 134 Be sweet eee General expenses— NG WEYork 223s ee Se ce 9, 857. 67 | . 9, 715. 22 DADA pe Meee ea TS GIaMgvIS SS oe ee ee we 11, 961. 85 Bea W clyde en anne 1, 211.00 Total steamship expenses...........-. 659, 245. 35 623, 057. 73 36, 187. 62 Ay eee Gross operating. expenses. ..........-. 1,473,040.60 | 1,518,124.76 |......0..22.. 45, 084. 16 SUMMARY. - Railroad: Revenue— Colon: to Panama. = a $872, 349. 99 $838, 443.54 | $33,906.45 |.....2.2.222. Panama GOsG0l0n= sa eee ee 453, 306. 45 410, 347. 25 AD; Q59N 20: eect ce sos SMiscellaneouss 464 = Se eee 191, 077. 99 197; 93 7A285| Soc $6, 859. 29 Total railroad revenue on cae Soa eee 1 O16; 1340433 | = 1446-7 28507. (OS00G23863 te ee Total railroad expenses. ...........-- 813, 795. 25 895; 067033 2o2c ees 81, 271. 78 INGtTOVERUC oss ee tas 702, 939. 18 DOL, 66150445 151 278214 ae Per cent of expenses to revenue........ 53. 65 61287 Se ar 8, 22 Steamship line: MotalsreVvenUle 2235 6 ee eee eee 755, 026. 81 708, 834. 03. 46 LOD S(SalSiee ace one MOtal OXPCUSES:25 os a oe cc eet 659, 245. 35 623, 057. 73 SOS IST 623s soos ceo ose INGETE VENOMS soe ees 95, 781. 46 85, 776. 30 1050057162) oS Per cent of expenses to revenue 2....... 87.31. 87590 see as . 59 Grand total operating revenue....... 2,271, 761.24 | 2,155, 562. 10 116, 10945 |o se oe Grand total operating expenses...... 1, 473; 040560) |=), 6185124 (65 c oo ce see 45, 084. 16 Total net operating revenue............ 798, 720. 64 637, 487-34 | 161, 288500125 Per cent of expenses to revenue........ 64. 84 SOs 4be eee eee 5.59 1 Credit. 2 Includes operations of Philadelphia line. PANAMA RAILROAD COMPANY. | 61 Exursir Y.—Statement of classified railroad revenue, tonnage and passenger, Colon to Panama, for 4 months ending Oct. 81, 1913 and 1912. FREIGHT. ° Tonnage. 1913 2 1912 Increase. | Decrease. THROUGH. From New York and other Atlantic ports.............. 61, 374 WD; 990 alee mee eee 11, 621 LOM GUID OLUS ae since he es Sas oe See we ae eee SER ee ee 14, 493 7, 844 6649 1s ose HTOMPNULOPOsse cee coe soe ec eos cecee couse woes Sverre 41,848 AG S228 sae ce ones 2,974 Totals oe es ree Oe ee eee a gee 117,715 LOD 661s cae ee 7,946 LOCAL 3 Commercial cs aoe ee es ce Oe 50, 378 OS) 022" | ss cacieeeeee 3, 144 Isthmian:Canal;Commissi0n.sccccs- se. ee 213, 223 MO UV isisenieaceeccs 41, 839 Company freight............. sta ale cia purecnioharote oie s eine eaves 9,815 9, 620 LO De eee cee exe Motil ee OS Ga I eee 44,788 Motahit eights. ss sececwots cee eee ee ae 391,131 443, 865 | ie ec eo 52,7384 _ Revenue. , Rate per ton. 1913 1912 | Increase. | Decrease. | 1913 | 1912 THROUGH. From New York and other Atlantic Z ORGS Re cee ee ee nase $179, 867.12 |$205, 784.91 |............ $25,917.79 | $2.98 $2. 82 Brom: GuiispoOrts ste assoc eee ol, 460.89 | 28,274.18 | $23,186.71 |............ 3.90 3. 60 HTOMANUEODC 222 oe et See ee cee 170, 634.69 | 172,033.08 |.....- oe 1, 398. 39 4.08 3.84 EEO toile cso oe ee oe pee oe 401,962.70 | 406,092.17 |............ 4,129.47 3.41 3. 23 LOCAL Comintercialin ss. 53 cc ee 28 O00 gS 123 2b2c04: lane ee 142.41 | 2.44 2.30 Isthmian Canal Commission........... 116, 152.60 | 114, 460. 29 L692eSiel erases ce .04] =. 45 otal 239, 242.73 | 237,692.83 | 1,549.90 |.........--- 88 75 Total fresh tce9 eee os oe es 641, 205. 43 | 643,785.00 |............ 2,579. 57 1.64 1.45 MAILS. : Weight (pounds). . Revenue. 1918 | 1912 | Increase.|Decrease.| 1913 1912 | Increase. | Decrease. © From New York..... 741,600} 636,750} 104,850)........../$56, 826. 69 $45, 163. 73/$11, 662. 96).......... From New Orleans... 42, 250 13, 650 28) 600|Ece sees. 258. 95 244, 20 145 (b| noose eee From EHurope........ 73, 946 LO LOO ieee 15 763)°23; 910s 08) -5;:623:34| sere $1, 708. 26 ocala 2 = ee 233°939| = 109,064. 108-9 7p1 ee se 9,461.05] 7,889.08] 1,571. 97|.......-.- Motale<:- 2...) 1s OOL 035|:--885-979|) 255 6G0\. 70,461. 77| 58,920.35] 11,541. 42!.....-...- TREASURE. Value. “Revenue. 1913 | 1912 |Increase.|Decrease.| 1913 1912 | Increase. | Decrease. From New York..... $51,326-| $79,246: |)... | $27,.920 <|--$209.-73.| $242: 00 lee ee. $32, 27 From Europe......-. 554,241 | 419,937 | $134,304 |.....2..-. 2119573 | 1,692; 05:1 $427.68 1.2... Total, 605,567 | 499,183 | 106,384 |.......... |-2,829,.46 | 1,034.05 | 305.41 | 62 : PANAMA RAILROAD COMPANY. Exuipir Y.—Statement of classified railroad revenue, tonnage and passenger, Calon to Panama, for four months: ending Oct. 81, 1918 and 1912—Continued. EXPRESS. Weight (pounds). Revenue. 1913 1912 |Increase.|Decrease.|| 1913 1912 | Increase. | Decrease. Local: Commercial...... 468, 082 | 365,574 | 102,508 |.........- $4, 174. 30. |$3, 209. 80. $9645502 |. ono ectse Isthmian Canal. .} 283,641 | 250,674 S2AUG (lacs cee see 591. 29 | 358. 43 D32e 8G. o ese ees Motalse 751,723 | 616,248 135, 475 sehen Seas 150: 09-|-S.00Gs 20 1-1, 1Ole oUt css sees BAGGAGE. Weight (pounds). Revenue 1913 1912 | Increase. | Decrease.| 1913 1912 | Increase. | Decrease. From New York... 71, 482 SS3800n|e scene 17,383 | $1,294. 63 | $1,537.08 |.....--..- : $142. 45 From Europe..-...- BT 0eD DOOR utes ae 13, 855 | ie 153.50} 1, 480.60 |.......... 277.10 From New Orleans. 4,910 30 4 SS0FT See es 98 20 60 07 OO reese ease ocala aes 118,115 | 105,328 12, NOke | coe See fd). 230-79 | 2.08579 (ole Tabs C0 ne. aoe = Mo tale. 6 ec | 252) 182.1 2265 bok cs Saco s 13,571 | 5,877. 12 5, 054. 07 S28h0bs| sss PASSENGERS. Number. Revenue. 1913 1912 Increase. | Decrease. 1913 1912 Increase. | Decrease From New York: 3 First class: ..--- 517 G14 |e eee a $Y 410.76), 477.642 ee ae $65. &8 Second class. -. 28 SAS oe ea 56. 00 OTS0G (ca ee 5.00 From New Orleans: ee Hirstclass:= .. - 44 Oa See SY + 195.25 T4 7S Q0 estes Soo o8 21 75 Second class....}. Staak co | RSet | ee teen Res | Coe oe raters) RC Rene [ane roe Seatac whe Cee From Europe: First class_.—.-. 395 399|S 2 eS Geo 102.58). = eZ Boles en 19.72 : eevond class-.2 103 4s |Seaeetssrs 40 198. CO QT5e02\ss eee 77.02 ocal: First class...... 148, 966} 120,592 98-374 |= See or 65.015. 21) 53,959. 83/$11, 055. 38).......... Second: class...- 405,713) 330,949 C4; MBAl oS Secon 76, 907. 27| -65,836..85| 11,570.52)... ..... we Ovals ee ices 555;,766|- 452; 782): 102, 984\< 0 oo ek. 144,816.12] 122,379. 59} 22, 436. 53).......... : Statement of classified railroad revenue, tonnage and passengers, Panama to Colon, for four months ending Oct..81, 1918 and 1912. FREIGHT. Tonnage. 1913. 3 1912 Increase. | Decrease. THROUGH. . To New’ York and other Atlantic porte Walsisisieioet oes ose 59, 870 56, 112 OF (OO R cose. 5 soe Mo; Gull. MOrisse seacoast eee 56 OO EB ae ee oe ; 34 TOVMULOPO sve cose ee eas a eo esos 17,200} 14,080 O20. |esccwemeee: MO COLONES. Siew c cscs cn cae ces eo asoc sce c ee ae wobec on 201 191 LOR eae es Motil ses se 97,327 | 70,473 6854 [oo LOCAL 5 Commercial: Balboa=hanvama oss ts ee ee Se 6, 589 5, 044 10452 | See cess Panaina=Colon iss sn ee a ie 8, 454 HELO NOS eee eee 6, 649 Isthmian’ Canal" Commission. 2s <-2 2 es eee S 93,216 1046904 srt 11, 758 Company: freight. soos ee we ee tik ee ae 18, 875 19 T86sisccscct esos 261 otal. ee eee 127, 134 VASAT | ee : 17, 623 WMotaltreicht 5 04 460 | 215980 |. 10, 769: / PANAMA RAILROAD COMPANY. 638 Statement of classified railroad revenue, ne and naeigen: Panama to Colon, jor four months ending Oct. 31, 1918 and 1912—Continued. FREIGHT—Continued. Revenue. Rate per ton. 1913 1912 | Increase. | Decrease. | 1913 | 1912 ‘THROUGH. ’ To New York and other Atlantic ports. |$149, 060. 20 |$131, 565.14 | $17,495.06 |.........:..| $2.49 $2. 34 MO GUL POLis secs coco ce ee ee 252. 98 AS05902) |eioene = es $233. 94 4.55 5. 42 MO WULOPOs<: occ c sce ccscccte cue oreee 68, 759. 07 49, 6847360) 195074. U1 |e es ee a 4.00 3.53 Mo COlON so seces ous asco seas ccs ose eee 724.77 TIOSO8, Bo Gas eee See 45.81 | 3.60]. 4.02 Totals. Seger eee Se Sais eo 6 218, 797.02 | 182,507.00 | 36, 290.02 |..........-- 2. 83 2.59 LOCAL. ee a ee ee Commercial: Balboa—Panama.....-...c.-c00- --| 3, 220.06 2, 690. 20 6292863 | cn cence. cae 49 49 Panama-—Colon.......... Sua wares 28, 964. 89 40, 1D (Olle cicewcccias| ll, LOOnOO 3. 42 2. 66 Isthmian Canal Commission.......... 46, 811.18 | 48, 999 (SEE esee 2, 188.13 -00 47 MOLAR arses sa hoe ee oe tees 78,996.13 | 91,845. 26 oo 12, 849. 13 62 63 Toval- freight cesses ce sek ok 297, 793.15 | 274,352.26 | 23,440.89 |...........- 1.46 eae MAILS Weight (pounds). - Revenue. 1913 | 1912 | Increase |Decrease.| 1913 | 1912 | Increase.| Decrease. MowNews Works osscce2 22, 627 47,230 |-.-ccccee--| 24,603 |$1, 235. 29 |$2, 533. 69 tee ; $1, 298. 40 Rorhuropesssss 22 ese: 235 QA oes Saas 39 460. 90 461S 003 | (222 eee . 66 Loca oe esx 47; O15i 2149) 70622 > aces es 2,691 | 9,299.20 | 8,209.73 |$1, 089.47 |.......... Wotalssscec: aa: LOO S70 | 197; 2108 eee ree se 27,333 |10, 995,39 |11, 204.98 |.......... 209. 59 TREASURE. Value. Revenue. 1913 1912 | Increase.} Decrease.| 1913 1912 | Increase.| Decrease. TRON W2YOLK- ss: - $721,940 | $676,401 | °$45,589 |.....222.. $2, 328. 68 |$1, 858.03.) $470.65 .|.........- Po: Europe 2-25 2<003¢5 6695071 OO Salo ccccecec $510,057 | 2, oe 78 4 501.95 ......... $1, 780. 17 ROP Gull pOnts 3822s lea ee eS soe Pa anim abled csc bio See oats cee oeiceesees | ence eceee Deere esis exe Soe OCR eet celia ee ees | eee eee lees Seeeees| coes cscs dete coe coe] wasn oc leies cee cae | Eee nee Totaly secs ose 1,391, 011 |1,855, 529 |......---. 464, 518 | 5,100. 46 | 6,409.98 |.......... 1,309. 52 EXPRESS. Weight (pounds). , Revenue. 1913 1912 | Increase.| Decrease.| 1913 1912 Increase. Decrease. Local: : Commercial ...... 617, 733-11, 266, 451-|o...0..-<2 648, 718 |$4, 206: 23:41$6, 288: 38 |e. s.-- 5. $2, 082. 15 Isthmian Canal. .} 212,812 | 127,391 Sh ADL oo aes 444, 93 181.97 | $262.96 |.......--- | reeset rere | ee | ee | x Se x eR “y 4 _ PANAMA RAILROAD ee Oo / Statement of classified railroad revenue, tonnage and passengers, Panana to Colon, for jour months ending Oct. $1, 1918 and 1912—Continued. BAGGAGE. Weight (pounds). Revenue. . 1913 1912 Increase. | Decrease. 1913) 1912 Increase. | Decrease. To New York........- 60, 707 2,643 §8;064-|-o8s 2.5 2: $951.22 $20 665129923556) So. ORE MITOPO sss eee ee eee | eee ee oa Saw oe Coes | sigma cerca Sl ee sees cote at ew Sem [ae crores seem eee ee POCA Sos oe se UO 2302 ee Ae Oie |e ce ee SO5471= (225 1505052 |225507259 ooo. Seen: $411. 94 RO tal ses ee 139,943 | 117,350 2OEDOSS Se ce Se 3,106. 87 | 2,595. 25 POs eee ee PASSENGERS. Number. Revenue.: : 1913 1912 __ | Increase. | Decrease. 1913 1912 Increase. | Decrease. To New York: Mirshelassecsces. ; 512 473 30 see $1, 437. 75) $1,328.72} $109. 03).........- Second class...... 37 32 Ol ee See 74. 00 63. 00 bl OO se eae To New Orleans: RUTST: ClaSSSs522 5. 38 AT eee 9 £14200|)=-129..00l2. ee $15. 00 To Europe: : First class...... ee 302 242 GOs ASeecses 781. 58 653. 12 128.46) 2222: : necend class= <3 = -b0 (2 osssesess< 19 90. 50 196: 00\s ees Santee 35. 50 ocal: : First classes. 22. 144,270} 120,048 24 DO se es a8 53, 016: 38) 48,393.68) 4,622. 70].......... Second class. .... 398,028} 302,709 O5;319 esse sees 73, 604. 96) 56, 083. 41| 17,521.55)... 22.2... Total 2a: 543,240} 423,623) 119,617).......... 129, 119. 17|106, 776. 93) 22,342. 24).......... EXHIBIT Z = ee of steamship line statistics for four months ending Oct. 81, 1918 and 1912. FREIGHT TONNAGE. 1913 1912 Increase. | Decrease. : Tonnage : Tonnage ‘ Tonnage ° Tonnage Ships. carried. Ships. carried. Ships. carried. Ships. carried. Panama R. R. ships PRTPLV OU ee os 9 11, 692 10 1255085 | estes Sa ee 816 Saileds. sh: sees 10 17, 958 9 16, 238 1 1720s |S eses | eee ee Chartered passenger ships: a ATTIVOG 28 eo cas ee 19 46, 655 18 38, 780 1 Ui SlOalsee cme Nei eters Sailodste= eee 18 | 102,484 TSe\ sl 2 833 cto cern ee eee elec E 10,349 Chartered freight ships: EATTIV CC ese eso PaaS SRS u/s wae Bee a cee eeheees See eee eee s Snes | crocs Gee tis wis coein ose sare le eee DAG Mes eis SaaS isure oo sic (a ome Sena row eee Se cree ore |e etre irene bee | race raat ann lire os eeoteoecae | neers Sen afer oes se PotakAviese..1 ches 56 | 178,789 |. 55 | 180,359 Tel oe Ee 1,570 Total freight revenue......-.. $510,756.37 | $462,915.68 $47, 840.69 1-0 eee Average rate per ton......... . 2.86 De Olas . RAUL asias a eee ee ee ee PASSENGERS CARRIED. 1913. 1912 Increase. Decrease. ae Passen- .__»| Passen- : Passen- 5 Passen- Ships. gers. Ships. " gers. Ships. gers. Ships. gers. | Se | | | oo ts | ee ee See 9 608 10 OSSee 5 lee ae 1 375 Sailed-.-...- Se care Nor 10 572 9 840 ei Saat ee ea 268 Chartered passenger ships THIV OG ee 19 2,511 18 2, 087 1 AD A Ae So fe ige eo ee Sailedes ie aoc aae 18 1,495 18 DBAs | eee | aa sera ges eee ate 789 Ota eee ee 56 5,186 55 6, 194 JES] Beebe SS Ret eo pees tenes 1, 008 Total passenger revenue (in-| : cluding excess baggage)....| © $142,801.70 $152, 705.34 Siete ea : $9, 903. 64 Average rate per passenger... 27.54 24.65 Poe EO Boas eae Se ate ee O | SRO SIXTY-FIFTH ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAIL ROAD COMPANY _ TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1914 M. B. BROWN PRINTING & BINDING CO, 37-41 CHAMBERS STREET, NEW YORK PANAMA RAIL ROAD COMPANY: BOARD OF DIRECTORS. GEORGE W. GOETHALS. OSWALD H. ERNST. RICHARD REID ROGERS. F. C. BOGGS. MORDECAI T. ENDICOTT. W. H. ROSE. C. A. DEVOL. H. F. HODGES. H. H. ROUSSEAU. H. A. DRAKE. FRANK McINTYRE. R. HE. WOOD. ~HUGH RODMAN. OFFICERS. GEORGH Wo GOWUEAMS nesident CC CUBR BAS DORAKE 3 Vince President. ee NEW YORK HW. HODGES = =. = Second Vice-President’ Cun Co MOTSHERD — | - Supenniendent’. 1 3 | COLON: SVEVESTER: DEMING =) Treasure; 6 3. 2 Ni, York T. H. ROSSBOTTOM ._. Assistant to Vice-President, and Secretary . . New York. Ve NEWEON 0 2 Audion New Vor F.C. BOGGS . . : . General Purchasing Officer . . . . . . WASHINGTON. Rete WOOD. | |... Commissary. 2 CRistORAL: R. E. RUTHERFORD . . Commissary Purchasing Agent . . . . . New York. ROLAND ALLWORK . . Superintending Engineer, Steamship Line . . New York. H.I. BAWDEN . ..... Terminal Superintendent, Steamship Line . . New York. RICHARD REID ROGERS: General Counsel ~~. . . 2. . + . Nuw YOorK. GENERAL OFFICES. ONO. 24,SaATH STREET = 9... .. INnw Youre PANAMA RAIL ROAD COMPANY. New York, N. Y., November 1, 1914. To THE STOCKHOLDERS OF PANAMA Ratt ROAD COMPANY: I respectfully submit, for your consideration a report of the Company’s operations and resulting financial condition for the twelve (12) months from July Ist, 1913, to June 30th, 1914. In this connection I call your particular attention to the subjoined statements of Operation and Maintenance of the Company’s property; to the details of the attached Exhibits that show Income and Profit and Loss Account; General Balance Sheet; and to statistical tables, which having been audited by certified public accountants, furnish complete information concerning the financial aspect of the Company’s business, together with the Subsistence Officer’s report of his operation of the Company’s Com- missary Department and the resulting earnings. : The status of the indebtedness of $38,247,332.11 to the United States — Government referred to in my report of last year remains unchanged. , The business of the Company was carried on during the fiscal year under conditions that have long prevailed, but the approaching completion of the Panama Canal and the logical diversion to be expected from rail to water-borne transportation across the Isthmus of all cargo for points beyond on the Pacific Ocean, together with the necessity that all possible means at the disposal of the United States Government be availed of to insure a successful operation of the completed Canal required that any disturbing competition that would follow a continuance of the Rail Road’s through-billing relations with its numerous foreign and domestic connect- ing Steamship Lines on both oceans be avoided. It was, therefore, ar- ranged that the stipulated notice to discontinue those relations be served — upon all such carriers to become effective ninety (90) days after the practical oocme of the Canal, that subsequently occurred on August 15th last. In order to facilitate Canal operation and develop the Rail Road’s earning capacity in other directions than from its continued local and through business to Panama City it was decided to push to completion improvements at its terminals on both oceans to effectively furnish berth- ing facilities for the loading and discharging of vessels, cargo handling, transfer services, fuel, material and supplies, and for necessary repairs to vessels using the Canal, at prices slightly in excess of cost. It is to be expected that the very important revenue returns that have annually accrued through the independent operation of the Rail Road will be very materially reduced by the diversion of its traffic'to the Canal, whose revenue will be correspondingly increased so that no material loss will result thereby to the United States Government, as Owner of both properties. In order to perfect economies and secure rarer aaney for both interests, the reorganization and consolidation, as far as possible, under Canal operation of all Officers and employees with similar duties was provided for. | 6 PANAMA RAIL ROAD COMPANY. The result of the Company’s business of every character for the period covered by this report, after meeting the total cost of operation, together with fixed charges aggregating $114,009.62, and charges for depreciation of rolling stock and floating ene equipment of $262,226.76, shows a net income of $2,303,339.96. During the same period $1,236,329.383 was expended for additions to and betterments of plant and equipment. I call your further attention to the details of a supplemental report covering the first quarter of the ensuing fiscal year that will be attached hereto. 3 | Respectfully submitted, GEORGE W. GOETHALS. President. a PANAMA RAIL ROAD COMPANY. PANAMA RAIL ‘ROAD COMPANY. Cou. Gro. W. GOETHALS, PRESIDENT Panama Raitt Roap COMPANY, CuLmBrA Co Z. Sir—I have the honor to submit herewith the financial exhibits and results of the Company’s operation for the fiscal year ending June 30, 1914, with statistical tables and explanatory comments thereon. : Gross Operating Revenues, Operating Expenses and Net Revenue for the year ending June 30, 1914, compare as under with the year ending June 30, 1913. OPERATING OPERATING OPERATING REVENUE REVENUE. HXPENSES. OVER OPERATING / HiXPENSES. OA eee IN eS ES seh ReCt Seca aN epahiae he (| $6,822,506 92 $4,682,290 74 | $2,140,216 18 DOR ss he es eee anni ON ce aep tS ae ae ASAIN 6,750,321 12 4,699,978 52 2,050,342 60 Inerease in 1914 oe. Cel exo oiyhags acu oe 72,185 80 — 89,873 58 — Wecreasestn 1 OLA eee ee es PU ee — » 17,687 78 — OPERATING REVENUE. RAIL ROAD. The Operating Revenue of the Rail Road from all sources shows & decrease of $31,757.61. This decrease in revenue is divided as follows: Increases: Revenues from Transportation: HreiehtsChhroughs@ommenrcial) 22 ees. ks. o. .cee ee ee es $150,251 74 — 8.26 per cent. Other Transportation Revenues: FUFOMVAllSOUTCOS: eecechcce ot cceites ce ecsr asa ote ee ea oaete aan Be renee arta 25,407 41 — 7.70 per cent. $175,659 15 — 8.18 per cent.- Decreases: Revenues from Transportation: Breight) (focal Commencial) eae ee ee oe $55,971 85 — 11.73 per cent. Hreighta@vocal. ihe Panamac@anal)ivw. mo. ee ... < 83,689 55 — 6.87 per cent. Passenger: Ch hrough)) i eee ey er ee EC ee ees Ns as 23,866 O07 — 47.45 per cent. Passenger (hoa) cise as ae ae io ee aaa pine dan she as hcee aude 38,559 53 — 4.97 per cent. Non-Transportation Revenue: : IMopen ill SOC ac gobobooound ounoaooCooo GG OU moc ene bauuO0 55,329 76 — 8.42 per cent. $207,416 76 = 8.46 per cent. Net Decrease ars Fs sEMS akiats abe ouctiaty ace Bee ea oe eR epee eL eae $31,757 61 — .69 per cent. Freight Traffic from New York, other Agent Coast Ports and New Orleans, shows the following increase, viz.: Ale) Jeno inane 6 Ok Moos poh bcucou umn ddoonduccuac CG eons 14,940 tons. and decreases as under No; CentraleAaneric¢a and=Wiexicom. a ee ee eee 3,647 tons, PROeS ane AN CISCOme = waste eed east ee ou tans GR a tee dram ne La Oe 8 ‘ PANAMA RAIL ROAD COMPANY. - From Europe to corresponding points the following increases are shown, viz.: TRO PRAM AM a seas ase setae tees Sea My A ed ae ETAT AT Sy ei 298 tons. Mo@entralcAmenica, andi MexICO Me. homme ho) ce bo cede ses T2601 20". PROP SAN CN TAN CISCO. oo sl ite tie Br oe ceeh cushy sho esuetie dc suena tr Cal @ Bee acs 1 OOOF and decrease as under ENO] SOULHMR ACTING TROTUS sae ee eet Goths Sails cate ob lie uc eufohe ne aio saeco ene 2,585 tons. In the opposite or northward direction the following increases and decreases are shown, Viz.: Panama to New York, Boston and Gulf Ports.......... 428 tons Increase. Central America and Mexico to New York and Gulf Ports 2,260 San Francisco to New York and Gulf Ports........... 30,361 s ae South Pacific to New York, Boston and Gulf Ports..... 1,477 “ a Panamasto murOpe esse ile aan hone tes ee ersten 283 ‘‘ Decrease. Central America and Mexico to Europe Ree Steen ce oet sae 16,893 ‘‘ Increase. San EranciscO.tOmyuurOpO cc wr sso ieee es hae teats OAL ae s South Pacihc tomMuroper se CON eee Son weet eee 2,805) us Central America and San Francisco to Colon.......... Zé 134 ‘‘ Decrease. The following table shows the freight tonnage carried over the Rail Road during the twelve months ending June 30, 1914, including Com- pany freight, as compared with the twelve months ending June 30, 1913: z INCREASE DECREASE TWELVE MontHs ENDING JON 30. 1914. 1913. Per Gunn: Paracel Tons carried southbound (to Panama).. 1,046,364 1,359,297 — 23.02 Tons earried northbound (to Colon)... 587,365 667,555 — 12,01 Total south and northbound*..... 1,633,729 2,026,852 coo 19.40 & * Tons of 2,000 pounds, or 40 cubic feet. REVENUE FROM TRANSPORTATION. Freight Traffic. The gross revenue per ton moved on the road compares as follows: 5 INCREASE. DECREASE : TWwELveE Montsus ENDING JUNE 30. 1914. 1913. BeeGue Prni@agi Southbound (to Panama)............. $1 90 $1 45 31.03 ° — Northbound (to Colon).............. 1 73 1 38 25 36 al Average South and Northbound... $1 84 $1 48 28.67 moe Exhibit ‘““L”’ accompanying this report shows the origin and destina- tion of the freight carried over the Rail Road. - The total revenue freight traffic of the Rail Road during the twelve months ending June 30, 1914, including both merchandise and coal, was 1,544,252 tons, a decrease of 404, 963 tons, or 20.78 per cent. The total revenue derived from this traffic was $2,846,103.04, an increase of $60,590.34, or 2.18 per cent. In addition to the above traffic 89 A77 tons of Company freight, 2,570 tons of mail and baggage, and.2, 368 tons of express were hauled. Of the total freight tonnage carried, 64.05 per cent. was southbound | and 35.95 per cent. northbound. In the previous year the percentages were 67.06 per cent. and 32.94, respectively. 3 The through traffic was 39. 37 per cent. of the total tonnage hauled, as against 29.31 per cent. for the twelve months ending June 30, 1913. \ 1 PANAMA RAIL ROAD COMPANY. | 9 Coal Gneludine Gompany) comprised 38. 29 per cent. of the local traffic southbound. | PASSENGER TRAFFIC. The following statements show the number of passengers carried and the passenger revenue: \ NUMBER OF PASSENGERS CARRIED. INCREASE DECREASE CLASSIFICATION. x 1914. 19138. PH Gaen Pan Gone First-class IPASSCN BET Se ci ec eee 893,411 877,589 1.80 age Second-class Passengers.............. 2,231,563 2,039,068 9-44 — Tofaley eee Nl ele ae 3,124,974 2,916,657 Ge = PASSENGER REVENUE. INCREASE. DECREASE CLASSIFICATION. 114. 1913. PER CENT. PER CENT. First-class Passengers. .;..-:..'.2...... $353,086 638 $427,374 30 — 17.38 Second-class Passengers......... Nera 410,886 31 399,024 24 | 2.97. as Totalan ees oe ale ns $763,972 94 | $826,398 54 ao 7.55 AVERAGE REVENUE PER PASSENGER. | Increase | DECREASE CLASSIFICATION. 1914. 1913. Poe Cunt 0 Pun Guna De 2. ini ee First-class Passengers. ...... ee ce a ois Thee ae 16.20 Second-class Passengers. . lec se ae z ee | a *5 7B uocali eee ne, 1834 The gross revenue from the transportation of passengers was $763,- 972.94, a decrease of $62,425.60, or 7.55 per cent., while the number of passengers carried shows an increase of 208,317, or a. 14 per cent. The revenue received from through passengers shows a decrease of $23,866.07 or 47.45 per cent., and the number of through passengers a decrease of 12 ,616, or 53.93 per cent., as compared with the twelve months ending June 30, 1913. Local passengers show a decrease of $38,559.53, a 4.97 per cent., and an increase of 220,933, or 7.64 per cent. in number carried. REVENUE FROM OPERATION: OrnEeR THAN TRANSPORTATION. The revenue from the various accounts grouped together under this heading amounted to $30,408.34, an increase of $9,428.44, or 44.94 per cent., as compared with the twelve months ending June 30, 1913. HarBor TERMINAL REVENUE. The revenue from the various accounts grouped together under this caption shows an increase of $8,841.28, or 2.03 per cent. The receipts from wharfage aut Panama and Balboa, and Hotere of cargo in Panama Bay which are included in the above show an increase of $13,997.50. 10 - PANAMA RAIL ROAD COMPANY. * OTHER OPERATING REVENUE. The revenue from these accounts amounts to $126,383.24 for the year, a decrease of $73,599.48, or 36.80 per cent., as compared with the pre- vious year. STEAMSHIP LINE. The total operating revenues of the Company’s line were $2,255,101.40, an increase of $103,943.41, or 4.83 per cent., as compared with the twelve months ended June 30, 1913. Freight traffic decreased 47,414 tons or 8.53 per cent., while the rev- enue therefrom increased $129,799.44 or 9.26 per cent. Passengers show a decrease of 1,490 in the number carried or 9.51 per cent., and a decrease in revenue of $26,105.40 or 5.83 per cent. Revenue from the transportation of mails shows an increase of $2,941.75 or 1.11 per cent. of the total tonnage transported, 85,043 tons were carried by the Company’s steamers and 423,480 tons by chartered steamers. In the twelve months ending June 30, 1913, the former carried 94, 693 tons and the latter 461,244 tons. OPHRATING EXPENSES. The total operating expenses for the twelve months ending June 30, 1914, and 1918, compare as under: Kas INCREASE ncaa 1914. 1918. PER CENT. PER CENT. ale ROAG ee see as ee $2,741,485 70 $2,770,310 45 0104. SLeameshipgwines Cows oe a 1,940,805 04 1,929,668 07 .0058 — Motalarc« 205 6G See ary $4,682,290 74 $4,699,978 52 | 0038 This shows a decrease of $17,687.78 in total operating expenses, while there was an increase in revenue of $89,873.58 (see Exhibit “C’’). SUMMARY OF OPERATING STATISTICS. ITEMS. 1914. - 1913. INCREASE. | DECREASE. | PER CENT. Average Miles Operated...... 61 64 61 98 — 34 oo Gross Operating Revenue..... $4,567,405 52 \ 34, 599,163 138 — $31,757 61 .70 Operating Exxpenses.......... $2,741,485 70 | '$2,770,310 45 | — $28,824 75 1.04 Net Operating Revenue...... $1,825,919 82 | $1,828,852 68 — $2,932 86 .16 Per Cent Expenses to Revenue. 60.02 60.24 — 122 .36 Gross Revenue per Mile...... $74,098 08 $74,203 99 — $105 91 .14 - Operating Expenses per Mile.. $44,475 76 $44,696 84 — $221 08 .49 Net Revenue per Mile....... |= .$29,622 32 $29,507 15 $115 17 ae . 39 Revenue per Passenger Train : NI Gee a Neca bat caragees $4 36 $6 24 oss $1 88 | . 30.13 Revenue per Freight Train VIN Cg crease ane ae $12 49 $11 94 55 — 4.61 Amount Operating Pay Rolls..| $1,482,550 49 | $1,709,211 80 — $226,661 31 13.26 Tons per Loaded Car........ 19 78 |. 23 63 — 3 85 16.30 HROMSEDCT “brain isc 3 e freee 302 77 353 21 — 50 44 14.28 Locomotive Mileage: Freight, Passenger and SwatChicer eae 949,955 892,380. 57,575 a 6-45 Wiork (rains ss eS 151,385 200,295 — 48,910 24.42 Passenger Train Mileage..... 256,067 184,964 71,103 — 38.44 2 Wreight-Erain Mileage. :\... 0: . 230,766 235,228 — 4,462 1.89 Various details of organization and operation on the Isthmus shown on graphical charts, exhibits ‘‘ P,”’ a oN ese wT, 7” “U,’’ submitted herewith. PANAMA RAIL ROAD COMPANY. celal MAINTENANCE OF WAY AND STRUCTURES. The maintenance expenses for the fiscal year have increased $23,250.68, or 5.94 per cent., as compared with the fiscal year ending June 30, 1913. This has been due to Bridge 57/4 being written into operating expenses and to maintenance of automatic signals. During the year one hundred A. F. E.’s covering special work were issued and under these and other A. F. E.’s current at the beginning of the year $1,559,898.01 was expended. Following is statement of trackage under control of the Fanama Rail Road as of June 30, 1914: | Operated Line— Main Line: @olon:towRa alain ai Set Se ee lee ay ee Nan eG ee 47.61 Second Main Line: | . Pedro; Micwel:to -Panamian Vetch ete ere NS i es ee ae 7.00 a coe: Sie ooeaiete a cea saint gee AE ON yng Sue oa We Ca RMR ae A Aerie aR Ob CED tM AN Caen sh CoA an 4.97 Cusiobal andeVioumt HELO pen ire ee es ee me ee ne be neil Ven ge renee 29.86 BA eon Pacific Terminal: VAT eco Oy cee ees heks, Das RICE Se SS Ae her ogre ee ABS Gla) GPR ora Nias on Sa Fa Ra Hae 4.79 Bat Oa eee ee ea a NE Ea a ua DAN Grinaas oneiiels Saictem ncaa Pa tee a ean ean Gee ence ien etre aGcr ge aan 20.13 oe ———_ 24.92 Intermediate Sidings: @Woloneto® Ramana a che os aes a ty Re OT AL et Seale EN per AS oan I na NP) 0072 Total Panama Rail Road Macks SU iP a MG ere ORE UAE UCI Nr rats ands be PSEC se 127.08 Leased Line— ain Line: : Bas Obispo, tosbednosMisuel ata, ae Ne Ge as ete Se econ. Means OR Second Main Line: Bass@bisporto: Summit sen ene NALA Sept Nee en yee: Pe came sana Oe Intermediate Sidimes¢ er so ce areca are oer Ue Mein URC ane 7.82 Motal Weased Miimecie ss ss RS i ee ee EE Ne ERE ae cee 0 SN a anc A 22248 Notal Dracks Under Controlsot RanamanhalleRoad. 0... 00. ee 149.56 Office Engineer Work. For the fiscal year the Drafting Force has been engaged principally _ on the following work: “Preliminary plans and estimates for new Pier No. 7, to be constructed at Cristobal. Plans and elevations completed for swing bridge to be built across the French Canal, Mount Hope, to carry track to Cristobal Coaling Plant at the north end of Mindi Island. Revision of all maps,. charts, alignment drawings, station layouts, etc., relocated line. Plans completed for new Balboa Terminal Yard. Complete plans and details prepared for steel foot bridge across the Chagres River at Gamboa. Plans completed for new Gravel Reclaiming Plant at Gamboa, which work involved the preparation of details for erection of gravel bins, dock, electric sand crane, power house, etc. The regular routine work of preparing progress reports, etc., for the dock work and drawings for various maintenance of way structures has been carried on. | Telephone and Signal Department. During the year, automatic signals were extended from Mount Hope to the Colon Passenger Station and the home signal at Tower *‘A’’ (Cristo- bal) and Mout Hope placed under semi-automatic control. Additional 12 PANAMA RAIL ROAD COMPANY. signals were placed between Mount Hope and New Gatun on account of the inauguration of shuttle train service. Additional signals were placed between Gatun and Quebrancha in anticipation of stone train traffic from Ancon to Mount Hope. All signals were rearranged from the Chagres River to New Culebra on account of the elimination of interlocking plants at Obispo and Tower ‘“‘R”’; and twelve signals were installed between | Mile Posts 25-70 (Caimito) and 31.18 (south of Tower ‘‘R”’). Automatic signals were extended from Pedro Miguel to the south end of Miraflores Tunnel and the staff system and interlocking removed at the latter point. The gauntlet track through Miraflores Tunnel is now protected by automatic signals operated on a normal danger basis. The same type of signal is being used as described in the last annual report, and no deviations have been made from the methods standard for signal aspects. From January 1 to June 30, 1914, the power operated signal blades in service made 845,774 operations with no “false clear’’ failures, and 64 responsible stop aspects. This cesremaved the efficiency of operation for the six months as 99.992%. Numerous small changes were necessary during the year in both circuits and locations due to track changes and to visual interferences offered by the erection of the track span bridges. During the year the manual block system was abandoned on fhe. single track north of Pedro Miguel and eight telegraph offices closed on the main line of the Panama Rail Road. Interlocking Plants. - Interlocking plants at Matachin, Tower ‘’ R,’’ Gamboa Cabin, Caimito, Obispo, Bridge 57%, Paraiso Junction, North Cabin, South Cabin, Corozal, Balboa Junction and the temporary protection for the Pontoon Bridge were removed during the year. New interlocking plants were installed at Panama and the Pontoon Bridge, and the plants at Tower ‘*‘A”’ (Cristo- bal), Mount Hope, Pedro Miguel, Summit, and the West Leg of the Balboa _ Wye were reconstructed, completely equipped with signals and increased In size. With the syeeption of certain special parts, all changes, additions and new work are made from material on the Isthmus; the machines and lock- ing being constructed in the field. We expect to install three additional ‘machines in the Balboa Terminal, plans and estimates for which are being prepared at the present time. Miscellaneous Signal Apparatus. Two power train order and two mechanical signals were changed in location on account of track span bridges, and all existing signals on the old line were changed to operate in the upper right-hand quadrant. (| Panama Government Line. Our Telephone and Signal Department constructed the first nine miles of combined telephone and telegraph line for the Panama Government on their new lead Empire to David. ‘The work, equipment and organization was turned over to their General Inspector on January 31, 1914. Ar- rangements were made and work started to erect poles and string aerial eables through the city of Panama and to build a pole line and erect wires from the Zone line at Panama to the end of the Panama Canal duct line at Miraflores Sub-Station. PANAMA RAIL ROAD COMPANY. | 13 Telephones. During the year there were 490 telephones installed, 522 removed and approximately 800 changed in locations, which ficures show changes in 110% of this equipment, and owing to such a large number of changes it is almost impossible to maintain a directory. The actual number of telephones in service June 30, 1914, was 1582, making a decrease of 32 ’phones during the year. Telephone exchanges were shifted to meet the demands of traffic; two sections being removed from Gatun, one from Empire Shops, one from Division Engineer’s Office, Empire, and one from Pedro Miguel Yard office. Installations were made at Panama (additional section added), Balboa, Balboa Shops, office of Dredging Division and one additional section in Culebra Administration Building for Chief Timekeeper. The installation of the new seven-position switchboard for Balboa Administra- — tion Building was started on May 25th and was approximately 50% complete at the close of the fiscal year. ‘This installation when completed will cost approximately $28,000. | Telegraph Offices and Electric Clocks. Owing to changes in traffic, 15 telegraph offices were installed and 17 removed, which necessitated, the removal of 13 electric clocks and the icratlation of a like number in new locations. Two special illuminated dial clocks were placed in the new Pagenge: Station at Panama and one at the north end of new Pier No. 9 at Cristobal. Wires and Cables. Fifty-nine miles of weather-proof copper clad and 35 miles of bare hard drawn copper line wire were placed on existing poles for the auto- matic signal system. Two thousand feet of 50-wire special non-lead sheath cable was used — at points where telephone-telegraph leads across the Panama Rail Road, and numerous changes in poles and cross arms were also necessary at other points in order to allow the high tension wires to be erected. Duct Lines for Permanent Townsttes. A duct line 3,100 feet in length was built from the Panama Rail Road — Freight House, Colon, to 14th Street, and an extension from the Colon Telephone Exchange toward Piers 8 and 9 was built for a distance of 2,450 feet. These duct lines vary from 6-way to 12-way, and contain all cables for telephone, telegraph, clock circuits, fire alarm, Central & South American Telegraph Co. cable and all light and power cables. Trans-Isthmian Duct Line Cable. The study of transmission problems for the Trans-Isthmian duplex cable was completed in November, 1913, and requisition prepared for all material. The conduit will consist of a four-way multiple duct from 14th Street, Colon, to the New Administration Building at Balboa Heights, and will contain approximately 1,064,000 duct feet. In addition to this _the line will be encased with four single ducts from Colon to Mount Hope and from Corozal to Round House at Balboa. In the Trans-Isthmian duct line proper, one space will be used for the duplex telephone-telegraph cable, one space for the signal cable, one leased to the Central & South American Telegraph Co. and the one additional space left for future re- 14 | PANAMA RAIL ROAD COMPANY. quirements. ‘The extra ducts at either end of the line will contain light and power cables and the secondary telephone cable so that the exchanges at Mount Hope and Corozal can be eliminated and the respective tele- phone loads carried on switchboards at Colon and Balboa. The signal cable and telephone-telegraph cable are under order, but no part of the cable has been received, with the exception of submarine sections for the signal circuits. The non-lead sheath signal cables consist of 90 pieces of No. 12B.&5 gauge, 13 conductor, and 20 pieces of No. 12 B. & 8. gauge, 9 conductor cables; each piece being 2,338 feet in length. Armored submarine cable containing 13 No. 12 B. & S. gauge conductor will be used for crossing the Gatun River at Monte Lirio and the Chagres River at Gamboa. The duplex telephone and telegraph cable consists of 330 pieces of 50-pair cable, each piece being 782 feet in length. ‘This is a lead sheath, paper insulated cable, containing 12 pairs of No. 19 B. & S. gauge con- ductors in pairs, and 38 pairs of No. 16 gauge conductors quadded. With phantom circuits, this cable will allow 79 circuits to be used. In order to reduce the amount of copper, this cable will be equipped with loading coils at intervals of 1.177 miles. These circuits will also be carried in submarine cables at Monte Lirio and Gamboa. The first shipment of vitrified clay duct was received on March 28th, and the second and final shipment arrived on May 25, 1914. Duct liné construction was started on April 14th northward from Gamboa Bridge, and 86,097 feet or 16.3 miles (including manholes) completed on June 30th. Forms, concrete boards and other plant was made up in June in order to start the second organization south of the Chagres River — early in July. The following is a recapitulation of all signal apparatus in service on the Panama Rail Road at the close of the fiscal year. 8 Interlocking plants with 138 active levers. 10 Switchstand signals. 96 Automatic signals. 8 Semi-automatic signals. - 18 Power operated signals. 98 Track circuits. 2 Fixed arm signals. 28 Derails, pipe connected. 71 Manual block and train order signals (arms). 224 Cells, track battery. 2410 Cells, caustic soda battery.- 212 Oil lamps in signals. Following ; is statement of changes in Telephone, Telegraph and Elec- trical Equipment during Fiscal Year: In SERVICE In SERVICE Ione 1) 1913. pel Not aeEED. REMOVED. | Junn 380, 1914. EGE MNONOS ira cake ss es kc ae 1,614 490 522 1,582 alseolestenc eee eae 3,930 116 78 3,968 PinerPoles 2. acs: eos eens Aes 1,914 166 82 1,998 Wi0Od seoles icici ee Oe Beas 188 — — 188 . _Two-pin Cross Arms..... Ceuta moh 559 COT 13 633 A-Pint Cross Arms. 30: 3. ss sae 243 41 oe ee 272 Gabine Cross ATMS)... os 2 |) iat 8,931 247 173 9,005 Soin @rosseATmMsn oe. ct sts aes 1,447 60 132 LSM LOSRine Cross ALMBinsse oe oe oe ete 4,655 23 18 4,660 Bare Copper Wire (Mi.).......... 2,488 .04 M28 67.36. »< 2)497.96 Bare Lronawane CN). sn eek. ae 110.78 BOO LAB 97 27 insulated Ware: (Ets) 32. hie ae: 15759; 712 265,931 139,528 . 1,880,115 Underhanging Brackets.......... k 15130 147 48 152.29) jabri@ablec GH ts) aes ls ce es — 2,450 — i 2,450 lOsereC@able; Git. )ei. fice oho a 5,575 125i! 945 5,881 20sbr CablecCht)) sick ce see 10,044 6,453 445 16,052 25=epre Gable (Wty clr se wee ae 2,470 250 — 2,720 S02 br @ablen (Uta). cnet es. whece ses ~~ 605016 15,529 1,180 74,365 PANAMA RAIL ROAD COMPANY. | 15 IN SERVICE : In SERVICE Jo PhO ss INSTALLED. REMOVED. | JUNE 30, 1914. ROsPreGablev€htay wis a. kaces eee 7,614 965 1,260 _ 7,319 G0sbr CablesChun ees < circ. 6 es 6,864 2,728 — 9,592 (oar SablenChbs) 5st oe eee — 1,191 mae 1,191 1O0=Prs@abler Chis). 38. ee 10,002 2,644 — 12,646 150-Pr.Cable (Bt) 5.3% ENC ar cts — 3,988 — 3,988 120sRr CablexChty cece ue 3,250 — 90 3,160 D (Ose. Calle: CH) ec. ch mee: —— 580 ae 580 Telephone Exchanges. ........... 20 4 3D 19 Mercury Are Rectifiers........... 6 2 2 6 Motor Generators... 233). ....:..%. 5 — — 5 CharcingsPanelsvee. cee oe Hees 6 — 2 4 Ringing Wiachbines. cei ac yo. nee. 4 — 1 3 IPoles@Rangersee eee. aie tone 9 3 5 7 Storage Batteries. 5 joc seta es 196 oe 44 152 Telegraph Offices....... SER ee ' 38 15 NY 36 Mlectricx@locksit. sracse.oueseae ene 42 13 13 42 @ablevBOxes) 2 ak Se oe ee sae 101 ile: 6 106 Menminal Ganseewwe ee ee he ce 26, 6 4 28 HELEcTRIC LIGHTS. PATO RTA Sick ila cease ene ei a oe 26 — 26 8-@2.P.-Carbon amps... sce 82 1 — 83 16-C..R. Carbon amps... 2.5... !. 1,195 2D} 9 1,208 39-€. Px Carbon Wamps: 22.3... 32 20 — 52 SUMO UES Cua MOS ss eye tes ti ee. 2 — 2 — 25 - Witt nuUneStensir.e.s. 1.60 se 449 28 — ATT AQD-Wattwhumestensticsy. see. 144 15 58 701 602Watth Lunestens. 4.5) 66.4) c per 62 4. a 66 100-Watt Tungstens....... einen 61. 136 = 197 25O=Wate Munestens’ cae aes 9 9 — ae 600=Wiatt Bunestens. 2 2... oe: _— 4 Track Dope). This department i isin charge of all maintenance of Panama Rail Road tracks Colon to Panama, including terminal yards at Colon, Cristobal, Panama, and Balboa, also leased lines Bas Obispo to Pedro Miguel. Following is statement of main line switch changes: CROSSOVERS. TURNOUTS. LOCATION. | < : NED CHANGED. | REMOVED. | INSTALLED.| CHANGED. | REMOVED. Mounteiopernc 3. te ean ING WG auUeng he. MON eee cs Gabe Seine Sicaes nar he @amp; Potten. 3... iby fie aoe SPUrelO tee eee: Spunelsin een ee seein es Spur I3;2New. Dp... 33... s.- Sup Za ey eee Sere Darien-Caimito Jet........ No. End McCann’s Siding. . Dump Hasta weg. ss Dump 5—West........... Switch for P. C. to take-out abandoned tracks........ eee ae | Eee LA Pi er lle PTel Tee] | bs et | | | | CanaleSidines ee PedrosMacwel.i. 492s ee. % Mi. 8S ne S. Pedro eS Seb es ee © © ee ew ee he ee ee IME Res Ae de a Ne Neebndwhunnelsn.. 0 Miraflores Dearck BONES oayisterines Corozal’Junction.......... Corozaleoe Go ate a ae. Diablo New Main Cen ee mae Balboa ‘‘ SS TER Ss OlBalboa dich. se ree. N.of Interlocking Balboa‘‘Y”’ S.of Interlocking Balboa‘ Y”’ Paraiso Bo Mere eS at Wee tunic ta Fey LTT Perot] Perot | tno | tom eoeeleel TIT) te Pole eel ee eee Mee i ee ee a le . 16 oe PANAMA RAIL ROAD COMPANY. - During the year there was 36,318 feet of 90-pound rail and 35,758 feet of 70-pound rail used in track repairs. 23,872 feet of 90-pound rail and 111,166 feet of 70-pound rail was recovered. | One thousand nine hundred and sixty-two cypress, 208 creosoted, 1,519 hardwood and 6,155 second hand ties were used in track repairs. The tie renewals were light in comparison with previous years, due to the fact that scarcely any renewals were necessary on new line Mindi to Pedro Miguel. Hight thousand eight hundred and eighty-seven cubic yards of gravel ballast were used during the year at various points Colon to Panama. New classification and storage yard was constructed at Cristobal Terminal to facilitate the switching at Docks 8 and 9. This yard has a total trackage of 27,133 feet. The double track between Caimito and Gamboa Bridge was taken up and new single track placed on permanent alignment. A section of 1.48 - miles of second main line from Caimito south was connected into passing _ siding and a new siding .95 mile in length constructed at Gamboa. New double track (2.43 miles) was built from Diablo to south switch of Balboa Wye, .70 mile being laid with 90-pound rail, economy tie plates, screw spikes, creosoted ties and crushed rock ballast. The balance of this track was laid with 70-pound rail and fittings and ballasted with gravel. A new ip taek classification yard having a total trackage of 30,000 feet was constructed at the Balboa Terminal to replace old Panama Rail Road yard removed by the Panama Canal in order to secure room for new dry dock and to replace yards ‘‘A”’ and ‘“‘B,”’ which are to be removed and land filled for Balboa new townsite. A third track, 7,130 feet in length, has been built on 36-foot centers from south bound main and run around tracks 1,500 feet long placed at each end of the switching lead. In connection with this yard, we also built an 820-foot caboose | track and 480-foot scale track. The classification yard and double track above referred to was turned over for traffic on June 28th, 1914. The southbound main on the old line between Diablo and Balboa Junction was taken up, the northbound main being still retained in service in order to handle rock traffic between Sosa Hill and the East Breakwater. Track and trestle at Bridge 5714 have been removed and traffic is now being handled across the Canal over Pontoon Bridge recently con- structed at an approximate cost of $225,000. Bridges, Buildings and Dock Department. The location of the new reinforced concrete terminal docks at Cristobal was shown in the 1912 annual report of the Panama Rail Road opposite page 30. The work on the construction of these docks and piers has continued during the year, and for detailed report see pages 26 and 27. On January 1, 1914, the preparation of preliminary plans and estimates Aor the construction of new Pier No. 7 was begun, and on April 7th a report on seven different schemes was submitted to the President, which report, however, covered foundation work only, the location and dimensions of the pier ‘being the same for all schemes. On April 16th the location and dimensions for this pier were approved, the approval of the foundation work itself being withheld awaiting the joint report of the committee ap- pointed to look into the strength of cylindrical piers for foundations. In — the latter part of ve scheme No. 2, ee of cylindrical piers spaced PANAMA RAIL ROAD COMPANY. : L7 26 feet 6 inches transversely and 45 feet fonginatnall was approved, and since then the design and preparation of contract drawings for this pier have been under way. : The contract for the steel caissons and the removable steel forms, consisting of 4,998,640 pounds, was let on June 20th to the United States Steel Products Co. for a total of $19,111.00, Wash and diamond drill soundings to determine the depth of rock and the character of the material overlying bed rock was started on January 9th, and completed on March 28th. | The laying of temporary tracks and trestle approaches was completed and 18 per cent. of the required falsework trestle driven on June 30, 1914. On July 5th, 1913, contract was entered into with the Central American Construction Co., Lid., for the erection of structural steel frame work and unloaders for sheds on Pier No. 17 (new No. 8) at Christobal, at a contract price of $11,950.00. ‘This work was completed in accordance with the contract and specification and complete settlement made with the contractor on November 18, 1913. The following work on this pier was completed by Panama Rail Road forces: 18,869 square yards of brick pavement; 4,050 cubic yards of concrete placed in side walls, end walls, roof slabs, foot bridge slabs, etc.; placing of monitor windows and louvres; erection and painting of 62 steel rolling doors, and other miscel- laneous work. With the exception of a few minor details, Pier No. 8 was completed on April 1, 1914. Contract was entered into on June 30, 1913, with the Central American Construetion Co., Ltd., for construction of steel and concrete sheds on Piers 15 and 16 (new Nos. 9 and 10) at Cristobal, Canal Zone, at a con- tract price of $201,000.00. On February 27, 1914, notice was served on the contractor that owing to their failure to carry on the work with promptness and diligence as required by the contract, and in accordance with Article VI. of said contract that upon March 5th the Panama Rail Road Co. would enter the premises and take possession of the work and of all material, tools and appliances and that the Panama Rail Road would complete the work at the expense of the contractor. Up to March 1, 1914, the contractor had completed the following work: 902,000 pounds of structural steel in place and 3,172 cubic yards of concrete in Pier 9 shed, which work represented approximately 70 per cent. of work contracted for on Pier No. 9. The balance of work on this pier or the placing of 740 eubic yards of concrete was accomplished by Panama Rail Road forces, and Pier was on June 30, 1914, approximately 100 per cent. complete. All work called for on that part of the contract known as Pier 15 _ (new No. 10) was completed by forces of the Panama Rail Road, detail for which is shown on page 27. : Agreement was entered into on July 7, 1913, with the McClintic Marshall Construction Co. for completion of building at Cristobal known as the Masonic Temple, the contract price being $75,000.00. This work to be carried to completion in accordance with the plans and specifications governing the contract entered into between the Sojourners Lodge, A. F. & A. M., and the above company dated September 14, 1911. In this agreement the cost of adjusting the building to take care of settlement of foundation (which work was covered by A. F. H. 650 and completed at a cost of approximately $15,000) was to be paid for by the Panama Rail Road. The contract price of $75,000.00 was subdivided as follows: The McClintic Marshall Construction Co. to receive $29,360.00 for value 18 _ PANAMA RAIL ROAD COMPANY. of work completed; the Sojourners Lodge to receive $20,000.00 to take up the outstanding bond issue and the Central American Construction Co. $45,640.00 for completion of the building, the agreement with the Mc- Clintic Marshall Construction Co. called for the subletting of contract to the Central American Construction Co. The Central American Construction Co. having passed mt the hands of a receiver, this work is now being carried forward by said receiver for account of creditors. Building will be ready for occupancy about November 1, 1914. The agreement with the Sojourners Lodge gives them a five-year option for the purchase of this building at the cost to the Panama Rail Road Co. plus 8 per cent. annually on the total investment. The Gatun Dock was completed during the year, the total cost of thie work at completion being $26,082.57. For detail see pages 27 and 28. The work on construction of bridge and tracks to the new coal station at the north end of Mindi Island was continued, and at the close of the year all track was in place and bridge abutments and piers completed. Contract has been let with the U.S. Steel Products Co. for the erection of a swing bridge at a contract price of $55,404.00. The east approach girder was secured by taking out the north span of bridge 309 at Gamboa. Work has progressed under the following A. F. E’s. Both those current at the béginning of the year and the new ones issued during the year are included : CLASS OF WORK. AMOUNT. Ac hh =Nioso80).. Construction of terminalidocks; ©ristobal2-.. . ss...) 3 ee has $565,576 07 580x Contract account of construction of Cristobal terminal docks...... 54,577 87 58e -- Construction of Hotel: Washimnetom: 63.225 5 oe. con ee ee 15,215.28 588an Construction’ ot new depot, bamama: to wo. oe ce ee hs ees 62,656 54 595a Installation of automatic block signals, Colon-Mindi............... 765 30 5995p. Installation-of automaticrblock siemals= yo. ns si se ca ee 2,536 O1 596... Dredsing between Dock l6:and: Pierek(cws 6 in RNs 10,281 87 601 Arrangement of ground, new Hotel Washington................-. 1,185 38 608 Change in interlocking plant, Balboa Junction................... 70 80 61d: == Constructionzot permanent dock, Gatumeir.. . 1st faa se te *117,610 29 6205) Eiliinelotss Colon,-Gustreet; trom: 2dcto Lothar 685 17 625 -* Dredging approach channel, new. docks... .% 62... isc. bu cc 8,539 75 632— New polesine and: cable to: Gatumis. os acc wwe oe oe oe ees 438 22 633 Track and bridges to new coal dock..... Boe a here ek notes ween ene a 94,279 34 634 Construction of underground cable to point in Colon hospital OV OUI CA Siete eae Oia eh ae nee Pda RR SRE ek ec ear e wen Cans annua 273 10 637 Underground cable for telephone, new docks................/.... 1,166 42 638 = -Changing line, south leg of Wiye, Balboa. 22.22.55... le ce ‘29,822 48 6389) Concrete.curcb; Christ-Chureh to hospital... oe ee Dilee25 642->- Concrete poreh and drains, House NO:4.-15.03 se ee | Zilee25 6437 = -hilhne lote-and 2) Cristobalits 7 tro ne en ee ol b642.90 645 Construction of new street in Cristobal from Y. M. C. A. to Market SUT CO Ue eects hea ae eee eis geet Seg CELE Tee cet oe Tae by neratar cee eeu TCE EN ; 819 64 64622 Wind shields news Hotel: Washinetoms 523s sciatic es 202 41 647 ~— Interlocking plant at Cristobal.......... WERE SESS Rey Sts Muu ae ert 7,641 55 649 Reconstruction main telegraph and telephone line eee Mindi VINA G UI ee ik ak eee eee a eee Se oe rs 780 92 650 Construction of Masonic RETINOIC R ie ree tees sieve bt ce erste Serene rate 68,561 00 653 Installing cross-over near steel pier, BaD Od eres cece ae te 393 48 654 Underground telephone and telegraph wires under canal at Empire . LIT 79 655 Construction of intake under Pier No. 11 to supply salt water to CONGONSECTS ES Aco heen ener nn ON Sew ro Re AN 860 34 656 Installation of signals and interlocker at Obispo. ................. *290 OO 657 Repairs to wall of freight house, Colon, between Docks 2 and 3.... 665 54 658 | Construction of spur track at Caimeto Curve for radio station..... Relivo So 659) Construction of landing wharftvat Gamboa. ..4.......1 6. ke ve OO: li 660 Construction of siding at Gamboa gravel pit for 1 aun’ lOgSieo an. 193 98 661 Double tracking main line, Pedro Miguel to North Cabin.......... 1,045 19 662 Connecting end of double track with Gold Hill line, Pedro Miguel ITA C EL O esa ee ee IE a ae een ote cae eed Vacant tea tts 1,987 93 663 Construction of sea wall in front of Lots 1 and 2, Cristobal........ 1,080 07 664a - Construction of cinder platform at Frijoles......:............++- 303 76 664b Construction of cinder platform at New Culebra.......:......... 467 83 * Credit. CuLAss or WORK. AMOUNT. A. F. E. No. 667 Construction of unloading tank alongside of Pedro Miguel com- TOISSATY fo oaiee Nib a one anaes arise: Sa Guia fee scans LUE ays Strays 1,169 79 668 Construction of new platform, Panama freight house.............. 2,810 938 669 Construction of track and platform for sight-secing train, Con- tractors: Elle oo ee ete eer era a red ee Are 1,484 59 870 Construction of house track at Pedro Miguel..................... 873 08 Gil New roof, on biilding JNO; 66. Colom, cena es vee 1,564 42 672 Construction of sidewalk, alighting platform and raising station at Pedro Vite uel eee ea ee rR PUR a ON at AS tee 3,846 37 673 Drainage ditch and culvert north of Mirfflores..............0.0-. 206 02 674 Construction of side track at Panama for motor cars.............. 321 94 675. Double tracking Diablo Curve to west leg of Wye................ 45,278 70 676 Construction of new terminal freight yard, Balboa................ 71,174 35 Ou] billing lots\one Bie street, loth to 16th streets... ..% 6 oe 5,663 65 678°>> Construction of garbage scow, Balboavick. vs... . 5. fe ae ce 3,291 60 679 Installing gauntlet and automatic signal protection, Miraflores EUPIA Cee a ee uct cease eentica ceeu ero ment eas vale air ual meere Aa) Osha 3,160 20 680 Repairs to road from Strangers’ Club to 11th street, Colon........ 282 03 681 Extension of passing track.at New Gatun...................... ; 315 80 682 Installation of water mains at Cristobal terminal docks............ 5,409 -51 683 Construction of new office for local agency, Panama.............. 1,025 15 684 Construction of shed at Panama Rail Road stables............... 98 05 685 Raising tracks and station at Bas Obispo........ PEER RR Pe Cr Sy Ree 3,628 55 686 Installation of spur track, Panama freight house.................. 916 77 O8% -. Cable subway, Colon.toi@mstopaln . ene ce ce ee 8,829 38 688 Installation of new water main and necessary connections......... 1,588 10 689 Construction of track to Colon Elect. & Ice Supply Co............ 395 51 690 Installation of water main and Coecun for fire protection at coal TOU Ge Oe Sie on aecete Ee Ae Peon a eC a SUN ea etc gn 358 89 692 Construction of new commissary building at Aneon ane toh poten 35,739 O1 693 Construction of new commissary building at La Boca............. 2,809 77 69324 Repairsato liehteniNOs4 ne ee ee ns eg ee 1,251 47 694 Construction of station platform at Gamboa..................... 170 51 695 Construction of -Lrans-Isthmian duct line.2 0:2. 2... 4... eo ca ot lS, 009825 697 Construction of four coach tracks, Panama VATS ete tree lr eee 4494 80 698 Reconstruction of sewer, Colon Beaches ee ee es 360 31 699 Construction of news stand at Balboa............. ce cce cece cee 319 98 700 Construction of section house at Frijoles...:............... peepee 3,548 87 701 Paintingetreiehtstanonvabpseanamlae Snes oy 401 60 702 Improvements) Panama yards... S26 yo so ee es ee eek Qi Qe. (03 ‘Rainting- bridge 309" Chagresp Riven. #56. 166 ec ee 5,075 96 (04: Workeon bridge: 809. Gamboa 2 iar ae a coir e ent ae 15,418 05 705 Tearing down Miraflores station and re-erecting at Gamboa. 274 80 706 Improvement of Colon passenger station... 2.02... .......-0.-006 392 99 707 Moving cabin from Caimeto-and erecting at Panama............. 1,501 56 708 Construction of platform and shed at Miraflores tunnel........... 119 02 (09°2- extension of platiormeat:Gavumic 3 6p ne 145 35 710a Construction of shed and alighting platform, north end of Panama Fo RG ee VUE So iis ose tea a a OE Usage GURU Cea ite Ue concn a Becerra ea maa anedeye 710b Gonsushion of shed and alighting platform opposite Corozal at AT COTM ee Ee Sar Leo ES SOE FU Sy SND N aun vee Cae 417 82 “al Construction-of-trackin fromtrot dock =Nowlor nese i ee, 652 17 712 Removal of gutters north side of old wharf sheds................. 442 64 714 Stub siding west side of main line at Tower R.................-- 938 15 715 Placing concrete floor in Panama freight house..........5.........- 648 30 718 Construction of section house at Gamboa......................5- 38 49 719 Construction of terminal dock No. 7 at Cristobal................. 44,939 82 720 Construction of concrete warehouse at Cristobal.................. 204 80 721 Construction of telephone store house and shop, Pedro Miguel...... 14 72 722 Extension of office building occupied by C. 8. A. de V., Balboa.. 19 42 723 Construction of material track, Panama yard...................-. 105 95 724 Construction of retaining wall, cinder fill and concrete floor, Colon freight Mouse. eo es eee te ne he ras outs ike oem re oe eee Mapes 2,210 59 Teo Construction of trestle and dock at north end of dock No. 18...... 3,347 68 726 Construction of alighting platform at Paraiso..................++ 433 92 728 Construction of cinder platform and shed at Darien............... $17 45 729. @onstruction of yard office at Balboa... eg 7 99 731 Moving and re-erecting one type 7 house, Gamboa satan aula ae: a tan 2,808 08 (322° Pontoon bridge BaralsOnw ee ee ee 211,423 82 736 Construction of Wye at New Culebra for pian light engines. 64 38 738 PREG gin Ges bole eNO (esos aes a one MP Sa Le ee eR ene aeons GroeeOm 740 Construction of spur track, new commissary, Ancon.............. 820 92 741 Construction of spur track at MP—24 south of Frijoles............ 659 67 743 Installing air main from Balboa shops to Panama yard............ 2,550 70 (A4.-: Permanent office building, @ristobalidocks. ...... 0.2.20 s ce eee 2,594 16 (4( Playgrounds: Colonic: . cose hen ee ate WER Rides Ser GOs ane ade 945 74 PANAMA RAIL ROAD COMPANY. 19 20 PANAMA RAIL ROAD COMPANY. Gamboa Gravel Pit. A new gravel handling plant was constructed at Gamboa, this plant consisting of an unloading dock 200 feet long and gravel bins having a capacity of 1,200 cubic yards. An electric sand crane was transferred from the Panama Canal and erected to handle gravel from barges to bins, sravel being excavated by ladder dredge operated by the Dredging Division, loaded into barges and towed to gravel docks, where it is hoisted to bins by sand crane. A power house was constructed and dynamo installed for operation of crane, the entire plant including track costing $03,399.91. Following is statement of operations at this plant from December, 1913, to June 30, 1914: | SHIPPED | SHIPPED / CoNnsTRUC- OPERATION|PLACED ON MONTH. Cea BLOM A Bes: TION Tae INDIVID- Com- STORAGE Torau CCOUNTS. oe oS PANAMA | UALS & a Pin Cu. Yos. oo CANAL. |COMPANIES. & : Ra 1913. Te ae , December.... 160 aoa 980 os — mo 1,492 oe 1914. JANUATY < oo: 658 2% 286 4,960 786 — 828 1,310 10,828 February..... 254 1,965 4,940 546 — 44 2,268 10,017 March aco. 1,490 6,220 240 720 40 20 3,168 11,898 NOEs ss 376 10, 140 — 5,428 233 12 — 16,189 Maver cee es 800 THeS5 AZT 20 — — 23,382 PUNE Wa Soe 659 16,473 Dae Leo6s — — — 28,695 Tor. a 43907 52.019 Se a 11,120 | 26, 822 1293 904 | 6,746 | 102,501 ae is statement of operation of Panama Canal Gravel Pit at Dump No. 1 \ ConstRuc- SHIPPED |SHIPPED TO OPERATION ; THE INDIVID- |OPERATION ToOTaL | Montx Accounts,| “FE's. A Aaa PANAMA UALS & Com- Cu. YDs. g : CANAL. |COMPANIES.| MISSARY. 1913 July ee eee 836 1,458 a 8,827 144 96 11,361 NU CUSt es 900 4 600 8,941 116 48 11,019 September...... 3,064 518 cas 7,898 44. 56 11,580 October: 3. 180 180 a | 820 70 —— 1,250 : EROgalieee 4,980 2,570 600 - 26,486 374. 200 35,210 MAINTENANCE OF HQUIPMENT. The total charges to the various accounts under this heading show a decrease of $6,356.59, or 1.35 per cent. Charges for Supervision, Shop Machinery and Tools, and other over- head expenses have decreased $8,762.94, due to the fact that on April 1, _ 1914, the shops were turned over to the Panama Canal and that no new. tools were bought during this fiscal year. Repairs to freight cars show a decrease of $4,731.61, or 2.45 per cent., due to the fact that less repairs were made this fiscal year, owing to a great many of the box cars being overhauled and rebuilt in previous years. Cars in bad condition were destroyed instead of being repaired during past fiscal year. Charges for repairs to locomotives show a decrease of $19,911.31, due to less repairs, account of retiring such locomotives requiring extensive / PANAMA RAIL ROAD COMPANY. 2 repairs. Nineteen locomotives were retired during fiscal year ending June 30, 1914. : TRANSPORTATION EXPENSES. The expenses of this department decreased $31,190.83, or 2.18 per cent., as compared with the previous year, while the freight. tonnage shows a decrease of 393,123 tons, or 19.39 per cent., and the mileage of this tonnage a decrease of ie 215,631 ton miles, or 15. 90 per cent. The following statement gives the number of trains handled during the year ending June 30, 1914, and also a comparison between the months of June, 1914, and 1913: P. R. R. TRAINS. PANAMA CANAL TRAINS. u TE eR aa eee aon Ae Co ...:..:...°. Ce lee lee $104 58* 3,890 29,883 O7 | $7.6820 e@oneretesin:, © yinGers'.. ites ead ee C.—. 82 76%): 1,545 6,860. 31 4 4403 PN UIE MEV gc ie or ee oo eee cies (© SYa 15 66* 437 9,866 69 | 22.5782 Reinforced-Concrete Floor........... Crys 74 18 2,139 D8 934 Ole Wd 2012 - Steel Floor System (‘I’’ Beams).....| Lbs. 32 43% 981,742 24,046 91 0244 IMIG OMIM OSBIGS ee ahs ote sce dos eee No. — 13 f 77 89 5.9915 IGMNCIERS ak eects yticcs, este worsen bs ede eee: — — — L23ecls — otal tx pPeNGibUness.s.-5. a a ee — $161 25% — $111,662 54 — Cost per, Ode hitss ck a ee eS —_— — 40,600 — $2.750 Prer No: 9. RrewmananyWiOtkecs 25.5.) Ee ego — _ — $33,959 28 — 4-foot Cylinders in Place.......0..... bg AR $227 53% 22225. 111,304 23 | $9.1046 Concrete in Cylinders........°. ares CY. 289 65* 5,358 24,594 70 4.5902 iNbuiraent. Wiallas.c) ss eee a cae eee Gaye 54 tes 1,5074 17,583 02 | 11.6805 AES oe eI CS Gaye. 10 O7* 494. 2,590 95 5.2448 SeanwialliAbandoned). 3.6.2... — — — 2,689 O09 — Reinforced Concrete Floor .....:..-°. Gaye 2,401 41 12,700 51,846 23 | 10.9247 Steel Floor System (‘I’’ Beams).....| Lbs. 296 15 || 1,087,580 20,798 51 .O191 IAPrOMeraC KS, coe ietirs ate oe L.F. 110 16 1,140 2,758 98 2.4201 Bea VATA Gin oe ees eos a Soren ee i Screnpre eon S:v. 1220; 4:5 9,850 26,625 02 2.7030 IVEOORIM OW DIUS is ee enn eon No. 5S 05 15 649 25 | 42.3283 HMenderwellesia Ak ea Hu oe Gain et L.F. 4,126 74 22,800 19,217 13 8516 Permanent Water Lines... ....2..... — ce O2oere: — 2,117 39 — Depressed Tracks....... Ep easter eek: 170 46 2,589 5,214 36 | 2.0140 @olummePlatess sys a ee —— 103 89 — 938 41 — Column Plate Foundations.......... aa fc 1215-66 a 3,235 03 = Colhtimmn= Wall Hootings... 5-0. 02: — 49 30 — 1,054 17 — SECCIE OCG rl Samixuts se en ccm ee age Lbs. 92,026 51 2,396,108 160,974 63 0672 Mota Wxpendibuness,. 2 3 io. . — $98,288 81 — $487,600 38 a S@ostsper we Ntsc ..2 3 We eee Panta see. —_ — 90,950 a $5. 363 a aes ese See Sea ECS eat RO I ee ee Te * Credit.. PANAMA RAIL ROAD COMPANY. ~ : Dil. ‘ Fiscan YEAR. To Dats. Unit. _Amount. Quantity. Amount. Unit Cost PIER No. 10. . ledlbbontaenay WOW 6 cous Geacdaacac a: — $3,685 O1 — $19,440 O1 — 4-foot Cylinders in Place............ L.F. 38,641 34 6,185 61,930 19 |/$10.0129 Concrete in @ylinders............5.... Cay: 10,238 22 2,862 16,697 94 5.8343 Concrete: Ginders. 3 20 ee aie oe Cove 3,497 70 239 3,497 70 | 14.6347 Reinforced Concrete Floor........... CN 141164. 58 1,299 16,437 78 | 12.6541 Steel Floor System (‘‘I’’ Beams)..... Lbs. © 8,017 65 643,856 14,819 20 0222 Depressed racks... wae eae Iugll SOR LD 819 1,310 75 | 1.6004 JN ovoyay WIN oy Gas goGnee aon od 6 con Thy, 871 85 334 957 67 | .2.8672 IMO OTINGE BUGS ee hicks ee eet No. 271 84 \ 4. _ 278 07 | 69.5150 AAMETICeD EWES. ak hac eee ee sen eee Tak 1,165 39 2,990 1,165 39 8896 PA VAN Orgs tecearene cisne io onsen ch tates See 6,701 65 2,900 6,701 65 2.3108 Colummiblates 2 ae. Woah Re veR Es — 230 16 — 230 16 — @olumn Hooumes was oe es — 940 85 — 1,010 36 — Permanent Water Lines...........%. — 703 43 — 703 43 —— Wall Footings. ete eee ee ene ee a 672 84 — 672 84 —- otal Mxpendituress: .css.c —" $91,113 26 — $145,353 14 |. — Cost per SGe ht tes ean here at a a 29,900 sae $4. 861 MISCELLANEOUS. Preparing Steyn. seine ar os heros a $3,695 54 — $44,400 24 — SUEMCMSRitile a the cetaceans e SRe NaRL — eae — 8,119 60 — BOTS ae erate pecan art ei sy, — 1,366 25* os 15,844 45 — OBS ie ee ave ee I AR a IES se —— 5,514 05 = 6,224 4 — BG kee Mind ara one re ie OS Se assis ere @ANs 11,956 38 799,755 380,140 62 | $4.7532 DATO ACKS pee cca Jane cp: — 21,398 77 — 23,504 91 TM Vi GORE ect ee a eee ae sis ee a — 22,994 57%* — 50, ),988 03 — Plegritcaris foe lane ueeuet aor tae tee een oo 3,059 02% — a Suspense (tems ssh ica. tee eae — 117 62* — — — Motalshxpendiltunes 20324 cs — $15,027 28 — $529,222 32 —— * Credit. ; | SUMMARY. EXPENDITURES. | Fiscau YEAR. | Toran To DatTr. RiGre INO Grae ye ke oe ear ea ee a re een CS MSR ede See ge ecm $315,090 36 $1,200,893 02 Bier NOI O each ca eter unseen euccungns Om aM a eee. eae nel Naduetan tian 98,288 81 487,600 38 PICTON a Oo sh re AC eG A aie Maat Moe) ASW oe 91,113 26 145,353 14 Headeoteshp between biers;S and: 9.43 161 25* 111,662 54 Miaiscellancous.@hanpesis So) sak cre ree eos er 15,027 28 529,222 32 Total Mxpenditures.. 40.2. F.8. Gt sus Rate ne cos ab toutes eat $519,358 46 $2,474,731 40 * Credit. DREDGING. From the slip between Piers 8 and 9, 26,232 cubic yards of earth and loose rock were removed. ‘This section is 100% complete with a minimum depth of 41 feet. From an area 723 feet wide and 110 feet long immediately west of Pier No. 8, 120,952 cubic yards of earth have been removed. A depth of 41 feet has been accomplished over 95% of the prescribed area. From the approach channel, 33,754 cubic yards of mud have been removed, which constitutes about 66% of the total dredging in the ap- proach channel. Of the total dredging, 180,988 cubic yards, or about 75%, has been handled by suction dredges. | Gagun Dock. This Hol is built in two sections; the lower section, property of the Panama Railroad, being intended for use of small boats trading i in Gatun 28 PANAMA RAIL ROAD COMPANY. Lake. The upper section was constructed for the Panama Canal, and the cost thereof was paid for by that interest. This construction work was completed during the month of August, 1913, per following detailed statement: FISCAL YEAR. TO DATE. Unit. | AMOUNT. QUANTITY. Amount. | Unit Cost. Lower SEcTION—PANAMA R. R. Foundations—Excavation ets tae Sanat oe Cry: $0 91 899 $505 00 $.5617 LR PDIN 4c eet owes ane os Ey 23 ss 1,619 1,411 63 .8719 ns Rip Rapping ss. es Civ. 2 55* 227 477 67 2.1042 IVERSON EV oso ore or ee vse Cay: 24 97% 236 2,095 00 8.8771 Beam Floor System® : .-...03 065.3 3 Lbs. 15 19 48,614 423 40 £ .0087 Concrete Floor System............... Cry: 64% 243 3,094 38 12.7340 IVEOOTINGUBIS eh ie a a ciel No. — 5 eo lay 4.6260 Mrack-walliand Guttericd 6.00006 cc: C2ye 415 89 90 748 96 $3217 IROTIMANENU. UTAC Ks ee os ares ae L.F. 237 44, 578 1,481 34 2.5628 Hender: Piles.) scan yee oo es Sh eT ks | 19 51* 740 784 04 1.03895 Floating Dock...... Barr te etek S.F. — 620 913 40 1.4732 @oncrete Driveway. ee ce Caye 11 47* 86 1,311 14 15.2446 Lotal-bixpenditures: ...5 > .9 S.F. 562 55 eed $138,269 O09 $3 .4645 * Credit. t The low cost of I-beams in this section and the upper section is due to icine I-beams formerly in bridges in the old line of the Panama Rail Road. FISCAL YEAR. TO DATE. Unit. | AMOUNT. QUANTITY. ‘Amount. Unit Cost. Upper Section, THE PANAMA CANAL. | Foundations—Excavation Be oA EAN Meet Nes — 784 $656 39 $.8372 Pilineeeey een eae RY. al 2,491 2,224 54 . 8934 . is Rip Rapping SWC us Cay, a 301 801 00 2.6611 INISSONT VR ea eerie cela a aXe — 411 3,435 18 8.3581 T—Beame HlOor Systems... ns eh see Lbs. — 64,440 503 04 0077 Concrete Floor System. ...0..:...... Gaye — 304 SO O- 95 11.7629 Track-Wall and Gutter.....0.:.....0: Oy. — 54 439 50 8.1388 Hencdensbilesy Aisi soe ee kas ar L.F. $6 OO 1,010 1,072 88 1.0622 MIO OLIMGeRSIUS tag er i ee ea es No. — 5 105 00 21.0000 Dotal“Wixpenditures.: <2... 3... S.F. $6 O00 5,110 $12,813 48 $2.5075 STEAMSHIP LINE. Owing to demands for their uninterrupted operation, opportunity had | not been afforded since the year 1911 for the customary lay-up and over- haul of our steamers, which have been kept continuously in commission, — until the fall of 1913 and the early part of 1914, when the ‘‘Allianca, , “Advance,” ‘Panama’ and “Colon” were successively withdrawn and a general overhaul effected at an authorized expense of $166,000.00, which will be distributed to Operating Expenses over the ensuing twelve months. __ The operating revenue of the steamship line for the year was $2,255,- 101.40, or $103, 943.41 in excess of last year. There was a decrease of 47 A14 tons in the total freight transported, with an increase, however, of $129, 799.44 in resulting revenue. The anomaly of a decrease in tone nage and i ierease in revenue is accounted for by a material reduction in unremunerative cement tonnage from New York to Cristobal and a cor- responding increase in foreign freight at higher average through rates. The greater part of the balance of cement, aggregating 101,094 tons of two thousand pounds, required for Canal construction was transported to the Isthmus by ae a and “Cristobal.” Early in 1914 the PANAMA RAIL ROAD COMPANY. oo necessity for continuing those vessels in our service, despite the fact that they have in the main been operated profitably, was considered and it appeared they should be withdrawn before the end of the year. Subse- quently 5. S. “Cristobal”? was ordered to be transferred to the Quarter- master’s Department and the final disposition of both ships in accordance with Congressional authority will shortly be determined. There was a decrease of 1,490 in the number of passengers carried and a relative loss in revenue of $26,105.40; there was an increase in mail revenue of $2,941.75 for the year. | The contract with the Ebensburg Coal Mining Company for bunker coal in New York was extended for a further period of twelve months to April 1, 1915, at the original contract price. The contract with the Marconi Wireless Telegraph Company of America has been terminated and their equipment on our steamers replaced by the Telefunken System under contract with the Atlantic Communi- a cation Company. The Civil Sundry Appropriations Act approved January 23, 1913, authorized the construction for the Isthmian Canal Commission of two Naval colliers at a cost of approximately $1,000,000.00 each. ‘The colliers are to be placed in the service of the Panama Rail Road Company for the transportation of coal to the Isthmus in connection with the operation of the permanent coal plant now in course of construction by the Company jomtly with the Panama Canal that is expected to be completed early in the year 1916. The building of the colliers, begun early this year, has progressed rapidly with an initial launching expected in December. Their construction 1s in accordance with Navy Department specifications and although placed in this Company’s service to be operated commercially in times of peace, they will be subject to withdrawal for Naval service to meet any paramount necessity. It is expected, because of their speed, large capacity and general efficiency, that the coal supply at the Isthmus can be maintained ‘by their use at much less cost than heretofore obtained through contracts with independent lines of foreign registry. The Company’s lease of Pier 52, North River, expired by limitation on July 1, 1914, and was, by agreement, extended to J anuary 1, 1915, before which date the large cement ships, for whose accommodation the dock was secured, will undoubtedly be withdrawn from our service. It is expected that Pier 67, North River, will after that date be sufficient for the operation of the Company’ s remaining four steamers when operated on a weekly schedule. GENERAL REMARKS. By cuiibny of the Board of Directors, the sum of $149,003.33 on various accounts was written off to Profit and Loss Account; the items covered by that total are explained elsewhere in this report. The Company’s indebtedness to the United States Government remains unchanged. : At the close of the fiscal year the Company had $3,675,449.31 of available funds in hands of designated depositaries and in addition securi-- ties purchased at a cost of $1,916,519.75 held in a reserve fund established September 12, 1911. The increase in the reserve investment during the fiscal year ending June 30, 1914, of $326,285.00 is due to reinvestment in securities of accumulated ‘interest of 37 6, 285. 00 and by a special appropri- ation of $250,000.00. Cristobal docks 8, 9 and 10 ioreoucly 15, 16 and 17) were completed © during: the present fiscal period and the construction of an leenone 30 | PANAMA RAIL ROAD COMPANY. pier, No. 7, of like character and dimensions was authorized by the Board of Directors at an estimated cost of $1,100,000.00, the borings and other sub-aqueous work for which has progressed. The amount expended on all Cristobal docks for year ending June 30, 1914, totals $696,876.60. Anticipating the opening of the Canal to commerce and the diversion from land to water transportation of all through cargo that would require adequate berthing and handling facilities for vessels in that traffic, work on the docks of the Canal and Rail Road on both sides of the Isthmus that are to be operated by the Rail Road has been pushed to completion. The docks are of a character as to design, stability and capacity sufficient to meet the requirements of all Canal traffic in the near future and it 1s planned to build additional docks from time to time as they may be re- — quired. A plan for operating the docks with a scale of charges according to character. for the various services to be rendered by the Rail Road Company has been prepared, to be amended and made effective later as changed conditions necessitate. (The amended plan was promulgated under the Company’s Circular Notice No. 500, effective November 17, 1914, and has thus far met with general approval.) For the bascule bridge authorized to be constructed by the Board of Directors at a cost of approximately $425,000.00, there was substituted a pontoon bridge much less elaborate in design and of lesser cost on account of which there was expended up to June 30, 1914, a sum of $214,764.08. Since that date the bridge has been completed and opened for traffic. Arrangements were completed for, and construction rapidly pro- gressed upon, a four duct conduit for the transmission of electrical power ~ by cable across the Isthmus. Two of the ducts are required for the Com- pany’s use and one of the others has been leased under favorable terms for a term of years to the Central & South American Telegraph Company to connect its cables on both oceans. During the year a physical inventory of all the Company’s property on the Isthmus other than floating equipment was made for use in con- - nection with a readjustment of the Company’s capital and property accounts to meet changed conditions resulting from the completion of the Canal. _ Steamship service via the Canal will entirely replace the through service ‘furnished for many years by the Company’s Rail Road. ‘Traffic between — United States coast points on both oceans will thus be borne by the im- portant steamship lines that have heretofore operated indirectly via “Tehuantepec,” ‘‘Panama”’ and ‘the Straits of Magellan.” Foreign lines similarly engaged in traffic between Europe and Pacific coast points - North and South of Panama, as well as those operated out of the United States will, when operated directly through the Canal to such points, carry a large share of the business and effect transfers of cargo as between themselves at our terminal piers; thus there will remain for the railroad to handle only through traffic with Panama City, the local traffic of and between intermediate points on the road. The reduction of revenue to the Rail Road will be offset by a relative increase in Panama Canal - earnings. It has been arranged for the Panama Rail Road Steamship Line to continue its participation in traffic from New York to the Isthmus and points beyond on the Pacific Ocean by the operation of its steamers through the Canal to Balboa. Ms The Workmen’s Compensation Act, passed by the Legislature of _ New York State. became effective on J uly Ist of this year. By its pro- PANAMA RAIL ROAD COMPANY. Be visions the Company was required to take out a policy under the Insurance : | Department of the State of New York or to establish to the satisfaction — of that Department its ability to carry its own insurance secured by a deposit with the Commission of an amount in cash or savings bank securi- | ties relative to the total payroll risk assumed by the Company. The Company was later so authorized and deposited with the Commission $1,092.00 in cash and $11,000.00 in bonds that were procured from the Committee on Securities for the purpose as security for the performance of its obligations under the Act. The indebtedness of the California-Atlantic Steamship Company to this Company of $191,905.67 has as was expected by last year’s report been reduced through the collection from the American Surety Com- pany of the full amount of its bond of $40,000.00. The suit instituted against the Company by the Pacific Mail Steam- ship Company to recover $800,000.00 on account of the loss of the S. 8S. ‘“Newport’’ at our terminal at Balboa on August 27, 1912, has not come ~ to trial. The operation of the Hotel Washington at Colon has been transferred — to the Subsistence Department of The Panama Canal. Upon application by the Republic of Panama to this Company, as required by the terms of Article 1 of the contract of concession, this Com- pany’s consent was given to the construction on the Isthmus of Panama of a rail road eastward in the direction of Panama City from David, in the Province of Chiriqui, and also of one from the coast inland in the Foye of Los Santos. The resignation of General Superintendent J. D. Patterson was ac- cepted, effective October 28, 1913, and Lieutenant Frederick Mears was appointed to the position on December 1, 1918, which he held until he resigned to serve with the Alaskan Railway Commission and was suc- . ceeded on May 22, 1914, by Mr. Charles H. Motsett, under the title of Superintendent. During the year the Company suffered the loss through death on December 5, 1913, of Director Lieutenant-Colonel D. DuB. Gaillard, — 3 Uo A ite vacancy in the Board occasioned thereby and those re- — sulting from the retirement of Directors W. L. Sibert and EH. T. Wilson, were filled by the election at the Annual vieeiing held in New York ¢ on April 6, 1914, of H. Rodman, R. H. Wood and W. H . Rose. Respectfully submitted, EK. A. DRAKE, Vice-President. > July 8, 1914. a2 | ~ PANAMA RAIL ROAD COMPANY. THE PANAMA CANAL CANAL ZONE : Balboa Heights, September 30, 1914. Cou. Gro. W. GoETHALS, : PRESIDENT PanaMA Ratt Roap COMPANY, | BALBOA Haat CANAL ZONE, SIR :— ANNUAL REPORT—OPERATIONS OF THE COMMISSARY DEPARTMENT— FiscaL YBAR, 1913-14. I beg to submit the following report covering the Commissary Opera- tions during the fiscal year ending June 30, 1914. ORGANIZATION. During the first three quarters of the fiscal year the Commissary continued under the old organization. On April 1, 1914, it was con- solidated with the Supply Department, which department now operates the commissaries and manufacturing plants for the account of the Panama Rail Road Company; all expenses coming from and revenues accruing to the funds of the Panama Rail Road Company. PERSONNEL. Col. Eugene T. Wilson resigned as Subsistence Officer February 24, (O14. | Mr. John Burke, Manager of Commissary, was suspended February ' 10, 1914,.and discharged on account of reorganization on March 31, 1914. Captain F, O. Whitlock was appointed Subsistence Officer February 25, 1914. 7 Captain F. O. Whitlock was appointed Assistant Chief Quartermaster April 1, 1914. | Mr. 'B. L. Jacobson was appointed Depot Commissary May I, 1914. The undersigned took charge of the consolidated Department on April 1, 1914. Beside the above, Mr. W. F. Shipley resioned a as Chief Clerk, Feb- ruary 28, 1914. Mr. C. M. Bullard was appointed Chief Clerk, March 31, 1914; re- signed April 30, 1914. Mr. Frank Floyd, Inspector of Commissaries, resigned April 30, 1914. — Mr. D. W. MacCormack was appointed Inspector of Commissaries April 1, 1914. Mr. 8S. M. White, Superintendent of Manufacturing es, [ae SALES. : The total sales for the year in the retail commissaries showed a de- erease of approximately 10 per cent. from those of the previous fiscal year. The sales. of the Manufacturing Plants showed a decrease of approxi- mately 5 per cent. from those of the previous fiscal year. The decrease in sales did not correspond to the decrease in force, which was approxi- mately 3314 per cent. The stock showed a decrease of approximately $100,000.00. , oo PANAMA RAIL ROAD COMPANY. So The losses through condemned goods, shrinkage, etc., amounted. to $124,000.00, a decrease of somewhat over $3,000.00 over the previous fiscal year. The amount of loss through these causes is considered eX- cessive and every effort is being made to reduce it. The prices in general have averaged higher, there Pome a decided increase in the cost of all meat. | The Manufacturing Plants have not showed the same percentage of decrease in business as have the retail commissaries. ‘There have been - no changes in the physical arrangement of the plants or in their manage- ment during the year. I do not consider the financial results of the year’s business satisfactory. The reports made up at the end of the fiscal year show a net loss of $37,000.00 for the year’s operations. Adjustments which will be made in this year’s reports bring the actual loss to $30,000.00, but this does not take into account depreciation of plant and equipment. If this should be considered, and rightfully it should be considered, the actual loss for the year’s business would amount to approximately $75,000.00. The Commissary reports, up to the fiscal year 1914, showed a large net profit. In figuring this profit, however, some factors were omitted; to wit, the cost of the retail commissaries constructed from Canal funds © and the allowances furnished by the Canal to Commissary employees, which allowances are as much a part of the Commissary expense as the actual salaries paid. The previous management of the Commissaries, in view of this large — surplus, practically sold goods at a loss during the first three quarters of the fiscal year, and, if this policy were to be continued indefinitely, the surplus would soon ‘be wiped out and the commissaries would be run- ning permanently at a loss. I do not consider this good business policy. I believe the Comnnesary should be absolutely self-sustaining and every legitimate expense included, including depreciation of plant and equipment. Since the consolidation with the Supply Department, some radical changes have been made in the organization. The positions of Manager of Commissaries and Superintendent of Manufacturing Plants were eliminated. The position of Depot Commissary was created. The wholesale business, embracing the business of the manufacturing plants and the wholesale warehouses at Cristobal, was placed under the control of the Depot Commissary, upon whom devolves the responsibility for the proper upkeep of stock, ‘The various line commissaries were placed, for purpose of administration and discipline, under the various District Quartermasters, with the exception of the terminal commissaries: Cristobal, Camp Bierd, Balboa and La Boca, which were handled as sep- arate units. On account of the approaching removal of the general offices to Balboa, a temporary organization was effected by which the Assistant Chief Quartermaster at Cristobal remained in charge of the purchasing and with supervision over the Depot Commissary, while the Inspector of Commis- saries was transferred to Culebra, and the various line storekeepers report, through the District Quartermasters, to the Chief Quartermaster. Ulti- mately the supervision of all commissary matters will be transferred to the main offices at Balboa. | Especial attention has been given to the foreign purchases which have _ heretofore been handled on the Isthmus. The bulk of foreign purchases _ were handled through agents in Hamburg and London. Efforts have — 34 | PANAMA RAIL ROAD COMPANY. been made to buy direct from the manufacturers and these efforts have met with unexpected success. By direct purchase $15,000.00 per annum is saved on one commodity alone. For some time no definite written guide had existed for the pricing of commodities in the commissaries. Fixed surcharges are now placed on the various classes of commodities and these prices cannot be changed, except by direction of the Chief Quartermaster. As beef has been selling below cost f. 0. b. docks Colon, the price was _ raised, and the price on other commodities lowered. | Attempt was made to reform the selling methods in vogue in the various line commissaries. Special attempts were made to improve the service, requests for comments and suggestions being sent out to patrons. A number of helpful and practical suggestions were received from patrons. It is believed that a marked improvement has been made in this regard. A large wholesale warehouse is in course of construction at Cristobal. When this warehouse is completed, the plants and wholesale warehouse of the Commissary Branch will be concentrated, and it is anticipated that better service and decreased costs will result. A new concrete commissary was completed at Ancon ahd opened for business on June 15, 1914. In the past the ereatest aid to Commissary Operations has been in the immense volumes of business transacted, which has enabled us to buy at comparatively low prices and to sell with relatively little expense. Whether the business to be done with ships passing through the Canal and with the various departments of the Government, such as the Army ‘and Navy, will make up for the decrease in business from individual employees is a question. It is believed that we ought to rigidly adhere to the policy of supplying all departments of the Government from the Canal Organization. However, in the face of decreased business, we have been able to cut our costs correspondingly. 7 Respectfully, R. E. Woop, Chief Quartermaster. Mr. A. PANAMA RAIL ROAD COMPANY. | = 35 PANAMA RAIL ROAD COMPANY. ACCOUNTING DEPARTMENT. New York, N. Y., October 31, 1914. DRAKRE, : Vick-PRESIDENT, PANAMA Rain Roap Co., New York, N. Y. Dear Str—I herewith submit Exhibits of Income Account, Conceal Balance Sheet and tables showing results of operations for the fiscal year ending June 30, 1914, as follows: TOMRDOWW > S i Ae ee ee Income Account and Profit and Loss Account. General Balance Sheet. . Investment Securities Owned. Revenue and Expenses. Operating Expenses of Rail Road. Operating Expenses of Steamship Line. Expenditures for Additions and Betterments. Equipment and Plant Replacement Accounts. Classified Rail Road Revenue, Tonnage and Passengers, Colon to Panama, and Panama to Colon. Rail Road Freight Statistics. Rail Road Passenger Statistics. Rail Road General Statistics. Rail Road Freight Tonnage handled. Steamship Line Statistics. : Locomotive and Car Equipment. Floating Equipment. Chart showing Organization. | Chart showing comparative ton miles, Isthmian Expenses and. | Pay Rolls. : Chart showing total Revenue Received. Chart showing Revenue Received from Freight handled. Chart showing Tons of Freight handled. Chart showing Operating Expenses by Deparuments In December next the following tables, showing the results of oper- ations for the four months ending October 31, 1914, will be prepared and pues as a supplement to this Annual Report, V1Z.: N Hha< Income Account and Profit and Loss Account. General Balance Sheet. — Revenue and Expenses. | Classified Rail Road Revenue, Tonnage and Passengers, Colon to Panama, and Panama to Colon. Steamship Line Statistics. Yours respectfully, V. M. NEWTON, Auditor. \ 36 PANAMA RAIL ROAD COMPANY. EXHIBIT A. Income Account AND Profit AND Loss ACCOUNT FOR THE YEAR ENDING JuNE 30, 1914. IncomE ACCOUNT. Rait Roap— Gnross-Revenue tromiOperation. «625.0261. cpt ye ee eee $4,567,405 52 Operating HxXPENSSs once oe ere e eee eis Satie arabes eis se rele 2,741,485 70 Net Reventie trom O©peratlonva cs... < saderculs asics cea Cons | $1,825,919 82 STEAMSHIP LINE— Gross Revenue trom Operavions og. eles taite cc cee etate oerns $2,255,101 40 Operating Expenses.......... aR Cac Miata s Guat Ge rig e cena ToviaMe age eget ey 1,940,805 04 Net Revenue from Operation... ....:...0 26. «4 Ssipevaneuea ae we 314,296 36 Total Net Revenue from: Operation’... “0220... 0 6. $2,140,216 18 App INCOME FROM— Interest and: Exchanges ec cccicsn ster sues eget ecerok sce ate Vege So ec aha $155,712 02 STNG US aa I OE eater cca alia abe haianya: oh abe 2a ceiie to's eta oles 121,421 38 | Deane ean ome 277,133 40 LEss— $2,417,349 58 RENTAL OF TERMINALS AND TERMINAL OFFICES.............. $93,441 14 Unitep StTaTres GOVERNMENT INCOME TAX............000005- 20,568 48 ———_—__—_———— 114,009 62 Net Incomentondwelve WlOntbss 005 cs eee se eens $2,303,339 96 Prorit AND Loss AccouNnr. © By Balance #0) Credit of Profit and loss, Jume 60, 19183.) de te es es eee ce $15,379,522 42 Surplus from Income Account for Year Ending June 30, 1914.................. 2,303,339 96 AcyustMents in SUNALY; “A CCOMMUB, CG. cs. ciee cectcns cle teye c sas! ovcels aielon sisi lyre eget coi a. 599 78 $17,683,462 16 Lrss— Expenditures for Improvement and Construction Written Off Account Abandonment or Destruction of Property........... $4,802 50 Revision of Transportation Charges on Shipments of Scrap....... 15,977 41 Payments of Injury Claims not recoverable from Panama Canal... 12,208 45 Freight and Value of Coal on §. §. ‘‘Cecil,’’ Wrecked February, GH 7 Ee ae as oe AO cara Maar ee RE AVI i HR aN ee RECN een ee Sy 21,977 46 Accumulated Vacation Pay and Overtime for Period Prior to June RAL LB YS me Sens ree ernie an Can Cae rs a mi eslle yrs eee) re ocr prensa Peng en teeter 86,066 58 Sundry, Accounts Written Onn vnc e een Gu de tte ete 7,970 93 : 5 (a 149,003 33 By Balance to Credit of Profit and Oss DUNE SOP LOUA eee cies nemerolee vs $17,534,458 83 TDXIBED Bo ASSETS. GENERAL BALANCE SHEET JUNE 380, 1914. LIABILITIES. ROAD, REAL ESTATE AND EQUIPMENT............ $17,133,169 85 || CaritaAn Strock...... Se .67,000,000 00 — CONSTRUCTION AND IMPROVEMENT EXPENDITURES FOR: UNCOMPLETED WORK... ..3. 3... 3 oe se 4,346,751 49 CAPITAL LIABILITIES: Due to United States Government: For Cash appropriated through Isthmian Canal Commission for New Equipment and Im- DEON CMeNtS essen ee ee $2,786,829 53 Less Cash repaid to June 30, 1914 1,387,714 92 DT OARUNG =H QUTPMENGD sea oe ei ee ye te a ee ee er ee A eG en a ee ee $1,399,114 61 Steamers ‘‘Allianca’’ and ‘‘Advance’’ ........... $764,271 66 F For Cash appropriated under the : Act of Congress, approved ‘Bugs ands [seh terse since en ee ere 227597920 March 4, 1907, ‘‘to pay the = Four and one-half per centum atwo: Motor Boats... .... eat cseenee see Reece oN 1,698 45 : First Mortgage Bonds of the ———————— Panama Rail Road Company 993,949 38 October e190 te $2,148,217 50 ee Less Cash repaid Treasurer of the TovaleCapital Assets ee eae $22,473,870 72 | UnitedtStates=:-c. 32... 300,000 00 SS LES OI YD) 3,247,332 11 Lotal-CapitalIiabpiliticsic. se eS $10,247,332 11 eee RESERVES FOR DEPRECIATION: : SECURITIES OWNED (see Exhibit B-1)............ 1,916,519 75 Rail Road Hquipment............- $779,134 00} (= Bloatine-Hquipment.. = =. 524,486 69 PiantsHquipmente <2) 437,158 29 : os Rese ee SUG ee 1,740,778 98 WoRKING ASSETS: Cash in Banks, on Hand and in Transit......... $3,804,105 78 Materials,. LIGHTERAGE AND HARBOR SHRVICE. SUMeTEMVEM GE EMC Oss cca ian ece tor ke ete eee scare wimucet magmecme cman ens hace Ys $9,827 60, $10,688 38 Tugs—Repairs..... 5.2: SEE Gy a toe eS OL OE ee ae OS OG a 703 24 2,084 80 MUST VCM GWA LS ae co acer uh | ce Cleans Neel tahone, arma Ne ree anton a Bees = DC PRCCIALIONWs. Secs oe ee ee cee ae ee eles bo 8,025 50 5 B11 14 Lighters and Other Equipment—Repairs.................4-. 9,668 82 a 884 90 Lighters and Other Equipment—Renewals.................. 2 —- Lighters and Other Equipment— Depreciation EE eer nova aN cae EeaErs TO OMe 06 15,797 76 Cranes—Balboa VEE EU Tehresces ve see AC NERY RES Spa ano Sete ee 18 46 1,367 48 @hrarter of Boats: 53.42. FS lee TN Oe Ce aU AN ag, oe Re RL Ey 419 36 1,936 16 IVS OS OMtS ie Cte et nce. tnaie Rien cn emer Uiets pra ceitaeete 1,647 50 15,814 57 [Boat Suppliessand lh xpeNses 7 < oe) yanks oe. 6 bel ne er nes 1,803 68 5,405 55 EDO iyi De ee ek aes I a a SON I ee Sena Sere tiet Re as 2,621 63 1,950 08 Dara Ger vo Pro PehUy cc. cece eo ee eae Beata 393 97 678 42 Less and Damage........ Byes Sian eae mere SUN a td Sav Maen 90. 95 Ks 210-28 TAA CSSGO mR CLS OMS cere es i a aT SN ey reise Seton gene 58 06 250 48 SS Suaoneryecancd=EniMbln oe. ree ee ect SSR Os Saks Canes gers 103 92 195 85 OGirensi xpPensesis eae Sus Ce ce eee ead Shes paca te ete 2,182 838 1,582 59 Light Houses—Repairs and Renewals...............2....0:. 14 34 NOL icht.Houses-—Operation Of... 0. oe SSE aceasta 982 83 1,139 90 MRO GA eee es peas ee ets eae ae css) See shee tas $54,360 45 $77,086 02 LoapIne AND DISCHARGING VESSELS. 5 POUPCHIMLCD CENCE sree re ee Re Neha Nea eate ely ns cause ete $486 89 $1,567 85 @ranes—-Repairsand Renewals. so) es es oa inte Oe ee A035) Blass IP > 21,075 96 Cranes Operation. <..c. .. PESOS SS Cele User axe aa eines 37,197 O06 26,042 54 Tenyieresstoe Persons 2 ses el ee ee Re ee 87 14 314 66 OGiershixpensese: 23 —— COLON TO PANAMA. | : AE OT eg INNO eae ie ee ie ue ete Re tN Olan 757,603. | 1,049,998 — 27.84 Hor GentraleAmerica: <3. Geis tie ee ee 49,856 52,183 — 4.45 HOT SOUGH ACI Chee rctct ee ets ne ened Seater ee ee 135,145 143,199 a |. 5.62 MOM SAM rANnCiSCOn or aioe lee Sore ee le ee ee 103,079 113,179 — 8.93 HOT EVICSICOn Sees os crete ene oe eis eta es oe 681 138 a eas Motals ee Ce ie ee 1,046,364 | 1,359,297 — 23.03 Panama To Conon. ae : Brom Rename). os ‘Gee ee rae mn ay ol S20, 91le¢, 455,400 — 29.53 Mrom:@entral Americas... ccs. ee Rates Bi cee eg 44,239 25,017 76.83 — WrOmMe SOUL Ne ali Cee acre es eto sabe ode ee cates 106,493 102,152 4.25 —_ From San Francisco..... i ar Coe Rr Oen gies See sheral oue aceke 115,621 84,868 36.23 — MiromaVexicon S065. chee ae ose et enage ae 95 118 — 19.49 MOtals 3 eee ee 587,365 667,555 — 12.01 Total Westbound and Eastbound....... ...| 1,633,729 | 2,026,852 aie 19.39 PANAMA RAIL ROAD COMPANY. 55D EXHIBIT M. STATEMENT OF coca LINE STATISTICS FOR THE YEARS ENDING JuNE 30, 1914, anp 1913. . FREIGHT TONNAGE. 1914. 19138. INCREASE. _. DECREASE. Ton- Ton- Ton- Ton- Ships.| nage | Ships.| nage Ships.| nage Ships.| nage Carried. Carried. Carried. Carried. Panama R. R. Ships...... Arrived.| 28 35,652| 29 | 41,389|| — — 1 5,737 ED ars Sailed.| 28 49,391 28 53,304]; — — — 3,913 Chartered Passenger Ships. Arrived.| 50 142,611 51 143,927 — — 1 1,316 .Sailed.| 49 | 280,869 52 | 317,317|| — — 3 36,448 Chartered Freight Ships. _Arrived.| — a — — — — — — f ....sailed| — — os — — — — — MOE leer ore eee ee Stee 155 1508, 023 160 1555,937||. — — 5 47,414 Total Freight Revenue. : aun = $1,531,519 45 $1,401,720 O1 $129,799 44 —_ Average Rate per Ton........... 3 Ol 22 O2 0 49 . — PASSENGERS CARRIED. 1914. 1913. INCREASE. DECREASE. Ships.| P@8- |Ships.| Pas-_ || Ships.| P88: ||Ships. | Pas- sengers. " lgengers. sengers. sengers. Panama R. Rob pseetos i. Arrived.| 28 1,783 29 2,199 — 1 416 Ca krone Sailed.| 28 2,018 28 2,230 al —. 212 Chartered Passenger BIDS: Arrived.| 50 Doll. oe EY "492 —_ 1 115. ..sailed.| 49 4,994 52 5,741 — 3 747 L Dota 155 |14,172 | 160 | 15,662 6 | i480 | | . Mt Total Passenger Ramen (including excess DARGADO)... ..-. $423,718 83 | $450,113 85 _ $26,395 02 Average Rate per Passenger...... 29 90 28 74 ol 16 = . STATEMENT OF Stock on hand, June 30, 1918. ........ Destroyed during year...... oe te ee eee Received during year................ Changed from another class. Changed to another class............. Sold:during year wins ins es ok ee Placed in storage for sale... Stock on hand June 30, 1914 EXHIBIT N. Locomotives AND Car EQUIPMENT FOR FiscaL YEAR ENDING JUNE 30, 1914. Locomo- PasspNGER Cars. FREIGHT 7 _ Miscruianzovus. TIVES. CARS. fe z= : i oes S poles es n ort - SS ie Ib anemone B | 4 Bs ; a fe nD ile eee Ss eO wi. | a |g O a o a 3 4 aS S1S}s}n] 3 ai ols A | “& moe q a Zz d o| = i Serlet als. 4] fect Z| Or |e Bay as ee oe ce | elas 8 a Sis pt SE fee | eee ec le ees ot ale) as KI g Ss GiISIS esl elOlalale Pokal aie Olas | ©! Sim oe eu |ee Pal staal Pa Os eS ee OF leas 6 SSG ee oes . Srl Ol O21 Bil ule] ei si e| oo] |e Osi] 212 Oise|oast Oeste On| eee oe ee ele aS Bile Seo sot Sela ee ela eel a3 pecs Sie eee) See si all BS Sisal 818] 815) 6181s e]2\31g)e|e) 3) 312 om om) — ~~ i CloaolalaleloalmalimalSlialalolelalola@lE! al ole@lolslololelelalalalala 43 | 18 3) 2| 21] 211 2) 6] 2! 2/\9811 39] 19/] 2/ 15) 2 20/ W200 -78in 2 ie 22) 19 le aL i 2 ee TeAe ee a a ee ey SV Al 7 1 | = ee ee — | —> JF Fo S|] —— |] | Ot Or ees ess ees a rs i aes i Si sss a ss oes i ess i ee sO ess Orr a rr ia rs i si sa es er a ee el a ea ee te ee =| ee | oO | pM SED a LS SS a aca AES eS Ee a ea a ae Fi Fg ca ee ee ee ele ell 9g PANAMA RAIL ROAD COMPANY. EXHIBIT O. STATEMENT OF FLOATING HQUIPMENT. 57 SConstructed by Panama Rail Road Forces for handling garbage from ships at Balboa. ESSENCE CCOMODA- weuioee LENGTH. | BREADTH.| DerrrH. | Hutu. - TION. ONNAGE, re CABIN. eee Steamship » Alliancas Scan 7.3. 3,905 SEOC One ADO 2382.9) Tron 146 20 Steamship ‘‘Advance’”’.......... 2,605 295705 7 38040 2340 Iron 68 24 Steamship ‘‘Panama’’ (Chartered) 5,667 36002064 350, 0” SoM Steel 183 13 Steamship ‘‘Colon’’ (Chartered).. 5,667 360710/4.|) 507,077 S202 Steel 173 14 Steamship ‘‘Ancon”’ (Chartered) . 9,606 489’ 5! 58’ 0” 28/ 9” Steel 78 52 Steamship‘‘Cristobal’’ (Chartered) . 9,606 ARO Dial DS. OW 28’ 9!” Steel 78 52 aus n Bolivar as aoe ee 234 TOT nO 8G” 9’ 6” | Iron — — ilot oat ‘‘Dixie’’ Bir Gasoline; at .Colon)4i.. .. 5. = 416) » 35’ 0” CaO 4’ 6” Wood a — Pilot sBoat . Bartanw © (2. 7EP. Gasoline, at Balboa)*.:....... 2 De OK NOG DEO Wood — — Two Freight Lighters, at Balboa.. 250 LIGOG si 2440 CEO Tron — — Three Freight Lighters, at Balboa. 300 N20C OM 2a OOM, SEO Tron — — Two Freight Lighters, at Balboa.. 300 TGB OM 240! SOM Steel —— — Three Coal Lighters, at Balboa... 300 12020" DAL 80% Tron — — One Coal Lighter, at Balboa..... 250 Tab yee (4? 24’ 0” TOY Tron no — One Coal Lighter, at Balboa*.... 250 TLOAOMe | 24001 0" || Tron. — oe One Coal Lighter, at Colon...... 250 SOLO 30204 10’0” | Steel — — One Floating Pile Driver, at Colon — LOM 30507 62 Steel — — Three Motor Boats (Converted Inte boats) Oy se iis Se ee 4 267 37 (a LOW SO Wood — — One Towing Boat ‘‘Naos’’ (45 to 60 H.P. Gasoline, at Balboa)... da 15 AQ 5 11’ 24%” 4’ 114""| Wood — — - One Garbage Scow, at Balboa °... 40 60% 0444) 15707 5/0” | Wood | — — lTransferred to Dredging Division, Panama Canal, June 1, 1913. 2Transferred to Division of Canal Transportation, June 22, 1914. 8Transferred to Division of Fire and Police, Gatun Lake, April 1, 1913. 4Number 4 Freight Lighter converted into Coal Lighter. . One Motor Boat transferred to Superintendent of Erection, Panama Canal, March 25, 1914. EXHIBIT © PANAMA RAILROAD CO BOARD OF DIRECTORS. GWGGETHALS O.H.ERNST.. R.R.ROGERS. F.C.B8QGGS. M.T. ENDIGOTT. WH.ROSE. C.A.DEVOL. H.FHODGES: HRODMAN . EA DRAKE: F/McINTYRE. REWOOD. H.H.ROUSSEAU. SECOND VICE PRES.. LIEUT.COL.H.F, HODGES, PRESILOEN ¥. "VICE PRESIDENT. | | COL.GEO.W.GOETHALS, U.S.A. Lott! Treasurer Bilt WAROLAK, S-Merr, Wer Clern EM Ferr7e//, FHF We/7 FAY ASV ET” G4 000 SESE EYMOAST EL Citta ONCE, COASHIEI L.4.M¢ a7. IA Ly “Le GCOEA Orel a. Lit C/T, fé-Her | Si Boara Sup ie AG Eree7, | CLG, SOP FOF EMAL. | EMIT Er 4-err Jaspector: ST Thibault 18 Wo, | Jernv7a/ 8 woh Gen Fu rchasiitg Otte Comsy FUr OLN Cer pL Riiperlord, /Ee7. SYMCOIS. EMU. | Ch Bleakley. 26 SVC. Fawder, OL STC. LOgGS. 4-N el? A Caffe SoCs @- VIF CII. SUpr i Cer7rfi lh GAY EKS. LE L¢ C2. LISP CCF OK L.A Stltar ales; oD. Mel. | Suyphr fac. Dr. | CR GTAABETTY. lf A LE Da ae 1 CBSULCT- | S Derg. ee Suptiiig Lrg rh Kolatia Aiwork 3S STE. E75 ern es SSE. i Sip tt Lich hifré. COL MOOD S970 er | Wechor(ca/ FASC. AA LVVA OT! I¢-Mer, EVCOCITICaGM COCA. LISTE Lorrala, | 467. SOSCCHGATCOUS. ' BESTE. . 1° Gold 1067. 18 Silver /Geta ELA. onan Es. C50 VIEL. AISSISTOITS Fo KC E FTES EIT & SECTEIATY. 7 St fossbortos | 9 = /7C/7. a | Cerreral Course! | lal (POGELS, | Supt 7e/, &Sg7a/s. | UE pI IMTRE | | Srelght PCr Suplr of Traftie COA GCIGES | IF STEM, Voir e Clef EASLMIGE. Pie, Syprrising \ Chel Qoeraror: STHATa. GS /TC/7, AS 17C7, MES STOI ETT ES CLL S OFF OL S- Mer, EASES (TEL Nee | 3 Clalin Agel | AM MM Er LOM Cr. ML FTOLCPSO | FB-Mer |} \SUpt Lag eS EB B1AG5. SATIVSANGER | AOS T Ef, Mice Force (Matin GCA FOL Clial, | ACFBAMETEO. | GMa | Supervisor 4: SWayeack. O46 STC/7. FUCLLWVETL OETA Siuphot 57/5 & Sock tards. UM CUIBETTS OL: | : J+ M77, : LOI CITT, A-/GE7, : relgtt & Pashgel SJ CANGEL SAE SVE: «. LOL CC FICE 7 17 | LOCH AG CLIP COLT ACH OTC, | 4° C7, OSV CCFOU CeO 1 e/a} Z acal Ager Panama. 4. 3 Welker VEST Cl Wie lorce 16-Mt7, | Zeggave tot COl0/7. | KE Taegsourr | F-/7Cf7, SUYIETVIS OF |SUPERINTENOENT. , C.H.MOTSETT. S/F -/1e/7. ORiéh Clerh------ fp Beverley.) | TSS 0 CHA ClE7K -- > _ “celorce RAM ef -n--—- HEVTEC GIO. $fG CT ete : Section Gigs. AEOVTES. VO FS CHIC | LIOSVE7. EXITG GAGE. SELLA E-LOF C/T. | | (#2 STC SU SCO AITEOUS. LC KOCO LG TS bCoyducrors, E76. CULEBRA,GC. Z. OW LEE, WOR AITASEIET \ 17 EB CONNOLLY \ OFT Ve Oee force (Harn ChbSTEl2. | _ IF FOE E?. Sal 17 E07. EXITQ GaIG5. | FRIST | /3-/premes. | 4SOVF Ei? SUECEMATEILS. CMC. LOCO KGS, CORUCTOVS, GI. | let Drat} sian 2-172). FELIGITIR TESTO Tel [FQMUTAESE SO Mead, TL MC, Wee lorce. *\ I SVC/T SG Old Meri I9- SW er Mer, Salo AG Fulialta SL MUMS, 1¢--/9 07. Chir Despatcher. Vt &, HUE Ch 4-17 cls, Cirscel/alreous, | BGG STA5TCETS, GTC, | GEMEIG TTGLNT EM. SPA OSTCH. Syph of FR Tensoariation Fi BLUNT G9E /7é/7, Wi COL OLCE Lien, Color, -C7 1S, 0a | 4S Hala MI ITC V1 Gola TTEL LOE SHO VOG/. SiatorrAgele Color TSCM CYIOMME, SVE STULL. VAT SLIVCH. Wil burd rs 22. GUUL KGL SE. 24, Sit Stélig lite /\ GG C/IC/. Az. COMCIOS 14. Ohta guage. 7. Vert lial (8 GUUT ASL ¢/ U.S.A. £4 F Agent Color KW. BEPPGIY, V4 -l7C7. Wi CCL OrCE f 777 Gir LSITICT (27. Gel! FOF CIAN SG CartHrliglht ABOVE. LYSIS CH IVE S°A. GOTElal FOLEMmal G. Hurrher KOF S71 Lstrith Ik 2. | Goreral FONG OK FOCTSO/7, 64.9/7Ci Coal Marraling Tah GCOMCG FOTLUMAT SF LDoVCM 23 -Vel, Lngireer of Locks. 7 BAITONNICH E, 454 °/7¢/, Nice FOC! A087. ABS STE KING ITECS S TFUSCOLT #-%e/7 SUH Cr KGET. G 4. LOUMAS. IVC, SYQCL VIS OL. OAV G(507. LIST G77. 16 °Gud 77 A441 SUVEL “ ” AM POUSS EAU. AGI OF FELT Til CONST Dr, Local #Uwyror SCCLEMEIYTS. Vraviliig Mal i tn & F AGC0l Bialeca, AE SUSSRIN. GS STH. | Wt ceforce s0Me IF -7C/7, Chet Clerk MAT oer Reh SVCD Ore. ROE CT SORLNSCOMGITCOUS: FOO *kLGOOrETS. 34-W ein SMH S77 Vga 2001017 a8 Of June 90 /9/4, 61 MSES. EX IE T. OC COMPARATIVE STATEMENT TONS HAVLEOD ONE MILE. OPERATING EXPE PAY FOLLS. FOR FISCAL YEARS. ----------~---~----/ 9/2 —/9/3---------------- 3 1913 — 1/914: BOL? Cee e DIVE AES PANAMA RAIL ROAD COMPANY. 2 * SM a oo ETL va 2 EIN eT | 6000000 } 62 ? PANAMA RAIL ROAD COMPANY. | EXHIBIT FP REVENUE wens SPREIG HT, PASSENGER S, PECEIVED, BMISCELLANEOUE. OO Mf Freghhhy ocal LY SR INS % YL END AN Joos COL GES LXITIBIT FT. TONS PREIGHT HANOLED. S\V A Corrrmer ela Ye CFI,/7 29 TO7S. VI T14409 12078, deer COMET C(O. SI SER Ton V7 oe ( PANAMA RAIL ROAD COMPANY. 63 iM EX/1/EB/ “CS.” QEWENUE ECEIWED FOR FREIGHT HANDLED, Tata * 2,846, 103, O4. oY YN /, e Nee ee) W > , 69.17 7 IML ILL LLL, Me LOCK $221 00/,96 . COXA WH JeEEK.R RRR | #1968, 560,02 | EXH/ BIT Hie OPERATING EXPENSES BY DEPARTITEM TS. LN : Batal 2 642 202, be | pone ee WF Sy | \ Z EERE Z Yi CERO R REE Fal7sportat/or7 PSO £6 646 7 ON j VU : ee CHISES. iy s Yj S4 Sib eb 4b Uj Supplemental Report SHOWING THE RESULTS OF THE COMPANY’S OPERATIONS FROM JULY 1, 1914, TO OCTOBER 31, 1914 Presented in Compliance with Resolution of the BOARD QF DIRECTORS Adopted at its MEETING OF APRIL 2, 1906 - PANAMA RAIL ROAD COMPANY. | G7 PANAMA RAIL ROAD COMPANY. Cou. Gro. W. GorrHaLs, PRESIDENT PANAMA Raitt RoAap Company, BatBoa Huicuts, C. Z. Sir—The accompanying exhibits, showing Income Account, General Balance Sheet and statistical tables for the four months ending October 31, 1914, printed in accordance with Resolution of the Board of Directors adopted at its meeting of April 2, 1906, reflect marked decreases in rey— enue, particularly of the railroad, due to the opening of the Canal to ecommerce on August 15, 1914, and to European war conditions which have seriously interrupted our service with three of our principal steam- ship connections. The decrease in revenue derived by the railroad from its local and through business, as compared with same period of 19138, amounts to $413,014.35, and for the steamship line $11,487.30. The corresponding: decreases in total tonnage transported are 158,961 tons for the railroad - and 34,625 tons for the steamship line. The relatively unimportant decrease in revenue of the steamship line as compared with decrease in tonnage is accounted for by reduction in unremunerative coastwise and cement tonnage and increase in foreign tonnage at higher average through rates. The profits from commissary operations to June 30, 1914, whieh have been previously indicated as a reserve account on our books, have been, as will be seen by reference to Exhibit V, written off to the credit of Profit and Loss. In accordance with resolution adopted at meectme of Board of Directors held at Culebra, C. Z., on July 23, 1914, the Panama: Canal was reimbursed in the amount of 8197, 864.83, for cost of construe-. tion made by them of buildings for the Commissary Department and repairs to such buildings from 1907 to June 30, 1910. This amount, less salvage of $1,250.00, or $126,614.83, was distributed in our accounts by setting up in our Capital Account the value of existing buildmgs. amounting to $79,933.22, and charging the repairs thereto and cost of construction and repairs to non-existing buildings amounting to $46,681.61 to Profit and. Loss. The reduction in value of securities in Reserve Fund of $6,642.50 on October 30, 1914, as compared with June 30, 1914, is accounted for by the transfer of eleven New York State bonds to the State Workmen’s Com- pensation Fund as security for performance of the Company’s obliga— tions under the Act, and the purchase in July of additional bonds. Respectfully submitted, EK. A. DRAKE, Vice-President. 68 PANAMA RAIL ROAD COMPANY. EXHIBIT V; Income ACCOUNT AND PrRorFit anp Loss AccoUNT FoR FouR MontTHS ENDING OcToBER 31, 1914. INcoME ACCOUNT. ‘Ram Roap— GnrosstRevenue trom: Operawlonee. owe ee aes ve OSs aerate $1,103,720 08 Operatimgeb XpPeNsSesn cen 2s Cee ee. Ce escarole al erega tas $76,113 69 Net eRevenue trom, Operation...6 4... 7 LIne Meter SreamsuHie LINE— Grocssenreventie 150m: Operavion so ces i cicewte ah eae ee icrets ee $716,237 MHSUA IMG HXMCNSCS Hwee cM el Sethe sha Gr mere Wiens s Goe ee nina 631,943 Neti Revenue trom Operation tte. ons ede eee aan, Total Net Revenue from Operation............ SRT een aes App INCOME FROM— AmMUeTOS tsan Gee ROMANE. ieee Merde oe Pa ON a vee ee ene uGa ty $41,086 Veratrine ake te I OA a RI ERED UER NACE IE MOONS aS 44,901 Less— : RENTAL OF TERMINAL AND TERMINAL OFFICES............... $ol,241 RESULT COMMISSARY OPERATIONS, QUARTER ENDING SEPTEM- BR OO OMA cae 2 ets Mee oes eke rece oy Wis on Suet io eMee! 4! Suailslatts 45,466 68. Netoincome kore Hour WlOMbM Se eats me Sones | Prorit AND Loss ACCOUNT. eBy Balance to Credit,-Profit and, Loss, July ly lOla ny oe ai crag case ae Surplus from Income Account for Four Months ending October 31,1914....... Adjustment of Commissary Operations not affecting Current Periods Income.. LEess— 6 Commissary Buildings purchased from The Panama @analires woe: eats Or Ogee UGE Tan nation $126,614 83 Value of Existing Buildings debited to Capital ACCOMM RR NN Nears oo ees ence ee vein a clans 79,933 22 INOn-existino Bull dingsi ec. i este $46,681 61 Structures Sold, Removed and Destroyed.... 62,832 00 $109,513 61 Accumulated Overtime for Years 1906-1910................... 744 63 Adjustment Switching Charges Prior to June 30, 1914........... 2,326 67 DUNGY eSACCOUMtS! Whltlel Otters. sr 0 seers ate eases a hy cients 498 45 By Balance to Credit of Profit and Loss, October 31,1914.............. tes 89 13 12 49 21 68 $321,180 27 $227,606 39 ) $4,294 16 $311,900 55 85,987 61 $397,888 16 76,707 89 $17,534,458 83 321,180 27 © 682,109 99 $18,537,749 O9 113.083 36. $18,424.665 73 "EXHIBIT Ww. ASSETS. Roap, Rea Estate AND EQUIPMENT............ CONSTRUCTION AND IMPROVEMENT FX PENDITURES FOR UNCOMPLETED WORK Gee ee ees Re: 4,795,337 13 FLoaTine HQUIPMENT: Steamers ‘‘ Allianca’’ and “ Advance’ one eee $164,323 02 Hhugssandelighters: 3 ee re 227,979 27 wo Motor Boats-..... rate eae eae es 994,000 74 1,698 45 SECURITIES OWNED....... He eee ite eas en ee a 1,909,877 25 WORKING ASSETS: Cash in Bank, on med Andean seransitens 8 $3,440,895 38 Materials, Coal and Sulppliese sess ne ee 1,706,460 71 Due from Agents and Conductors.............. 158,946 92 Traffic Balances due from Connecting Companies 285,410 95 Due from United States Government: ‘Rhe-Panama.Canaloe.. si2s - $283,860 O07 Post Office Department......... 106,498 17 U.S. Navy Department......... 11,432 68 S| OIRO) Oe Due from Companies and Individuals........... 240,610 79 Miscellaneous“Accounts 2. 2 148,318 92 6,382,434 59 DREERRED DEBIRCPTEMS 80) pcr eee 612,214 67 $31,881,930 96 (Conon BALANCE SHEET OcTOBER 31, 1914. 517,188,066 58 $22,977,404 45 LIABILITIES. CAPITAL STOCK ==. 334-5. Ree ee ee $7,000,000 OG CAPITAL LIABILITIES: Due to United States Government: For Cash appropriated through Isthmian Canal Commission for New Equipment and Im- plovements=..- 2 eer $2,786,829 53 Less Cash repaid to October 31, DOW AS RIS NIE oe a OR Pee ee 1,387,714 92 OPERATING REVENUE. 1914 1913 : Increase. | Decrwase. Ratu RoOap: Revenue from Transportation: COLON TO PANAMA® IRGLOUNG eens eects soe eee een $455,786 61 $641,205 43 a $185,418 82 PASSENGER ct ce eee emcees 97,446 71 144,816 12 a 47,369 41 EXCESS Bag Gage Kas wo eae cies 4,126 22 D,0¢¢ 12 — 1,750 90 RPanlorsands@hain Oana. 321750 1,665 50 -— 344 00 VATS ieee sae ate det ca, Gate nels ON 53,978 64 70,461 77 — 16,483 138 HU SONESSee ec ines eee eee 3,880 67 4,765 59 al 884 92 Mnéeasure cos Vee Ee RN ages 2,435 36 2,329 46 $105 90 — Special Service Train........... 505 00 1,229 00 == 724 00 Saal $252,869 28 CBovalisst cla. Pen oes eee $619,480 71 $372,349 99 PANAMA TO COLON: Eenetichitig sc ee eee arene $207,416 13 $297,793 15 — $90,377 02 WASSONIP ERA ee ee 89,441 31 129,119 17 — 39,677 86 lWixecess Barsage. 45 0.6. ane anlage 2,899 24 3,106 87 — 207 63 Panlor ands@ioam, Cate... ae In365° 25 13607 25 — 242 00 AV ale gtd Lae es ene A eee 9,944 08 10,995 39 — 1 O51 Sit IRIONESS CCS e ee. te eR ee eae es 5,454 92 4,651 16 $803 76 a MTC ASUMO ne tia maces ah arene OAL OW. 5,100 46 — 1,359 09 Special Service Train........... 110 50 933 00 cael ¥ $22 50 Re Gallia Bae a eee ers, ea $320,372 80 $453,306 45 — $132,933 65 | MISCELLANEOUS: Other Passenger Train.......... — a —. — SWAG INO Ae Cnt eee sae ces $6,001 00 $1,892 50 $4,108 50 — Miscellaneous Transportation.... == — 2 — AR OG eee Wee nie cee neous $6,001 00 $1,892 50 $4,108 50 — Total Revenue from Transporta- GOT Fora iat Se ue teens es eee $945,854 51 | $1,327,548 94 — $381,694 43 Revenue from Operations other than Transportation: — Station and Train Privileges..... $155 22 $933 40 — $778 18 Storage—Freight:.............. 1,905 23 2,346 98 oe 441 75 Storage—Baggage.............. 69 OO 166 40 — 97 40 Gan Senvyicerici ee ee ees : 595 00 500 00 $95 00 — Telegraph and Telephone Service. 394 57 962 55 eed 167 98 Muscellameous.c kes Sk 1,150 00 681 50 468 50 ae POU ee ee ikea rear ci $4,269 02 $5,190 83 — G921 S81 Harbor Terminal Revenue: Whariage—Atlantic Terminals... $20,489 95 $24,225 85 od $3,735 90 Wharfage—Pacific Terminals... .| 73,118 80 95,353 22 — 22,234 42 IGE NCCRAGC Re aa TD oO. o2 Ul 0). 740 $5,579 82 — LoTR OUSE Ro es eee ee as 2,018 50 a 2,018 50 C@RaMa ere ee a ee eee 10,447 70 11,467 59 —_ 1,019 89 Water Supplied Shipping........ 1,279 87 8,066 99 — 6,787 12 Miscellaneous: 2 an 2,557 36 2,256 43 300 93 — Opal Gai Skee Rea reas os $120,644 20 $150,559 28 = $29,915 O08 Oiher Operating Revenue: Rents of Lands, Buildings and a Other, Property 5 <0 $763 02 - $667 08 $95 94 — Miscellaneous Revenue—Other| — DOUTGCESH a eee sean 32,189 33 32,768 30 — $578 97 AO alee ite ns Selle ent ate $32,952 35 $33,435 38 — : $483 03 Total Rail Road Revenue..... $1,103,720 08 | $1,516,734 43 ss $413,014 35. COnricd HOTWOTds vane $1,103,720 08 | $1,516,734 43. oes $413,014 35 PANAMA RAIL ROAD COMPANY. (lage a a “EXHIBIT X—(Continued). | . ? Srarmcos or REVENUES. AND Expensns—(Continued). OPERATING Revenve—Continued. 1914, 1913. INCREASE. | DECREASE. ye Brought Forward.........| $1,108,720 08 | $1,516,784 43 | | — $413,014 35 | STEAMSHIP Lan: Wea | | : Hretghitweti tec. tei ogee seete es SRS SEN $471,933 46 $510,756 37 cc , $88,822 91 SAISON PE Clans es se rsincece ston wedevsSeraioneneds 152,704 16 142,027 75 | $10,676 41 |. — Excess Baggage. UE esata ane, Bosal 875 93 773 95 101 98 | — VTA Copan ees or ah see Pitas coce ss eta 76,529 98 88,557 76 _ ce PAL UPAEK 7/kS} | Droasure oes eee ee sees pee. ~ 6,590 73 4,466 18 2,124 55 ak _ | Steamer Chair Service. EU onwes 2,593 00 2,800 00 os 207, 00 Wines and Liquors.......... ee NG 3,336 00 | | | ' 3,614 89 — : 278. 89 Miscellaneous Pee Cie a eat opel 1,674 63 2,029 91 aa 355: 28 | Motel Success Notes et eae $716,237 89 $755, 026 81 3 oe $38,788 92 Gress Op rane Revenue eee SO || $1,819,957 97 | $2,271, 761 24 A Goo $451,803 27 OpmRatiNG He ponene “Rai Roap: : ety i : i Maintenance of Way and Structures $134,333 85 | $104,457 63 | $29,876 22 |: — : Maintenance of Equipment SPN AE 196,576 67 130,814 27 65,762 40 |: es ‘ Traffic Expenses. | Gs taal . 4,901 75 |, 4,752 97 148 78 | ae ' » i Transportation Expenses. eae te ve gl 433,243 03 | © 485,495 37 — | $2,252 34 ' - JLighterage and Harbor Service. 23,446 87 | 380,437 40 — “ 63990..53 Loading and Discharging Vessels. 14,111 48): © 9,470 70 4,640 78 |: ee lh General Expenses—Isthmus..... . 50,036 11 | 77,970 87 — ' 27,934 76 General _Expenses—New York. | 19,463 93 | 20,396 04 - , 932 11 Total Rail ad Pe $876, 113 69 | $818,795 25 $62, 318 44 |. ai! ‘SraaMsHIP LIne; Leh e ee Steamer Expenses........... cae $519,7 752 00 | $550,398 52 — $30,646 52 A PeNGYSHIXPENSESas ss ee ae 84,941 15 me 87,0270 31 — Con, ee) 16 General Expenses—New York. 12,516 98 9,857. 67 $2,659 31 |. y) General Eixpenses—Isthmus...... 14,7 733 60 | 1 26r 85 2,00L Lo oat @harterot Steamers. .... 05.0% — — Total Steamship Expenses. . Be "$631, 943 73 $659,245 35 == : $27,301 62 Gross Operating Expenses we teee $1,508,057 42 $1,473,040 60 : $35,016 82 |. pi SUMMARY. Raw Roap: Revenue: — ; : Colon to Panama. s2..00 6) oo... | $619,480 71 $872,349 99 — $252,869 28 “7 Panama to Colony. soc soa... 320,372 80 453,306 45 == -132,9383 65 . - Miscellaneous. -....-.. 2.01... 163,866 57 | 191,077: 99 or _ 27,211 142 Total Rail Road Revenue. .. | $1,108,720 08 | $1,516,734 43 — $413,014 35 Total Rail Road Expenses. ..| $876,113 69 $813,795 25 $62,318 44 ya ee Per Cent. of Expenses to Revenue DO. 88%, i S65 oO, 25.73% mae SrEaMsnir LINE: ees ee lied cy td Nem otal Revenue... 205 Svcs $716,237 89 | $755,026 81 ae = $38,788 92 . Total Expenses........ Hoa 631,943 73 | . 659,245 35 | = 27,301 62 Net Revenue. Nee eo) ue $84,294 16 $95,781 46 — $11,487 30 Per Cent. of Expenses to Revenue 88.23% Pleo Sol Sou. 92% oe ae _ Grand Total Operating Revenue | $1,819,957 97 | $2,271,761 24 — $451,803 27 Grand Total Operating Expenses} 1,508,057 42 1,473,040 60 | $35,016 82 re "Total Net Operating Revenue....| $311,900 55 | $798,720 64| $486,820 09 Per Cent. of Hxpenses-to Revenue 82.86% 64.84% 18.02% | ae : EXHIBIT Y.- : | QrATEMENT oF CLASSIFIED Ram Roap REVENUE, TONNAGE AND PassENGERS, CoLON TO PANAMA, FOR Four MonTus ENDING Ocroper 31, 1914 anp 19138. : eS | : FREIGHT. TONNAGE. REVENUE. RATE PER TON. 1914. 1913. INCREASE. | DECREASE. LOA 1913. INCREASE. DECREASE. 1914-4 1918. Oe eS OEE >) — rm | umn ———__ | —____—. | ; ( From New York and other At- | THROUGH) lantic Ons. + 5.16 ss cess ce 48,292 61,374 a 13,082 $129,359 02 | $179,867 12 — $50,508 10 ||$2 68 |$2 93 From Gulf Ports...... Beals 11,925 14,493 — 2,568 40,280 53 51,460 89 — 11,180 36 3 38. 3205 Prom: UUTODCs eave co woke 3 0 oe os 34,511 41,848 — Liao 130,244 20 170,634 69 — 40,390 49 3:°77:1-4 08 FROG ae Selig veo ok sists ets sto estar 94,728 117,715 — 22,987 $299,883 75 | $401,962 70 — $102,078 95 |\$38 17 |$3 41 fe@ommencial. 5 40s 6s oss cern 47,919 50,378 = 2,459 $92,714 41 $123,090 13 — $30,375 72 |1$1 93 |$2 44 LocanLi The Panama Canal.............-. 119,423 QT 223 — 93,800 63,188 45 116,152 60 —_ 52,964 15 53 s@ompany: Hrelgnt 7) 5.5. eg se 26,287 9,815 16,472 — : —: — S ees noi ee MO tae eee oa ees 193,629 273,416 — 79,787 $155,902 86 $239,242 73 —_ $83,339 87 ||$0 81 |$0 88 Total Hreteht: 23. Ae 4 9 11,692 1 3,085 — — ee ee ee Sailed. 10 17,863 10 17,958 — a — 95 Chartered Passenger Ships . Arrived. 15 42,493 19 46,655 — — 4. 4,162 Chartered Passenger Ships .sailed.; 14 69,031 18 102,484 — — 4. 33,4500 . CharteredFreightShips. ‘Arrived. — — — — — — — Sora sailed. oan aa == = = \ ae = Fatah SRS | amare Motalecs cs. see ae 49 144,164 56 EE — oe 34,625 Total Freight Revenue........ $471,933 46 $510, ee 37 $38, 822 91 Average Rate per Ton........ Sr $0 a8 | SOO LE eR PASSENGERS CARRIED. 1914. 1913. INCREASE. DECREASE. ———— a ; Pas- : Pas- : Pas- : Pas- Ships. |sengers.|| SHIPS. | sengers.|| SHIPS: | sengers.|| S2IPS- | sengers. — | |] | f | | |) | Panama R. R. Ships... Arrived. 10 788 9 608 1 180 —— — . sailed. 10 674 10 572 — 102 — — Chartered Passenger Ships .Arrived.| 15 2,098 19 2 oll — — 4 413 Chartered Passenger. ube Sailed.| 14 1,672 LS al 1,495 — 177 4 — MOtal ec eae eee 49 D202 56 50,186 —_ 46 7 oa Total Passenger Revenue os Q | cluding excess baggage) . $153,580 09 $142,801 70 $10,778 39 Average Rate per Passenger. . | 29 35 27 54 pe Seek Boat oS eee ES) See) 2 s 5 ee: pias es ihe fs og 2 ; +s SIX TY-SIXTH ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAIL ROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1915 _M. B. BROWN PRINTING & BINDING CO, « 37-41 CHAMBERS STREET, NEW YORK PANAMA RAIL ROAD COMPANY. BOARD OF DIRECTORS. GEORGE W. GOETHALS. OSWALD H. ERNST. F, C. BOGGS. MORDECAI T. ENDICOTT. C. A. DEVOL. H. F. HODGES. () E. A. DRAKE. FRANK McINTYRE. ez HUGH RODMAN. CHESTER. HARDING. () W. H. ROSE. H. H. ROUSSHAU. -R. E. WOOD. () 1 —Aecigued December 10, 1914, re-elected February 15, 1915, Vice ee R. Rogers, resigned February 6, 1915. 2—Elected January 2, 1915, Vice H. F. Hodges, resigned December 10, 1914. 3—Resigned June 22; 1915, succeeded by W. A. Grove, elected August 9, 1915. OFFICERS. GEORGE W. GOETHALS . President BatBoa Hztcuts, EH. A.DRAKE . . . . Vice-President . New Yor. CHESTER HARDING. '. Second Vice-President BauBoa HEIGHTS. C.H. MOTSETT . . . Superintendent BatBoa Hxrreuts. SYLVESTER DEMING . Treasurer Bea Cea an New York. T. H. ROSSBOTTOM . . Assistant to Vice-President, and Secretary New York. V. M:. NEWTON... .. Audiior : New YorK. FC. BOGGS, 4. 2 . General Purchising Oficer i WASHINGTON. "W.R. GROVE. . .. . Commissary . Bavsoa HEIGcuTs. R. E. RUTHERFORD . . Commissary Purchasing Aaah New York. ROLAND ALLWORK . . Superintending Engineer, Steamship Line New York. H. I. BAWDEN. . .. . Terminal Superintendent, Steamship Line New York. New York. RICHARD REID ROGERS General Counsel * R. E. Wood, Commissary, resigned June 22, 1915. GENERAL OFFICES. \ No. 24 State STREET New Yor«. PANAMA RAIL ROAD COMPANY. _ New York, N. Y., November 1, 1916. To THE STOCKHOLDERS OF Panama Rain Roap Company: I respectfully submit for your consideration a report of the Company’s operations and resulting financial condition for the twelve (12) months from July 1, 1914, to June 30, 1915. In this connection I call your particular attention to the subjoined statements of Operation and Maintenance of the Company’s property; to the details of the attached Exhibits that show Income and Profit and Loss Account; General Balance Sheet; and to statistical tables, which having been audited by the Company’s certified public accountants, furnish complete information concerning the financial aspect of the : - Company’s business, together with the Subsistence Officer’s report of his operation of the Company’ S So Department and the resulting — earnings. The status of the mUcbieances of $3,247,332.11 to the United States Government referred to in my report of last year remains unchanged. Unexpended balances of Congressional appropriations, amounting to $2,048,000, for new construction and equipment, not having been taken up by ‘this Rail Road, are not now available. My communication submitting the Annual Report for the year ending June 30, 1914, indicated the effect upon this Company’s business to be expected by the completion of the Canal which was so far progressed by the latter part of July, 1914, as to permit the transit of deep laden vessels. Announcement was accordingly made that the Canal would be practically opened to commerce on August 15th, the date of January 1, 1915, having been previously fixed for the official opening. The stipulated 90 days notice to all of its connecting co-carriers terminating through-billing arrangements was issued by this Company as of date of August 15th. Our participation in Coastwise traffic was ended almost at once, when about August lst opportunity for Canal transit was afforded the vessels of the Luckenbach Steamship Company, our chief Pacific co-carrier in that connection, while our participation in foreign traffic continued until — the above mentioned notice became effective on November 17th. _ The diversion of our traffic to the Canal resulted in a serious diminution — of the Rail Road’s earnings that fully equalled any expectation we may — have had in that regard. The Road was operated for the first five months under the old through-billing system and for the balance of the fiscal year for local business only. The earnings of the Steamship Line, owing to exceptional conditions affecting that branch of our service, were materially increased. The details of operation of both branches are supplied by the report hereto attached. Due to the fact that all of the Rail Road’s property and facilities hon been continuously applied to facilitating Canal construction and operation, and that incidentally there had been arranged between the two interests a system of “plant exchange’ without added capital responsibility that produced rapid variations in the character and conditions of the Com— -pany’s plant oe appurtenances to the extent of abandoning its original \ a 6 - PANAMA RAIL ROAD COMPANY. line of Road and double-tracked roadway and of relocating and recon- structing the Rail Road, which work was done by The Panama Canal and at its own expense, it became necessary that an actual physical inventory of the larger part of this Company’s property on the Isthmus be established prior to the expiration of the fiscal year. Such an inventory was completed and all except its landed property and telegraph and telephone plant appraised (they to be appraised hereafter) as of date of June 30th; and thereby a relatively definite starting point for the read- justment of Property Accounts and Reserves for Accrued Depreciation was established. Under legal advice and with the aid of competent experts those accounts were adjusted to the valuations shown in the Report of the Appraisal Committee and a net total of $1,866,503.72 was by authority from the Board of Directors written off to ‘Profit and Loss,”’ a large proportion of that total representing property that had become obsolete, condemned or destroyed during the elapsed period of ten years of U.S. Government ownership. It is perhaps needless for me to enlarge upon the importance of the revised exhibits of the actual value of the Company’s property. _. The result of the Company’s business of every character for the period covered by this report, after meeting the cost of operation together with fixed charges aggregating $93,309.04 and charges for depreciation on rolling stock, floating and plant ao of $140,843.71, shows a net income of O14, 860.58. During the same period $2,341,591.61, or more than double the net income, was expended for additions to and betterments of plant and z equipment, as described in the reports hereto attached; notwithstanding _the loss of traffic, the Rail Road and its appurtenances are of necessity ‘maintained in a state of highest efficiency ready for maximum use In any emergency; the effect of that obligation is fully reflected in the statistical exhibits of operation attached to this report. | I call your further attention to the details of a supplemental report covering the first four months of the ensuing fiscal year hereto attached. In that connection it should be noted that early in September of the current year, owing to a serious slide movement, transit of the Canal was interrupted, and it has since remained closed to commerce. Strenuous efforts are being made to effect a reopening and in the interval arrange- ments were made to transship by the Rail Road across the Isthmus in both directions cargoes of the vessels that were detained in Isthmus waters by the blocking of the Canal and those en route that subsequently arrived at its terminals on both oceans. Every effort has been made by this Company, operating as an adjunct of the Canal, to aid in minimizing the damaging effect of the delays that vessels and cargoes were subjected — to, and that work will continue until the: Canal is reopened. The Rail - Road having withdrawn from any participation in through traffic, it became necessary to establish a new tariff of rates applicable to the change from an “Intermediate” to a “transfer”? service. Certain appropriate : optional rates are temporarily in effect while the Board of Directors has’ -— under consideration the preparation and issuance of a uniform tariff that _ will apply not only while the Canal is closed at this time but equally i in any future emergency. Respectfully submitted, GEO. W. GOETHALS, _ President. PANAMA RAIL ROAD COMPANY. : 7 PANAMA RAIL ROAD COMPANY. Mas.-Grn. Guo. W. GOETHALS, PRESIDENT PANAMA RAIL ROAD COMPANY, New York, N. Y. Dene Srr—I have the honor to submit herewith the financial exhibits and results of the Company’s operation for the fiscal year ending June 30, 1915, with statistical tables and explanatory comments thereon. Gross Operating Revenues, Operating Expenses and Net Revenue for the year ending June 30, 1915, compare as under with the year ending — June 30, 1914. | % OPERATING — OPERATING OPERATING REVENUE REVENUE. EXPENSES. OVER OPERATING EXPENSES. TOS eee ene ee oe ae ne oe al tn chn ae Yaa es $5,429,513 93 $4,750,082 94 $679,430. 99. TO Aer ae ea Means as aoa ORE 6,822,506 92 4,682,290 74. 2,140,216 18 ENGCTEASOMMN | OPO ase. ete note al Co ar ole aie — . 67,792 20 — IDEGreAse dsl O lon. ee ee ee as 1,392,992 99 |~ — 1,460,785 19 OPERATING REVENUE. RAIL ROAD. The Operating Revenue of the Rail Road from all sources shows a decrease of Sl, 780, 348. 69. This decrease in revenue is divided as follows: | Increases: Non-Transportation Revenue: 7 ~ QOutside‘Operations........ ee Cn Es $89,691 37 — 14.90 per cent. | Total $89,691 37 — 14.90 \per cent. ‘Decreases: Revenues from Transportation: ee Freight (Through Commercial)............ Pate acai ra sesh S eae OTs $1,283,030 34 — 65.18 per cent. Hreieht=Guocale Commercial sssc. eis aes ate ane we 122,932 84 — 29.20 per cent. Freight (Local The Panama Canal)...... Ne ee ee oe 158,757 50 — 34.77 per cent. — PassencversGehrough sce. cru oc. tess eee eee RES ORION Ts 16,491 23 — 62.40 per cent. Passenger (Local)....... SEA th ie ee nna eae te pee nS 219,225 04 — 29.72 per cent. Other Transportation Revenues: \ cae eter Hrom=cll{SOUrGERs. 4 sa ies eos ae ae Pe Ae sis 4 eee $69,603 11 — 19.59 per cent. - Potalse) so sntnen Geant e ..... $1,870,040 06 — 47.16 per cent. SHNGUND COREAD Ce ies SaaS sate cee once ee ie ene eee ee $1,780,348 69 — 388.98 per cent. Freight Traffic from New York, other Atlantic Coast Ports and New Orleans, shows the following decreases, viz.: ETS On pV UIIN OF ees ers OR es cn aE ga Soa ea SIT aN Re Uc 4,365 tons. ‘Ro. Central Am ericga-ands VWeexiCO sass asso a ee a 14,069 ‘ EROS OAT MPa CISCOM Hee eee tere eet eg ae che teint ae ne ta ae 81,848. ** Sossouth PacihosPoris es stare tere Gee ee Sr ee en 435213 ws 8 . : PANAMA RAIL ROAD COMPANY. From Europe to corresponding points the following decreases are shown, viz.: ERO IR TUN ere ae ae BE aa eae Te aoe Ca ng SEE RS 10,370 tons. os Centrale America and = NViCkICO sists ee ae Son Se eee a ee ga Be LVS EEG a BATS ATI OISCO secre aes ea a apo OG eae Saree eee AQ. = PROZSOUTN CE ACTH CAE OTES ac gese eases ieee eke or see aha ee eee oe oe oe 53,094. —* In the opposite or northward direction the following increases and decreases are shown, viz.: Panama to New York and Gulf Ports...........0..... SDR OL tons Decrease. Central America and Mexico to New York and Gulf Ports 1, 528 San Francisco to New York and Gulf Ports..... Bay bates 94,211 moe Ss South Pacific to New York and Gulf Ports............ AD s PAWS IA SbO UO Cree carr osic ose oc tees ee wae era ase 167820" = Central America and Mexico to Europe...........++: 32,965 “* = Han -MrancisCO- tO UrOpesrecae ahs 8 ew ess ee oes Vo we ee 372135 & Southsbactuc- to Wuropes as ees JA 36855, a = Central America and San Francisco to Colon........... 781 ‘' Increase. ~The following table shows the freight tonnage carried over the Rail Road during the twelve months ending June 30, 1915, including Com- pany freight, as compared with the twelve months ending June 30, 1914: TWELVE Monrss ENDING JUNE 30. 1915. 1914. nS Pee Cant Tons carried southbound (to Pane me) 798,218 1,046,364 — : 2332 Tons carried northbound (to Colon). . 291,730 587,365 — 50.33 > Total south and northbound*..... 1,089,948 _ 1,633,729 — 33.28 * Tons of 2,000 pounds, or 40 cubic feet. . REVENUE FROM TRANSPORTATION. Freight Traffic. The gross revenue per ton moved on the road compares as follows: INCREASE. DECREASE TWELVE Montus ENDING JUNE 30. 1915. 1914. DiseCunh. Pan Cun Southbound (to Panama) Fees Ci cupeoteaae. $1 24 $1 90 — 34.74 Worthbound=(to; Colon) 3.262 secs ee - 1°34 1 73 — 22.54 ee South and Northbound... Gils. $1 84 — 30.98 Exhibit ““L”’ accompanying this report shows the origin and destina- tion of the freight carried over the Rail Road. The total revenue freight trafic of the Rail Road during the twelve months ending June 30, 1915, including both merchandise and coal, was 1,009,743 tons, a decrease of 534,509 tons, or 34.61 per cent. ‘The total revenue derived from this traffic was OL, 281,382.36, a decrease of $1,564,720.68, or 54.98 per cent. In addition to the above traffic 80,205 tons of Company freight, 2,015 tons of mail and baggage, and 2 088 tons of express were hauled. Of the total freight tonnage carried, 73.238 per cent. was southbound and 26.77 northbound. In the previous year the percentages were 64. 05 per cent. and 35.95, respectively. The through traffic was 19.80 per cent. of the total tonnage hauled. as against 39.37 per cent. for the twelve months ending June 30, 1914. - Coal Gnecluding Company) comprised 24. 96 per cent. of the local traffic southbound. e PANAMA RAIL ROAD COMPANY. 9 , 8 PASSENGER TRAFFIC. The following statements show the number of passengers carried and the passenger revenue: NUMBER OF PASSENGERS CARRIED. ~ INCREASE DECREASE CLASSIFICATION. 1915. 1914. Pun Gana (| Pai First-class: Passengers... 0... . 2s se 675,273 | $93,411 — 24.42 Second-class Passengers..... ees eee 1,150,805 2,231,563 — 48.438 Totals... ee ee 1,826,078 3,124,974 ae 41.56 PASSENGER REVENUE. 3 K INCREASE. DECREASE CLASSIFICATION. 1915. 1914. Pas Gace Pan Cane First-class Passengers. .......2....... $269,986 96 $353,086 63 —_ 23.04 Second-class Passengers.............. 258,269 71 410,886 31 — 37.14 Ota Scene ee ee «| $528,256 67 $763,972 94 — 30.85 AVERAGE REVENUE PER PASSENGER. INCREASE ; DECREASE CLASSIFICATION. 1915. 1914. Pen Cane. | Par Conn. eC ee mp ee oo a bo eee First-class Passengers. ...... (es = 2 ie. 4 2 Beg 4 46 oe ° Second-class Passengers. . ... { hee gs ! 5240 : : {B34 By id = The gross revenue from thé transportation of passengers was $528,- 256.67, a decrease of $235,716.27, or 30.85 per cent., while the number of passengers carried shows a decrease of 1,298,896, or AL 56 per cent. The revenue received from through passengers shows a decrease of $16,491.23 or 62.40 per cent., and the number of through passengers a decrease of 6,185, or 57.39 per cent., as compared with the twelve months ending June 30, 1914. Local passengers show a decrease of $219,225.04, or 29.72 per nents and a decrease of 1,292,711, or 41.51 per cent. in number carried. _ REVENUE FROM OPERATION OTHER THAN T’RANSPORTATION. The revenue from the various accounts grouped together under this heading amounted to $41,668.47, an increase of $11,260.13, or 37.03 per cent., as compared with the twelve months ending June 30, 1914. HARBOR TERMINAL REVENUE. The revenue from the various accounts grouped together Peel, this caption shows a decrease of $158,653.89, or 35.63 per cent. e | The receipts from wharfage at Panama and Balboa, and lighterage of cargo in Panama Bay, which are included in the above, show a decrease of $154,359.22. | OTHER OPERATING REVENUE. _ * The revenue from these accounts amounts to $381,609.52 for the year, an increase of $255,226.28, or 201.94 per cent., as compared with the previous year. 10 PANAMA RAIL ROAD COMPANY. STEAMSHIP LINE. The total operating revenues of the Company’s line were $2,642,457.10, an increase of $387,355.70, or 17.18 per cent., as compared with the twelve months ended June 30, 1914. Freight traffic decreased 49,153 tons or 9.67 per cent., while the rev- enue therefrom increased $379, 043. AQ or 24.75 per cent. Passengers show an increase of 393 in the number carried or 2.77 per cent., and an increase in revenue of $40,246.22 or 9.54 per cent. Revenue from the transportation of: mails shows a decrease of $45, 660.91 or 17.04 per cent. Of the total tonnage transported, 113,615 tons were carried by the Company’s steamers and 345,755 tons by chartered steamers. In the twelve months ending June 30, 1914, the former carried 85,043 tons and the latter 423,480 tons. The Atlantic carriers delivered 16,057 tons and Pacific carriers 20,947 tons of cargo’ to steamers of our line for transportation through the eS Canal. OPERATING HXPENSES. The total operating expenses for the twelve months ending June 30, 1915, and 1914, compare as under: % aie INCREASE DECREASE 1915. 1914. PER CENT. Per CEent. ~ Rail ei EE RA ER ea ei aur $2,607,479 26 $2,741,485 70 — 4.89 SteamMehipr Pane Sear sass kis ses ale 2,142,603 68 1,940,805 04 10.40 — Sey A se 7 Lotals 3... SPR eaa ses aieet ae ele $4,750,082 94 $4,682,290 74 1.45 Ss ‘This shows an increase of $67,792.20 in total Operating Expenses, while there was a decrease in revenue of $1,392,992.99 (see Exhibit “C’’) SUMMARY OF OPERATING STATISTICS. ITEMS. 1915. 1914. INCREASE. | DECREASE. | PER CENT. Weerace ‘Miles Operated er ataere 56.54 61.64 — oO 8.27 Gross Operating Revenue..... $2,787,056 83 | $4,567,405 52 — _|$1,780,348 69 38.98 Operating Expenses..... aes $2,607,479 26 | $2,741,485 70 — $134,006 44 4.89 Net Operating Revenue...... $179,577 57 | $1,825,919 82° — $1,646,342 25 90.17 Per Cent Expense to Revenue.. 93.56 60.02 33.54 — PCOS S Gross Revenue per Mile...... $49,293 54 |+ $74,098 08 a $24,804 54 . 83.48 Operating Expenses per Mile.. $46,117 438 | $44,475 76 | $1,641 67 — 3.69 ‘Net Revenue per Mile. : $3,176 12 — © $29,622 32 ee $26,446 20] 89.28 Revenue per Passenger Train : INIT ORS At ee ce hese $4 06 ; $4 36 — $0 30 6.88 Revenue per Freight Train INDIO Seer Sere tees aes lenis $8 88 $12 49 — $3 61 28.90 Amount Operating Pay Rolls..| $1,181,502 33 | $1,482,550 49 — $301,048 16) — 20.31, ‘Tons per. Loaded Caritencies Lele 19 78 — 2 61 13.20 eons Perel Naini oo make 255 34 302 77 = 47 43 15.67 Locomotive Mileage: Freight, Passenger and 80,191 8.44 WANs sce ces cs 869,764 949,955 — Work Trains Miles .......... 146,855 151,385 — 4,530 2.99 Passenger Train Miléage..... 187,488 256,067 —s 68,579 26.78 — 77,619 33.64 Beet Train Mileage....... 153,147 230,766 Vanous details of organization and operation on the Isthmus shown Omeraphical-charts Po Oe AR SU, elles herewith. PANAMA RAIL ROAD COMPANY. Lie a MAINTENANCE OF WAY AND STRUCTURES. The maintenance expenses for the fiscal year have decreased $73,101.29, or 18.82 per cent., as compared with the fiscal year ending June 30, 1914. This reduction in maintenance expenses is due to the fact that the Panama Rail Road betweed Mindi and Pedro Miguel being practically new construction, required very little actual maintenance to keep it up to the standard. , Our maintenance charges were also reduced on account of falling off in traffic due to diversion of cargo from rail to water. Following is statement of trackage under control of the Panama Rail Road as of June 30, 1915: Operated Line— Main Line: , Golon*tocPana mali ee ea eons ea os EE ACRES pale Lee nen 47.61 miles Second Main Line: RedroeMileuel to: weaM ania o Sewer ceed ees MENU ny Sa ene cane Ree 7.37 miles Atlantic Terminal: OL OTe as eae a eee at Pen aves NE Sp es Pe aL ME ai WE 4.72 miles Cristobal amc VEO UNG EL OD Cee so ears ccs as oo aes oa aes eM of See 27.56 miles Pacific Terminal: GT INN eae GR core a ctee ee Poe tay ea ene oO AG Lea SIGIR SSO Hig ee en eleieee eee nae 9.48 miles EFS ENDO 8 anal ase NE GEN FN Soe Fae EM ison IO RETO ns 10.71 miles Intermediate Sidings: @olonto“Ranaman ios es SRG Ee eS eat nee ZOE RA MRT OREN Cn ee IRD 11.48 miles MotalsPanamacRail Roaddlracks=; <. 0.7 ce-.0 oe te Ee .... 118.93 miles Leased Line— 3 . . Main Line: Bas Obispo to Pedro Miguel. ....... Wire: oy A sere eee a Git esos eoea eeu eRe waeTE 9.12 miles Intermediates Sidings: ce oe te ait ose oF os eS a 3.34 miles TEGtal eased ine hee ee Se ee ass daa NCE ee TA 12.46 ° miles Total Tracks Under Control of Panama Rail Road............-ce+e eee 131.39 miles Panama Canal Tracks (other than construction tracks). The maintenance of these tracks is performed by the railroad forces and charged to the Panama Canal. eXtlentic Lerminales 6) ee, ee ee Moog EERO EREE ACES ee Oe, 8.61 miles — Intermediate..... RSet. eran Nee an a oe Se fe ah YOR No aa buna Ug ae A ad NR DE eo OP Oa miles. PACMAG ASO BINT els ae ces ae ee eae eg eg ry ae kh ed en na ee ee aa 30.97 miles Tol es it tes ee ee ere -.++ 76.75 miles DLotal:tracksanaintained by. the Panama-lwall Road... ae ee ek ee es 208.14 miles Office Engineer Work. Effective October 10, 1914, all work handled by the Office Engineering Forces was transferred to the Panama Canal and a consolidation of forces effected. _ Prior to date of transfer this force was engaged in closing up all routine work, preparing plans and estimates for new freight house at Panama, plans and estimates for Pier No. 7, Cristobal. Telephone and Signal Department. On April 1, 1915, all work in connection with the construction, operation and maintenance of the Panama Rail Road Telephone, Telegraph and — Signal System was transferred to the Electrical Division of the Panama Canal and the title of Superintendent of Telephones and Signals was abolished. Mr. W. H. Fenley, Superintendent of Telephones and = PANAMA RAIL ROAD COMPANY. signals, had been in immediate supervision of this work prior to the transfer. a _ The following report covers operations for the entire fiscal year: Telephone and Telegraph System ‘The construction of the underground Trans-Isthmian conduit line and the installation of the new fifty-pair cable therein, which enabled the existing over-head lines to be removed, together with the shifting of the telephone load from the Empire-Culebra District to Balboa, necessitated an entire rehabilitation of the telephone system and a general re-arrange- ment of the central offices. ‘ In order to give temporary service during the period of moves and changes, the PB X-Boards at Empire, Empire Shops, Gorgona Shops and a number of other points were abolished and centrals established at Balboa and Balboa Shops. A new nine-position switchboard was installed in the Administration Building, Balboa Heights, and upon its completion, the centrals at Ancon, Balboa, Balboa Shops, Corozal, Ancon Administra- tion Building and Culebra were abolished and the entire telephone load for this territory concentrated in the Balboa Heights Central Office. In addition to this, centrals at Toro Point, Mount Hope and Porto Bello were abolished and PB X-Boards established at Coco Solo Point and Paraiso. - The four permanent central offices are now located at Balboa Heights, Pedro Miguel, Gatun and Cristobal, with a secondary central at Empire and PBX-Boards at the Governor’s Office, Naos Island, Hotel Tivoli, Ancon Hospital, Paraiso and Coco Solo. ‘Trunk service is furnished for outside switch-boards at Toro Point, Hotel Washington, Camp Otis, Darien Radio Station, Balboa Radio Station, Colon Radio Station, Gatun Locks, Pedro Miguel Locks, Miraflores Locks and the United Fruit Com- : pany’s Office in Cristobal. Construction work was in progress at the beginning of the fiscal year s ~ on the Trans-Isthmian underground conduit line for telephone and signal = cables. The final plans called for an eight-way conduit between the - Panama Rail Road Station, Colon and the Mount Hope Pumping Station, four-way from Mount Hope to Corozal and eight-way from Corozal to Balboa. ‘The total length of the line is approximately 46.5 miles of which 3.9 miles are eight-way and the remainder four-way. There are seven ¥. -__ hundred and seventy-seven manholes in the entire line. At the beginning of the fiscal year 86,097 trench feet, about 16.3 miles, had been completed. The remaining work was completed on October 20, 1914, at an average rate of thirty-two hundred and sixty . conduit feet per day. , cents per conduit foot. The total number of conduit feet, including all branches, is 258,505, with a total of 1,120,842 duct feet. ‘The average cost, including manholes, drainage, etc., was ie A fifty-pair duplex, paper insulated lead sheathed telephone-telegraph cable was pulled into this duct line from the central office in Cristobal to Balboa Heights, a length of approximately forty-six miles. This cable has sub-marine sections at Gamboa, Monte Lirio and Mindi. It contains twelve pairs of nineteen gauge conductors in pairs and thirty-eight pairs -_ quadded for phantom circuits. It is loaded with forty-three cases of loading coils, and affords a good grade of commercial transmission with freedom from cross-talk between all physical or phantom circuits. The = average cost of pulling in the cable, including rodding of ducts, but not \ A Pd ee é PANAMA RAIL ROAD COMPANY. ie including testing and splicing, was 1.4 cents per foot. The sional cable, which was non-leaded, was pulled in for .89 cents per foot, and the loading coils $975.00 per case. On June 30, 1915, there were in service as component parts of the — telephone system 439,501 feet of lead-sheathed telephone cable containing © 23,547,850 circuit feet of conductors; 825 miles of over-head wires (open , construction) ; ; 1,377,613 conductor feet of twisted- -pair and other type of aerial distribution. | : There were 1,609 telephones in service, an increase of 224 during the - fiscal year. ‘The actual telephone load is estimated to have increased thirty per cent. since the Trans-Isthmian cable was. placed in operation. The estimated value of the entire telephone plant is $371,500.00, including 3 the value of one duct in the Trans-Isthmian Duct Line. In addition to the work mentioned above, 3,211 poles, 1,780 miles of No. 10 hard drawn copper wire, 205 miles of No. 10 copper-clad weather- proof signal wire and 7,420 cross-arms were taken down as being of no — further use. Approximately 175,000 feet of cable ranging from five to three hundred pairs were installed in permanent townsites during the year and ninety- two per cent. of the total number of telephones were changed in location. The electrical work on new piers Numbers 8, 9 and 10, Cristobal, and in the Masonic Temple Building at Cristobal, was installed by this organi- zation. An annunciator system and a fire alarm system was installed in 1 the | New Administration Building at Balboa Heights. An eight-conductor cable was pulled into the Trans-Isthmian Duct Line for the Central & South American Telegraph Company in duct leased to that company. This cable extends from the Panama Rail Road Passenger Station in Colon to a cable hut in Hast Balboa and is approxi- mately 48 miles in length. _- For the above company we also installed approximately 42,000 feet of - sub-marine and underground cable in Panama City and Panama Bay. : For the Panama Government this department erected a pole line from — Panama to the south portal of Miraflores Tunnel, and installed a fifteen- _ pair cable in the Panama Canal conduit line from the tunnel to Pedro a Miguel Locks. Underground conduit construction, amounting to 18,475 conduit feet and 135,398 duct feet, was installed for the Fortification Division at Margarita Island, Toro Point, Battery Morgan, Naos, Pericoand Flamenco Islands and Fort Grant. Underground conduit work, amounting to 9,620 conduit feet, and 64,730 duct feet was installed by the Telephone Depart- ment before its transfer from the Panama Rail Road to the Electrical Division of the Panama Canal. Me Fe = Operation of Telegraph and Electric Clock Systems. During the fiscal year three telegraph offices were opened and paventeca closed, leaving twenty-two in service. Six electric clocks were removed and four installed leaving forty in service. _. The value a the telegraph and clock equipment in service, including 4— 50 of the value of the Trane: Isthmian cable is estimated at 926, 715,00. 14 PANAMA RAIL ROAD COMPANY. Operation of Railway Signal System and Accessories. During the fiscal year train order signals were installed at four locations and removed from seven locations leaving a total of fifteen in service, with’ twelve power operated arms and thirty-four mechanical arms. Five mechanical switch signals were removed and nine installed leaving a balance of six in service. Six derails were removed and six installed leaving a balance of twenty-three in service. Interlocking plants were installed at the swing bridge over the French Canal at Mount Hope, Paraiso Pontoon Bridge, Summit, Diablo and Balboa Heights. Plants were removed at Summit and Panama. The Interlocking Plants at Cristobal, Mount Hope, Pedro Miguel and West Leg Balboa Wye were changed and enlarged due to track and traffic changes. There are nine of these plants left as permanent equipment, handling twenty-six interlocked switches, twelve bridge locks, thirty-four derails, twenty-four power signals and thirty-one mechanical signals with a total of one hundred sixty-eight active levers. Automatic signals were installed from the south end of Miraflores ~ ‘Tunnel to Panama and inter-connected with the mechanical plant at Diablo, ~ Balboa Heights and West Leg Balboa Wye, using special circuits and electri- cal devices at the latter two points to increase the flexibility of train move- ment and to permit movements against the current of traffic between these two points. This extension required the erection of seventeen signals, eleven of which were placed on offset poles on account of the track-span bridges. All aerial signal wires were abandoned and the underground signal cable in the Trans-Isthmian Duct Line placed in service on February 17, 1915. There was a total of 203,430 feet of signal cable, nine and thirteen conductor, installed in duct lines during the fiscal year at a total cost of $97,084. 00 for material and labor. At the close of the fiscal year the automatic signal system proper included one hundred bottom post and ten top post signals. In addition to this there are fifteen bottom and _ thirty-three top post power operated and manually and semi-automa- tically controlled signals, or a total of 148 motor operated signals. There _ are fourteen cabin indicators, seventy switch indicators, five hundred and twenty-four insulated joints, one hundred and thirty-four switch boxes, one hundred and twenty-five track sections, two thousand eight hundred and ten primary cells and four hundred storage battery cells used in connection with the automatic signal system and the various interlocking plants. One hundred and twenty thousand feet of single conductor wire was installed to connect this apparatus to the signal cable. The total value of all interlocking plants estimated at $38,150.00, and the value of the signal : system, including its proportion of the Trans-Isthmian Duct Line, is estimated at $272,100.00, making a total of $310,250.00 for interlocking plants and signals. 2 During the year there were two false clear signal aspects. There was .@ total of 2,638,821 arm movements during the year and a total of 258 failures, giving 10,228 arm movements per failure. : Operation of Balboa Cargo Handling Cranes. The Electrical Division of the Panama Canal performed all work in connection with the operation and maintenance of the electric cargo handling cranes of the Panama Rail Road on Balboa Docks. Two hundred and nineteen vessels were loaded and two hundred and sixty-seven vessels ~ i PANAMA RAIL ROAD COMPANY. . 15 unloaded during the fiscal year. These cranes were in operation 26,666 hours and the total number of crane hours delay amounted to 654. All thirteen cranes were painted during the year and the electrical . equipment given a thorough overhauling. A three hundred kilowatt rotary converter, formerly installed in Miraflores Power Plant, was moved to Balboa Docks and installed for the supply of direct current at 220 volts to the five Shaw cranes, allowing Balboa Power Plant to be permanently shut down. The following is the recapitulation of all signal apparatus in service on the Panama Rail Road at the close of the fiscal year: 7 Interlocking plants with 134 active levers. 2 Switchstand signals. 112 Automatic signals. 15 Semi-automatic signals. 22 Power operated signals. 126 Track circuits, D. C 2 Fixed arm signals. 22 Derails, pipe connected. 34 Manual block and train order signals (arms). 260. Cells, track battery. 2086 Cells, caustic soda battery. 160 Cells, storage. 221 Oil lamps in signals. The following is statement of changes in telephone, telegraph and electrical equipment during the fiscal year: In SERVICE n SERVICE Juny 1914, | /NSPAUEmD. ov yone 30, 1915. MelemnhOmese. sucsc.c sas sie aitco he faeces 1,582 683 656 1,609 FBTR OIER Sec ier ece te Ciao cater elo seers 3,968 325 3.216 107773 Pine POLS Na ccaeee apices eee 1,998 110 L157. 951 Two-pin Cross Arms............. 633 — 33) 260 6-Pin Cross Arms................ 9,005 39 2,663 6,381 jS=Pin- Gross ATMS ee cic cocci iere etecese Loo 3 430 948 10-Pin Cross Arms...........)- 25. 4,660 a 4,500 160 Bare Copper Wire (Mi.)<......... 2,497.96 19 1,779.96 737 Bare Iron Wire (Mi.)............ 97.27 — 97 .27 sae Unsulated -WarexCHG)e fiegtoestecesece 5 1,880,115 208,254 710,751 1,377,618 Underhanging Brackets.......... 1,229 20 784. 465 Hepes Cable (Hto a2). es 2,450 2,225 oe 4,675 1LOSPir Cable: CRts in tee eee 5,881 6,387 2,807 9,461 202=Pre Cablec(Bts)< 5. ees se 16,052 4,091 15¢30- 18,413 Q5-RTre- Cable CHhits)n, vst seentos ce cee 3 2,720 6,082. 400 8,402 S0-Prie Cable: GHGs) sues hee lieresens 74,365 58,982 52,650 80,697 5Osbr7 Cable: (Rt. snes cee es 7,319 6,772 3,592 10,499 50-Pair Cable Trans-Isthmian (Ft.) — 247,810 — 247,810 G602Pr-CablerGht. access sere reo oe 9,592 3,153 784 11,961 1. 5=Pr7 CablenGhita)esae cree howe oie onee os 1,191 1,661 1,345 1,507 LOO=Pres@ablecGht:) aac ist eee es 12,646 4,855 284 17-207. 120-Pr. Cable (Ft.). 2... Reh ene 3,988 3,869 502 7,355 b20=SRr- CablesGits seme oe ects 3,160 —- — 3,160 200=Br Cable= Git.) ise cet aise 580 17,2598 160 17,673 =— 300-Pair-Cables (Rts) 1k eens se — 660 — 660 Telephone Exchanges...... Pope ee i LO 3 EI 11 Mercury Arc Rectifiers........... 6 3 3 6 Motor Generators.......... SS uees 5 — 5 — G@hargine Panels <- 22 a. 2. ewes 4 1 1 4 > Ringing Machines............ Se 3 3 — 6 Pole: @ Ham Gers ecco rc aro oncyemecore ai ene eee C =a 6 hg Storage Batterless .o 4,770 10,486 February...| No. 1 960 75 | 11,898 — 40 — 2,075 15,048 ‘March: =< ROB — 2,426 | 15,117 303 —— — — 17,846 March..... Sand 15 — 4,637 — — — 1,629 6,281 March... .. No.1}. — — 1,587 — -— a= 324 1,911 March. .... No.2} 1,620 | —— 6,095 — a ao 1,159 8,874 ——<———_ |__| — | ——— | JE | | Total... 12,213 | 40,709 | 153,3843.5 | 1,724 15 15 85,771 294,490.56 | retained in service. iS - PANAMA RAIL ROAD COMPANY. Maintenance of Equipment. ; The total charges to the various accounts under this heading show an increase of $101,895.87, or 21.94 per cent. 3 Charges for Supervision, Shop Machinery and Tools, and other over- head expenses have decreased $4,276.62, due to this service being per- formed by the Panama Canal. Panama Rail Road shops were turned over to the Panama Canal on April 1, 1914. | Repairs to freight cars show an increase of $16,600.24, or 8.82 per cent., due to general overhauling. Charges for repairs to locomotives show an increase of $99,125.67, or 826.68 per cent. ‘This increase due to general overhauling of locomotives Transportation Lxpenses. The expense of this department decreased $373,710.36, or 26. 77 per cent., as compared with the previous year, while the freight tonnage shows a decrease of 543,781 tons, or 33.28 per cent., and the mileage of this tonnage a decrease of 30, 758 (92 ton miles, or 44. 02 per cent. _ The following statement gives the number of trains handled during the year ending June 30, 1915, and also a comparison between the months of June, 1915, and 1914: : P. R. R. TRAINS. PANAMA CANAL TRAINS. GEAND 8 : OTAL oo *t | Work. | Total Special. | Work | Total Be Novnbound. 6:66 ss. 5,668 466 | 6,134 = 9,474 | 9,474 | 15,608 ] Southbound: =< 2. os 5,537 466 ) 6,003 = 9,782 | 9,782 | 15,785 Dots Gs ee 11,205 932 | 12,137 — 19,256 | 19,256 | 31,393 - Average Number per. Days... BD) % ZOD ate 33. 25 — o2=19 52.75 86 “June 1914-2. Bec seen Pees 854 82 936 — 4,370 4,370 5,306 vane; 1915 4 Fe ee ree ee ee 914 56 970 == 1,152 1,152 2,122 Decrease or Increase........... *6 6 +34. — 3,218 3,218 3,184 _ Decrease or Increase—Per Cent. *7 03 32.9 *3 .63 — 44. 74. Average Decrease or Increase per Day in June, 1914, over June, a 1915—Trains She eto ese ee . 87 6113 ao 107.27 | 107.27 | 106.13 = Increase. _ Bridges, Bualdings and Dock Department. _ During the year this department carried on the general maintenance of bridges, buildings and docks. - The construction of the Masonic Temple Building at Cristobal was carried on by the receiver appointed to handle the affairs of the Central American Construction Company (to whom this contract was let), and under supervision of inspector appointed by the Panama Rail Road Co. and reporting to the Superintendent otf Bridges and Buildings. The - Receiver was seriously handicapped in carrying out the provision of the contract due to shortage of funds. This building was practically com- pleted and would have been turned over to the Panama Rail Road Company ~ on May 15, 1915, but owing to damage sustained by fire of April 30, 1915 (building being damaged to the extent of $8,000.00) the work was ‘again delayed and will not be completed and turned over to this Company before January 1, 1916. This building has, however, been placed on a revenue producing basis and about seventy-five per cent. of the floor space leased. All incoming revenue is received by the Panama Rail Road at 22 s oe present time. PANAMA RAIL ROAD COMPANY. 19° Owing to the importance of preventing Bubonic Plaauc from obtaining a foothold on the Isthmus, it was directed by the Health Department and approved by the President, that immediate measures be taken to place docks, wharves and buildings of the Panama Rail Road at terminals in a rat-proof condition. In order to comply with these instructions, the floor of the Colon Freight-house was removed, cinder fill made and new concrete floor constructed. Piers Numbers 2, 4 and 11 were repaired and concrete retaining walls constructed to meet, in a temporary measure, the require- ments of the Health Department. It was not deemed advisable to make ~ expensive repairs to these docks owing to the fact that within the next few years they will be abandoned and dismantled, their place being taken by the new concrete docks now under construction. Owing to the excessive cost of placing Pier No. 1 in a sanitary condition, it was decided to dismantle this structure and transfer its business to new concrete dock at Cristobal. : This was likewise true in regard to the freight-house at Panama, the old building being dismantled and a new concrete freight-house con- structed at a cost of $58,053.67. A new reinforced concrete station and train shed was erected at Balboa Heights, by contract, at a cost of $45,891.37. At Balboa one hundred and thirteen feet of old lumber dock was de- molished to provide additional room for the construction of concrete pier. The bulkhead between Pier No. 4, and the Royal Mail Dock at Colon was removed and the material recovered and shipped to the Sales Agent at Mt. Hope for disposal. ‘ CRISTOBAL TERMINAL Docks Pier No. 7. During the fiscal year work on Pier No. 7 Cristobal has progressed as follows: For detailed cost statement see Page 28. : Additional steel caissons were ordered delivered, rolled up in half sections, and were riveted together upon arrival on the Isthmus by dock forces. The contract for this material, 1,148,700 pounds, was let on February 3, 1915, to the United States Steel Products Company for a total. — of $22,185.83. This steel was received in the month of April, 1915. . Contract drawings for the steel floor system were completed and con- tract for supplying of this structural iron let to the United States Steel — Products Company on January 29, 1915. The estimated weight of the items to be supplied and erected by the contractor is 11,020,700 pounds, the estimated cost being $250,535.60. The estimated weight ofitems to, _ be supplied by the contractor, but erected by dock forces, is 358,050 pounds, the estimated cost amounting to $7,901.46. The first shipment of material ordered on this contract, consisting of pedestals for supporting the girders, arrived on the Isthmus in the month of April, 1915. The second shipment of approximately 3,000 tons left New York in the latter part of June, 1915. Contract for supplying 949,009. pounds of steel rods for re-inforcing the floor slab was let to the Lackawanna Steel Co. on June 8, 1915, the total contract price being $13,518.43. Drawings for forms for the concrete beam and casement and floor slab have been completed. A total of 459,000 Feet B. M. lumber was ordered on the Isthmus for the construction of these forms. The wire for securing the forms and the wire mesh for soffit reinforcement of the beam casings has been received. 7 | 20 PANAMA RAIL ROAD COMPANY. Contract drawings for shed steel were completed and requisition placed for this material on May 21, 1915. The bids for supplying of this material, approximately 4,320,000 pounds, were advertised to be opened on July 12, 1915. | In the construction of this dock, two section rising and swinging type doors will be used instead of rolling slat doors similar to those on other piers. Itis believed that the swinging type is more substantial and durable _and requisition was placed for eighty-two of these doors and forty swinging columns. On account of the wide door opening, (forty feet,) a swinging up post was fitted, thus dividing the opening into two parts, yet capable of being raised when necessary. Bids for supplying approximately 163,700 square feet of cement tiling for the roof of shed were opened in Washington on May 28, 1915. Only — one bid was received and on account of same being unsatisfactory ib was rejected and same will be readvertised. Contract drawings were prepared for copper louvres and glazed window _ sash for pier shed, and requisitions placed as fone: Louvres on June 10, 1915, and glazed sash on June 14, 1915. The false work trestles, on the site of the pier were completed ; in the month of February, 1915. The first steel cylinders were set in the latter part of September, 1914, and at the close of work on June 30, 1915, 20,225 lineal feet or 88% of the - total required, were in place. Excavation in cylinders was started in the latter part of October and at the close of work on June 30, 1915, 12,096.7 cubic yards oe been removed, or 82% of the total amount to be excavated. During the year seventy-three per cent. of the total concrete required in cylinders, amounting to approximately 17,118 cubic yards, was in place. One hundred and sixty-one, or 75%, of the steel cylinders were com- pleted and ready for setting of pedestals, this includes cylinder A-24, which was later broken off by the Tug ‘‘Tavernilla.” Thirty-nine, or 18%, of the pedestals were in place at the close of the fiscal year. At the close of the fiscak year Pier No. 7 was approximately forty per cent. complete. ee Pier No. 8. Balance of work on this pier which consisted of a few minor details was completed. For detailed cost statement see page 26, Annual Report et 1914, Pier No. 9. _ All work on Pier No. 9 was completed on August 1, 1914, and pier has _ Qeen in service since-that date. The work of finishing up consisted of a few minor details which does not affect the cost statement shown on page 26 of the’ Annual Report of 1914. Pier No. 10. | During the fiscal year the work on this pier consisted of laying two | thousand nine hundred square yards of brick pavement, placing of one hundred and twenty-nine cubic yards of concrete truss protection, the ~ erection of steel rolling doors, cleaning up piers and ‘driving of fender piles. All of the above work with the exception of fender piles was com- pleted on September 30, 1914, and pier placed in service. ‘The dying of fender piles was completed on March 10, 1915. os PANAMA RAIL ROAD COMPANY. Zi DREDGING. In the approach channel 759,535 cubic yards of spoil were removed, subdivided as follows: , | South«winge approach channel: 20 .. se ae ee Nee RC Gad dtp ee a, 104,500 cu. yds. earth. North wink approach channel iene. 3c hah er ch. eck ee ee 77,500 cu. yds. earth. Eind.of Pier No. 8 to:Pier No. 10..:.-...... aNd pap Pay Meee ean fy te 50,006 cu. yds. rock. Approach-channel proper xcccs usec cies eee eee es eo 410,240 cu. yds. earth. Wiacdeningcap proach channels cca ts co ras Mae erate ante ams 117,289 cu. yds. earth. 5,116 cubic yards were removed at Pier No. 10, making a total yardage of all dredging for the fiscal year of 764,651. A. F. E’s Work has progressed under the following A.F’.E’s: Both those cur- rent at the beginning of the year and the new ones issued during the year are included: —— TITLE. AMOUNT. A. F. E. No. 580 Construction of Terminal Docks, Cristobal........ ee gO ne eee *$13,517 16 580x Contract account of construction of Cristobal Terminal Docks..... 1,749 54 BS ia oN GW. Lobel Washingtonae cc. aaeen se ans be cgin ncaa a tae a a 9,037 00 58a. Hrectinge News Wepoty PANAMA crt ces eos re ie ee ore ara eas 1,000.00 5950 Installation. .o£ automatic: block sionals2.< 2.5 ee as oes ue 16,965 22 59op<-anspallingsaubomeatie DlOCk SlgmMals coin css as a oak esa ew eee eee ue 7,829 16 HOSE “Cost: Of S CareOvCranes,abDalbOaiiat stots oe te ie ices vt, 96,045 75 620 ‘Filling lots in Colon between Hudson Lane and G Street.......... 35 20 625 Dredging approach to Coal Chute, Cristobal.........:........... 19,144 85 633:... Drack°and btidve:to mew Coaldock. 2. Mi ile os eee a 69,337 85 6502. Constructionzor Wrasonic “hemplé ss tins ee ee Pl na 16,900 02 675 Double tracking Diablo curve to West Leg of Wye.............., KOO helo. 676 Construction of new terminal freight yard, Balboa................ - 18,396 61 Ge HANI NG: | eS bTOe ts? © OLONS cae rs elec clca t otena hee teen cise ee 40 15 681 Extension of passing track, New Station......%.................. 352 36 . 682 Installation of water mains at Cristobal Terminal Docks. «Ese sbegee 62 22 = 684.2 CableSubway, Colon-to- Cristobal. 27a 505 ceed cn es 87 94 692=2- News Commissary Dullding. AncOm «oie wee ener. ee ets ee 14,188 06 693: 2 New: Commissary. Binlding; a 0Ca so. exe ee sr a 598 58 695: co hrang=Isthimian=Ductline oo scar ea ene Ne ies ee Pe 419,283 61 696—. Renewal-of: chanel tor sliding door, BalbOa: 3.) es ee 194 70 TOO Ree NeObiONs hOUSe;c ETI] O LES Scr os as Be edison 117 00 Ole = PaintinesMreight Suatlon; Panam dacs. oe eee a ee ae 7 00 (O2=a-bmprovement; manama VaTds-« nace ise i coe ten ee be 2,145 27 LOA W Ork -GamboOa BEd ge sree ec eres cm Oe es igi forests (694 50 | 708 Platform and sheds Wiratlores bunnel seine eee ee 362 46 710a Shed and alichting platiorm, Panama Vardi. si ei ee 27 53 14<. Stub siding west of Mainline at Mower Nii) 5 4 ec ee ee, 08 715 Placing concrete floor in Panama Freight House.................. 25 91 (16 = Changes-in- passenger station;-Corozal as acre eee ee 731 42 CAE Rearranging Interlocking Plant, PedrouNviicuels seer a ore S613 (bis ELS SeCCtlON ELOUSE, = Gua Nb OA simeaa ss oar ey ee ON ae 3,879 71 719 Construction of terminal dock: NOG Cristo balec asso 7s ea eet 450,519 32 720 Constguction of concrete warehouse at Cristobal wos carn sae ne 98,953, 35 721 Construction of telephone storehouse and shop, Pedro Miguel.....} 322 93 wine = Hxtension, 01: ©. 5.a. Ge:VcOthce; balbo0ad.ccs: . oe ee cr 712 76 723 Constructing material track, Panama Vard: = ee 438 64 724 Construction of retaining wall, cinder fill and concrete floor, Colon ~ Hireigh GRE OUSC:2 «actu oat Oe an iseeeo hi or ie Ne ae ~45602".28 725 Construction of trestle and dock at north end of dock 13........... 10,679 95 726 Construction of shed and alighting platform, Paraiso.......... Sao 412 00 727. Construction of ten family quarters at Gamboa.................. 2,452 25 «29 =, Gonstructron:of yard office at Balboa 2.1.0.8 see ee ts ee : 53 43 730 Installation of track scale in vicinity of new freight yard, Balboa. capi OLoe GO 731 ‘Moving and re-erecting one type 7 house, Gamboa................ 2,667 13 432° 2 COnstructlon: ol pontoon DirId ee, PaAvalsOrne 5 sc10 yh he ee eee 15,769 06 (33 Return track near center of dock No: 1, Colon...) .. 2... 3427.4... 229 62 734 Re-arrangement of tracks in new coach yard, Panama...../....... 6,598 58 735 Removal of water station, sandhouse, turntable, engine house and Machine shopy LANA nioars cae Ske Sa as oe ee 156 00 736 Construction of Wye at New Culebra for turning light engines. .... 2,936 54 x 737° Improvements to Caledonia Bridge, Pandma................... a 2,428 21 (8322 Dredoing at Pier NO: ty CTISUODEN fe% se ee ee ee ae 63,675 93 739 Rat-proofing Piers 2, 4 ‘and tl Coloncand- Cristobal; ¢364 3 6 chs 2,187° 86 740 Construction of spur track new commissary, Ancon............... 741 Construction of spur track at Mile Post 24, south of Frijoles....... 98 68 mGredits: <2.) A. F. E. No. 742 744 745 746 CAT 748 749 750 751 752 TOs 2782. 783 784 788 -— *Credits. PANAMA RAIL ROAD COMPANY. LAND DEPARTMENT. LITLB; AMOUNT. Repairing track and installation of sixty switches at Cristobal Yard. 7,779. 538 Installing air main from Balboa Shop to Panama Yard............ 134 94 Permanent. office building, Cristobal’ Dock <2...) ivi 203 23 Removing barracks from Dock 4, Colon, and re-erecting at Balboa. 411 59 Installation of interlocking system, DTA DIO et ase ee es 1,683 59 PlaverOUnds, © OlLOms aes eR RE aes 213 97 Installing additional facilities at Piers 8, 9 and 10, Cristobal. 5,305 02 Changing track to storehouse at Big Tree and installing cross- over, BUND OBI ese ee ee Seager ae a 570 76 Construction of new passenger station, Balboa................... 45,891 37 Installation of four-way multiple duct line from Garfield Eouee to TRAATOSS UAELO Ms © OLOT rece cs ose es ree a eased eee I ee 2160261 Installation of cross-over at Baia GES eee Re Es AS BERL EP renee doled Construction of concrete freight house, Panama. ................. 56,584 52 Repairs to wagon bridge at Gatunss see as Ne Se eee —— Construction of new commissary building, Balboa................ 149,661 81 Installation of interlocking Diaht bios Prees es Ae eS 1,272 76 Paintingsrallroadsstatlons COlOM non se i eo ae — Construction of retaining wall and boat landing at Folks River.. 4,851 60 Widening approach channel opposite New Cristobal Piers from 600 COLO ORT Cae et EN Oa eae eee ae eee 23,246 86 Removal of coal chute, sand house, etc., at Cristboal and construc- - tion of new coaling tracks and sand house. )..........0.5 850s. 2,911 07 Remodeling Pier No. 2, Colon, for the handling of local produne I USITICSS Se ee ES 1,306 76 Changing drain and sewers on the Herrera Property, Panama City. 761 78 Instulling sewer and water connections and grading for surface : drainage for stable lots in the Huerta Sandoval tracts.......... 11,513 09 Shifting 400 feet of track to center and installing two No. 7 turnouts to provide track for setting out of bad order cars................ 267 67 Dismantling Pier =No |< Colona cates ee a ae 1,493 96 Hxtending: freight room, 24 feet; Gamboa... 2. c,h ee 163 53 Dismantling 100 feet of the sea end of American Wharf, Panama... *54 85 Construction of new interlocking plant, Balboa Heights........... 2,410 99 Construction of six floats to breast ships off concrete dock, Balboa.. 914 98 Removing bulkhead between Royal Mail Pier and Pier No. 4, Colon 549 22 Construction of vault in Masonic Temple Building, Cristobal, for ‘Baymaster, Panam, Canal certs once © oma ee ena oe ae = 883 22 Installation of station house track, Balbou re et ae erage SER RT REDS 1,060 55 Experiment to destroy wave action by means of compressed air, GHISCOD alesse sa ao ee eS 142 79 Painting and general repairs to station buildings at Las Cascadas, & Empire «@ulebracandsGambodn.. on ee oe ee 698 02 Installation of first-class system of illumination at Balboa Docks. . 4,990 27 Installation of fire hose connections at railroad station, Colon..«... = Driving dolphins for tying up CON CEs Cristobalio.ac e eee s 495 42 Covering one depressed track Dock No. 9, Cristobal. ............. 87 08 Changing Panama Railroad Stable in Colon to meet sanitary regu- PUT OTIS acres has es ER eae Oe go ES RE Ss 4,357 06 DPriving-dolphins itz balboa cin oe en a 38 45. Construction of road from intersection of 14th and “*E”’ Streets to the rear. of Lot 13, Block 53, Colon. 3.2... ELAR aie ae Construction of news stand at Balboa Heiehtsicen..s gee SERRE SCS 82 152 Hxtension- of mole-atsbier NO.-1; CmStobal ms acca ces ee 339 40 Rail toadsetation at ©ordzal aN coon ce ee 8,194 41 ROtal ssa ee ee a aces. +- 1,112,879 22 During the fiscal year there has been a decrease in rentals on Colon _ property, this-being due to the fact that rental for building lots, stable lots, buildings, storerooms and miscellaneous leases have been classified separately. The miscellaneous leases in Colon are those for the Colon Slaughter House, Gardens, etc. Buildings, stores, etc., leased, include rooms in the concrete building, the three Consulates and rooms in the Panama Rail Road Office Building. There has been practically no increase, however, in the leasing of Colon lots during the past fiscal year. == in this report leases for Folks River, Republic of Panama, and Folks River, Canal Zone, are shown separately. Leases for lots in Gatun and Frijoles, together with all agricultural lands, were cancelled during the past year, which makes a decrease in ~ ra g PANAMA RAIL ROAD COMPANY. =e rental revenue of approximately $7,500.00 per annum. ‘These leases were all cancelled in line with the general policy of clearing the Canal Zone and quieting all title to property owned by private parties. One lease was cancelled for lot held at Monte Lirio pues a decrease in annual rental, at that point, of $18.00. Leases covering lots in Panama are shown according to districts in which leased, namely, Las Esplanadas, Guachapali, Santa Cruz, Panama Yard, Juan Ponce, and miscellaneous including the English Wharf. Formerly these leases were consolidated, but for a matter of ready reference they are now shown under separate headings. ‘There is, however, practi- cally no change in the amount of rental derived from property in Panama. The agricultural lands referred to were grounds around Puerto Esconvido and Najagual. Immediately after the cancellation of leases for these lands, the Land Agent, on authority from the Governor of the Canal Zone, compensated the lessees for their improvements such—as fruit trees, etc. The total of all leases and licenses in effect on Panama Rail Road s property on June 30, 1915, was 1,261 for 1,382 lots, bringing an annual rental of approximately $120,846.78. Of course, this is only the estimated rental value and when compared with rental values. on June 30, 1914, it will be noted that there is a decrease of $9,798.31, which is accounted for by cancellation of leases at Gatun and Frijoles. The actual rental for. all properties during the past year amounted to $112, 550.23, which is a decrease of $29,242.76,@from the actual collections for the fiscal year ending June 30, 1914. This amount, of course, incltides monies collected for lots and for the various buildings owned by the Panama Rail Road in Colon and Balboa. Monthly report of new leases executed shows that during the past fiscal year there were twenty-seven new leases executed for thirty-one lots in the cities of Colon and Panama. | The following statement shows all Panama Rail Road revenue pro- ducing lots covered by leases in effect June 30, 1914, to June 30, 1915: © LEASES. — Lots. RENTALS LOCATION. oD ee | June 30, | June 30, || June 30, | June 30, June 30, June 30, 1914, 1915. 1914. 1915. 1914. 1915. Colonie Se ye 824 771 9362212 781 $97,377 80 | $76,538 48. -Folks River, R. of P.. or Gls) C2, : 53 71 55 4,211 00 2,364 40 Folks River, Cali aa (1) — ese — 16 — 1,264 20 Colon—Stable Lots........ = 10 ae 14 — 672. 00 Colon—Miscellaneous .. ees aa 13 we 29 — “1,509 00 Gatun ere (2) 157 — 170 — 5,751 80 — Monte: bitte: nesa. os. Sead 0) 10 15 ia 414 00 396 00 BniyOlCS jst ee aS 8) 24 — 27 —— 377 00 — . Panama—tLas Esplanadas.. — 106 —- 127 — 3,982 50 QGuachapali= 34. ee — 151 — 193 — 7,910 96 Santa Crug eee — 83 — 103 — 3,353 04 Panama Yard..... 2. (4) 379 18 ~ — 446 30 21,090 79 3,362 00 Juan Ponce... =. ..%.- Se Se ea eee 1 —= 1 — 60 00. Miscellaneous....... ee = 3 = 3 fd 275 00 FAGTICULEUTAL eas ais ee 232 — 232 — 1,422 70 — 3 Mota 2k. ge 1,698 1,236 || 1,897 1,366 || $130,645 09 | $101,687 58 (1) These two items were consolidated in report for Fiscal Year 1913-1914. he (2) Leases at Gatun cancelled July 31, 1914. (3) Leases at Frijoles cancelled December 31, 1914. * (4) On report for Fiscal Year 1913-1914 all Panama lots were shown under one meueitia) roan by: districts on this report, 2A. 5 PANAMA RAIL ROAD COMPANY. / Casuier’s DEPARTMENT. Comparative statement of cash receipts and POSS eas: for the fiscal year ae June 30, 1915, and 1914: Item. 1915. 1914. INCREASE, Gach Receipts Pe. $15,699,952 10 $14,495,606 07 | $1,204,346 03 Cash Disbursements. ............... 15,847,609 84 14,109,136 22 1,738,473 62 Of the amount of cash handled during the fiscal year $5,129,473.41 was secured by drafts upon the New York Office. $7,281,709.16 was remitted to the New York Office. Hote, WasHINGTOoN (New Hotel). _ The gross revenue from the new Hotel Washington for the fiscal year ending June 30, 1915, was $78,436.45, expenses amounted to $97,546.76, : ot: in a loss of 819, 110. 31. P. R. R. REesTAURANT. | The P. R. R. Restaurant formerly known as the Old Washington House, was opened in the month of December, 1913, by the Supply Department for the purpose of serving-meals to employees “A la Carte.” This restaurant was.closed in the month of October, 1914. _ The revenue for the four months operation in this fiscal year pmigunied to $4,911.00. Expenses amounted to $6,130. 61, resulting in a loss of DL, 219.61. GENERAL OFFICES. [Wiccuve October 10, 1914, the headquarters of the Panama Rail Road. Company on the Isthmus were transferred from the General Office Building in the City of Colon to the Panama Canal Administration Building, "Balboa Heights. This move was made with the view of reducing the overhead expenses, the various departments Of correspondence, time- keeping, accounting, property and records being handled by bureaus already established by the Panama Canal under the unit system of organi- zation. Such charges as may be necessary on account of Panama Rail Road work are being billed monthly against this Company by the Panama Canal. Effective November 1, 1914, the title of Superintendent of Rail Road - Transportation was changed to Master of Transportation and the Super- intendent of the Panama Rail Road placed in charge of all railroad trans- portation, both Panama Rail Road and Panama Canal. Effective April 1, 1915, the office of Superintendent of Telephones and Signals was abolished and all work in connection with the construction and maintenance of telephone lines, construction and maintenance of telegraph lines, construction and maintenance of railway signals and appurtenances thereto was placed in charge of the Electrical Division of the Panama Canal. All work to be done for the Panama Rail Road Company, by the _Hilectrical Division of the Panama Camal, on account of construction, “operation and maintenance of telephones, telegraph and railway signal is being billed monthly against the Panama Rail Road Company. All forces, in the above organization, were transferred to the Electrical _ Division of the Panama Canal on the above date. - PANAMA RAIL ROAD COMPANY. 25 REMARKS. © At 2:50 P. M. April 30, 1915, fire broke out on the first floor of the Wagner Building, on the Northwest corner of Eighth and Bolivar Streets in the City of Colon, and before same was placed under control at 9:00 P. M. it had spread north to Seventh Street, south to Fourteenth Street, east to ‘““D’’ Street and west to Front: Street, destroying a total of four hundred and twenty houses covering an area of twenty-two blocks, or about one-third of the city. “The damage to property in the City of Colon, outside of the ‘Panama Rail Road, amounted to approximately — $3, 000, 000.00. Following is statement of damage, by fire, to property owned by the Panama Rail Road Company in the City of Colon and in the Canal Zones. ‘Panama-Rail:Road=Passenger-Station’. 21c.~.eoue eer ee ee $1,275 00 GristobalsCommissary-~CBuil dine) ae oa ae eae ee ie, os ee ena ee 300 00 Cristobals Commissary (Stock) ne is er htt ae eee 8,332. 71 Concrete Building at the corner of Front and Hleventh Streets............. 8,300 00 Panamera Road se rackaeis ste eae cnet ei RC ines enor ke 234 00 The Masonic Temple Building at the corner of Eleventh and Bolivar -— Streets was damaged to the extent of approximately $8,000.00. ‘This building had not yet been turned over to the Panama Rail Road by the Receiver for the Central American Construction Co., but in all probability would have been turned over on May 15, 1915. A Committee was appointed to confer with the Panamanian Authorities on the subject of reconstruction of the City of Colon. The proposition prohibiting the construction of frame buildings in the burned out district originated with the Panama Officials and the Panama Rail Road Company was advised that such a step was considered favorably both by the citizens of Colon and the Municipal Authorities, but in order to make this plan \ operative the lessees would require certain concessions. The Panama © Rail Road Company readily agreed to do its share in making this plan successful and the President of the Republic of Panama issued Decree No. 25 dated May 31, 1915, reading as follows: NL buildings receae ted and all new buildings which may be constructed in the City of Colon, from and after the above date, shall be of masonry, brick, concrete or other fireproof material. The Municipality of that City in pursuance of the authority conferred upon it by law, shall enact such measures as may be necessary iD prescrib- ing the manner in which such construction work shall be done.” With a view of furnishing all possible aid toward the reconstruction a } the burned out district, the Panama Rail Road Co. agreed to furnish rock, sand and gravel delivered at Colon at the actual cost price to the rail road. Lessees were also given an extension, on all leases affected, of two years in which to start the reconstruction of buildings. A new lease, Form AA, made out for a 25-year period and containing a clause to the effect that ‘the Panama Rail Road Company reserved the right to cancel the lease on one year’s notice, and to purchase all improve- “ments at the time of taking possession, was ‘issued and exchanged for the old form of lease. OG. _ PANAMA RAIL ROAD COMPANY. PORT COMPARATIVE STEN OF VESSELS ARRIVING AND AGGREGATE ENDING JUNE 30, VESSELS. 7 TONNAGE. = KIND INCREASE. RECEHIVED. PORT. OF Seagse Sees Ee FREIGHT! This Last re Year. Year. DECREASE. Rees ann S No. % This Last Year. Year. 5 -Tons. % Colon Coane as 81 64 led 26.56 | 325,645 | 363,390] 37,745 | 10.38 and Other Cristobal || Freight..| 1,699 1,477 PIDs 15.03 | 673,069 | 707,898! 34,829 4.92 eS es: ‘otal = 1,780 1,541 239 15.50 | 998,714 |1,0713;288] 72,574 6.77 Balboa and se [E Panama...| Various... 279 265 144 5.28 261,543 324,018) 62,475 | 19.28 ae COAL. OIL. TOTAL. Panga Kail Roadebnoiness s.. 6 ose See Oe. 26,637 22,639 49,276 spanamea Wail Road switch Mmngines:<: . ss. 20s. ee 16,027 — |. 16,027 Panama hallsRoad; Other Purposes... 2-2 ss oc 10,524 — 10,524 2 Sbenume-nail toads steamship: Line <. .2 eS Se 6,011 — 6,011 Miscellaneous Steamship DINER ese oe ee Se 207,659 — _ 207,659 Wiacelancous ea en ee ee 26,004 — 26,004 CGE NAM AACA NAL i oeras. tenemos ee oe 121,557 = 121,557 POtalseesi set et es ne ee 414,419 22,639 437,058 During the year 90,554 barrels of fuel oil were consumed, which is equivalent to 22,639 tons COLON STATEMENT SHOWING ARRIVAL AND TONNAGE OF CoAL es S ae COLLIERS. JULY. Av@usT. | SEPTEMBER.| OcTtoBER. | NovemBeEr.| DECEMBER. pee AOR ae es ten 2036 SeRVeCNGlian sas 5,154% maoWeegadesk.’ s:..<. 0. — “Wegadesk’’......%. 6,548% Be Lanlered. 3. St ss Aes DOOM ‘*Torgenskjold”’..... 5,424 PEO OLS TAG. soe ae SOCAN Wee eas A RLOTINOG. os ies SE ““Chiswick’’. . — “Oldfield Grange”. r. BPANC ONT eee SS : “Beckenham ”...... .. Pe OLISLODROS, axa ; —_— [| | I | | hala ial *6,527 6,582 5,460 & Ww co CO RE WO oe Wore NS H> Od Cr > OD GQ 00m xX D iS o> oO OS Or 2 =| | 4 Cr Ord Woe He Ovorg | id 00 bo ee) = BN eo eaten ~ eee tele lt at lee Pe lel iat i tars n ~ Achilles”... Be Ses Total». Se la q a Ser etl ? Yah ou 12,00314 17,50714 18,56914 | 15,67814 bd bo —— _. *Included in total for ‘‘Wegadesk.”’ a PANAMA RAIL ROAD COMPANY. — BUSINESS. Carcors HanpLep at Istumian Ports Durine Fiscan YEAR 1915, anp 1914. TONNAGE. | | DISPATCHED. TOTAL TONS. DECREASE. DECREASE. This Last This Last Year Year Year. Year. Tons. % Tons. % 3 soe ake a= 325,645 363,390 37,745 10.38 246,199 277,704 31,505 11.34 919,268 985,602 66,334 6.402 246,199 277,704 31,505 Ten34 1,244,913 1,348,992 104,079 C.tk 229,661 283,605 53,944 19.02 491,204 607,623 116,419 19.16 INCREASE. DECREASE. | INCREASE, DECREASE, = PER CENT. PER CENT. CoAL. OIL TOTAL ; 5,040 28,050 33,090 16,186 — 48.91 = 12,900 — 12,900 Slee a 24.24 — 12,083 — 12,083 — 1,559 — 12.90 4.332 —: 4,332 1,679 — 38.76 — 60,896 — 60,896 146,763 — 241° 01 — a Lise — e522 8,482 a 48.41 _- 212,873 —— 212,873 — 91,316 — 42.89 : 325,646 28,050 353,696 83,362 ae 23.57 Be “ ~ of coal as above. 3 : AGENCY. COLLIERS FOR THE FiscAL YEAR ENDING JUNE 30, 1915. JANUARY. FEBRUARY. MaRrcH. APRIL. May JUNE TOTAL, — mo 5,241 5,49516 — — 13,273% — - — — os — ~— 5,15434 6,405 6,418 6,44381% 6,5861% 6,627 6,59 84,790% ae es a oes pecan 5,512% 22,143 5,478 5,473% 5,422% — 5,469 5,481 See eet 4,616 4,603% 4,626 4,730 4,751% 82,8004 4,518 —- 4.562% 4,659 4,645% 4,640 23025 —_— - 6,322 —— — os — 6,322 — 9,574 — no a> — 9,574 — — 6,241 — —— — 6,241 aS ae — 8,384% — —. 8,384 14 — — — 12,001 12,000 12,008 ,009 —— os — — 6,008 — 6,008 = = — — —— 12,510 12,510 16,401 - 32,4081 32,514 41,752% .389,479% 51,499 325,50114%4 EF year. 28 PANAMA RAIL ROAD COMPANY. CRISTOBAL TERMINAL DOCKS. Cost STATEMENT, Pimr No. 7, CRISTOBAL. FiscaL YEAR. To DATE. Unit Unit. Amount. Quantity. Amount. Cost. IPOWAMIN OT OLC sch oes oe es Pat — $1,263 91 al $1,263 91 — UITVON Ae seas eee aoe eee tee OR — 66 07 — 66 07 — Designing Office Expense............ oo 17,959 96 — 17,959 96 — Maintaining Range Lights........... -— 148 43 -= 148 43 — PRES OTIN GS k sa ies a oso to Oe wad tes — 3,979 29 — 3,979 29 — Pere limi mary. WOrk gee oa eke eee ees — 100,652 60 — 10036526021 —— Cylinders, 6-foot Diameter........... eee. 167,401 99 20,225 167,401 99 | $8,099: Hxcavatine in Cylinders. 22% es Cae. 51,085 45 ~ 12,096 51,085 45 4.225 Gonerete in Cylinders) i Giys 92,818 72 17,119 92,818 72 5.420 Pedestals for Floor System........... — 6,341 93 — 6,341 93 |~ — Hanging: MendervPiles:..%. 2.400... es eas — 11 45 — 11 45 —| Steel Floor System Hrected........... — 1,893 71. — ae 1,893 71 — Concrete Floor:System:... 2... 6... ae 42 49 a 42 49 — Handling Miscellaneous Material for PMID OLRISY AUC er ie ee ee es — 205 34 os 205 34 _ Total Construction Charges. ......... — $443,871 34 — $443,871 34 — Seen VENOM. oA CCOUD TSH, eos fikieicce — 28,051 57 —— 28,051 57 — \ Suspense and Adjustments. .......... — 14,381 29 — 14,381 29 —/ Plant Account and Plant Arbitrary....| — 21,959 84 — 21,959 84 — $508,264 04 $508,264 04 STEAMSHIP LINE. The Company’s Steamship Line was operated during the year without accident, its schedule and itinerary practically maintained, with a resultant net revenue of $499,853.42, an increase of $185,557. 06 « over the previous The operating revenue was $2,642,457.10, an increase of $387,355.70 over 1914; and the operating Cages was oy) 142, 605. 68, an increase of $201,798. 64 over 1914. ~The percentage of operating expense to revenue was 81.08%, or 4.98% less than in 1914. There was a decrease of 49,153 tons in the total quantity of freight carried, while the increase in revenue for 1914 was $879,043.49. ao The incongruity of an increase in revenue with a considerable decrease in tonnage was due to the almost total elimination of Coastwise traffic _(i.e., traffic between Atlantic and Pacific ports of the United States) that was carried by other Steamship Lines operating directly through the Panama Canal, and further to a reduction in the quantity.of cement carried for The Panama Canal at a rate based on estimated cost. The reduction in the two classes of tonnage mentioned resulted in an advance of $1.15 in the per-ton rate earned over that of last year. The satisfactory results indicated were accomplished despite the fact that the Company did not avail of the opportunity afforded by the scarcity of ships and other ocean freight conditions that prevailed through-_ out almost the entire fiscal year to increase its freight rates, as was done by practically all other Steamship Lines operating on the Atlantic, but maintained the policy by which it has been guided since the United States became the Owner of the Company’s property of assuring shippers that so far as lies within its power stable, reasonable and justifiable ae would be maintained. PANAMA RAIL ROAD COMPANY. 29): As the result, the large tonnage carried by the Company S Steamship Line to the Isthmus for the construction, maintenance and operation of the Panama Canal was carried at rates much lower than those charged by other Steamship Lines on traffic to and from ports in the Bahamas and West Indies that are nearer to New York than those in the Canal Zone; while shipments to ports on the Pacific Coast, to the North and South of Panama were carried at rates at least as low as those established by foreign Steamship Lines on European traffic with the Pacific Coast. - This Company, as the initial carrier in outward traffic to the Isthmus and points beyond on the Pacific Coast, has steadfastly continued in effect reasonable rates that might have been doubled with perfect pro- — priety; in fact, recently competing Lines, owing to constantly increasing demands upon their capacity for the transportation of heavy bulky freight, have advanced their open rates 40% beyond those by Panama Rail Road Steamship Line with the practical effect of concentrating the pressure upon our Line. Rates obtainable by independent Lines or tramp steamers for new business are governed more by the urgency of the shipper than any existing tariff: Rates on traffic in the reverse direction to New York from points beyond the Isthmus on the Pacific Coast have been very materially advanced by Pacific Ocean carriers, over whose action this Company has very little, if any control. Practically all of the Company’s passenger oe during the year resulted from the transportation of employees of the Panama Canal, and other departments of the United States, as well as their families, The increase in revenue was $40,347.38 and 393 in the number of passen- gers carried. The tariff rate between New York and Cristobal, a distance of abou 2,000 miles occupying six days, is $75. ‘The rates for employees of the Company, the Panama Canal, and the Army and Navy stationed in the Canal Zone, as well as their families, are based upon the cost of subsist- ence, and are fixed at $20 for employees engaged previous to 1909 and at $30 for employees engaged thereafter. Transportation for account of the Government is furnished at the rate of $40 for each adult; and visiting relatives of employees are charged $45. \ During the fiscal year 741 passengers were carried at the $75 rate 1,836 passengers were carried at the $20 rate 3,588 passengers were carried at the $30 rate 4,731 passengers were carried at the $40 rate - 460 passengers were carried at the $45 rate 876 children were carried without charge In November, 1914, shortly after the Canal was opened to commerce, the Rail Road discontinued handling any freight in competition with steamers passing through the Canal, and its business was limited to local commercial traffic of the Isthmus and to transporting freight for account of the various branches-of the United States Government: No arrange- — ments having been made by. several of the Company’s previous co-carriers _ for the operation of their vessels through the Canal to exchange at this Company’s terminals on both oceans large quantities of freight destined to points beyond the Isthmus, this Company decided to extend the operation of its ships through the Canal to Balboa. In arriving at that decision the possibility was recognized that opera- tion through the Canal might not be profitable, as Canal tolls for the Company’s several vessels, ranged from $5,000.00 to $17,000.00 per round trip, according to their capacity, and in fact aggregated $259,084.58 for 30 PANAMA RAIL ROAD COMPANY. the period during which they were so operated, with material additional expense covering the unexpected detention of steamers at both terminals. Revenue for the transportation of treasure amounted to $27,683.99, an increase of $15,217.58 over 1914; that for the transportation of mail amounted to $222,356.37, a decrease of $45,660.91 as compared with 1914, due to the decrease in the number of bags forwarded because of the a a mail being divided with other Steamship Lines operating between the Canal Zone and New York. | The operating expenses of the Steamship Line have been charged with $163,326.99, the proportion chargeable to 1915 of the expense incurred last year for a complete overhaul of the entire fleet. No opportunity was afforded during the year for repairs other than those incidental to regular drydockings. The Company’s steamers are being maintained in good condition; they regularly pass the strictest requirements of the Steamboat Inspection laws of the Department of Commerce, are equipped with modern wireless outfits, with emergency electric lights that are operated auto- matically when the dynamos of the steamers are stopped for any reason, and are being equipped as rapidly as required with all additional life- saving apparatus found EC SeaEY in the judgment of the pr of ____the Department. The 8. S. EG vetobal which by eon of the Secretary of War was transferred to the Quartermaster’ s Department in August, 1914, was returned to the Company under date of January 31st, 1915. ~The Company’s extended lease of Pier 52, North River, expired by oo imtation on January Ist, 1945. The pier of the Hamburg-American Line, Atlas Branch, at the foot of West 25th Street, North River, was hired on a temporary lease but as its facilities proved inadequate for our needs Pier 42, of the Royal Mail Steam Packet Company, was secured and is now held under short term lease. ‘The pier is of large dimensions and double-decked; the use of the upper story and part of the floor space | has been reserved by the Royal Mail Company. ~ The provisions of the so-called Seamen’s Act bear heavily upon the expense of all steamship lines and that of this Company is no exception. _ Several items of expense are important, as for instance that for the instal- lation of separately operated electric emergency lights at all entrances and exits on the ships, and for increased lifeboat capacity including the installation of motor lifeboats that have now been placed on each of our steamers. This Company, as United States Government owned property, is required to and does rigidly and as promptly as possible conform to all -_ demands of the United States Steamboat Inspection regulations. Availing of an option held, the Company decided to extend its con- . = tract with the Ebensburg Coal Company for the supply of bunker coal to its steamers at the per-ton price of the contract of the-previous year. 5 = : The present contract expires on April 16, 1916. GENERAL REMARKS. The services to the Isthmus of the Hamburg-American Line’s different branches were discontinued almost at once upon the outbreak of the Kuropean war and at that time that Steamship Company was indebted to the Rail Road Company to the extent of $102,000 for freight moneys collected on its account. Payment of $80,000 of that total that was —_ actually in hand of the Hamburg-American Line was made, the balance : : a representing freight due on delvenes made 1 In pele ent countries neither 4 Zs we, PANAMA RAIL ROAD COMPANY. oh the Hamburg-American Line nor this Company will be able to collect — until the end of the war. : The Board of Directors at the instance of the Chilean Line reconsidered and decided not to reverse its action upon the claim of that Company for a refund of wharfage and cranage charges alleged to have been illegally oe assessed against that Sung uay and others at Balboa, Canal Zone, since June Ist, 1911. : Geran Engineers and Conductors previously employed by the Panama = Rail Road Company on the Isthmus have submitted to litigation their alleged claims for accumulated leave and longevity pay which are denied by this Company on the ground that an Executive Order terminating that — class of pay applied equally to Panama Canal and Rail Road employees. This Company’s long established contract with the Earn-Line Steam- 2 ship Company of Philadelphia for the transportation of its annual require- ments of coal to the Isthmus expired by limitation in the Fall of this year and owing to the prevailing scarcity of tonnage and consequent high rates — demanded, no contract with-commercial carriers has been made. ‘The Earn-Line’s loyal performance of its contract obligations during its 10 | years’ period of relations with this Company deserves mention. The Company’s stock of coal on the Isthmus to meet requirements estimated at 600,000 tons per annum, is now maintained through the _ services of the Naval Colliers ‘Achilles’? and ‘‘Ulysses,’’ constructed under Congressional.appropriations and placed in this Company’s service for that purpose, supplemented by an occasional diversion of 8.8. “Ancon” r “Cristobal” to the carrying of coal to the Isthmus. The longer the Colliers mentioned are operated the nearer the minimum per-ton cost of transporting the coal to the Isthmus is approximated. Under the very advantageous Harn-Line contract the price was $1.3914 per ton; by the operation of the Colliers an average price of $1.68 per ton has been arrived at, which figure includes an allowance of 34c. per ton to cover 3% interest on capital cost and 3% for extraordinary repairs and replace- ments. of the Colliers. Those Colliers, each of 12,000 tons capacity, are expected to jointly carry to the Isthmus about 35, 000 tons per month; they have actually transported 216,000 tons in seven months, or at the rate of 30,000. tons per month. Better results will be accomplished with them following their recent final test for Government acceptance, but unless contracts can be made to advantage for commercial tonnage (the ruling figure for which now is about $4 per ton), it will become imperative that addi- tional Colliers be procured by purchase or construction in order to main- tain our supply of coal at the Isthmus to meet expected demands when = a anything like normal conditions are restored. | ~ Negotiations with the Pacific Mail Steamship Company for the pur- chase of that Company’s pier and adjoining property in Colon were con- cluded and title transferred to this Company upon payment of $150,000. - Negotiations for a like purchase of the pier and property of the Royal Mail Steam Packet Company are in progress with the prospect, the views of the parties interested regarding the present value of the property being so divergent, that under authority granted by the Company’s Contract of concession expropriation measures will have to be resorted to in order to secure a Judicial appraisement and transfer to this Company of title to the property. The acquisition of both of the above properties was deemed of para- SiN Lo | PANAMA RAIL ROAD COMPANY. mount importance in order to vest the United States Government with title to all of the Golon waterfront. This Company having derived important pecuniary results from the operation of its Commissary Plant while Canal construction was in pro- gress on the Isthmus, during which time the Panama Canal had expended _ important sums in the construction of Commissary buildings along the line of Road across the Isthmus and for the maintenance and care of all such buildings and structures, it was conceded as proper and accordingly arranged that this Company reimburse the Panama Canal for such out- lays upon an ascertained basis of cost up to a total of approximately $330,000, and that sum was accordingly charged during the fiscal year to the accumulated balance of $682,835.87 shown to the Credit of Result of Commissary Operations to June 30th, 1914, in the balance sheet of last year. An accumulated indebtedness of $11, 372.62 due this Company by the Peruvian Government for the transportation of Peruvian mails across the Isthmus to date is not yet settled but is the subject of amicable nego- tiations for adjustment. The araage of the mails has not been inter- rupted. During the year, at the instance of the different Departments of the ~ United States Government interested in the development of closer rela- tions with the Central American and South American countries, considera- tion has been given by the Board of Directors to the expediency and advisability of extending the service of this Company’s Steamship Line through the Canal and otherwise to various commercial ports in several” of those countries\and the West Indies, but as yet no conditions sufficient _ to warrant such a measure have become apparent. For the first time in its history the Company decided to open a bank account on the Isthmus and selected as its designated depositary there the branch of the Commercial National Bank of Washington, D. C., and thereby provided for the care of its Isthmus funds deposited at interest : and furnished an economical and effective method of transferring bal- ances to the credit of the Company’s account in New York by cable. _ The Company’s contract bonding its employees at the rate of 25c. per hundred dollars was renewed in competition for the current year at the same rate; the total risk assumed by underwriters amounts to $390,000, covering the Company’s employees in New York, on the steamers | and at ae Isthmus. Marked results followed the introduction of electric cargo trucks on our docks at the Isthmus for platform handling of cargo; twelve of various types are how in operation and that number will be materially increased in the near future as it has been demonstrated that they can pay for themselves in ninety days through economies effected. The suit by the Pacific Mail Steamship Company against this Com- pany for $800,000, covering alleged loss and damage occasioned by the _ sinking of their 8. S. “NEWPORT” at Balboa on August 17th, 1912, was decided by the Court of first instance in fayor of this Company; that decision will no doubt be, if it has not already been, appealed from, but as it was based on the developed facts of the case there is good reason to believe that the decision will be sustained. To aid the Commissary in the purchase abroad of foreign products at _better prices than can be secured in this country, arrangements were made - with the Company’s London Bankers to pay for such purchases in Sterling ae 2. PANAMA RAIL ae COMPANY. 30 money upon the presentation of invoices swith duly certified shippiee documents attached. - The need of an additional dock at Cristobal with sowie upland © space has become increasingly apparent and anticipating that necessity, an extension of the existing mole along the land end of Piers 9 and 8 was authorized at an expense of $60,000. Plans and estimates for the proposed new dock No. 6 are now under consideration, but due to the decrease in the Rail Road’s revenue earning capacity and to outstanding authority for other construction work it may be necessary to secure if possible a Congressional appropriation to cover its cost, but in whatever way the funds may be provided, the need for the additional dock is_ definite, especially in view of the demolition ordered of all wooden. docks along the Colon waterfront not later than 1919 for sanitary and other reasons. All of the amounts written off to “Profit & Loss”’ as shown by the attached Exhibit ‘“A’’ ‘Income Account and Profit & Loss Account for the year ending June 30th, 1915,” were so charged by authority of the Board of Directors. The Washington Hotel, the Commissary Department, Telegraph and Telephone Plant, and Gamboa Gravel Plant are maintained and operated for this Company’s account by The Panama Canal. Material and supplies for the Rail Road are bought by the General Purchasing Officer of the Canal, and under like arrangements the docks and tracks’ of the Panama Canal are, and the permanent coal plant when completed will be, operated by the Panama Rail Road Company, all upon materially — advantageous terms and conditions, as arranged. Because of the war-in Europe a much smaller number of vessels ~ arrived at the Isthmus since August of last year to pass through the Canal than was expected, or contemplated by the plan and character of the docks constructed by this Company at Cristobal, and by the Panama Canal at Balboa, as a result reasonable basis was not afforded for a — conclusive trial of the plan of operating our Cristobal docks and the scale of charges by the Panama Rail Road Company covered by Circular No. 500 referred to in my last year’s report, nor was anything like the anti- cipated revenue received. Nevertheless certain changes were shown to be necessary in the direction of increasing our charges that were accordingly announced by circular 500-A, effective on July 18th, 1915. The prices at which coal was supplied to consumers of $5.40 at Cristobal © and $6.40 at Balboa have been increased to $6 and $7 respectively. An- nouncement of any further change is expected to be made in connection with the beginning of operations of the permanent coal plant at Cristobal, — expected to be completed in the early Spring of 1916. | General H. F. Hodges retired as Second Vice-President and Director of the Company, located on the Isthmus, on December 10th, 1914, and was succeeded by the election of Colonel Chester Harding on January 2nd, 1915. He was re-elected a Director on February 15, 1915, to fill the vacancy occasioned by the retirement of Mr. Richard Reid Rogers on February 6th, 1915. Captain R. E. Wood retired as a Director on June 22nd, 1915, just prior to the expiration of the fiscal year, and the vacancy thus occasioned was filled in the following month of August by the election. of Major W. R. Grove. : Respectfully submitted, ae : ee : | Ey A. DRAKE: te | = Vice-President. . o4 PANAMA RAIL ROAD COMPANY. THE PANAMA CANAL CANAL ZONE s Suppry DEPARTMENT Balboa Heights, August 28, 1916. ee PRESIDENT, | PANAMA Rat RoapD Company, BALBOA HBIGHTS, CANAL ZONE. = Sir:— ANNUAL REPORT—OPERATIONS OF THE Oe BRANCH— FiscaL YHAR, 1914—1915. I beg to submit the following report covering the Con ay Opera- tions during the fiscal year ending June 30, 1915: ; The Commissary Branch continued under the organization as outlined _in the last report for the first quarter of the fiscal year. Upon the relief from duty of Captain F. O. Whitlock, Assistant Chief Quartermaster, under date of October 7, 1914, the supervisory authority over purchases and over the Depot Commissary which had been exercised by him was transferred to the Office of the Chief Quartermaster, Mr. B. L. Jacobson, = - Depot Commissary, remaining in charge of the wholesale departments and manufacturing plants at Cristobal. The management of the retail commissaries was placed under the jurisdiction of the Depot Commissary on December 16, 1914, and all oo Storekeepers report direct to him. 7 No other important changes were tad in the Personnel or Organiza- tion of the Commissary Branch during the fiscal year. A new two-story concrete commissary was erected at Balboa at a cost of approximately $150,000, which was opened for business on May 11, 1915, on which date the old commissary building at Balboa was abandoned. The Toro Point commissary was reduced to a grocery and cold storage commissary on May 1, and the Naos Island commissary was closed on June 30. The new concrete warehouse at Cristobal was completed about ~ December 15, 1914, its total cost being approximately $103,000, thus plac- ing all of the wholesale sections practically under one root. Due to the high prices at which beef is selling in the United States, and ~_ in an effort to reduce its cost to the consumer and at the same time provide fresher beef, it was decided to construct a slaughter house at Cristobal, and arrange for the purchase and killing of cattle on the Isthmus. Ac- cordingly, slaughter house operations were started on February 4, and at the present. time nearly fifty per cent. of the beef consumed on the Isthmus is Central American beef, bought on the hoof and killed by our forces. This beef can be sold considerably cheaper than States beef, and is finding ready sale at the commissaries. __ Owing to the increased demand for ice and cold storage ee on the Pacific end of the Canal, and in view of the expense-and large shrinkage resulting from the transportation. of ice across the Isthmus, it was con- sidered advisable to construct an ice and cold storage plant at Balboa, | adj oining the new commissary building, with a capacity of 100 tons per day. The Ancon laundry was taken over from the Health Department on July 1, 1914, and is now operated as a part of the Commissary Branch. _ The business of supplying food stuffs, ice, etc., to passing ships has PANAMA RAIL ROAD COMPANY. se 3523 developed greatly during the past fiscal year, $150,228.70 worth of supplies having been sold to steamship companies for the year ending June 30, 1915, as compared with $10,779.98 for the previous year. The total sales for the Commissary Branch for the fiscal year amounted to $6,666,644.84, as compared with $7,271,117.28 for the preceding period, a decrease of $604,472.44. a The following is a statement of the profits and losses of the Commissary — Branch, shown by quarters: | QUARTER ENDING. ~ PROFIT. Loss. September 30, 1914........ ee ep ee ee ne eG — $45,466 68 Wecemberc3b iO 1A sae, eee eee ey Se atk ae esac $31,633 65 a Wianchesils: 19d Scans cen Sine FY, GA SS Pe oe 63,733 44 a Uune. SOM OLS aie ee Fe ens oN SE A EON OT eee te 21,333 93 coe CRO tal Seep cee cara ue es eee Se ee a eee 1 $116;701 02 $45,466 68 PSN et-prout. tor-thestiscal avert cs setae ee em gg ee C1, 284-34 ; % In view of the profits for the quarter ending March 31, 1915, the — = _ surcharge on groceries was decreased 10% as of May 1, 1915. = _ _ The following is a statement showing location of purchases made during the year, as compared with the previous fiscal year: ; LOCATION. 1914. 1915. UnitedsStates = re $4,287,615 30 | $4,326,714 67 — ORC OS ee ae ncn gate ene oe ie or ramen wa eee ie ieee 722,840 14 5.07226 = One. TGOa et ee a eae ek ee eee BG cee eter te ee 452,282 12 141,951 66 eheeb aman © angles eee ore ee eee a er Su ie 26,725 81 45,188 00 - AIO Valse reser = et eae eg eee Wee he ee $5,489,463 37 | $5,089,079 40 Architectural changes were made in the roof over the ammonia con- densors at the Cristobal Ice Plant, and new forecoolers are now being — os installed. A chill room for native beef slaughtered on the Isthmus was added to the refrigerating plant, and the unloading platform at the cold ‘Storage plant was re-constructed of concrete. \ Difficulty having been experienced with the handling of potatoes, a frame building at Cristobal was converted, by removal of partitions, ete., Into a potato storage house. Air is forced through ducts under the floor and holes in the floor to create a draught for proper ventilation. In bring- ing potatoes from the United States it was found that by shipping them between decks, instead of in cold storage, the freight rate is greatly reduced and the quality of the potatoes improved. This method is followed during the greater part of the year, but there are three months during the latter part of the old potato season when this scheme is not feasible, as the poseioes have not sufficient keeping qualities to be shipped out of cold storage. oS : 3 The report of the financial operations of the Commissary Branch will be embodied in the report of the Auditor of The Panama Canal and Local _ Auditor of the Panama Rail Road. Respectfully submitted, -Wno. R. Grove, Chief Quartermaster. — =a - 200: Mr. He A} PANAMA RAIL ROAD COMPANY. PANAMA RAIL ROAD COMPANY. ACCOUNTING DEPARTMENT. New York, N. Y., November 1, 1915. DRAKE, : VicE-PRESIDENT, PANAMA Ratu Roap Co., New York, N. Ye Dear Sir—l ferent submit Exhibits of Income Account, General Balance Sheet and tables showing results of operations for the fiscal year ending June 30, 1915, as follows: _ 92 OO i SAP n SP O4an nA Income Account and Profit and Loss Account. — General Balance Sheet. et . Investment Securities Owned. _ Revenue and Expenses. Operating Expenses of Rail Road. Operating Expenses of Steamship Line. Expenditures for Additions and Betterments. Equipment and Plant Replacement Accounts. Classified Rail Road Revenue, Tonnage and Passengers Colon to Panama, and Panama to Colon. Rail Road Freight Statistics. Rail Road Passenger Statistics. Rail Road General Statistics. Rail Road Freight Tonnage handled. Steamship Line Statistics. Locomotive and Car Equipment. Floating Equipment. Chart showing Organization. Chart showing comparative toh miles, Isthmian Expenses and Pay Rolls. Chart showing total Revenue Received. Chart showing Revenue Received from Here handled. Chart showing Tons of Freight handled. - Chart showing Operating Expenses by De paruments. an December next the following tables, showing the results of oper- - ations for the four months ending October 31. 1915, will be prepared and published as a supplement to this Annual Report, VIZ: (Sng & Income Account and Profit and Loss Account. General Balance Sheet. Revenue and Expenses, . a Classified Rail Road Revenue, Tonnage and Passengers, Colon to Panama, and Panama to Colon. Steamship Line Statistics. e Yours respectfully, Gross: Revenue -Erom Operatlonk one hoe ss bee ce oe ees $2,787,056 83 Operating Hxpensese cick is es eae ee ew ee 2,607,479 26 : Net Revenue trom: Operations... fa. es ees a | $179,577 57 STHAMSHIP— : = , Es Gross: Revenue tromvOperation..: 3.0 sh oa es ee eee $2,642,457 10 ©peratingsNxpenses exes oe ale hae Nee Wok ie eat LR, We es 2,142,603 68 Net Revenue from Operation....................5 ie Se 499,853 42 Total Net Revenue from Operation.........0...... ne $679,430 99 & App INCOME FROM— y Interestand xchange cis costco iets. cee Ge Sane routs -..-|.. $160,705 00 Rentals cre. esas NS Set oty re RRO Gi oatee aT aN GN Tee AON SONIC EPR Ree meek 99,038. 72 - Result Commissary Operations......... BAe aaa Lestat oe Seah eae 68,994 91 —_— 328,738 63 LESS— > ae $1,008,169 62 RENTAL OF TERMINALS AND TERMINAL OFFICES.............. ’ $78,469 59 ‘ UNITED STATES GOVERNMENT INCOME TAX.:................. 14,839 45 S 93,309 04 Net Income for Twelve Months......... ivi eace Sei oe $914,860 58 Prorit AND Loss Account. By Balance to Credit of Profit and Loss, June 30, 1914......... 0. cc cece cesses se ee $17,534,458 83 ; Surplusfrom Income Account for Year Ending June 30, 1915.................. 914,860 58 - Adjustments of Commissary Operations not affecting current periods Income..... 671,020 14 Sale of Tug Bolivar, no book value, fully depreciated ............-..0.02--00-0- 26,000 00> Charge to Panama Canal for Hmployes’ Vacation Pay earned while in their em- See DlOys GUBMo 15,407 19 — alo 156 ‘ SUE TEASING. etek: ceca cs cleccend boscess 6,461 25 14,997 73 ae 8,536 48 RN Special Service Train....... ee 936 28 2,334 19 ae 1,397 91 MGs $633,787 60 | $1)391,075 46 $757,287 86 MISCELLANEOUS: 2 Other Passenger Train.:....... ~— — ae — OW RHC RIMS i055 cos ee cake rok oer $37,459 13 $6,245 50 $31,213 63 — ~ Miscellaneous Transportation... 18,141 15 — 18,141 15. — ees en ee eee Be ROUM er ae etter ee te $55,600 28 |” $6,245 50 | $49,354 78 — - Total Revenue from Transporta- EEO Mise tee ees ee oa e ee Sosa Me oss $2,095,342 48 | $3,965,382 54 = $1,870,040 06 Revenue from Operations other than Transportation: Station and Train Privileges...... $2,945 62 $2,062 92 $882 70 — Storage—Freight................ GATSeSl ale 7,401 30 ae $222 49 Storage—Baggage. ..........00.. 463 75 374 65 89 10 — ei OT SCL VACC 3 ics is No ee ee 1,140 00 1,280 00 —— 140 00 . Telegraph and Telephone Service. . 1,150 33 1,671 75 = 521 42 Witscellanecousisccee. Secrn teces 10,648 81 75 617 G2a\ a 6,968 91 te BRO talline ces apes Foie Ruin raicon sss \$23,527 32 $30,408 34 — . $6,881 02 Harbor Terminal Revenue: Wharfage—Atlantic Terminals.... $81,131 60 $73,543 45 $7,588 1 — Wharfage—Pacific Terminals..... 116,504 92 293,298 70 a $176,793 78 BIPM UCCLAL Cs ote che e520 sat eoe s eee oss 45,085 73 22,6017 Lé 22,434 5 — eight HOUSCWtA he. eels a — ‘.25025:°50 am 2,025 50 CTANAL Oe re eee ee ee he eee 37;205 (TC 30,779 28 6,426 49 =o Water Supplied Shipping..... ee 1,150 87 17,466 2042) 2 4 16,3815 40 PVETSCOMANCOUS sacjeeise eos casing wrote 5 498 62 5,467 03 | 315 =o FROG e528. ae hs eer ha acer $286,577 51 $445,231 40 ae $158,653 89 Other Oneainy Revenue: Rents of Lands, Buildings and x Other Property a: ose $1,859 31 | $2,017 80 _— $158 49 Miscellaneous Revenue — Other DOUTCES este eee oe talone acess i LOWE 2250 124,365 44 | $38,347 06 — Stevedoring and Freight Handling ROVOUC sees) Hans octet hs olcie See 217,037 71 oe 217,037 71 a Botilaecy soo (io hg es $381,609 52 | $126,383 24 | $255,226 28 -— Total Rail Road Revenue. i ...| $2,787,056. 83 | $4,567,405 52 aaa 1$1,780,348 69 Carried Forward....... «| $2,787,056 83 | $4,567,405 52 — {$1,730,348 69 ) Miscellancousicicc se wis Cheeta fe 747,314 63 Total Rail Road Revenue...| $2,787,056 83 52 Total Rail Road Expenses..| $2,607,479 26 | $2,741,485 70 Net Revenue ss. cc os 80 arate as $179,577 57 “$1,825,919 82 Per Cent. of Expenses to Revenue. Oo onukee 60 02 SrHamsHip Linz: : Ae | Totel Bzpenses 01122. 120 2 | “ataaiens 68 | 940/805 08 Net FROVONUG ec kses hae ile eee eae ie $499,853. 42 $314,296 36 Per Cent. of Expenses to Revenue Sr ee Grand Total Operating Revenue.| $5,429,513 93 Grand Total Operating Expenses| 4,750,082 94 Total Net Operating Revenue.... Per Cent. of Expenses to Revenue 87.49 $4,567,405 52 $6,822,506 92 4,682,290 74 68.63 $679,430 99 | $2,140,216 18 ie 33.54 | $387,355 70. 201,798 64 $185,557 06 $67,792 20 18.86 $134,006 4.98 $1,392,992 $1,460,785 $1,780,348 69 $1,646,342 25 me | 7 PANAMA RAIL ROAD COMPANY. Al x N as EXHIBIT C (Continued). STATEMENT OF REVENUE AND HXPENSES. OPERATING REVENUE—Continued. . 1915. 1914. INCREASE. DECREASE. se Brought Forward......... $2,787,056 83 | $4,567,405 52 — $1,780,348 69° STEAMSHIP LINE: 3 i rere ite ee es Coes recess Seas $1,910,562 94 | $1,531,519 45. | $379,043 49 — Passenger... ........0..-0+0-5-- 462,075 90 421,829 68 40,246 22 — ISCOSS BAGLALC ieee mentees 1,990 31 1,889 15 101 16 — Tai ee ey Se a Cee pera rateeeoe es eieel 222,356 37 268,017 28 — $45,660 91 AEPEASUTC ioe eoane o hie BoB eter etree wis 27,683 99 12,466 41 T5421 7-58 — Wines and Liquors.............. 7,926 66 8,510 30 — 583 64 Steamer Chair Service........... 5,528 00 5,858 00 — 330 00 Mascellaneous =. 005. is ean chess — 4,832 93 5,011 13 | a 678 20 : TOU ees ee a ee ~...| $2,642,457 10 | $2,255,101 40 | $387,355 70 — _ Gross Operating Revenue..:.... $5,429,513 93 | $6,822,506 92 — $1,392,992 99 OPHRATING EXPENSES. Ratt-Roap: ® : Maintenance of Way and Structures $315,356 59 $388,457. 88 — $73,101 29 — Maintenance of Equipment.:..... 566,362 91 464,467 04 | $101,895 87 — Traffic Expenses......,.......- ©, 13,702 44 16,926 41 — 3,223. 97 — Transportation Expenses...4..... 1,022,500 04 1,396,210 40 — 373,710 36 Lighterage and Harbor Service.... 123,032 89 80,3846 59 | 42,686 3 ——- Loading and Discharging Vessels. . 42,190 37 44,915 57 — 2 h20 204: General Expenses—Isthmus...... 158,186 89 284,854 49 — 126,667 60 General Hxpenses—New York.... 51,205 59 65,307 32 — 14,101. 73 Stevedoring and Freight Handling PUXP CSCS os eee as ee ae 314,941 54 — 314,941 54 — Total Rail Road Expenses..| $2,607,479 26 | $2,741,485 70 a $134,006 44 STEAMSHIP LINE: = ee Steamer Hxpenses .............0- $1,527,825 389 | $1,588,293 59 = $60,468 20 Agency Eixpenses..........0..... 240,534 37 ; 16 aes 41, B44 79 General Expenses—New Vouk. 48,480 85 31,826 30 | $16,654 55 General Expenses—Isthmus...... 66,678 49 38,805 99 27,872 50 — Charter of Steamers ............ , aa rae sar ai OS eee cys oe are nein eA A scare 259,084 58 —_— 259,084 58 ae Total Steamship Expenses... | $2,142,603 68 | $1,940,805 04 | $201,798 64 — Gross Operating Hxpenses...... $4,750,082 94 | $4,682,290 74 | $67,792 20 — ~ | SUMMARY. Ratt Roap: a Revenue: ! Colon: tos Panama vu oe oe ee $1,405,954 60 | $2,568,061 58 — $1,162,106 98 PanamastOrColonec: soos ces 633,787 60 1,391,075 46 — 757,287 86 608,268 48 | $139,046 15 _ 44 42 PANAMA RAIL ROAD COMPANY. : EXHIBIT D. STATEMENT OF OPERATING EXPENSES OF Ratt ROAD FOR THE YEars ENDING ee 30, 1915, AND 1914. 1915. 1914. MAINTENANCE OF WAY AND STRUCTURES. : . py] OL Sb me ay Re aMRG ay 0 cy oer ap caer ome ioe een gto. SS ee aero Ratan Meron Manca eas et ere $17,969 60. . $24,574 86 HES aT US Ge Goose asses saa so wie a RE REESE 12,894 09 10,561 15 BERT OR es cae pa ee Se SU ES Ws oe ee 21,297 60 8,955 33 “Rails DREGE BG es AO ee hea eebaees ae GE eee cee nee ee 138 19 6,280 35 PO GHOEAPTACK NLA TCTIAl << kein hae on Cs rn ie 14,466 89 10,8384 39 ROS COV = eu CL= Eat C Kesh eras ae ha ce se aed ee eee ss ond Ree ee Dee bas 133,037 90 142, 597 138 BRA DITATIVO | eitee tetas cees saree ees Oe oot i ES Ct Se ee — f SBWtes eU Trestles sal GC UlVerts .. ce. . sas Oi es ES 4,566 95 50,390 76 Overmand wnaer Grade-Crossings. 22. Aw. eh c.f as Sa es es 3,894 55 235° 75 Grade Crossings, Fences, Cattle Guards and Signs.....,...... 1,345 89 1,495 94 Signalssinasmnteriockine Plants< «eos es Oe RS 15:4:1:22 02 ‘10,926 64 Wana OUppiles Anos xpeCNS@S..% sc4 << c.eer oh e 2520214 1,986 09 pVardchnvinemens: se Ree ee ee i ee 44,353 50 33,095 76 HN Gime house MxXPeNses——Y AlGc, o. eo ee cy os ee tse 8,371 65 6,447 83 Le leOLAcAT Os 1OCOMOLLY CSae ac Caves Se en i ee a 61,823 54 46,460 35 Water for Yard Locomotives.....:...... Se ea eS 2,424 28 1,632 16 Pubricants.r0r yard: LocOmotlyes cs. oc i 334 92 457 09 Other Supplies for Yard Locomotives. ..>.... Say egret ease G, 1,015 08 867 53° TUOAG SHAN PIM OM ON se ts te er tt ae ela poe ee ee 53,602 14 (AGLOD 82. “ Enginehouse Hixpenses—Road............-. eee fe ee 15,467 05 = 10,5 70267" | Fuel for Road Egcomonulves Baa eS a eee ak ee ~ 106,943 25. 138,874 60 ~ * Credit. : PANAMA RAIL ROAD COMPANY. 43 EXHIBIT D (C ontinued). QTATEMENT OF OPERATING EXPENSES OF Ratt ROAD FOR THE Vina ENDING JUNE 30, 1915, AND 1914. 1915 1914 5 TRANSPORTATION EXPENSES (Continued). — Winter for oad LOCOMOLVES. Gia 1c. cate oe ees Henn ee $4,482 07 $3,234 67 Ioricants tor Road WO COMOUVES <4. rhe Meco s cee sees es os 773 50 1,292 38 Other Supplies for Road Locomotives..................+.-.: 2,399 33 3,116 03 ROA BRAIMIMEN Ss, eae eee ens SN ee eons aes as oS 79,3881 92 - 121,746 37 ERPAIN: SUP PIES ANG FH XPCUSCSs ccs. oceans Sek c tee 80 Foote he were 42,934 16 38,986 59 Interlockers, Block and other Signals—Operation............. Del2O2t8 8,343 00 Groscine. Blasmen and Gatemen 1.5 tn nee eee ie 3,728 22 |, 3,517 97 Drawbridge Operatlon nce ccc ce eee cae ears 12,596 00 — 1,632 92 - Gl e@ariie Wire Chkas st ease es ee ses ene ee 1,656 26 3,263 51 Telegraph and Felephone: @peratlonasa cae en ee ee 12,480 99 11,324 18 Stationenys and se rin thing Sas ee so cect ew ees eg ead eek ohne Lee S bt 18,985 49 Other Expenses....... CENT, ON rare ge en gees 1,254 79 6,529 54 Hosssand=sD amaig e— Pree hi esi ieee og tere wv aee rae ses Se 02,431 45 83,552 78 Wosscand. Dama ve—Bagetare Sra eect eee a Se 207 12 454 85 DAMA Se VOCE TO DCMU Niessen vera aces ee ee gn en 210 77 * -4+2,681 95 Damece torstock on Right al Wa yen. tcc ees ee — 10 85 Injuries:-to Persons. 23 os 5 ASE Ah ot as tnrrar er eens Beate 5,440 16 8,989 63 : otal ose | Se eee Side 004 __ $1,396,210 40 _ LIGHTBRAGE AND HARBOR SERVICE. : : = Simm erin tendon Ces wes pcr hi nha senate i Noeere tne eesemaaeee Rees P. eee o $5,746 60 Tugs—Repairs. i eee sR eee tags Pa! GE hee Vp! ae ie i ae Tugs—Renewals Beg Degrade eh ON a a ne Bs 22508 se Tugs—Depreciation..... So RE SO 7 i re eI Oe ie a 1, one e8 nea 2 Lighters and Other Equipment—Repairs................ Be 2a Ba 9, ane aS Lighters and Other Hquipment—Renewals so anec tate ein uen eee a Ere “13° 25 Lighters and Other Equipment—Depreciation. anes : = Aer oF (iicar ue Cranes—Balboa Wharf.....-........ Nes i ae cae cere P. 36 13 “48 46 ; g 45 1 20 06 @hartversoLeB Oats sap. es ae ee ee ne P. a 60 399 30 . : 0 07 ; 16 NiaTining “Boats eke ie fe ee ee ee P. 03 15 406 34 . : 5 0 Boat-Supplies and Expenses... 2... 6. i ee ee 2 ; 109 51 959 93 : : 091 94 88 ETE Wal ce a Ee Dees 2 3'611 40 2,129 a Wamace TOs Proper yaccc 6.2 hase seer ieee, eee at tes P. 41 04 393 97 3 A. — ae IFOSSsANGeD aMaALe= aN re ee ee, nee Pp. nS 90 95 tee = A. 49 28 9 PNJUTICS TOP ETSONS cg testa ete ome et ene ee Pp. = = 26 16 : ae xe : 3 Stationery SNGSP TIN tN pecan ee ae ee ee Pp. 4 4 53 a 8 4 A. Moko 10 Aeon: Oper ee usees SoS Se P. 3'131 67 ‘ 1,287 89. ok Sane . 3 : Ae care : ees eens Houses—Repairs and Renewals SF ge sesame tegen P. ae " 90 00 Light Houses—Operation of............. 6... Rees ae 38 75 OEs 17 . Pilots........ is ee ee ee a = 4,081 00 | 7 x 63,300 80 20,553 04 Eee HWXPeNses. + 55-4. 8 ates ee ee tO a a ‘P| 13,990 17 51433 10 Total—A.—Atlantic Terminal......... See $80,301 20 | $36,836 33 Total—P.—Pacific Terminal......+........6.. 42,731 69 43,510 26 eo Grand Lota = ee a $123,032 89 $80,346 59 LOADING AND DISCHARGING VESSELS. : B Suneremeadonce BP aR ee cae aL A RED ce Boa Deere aaa $612 50 | $486 89 Cranes—Repairs and ,Renewals.... 50.0... cc cece eee ee tte 11,919 88 7,085 33. - @ranes=-Operation $12,301 73 $9,137 36 Selaries and Expenses of Clerks and Attendants.............. 24,158 02 14,712 49 General Office Supplies and Expenses— Aq Repairssand: Rents: wiv i) oe ae. ae 4,027 46 2,(61 17 B-—Other Office Hxpenses: .. 20050. . Sebo ie ee os Coe eres 1,469 33 901 62 C—Telegrams and GCablegrams.........:..e0cceeeceeecn 671 99 173 53 Ria wis Hy SDCTSON chev ces cas |e Seve ateccee ees os areteun skeapemsss ceer tion Peters aie 2,405 81 1,432 23 Stationery. and Printing. ©. ...... se. « <6 fee Need RAGE NE gO 2;158 43 1,379 80 Others xpensos. oe ces a ee Stee etal eeu Tes hap gts Cie 1,293 08 1,338 10 Wotabe ene Sie (aoe i eae ciara gars $48,480 85 $31,826 30 a a eR gn es tg a ee ene ae RL eee | ge einen 3 a : { RAL Expenses, Istamus. ¥ Hl Res oh ‘Expenses of General Officers....................| $5,608 30 | ~—«4$4,211 23 s and Expenses of Clerks and Attendants..............| 51,284 91 | 28,556 97 ‘1,122 75 eral Office Supplies and Expenses. . Law, Expenses........... $2,142,603 68 | PANAMA RAIL ROAD COMPANY. 47 : EXHIBIT F. STATEMENT OF EXPENDITURES FOR ADDITIONS AND BETTERMENTS FOR THE YEAR ENDING JUNE 30, 1915. BUILDINGS AND OTHER STRUCTURES— NewsDocks-at-Cristobals Point. «v.25 eee a een eee $549,730 32 Construction of Trans-Isthmian Duct Line.....:............. 541,710 90 Pontoon blidver bal alsO > eee ee oe a ee 230,533: 14 NewsCommissary Bbullding,-Balb0asssi ese eee oe 149,661 81 New Commissary. Warehouse, Cristobal... ... 2 98,953 35 Commissary Buildings 2, 5, 76, 77, 89, 124, 163, 182, 196, 280. .. 79,933 22 New: Helo htsrrOUsSe real ail ai sees cas eel te, ee 58,053 67 New Passenger Station, Baily O ares esce Ret eee ey Foe cee 45,891 37 t+ Wiasonic: -LempleCristobal=sa ees so en a 17,783 24 Gomimissarybullding vAmcone = 25 eos a ee _ 14,188 06 Improvement on Huerta Sandoval Tracts.................... 11,513 09 CoaliErestie-andePier= Cristobale eee aes oo ae ee ie 10,679 95 Preliminary: Soundings, Atlantic eariial Coal Piet a. .Ree se 10,574 46 Newaliotel Colon Beach: == =a ee ee 9,037 00 Constructing New Pole Line and 30 Pair Lead Cable, Colon to Get: Se Ne eI a Syne ten See Soe ean 9,027 83 Commissary Building, Pedro Miguel......... eer eet pi a, eRe eter 9,021 74 New Staton, Conozals es ae ee a ee ee a 8,194 41 Anchoring Cement Dock, Gamboa........... A ee, Sno es caper ee 6,899 92 Retainine.Wall “Colon-treighteHouse: 23.0%. ee ee 6,812 87 Addition to Cold Storage Plant, Cristobal.......:..... aaa 6,281 86 Installing Electrie Light System, BOD Oa ees, eee as re 4,990 27 Bosteb anding se Holks aRIGer ait asian attr ee es Ney 4,851 60 Improvement Municipal Stables, Colon................... Fe, 4,357 06 Sections Houses Gam boast ee as ee ee 3,879 71 Motor Buss:House;-Balboa Helshts:+--..- = = 2 Saree 3,300 54 Removing Coal Chute and Sand House, Cristobal.....:....... 2,911 07 Wiovine= ouse;-GambOas se oo sie 2a ee ae eae 2 OOu1S Removine House, Pedro Mirucle:. =. 2,452 25 Improvement, Caledonia Bidens Se eee ee 2,428 21 Dichkine, ColonRadio oss Se a Oe ee eee 2,165 61 SoapzRenderme:- Rlant-Cristobals ssa ee ee 1,690 84 House Purchased from Central and South American Telegraph CO ee ean pk ee a ee ee = 1,500 00 Pismantlinc PrerN.O.els Colon ek eas Fe ee 1,493 96 s Improvement Pier No. 2, Colon... ee NSS ek RS: Cae eee, 1,306 76 News Depot Panama. nice ee ae ee ae ee 1,000 00 News oband; balboa Ehelehitse=s 5 ian 6 aa ee ae ee S20215 Reconstructing Telephone Line, Gatun to ee EON ee eee em S092 Improvement to Herrara Property. Ria Se ge ORE ne ee ae 761 78 Changine=Passencer- Station, -CoLrozal <= a ee ea 131-42 Addition to Building, C. $ A. de Wise Balbes Vand Office, Balboa. TAPAS Commissary-Bullding-ha Bocas. oe ek 598 58 Walle Gamboa Brides. = oo ee ee 594 50 Passenger Sheds Paraisoresn 2 se ee Gy ee Beare ee Sega ee ae 412 00 Nemovalsbarracks. @olon: tosbalb0as +=. (<2) eee ee 411 59 Addition Commissary Butldine Ton= Ton- Ton- Gf Ships.| nage | Ships.| nage Ships.| nage Ships.| nage Carried. Carried. Carried. Carried. Panama R. Roships 4; Arrived.| 27 51,454; 28 35,652|| — 15,802 1 zs toe Salled: _28 62,161 28 49,391|) _— 12;770 ad — Chartered Passenger Ships.Arrived.| 41 | 126,947 50. | 142,611); — a 9 15,664 .Sailed.} 41 | 218,808) 49 | 280,869}; — — 8 62,061 Chartered Freight Ships. . Arrived. — — — — — — oo — fs . Sailed.| — — — — = — — — Ot ali ee ree ori eee 137 459,370} 155 508,523 —_ — 18 49,1538 Total Freight Revenue........... $1,910,562 94 $1,531,519 45 $379,043 49 —-- Average Rate per Ton........... 4.16 3 01 P15 — PASSENGERS CARRIED 1915. 1914. INCRHASE. DECREASE. —_— Ss | | | — WH Ships.| P@8-_ |Ships. | Pas-_ || Ships.| Pas- | ghips, | Pas- sengers. |. * Isengers. * |sengers. * |sengers. ‘Panama R. R. Ships... ..% Arrived.| 27 | 2,105 28 1,783 — 322 1 = iS giercuabenete Sailed.| 28 2,420 | 28 2,018 me 402 — — Gisctored Passenger SbiDe: Arrived.| 41 5,049 50 5,800 — —_ 9 328 © . .Sailed. 41 4,991 49 4,994. _— — | 8 3 G MRO tals ie oe es ee eS 137- 114,565 1-155, 71 14,172 — 393 18 — Total Passenger Revenue (including excess baggage)..........00. $464,066 21 $423,718 83 $40,347 38 aa Average Rate per Passenger...... 31 86 29 90 1 96 — EXHIBIT N. STATEMENT OF LOCOMOTIVES AND CAR EQUIPMENT FOR THE FiscaL YEAR ENDING JUNE 30, 1915. ne Locomo- PASSENGER CARS. FREIGHT MIscELLANEOUS. TIVES. CARS. | : Ay - - : . a H 8 Cites |e n 4 | 8 g a vf ee ale| Slo]. eae le gjss COM aT on co of © 4 SoS OR tel ee ae | 0 | 3 ‘| 2 ie es 5 ie 5 e S| 5 Belson Sit re EAS el A ee A} s1O}] gl ola] 8 Parl ics a o | BCT Sail cai beet ~| Sle] .4a 1 a | 3121S] o} &] sla Al 2]. Sg Bah Be) Oe a i S |\ig| 4 Si sl sie pee Wea SS ee el] oes Gt Oe ig ig |e Bie Sika e| el opel el ale ela Slel else, SlebslS/ sie) sie) eles) aials 9° Sis teees S| 8 Jo Ox ee aS 8 ° Ones o ; o o o ® elallala|e|ala|alslallealelollSlolalE alolelélal/d/olelslalslalala ho Stock on hand, June 30, 1914. ...... ..| 14 4 Qe D2 QM Di Ole Qe A SGC LO 8 Abowd Sl 20 LOMSO Die is Ue a Dale Oy sy aloes ates Le et Destroyed:during year. 27.) 6. = | 1; —| — — —| —| —| — G5) hvigarey Meee 9 2) —} —) 3 SO eee I eaten a ea SN oa Received during year.......... TAN — | — |} SS SS] Or BS GPa SEE | Se eA ee aN | ELIA eco as ces |e ae Te Seo re oF Changed from another class... ........ — | — Jj — —] —] | | | BRST EAE FF PR PUREE Tig ASD eR a ap NE Ae ah aA Se Sy SeP SD OE RES TR A | rage | Changed to another class............. — | — |} — SS SS] | | —- SENN S se Buea et Res ae VLE | gO EEN ASR AE SU ce AS | dA ea a Las ead | yt Ate Sold; during year.) cone oe ae evecee tb — ]— ft} -) S r r e r e U5 ee UES BE TT ea SE Saeed ee eee | ae Oe Yes Sa ae ce Transferred to Panama Canal......... ph SS] —| —}| —]} —} —} —| —] -—).— — - —| — Del ra a Nee oe Placedvini storages so ie wat eel, 2)/—}) SS -] S|] RSA OS SENT gh CSRS TE een Sm | ay tee Yes eS Uo Secs | eect fs | A Be EE Dy ON US |e ae Stock on hand june 30,1015)... 1 a | al 2a) BG) | alist 2) 72]| 0} 15] 2} 0} 19] Git5o) 47! V2)" 4)" o| 22) 9] 4) Oo) al al 6 A a A eee eee - Items transferred from Panama Canal held in Suspense, no financial accounting having taken place. Now in storage for sale, 26 Road Engines. i PANAMA RAIL ROAD COMPANY. 59 HXHIBIT O. STATEMENT OF FLOATING EQUIPMENT. eee CCOMMODA- Hf ene LEenetTH. | BREADTH.| Drptra. | Huu. TION. STEER- CABIN, AGE. Steamship -Alhianca”’s.72..-.... 3,905 336/ 0” 42! QO” 23’ 9” Iron 146 20 Steamship _ Advance’ eee 2,605 295’ 0” 38) 4/0— 234 Iron 68 24. Steamship ‘‘Panama,”’ (Chartered) 5,667 360’ 0” 50’ 0” B25 20 Steel 183. 13 Steamship ‘‘Colon”’ (Chartered) .. 5,667 360’ 0” 50! 0% 32020 Steel 173 14. Steamship’ ‘‘ Ancon”’ (Chartered) . 9,606 489’ 5!” 58’ 0” 28’ 9 Steel 78 52 Steamship ‘ “Cristobal” (Chartered) 9,606 489/ 5! 58-0 28’ 9” | Steel 78 52 Steamship “‘Achilles’’ (Chartered)| 12,000 536°-02 >| 6b" 07 — Steel oo — Steamship _ Ulysses”’ (Chartered). | 12,000 H36.04 6504 — Steel —- — hue2 Boats Bolivian yas pes 234 2A 2302)" 9262 Tron —-- ~-- Towing Boat ‘*Naos’’ (45-60 H.P. . Gasoline)s4 27. as Smee ee ESS AQ! 5’ 11224 4’ 2’" | Wood | — = Pilot Boat ! Dixie’ (40 H.P. Gaso- line eS Se a oe 4.5 30-0" eee 4’ 6” Wood = ero Launch ‘‘Flying Fish’”’ (10 ESPs Gasoline) eee wee een, — = — — — —- — Pilot Boat .‘‘Farfan”’ (12° HEP: ‘ : Gasoline) ee Se ee ee 2 Diet CELI DIOee Wood —- —— Floating Pile Driver, No. 198, Old : > s INO my re ee — COL! 29’ 0” (EO Steel —- — LIGHTERS— ss Coal, No. 61, Old No. 4....... 250 | 109.5’ 24! 0! 7’ 07 | Tron = — + - Cargo, No. 62, Old: No. 1....... 250 109.0” 2AZOM CEO! Iron. —- — Cargo, No. 63, Old No. 2°..... 250 109.6’ 2At OU TOs | lron a — Cargo, No. 66, Old No. 8..... 300 109.3’ 24-00 S204 Tron — — Cargo, No. 67, Old No. 9...... 300 LORS! 24! 0” 8’ 0” | Tron —— — Cargo, No. 68, Old No. 7... 300 119.2’ 24! 0” 8’ 0” Iron mo — Cargo, No. 71, Old No. 10..... 300 TLO= 27 24! 0” B20" Steel — see Cargo, No. 72, Old=Nosia = 300 109. 6’ 24’ 0” 8! 0” Steel —- — Coal, No. 76, Old Noi Ask 300 tbe Ae 24! 0” BOK Tron -- — Coal, No. WT. Old2NoeB as. 300 Os 44 24207 8-0” | Iron a => Coal, No. 78, Old Not C.b 300 110.0’ 2AT Oe 8/ 0” Iron | — — Coal; No. 81, Old No. D...... 250 119.4’ 2406 8! 0” Iron = = No. 87, Old Manzanillo. ... 250 85.6’ 31’ 0” — | Steel — = Cement, No. 151. coer 300 110’ 0” 24-5! 7.837 Steel —~ = BarGEis— Sand and Rock, No. 1....:.. 1,200 156.9’ 35.8! 12’ Steel -- — Sand and Rock, NigR Os ees -1,200 156.8’ 35.8! 1:27 Steel —— —"*; Sand and Rock, Nog 5 1,200 Loaf 35.8! 126 Steel — —- Sand and Rock, No. 19....... 1,200 L574 36/ 12’ Steel —- oe Garbare-Scows:.%2. 6. Se eae 40 60’ 15/ a Wood — 9 1Transferred to Dredging Division, Panama Canal, Tae Ls 1913. Transferred to Panama Canal, August 4, 1914. 3Transferred to Division of Canal Transportation, June 22, 1914. 4Converted Life Boat, transferred to Panama Canal, March 15, 1914. ’Transferred to Division of Fire-and Police, Panama Canal, April 1, 1918. 6Transferred to Lighthouse Sub-Division, Panama Canal, August, 1914. 7Condemned. 8Transferred to Panama Canal, June 1, 1915. *Barges 1, 2, 13 and 19 transferred to Panama Rail Road from Panama Gunal Still held in | suspense, no financial transfer having taken place. : Exwieir | PANAMA RAILROAD Co. oS | | BOARD, OF DIRECTORS GCM COETHEBLS GL ERNST 4. PRODI i AC @06es. sal broicorr € HAROING : , , CMH OEVOL HEMODGES HH FOUSSEAY : ‘ i 5 VER DQRIE, FEIT YE BHCTOSE. PRESIDENT & Be. __IVICE PRESIDENT ICHESTER HIARDOING MICE PR ESIDENT LB. Fa. DPAIE IOF P7617. Cfo. WV COEFHIALS. — ~~ ANSST. TO VICE-' PRESIDENT & SECT. TH POSEBOT TOT oS7e/t TERMINAL SUPT. TREASURER LL LPAWOEM AUDITOR VSPA.SSEWTON PASSENGER AGT) OCOVAN AUPE. SUPERINTENDENT SE DEMING ENGINEER OF SAS J 160. 2/70. 22 17607. GA IITOTSET T oa ass F525 470 Poe ee Bee :: ; 3 , se ANAT A NAL 4 GEN PuRCHAS- | | i . ; | OFFICE PFISISTANT ee INé OFFICER Sur't ENGINEER a COUNSEL FREJGHT. AGT. CLrAiIm AGT. Soar BEVERLEY. EL BE °C. GOCGS § 40 Se FrOGERS ; ace a Co issaae | AE PATERSON AAITLeER ARTA ORO IPSC? LOCAL AGENT OGole/7é7 OS rérLITéen | Ge. FOFEIIQI?. \ AP OOVELL RE& FAet-Covon Cold Hen S51lverNen. B18 PIES. DisTRIGT No. 3A Cer. foremag GO AUNTER 2OL S777. OisTRICTNoO3B YEU CRIFPIN IO PVE? - ‘BROWN HoisT G- COAy PLANT Caelr. FOorEernd?. IAP IAETF. a2 Se ‘| Supt. oF Brioces FF STG. 4 PO FIPELS AIS AAVEYp Er SAALBOCEE: Ponroon Brivce OPERATION 3Gold Me? ESIVVEl PIES? 1 T7077. Asst. ENGR Mor NO Chautlers Gold: ROADMASTER oR Buss INE. Wejoers § SVver L.AT.TORNEYS CF? S764 IMTS CONGMEPR EVAL STOR & CLFO0OT SF. LK FIENET ASOT DPV GG. LEAOY. GEGANIZATION OF SUNE 30, 195: Paria eA eo RASS 22 P1er Geld n JO +e Cold O2 ATOR SUVEL Ie S767 S1lver ‘ \ Ling OPERATION | 431 PICT OL OM AMTICTP CLVAG «ALP GFICMIOT. 1& STOCKYARDS AX PY CULSER TION LS ATI - Cols Ret Ace UAL Gon CHIEF DESPATCHER . MASTEROF TRANS PANAMA STA] ENGR oF Docrs ne LG SUCEN GE Ceo sO: BUIL GING 2 FS HIRSCH SAE CONNOLLY. SMMEAL (Ublik larson AEF | TB WMONNIEHE Oftiéa Force | Boe SAGE SOTYIINGER Loe CME LO VA 5/10 or P1007. ee Cold LER Silver ten\ / , o/ ATER. Aad dete a2 AL SS Cfernys. St/aer 3 OE NTCl?. KA Jorti#ors + IS FOrcErS SM aIC GAR | RA SARTOR / CLEPL. te 1 ME: CLEC OE SIE. CMPPOSEPTEN FE. LATaT Soe Supt oF STABLES Coron SST? SAM OTE Poca AGENT. GEN. FOREMAN | District No.1. SUPERYISOR | 2 TIN DESPRITCHER EXTRA GANGS f ICOLON-GRISTOBAL Lebo ASST. ENGINEER eR6ovoenon bt Men Pe FES Wen | Ger. Foremer. 27 Mer. Wi bperctors. | : LU NTUNEST ama TOOL, eI STARR TRUSCOTT. ila Karce 8 Chreche Clerts S OLAATWAIGHT | étoremel, Gold COPFLPEM 217 YY FF OSTER ae 4 Drafts i707 OCold Plan OSilvbr Pert 2 Short Sth Cleris COE PTO: s ; fore tet Silver “2 S¢chforeinel? Cold FOP TCT, 90777. ‘ ‘ Sl ver PTE? ee : } ; Ces Cleree : = Wotxwalhes GOLON STA. Go ee. | LINE:STATIONS : ~ | TMPPEVNOLOS PA ae eae District Noe Otigeat Gperarors OFFice Force Orrice Force 8 P1a7 ‘SUPERVISOR |\oforemen, — Gere Forenatr Operator 7 ctrep VAS 1 PTE. ES7E7, COA MVELSON. JE6 Silber PFE OM PETERSOL CLI2. F OrCAD 28) Silver Plern, EXHIBIT, Co COMPARATIVE STATEMENT TONS HAULED ONE MILE OPERATING EXPENSES PAY ROLLS. For FiscAL YEARS ee ais - 1914 omnia tape —P ee ee IQl4 - 1915 IONS. HAV LED ONE Vili. in ole apd 8 RO AT He sth HH HARI LTS IT EST A ti TANCE TITRE MRR | ah STAT I HITT ECL “TIT TACT Bay | ROLLS. OPERATING coe | ExHiBitT R° REVENUE RECEIVED TREIGHT, PASSENGERS X MISCELLANEOUS. Total #5 467 056 83. 24.64 | Ereignh A : Rlooo , . ML/H 685, 524,68. Y J. V es arbor Tzrrnmal Revenvé) os 168,082 7) 4 — [0.64 of. Total- 1.089.946 Tons. ; D VIENN \ eahy, : Ss i<<\ Local Gommercial: , Zi IN [77,402 Tons ; Local- Panama Cana! EXHIBIT oe : REVENUE RECEIVED FOR FREIGHT HANDLED * ocal fanama Ganal ES SN \ Through Commercial 7 } LA$ 685,529.68" Local Gommercial /, | 298,069.12’ £9.26 7) ExuHrBit- U- OPERATING EXPENSES BY DEPARTMENTS. NY Maintenance of Equipment. 5S 66 362.4 VW Total” 2,127,3!4.46 4 Supplemental Report SHOWING THE RESULTS OF THE COMPANY’S OPERATIONS FROM JULY 1, 1915, TO OCTOBER 31, 1915 Presented in Compliance with Resolution of the BOARD OF DIRECTORS Adopted at its MEETING OF APRIL 2, 1906 f f PANAMA RAIL ROAD COMPANY. | —~—-669 PANAMA RAIL ROAD COMPANY. =| Masor GENERAL Guo. W. GOETHALS, PRESIDENT, PANAMA Ratt Roap Company, BauLBoa Hnicuts, C. Z. Sir—The accompanying Exhibits showing Income Account, General | Balance Sheet and statistical tables for the four months ending October — ; 31, 1915, printed in accordance with Resolution of the Board of Directors adoptéd at its meeting April 2, 1906, reflect marked increases in revenue, __ that of the railroad being due to the closing of the Canal on September 18, 1915, to traffic and the consequent diversion to it of freight that would otherwise under new conditions be water-borne through Canal; of the ee steamship line to a substantial increase in the tonnage handled. ‘ The increase in revenue derived by the railroad from its local and : through business, as compared with the same period 1914, amounts to __ $71,649.15, and for the steamship line $117,378.91. The tonnage trans- ported by the railroad remains practically unchanged as compared with corresponding period of last year and increased revenue is accounted for by decreases in non-revenue earning freight handled of 29,013 tons for the Company’s-own account, in Panama Canal Freight of 14,266 tons transported at agreed rates and an increase of 43,096 tons in com- — mercial freight carried at our tariff rates. The steamship line’s tonnage ~ increased, aS compared with corresponding period of last year, 18,593 tons. Respectfully submitted, Ee A, DRAKE, Vice-President, See nO PANAMA RAIL ROAD COMPANY. t EXHIBIT V. Income Account AND Prorit AND Loss Account FoR Four MontrHs ENDING OCTOBER 31, 1915. INcoME ACCOUNT. Raitt Roap— Gross Revenie trom: Operation... tic ck re <8 le Nise oes pee wee cece $1,374,251 88 . Operating DXPMses errs wees et os le een salve sles Vici ehe cise 1,074,996 34 Net Revenue from Operation..............- Soe sea $299,255 54 Stramsnie Linz— 5 Gross Revenue flO m=O PelaviON..5, he oe eee. es ero ee $902,498 95 @peratime Pxpensesss. 6. ot a ee ee ee ee ; 700,825 88 NeteRevente trom © perations i Eto Munopes sea sae Ne IES ae aed 60 "213 se 153 453 03 |. 459 32 ae | 629 1 TOGA ORC yee oe ake CeCe te Ba NA 105,554 167,632 a 62,078 2,132 70 7,419 88 i 5,287 18 Motel a ake Oe ae 140,958 206,604 us 65,646 |] $4,456 09 | $9,944 08 a $5,487 99 : TREASURE. VALUE. (Dollars). : REVENUE. 4 1915. 1914. INCREASE. | | DECREASE. 1915. 1914. INCREASE. DECREASE. ee or New. Yorn ewr jc a). Oe Se Meese $736,987 $799,198 = $62,211 || $2,021 66 | $2,702 00 = $680 34 oF To Buropes 4) oso l us GAINS a AE ay Diels 46,789 264,935 ae 218,146 167 21 1,039 37 S “872 16 oe PON GUNTER OLGS ieee ee eee cca e MN Nolie fa eee es dence heap wis aa — ad aoe ae fa aes at Res LiGoalas FN. cs ANN Pete eee eee e teen eee — = —_ — —_— — — — Bieta Mota sca aera Wis aeetedetWerelefesie eiabens is $783,776 $1,064,133 iS $280,357 $2,188 87 $3,/41 37 aad $1,552 50 EXHIBIT Y (Continued). STATEMENT OF CLASSIFIED Rath Roap REVENUE, TONNAGE AND PassENGERS, Panama To Coton, FoR Four MontTHs ENDING OcTOBER 31, 1915 anp 1914. EXPRESS. WEIGHT (Pounds). 1915. 1914. INCREASE. DECREASE. 1915. Bacal oie nen ander NNER sena RE A Me ia ASAE ea tee 490,896 779,227 — 288,331 $3,561 36 Whe Panama Canakie ty teu ee 121,414. 206,833 = 85,419 382 40 Total avec canoe ante) Ret Ramat iia 612,310 986,060 Nl 373,750 $3,943 76 BAGGAGE. WEIGHT (Pounds). 1915. 1914. INCREASE, DECREASE. 1915. Mo New Vorkscueus 2 Ole ie eer anne eon Bey 37,939 77,163 — 39,224 $289 56 OPE MITODE yeni eee eats Baeie Seal ornaee su seukisl tay uot ae al aed a ao Poca Oe OT ee ey, ANC UTE ae igen gie rs 60,529 102,780 oa 42,251 1,479 89 Rotaly wigs css. ile Ata PNAS OEE I Hee S| 98,468 179,943 aad 81,475 $1,769 45 i _ PASSENGERS. , NUMBER. 1915. 1914. ( Incruase. { Decrmass. 1915. Mow HiTat Classen kernel mI hale 138 372 oe O34 Nn eee New York | 2d Class.......... CAN eee et NM gee 6 NT, —_ DEH | vom To MSG Glass eae NRO ELAN et aE? 35 58 — 23 — NewOrleans\| 2d Class...... bees HLA So Tee SENT II cad al — 4 — . a: — To Tsti Class ves eee ci sete eee nae aie eee Rs 91 196: — 105 Burope: (2d Claas vt. lett hua ee cnc a a iil 40 50 ee 10 $729 41 Deen Tet Class et ur as ape i 103,192 113,277 ee 10,085 46,442 81 2d Classe e0s eee rca Re ee ae 143,769 | = 233,077 fet 89,308 35,485 77 Potale sheen eer nN A RAT OTA A847. 051 a 99,780 || $82,657 99 Tele REVENUE. 1914. INCREASE. DECREASE. $5,068 79 — $1,507 43 386 13 ae Silo $5,454 92° as $1,511 16 REVENUE. 1914. INCREASE. DECREASE. $879 13 —. $589 57 2,020 11 ~— 540 22 $2,899 24 — $1,129 79 REVENUE. 1914. UG aes DECREASE. $1,083 00 — ae 34 00 —— — 169 50 — —— 7 00 cg | ee 553 00 Soh eo a 86 50 oo }7$1;203 59 37,799 50 $8,643 — =! | 49,708 81 — 14,223 04 31 = $6,783 32 $89,441 i ST ee ae 78 oo PANAMA RAIL ROAD COMPANY. EXHIBIT Z. STATEMENT OF STEAMSHIP LINE STATISTICS FOR Four Montus ENDING OcTOBER 31, 1915 anp 1914. FREIGHT TONNAGE. 1915. 1914, INCREASE. DECREASE, Ton- ; - Ton- Ton- Ton- / Ships. |_ nage Ships. | nage Ships. | nage Ships. | nage . Carried. Carried. Carried. Carried. rs ts ff rt | a ar es | | es | et ee et | | eee eens | cee er Panama: R. R. Ships...Arrived.| 18 40,253 10 14,777 8 25,476 — — = ..... sailed. 18 | 62,462 10 17,863 8 44,599 — Chartered Passenger Ships : ... Arrived. 5 18,179 15 42,493 — — 10 24,314 Chartered Passenger Ships —— <@ Gailed| 25 41,863|| 14 69,031|| — as 9 27,168 CharteredFreightShips.Arrived.| — oo oa a to — — — ee e Sailed.|) — ele 2 as oo ae ee Tomi ee 46° |162,7571| 49 444. ied — | 18,593 | 3 - Total Freight Revenue........ $657,985 34 $471,933 46 $186,051 88 at - Average Rate per Ton........ 4 04 3 27 FOE: a PASSENGERS CARRIED. 1915. 1914. INCREASE. | DECREASE. ——————— | | Lm. i Pas- : Pas- — : Pas- ‘ Pas- Ships. sengers. Ships. sengers. Ships. sengers. Ships. sengers. — Panama R. R. Ships... Arrived. 18 2,016 10 788 8 21,228 — — Ee .... sailed. 18 2,204. 10 674 8 ADS —_— — Chartered Passenger Ships .. Arrived.| 5 2981) 15 | 2,098, — | — 10 | 1,800 Ghartered Passenger Ships = _.Sailed.| 5 SO a G4, i362 ob oo 46 | 4,881|| 49. 5,232 a 7 3 351 Total Passenger Revenue (in- z cluding excess baggage)... $151,879 39 $153,580 09 — $1,700 70 Average Rate per Passenger... ol 12 5 $1 77 — bh ] eae % Ta tee Gorge hace here i re Se, et) a fe re one yas ye ae ee ae res SIXTY-SEVENTH . ANNUAL REPORT OF THE | BOARD OF DIRECTORS — ¢ , eee OF THE PANAMA RAIL ROAD COMPANY _ oe < ; Ser | TO THE STOCKHOLDERS ‘ _ FOR THE YEAR ENDING JUNE 30, 1916 M. B. BROWN PRINTING & BINDING CO. * 37-41 CHAMBERS STREET. NEW YORK _—, PANAMA RAIL ROAD COMPANY. BOARD OF DIRECTORS. GEORGE W. GOETHALS. BE. A. DRAKE. FRANK McINTYRE. EARL I. BROWN. (2) © OSWALD H. ERNST. . JAY J. MORROW. (2) H. I. CONE. (4) , WR. GROVES). W. H. ROSE. | CAP DEVOE,— CHESTER HARDING. H. H. ROUSSEAU. — H. F. HODGES. 1—W. Re Grove elected August 9, 1915, vice R. E. Wood, resigned, June 22, 1915. 2—Jay J. Morrow elected November 24, 1915, vice Hugh Rodman, resigned, November 3, 1915. _ 3—Harl I. Brown, elected April 3, 1916, vice F. C’ Boggs, resigned, March 20, 1916. _ » 4-H. I. Cone, elected April 3, 1916, vice M. T’. Endicott, resigned, March 20, 1916. OFFICERS. | GEORGE W. GOETHALS. President. . . . .’. . . . . Banpoa Hutcnts. Hew DRAK Mos. 6 = Vace-President = i, ee NEW OER CHESTER HARDING. . Second Vice-President . . . + . , Barpoa Heicuts. T: H. ROSSBOTTOM . . Assistant to Vice-President, and Secretary Nuw YorK. @ iS, W: HEALD... . «. Superintendent . . - . .. . . Batpoa Herents. SVRVESTER DEMING =. Treasurers. = ee NE Vor V.M. NEWTON. ... . Auditor .-. | Naw Youn 2HARL I. BROWN... General Bircisinn Ope a ek WASHING TRONS 3 Ba GON Meee Commissary. = BALBoa Haicurs. = R. E. RUTHERFORD. . Commissary Purchasing Agent. . . . New York. ‘ROLAND ALLWORK = Superintending Engineer, Steamship Line. NEw York«. H. I. BAWDEN . . .... Lerminal Superintendent, Steamship Line New YorK. : a RICHARD REID ROGERS Goneral Counsel — = NEW VOR. _ 1—C. H. Motsett, Superintendent, resioned May 22, 1916. 2—I’. C. Boggs, General Purchasing Officer, resigned January 31, 1916. a GENERAL OFFICES. No. ee OTATH: OUREMI 2 ee NE ORK, PANAMA RAIL ROAD COMPANY. ' New York, N. -Y., November 1, 1916. To THE So oF PANAMA Ratu RoApD Company: I respectfully submit for your consideration a report of the Company’s operations and resulting financial condition for the twelve 2) months - from July 1, 1915,-to June 30, 1916. «> In this connection I call your particular a Llention to the subjoined statements of Operation and Maintenance of the Company’s property; to. the details of the attached Exhibits that show Income and Profit and Loss Account; General Balance Sheet, and statistical tables that furnish com- plete information concerning the financial aspect of the Company’s business, together with the Subsistence Officer’s report of his operation of the Com- pany’s Commissary Department and the resulting earnings. The Interruption to Canal transit caused by the slide in September, 1915, referred to in last year’s report, continued until April 15, 1916, when — the Canal was definitely reopened to commerce. During the intervening period all freight brought to the Company’s terminals on both oceans was transhipped by rail between steamers under conditions that gave sea carriers an option to avail of a special $3 flat rate per ton for cargo hauled _ directly between ships under which this Company was relieved of responsi- — bility for loss or damage, or of regular classified rates that were made _ effective to meet the situation. : Anticipating the opening of the Canal the Rail Rodd anceuneed by its Circular 500 effective October 17, 1914, terms and conditions appli- cable to the transfer of cargo between sea-carriers at its terminal docks on both oceans. Supplements covering amended rates and conditions to date have become effective. ~ In accordance with the plan for the construction of additional piers, as required, at the Cristobal terminal of the Canal and Rail Road the new Pier No. 7 having been completed the need, indicated in last year’s report, for the building of new Pier No. 6 was established and as no Canal or Rail _ Road funds were available for the purpose an appropriation of $1,500,000 was secured from Congress (H. R. 15836 passed June 28, 1916, approved July Ist, 1916). Borings and other preliminary work is already under way. Incidental reference only was made in last year’s report to an arrange- ment made between the.Canal and Rail Road that covered a scheme for ‘ plamt exchange ” that involved values in excess of $5,000,000; intended to re-adjust titles to and responsibility for values of property and equip- ment that had been, in the common interest, exchanged from time to time for use in operation during the period of Canal construction, much of which. had become obsolete or useless, and on that account condemned. 2 The agreement referred to or any modification of it involving the dis- posal of property of the Canal must be legalized by Congress in order to become effective and application for such authority is to be made. As it developed through the actual use of the Company’s Piers 8 and 7 (new) that our arrangements as designed for handling cargo to and from Steamships | were inadequate and unsatisfactory it became necessary to PANAMA RAIL ROAD COMPANY. remedy existing defects and as well to provide for the increased business reasonably to be expected when the European war ends. A general scheme was accordingly developed that was approved in general by the Board on _ March 9, 1916, for the re-arrangement and construction of train-yards, trackage, office buildings and storage facilities to provide for the handling of our business in an efficient way at an estimated cost. of $277,422. Of - that total the immediate outlay of $84,422 for the.construction of approach | _ tracks and trackage for the terminal yard at Cristobal was authorized. _ Later in the year in connection with the completion of Pier 7 the entire plan was materially progressed to completion. . | By mutual consent of the interests concerned definite action regarding the purchase or expropriation by this Company of the Royal Mail Steam Packet Company’s pier at Colon has been postponed until the termination = - of the war in Europe, but in no event to extend beyond January 1, 1919. The result of the Company’s business of every character for the period - covered by this report, after meeting the cost of operation together with fixed charges aggregating $79,023.30 and charges for depreciation on rolling _ stock, floating and plant equipment of $461,244. 48, shows a net income of $2, 453, 592.34. | “During the same period $2,147,532:89 was expended (see Exhibit F) - for additions to and betterments of plant and equipment, as described = in the reports hereto attached. I call your further attention to the details of a supplemental report covering the first four months of the ensuing fiscal year hereto attached. | Respectfully submitted, GEO. W. GOETHALS, : 5 : = resident. = PANAMA RAIL ROAD COMPANY. | Te PANAMA RAIL ROAD COMPANY. Mas.-Gen. Gro. W. GoxrrHats, : PRESIDENT Panama Ratt Roap CoMPANy, New York, N. Y. Dear Sir—I have the honor to submit herewith the financial exiibite and results of the Company’s operation for the fiscal year ending June 30, 1916, with statistical tables and explanatory comments thereon. Gross Revenue from all sources, Operating Expenses, and Net Income for the year ending June 30, 1916, compared as under with the year ending June 30, 1915. Net INCOME 4 ‘ GROSS: GROSS 4 REVENUE. _ EXPENSES. Go LOUG eee te Sie ete ee ....| $5,080,109 03 $3,682,101 59 $1,398,007 44 -. OUD eon acs wares mn sy tree wee Roe 3,183,593 05- 2,854,799 00 _ 828,794 05 TIGRE A Series ee aoe tee esc ie tenes seater ees $1,896,515 98 $827,302 59 $1,069,213 39 Steamship Line operations not included. Revenue from rental of lands, commissary profit, and interest and exchange were not included i in last year’s Rail Road HOOT : 7 GROSS REVENUE. The Revenue of the Rail Road from all sources shows an increase of $1,896,515.98. This increase is divided as follows:. Increase: Revenues from Transportation: — _ Freight (Through Commercial)......... Bnet Earns eee aes _ $530,352 34 — 77.36 per cent. SHreight.(uocal Commercials ec. sce cans tg ch on ree oe we 189,845 30 — 638.69 per cent. Hreight:. Caocal-The-Panamsa Canal) onc. icesk< ee aoe Secs 99,876 77 — 338.50 per cent. - Passengers GOAL) series see oleracea Sates ook ones ge See eee 17,948 O07 — 3.46 per cent. Other Transportation Revenues: cae PMO Usa SOUL COSI arse, wir eset tigen is otase ae eae prec os Seer 137 10 — __—.04 per cent. Non-Transportation Revenue: Harbor Terminal Revenue........ ee eee West See ee SS _ 788,358 46 —156.54 per cent, Outside Operations ....... Sees ae gs some eer ean Se 93,512 30 — 46.02 per cent. Mirscellaneouss 0s tven-sak ee ee eRe ah es Sie eae ce 180,680 55 — 50.75 per cent, Decrease: E Revenue from Transportation: ep Passen mens CN TOMS se see os pe wr ecsiers, cose sassaeiee vo eases es sees cada 4,194 91 — 42.21 per cent. The following table shows the tonnage carried over the rail road during — the twelve months ending June 30, 1916, including company freight, as compared with the twelve months ending June 30, 1915. Twetve Monrus Envina Junu 30. | 1916. 1915. ee eee Tons carried southbound (to Panama). 818,132 *798,218 2.49 = Tons carried northbound (to Colon)... | 577,875 *291,730 - 98.08 —— Total south and nerehbound = ne 1,396,005 © *1,089,948 : 28.08 — * * Tons of 2,000 pounds, or 40 cubic feet. ¢ 8 | “PANAMA RAIL ROAD COMPANY. REVENUE FRom TRANSPORTATION. TwELve Montus ENDING JUNE 30. | Southbound (to Panama)............. Northbound Glos Colom) se. aes Average South and N lorthbound... Freight Traffic. The gross revenue per ton moved on the road compares as follows: INCREASE. PER CENT. DECREASE PER CENT. —— — | EE | Sf The total revenue freight traffic of the rail road cube the twelve months ending June 30, 1916, including both merchandise and coal, was 1 B04, 262 tons, —an increase of B44, 519 tons, or 34.12 per cent. The total revenue derived from this traffic was $2,101,456.77, an increase of $820,074.41, or 64.00 per cent. In addition to the above traffic 41,743 tons of company freight, 669 tons of mail and baggage, and 1,477 tons of express were handled. Of the total freight tonnage carried 58.61 per cent. was southbound, and 41.39 per cent. northbound. In the previous year the percentages were 73.23 per cent. and 26.77 per cent., respectively. The through traffic was 32.52 ‘per cent. of the total tonnage hauled, as against 19.80 per cent. for the twelve months ending June 30, 1915. Coal comprised 30.28 per cent. of the traffic southbound. PASSENGER ‘TRAFFIC. | The following statements show the Une of passengers carried and the passenger revenue: NUMBER OF PASSENGERS Carnie. .2240- | INCREASE DechnAce CLASSIFICATION. 1916. a Per Cenz. | Pur Car. : First-class Passengers......... We ee ue 667,468 675,213 a 1S Second-class Passengers PRON IMR eke Rica 897,429 1,150,805 = 22.02 RO Gall Beaters Se occa eee ata STA ae 1,564,897 1,826,018 .- — 14.30 PASSENGER REVENUE. , fs INCREASE. | DECREASE : CLASSIFICATION. 1916. 1915 Pan Gua | Pa Cann - First-class Passengers. BS OILS ORGS ane ee $3 321 506 53 $269,986 96 '19.08 — Second-class Passengers. ............. 220,513 30 258,279 71 ae 14.62 e Totalac ce. Se ere $542,019 83 | $528,266 67 2.60 ae AVERAGE REVENUE PER PASSENGER. = CLASSIFICATION. 1916. 1915... seer tee pecutass First-class Passengers. ...... ee a oe a 52 e ae Ao ee ee Z ‘ 1 ae 28 .49 Second-class Passengers.... ADoser s ; Pons Ee 9°60; cee PANAMA RAIL ROAD COMPANY. 9 The gross revenue from the transportation of passengers was $542,019.83, an increase of $13,753.16, or 2.60 per cent, while the number of passengers - carried shows a decrease of 261 121. or 14. 30 per cent. The revenue received from through passengers shows a decrease of | $4,194.91,or 42.21 per cent, as compared with the twelve months ending June 30, 1915. | Local passengers show an increase of $17, 948.07, or 3.46 per cent., and a decrease of 259,953, or 14.24 per cent. in number ‘carried. _. Revenuzt From Operation OTHER THAN TRANSPORTATION. The revenue from the various accounts grouped together under this heading amounted to $8,617.34,— a decrease of $33,051.18, or 79.32 per cent. as compared with the twelve months ending June 30, 1915. OursipE Op uci REVENUE. The revenue from these accounts amounts to $296,732.15 for the year, ~ an increase of $93, 012.30, or 46. O2 per cent., as compared with: the previous © yor HARBOR TERMINAL REVENUE. The revenue from the various accounts grouped together under this caption shows an increase of $788,358.46, or 156.54 per cent., and includes the receipts from wharfage, lighterage and handling cargo at Atlantic and Pacific terminals. 3 MISCELLANEOUS en The revenue from the various sources under this heading, as shown below, amounts to $536,709.42, an increase of a 680.55, or 50.75 per cent. aS compared with previous year. Commissary, Brattain: oer Nes $160,995 50, increase $92, 000.59, or 133.34 per cent. CoRR TOR Ges esses hee ee a ORE ee 261,996 14, increase 143,750 38, or 121.57 per cent. ~~ Rental of Lands, Buildings and other Property MOGeLealeRO Assis ee ree ee one 92,585 72, decrease 6,453 00, or 6.52 per cent. Imterest-and sMxchanger si 4 he. ee a 5,314 15, increase 4,618 23, or 663.51 per cent. Miscellaneous Revenue, other Sources........ 15,817 91, decrease 53;235 65, or 77.09 per cent. STEAMSHIP LINE. The total operating revenues of the Company’s line were $3,341,278.69, : an. increase of $698,821.59, or 26.45 per cent. as comps with the twelve months ending June 30, 1915. Freight traffic feceiccd 118, 316 tons or 25.76 per cent., while the rev- - enue derived therefrom increased $707,004.70, or 39.65 per cent. Passengers show a decrease of 3 294 in the number carried, or 22.11 per cent. and a decrease in revenue of $101,427.02, or 21.95 per cent. | Revenue from the transportation of mails and treasure show increases _ of $14,153.28 and $29,745.01, respectively, or 6.37 per cent. and 107.44 —. per cent. ; | Of the total tonnage transported, 280,512 tons were carried by the: — Company’s steamers and 297,174 by chartered steamers in the twelve months ending June 30, 1916. In the previous fiscal period the former carried 113,615 tons and the latter 345,755 tons. oe 4 10 : PANAMA RAIL ROAD COMPANY. OPERATING EXPENSES. The total operating expenses for the twelve months ending June 30, 1916, and 1915, compare as under: - 1916. S LON Oe INCREASE | DECREASE Per Cent.| Per Cent. Railroad Operating Expenses............. $2,111,668 78 | $2,127,314 46 14 Harbor Terminal Operating Eixpenses....... 1,242,698 88 480,164 80 |: 158. 81 so Other Operating: Expenses... 2.2... S05 ee A 327,733 93 247,319 74 40.72 — Rotel a Be ee ee a ew 59 | $2,854,799 00 28.98 = This shows an increase of $897, 302.59 in total operating expenses, while there was an increase in revenue of $1, 896,515.98. Ge OF Oreo STATISTICS. ITEM. 1916. 1915. _INCREASE. | DECREASE. | - PER Bw : CENT. ee Rail Road. © : __ Average Miles Operated...... 56.54 56.54 — ae ae Gross Operating Revenue..... $2,954,693 78 $2, 120,729 11. | $833,964 67>}. --——_- 39.32’ Operating Eixpenses.......... $2,111,668 78 | $2,127,314 46 — $15,645 68 AA ‘Net Operating Revenue...... $843,025 OO | #86, 585 35 | $849,610 35 — —_ Per Cent. Expense to Revenue 11.47 100.31 — ~ 28.84 Gross Revenue Per Mile...... $52,258 47 $37,508 48 | $14,749 49 == 39. 32 Operating Expenses Per Mile.. $37,348 23 | $37,624 95 — $276 72 SNA Net Revenue Per Mile....... $14,910 24 “SIG 47-1 $15,026 201 - — — Revenue Per Passenger Train eee NN Oy Ses ee eR as $3 80 $4 06 —— 5 $0 26 6.40 - Revenue Per Freight Train} - See z thee eee Se eee $12 51 $8 88 $3 63 —— 40.88 Amount Operating Pay Roll. $626,719 81 | $921,820 68 —— 295,100 87 32.01 ‘rons Per. Loaded Car... =... .-.. Seale SO8, eos leks 41 — - 2.39 Tons Per Train Losometiwe : : Meat e cat aso Oe 5 308.87 25D o4 se 582008 —— + 220.96 Locomotive Mileage: : se ; Freight, Passenger and RS Wa bls tan, reer aa ees 807,376 869,764 — 62,3888 ~ Wee a WOLrk train Miles. «es _ 155, O75 146,855 8,220 — 5.60 — Passenger Train Mileage..... | ~ 203,710 187,488 16,222 — 8.65 Freight train mileage ee gee, 174, 321 153,147 21,174 — 13.83 Harbor Terminals. : Tons of Cargo Stevedored. 911,033 aaa a = a Revenue Per Ton in Cents... 32.63 — —= — — ~ Cost per ton in cents......:.. = 26876 — — =< — Tons of Cargo Handled and Eran Slerred: 6 sae ke 1,782,294 — — — = Revenue Per Ton in Gents... = 41.00 — — —_ — “Cost Per Tonin Cents... 2.0... Beta D239 — — = — ~ Gross Operating Revenue..... | $1,291,973 68 $503,615 22 | $788;3858 46 — 156.54 .Gross Operating Expenses. ... | $1,242,698 88 $480,164 80 | $762,534 08 = 158.81 NOt SEVCV.CRUGs S00 oe eee es $49,274 80 $23;450 42 | $25,824 38 no 1TOS12 -Per Cent. of Expenses to eC VEN UCseh seis gt pe tc 96.19 95.384 .85 ae ~89 : Outside Onerdinone : g Gross Operating Revenue.....| $296,732 15 92203, 219 85 | $93,512 30 — 46.02 Gross Operating Expenses. ee $320,562 92 $227,806 67 | $92, 756 25 ee AO 2a, Net Revenue (Loss)*........ $23,830 77 $24,586 82 ~ $756 05 3.08. Per Cent. of Expenses to : RCVEN UG ee ee ee eee 108.03 : 112-10 a 4.07 3300 * Loss. Norrt:—Miscellaneous revenue, other sources, revenue from outside operation, and al profits, were included in last year’s report as ‘‘Rail Road’” service. Loading and discharging vessels and stevedoring, and freight handling expenses, ‘were included in Rail Road Operating Expenses. : MAINTENANCE or WAY AND STRUCTURES. The maintenance expenses for the fiscal year decreased $78,486.75, or 24.87 per cent, as compared with the fiscal year ending June 30, 1915. - This decrease 1 is due principally to the reduction of the labor forces i in the PANAMA RAIL ROAD COMPANY. tl track department, also the maintenance of the signal and interlocking plants have been reduced. The decrease in the charges to Docks and Wharfs is due to the change in classification of the accounts; expenditures heretofore included in this account are now chargeable to Harbor Terminal oo en Track Department. This departtncnts is in charge of all maintenance of Panama Rail Road oad Panama Canal tracks, together with the operation of steam shovels. A decrease of $24,985.11, or 13.74 per cent., is shown in the cost of main- tenance of this department compared with the previous year. Following is statement of trackage under control of the Panama Rail Road as of June 30, 1916: | Operated Line— < Main Line: ; oe 3 Colon-to-Ranamg, oc. ae Ae eee aE pee ee OS wa (ED hs Sie _ 47.61 miles Second Main Line: see 3 PedroaViguel-toPanama ssn arc es icy eee a Ne epee Rit aotie Naab cee ie 7.37 miles sere pecs ) é BU pte ieaicoe a aE eRe eee eng age eon fas Sn noe ele fa ee Tace Parnes See Bee ene > 4.72 miles Cristobal ands Mindix lela dacs ai teca ace tes Sse SS ee - 381.80 miles Pacific Terminals: Stowe: ss tec PUTTING 5 goes ey Sh es Tp aal aoa Mam ge 9.91 miles Bal DOD ee a Seo ae ee ery Se gies TE as erage ate 10.64 miles Intermediate Sidings: : Colon=tO ean orci oa es oe ae Pere ee alle sod LESS ~ 123.42 miles Leased Lines— Main Line: e Bas: Obispo: to. bedro —Viloueh. aa ne ee ee ee eee ees _.- 9.12 miles Intermediate Sidin geen SS noe ee re Sa ge errant 3.34 miles Total Leased Teine@Se eee ee cs eee pee rares Se Wises cae ee ee O miles Total Panama Rail Road Tracks.............. Sista gee Lane a aes Sea 135.88 miles — Panama Canal Tracks Maintained by Panama Railroad Forces: Atlantic cberminalse: sO ee SE eee Rae ee Se ee ee 11.50 miles : Intermediate Sidings......... See ane ens Sapam reece Saye Sap em an n eeen Sas eae ak ee oe Cees PACihe Rerminal skier Se aes ee Sen ee SO A eee 32.43 miles e Totals Ses Dee ae See ge. 76.70 miles Total tracks maintained by the Panama Rail Road. hee ee eens fs Ree et ic saree 212.58 miles During the year 4,214 feet of new 90-pound steel rail weré laid, and 16,565 feet of second-hand, 90-pound steel rail, and 34,594 feet of second- hand, 70-pound rail used in repairs. There were 3,690 new cypress cross _ ties, 19, 229 second-hand cross ties, 5,/52 ereosoted cross ties, and 4,998 hardwood ties from Cuba used. ~The ladder tracks at the north and south ends of Cristobal yard were relaid with a new 90-pound rail, and new 90-pound frogs and switches, the traffic being so heavy that it was necessary to take out the old 7 0-pound rail and rebuild both ends of the yard with new 90-pound rail. The gravel used on Panama Rail Road and Panama Canal tracks during the fiscal year was as follows: : On Panama Rail Road trackecS sae eee eee rae ES al Dr 643 ecubie yards, run of bank, / - 2,750 cubic yards No. On Panama Canal GRATES) ier ree ee Rerarien eye es 7,563 cubie yards, run of bank. 1,480 cubic yards, No 180 cubic yards, No. 1. - This gravel was secured from Gamboa Gravel Plant recovered from the Cine River by the elpene Division. 12 PANAMA RAIL ROAD COMPANY, The following Panama Canal tracks were removed during the past year and the material disposed of as follows: Shipped to the obsolete store, Mount Hope, used in the construction of tracks for other departments, or bought by the Panama Rail Road Company. All of the tracks at Ancon crusher. end of the old diversion, version. Spur 23 at Gold Hill. All of the abandoned construction face on the east side of Mira- flores locks. The remaining portion ‘of the north ll ,000 feet ane up the north end of the di- All of the abandoned dump tracks! on the sest side of Miraflores Docks: One mile of track at Dump 5 »95-foot level. Dump 6, Balboa Dumps. Dump 12, Balboa Dumps. River Dump, west side of the main line at Fort Grant. Three tracks at Rio Grande. _ Following is a statement showing work performed under B. A.’s. and A. F’. E.’s by this department during the fiscal year: 605 608 615 621 625 627 630 636 638 639 640 641 WORK. Sour track at forage shed, Mount Hope... ....2...0.0. 0.50 - eee Spur for oil pipe handling CLAN eee DOC Kal Se ees i rn eee nS Make necessary changes in Track 16, Balboa yard, to enable Mechanical Division tose this track for repairing Carss 217. ao cs sk Fs Spur to handle material for construction of new ice plant, Balboa....... ‘Rrack chanvrerat Ga; bocas commissary ois sc) ee nos ee Track change at Fort Grant account of road built by M. HE. Divyision.. Spur track leading FOMeWOGOCK SlteratdViANGanitar crus sci hs ee oes Installation of 150 feet of track at Toro Point........................ Repairs to track leading to Oil Pumping Plant, Mt. Hope... .7......... Track at Mount Hope Dry Dock to provide access to Dry Dock Store. Installation of spur for construction of new office building, Balboa...... Installation of two tracks into old Ancon Ball Park for site of material Vardtorebulldinec Divisions 92. seisces cae cee a ek ees Build necessary track and connection with passing siding, Gamboa, to facilitate handline. of concrete bDlOCKS 2.2.30 1e. oe ee Rake-up-tracks7at: Ancons@uanrtye 09. 0 he Oy Pree ere ee eter ele¢ 0 'e 6 - Repairs to old P. R. R. tracks to facilitate aGiehine into new material yard, AnconeB al Parkas fu Aes ose ea Ne ee er ne eee es ER Repair tracks Paraiso Yard for Dredging Division.................... lixtend powder house track to Relay Station, west side of Canal, for Predigam eel) iyaSton ks eee OE Cle er ag ee pe, Take up spur track at Reservoir, Margarita........... Lhe Sah ONO ee a eee Spur track fors Mechanical Division north of Gurundu River rip traclx forsVrechanicalivasione i hee ee ee eo eae ee ee cence Permanent track connection to Army Storehouse, Fort Grant, together WAC EME CESsary oil oho Soiet tine iy oe ae ne oN ace Rete oho Ue ee Spur track and siding for material yard for floating crane ‘“Ajax’”’ north of Gamboa, about’ 500 steer of track 2 ek oe ee Relocation of track at ‘Army Storehouse; Matearitatse ee ee Install spur track at Balboa Roundhouse for Mechanical Wiser SERN Necessary track change at Margarita, as directed by Mr. Cosgrove. .... Taking up two tracks, cement block house, Corozal—Relaying one track in center of building and building spur into north end of house...... Permanent track lay-out abaVianratores: Power HOUSC.. seen a Load 15,000 cubic yards coral at Coaling Plant, Mindi Island, for Termi- nal Construction, Balb Oars DOG Kass see tt Bee oe ee cia Temporary spur at south end of Miraflores Power Plant............... Three tracks on new fill, Paraiso, lower shop yard to shed for spare parts Install switch and 200 feet track, Paraiso, for Dredging Division....%... Two main tracks from Balboa Foundry to the steel pier............... Construct permanent track at Army Storehouse, Margarita, together with permanent track onto new dock Construct track connection from Commissary track, Paraiso, to lock gate storeyard © 0 6 ee 8 6 8 © ww fe te te te elt 8 ttt tt et FO an Oar @ herein 0 Lye lL er \eLk esi 0) el 6 ike sree She niesuet. elcome lpotle, 10% .0;. 0s oie One trol aor 6 el 1elelre erro el onete 1b vemene _ Install switch ait Engineer’s equipment storehouse at Corozal.......... Track change and “switch connection at Old Balboa Power Plant to facilitate removal OLmachinery 5 Ne te 6s Se er Furnishing 1,000 cubic yards coral fill fons Cristobal Coaling Plant for Pier 18, Bal Gare ee Te ee ee: Furnishing 500 cubic yards earth and rock fill for fill behind reloader wharf, Balboa; fill dug at Mt. Hope ee © @ ee ee ew ee ew eh hh Oh eO wm ee he hee et AMOUNT. $150 00 300 00 150 00 500 00 125 00 250 00 "475 00 5,000 00 2,500 00 150 00 600 00 200 00 600 00 1,500 00 3,000* 00 100 00 3,185 00 500 00 3,699 00 2,000 00. 782 73 400 00 350 00 250 00 125 00 yy - z & PANAMA RAIL ROAD COMPANY. | 13 WoRK. ~ AMOUNT. No. B..A. 648 Load 12-trains Sosa Hill rock for Hast Breakwater.................... 1,500 00 645 Install car Pumper at end of Storehouse track, new Commissary building, Mortekian dlp ices seo eset ses pric tee wee es _ 250 00 646 #Build track aaa aaa 7,000 tons Goal at new Coaling Plant, Balboa. & 129500: 00 647 Furnish 306 cars fill at Marearita. SPIRES Reo net Nera Se Tae eee, Mc ce BN 675 00 648 Furnish 29 cars coral fill for Coaling Station, Cristobal................ 135.00 651 Fill from Sosa Hill and Diablo Hill for Municipal Engineering Don ¢ for use in grading about Balboa Terminals...................:..... 2,140 50 652 ~=Install stub track at Mount Hope for use in connection with new fp track. 350 00 653 16,685 cubic yards of Sosa Hill and Diablo excavated material was hauled to Miraflores Lock site and used for filling holes and bringing surround- PIES EGO SOT Ceri eee Side ay os ie eR BE at iran ae Sap SR 5,005 50 654. Raisetrackeat Balboa (Commissary 23. ni ie es 400 00 657 Excavating 15,000 cubic yards earth for site of Tailecerical Division Store- : house, Balboa ee i ae 7,500 00 660 Spur for Building Division at Tunnel Dump new townsite..... CARRS oer 700 00 661 Spur from main line across Ball Park, Pedro Miguel, for Building Division 2,000 00 662 Construct spur track for New Cristobal Hotel Bees Marae aa Nan eR re Ran ae i 350 00 665). Chanise-switch at: Cristobalsabattoir 5 sn nae 200 00 785 SS 225 excavated 66,400 cubic yards Mt. Hope rock. Material was dumped at Dock 7 for new yard and fill in front of new dock. Cost j QZ CAD OL: CULV OTC sR caycetes se ea Te ean Caan eee SR ae eee 864 SS 225 excavated 58,618 cubic yards Mt. Hope rock and dumped along ; _.. water front for new yard site back of Cristobal fire station.......... 790 Construction of spur track and ramp for fire car at Balboa Heights , Stations: ce Ro Gai ey Poe ence eI ees eae fie ae aan ig eee a ae 450 00 824 Build new main track between Balboa Heights station and Building 9, TS er aaa Sots eos ne on eee Wee aa Cee ennui a eg Riad Sty ae ee ECs 1,855 00 $3872 Spur to mews Ancon silver markel. 7.7 8s 5sm. ae sSgheeniee ie 250 00 Sok. Spur track tosnew. Ancom laundry cae ee ee Ble demas cet a 352 00 8ii rack for new rubbishdump, at Dlabloin: 6.8 a0 ee oe a OOO OOS 891 Sidings west side Pedro Miguel Locks account OF keeping bridge open. 2,880 00 — 900a Necessary tracks to facilitate construction of new office building and ; freightuhouse at Oristobalc) 1 8 eo Eien sohers 1,500 00 A gang of 20 Panamanian laborers with a native foreman is engaged — in clearing the right-of-way continually between Colon and Panama, and cut the entire right-of-way twice each year at a cost of $60.00 per mile or 1.35 per acre. Brees. Buildings and Docks Department. = During the year this department carried on the general maintenance z of Bridges, Buildings and Docks. In line with the policy of, preventing~ bubonic plague from obtaining a foothold on the Isthmus, and because of the excessive expenditures necessary to have placed the old dock in the City of Panama, known as the ‘“‘ American Wharf’’, in condition to meet the require- ments of the Sanitary Department, it was decided to demolish 1t completely, and, upon approval of the President, the work of dismantling and demolish- _ ing same was begun in the month of April under A. FP. Ei. 889. Following is statement showing work performed under ACW Be. ESTIMATED WORK. AMOUNT. A. F. E. 780° Covering one of the depressed tracks on Dock 9 to provide additional SUOMAZ CSSD ACOK.secmem ta corcisucss (hee urea a eens Ween o ase seem yay Ne ers aod $3,700 00. 791 Construction of small dock approximately 200 feet in length made of second-hand amaterial-at,Mionte Tino. sacs ls al ee - 800 00 822 .Construction of concrete culvert under old main line between Diablo ane a Oe Jum CULOM as ieersc anes Peaees Wie estes sian eit he aes ae wheres 800 00 837 Construction of specie vault at the northwest corner of Pier 8, Cristobal 2,090 00 866 Covers the construction of concrete alighting platform at Panama Passenger Station to take the place of cinder platform 716 feet long, ? TO feet wider 3 or ae, eX ori tire, oes 5 aay Haast tee: caer nen ace gas 573 50 843 Excavating for and Beate culvert 7” x 5’ x 60’ under main line and sidings at Mt. Hope to ¢onform to sanitary requirements.......... 2,000 00 902 Covers the concreting of track in front of the abattoir, Cristobal, using TTIO MEPL S eres Ce cele gece ae Re Ree Re ESET Se TaN Gad thas rece en nEES anaes 800 00 =~ na. | PANAMA RAIL ROAD COMPANY. TELEPHONE AND SIGNAL DEPARTMENT Operation of Balboa Cargo Handling Cranes. « ~The Electrieal Division performed all work in connection with the oper-_ ation and maintenance of the thirteen electric cargo-handling cranes of the Panama Rail Road on Balboa Pours The following tabulation shows : ny performances: SHIPS SHIPS -- LIGHTERS LIGHTERS CrANE Hours | CRANE Hours MontH. LOADED. UNLOADED. |- LOADED. UNLOADED. WORKED. ELAY. a O1 5: : GU eas Let: 13 : 18 13 2,103 14 PANTO Usb esses 14 7 LOs=sy 7 130-2 10 >. September... eet (es Os 8 11 1256 6% October. .... 9 eA: e383 27 3,460 15%. ~~ November... 14° 14 13 45 4,590 ; 1334 December... 10 11 22 30 rome 6% LOLGe <= ; January..... 12 16 20 35S" 3,847. - 84 February.... 15 12 , 29 32 X50,06% : 5 March...... 12, Sealy 16 55 Sed OU 13%. BENT cae Ss Ef se 9 eal ¢ 50 2,485 6 Way Sau. es 8 — Seb 23 394 4 JUNE 2S se. 1 4. 2 6 260 peOtale cis eet lal 168 312 30,764 1038 3 A total of 292 vessels were loaded and 433 unloaded during the fiscal year. Of the 108 erane-hours:delay for the entire year, 32 crane-hours were caused © by rain. All cranes were painted during the year, had their electrical systems overhauled and the eight alternating current cranes were modified so as to reduce the trolley speed from 600 to 300 feet per minute. New ee trolleys and collecting devices were installed for all cranes. Operation of Telephone and fecgaon System. | The Electrical Division did all work in connection with the operation — and maintenance of the telephone and telegraph system of the Panama Rail Road during the fiscal year. _- 422 telephones were installed during the fiscal year, and 284 were ~- removed, leaving 1,878 in service on June 30, 1916. During the last six months of the fiscal year there was an average ‘of 15,165 telephone calls per diem as determined by peg counts taken on one day each month. ‘The average number of telephone troubles, including cases on all classes of subscribers instruments, and all wire troubles except cables, was 13 per diem in comparison with about 30 cases per diem for the last fiscal year. The improvement is due to more regular a systematic inspections and to the decreased number of long twisted pair loops that has resulted from the construction of the new underground telephone distribution system. —’ 44.944 feet of telephone cable of all sizes were installed and 16,177 feet - were removed during the fiscal year, leaving 468,268 feet in service at the end of the fiscal year. On this entire length of cable there were 13 cases of trouble during the fiscal year. One case on the trans-Isthmian cable was due - to malicious cutting of the cable by unknown parties, and 12 cases on local cables. Of these, two cases were due to rats gnawing through the sheath, one to the lead boring bug, three to leaky slceves and six to unknown causes. - PANAMA RAIL ROAD COMPANY. - | lO ae Switchboard troubles have been less frequent than during the pre- ceding fiscal year on account of the installation of new relay coils with a better installation. Connections were made during the fiscal year to private branch exchange Se boards installed by the Signal Corps, U.S. Army at Fort Sherman, Fort — - Randolph, Gatun, Corozal, Quarry Heights, Fort Grant, Camp Otis, Camp at Empire and Camp Gaillard. New P. B. X. boards were installed and connected up for the Port Captain’s office at Colon, the Depot Com- missary at Cristobal, the Receiving and Forwarding Agent at Colon and for the Pacific Terminals Office building at Balboa. ‘The old central office -at Empire was abandoned and the telephone distribution system in — Bue district removed. | Operation of Railway Signal System and Accessories. "phe Electrical Division performed all work in ‘connection with the operation and maintenance of the automatic block railway signal system, interlocking plants, etc., of the Panama Rail Road during the fiscal year. _ At the end of the year there were 111 automatic, 14 semi-automatic, 22 power-operated, and 13 train order signals in service. There were 7 inter- locking plants in service with 142 active levers operating 10 power- Operated, manually controlled, wire connected, 29 dwarf mechanical, Wire -— connected signals, 27 switches, and 32 derails. : There were no false clear signal aspects during the fiscal year, aud but one false caution aspect. There was a total of 2,922,449 arm movements, — with 199 responsible interruptions, 43 non-responsible interruptions and 721 train minutes delay for the entire year. ‘There was an average of one signal failure per 14,685 arm movements during the fiscal year. For the _ last six months of the fiscal year the average was one failure per 30,858 arm — = movements. During the preceding fiscal vo there was one failure per = 10,228 arm movements. : ; M aintendince of Lquipment. . The total charges to the various accounts under this heaains shows an increase of $266,075.39, or 46.98 per cent. Repairs to freight cars show an increase of $280, A09. 98, or 186.90‘per cent.; this increase is due to extra- ordinary repairs to equipment placed in service on account of the increase __ in traffic brought about by the closing of the Canal. Charges for repairs to locomotives decreased $22,127.71, or; 17.09 per cent. ena Expenses. The expenses of this department decreased $193,206.22, or, 18.90 per cent., aS compared with the previous year; while the freight tonnage shows an increase of 28.08 per cent. The mileage of this tonnage shows an increase of 14,755,370 ton miles, or, 37.73 per cent. 7 The decrease of expenses is due to discontinuing the charges fot handling and transfering cargo on the docks at the Atlantic and Pacific Terminals to Rail Road Transportation. ‘This charge is now accounted for under the Boe of Harbor Terminal Operating Expenses. 16. PANAMA RAIL ROAD COMPANY. The following statement gives the number of trains handled during the year ending June 30, 1916, and also a comparison between the months of June, 1916, and 1915: P. R. R. TRarns. PANAMA CANAL TRAINS. GRAND = OTAL. comm rl Work. Total. Special. | Work. Total. INOTURDOUNG eset: ose. oe Sees 6,626 487 6,513 ae 6,814 6,816 | 13,329 - Southbound...... sede te ate aR vees 5,960 487 6,447 2 7,318 @,820: | 13,167 Fotal year ending June 30, 1916. 11,986 974 12,960 || 4 14,132 14,136 | 27,096 Average Number per Day...... 32.9 2.67 35.5 OL 38 .7 38.7 (4.2 fine (ols ee 914 56 970 Sao | igo | 2 oie Pee ING: LOL Os Se eas os cee 954 10 , 964. 2 1,053" 1,055 2,019 Decrease or Increase trains..... _ t40 46 Gel 42 99 97 |} 103 Average Decrease or Increase per Day in June, 1915, over June, : : POLG— Drains: 6 2 oe se ose eas * 14: B53 .20 hae OG: Boo 3,20 3.43 * Increase. ; Le Harbor Terminal Operating Expenses The various accounts grouped together under this heading show an increase in expenses of $762,534.08, or, 158.81 per cent. This increase -was due to the additional tonnage handled on account of the inoperation of the Canal which would have gone through without transferring. Outside Operations “a : The total expenses under this heading increased $92,756.25, or, 40.72 per cent., due to the expansion of the business in some of the departments, Se such as stable and plantation operations. Hotel Washington. The eros revenue from the Hotel Washington for the fiscal year cadine June 30, 1916, was $88,050.19, and the expenses were $100,504.89, resulting in a loss of 812, 454.70, or, 34.83 per cent. less an the fiscal year ending | Jame 30, 1915. TERMINAL DOCKS AND ee CRISTOBAL TERMINAL Docks «Pier No. 7. Substructure. At the-close of the fiscal year 1914-1915, the uae tion work on the substructure of Pier No. 7 was approximately 80 per cent. | - complete. During July, August, and the first week of September, of the fiscal ] year 1915-1916, 1,840 lineal feet of steel cylinders were put in place, making ‘a total of 22, 065 lineal feet of cylinder driven; 2,077.9 cubic yards of material were excavated, making a total of 14,174.6 cubic yards removed; and D,O204 cubic yards of concrete were poured into the cylinders, making a, total of 22,644.4 cubic yards of concrete used in the cylinders. Work on the sub- structure was completed on September 7th, when the last concrete was poured into the cylinders. The cost per lineal foot of steel cylinder in place was $9.48; the cost per cubic yard of the material excavated was $5.46; and the cost per cubic yard .of concrete in place, including reinforcing, was $0.31, and not including : os 3.89. | ™~ PANAMA RAIL ROAD COMPANY. slay ‘Steel in Floor System. The delivery of the structural steel for the floor was completed with the delivery, in July 1915, of 5,680-tons of steel. . The setting of 210 steel pedestals to receive the floor system was completed on September 20, 1915. The erection of the structural steel of the floor system was started by the American Bridge Company on July 24, 1915, and the erection of the — total weight of 11,447,991 pounds was completed on October 28, 1915. — The riveting of the steel work was completed on November 238, 1915. The contract price for the fabrication, delivery, and erection of the floor steel was $0.0227 per pound, and the total cost of the steel floor system in — place, including the cost of work performed by this division and by other di- visions, was approximately $280,872.61. This figure includes the cost ot pedestals, cross ties; bumping posts, gratings, pipe, mooring, bitts, and miscellaneous material for the fender system. | Reinforced Concrete in Floor System. ‘The pouring of 16,600 cubic yards of concrete in the floor system was started on October 14, 1915, and completed on January 31, 1916; 591,070 square feet of forms, and 947, 970 pounds of reinforcing rods being used. By using forms which closely followed the shape of the sections of the steel girders, providing an average thickness of about three inches of concrete over the steel, it is estimated that 4,900 cubic yards of concrete were saved. Floor System, Miscellaneous. A contract for 113,888 board feet of creosoted timber, and 41,025 iineal feet of creosoted piling for the fender system was awarded the J. G. Rainwater Lumber Company of New Orleans in October, 1915, for $35,937.41. Due to the contractor’s inability to comply with the specifications, however, a large part of the lumber and pilimg required for the fender system was secured by purchase in open — market. | The delivery of the lumber and piling was completed j in January, 1916, _ and the work of installing the fender system was completed in April, 1916. The contract for furnishing and delivering 1,500,000 paving brick for the floor of Pier No. 7 was awarded the Murphysboro Paving Brick Com- —_ pany in September, 1915, for $58,260.00. ‘The delivery of the Paving § — brick started in November, 1915, and was completed in June, 1916. The work of laying the paving brick is approximately 20 per cent; complete. __ Six depot scales, each of ten ton capacity, were furnished by the Manning, — Maxwell and Moore Company for $316.00. Plans for the water and electrical piping were prepared by the Municipal and Electrical Divisions, respectively, and the work of stalling the systems ~ | is ‘progressing with the other construction work on the pier. £ Shed. The contract for the fabrication and delivery of 4,401,046 pounds of structural steel for the shed of Pier No. 7 was awarded t0 Milliken Brothers in July, 1915, at a unit price of $0.02309, making a total cost of $101,620.16. The erection of the steel shed was started on January 12, , 1916, but was stopped a few days later on account of the non-arrival of material when expected. Due to shipping conditions it was not until — March 28th that sufficient structural steel had been delivered to warrant re- commencing the erection of the shed. ‘The erection of the shed steel is being performed by the forces of the Panama Canal at an estimated cost of o/.00 per ton, and is now 95 per cent. complete. The handrailing for the shed was furnished by the Riter-Conley Manu- facturing Company for $0.0665 per pound, which, for 17,254 pounds, amounts to $1,147.39. The downspouts were furnished by the Pennsylvania Steel — for $0.065 Be pound, which, for 34,564.2 pounds, Emi at bs ieee 1 3 ; PANAMA RAIL ROAD COMPANY. . : to $2,246.67. ~The concreting of the walls and columns of the shed was started on May 10, 1916, and is now approximately 20 per cent. complete. ~ 2 The type of door selected for use on Pier No. 7 is that manufactured by the J. Edward Ogden Company, to whom the contract was awarded in = _ August 1915, for 80 large side doors, 2 end doors, and 40 swing columns, = to -be furnished and erected for Pier No. 7 at a total cost of $71 988.80. — Forces of the contractor for the doors are now at work assembling the _ doors. It is expected to start erection of the doors on August first, com- a : pleting same not later than September 15, 1916. The award of contract for the manufacture, delivery, and erection of the tiling for the shed was awarded the American Cement Tile Manu- — 2 facturing Company in August, 1915. Approximately 1,700 squares of _ _ tiling will be required for Pier No. 7, all of which has been manufactured, - ~ and ten per cent. of which has been laid. The contractor will be paid approximately $27,600.00 for the tiling furnished and erected on the shed of Pier No. 7. In connection with the manufacture of tiling for Pier No. 7, the contractor has manufactured approximately 1,100 ‘Squares for work other than for Pier No. 7. - The work remaining to be performed on Pier No. 7 consists principally in the completion of erection of the shed steel, doors, and tiling; the con- creting of the walls and columns, and the painting of the steel work and ae laying of the paving brick. oe It is expected that Pier No. 7 will be turned over to the Receiving and Forwarding Agent by November 1, 1916. Work other than on Pier N On | joanne the months of July, August and September of the fiscal year 1915-1916, considerable study was made by this office. for the purpose of = developing a consistent plan whereby the congestion in track yards and traffic in the vicinity of the Cristobal piers might be relieved. In Sep- tember, 1915, a plan was approved which involves the removal of all tracks crossing Roosevelt Avenue, and the construction of a fill and track yard in the rear of the Cristobal Fire Station, the work on which has already started as noted below. In addition to the new fill and track yard the plan, as approved, calls for a new office building estimated to cost $85,000.00, a local freight house estimated at $91,000.00, an electric charging station and -_ repair shop estimated to cost $35, 000. 00, and new roadways estimated to cost $8,000.00. = The construction work on the new fill ad track is being performed under = “the supervision of the Engineer of Docks. The new office building, now es being constructed, as well as the local freight house and electric charging station, will be built by the Building Division, while the roadwork will be performed by the Municipal Division,—work requests being issued by the aS Engineer of Docks to cover all work performed by other divisions. Pall and Track Yard in Rear of Crastobal Fire Station. Work was started on March 15, 1916, on a fill behind the Cristobal Fire — - Station to be used for the construction of a track yard for Pier No. 8, and Dock No. 9. The dumping of 58,010 cubic yards of soft rock from the ~Mount Hope borrow pit was completed on May 17, 1916, at a unit cost of ~ $0.18385 per cubic yard exclusive of plant arbitrary charges which have not _ yet been determined. ‘The laying of tracks was started on June 28, 1916. oS . —c total cost of He new fill and track yard is estimated at oot, AQ2. 00. @ PANAMA RAIL ROAD COMPANY. Soe Wane of Mole for Fonsion of Roadway op to Pier No. 7, and | EKatension of Track Yard on Mole. Work was started in November, 1915, on the widening of the mole to provide an approach to Pier No. 7, the extension of the roadway to Pier No. 7, and the extension of the-track yard on the mole. The dumping of the required amount of 66,720 cubic yards of soft rock was completed in— January, 1916. ‘The cost per cubic yard of the spoil delivered and a was $0.302,—the total expenditure to date being $20,861.26. | Preliminary Borings for Pier No. 6. Preliminary borings on the site of future Pier No. 6 were started in : September, 1915, and completed in February 1916. A total of 36 holes were driven, consisting of 2,610.2 lineal feet of wash drilling, and a 4 lineal feet of diamond drilling. _ | Preliminary Borings for Extension of the Cristobal Mole. After the completion of the preliminary borings on the site of Pier No. 6, work was started Gin February, 1916) on the boring of 23 holes for the extension of the Cristobal mole. A total of 14 holes have been driven to — date, consisting of 1,288.5 lineal feet of wash drilling, and 112.2 lineal feet of di amond drilling, ‘making this work 26 per cent complete. Approach Fill for Poer No. 6, and Fill for Track Yard and Botension of a : Roadway to Pier No. 6. : = On June 12, 1916, the dumping of soft rock was started for a fill to pro- vide for an approach to Pier No. 6, an extension of the track yard for Piers Nos. 6 and 7, and an extension of the roadway to Pier No. 6. At close of — business June 30, 1916, 22,215 cubic yards of spoil had been dumped . amounting to 21 per cent. of the estimated amount required. Extension of Cristobal Mole and Breakwater. ~ On June 10, 1916, the driving of approximately 780 lineal feet of trestle was started for the extension of the Cristobal Mole and Breakwater to _ provide protection for the future Pier No. 6, and also space for a future track s yard. By the close of business on June 30, 1916, 547 lineal feet of trestle had been driven, constituting 95 per cent. of this class of work to be done. Lhe dumping of approximately 265,000 cubic yards of soft rock, and 58,000 cubic yards of armor rock will start after the completion of the fill for the eeporeh to Pier No. 6. Dredging Slip between Piers Ne 0. 7 and 8. , The dredging of approximately 69,300 cubic yards of materialfrom the slip between Piers Nos. 7 and 8 to provide the required ey of water for. = docking vessels was started on June 18, 1916. | Manufacture of Concrete Blocks for the East Bre The manufacture of 4,000 concrete blocks, measuring 4’ 3” on a side, for the Hast Breakwater was started on February 12, 1916, and completed _ ~on May 17, 1916. By June 30, 1916, a total of 1 (90 blocks had been _ shipped. The cost per cubic yard of conerete on June 30, 1916, was 3.64, which, for the 11,200 cubic yards used, amounts to a total cost of $40,775. 69. ils egnresponds | to a cost of a 18 per block. PANAMA RAIL ROAD COMPANY. Pier No. 8, and Dock N 0. 9. During the fiscal year 1915- 1916, four De Mayo coal conveyors were installed on Dock No. 9, and four on each side of Pier No. 8, making a total “In addition to the above this division was engaged on miscellaneous of 12 conveyors installed to date. engineering work pertaining principally to the Cristobal Terminal Piers. Nook ACCOUNT. *Credits, — TITLE, AMOUNT. ph hte Nowa 80s= Construction-of- herminal Docks ;@ristobale =. ee *$2,086 34 633 Track and Bridgesbo- new Coal Wocks) see. ln eee ae 1,544 86 650 Construction or Masonic Vemiples si ce ee eas 20,549 25 695 tLransststhimianat) Cbs esac se Menino a ee ae a eee #844 54 719. ‘Construction-or TerminaloDock No.7 Crist0bals os. 2. Sen ee 872,289 22 720 Construction of Concrete Warehouse, iCustebal: 2) Pe Die OW 742 Repairing Track, and Installation of 60 Switches at Cristobal Yard. 2,799 45 748 Installing additional facilities at piers 8, 9, 10, Cristobal........... 12 84 753 Construction of Concrete Freight House, Panama €,04.2 11 755 Construction of New Commissary. Building, Bal bOases toe ee: 1,690 20 760 Widening Approach Channel Opposite New Cristobal Piers from 600 FECES OR (OO Meet yee ances ds oe Eel eee ee eae iy a oe 14,103 65 770 Construction of New Interlocking Plant, Balboa Heights.......... 1,646 47. 773 Construction of Vault in Masonic Temple. Building, Cristobal, for Payanasterceanamas Canali cess) 2 kes, eee ee 406 02 we (44 ~ installation of Station. House rack; Balboav.. .s 04... ee 92 98 775 Experiment to destroy wave action by means of compressed air, COTIB GO Loa era he oe ee ae as Cot een ie Ve Dae 69 66 777 ~—« Installation of first-class system of illumination at Balboa Docks... 1,284 40 778 Installation of fire hose connection at Railroad Station, Colon...... 233-23 779 Driving dolphins for tying up Colliers, Cristobal...:..3... 622-3... 428 06 ; 780 Covering one Depressed Track, Dock Noo 9; Cristobal 1,426 59 781 Changing Panama Rail Road Stables in Colon to meet Sanitary Regu- PtH OTS re are Ree pre OT ot Aa ee SS 291 71 (82> SO rivine =) olphins= atl bOa aa on ee 2,226 45 783 Construction of Road from Tieeroction of 14th and E, Streets to the > Rearof hotels: -Block=5)3 s@olon et Sa ee ee 511 95 784 Construction of News Stand at Balboa PGT So ese Sep oe eee 36. 59 (S02 s bixtension: Of Viole auakbierINo. ¢ Cnishobal ce. ae ee eS 20,521 86 786 Construction of 10 Floats to Breast Ships off Docks, Cristobal. :... 1,986 67 787 Installation of Gasoline Tank and Water Plug at Curb for Motor t BussHiousee we eStigcte erg oN ne . 985 73 764 Installation of Sewer and Water Connections and Ginine for Surface Drainage for Stable Lots in the Huerta-Sandoval Pra cts 222 OS (66: 2--Dismantling Pier sNo. oh © Olona. oe ee eis ee es 1,179 89 788 Railroad Station at COlOrd er es 9,034 41 789 Repairs to Docks 13 and 14, Cristobal, to Provide Coaling Space for SSS cee ese eek SRD Nee te ge en eS 2,485 14 790 ~ Construction of Spur Track and Ramp, Balboa Heights............ 756 36 (91-= = Construction provided the > 24 a | PANAMA RAIL ROAD COMPANY. Ne sces would accept the leases with a ianee | in Article 10, which ar ticle now provides that at any time prior to the expiration of the lease period, should the Government of the United States, The Panama Canal, or the Panama Railroad Company haveneed for the leased lot the lessor Company shallhave the right to terminate the lease upon one year’s notice in writing upon the payment at that time of the fair and reasonable value of any building con- structed on the property. An article of this kind was never included in the old form of leases. During,the current fiscal year lessees of lots in the burned area of April 30, 1915, accepted 86 new leases for 90 lots. ‘This is about 75 per cent. of: all Panama Railroad lots in the area destroyed, the total number of which was 122 belonging to the Railroad, and 92 belonging to the Government. In the fire of July 9, 1916, 14 Panama ‘Railroad lots were involved, the lessees accepting the terms of the new lease in the form as above expressed. Up to the present there have been issued six new leases covering eight lots. The Masonic Temple building at the corner of Eleventh and Bolivar Streets, in the City of Colon, that was nearing com- pletion when the fire of April 30, 1915, occurred, which caused damage to the building to the extent of approximately $8,000.00, has, during the current fiscal year, been completed, all of the rooms, with the exception of five, being occupied under lease, the annual rental from which amounts to approx- ; imately $7,500.00. The following statement shows all Panama Railroad revenue pr oducing | lots covered by leases in effect June 30, 1915, to June, 30, 1916: LEASES - Lots. RENTALS LOCATION. ——_— | — a_i jj June 380. | June 30, || June 30, | June 30, June 30, June 30, 1915. 1916. 1915: 1916. 1915. 1916. RCOlLON Ge oar Cel 194 781 819 $76,538 48 82,885 80 - HMoxeRiver; Rede Pcs a2. 3 53 53 ley 55 2,364 40 2,364 40: MLO KGITV. Cli © else eee ee 17 17 16 16 1,264 20 1,264 20 Stable Lots, (Colon)....... 102 9 14 12 672- 00 576 00 WonterlbintlO - 7 6,571 6,46914 6,510 — Pee VVOL AC AK are oe ee — = — — 6,489 - So = Bee ACN ICS os sake se Seale I993 | 12,017 12,026 12,022 12,034 ~ 12,0214: BoeeACKINGS 225.0 eos: ae — — 12,016% — 12,0204 | — oma D Oke sii See eee 5,492 i 5-462, 5,485% —_ — — Ex IVSBCS=a Ge oes ..-.| 12,02014 “| 12,030 12,010 125083241 12-015 12,01344 BO LVASCS 6 ices -eoes Seta — se oe — ~- 12,010 — —_— miOcland 2 ioc, 4,720 4,736 a ses as = BO NOPStACs .o es see ee — 5,518% — : — — —_ PEED COM noes we — — 9,242 9,248 9,265 —_ EM Era thi eCR- kes a — — — 6,291 — — “*Oliver Jolson”’..... : — os — 988 — — wasted BESUWIEY ceuser ere ern ou Pir — — — 107 —_ — Per ORCVINO: he eS — — = 2,615 — ae . Wellington” Eee eae — — — — 2,013 —: Sea Oe Oe OLTION tees. — — — — — 10,769 oe UeSs; Cyelops:.:.. — — — — - — — See Jason’’..... — — — — —_— — SU Sas: Neptune.... eee | =p ene gesraees ey apes | Stasdeteees tag easepepcaeeeenepeisenseen | arpecop oa fame a En Cn I an enn te Ropals' coc 07 orcs 46 ee 46,0667 57,351 | 68,27244 53,858 — 3 34,804 PANAMA RAIL ROAD COMPANY. BUSINESS. CARGOES HANDLED AT IsTHMIAN Ports DuRING FISCAL YEAR 1915-1916. | TONNAGE. DISPATCHED. TOTAL TONS. INCREASE . INCREASE This Last This Last Year Year. Year. Year. : Tons. |! %H ‘Tons. YJ = = = = 488,562 325,645 | 162,917 50.03 487,159 | 246,199 | 240,960 97.87 1,288,135 919,268 368,867 40.13 487,159 | 246,199 | 240,960 | 97.87 1,776,697 1,244,913 531,784 42.72 313,112 | 229,661 | 83,451 36.34 653,336. 491,204 | 162,182 | 33.01 AND SALES. 1915, INCREASE. DECREASE, | INCREASE, DECREASE, ‘ : PER CENT. Par CrEent. = 26,699 = 54,18 2.798 =e 17.46 25 488 as 4.64 = 1,625 = 27.03 = 91,524 = 44.07 ee = R450. | 2 - 32.50 - 121,557. 121,557 ac 233,701 = 7.72 414,419 22,639 437,058 27,585 = —6.31 = coal as above. ; AGENCY. | COLLIERS FOR THE FiscaL Yuar Enpine June 30, 1916. JANUARY FEBRUARY Marcu APRIL May S y JUNE TOTAL = — = — — a 5,481 = a a oo — 38 391534 12,016 12,003 = 11,984. 12,015 2,019% 180.222 = 12,026 ee as 12,008 ee == eee eee = —s = 16,439 11,988 11,99514 | . 12,048 2,03614 12,00234 2,00314 156,206 — — — ~ = — = 9,456 = oe: es oe = — 5,518% — — — = — = 27,755 44 — — — — — = 6,291. — — — — ews — 988 — = — — == = 107 — = — — — — 2,615 — — * == — — = = 2,013 oe SS ae ee Pee se 10,769 10,315 = 2 — =e a 10,315 — 10,475 = _ Soe 8 — 10,475 = — = = 10,476 = 10,476 - 34,319 2,048 46,501% |. 24,023 494,043 46,4991 1 24,020/4 7 ey 28 eee PANAMA RAIL ROAD COMPANY. STEAMSHIP LINE Sy The Company’s Steamship Line was operated during the year without — gerious accident, its published schedule maintained except the “ Colon”’ _ having been withdrawn from May Ist to July Ist for overhauling was _ replaced by the slower and heavier “Cristobal”? that consumed more time’in loading and discharging the cargo she carried and to that extent disarranged the published sailing dates. Subsequently both “Ancon” and “Cristobal”? were engaged in the transportation of cement and other = heavy bulky material and operated as nearly as practicable on a fort- nightly basis. The net revenue derived was $1,004,373.05 or an increase of $504,515. 63 over the preceding year. __ The operating revenue was $3,341,278.69, an increase of $698,821.59 over 1915, and the oneaee expense was $2,336,905.64, an increase of —-- $194,301.96. The percentage oe operating expense to revenue was 69.94 per cent. as against 81.08 per cent., a reduction of 11.14. per cent. as- compared = 1915. There was an increase of 118,316 tons in the (oral quantity of cargo carried with a resulting increase in freight revenue as compared with the | previous year of $757,504.70. : Attention is called to the apparently small i increase in operating expenses “shown i in connection with the handling of 118,316 additional tons of cargo as compared with 1915 which is accounted for by a charge in that year of about $260,000 for Canal tolls, an item that amounts to but $45,000 in 1916. The actual increase in operating expenses of the Steamship Line was -eaused by a general advance in all items of cost applied to a larger total tonnage handled and by repeated increases in stevedoring cost due to ‘scarcity of labor and insistent demands by the remaining contingents for higher per hour pay by which the Company’s contract rate was increased approximately 7 cents per ton on general cargo and relatively on all other classes of material; and as well by radical advances in pay to the personnel of our ships that ageregated about $12,000 per month, together with - approximately 20 per cent. increases in cost of consumable supplies for the steamers as compared with the previous year. : The Company’s Steamship service has been supplemented - by an agreement entered into with the Quartermaster’s _Department by which all available cargo spaeg,in Government transports operated between the Isthmus and New York can be availed of beginning with the U.S. Trans- 3 port “Kilpatrick” on April 25th last, the total cost of operating the Transport per voyage including current repairs to be divided proportion- S ately between the Department and the Rail Road on the basis of the avail- able’ cargo space respectively occupied. The arrangement provides for _the transportation of Panama Canal employes and their families only at _ the Company’s own tariff rates per capita. | | As initial carrier in through-traffic from New York the Company has continued its policy of maintaining the lowest scale of rates consistent with its own interests and the requirements of its co-carriers. _ 8. 8S. “Ancon” and “Cristobal” built in 1902 purchased by the Panama Canal and were placed in our service in 1909 and have been con- . tinuously in commission ever since. It has become necessary to replace - the boilers of both ships. Accordingly the Canal as owner of the vessels has contracted with the William Cramp & Sons Ship & Engine Building A PANAMA RAIL ROAD COMPANY. ‘ La Oe Company of Philadelphia to construct and deliver f. o. b. their works 8 boilers complete ready for installation in connection with other heavy extraor- dinary repair work on the ships yet to be contracted for. The cost of the new boilers and all expenses incident to their installation are Des _ vided for through an appropriation by Congress of $600,000. By Act of Coneress approved July 1, 1916, the Panama Canal was relieved of any obligation to transfer the steamers “Ancon’’ and “Cris-_ tobal”’ to the Navy Department when no longer required in the service of the Panama Rail Road Company, and as at present arranged they are to be indefinitely continued in this Company’s service. During the year the Company occupied Piers 6/7 and 42, North River, the latter joitly with the Royal Mail Steam Packet Company subject to 60 days notice to vacate. The Dock Department of the City is planning to permanently and satisfactorily locate the Panama Rail Road Company in the sole occupancy of an entire pier on the North River waterfront. It is believed that one such pier will be ee for the Company's needs 2 in the immediate future. The bunker coal furnished to our ce by the Ebensburg Coal Co. Pas having this as in previous years proved satisfactory both as to price and - quality this Company availed of an opportunity to extend the contract with that concern for its total requirements for a further period until — : April 4th, 1917, but at $3.30 per ton, an advance of 28 cents over the con- tract price of last year. During the entire fiscal year the Company’s Line continued to be the only neutral one engaged in handling Northbound cargo between the United States and the Isthmus. As the difficulty of securing full cargoes was thus very much lessened the 5 per cent: commission theretofore paid to its Pacific Coast agents was reduced to 21% per cent. When competitive — Ny conditions recur the question of increase may be considered: Meanwhile — the position of Special Travelling Agent on the Pacific Coast has been re-established and Mr. J. M. Beale appointed to continuously canvass the Central and South American Coasts to secure the routing of cargo by our steamers. It is hoped that patronage now secured will be retained even. _aiter resumption of regular service by the Lines of belligerent nationality. The service of the Company’s steamers through the Canal to Balboa : that was inaugurated in November, 1914, coincidentally with the with- | drawal of the Rail Road from handling through-traffic, was discontinued ~ : about the middle of August, 1915, with the result that the voyages of all Pacific coast connecting Lines’ steamships were extended through the Canal to our Cristobal Terminal, at which point cargoes in both directions have since been exchanged. The advantages to accrue to direct service through — the Canal to United States ports that would thereby avoid the necessity for transhipment at Cristobal will be sufficient to bring about the in- — _ auguration of more than one Steamship Line for that purpose. — GENERAL REMARKS. ‘Early in March arrangements were completed for the payment abroad through the New York “Office for supplies directly purchased by the Isthmus Commissary Department in Europe. To avoid the use of the Company’s steamers for the collection and transportation of live cattle from contiguous points to the Isthmus by which practice the schedule and condition of those vessels were disarranged the Panama Canal suction dredge “Caribbean” has been temporarily — 4% S60 - PANAMA RAIL ROAD COMPANY. transferred to this Company’s service and re-constructed above the main deck for employment as a. cattle ship and otherwise when not thus engaged in the handling of cargo. The Company’s Isthmus coal handling eo for loading bunker coal into steamers elsewhere than alongside the permanent coal plant were increased by the purchase of four additional De Mayo coal conveyors | and one belt conveyor for use in loading ships 60’ in width at 35’ above - 7 cea level. The limit of the deposit account opened on the Isthmus in the pre- ceding year with the Isthmus Branch of the Commercial National Bank ve of Washington, D. C., was increased to $200, 000 and excess balances Office. have since been regularly remitted by cable transfers to the New York -At the instigation of the State Industrial Commission, and with the = approval of the Board of Directors, the eleven State of New York Aq, _ Highway Improvement Bonds deposited with that Commission to ‘guaran- _ tee the Company’s responsibility for payment of awards to employes - injured in our service were registered in the name of the Commission and Se certified receipt. obtained which provides for the re-delivery of the = bonds to the Company when released from its lability for any reason. The Panama Canal’s new concrete pier one thousand feet long and = _ fifty feet wide known ag Pier 18, Balboa, was completed and placed in our service April 1, 1916. -., Owing to the accumulation in our hands on the Isthmus of large quantities of cargo received from and to be delivered to connecting South _ Pacific carriers, which latter largely exceeded the capacity of their steamers _ to receive and thus caused congestion that threatened a complete sus- _ pension in the operation of our terminals, for a time the Company was - compelled to establish, effective March 20th, a rigid embargo upon South Pacific freight that was maintained until May 9th last; connecting lines in the meantime succeeded in. clearing up several months’ accumulation -_ of freight and thus oY restored normal conditions that have-since = ech: maintained. se General Counsel aaeed the Board of an appeal by the Pacific Mail Steamship Company from Federal District Judge Hough’s decision of _ September 15, 1915, in our favor in the suit of that Company for $800,000 Be a account of the sinking of their S20. ~ Newport, ”? at Balboa on Aucust 47, 1912: The exceptionally low prices established for the cle of coal on the | 2 ee as compared with those charged at contiguous West Indian ports occasioned demands upon our supply that made it necessary to establish certain limitations as to the character of vessel and quantity ~ of coal supplied, and to advance our sales price to 6 per ton at Cristobal and $7 per ton at Balboa. Effective January 31st last, Major F. C. Boggs resigned the position — os —-of General Purchasing Officer of this Company and was succeeded by _ Major Harl 1. Brown, appointed February Ist, 1916. On July Ist, 1916 Mr. 8. W. Heald was appointed Superintendent of — — _ the Railroad on the Isthmus succeeding Mr. C. H. Motsett, resigned May _ 22nd; the general power of attorney for many years previously vested in ~~ _____the Superintendent was discontinued and the requisite authority to per- -sonally represent the Company on the Isthmus with the Government of - the Republic of Panama, on matters having relation to Panama Rail nett ic PANAMA RAIL ROAD COMPANY. = 3b Road affairs made obligatory by Article 28 of the Contract of Concession: was issued to the oo and Second Vice-President, resident at Balboa. Heights, C. Z. During the year series of changes occurred in ome Board of Directors. - as follows: | a W. R. Grove was elected August 9, 1915 vice R. E. Wood resiened June 22nd. Jay J. Morrow elected November 24th, 1915 vice Hugh Rodman resigned November 3rd, 1915. ag Earl I. Brown elected April 3rd, 1916 v vice I’. C. Boggs resioned March 20th, 1916. BOL Cone elected April 3rd, 1916 vice M. B. Endicott resioucd March 20th, 1916, 7 Respectfully submitted, TA, DRAKE, Vice-President, - Tur PRESIDENT, BOO. | PANAMA RAIL ROAD COMPANY. THE PANAMA CANAL CANAL ZONE SUPPLY DEPARTMENT Balboa Heights, September 26, 1916. PANAMA Raitt Roap Company, BALBOA HEIGHTs, CANAL ZONE. Sir :— ANNUAL Ruport—Oprrations OF COMMISSARIES, PLANTATIONS AND Pasrures—Fiscan Year, 1915-1916. I beg to submit the following report covering the operations of the commissaries, plantations and pastures during the fiscal year ending June 30, 1916: 3 COMMISSARY DIVISION. The Commissary Division continued under the organization as outlined in the last report. The business of supplying food stuffs, ice, etc., to passing ships was ereatly increased during the past fiscal year, G05, 799. 67 worth of supplies having been sold to steamship companies for the year ending June 30, 1916, as compared with $150,228.70 for the previous year. The total sales for the Commissary Division for the fiscal year amounted to $7,619,087.36, as compared with $6,666,644.84 for the preceding period, an increase of GO52, 442.52. - The net profits of the operations of the Commissary ion men the fiscal year amounted to $160,995.50. The following is a statement showing location of purchases made during the year, as compared with the previous fiscal year: Location. : (9152 1916. PLIES CRO WLC Ss ses sae ee ee ee $4,326,714 67 | $4,944,836 79 Horeignie Are oe PME Ee ake Metter ap See scons mies mete Semen 575,225.07 |) 661,115 94 Mote er et ee ee eal T4051 66 547.212 41 The Panama er sh ee eae eg Sa ce eee oe 45,188 00 44,739 89 Dota or oe oe [oe oe ...| $5,089,079 40 | $6,197,905 03 A grocery and. cold. storage commissary was opened at Ft: Randolph, C. Z., on May 22, 1916. i A silver department was opened in connection with the Ancon com- _missary on July 10, 1915. Display ice boxes have been ietalled: in all commissaries. Fresh meats are now cut in the presence of customers, and all cold storage articles are sold to customers in the manner followed by markets in the United States. . . ~ The Balboa Ice and Refrigerating Plant was bored Ice Plant was taken over by the Commissary Branch on June 1, 1916, and arrange- ments are bemg made to have all cold storage supplies for delivery to residents in the Ancon-Balboa district put up in this plant. | The abattoir was enlarged and a chicken fattening house was soneenieied which is being Operared | in connection with the abadttoir. A tov of 7,762 PANAMA RAIL ROAD COMPANY. : 2° eattle was killed, 2 813 ,o/¢ pounds of dressed beef being turned out, the total value of output being $446,682.69. | ' A new building for the manufacture of i ice cream and storage and hand- ling of milk and butter is under construction at Cristobal. There are appended three exhibits covering Commissary Division : operations, as follows: 7 Eazhibit No. 1: Comparative Statement of Output of Manufacturing Plants, Fiscal Years 1914-15 and 1915-16. Exhibit No. 2: Comparative Statement of certain staple articles | imported Ne Fiscal Years 1914-15 and 1915-16. Exhibit No. 8. Statement of Comparative Selling Prices for J uly, 1916; as against July, 1915. PLANTATIONS. Twelve plantations to date have been turned over to the Supply Depart- ment. ‘They have been numbered and named as follows: No. 1—Pena Guapa 2—E miliani 3—Majagual 4—Mindi 5—Sweetwater 6—Bracho (—Frijoles 8—Davis Place 9—Las Guacas 10—Juan Mina 11—Las Casecadas 12—Venado - Plate No. 13 shows their location on the isthmus. 7 Plantation No. 1—Pena Guapa: ‘This place has been let out to a con- tractor, who is given one-half the produce as his share for operating the plantation. On account of its isolated location, inaccessibility and the small quantity of cocoanut trees on it, no attempt has or will be made to enlarge this place. No. 2—Emiliam Cocoanut Plantation: This place was turned over in ~ | June, 1916. It was overgrown with underbrush when taken over and has since been cleaned up with our forces. No. 8—Majagual: This place was turned over in February, 1915. The principal cultivation there is cacao. Extensive clearing of jungle and trees — has been made on this place and it has been planted in yams. The entire area planted with cacao was all grown up with jungle when turned over and has now been cleared. ‘The cacao trees had not received proper attention by previous owner, but are expected in a few years, we present care being given, to become a very productive plantation. No. 5—Sweetwater: ‘This plantation was ‘taken over one year ago. It is a full bearing cocoanut grove. On account of poor soil the trees are not productive as a,whole as those of other locations. This plantation is run by contract, one half of the produce being the share allowed the con- tractor. No. 6 Bracke and No. 4—Mindi: Several small land tracts were combined into one large plantation; clearings were made and extensive cultivation of yams and papayas started, the idea being to plant sufficient papayas trees to supply the entire demand, Yam planting will be extended on a large scale at this place. : 7 No. 7—Frijoles and No. ean Place: Frijoles is an old plantation where experiments have been carried out with the cultivation of sugar cane, sweet potatoes and avocados. Further clearmgs have been made and 34 _. PANAMA RAIL ROAD COMPANY. planted in yams. ‘The principal cultivation is to be avocados, or alligator pears. 600 trees have been planted and now, after one year and a half start, have grown very well; some of the trees are now ten feet tall. The aim here _. As to have enough trees of avocados to supply the entire demand of the com- missaries and hotels. A small plantation known as the “Davis Place” located near Frijoles ig run in connection with Frijoles. It consists of avocados and cacao. No. 10—Juan Mina: The aim is to grow sufficient oranges, limes, lemons and grape fruit to supply the entire demand. Several fine varieties of each of the above fruits were imported from the United States, and after _ one year’s growth give promise of fine development. A few of the grape fruit trees are already in bearing. Six hundred more trees have been ordered from Cuba and will be planted this rainy season. Native corn was planted on the ground cleared for the citrus grove. A fairly good ear of field corn was grown and in sufficient quantities to supply the commissaries and hotels with 2,000 ears daily. The soil on this plantation is admirable for corn raising ‘and the aim will be to grow corn here practically the year round while the citrus grove is maturing. No. 9—Las Guacas: The principal cultivation here i is bananas. Exten- - sive clearing of jungle has been made and planted in bananas. Corn was - planted also on this land cleared for bananas. ‘Together with Juan Mina, 4,000 ears of corn were shipped four times a week to the commissaries. Corn will be grown here the year round. No. 11—Las Cascadas: This plantation was started by an English company. At the time it was taken over by the Supply Department the - trees were found among a heavy undergrowth and very much in need of ‘pruning. The entire plantation has been given a thorough clearing and -. trees all pruned. “Approximately 35 tons of cacao, or chocolate, is expected as this year’s crop. ‘The entire yield is exported to New York. - No. 12—Venado: There are 18,000 cocoanut trees on this place average age about four years. Some of the older trees, about six years, have = begun to blossom and bear. Some of these plantations will continue to be an expense for on = years until the cocoanut and cacao trees have reached a profitable stage. An effort is being made on the plantations to raise all fruits and vegetables _ which can be produced cheaper and better here than in the United States; also to produce yams and such special fruits and vegetables as are in great demand by our silver employees. It is expected that the plantations will _ run behind for at least another year, but it is probable that after that time they should be on’a self-supporting basis for two -of three years more, ___ after which they should be profitable. There are appended the following tables covering operations of planta- tions. Table No. 1 shows the amount of produce plantedeas of Feb., 1916. Table No. 2 shows amount planted July, 1916. Table No. 3 shows financial operations from beginning of operations to July Bl, 1916. “Plate 13. General Map showing location of all plantations. PASTURES. -. Clearing: Progress in clearing ground for pastures is shown by the accompanying table. It will probably require at least three years to get _the neers properly developed for taking care of 2) 000 head of cattle. PANAMA RAIL ROAD COMPANY. | 35 Approximately 10,000 acres have had the first clearing, and it is expected that during the next dry season about 13,000 acres will be cleared and planted in green grass. Our inability to get sufficient grass seed somewhat delayed the work last year, but this has been provided for at this time. Cattle: An epidemic of anthrax caused a considerable loss, but it is — e __ believed that this matter 1s now under control and that there will be little further trouble in this regard. During the last year, we obtained oattle from Costa Rica, Republic of Panama, Honduras and Colombia. ‘These cattle were obtained-in the open market. by our cattle buyer, Mr. W. B. Brown. As soon, however, as suffi- cient cattle men in neighboring countries had become interested in our requirements, formal bids were opened, and for the current fiscal year we are obtaining cattle in Colombia at $41.25 per head, delivered on board ship in Colombia. As these cattle are to weigh not less than 900 pounds, this gives a very favorable price for the ensuing year. The seagoing suction dredge ‘“‘Caribbean’’, which had been retired by — - the Dredging Division, and which ship the Dredging Division did not desire to sell, as it was thought she might be needed again at the entrances of the Canal after a few years, was converted into a cattle carrying ship by closmg =~ over the upper decks, building cattle pens and run-ways, etc. It was found that by slaughtering our own beef we can furnish the employees this Colombian beef at a considerable decrease over the price — which we would have to pay for similar beef in the United States. It is not the present intention to raise cattle on the pastures, but to procure young or thin cattle and fatten them. During the year the commissaries, the depot and manufacturing plants. continued under the direction of Mr. B. L. Jacobson, who resigned June 30, 1916. The work of developing pastures in the New Culebra, Miraflores ad Empire tracts has been under charge of Captain F. H. Smith, while similar work at the Atlantic end was under Mr. B. L. Jacobson, Mr. W. B- Brown — had charge of cattle buying. ‘The plantations were operated with Mr. Otis W. ‘Barrett aS expert 3 adviser and Mr. B. C. Poole as business manager. ~ os -_ Respectively submitted, Wn. R. Grove, Chief Quartermaster. Bn PANAMA RAIL ROAD COMPANY. STATEMENT OF APPROXIMATE ACREAGE OF PASTURES CLEARED BY THE SUPPLY DEpaRTMENT, 1915-1916. ACRES LOcATION New | Old | : Clearing Pasture Total Gatun and Manawa.( Mt. Elope)...:......s.0-.55.. SO eee ee 3400 5500 8900 News @ulebracic.@ ccna eee eat te pete eee CT EER 3000 — 3000 Re VITA OTS as eee ee es eR ee oe iae ee 1900 © — 1900 ee A Nianding os (HM Pine) ig. iis eas css ee ovo) uere sce win Gees ve eee a 1600 — 1600 ROTI es ee eas ae seri Cn 3 9900 5500 15,400 PANAMA RAIL ROAI COMPANY; OT > EXHIBIT No. COMPARATIVE STATEMENT oF OuTPUT oF Manuracturing Puants, Com- MISSARY BRANCH, FiscaL YEARS, 1914-1915 anp 1915-1916. 1914-1915 | 1915-1916 LAUNDRY (Cristobal............ Total number ‘of pieces Pedind: ii 327,859 3,970,674 Valuecol Outputse 35. $101, 949 75 $94,719 68 PAGNDRY. CANCON) << oc oes cis cc Total number of pieces handled..| 3,889,855 4,509,308 ; Value-of Output. 23 ¢-25.2 3. ss $78,148 92 $98, (242 86 BARB RYic cccciierstesestise toe croewneene Total output of Bread, loaves. . 5,784,546 6,385,981 Rotal-ougputcor Toliss: »-. ves. «c 1,026,816 1.093,7 92 Total output of cake, Ibs........ 133,082 140,477 Total output of cake, dozen. Speers — 50,982 Total output of pies............ — 19,019 © Maluesof outpuibecsi ie ee os $255,878 44 $297,439 63 CoFFEE ROASTING..........+++. Roasted coffee produced, Ibs. . : 300,391 381,630 AG Value-of outputec. Cov ar bens $66,100 94 $83,535 95 Ich MANUFACTURING..........- Ice manufactured, tons......... _ 37,479 34,461 oa Value of output... 2s. cee $191,041 22 $230,834 69 LOM. CREAM ORDANT ©. 4 ic tees ..| Ice cream manufactured, gal.. 160,505 167,528 Valiexofoutpitscicwcn Co ss $159,376 36 $251,880) 93 CORNED BHED? 36 hoi oe Corned Beef produced, Ibs...... fo ioe 196,169 Hamburger steak produced, lbs.. 46,498 125,712 Home made Sausage produced, Ibs. Se place $8,553 Corned Pork produced, lbs...... — 2,932 ; Pickled Tongue produced, lbs. — 5,450 Value-of outputa. vee oo — $54,969 67 eee LABORATORY. Sa Ee Value;of product..< <.0e... os $72,016 63 | $116,176 40 ABATTOIR..... duties sonetaetete a saeyese Cattle*killed. ea. 5 tar ce —_ ; £7,762 Dressed beef produced, lbs...... — 3,843,377 Value ofoutputecs sco. ok — $446,682 69 Packing DmPARTMENT.......... Rices Ibs ea ee 1,344,560 1,400,000 ; Beans, bss nce ce ck ome as ,460 ,000 Peas: DSi ee ce ees » 139,080 150,000 : Starch bse. e cc ke es 121,972 200, 000 38 EXHIBIT No. 2. PANAMA RAIL ROAD COMPANY. Tue FoLtLowIne 18 A List SHOWING THE QUANTITIES OF CERTAIN STAPLE ARTICLES IMPORTED DURING THE FiscaAL YEAR ENDING JUNE 380, 1916, AS COMPARED WITH THE PREVIOUS YEAR. GROCERIES eee ee ee ese ee es eo eee ee oe eee eh eee Ome OH ee oe Oe eB eee we Be we oe Botias ROWE soe She eae ee eae ee Preserved Fruits in Syrup, in tins and glass............ Sons PINS. -JeClMeScaTVG SE TCRELV.ES cc. oraie fees ok eee eee ee Bee VER OHSS AIRE COS of scree tc geo gaa oe eas ORC agg ER CLD cae oe ee Malkccevaporatedcand Condensed «5.0. =e ee os Tomatoes, TN GUTS pyc eens Sees OME es Rees Oe SNe Pork andsbeans, in tinss* 20.2. ia 5 Sere eae ee OS es aah Penssand= Beanssin tins. 6 os Ske Se ee RS aks and Sauces. Re See Suet Ms eee ae hoo ra Ree ae Ce ee Se eS Se Se ee ee Ce Se Se SE Biscuits. oe ee ee ee we eee ee ee oh em eh Oe eee Ohh wh hl helt Oh hoe ee ele oe 8 (WONTE CHONG es weve ns ks ee ie es ee SIT be Rtn bltGsc. ee ee ee ee RS ==WMacaronil. vermicelli and:opaghettl.< .. 35s. ccs se es rs ETS ET AG SHTAT CC cas as eran oa eS a et SO Ns WITRET COTO SOT Css soca aes oe Se ee rie Oil, Olive and Salad....... A Rae a ee BORIS arena he SOUDS; 1b{tINns.)o..<. Se AOR age RSS Se GS OT eee te Cee Oleomargarine ote eee eee ee ee oe eee es ee oO we ew Oe we Oe we we ee Coes Oe eS Meats AND Datry Propucts Beef, Native (4 months)...... See Ryle ee ce es see oe Sareea eee Fresh ENN stays eS a a ae gene EE nn ee reas ee S-POmury. and Game. ss ta SE ee ae cg Ng NER ee cree ro as Pages RT RN @ured-and Pickled: Meats ick. Sik ok ee oo en Sd (DN ECRO se OR ee eS Nae SN aay els aE = Bute n ET es le soe eee eee Se ees Be eS eniea eames Mirliesine shes en ae ea ree ee Tp ene eee ORS eOUATOCSS WLIOC oie ege en eet ace huts hs Pe Re eT NS POTATOES, SWCCUs 2. ke en os pear aes ee ee ES aes pepe ONIONS c wee en es ae ical pasts eo eo ie meneame ese Other vegetables, including Celery, Tomatoes, and ee north- ern seasonable vegetables pe ap eee Na ea TRO FRESH FRUITS GET CTI ese arrs ae egestas ae eh te eR ee ee GANIC ALO UIC Ses eee ee ae RADE Foe Sato SE WV FILCT NNO LOM See etre ae ree ns ony 5 iced Gee ee one ON oe a MOGI CREME G Secret es eee Gee eee EHS oe ve Ce eS Ce ee SS a ey Ce ke ee ee eS et ee ek eS Se ST SS ee ee Se eee eee ew ee oe ew we ee ee wee ee ee ee her eee ee HHO eT HO Fe we Fee eo ee Boe oe eS Se ee seer eer ee ee wee ee ee ee ee ee eee wee ee we Oe ee ow ee ee eh heh ee lt Ons oe ee ee ee ee ee eee Wmnagerwearen <3. Eee Ne ee ee Sea RE Se Sage RS SC Can iar 1915 759,986 1,064,900 6,950,340 2,141,757 383,975 185,235 65,632 33.960 lbs. 150,618 338,778 185,600 63,602 342,257 49,474 107,500 673,914 ,091,567 400,645 732,672 205,808 448,079 105,550 45,780 622,000 Or 6,543,704 6,340 905,823 —- 821,167 438,047 160,266 172,631 76,059 879,232 (71,951 104,988 26,392 54,795 76,794 132,000 30, 1731 29,812 160, 802 * 54,086 38,255 111,457 - 13,200 SCE oy eet Oey Lisi Ibs. gals. gals. only only pairs only only only suits only pairs pairs only 1916 916,359 103, 992 147,500 3,843,377 759,414 8,465,704 508,602 1,336,716 1,095,768 584,687 202,900 206,182 93,458 1,266,665 1,041,939 I, 503 194,340 89,885 © 2.195 22,764 70,984 18,749 69,876 suits only only pairs only only only . Suits only only pairs pairs only eee Sn ay : ~: j PANAMA RAIL ROAD COMPANY. 39 EXHIBIE No.3 —- : STATEMENT OF COMPARATIVE SELLING Prices For JULY, 1916, as AGAINST Juuy, 1915. PRICES 2 FRESH Meats Unit aly Tale 3 1915. 1916. IBeCCSUCtsse ai. ses Pee cae on ere ie Pe Re OE lb. 035 .035 COLE SOUP) sea Caeser Oe ae On on OL toh ese et Ib. O07 07 Beel-stew= (Native) fie oe en ee eer Ib. .08 .08 Beefsplate: GNative) Sosssese es a ek ee ae es lb. 08 .08 BeCieCORne = se a era ane ee een rs ES etek ees Resree |B ee lee .15 12 Beef chuck roast, 3-lbs. and over (Native)....:.........- sel bs .08 .08 Beef rib roast, second cut, not under 3% lbs, Special...... les SlG2: .20 * Beef, rib roast, second cut, not under 3% lbs, Native.....|- Ib. .09 .09 Beef, rib roast, first cut, not under 3 lbs., Special......... Ib. 19° 24 Beef, rib roast, first cut, not under 3 lbs., Native......... Ib. 11 ele Beef, pot roast, Special..... SGN oe BOE Ao oe Baa meter ‘lb. 20 .25 ‘Beets-poti roast; Native ie. cee ae on oe ee ie eek == lb: 12 .12 ‘Beef, rump - Toast, Specials. sess we lb. 20 =290 ees rump sroaste Nathyes soe es eee eee “lb. 12 .12 Beef, porterhouse roast; Special... 2... 23.3. soe lee ee Ib. 22 e227 Beet, porterhousewoast. (Choice)s...0 1... te ee ee = lbs 31 .39 Beef....3s. 3 Siar eens [erie ipee Bees Skee lb. 19 24. Pork spares ibsitecccct st ee lb. Sil che MGR CHO DS ie ee see rae co ie lb. .30 .36 Veal shoulder chops....... Rote ee BU dete Ome sentra Ib. 20 . 24 Veal-cutlets..3.....: ee ee eee ee a eee pe .36 »41 Veal loin. ..... eee Seay SeBCS TE feared Aon eada lb. 30 .36 Vealshoulden selec. pen ne Sees Ib.: 15 .18 Mealestewin Gis ee ee aes si Seep nee lb. 12 S LS MiIscELLANEOUS Stegike “Hamburger: 28 atta ee ‘ pkg. 17 LC. Steak, Hamburger, 20-lb. container..............+- eee lb. 14 ’ 14. TLV6TS < BOCES sacs e ee er I s lb. 10 .09 Divers Calveise kG os ee oe a Ib. 24. 220 SausagessBolognass sss = ee Ris ces Sed rai EO a eR lb. 11 LG Sausage, Hrankfurtersc... ssa. 6.5 sts ees ae: Ib. 13 .18 Sausaee slivers ts oe ee et ee EG et a ras es aah; 10 .16 Sausage, pork...... BOS aee Secens RMT p Sees she es eee eae ae ee lp. «293 .26 Sweetbregd beet in oe a ee Se Ib. ed. aoe CNS eae eee eee ep te CAEN SS Sa ee oa Ib. 31 .ol MGASU eed ot aerate eri a ea cake 02 .02 AO PANAMA RAIL ROAD COMPANY. EXHIBIT No. 3—(Continued). Ne oF COMPARATIVE SELLING PRICES FOR J ULY, 1916, as a J uLy, 1915. a PRICES une Tay July 1915. 1916. CURED AND PickLED Mzats Bacon, breakfast, whole piece...... SSP RTO eee Oe Ib. 29 .ol Bacon, breakfast, BIIGEU seein ee eae lb. OU .o2 Ham, Westphalia. Pie or chau cia la eherwcaie ie oueior Grater ciate Ooete eiwiete Seen Ib. 00 .50 Ham; Surar cured; whole. si3 8... hee os on oe ae eee t Malad TessIN Oo aaes ses ee bots., % pt. .22 oe PIMOS. seats sacs ee gone cain ea rg ee a ae tins, 1s 14 .16 Sali TP ADlOrssr fa ee eae ee ee ee sacks, 1s -O15 .O15 Sapo e ee es Blea css ee es soe Male ia CAKO=%s .06 .06 ATCT CS nese res seks es aa ee es BI ate tins, 4s .08 ae 42 PANAMA RAIL ROAD COMPANY. EXHIBIT No. 3—(Continued). Stare OF COMPARATIVE SELLING PricES FOR JULY, 1916, as AGAINST JULY, 1915. BRUCE; W-OLCESLCTSHILG 5 cay sere sn sk ee hs 6 oe etek ses oo | OLS 5 aeDUr PRICES PANAMA RAIL ROAD COMPANY. : 43 EXHIBIT No. 3—(Continued). STATEMENT OF COMPARATIVE SELLING PRICES FOR JULY, 1916, AS AGAINST J ULY, 195. PRICES ue July July 1915. 1916. Grocrriss—Continued Sauce, Worcestershire ee RSE oes Ne TEASER IR Be oe Ok bots., pint .40 .43 AWE KAU tae ee, en ee ee ee tins, 3s 10% 07 SAUCrCrAUt a sate cee ee ee ee et eee kegs, 5-gal. 1.40 1.40 DAUSADEs VACNNO tsetse eae ees OA ee tins, 44s moe Oeste 07 Sausage, Vienna...... sit Se eee aS 2 GSES EET a EN tins, 1s .14 Sel Shredded Wheate sce a ei eS pkegs., 1s .14 sly: SSP TUIVN IO Sasi os eae eee Agr a as My ue RT en ae tins, Is ell .09 SSO BD EVOL oe Be ae ego Te SE ce cake 04 | 05 DOA Way, Ae RS es ee es ne, Ce eee Ce cake 04: 04 SOAP Wan AE Vssscee ee ee ee ee es cake 05 05 Spachettres se eae ee SS ne ee ee ee pkg. 1s 07 07 SodarcWashing 2 See eae oe ere ee ee Be pane .O1 015 PING Gao ae te wes oases ge Oe se ey eee . tins, 3s Oe .09 GUase s Are cent oe ee ee Os i ee Bere ae tins, 3s .10 .10 Starch Laundryet eee ee ee es AO eer Ib. .03 .03 Strawberries) oo ee eee tins, 2s 25 221 SugapeGranhatede- ssa Se ee sacks, 5s .28 sot Sugary Powdered. 2:3... Fate Feo SRI ERS riei Siaa ntane e Bee tins, 2s .19 19 ‘Tea, English Breakfast........ eae aca Renee ie Rea Ber Pe tins, 4s .18 .16 bes inolsh=Breaktagh ssc. no so a ee tins, 1s 200 -,29 Lean clishsbreaktasts 3s ci ee ee tins, 2s etal; . 65 ROmatOess— co eee i aes ee tins, 2S .06 .10 PROMALOCS se. sce ee eS ee es See es ‘tins, 38 08 3s (ROMGUCS CLiaMDs. (aod oe 14 638 Corral-service 3.3 See ses 148 77 — — — 111 60 Material supply department.. 88 28 60 |. 7 50 21-O0 41 11 Seeds supply department.... 65 19 —_ = a— 11 76 _ Launch ‘‘Pertwinkle’’....... 96 04 — — 48 02 — Miscellaneous.....:........ 41 52 2 95 4 81 3220. 16 20 General expense, New York | SONG ecg oes oe 175 00 35 00 17 50 12 25 35 00 LR Otalsss-ee os 5 sea ee $3,441 22 $633 56 $353 386 | © $304 43 $607 87 |} Revenue from sales......... 1,613 08 | 172 59 218 15 267 55 | — Net operating cost..... i. | $1,828 1412 $460-97 | $185 21 $36 88 $607 87 Cost of operation +0 date. <<. $47,517 47 | $6,486 67 | ~$6,803 80 $2,848 85 | $10,303 18 Revenue derived to date....... $26,445 45 1,903 35 2,503 05 1,832 52 9,609 53 Net operation to date......... $21,072 02 | $4,583 32 $4,350 75 $1,016 33 $693 65 ——$—$——— [J SE, of a ~ = Norm—‘Corral Service’””—Las Cascadas and Majagual Plantations. Omitting credits account of adjustment of overcharge as per letter from J. M. King to Auditor, dated 8/16/16, cost would be $37.33 and $13.84 respectively. - %* Credits to date. ESCA ROME? FEY G PANAMA RAIL ROAD COMPANY. ay. FROM OPERATION OF Panama Ratt Roap PLANTATIONS FOR 1916. | | TIONS No. 3. Las SWEET- PENA — EIMILIANI LAUNCH . GUACAS. MAJAGUAL. = VENADO. : WATER. GUAPA. ‘*Coco.”’ |‘ PERIWINKLE.” $362 95 $609 60 $153 85 | — — — — 28 50 40 75 — 24 50 $52 75 $28 50 $28 50 — 10 24 16 82 4 50 — —_ — — = 37 17 — SS = ee ae 79 aco2 Okey: 8 25 —— 8 99 — = 53 43 — = = ae 48 02 — os — — —_ _ 2 95 S200 8 Ol — — — — 24 50 40 25 10-50 = eis ae aoe $477 95 $730 53 $206 53 $61 00 $28 50 $37 49 — 267 55 378 FV 2Leso 19 95 66 87 200 92 — < $210 40 $352 36 $185 20 $41. 05 * $38 37 | *$163 43 ee $6,613 88 $10,680 69. $2,601 39: - $277 06 $28 50 « $37 49 $785 96 2,259 22 6,656 40 ~ 153 44 280 20 159 26 302 47 785 96 $4,354 66 $4,024 24 $2,447 95 * $3 14 * $130 76 * $264 98 — ———— i en | ee ee ° AS PANAMA RAIL ROAD COMPANY. COMMISSARY PLANTATIONS. ; : 3 | | \ INDEX. TO PLANTATIONS. “New For toBelto x? Nombre xe lias, : | (1) Fena Gdapd © @ frijoles R a 2) Lait ane 8) Davis Hace me (D) “elagual (9) La5 Guacas ©. 4) Made (2) ranting 6 (S) Sweeswarer (i) 2as Cascadas Bracho 0) VYerrada. CS OM BIRSSA gral” Gaia 4 Me inalade Me Sta.Rita Mt ie i gt EL “ j se RAL 70: ee “® =: S . \) cpl? . VA & Arraitan BAU.BO PAN v e \ AQ\ > ‘THE PANAMA CANAL eh NS Supply D t oe He O : ae BALBGA HeGecrs, GANAL ZONE ‘Ss. ae $a A Fone Fla - 1$34,889,907 37 $34,889,907 °37 1G iw 50 --- PANAMA RAIL ROAD COMPANY. EXHIBIT B-1. INVESTMENT SECURITIES OwNnED JUNE 30, 1916. - ‘ = Great Northern Railway Co., First and Refunding 414 % Bonds, 1961. Pittsburgh, Cincinnati, Chicago & St. Louis Railway Consolidated perles cha, BONGS; LOO0 ma as Ce ea cas ek se a eee eetceeS Burlington & Quincy R. R. Co., General Mortgage 4% Bonds, Chicago, Burlington & Quincy Re R. Co., Illinois Division, 344% Bonds, 1949 © © ¢© © © © @ @ © © 8 e Be ee ee ew ee ese eee esses e eee eee eee ese Oo Illinois Central R. R. Refunding 4% Bonds, 1955.......... Rare ae es Delaware & Hudson Railroad, First and Refunding 4% Bonds, 1943... - Union Pacific R. R. Co., First and Refunding 4% Bonds, 2008...... - Philadelphia, Baltimore & Washington R. R. Co., First Mortgage| 4% Bonds, 19438..... PSA Te New. York City-37,-neristered- Bonds,-191 7... en oS es New York City 3% Registered Dock Bonds, 1919..........20..0.. _ State of New York, Gold Tax Exempt 4% Bonds, 1961.......... ree Louisville & Nashville, Unified 4% Bonds, 1940..;......5......... Chicago, Milwaukee & St. Paul General 444% Bonds, 1989........ Central Pacific Railway, First Refunding Mortgage 4% Bonds, 1949. Atchison, Topeka’ & Santa Fe General Mortgage 4% Bonds, 1995.. ’ Norfolk & Western Consolidated Mortgage 4% Bonds, 1996........ Republic of Panama Secured Sinking Fund, 5% Bonds, 1944........] Pennsylvania R. R. Co., General Mortgage 414% Bonds, 1965....... Baltimore & Ohio R. R. Co., First 4% Bonds, 1948-...:..-.2...... % RotalsBond sca Soci seg es oi vee Wet eee eee ee ee $100,000 100,000 100,000 100,000 100,000 . 100,000 100,000 _ 200,000 50,000 100,000 239,000 100,000 100,000 100;000 100,000 -105,000 98,000 100,000 100,000 PaR VALUE. 00 00 $2,092,000 96,000 $7,750 _ 96,187 98,625 97,187 202,000 47,420 92,312 247,127 96,771 103,338 94,146 95,553 99,873 98,000 98,250 91,250 Book VALUE. $99,875 00 - 98,500 00 00 $2,040,168 75 eS PANAMA RAIL ROAD COMPANY. 08 EXHIBIT C. STATEMENT OF | TVENUE AND EXPENSES FOR THE YEARS ENDING JUNE 380, IDG, AND 1915. OPERATING REVENUE. 1916. 4915: INCREASE. DECREASE. -RaIL ROAD: Revenue from Transportation CoLoNn TO PANAMA: A : : Meg tig, ore co wee eee Cheers $1,233,640 84 $942,036 39 | $291,604 45 — PasShOn Gers... cen mee ne Beare ee ea 304,090 82 281,838 56 22,252 26 : a Excess Baggage. ......scsecsee 6,084 14 8,733 88 — $2,649 74 Parlor and Chair Carries 3,765 50 3,862 25 — 96 75 Whailesceten Ss Pate e elena 158,966 35 153,688 425 (2 51902293" — LOD oluclcts be eee Ge ear eee 8,574 29 9,961 05 — | 1,386 76 PE TOASUTO soso his cos Soa oe eens erect 2,857 46 2,891 83 — ; 34°30 3% Special Service Train.......... 4,022 13 2,997 22 1,024 91 —— : Mo baleen tees sche wk ose: $1,722,001 53 | $1,405,954 60 | $316,046 93) — PANAMA TO COLON: nee Hrelohtse ores ae eR eee $867,815 93 $339,345 97 1$528,469 96 — Passenger..... PR 5a Bees ee 237,929 OL 246,418 11 $8,489 10 Se UMIXCCSS DALTAZON.. oct were cows D043 64 6,117 93 — ,044 26 Parlor and Chair Car.......... 3,455 00 3,795 75 — 340 75 Wall's 302. ar oe oe sats 12,749 41 16,836 68 — 4,087. 27 WX DECRS earn © ens eas 11,620. 24° 13,875 63 — 2,255. 39 EPPO ASUTO see arse aici eo ee 9,005 20 6,461 25 2,543 95. — % Special Service Train.......... 3,097 39 936. 28 2,161 11 — ~ COUGAR e eae oie ae eee $1,150,745 85 $633,787 60 | $516,958 25 sae = = = ——— | es MISCELLANEOUS: ‘Switching SOR hagen ec eat $68,196 73 $37,459 13. $30,737 60 Miscellaneous Transportation. . 3,214 00 18,141 15 $14, 927. 15 Bota weer ee. $71,410 73 $55,600 28 $15, S10.45 Total Revenue from Transporta- tion. scent e tees eee ev eee eaee $2,944,158 11-| $2,095,342 48 $545 615 63 oo Revenue from Operations ier than . ® Transportation: « 5 Station and Train Privileges Be acta $1,670 22 $2,945 62 —_ $1,275 40 Storage—Freight...........00. ok 4,088 83 178 81 — 3,089 98 Storage—Baggage............- eee 260 25 463 75 — 203 50° CareServiee artes ee ee 877 50 1,140 00 = 262 50 Telegraph and Telephone Service. 1,371 34 1,150 33 _221 0 = oe MisecWencous Reise ecos cers elon erste 349 20 10,648 81 — 10,299 61 — Potalee os $8,617 34 | ~ $28,527 32 cS ~ $14,909 98 Harbor Terminal Revenue: 3 TAG COLA ges coe eee ein teers $1,291,973 68 | - $503,615 22 | $788,358 46 — Potala -/se+e-| $1,291,973 68 | $503,615 22-| $788,358 46 — Other Operating Revenue: ; Pos : ~Outside Operations?:....;........| $296,732 15-1 ~ $203,219 85 | $93,512 30 — Rents of Lands, Buildings and forse age Other-;Property..c sn ees 1,918 33 - 1,859 31 59 Q2 — Miscellaneous Revenue — Other Sources..... Tish Ghar eee eas le Shake 15,817 91 187,299 32 — $171,481 41 Motalie 5 a $314,468 39 | $392,378 48 Se $77,910 09 Total Rail Road Revenue...... $4,559,217 52 | $3,014,863 50 ($1,544,354 02 — ceeeeeee | $4,559,217 52 | $3,014,863 50 $1,544,354 02 — 54 EXEIBER © (Continued). PANAMA RAIL ROAD COMPANY. oe ‘STaTEMENT OF REVENUE AND EXPENSES. SS qs OPERATING REvenuE—Continued. 1916. 1915, INcrpAsE. | DEcREASE. ee ; en es e ‘Brought Forward.........| $4,559,217 52 $3,014,863 50 |$1,544,354 02 = _ SrpamsuHiIP LINE: : § ee rel ght wis sweats. 5 PONG WE O ah heats $2,668,067 64 | $1,910,562 94 | $757,504 70 — IRASKONEOT 5 soe otee othe eesg a eet eaten 360,648 88 462,075 90 — $101,427 02 Excess Baggage... .../......++..- 1,663 63 1,990 31 — 326 68 eWUrert ieee ate rar lanes sever tuwiaos oie sae es 236,509 65 222,356 37 14,153 28 — SDTOMSTITO eh ere ee ian cis cesta 57,429 00 27,683 99 29,745 O01. — |. Wines and Liquors. ............. 6,580. 54 7,926 66 —_ /12346 12 - Steamer Chair Service........... 4,871 00 5,528 00 a 657 00. Miscellaneous........... ARGS suracke 5,508 35 4,332 93 1,175 42 oo Potala ee $3;341,278 69 | $2,642,457 10 | $698,821 59 Ae Gross Operating Revenue. ST nel $7,900,496 21 | $5,657,320 60 . $2,243,175 61 — OPERATING EXPENSES. | Rai Roan: Outside Operations. ........2....% $320,562 92 ‘$227,806 67 $92,756 25 —_ Maintenance of Way and Structures} 236,919 84 315,356 59 = $78,436 75 ~ Maintenance of Hquipment....... e« §32,438 30 566,362 91 | 266,075 39 — Traffic Expenses..........+0..+-+- 10,742 17 13,702 44° — 2,960 27 - Transportation Expenses. ........ 829,293 82. 1,022,500 04 — 198,206 22 . Lighterage and Harbor Service. . Loading and Discharging Vessels. 1,242,698 88 480,164 80 762,534 08 — Stevedoring and Freight Handling} }. : General Expenses—Isthmus...... 152,502 54 158,186 89 —— 5,684 35 . General Expenses—New York. 49,772 11 51,205 59: — 1,433 48 Total Rail Road Repeneed $3,674,930 58 | $2,835,285 93 $839,644 65 — Srramsuip LINE: le Steamer Expenses ...........040- $1,825,751 50 | $1,527,825 39 | $297,926 11 — Agency. Expenses... ...........0. 336,690 95 004 37 96,156 58 — General Expenses—Isthmus...... 68,627 55 66,678 49 1,949 06 ‘ees < General Expenses—New York... “ 60,148 64 48,480 85 11,667 79 — , Charter of Steamers REE G ao yan —, —- —_— es Ol See eras ay ie re ee eee 45,687 00- 259,084. 58 ae $213,397 58 Total Steamship Expenses..| $2,336,905 64 | $2,142,603 68 $194,301 96 _ : Gross Operating Expenses...... $6,011,836 22 | $4,977,889 61 |$1,033,946 61 — : SUMMARY. RAIL ROAD: : . Revenue: ; ilies Golon to Panama......... see cese| $1;722,001 53 | $1,405,954 60 | $316,046 93 — Pasian. tos COLON: cians segns scree ore one 1,150,745 85 633,787 60 516,958 25 — Miscellaneous: %). 66 vce ce ce 1,686,470 14 ~ 975,121 30 711,348 84 — Total Rail Road Revenue...| $4,559,217 52 | $3,014,863. 50 |$1,544,3854 02 —_ Total Rail Road Expenses..| $3,674,930 58 | $2,835,285 93 | $839,644 65 a Net Revenue. .......0:e0ee0: .| $884,286 94 | $179,577 57 | $704,709 37|. » — Per Cent. of Expenses to Revenue. 80.60 94.04 — 13.44 STBAMSHIP LINE: = Total Revenue.......... seveveee| $3,041,278 69 | $2,642,457 10 | $698,821 59 — Total Expenses............ Ventanas 2,336,905 64 2,142,603 68 194,301 96 | — ‘Net Revenue.... See oc cnn $1,004,373 05 | $499,853 42 | $504,519 63 — Per Cent. of Expenses to Revenue 69.94 S108 421 ee 11.14 Grand Total Operating Revenue.| -$7,900,496 21 | $5,657,320 60 |$2,243,175 61 — Grand Total Operating Expenses} 6,011,836 22 4,977,889 61 | 1,083;946 61 — Total Net Operating Revenue... .| $1,888,659 99 $679,430 99 |$1,209,229 00 —— Per Cent. of Expenses to Revenue 76.09 | 87499 TE 11.90 ey PANAMA RAIL ROAD COMPANY. EXHIBIT De 65. _ STATEMENT OF OPERATING EXPENSES OF ee ROAD FOR THE YEARS =e _ENpINe JUNE 30, 1916, AND AQL5. : ; 1916. 1915. MAINTENANCE OF WAY AND STRUCTURES... Superintendence. iiedens taconite Srsloys nila teeta e Uae cas Seata en ouere Pent Gre Or eeks - $17,329 69 $17,969 60 Bo allastiive eartiocsst a iace cee ete GOS IY Sg De ONCE Sh See Sacre Ses Vora So) BRATS ENT uA Shes 7,963" 35 12,894 09 MP TeBitace Metisse ciate rats goles: a eiePaks Gooce none ys tee Sauer yt tees 27,417 54 21,297 60 Reatl sence goat es Oa REA Nog COC 3,422 00 ET LOSa LO Other Track Material. ....- MS a ny as aeate pense ig pe veeeiec ees Mingsvecseiners abe 10,127 31 14,466 89 Road waysanGcbrack scene te. cee esa eons Ye Ree sere 107, 1919 36 133,037 90 FIM IIT SLB seces sess sc esel eh sets AMOS Dea Bde mG Ps gO See ane laa Crete , — ‘uprigges,: Lrestliessang:@ulverts.cn..1e% . fess ee Coes Se heres ! 6,024 08 4,566 95 Over and: Under/Gradei@rossingse.b oe .eccc cee eee eS woe ee 322 85 3,894 55 Grade Crossings, Fences, Cattle Guards and Signs............ 2,579 38 1,345 89 Signals and-Interlockine Blamtsatie . nose iaies cea eee 15,528 95 56,067 61 Telegraph and Telephone Lines..... Suey ar seas Leip ae wakes 3,889 32 10,381 18 Buildings, Fixtures and Grounds— A—General Office Buildings... 0... ee ee es abe 2,540 91 1,908 09 | B—Eransportation= Buildings. es fe vi ec welsh eine a elece 25,041. 49 138,030 62 C—Shops, Engine Houses and Turntables............... 801 36 506 57 D—Other Buildings.......... PRES ae Mea gE Ia ts MERC SET Oa EREOR SG 640 65 112706. Docks: ands WHarvies:. osc ce ee ee ee es ee CO — 17,576 58 Roadway; ools;and: SUpPplles wsiei cee 2 ec ielere woke hes sacle esas 2,672 48 3,963 43 Injuries tom Persone seis Ne re Sts eat es ena eres 2,976 95 1,793 38 Stationery and Printing........... RI Geant Se caved enone tka cake Gert - L179 90 399 14 Other Expenses Roe ust ue ae are cen eae BeOS a oe aa ers 42 20 127. Total Ba eS ee (ane S aa Seu REE A REE Oe CES $236,919 84 $315,356 59 MAINTENANCE OF HQUIPMENT. Sipenmtende ace Bas aia nS Sata es poet Se SRA al os ae Cle Cae ee pv $5 00 Steam Hocomotivess=—Re6pawrea vise eke vicge ica s Pee ie tas oe ieee Wis $107,841 31 129,469 02 Steam Locomotives—Renewals..... Seg ig abet Meese Beers L86 27 ” ae Steam Locomotives—Depreciation...:............ eS Seicisle ake 13,396 03 17,328 00 Passenger-Train Cars—Repairs........02+.ee0c- neers SRN 96,522 59 87,019 54 — Passenger-Train Cars—Renewals............. Eas tee a aoma Gk ee Ne = Se Passenger-Train Cars—Depreciation.... . LER Ee SIO ES - 8,098 78— 715,222 24 Hreteht-Draini@ ars=-ROp alts. vis. os eee aie bas Be 485,235 06 204,825 08 ’Freight-Train Cars—Renewals......... ASE ASSESS NSO ER OE 1,108 73 96 92 ‘Freight-Train Cars—Depreciation.............. Pie Gy Sic ats 67,281.69 65,084 69 Work Hquipment-—Repairs: 2. oes cs ed dee ee 38,100 25 17,851 58 Work2h quipment—-Nenéewalsio. = <<. oe oe ec ke he ee 173 40 —- Work Equipment—Depreciation.. .... 2... cece te eee eae : 14,994 19 — 29,460 384 Shop-Machineryzand Cools 220s ss Oe — — Injuries to Persons. ............ es Se WN iy On ee aera Dip ea ee — — Stationery and Printing Fe Ree SEE SS eee eyiaee ae ass Other EUXPONSOSU Niue cic ures ete ces es SUES aN ao Sy er gas en Sar —= — ES PROG alee en ee he, SR aS Sr nS a a $832,438 30 $566,362 91 TRAFFIC EXPENSES = : Bi netintendencc Fee Rose gee ee oe aes Sylar et aca Bette $10,157 16 $5,511 69 Outside Arencies i et ee, a ee 180. 97 696 37 INGY CLtISIN eae ee ae eae, eee big OS Ala Se ehee sey hon ant ae 638 94 <0a720 Stationery and Printing............ eigeea Get apeteaels Bend 4 eae BO 340 10 431 18 Other Hxpenses Eisred a waster ee a NSCS ris NSUSRe Sua ake Lue crea EGA a una eta oa : — ae 4 Ota ieee ea es SE een : $10,742 17 $13,702 44 TRANSPORTATION EXPENSES. 4 Superintendence.............. Been ateantses Ue ee evaietess $19,684 49 $15,354 16 DispatehineErains 23." Ser ek Sesser ee Ste 36,762 41 [455240 32) 2 Station Hmployes— A—Colon Agency—Through Traffic..... eae sy ai eee gaan es 3 16,850 68 97,095 28 B—Balboa Agency—Through Traffic........ ue Gre aean as Se 6,384 34 99,502 97 C—Local Stations—Lo¢al Traffic............ Uo eee oe a 392,293 371 102,923 02 Station Supplies and FUXDOTISES! gore eocrers oso eo whcure oh otes eee tte 9,019 30 19,967 73 Vardmasterssand: them Olerks. 2.22.80 so ee ee 31,153 98 30,947 93 Yard Conductors and Brakemen............... Ren ioe eae 61,690 45 58,324 04 Yard Switch: and Sionak Moenders, «sss eo ce ee 8,822 75 15,412 02 Yard-Supplies and Expenses,...........s0.+.s- Mee aivistacbry hate 3,505 47 2,520 74: Yard HMPINEMEN «1. eae Pen ahe tis Sees Beg Aa conta ers a 46,701 . 44,353 50 Beene aN | ene oe : = 5655 : PANAMA RAIL ROAD TOs Se - EXHIBIT. D (Continued). | Srareqen or OpeRATING EXPENSES oF Rat Roap FOR THE YEARS ENDING JUNE 30, 1916, anv 1915. ae ee 1915. | a TRANSPORTATION HXPENSES (Continued). ens FOQuse= EB) xpenses——Y ATOs 0c. ccs dee ie SS Bee es $11,306 19° $8,371 65 ~ Pe UCL LOR. Y ATO LiQCOMOLIVES cs facie aoe cos scl ane We es ese a eS (6.412242: 61,8238 54 pW abersor Yard LOCcOmOtiVes... . as views o8e ue eces Meee Pete 2,795 08 - 2,424 28 fa UM bricant tOLr- Vale: LOCOMOtIVESs o6c ke os pee awe ses 815 70 334 92 - — Other Supplies for Yard poe Wate ae cee Pitan a reba aun oe pele rah ae 957 91 1,015 08 eee OAC OME IN CI sess ees pe Bo hone eee Or DAES REALE Waser e Leese 58,064 42 53,002: 14: = - Engine House Expenses—Road..... a ne SaaS Sane bac 11,119 63 15, -A67 05 Fuel for Road TEOCOTAOTEVCB eee are ote sty seca Wie aha e tees eer ae 94,683 41 106,943 25 -_ Water for Road Locomotives....... Gasser Sioa gee eS ae ane 5,850 41 4.482 07 —-- wubricants forshoad: DOCOMOtIVeS= 3.0 vss eee ve ee ees 856; OF ; 773 50 =, Other Supplies for Road Locomotives... 5.2. .....%s5. 5. Sk 1,686 39 2,399 33 eet CO eralnimonie ee ee ee cs eas 78,723 64 79,381 92 Train Supplies and Expenses............ its SEC CR RE 48,931 50 _ 42,9384 16 — _Interlockers, Block and other Signals—Operation. Sea eae sos 22,165 47 6,726 11 =< Crossing Flagmen and: Gatemen.. 3.2.3. i 6 as cee es Rats eters 3,437 91) 3,(28 22 ee Draworidce Operation. io Fae. ae ce ks ao es ae bs i - 12,942 24 12,596 00 ee Cloning Wrecks 08 a Ne as 4,Q86 382 1,656 26 Ros Telegraph and Telephone Operation................. Canc eh 6,152 55 12,480 99- == Stationery and Printing... * =... ese eee ou Sees ; 8,366 06 15,173 57 ‘ Other Pexpenses oss se ee es SS re ee RR re = 1,309 08 1,254 79 ¢ - . Loss and Damage—Freight......29........ ESO ae ee OPE 42,014 40 52,431 45 Pye uOss-and: Damare——Bareages os. NF sc ee Os he be a es ee ooo c0U ~ 207 12 Sees AINA LC FOP TODCLUY ccc ee cs NER ek es sate sasmeai iss 431 47 iL OZ7. Damage to Stock on Right of Way Seer ae kao es 1 69 cas SS Injuries COs EOISONS 9 ice ccoare fei pans We a ae eas aes 3,329 63 ee 0,440 16 noe = Tol ee Se $829,293 82 | $1,022,500 04 oS : eee GENERAL Expansps—IstTHMus. HEE “Salaries and Expenses of General Officers......s..i.ceeeeeee. $4,156 71 — $6,292 70 _-: Salaries and Expenses of Clerks and Attendants.............. 48,417 92 52,677 52 General Office Supplies And XPeNsess so ee a == 881-713 866 84 RaW OXDONSES.. 6 ea ee Sd eee eka ee ea Temes 2,862 11 3,257 62 _ Stationery and Printing. eee a ee ee eee 396 84 2,392 38 = Other Expenses i um ee pee ee ae 12 97 3,614 58 Extraordinary Compensation— : : . Fer Aq—Salarics: and Wares: ess ts oe SA ee a ee 43,820 81. 39,082 19 -_—, B—Quarters and Others Wxpenses> 22 Sees SES 51,893-45 |! 50,003 06 s ROMSIONS os ee oe re eee ethene eee ents ces Sees Ae a : Totals oa oS $152,502 54 $158,186 89 : GeneraL Expenses—New York. . Ee ulate: and ‘Expenses of General Officers.......... Rie | * $14,488 43 $13,092 17 — - Salaries and Expenses of Clerks and Attendants............. ey 23,632 23 25,464 32 - General Office Supplies and Hxpenses— 2 : __ * A—Repairs and Rent...... OR ea as ee Hee EEE 3,001 o2 ‘4,275 98 =. =. > b—Other Office Hxpenses. .<°...4 2. Ber eee Rp aoe re : 1,781 90 1,474 78 etc @—Telegrams and Cablegrams.. 2.0.2... ecw ce es ere fal oa 658 39 770 14 pe LAW xpenses 0. oe as ee es See aes Oe 2,100 87 2,629 4¢ Pe Stationery-and Printing 212s oes as eee ee 2,176 31 2,285 81 Bee OUMON WX CNSCS = ace, ee ote ree ee ne ee ies _- 1,276 -66— | 1,212 92 a re Totals 3. ee ee ee “$49,772 11 | $51,205 59. rapes ‘ te : SS ss as . 2 M PANAMA RAIL ROAD COMPANY. eee | ‘EXHIBIT E. STATEMENT OF OPERATING EXPENSES OF STEAMSHIP LINE FOR THE YEARS ; ENDING JUNE 30, 1916, AND 1915. 1916: STEAMER HiXPENSES. mie Sra wiese — f Custom House and Port Charges.............. Seeeee Rone on See $5,520 38 WOCKIN Gr Soe es es he ease See Sa fOr SRO etel APU oer wat on aoe oeU NR enateeee oie 5,130 40 - Equipment, Deck Department. ......5........-...-00- Sorat: 26,956 50 Equipment and Spare Machinery, Engine Department PSAs 3,643 80 “Equipment, Commissary Department... 2... ee ee ees 15,835 59 Pitre eee ae ge rrr cesren oe Seeger eager Se Ree ee 236,344 63 Feeding Passengers and CROWs Gs Fe ici oboe yt tees eas 187,921 20 ENGI ON GAS ene ook ae ee ng as A ee eee 36,361 46 PTijUTISS GOCE OLSON eyes Sete eras erest tenet one sense Weta ee weer onee wees 2,679 47 Labor’on Cargo. ©... <..% rie Gta la aa rete aha wit Roo ee ee 452,697 86 HAD OL OD’ C Oasis eee teste serene east PE sae eee 27;522 24 Labor on Ashes..... SEE naan Pega aes es ase a nore ak 1,427 90 Loss and Damage...... eagle eM eTT S Bryno ses os Sree ONLINE MONO eens 40,500. 10 Oil and Waste... .....ss esses riacole Wheees ae sess ics ra hes 5,497 38 Painting Ship’s Bottom ............... Rear Ca ee 3,456 30 Pilotage and Towage....... vc Weer enaere Sone ce eo, Fas Bete eieieveunieteseace seve 27,434 18 QuUaramiinOrs, cic rae teers hs cere eee > WE eceuplatalee one eto se ase - 1,134 24 eRepairs, Weck Departmen Wires a esacp ses ot eo eae cues Cie 51,668 92 Depreciation and Hxtraordinary Repairs, Deck Department... 638,219 92 Repairs; Hnpine Deparvmen tei. «cere went fis noose sees epee 64,712 O1 Depreciation. and Extraordinary Repairs, Engine Department. . 31,338 41 Repairs, Commissary Department... ............ cc ee we wee eee 17,183 40 - Stores, Deck Department.............. ea ee Pg ee 23,318 20 Stores; engine Department ao ces. ene ces ele eee (SS 15,968 15 Stores}. Commissary Department. ee. eo es 7,010 27 Stores, Surgeon’s Department...........ccc sce eis iosseetaseaoers 692 42 Stationery and Printing. .......... iss Neteve erate ke a 2,390 92 Telegrams and Cables. BER ae eres e ae gate Roe Sage eerste 4,309 70 DLOS iS yaar Gees argc a: hig aloe Lg RO ROET CaaS 339,287 22 WEBCT ior area o so Sees oc to OEMS 4s MeO OLS Sheree MUO EE 4,321 03 SWUNG pease oes gas g ee ea coe Sg Sa ane Seer ee os 9,744 67 Isthmus wenstor. Pe Bate ER ae Pe gIe ea EE sd GPR ne 111,123 53" Ota ee Sere a GE a ee eee a1 8254512 50. LOMS e565 ERS a eee eR oie tlaee ERE Ce ES Kaen: $45,687 00 AGENCY ‘EXPENSES. Advertising, Newspapers Be AG eas shots ee aE ~« $1,758 28 Buildings, Docks and Wharves, Repairs and Rent of.......... 32,568 78 Buildings, Docks and Wharves, Other Expenses...... Sere eek 1579134 Commissions, Passengers and BGreg ibn, xG Oe te ei ss 21,3637 53 Insurances o6 oa as see or ae ee See Ra roe : 2,299 71 Injuries to Persons.......... aS Cols Hue So nawa aera cg sa LONE Soo ae Ee . 658 60 Yncidentals.. ......% SRG a taser te oc ohare ee Be tawscteress 18,860 62 babor Generals ans ee ee ee LOM an ece ett See : 151,172 89 Legal Services and Expenses..........0.c00cecees paige sgetctes oss 1,190 93 hoss-and=Damar6 8. eee ee ee ae Ne 1,034 13 Salaries of Agents and Clerks = = Meg oe eens is a oe 80,481 71 Stationery-and=Printing<*= 4.4.4 —-> ee Fie oe 8,458 67 Telegrams and Cables..... Big see Oeteses nonce apo SSS ee ere. Eee Se: 1,151 76 BROS Fcc Gia date oe ee eee Baga Ne: St ates oa Tame eee SSCs cies See eet e Outside Agencies. ....... alevoserpnccere Wie testa ceeeteme aes She vt wisteces to aa Totals oe eee Pie a eee ates $336,690 95 GENERAL EXPENSES, Eu es Salaries and Expenses of General Officers: «. -.. 2s. 5. sa0-.., $5,028 27 Salaries and Hxpenses of Clerks and Attendants.............. 58,512 16 General Office Supplies BNC WX PCNSCS cence ces Oh nemo ies yet om ; 1065-55 Daw: Expenses. say oa ees ee Boece : 3,458 82 Stationery and Printing. ..... rete cage a ae Ste een a canoe 479 56 Other Expenses.......... Rela heer see ae eT Bees Sa es SF Roce 88 19 EEO GAD ee egs trans asta aah aa $68,627 55 $1,527,825 39 _ $259,084 58 $2,065 05 12,713 92 20,532 76 18,880 42 1,423-57. = 346 84 6,933 63 87,746 29 1,259 76 043 52 80,382 33 6,169 60 1,068 09 © 468 59. $240,534 37 — é $5,608 30 51,234 91 575 36 3,220 22 2,229 19 3,810 51 $66,678 49 © ci wv eat eu. Che Dunia SH gen me tL * { ae . F = he ie % Shall \ : : ~ 68 ee PANAMA RAIL ROAD COMPANY. EXHIBIT E (Continued). 2 “ Shamir: OF OPERATING EXPENSES OF StrAMsuipe LINE FOR THE YEARS ENDING JUNE 30, 1916, aND 1915. cy | a = 1916. 1915. GENERAL Expenses, New YORK. . oo Salaries and Expenses of General Officers..........0.... rete ans ue O17, 509 O01 $12,301 73 Salaries and Expenses of Clerks and Attendants.............. 28,559 10 24,158: 02 - General Office Supplies and Hxpenses— A=SRepairs ANG ONG «3s 5 heel wok ese obo eloveele olwteio ohemeietae bis 4,419 76 » 4,027 46. B—Other Office Expenses... .. cscs ccc cc eset wccenccers HV 2153 3S 1,469 33 C—Telegrams and Cablegrams a Naseer e eee eee cs eas ois wees satecae 795 68 671 99 BISAWSEUEXDOTISOS as ehcte oie sie Se eee cree cto pee we SEG LO eae gS Se 2,538 87 2,405 81 SLALOM OL YRA MG rim tlie is ccc 5 coke cess cle eee kone ies wate ches eteeoeie ‘2,680 03 _|. 2,153 43 Other Wxpenses. . vs-ciosmiccies coe sete cs SRE SOs A eee a 1,542 81 1,293 08 MEU ear cee ee ae oe De oS Voie ae $60,148. 64 $48,480 85 * & Z & ‘< i PANAMA RAIL ROAD COMPANY. EXHIBIT F. \ 59 | STATEMENT or HXPENDITURES FOR i ODITIONS AND Burrenwets FOR. THE YEAR HNDING JUNE 30, 1916. — Rail. RoAD AND ApPpuRTENANCES— : Cristobal Terminal Dock Yards eR on day ieee oc Made New Station, COLozal snd asc asete tee tees seen ener Pans aytelc le Seer sarede General Vehicle Company Tracks......... ecsigsaees SP BO Pe a New Freight House, Panama............ See Roe Wega oe ee a Improved Switches, Cristobal Yard..................... Bo ateales Water Mains and Fire Hydrants Improvements, Santa Cruz District, Panama... ee. ee $3,699 35 ee =e Roadway from 14th and E Streets +o Block DSF Gola eee Ones 511 95 aa Improvement, Huerta -sandoval: Eracte..at sa ce as es 126 18 : Panama SEPA TUG ear ears Oe eae Ss ae SE ihc NOSE RISES ea 10 95 : Se ; ee 4,348 43: _ -FLoaring HQuipMENT— S| ez. 8. meal BAe Obs Regt: pe eer ee een on Spee gat gS IEEE $401,623 82 cas: -Colons 2: USE RE tea Sere a be Tait SRO de Rae aS 400,922 54 BS eater: © Walt secenicc eee Poi oe er See prea, Se ee 2,005 24 S. S. ‘‘Advance,” Emergency Lighting System...... + ea ee 874 44 S. S. ‘Allianea,”’ Emergency Lighting System....... ee ere Sete 780 81 NV. alve Reseating MiaG IM Cisco See hae as REN ee 125 00 . 806,331 865. ee me | $3,082,525 12: Gunes" oes | Credits for Erece sy Gold= = ee ee $2,053 50 tren Adjustments in Property Accounts: See Railroad and Appurtenances......... “ve se $44,465 00 er Docks, Piers, Wharves and Appurtenances., 404,709 15 Buildings and Other Structures not Use a E in © peraviOne aise oasis See wees 285,775 21 ee. Telephone, Telegraph Signal and Inter- Se oe x = locking eelantsc oc eee eee ee 118 979 65 eee Railroad Equipment, Steam Hocomotives>. 400 00 Bet Sate ; Railroad Equipment, Work Equipment.. 15 242 32 Bes ee Railroad Equipment, Freight Train Cars. . 1,877 22 Ee ces and=APPHanGes. .y-Mier ee 11,490 18 ad . : ——— 882,938 73 2 ae — 884,992 23.— : Vee oe $2,147,532 89. o> me \ < : ee. ee ery ee PANAMA RAIL ROAD COMPANY: EXHIBIT GE “ee 61. RESERVE FOR Dupreciation OF Equrement AND PLANT JUNE 30, 1916. 3s FLroating EQuipMENT— Ss. 8 _Allianca”’. EERE Go a oe ORC a GN oy RN ee RD Ee $262,157 84 SesOiee AG VA CO ee as eS eee sn ees a ens ee 151,477 82 Sos fe Panama cco. ea ee ee ee Sate are Ce eee 24,056 83 eset < COLON Sy ara es ee Ree Seo es - 24,032 29 Motor: BOatsieees sak ee oe a oe es Seer SHI aw eRe See 169 81 SELIG ING OLS tes am ine earns acter ee aos eee ne cs See oe Garbage Scow.......... Fs eer iee tet ae See eee ea a ~—6- 83,953 39 Elodting Pile Driver. incase el ee, ee = 8.5. “ Caribbean ” PSs gop Cerone Oe Ne a peaic cee eaters 750 00 Routine Stock— ‘ : ee : “s : THOCOMOULWVCSss ae ee SE olie ig et ayig os Seeger oe omaha een NS ace Roe Se $138,254 10 Freight Train Cars.-.... PR eS Ee tReet kee se eee er ee. 5553620 32 Dgcaece ae Ca ages SS Se kee Shae REA cee ee roe | LO25690-61 Work WaUipmMenticwt 2028. ce ser ee ee Vea ee oe eee ache 36,268 23 ©ther: Wail - Road: Structures 20554 Ae ee ee 54,762 52 Electric Trucks and Trailers, ee enree SOs eane ees eee aaa endo she ieuscengacs 45125 11 PLANTS— ae So Commissary....... oe Rtas peices Be oe $398,695 59* Brown Hoist CoalPlant...<.. 52.5) 2 OD ee enn kore ke 30,000 00 ElotelsMquipmien ts sn ewes sen i ee ee tet 22,657 9T- Telephone, Telegraph, and Interlocking Plants oS Siete See eee 21,059 57 REPLACEMENT AND HW)XTRAORDINARY REPAIRS— Collier euiyeseee | Sieg gets ae hes $72,333 32 Collier“ Achilles* ates. NGie eae ease Se tenine bos GENE Pa eo aes, 63,500 00 MiscaLLANEOUS— a MOtOrs Bussess econ eis pa ca nae ool ghera pia eee es $2,579 94 BAe Pages Wat OUSseecctss ois cles Cases OO Be ee i ee ES 666 84 ee Ghassan Aes orn Sia Sas eG oe ee eee 1,982 76 4 ee $546,597 98 $891,720 89 $472,413 O7 $135,833 32 $5,220 54 $2,051,794 80 62 PANAMA RAIL ROAD COMPANY. EXHIBIT I. i ‘STATEMENT or Ratt Roap Fretenr Statistics FoR THE YEARS ENDING JUNE 30, 1916, AND 1915. 1916. 1915 GPOSSINO ViCTUIG. So aria hake a eee Merete aE re aoe Fes $2,181,010. 68 eS, ee 223.96 Freight train mileage (including all mixed train St) Bae ict tame A 174,321 153,147 Freight trains per day per mile of road... ... 0... cece eee ee Sheena 8.45. 7.42 Loaded freight car mileage............. BSc seen e ees aoe TES ... | 3,068,489 2 OL 2oo me Hmpoy trelehnt car mileage, ios oo ee ips vw coos ere ace le ieee Gece seechus ines 1,292,591 1,162,365 WaWOOSE CAT Mill Cae areca sre ccoe se otdi ciel oars « ayein euaierere er Niece ans - 180,434 197,916 Total freight car mileage (including caboose)... .......5.......0%- 45536,464 — 8,637,534 Percentage of loaded car mileage to total freight car mileage (in- CIMGING = CAWOOSE) 326s sc he wk wees wise us SNC bc ate ee ee 261 109 62.60 hoaded freight cans per train... ee Lot 14.87 Empty freight cars DOR UL AII reece re oersece tie noice cc Cage sree TA : AZ [Oe Loaded and-empty freight cars per train............-0cseccevcees 24.99 ~ 22-46 Tons of through commercial freight... ..5.......020% ae Sa UM Sega 453,970 215,856 sons OLtocalacOMmmercial thelontare ws 4 sere iss Oe ee coe oe 323,961 154,040 Tons of commercial freight, Balboa and Panama.<.....-.......0+. 15,290 23,862 '(Rons 1916. 1915. Averace miles Operated sii. c iss screens woes Giiele © Sisse we eee eee ee ‘56. 54 56r oA Total freight: and passengerieyv.enue. . <2. ve cect ewes oe. $2,954,693.78 | $2,120,729.11 : Total freight and passenger EXpeNseS..... 0... cee cc we cece ce ev eees | $2,111,668.78 | $2,127,3814.46 | Net freight and passenger revenue... ... 2... eee cc te ett e ete e see $843,025.00 “€$6,585.35 sf Percentage of freight and passenger expenses to TOVENUC. fee 71.47 100.31 oie Totalrevenue train mileage ee ee eee 378,031 340,635 es Gross revenue per revenue train mile.................0. aoa taree ures $7.82 : $6.23 \ Operating expenses per revenue train mile............-e.- Seg icckaeess $5.59 ee Oe Omg 2 Net-revenue per revenue. train mile (0064), oc oe plus so le atel 2.23 *$0 02 < otalvoeross revenue. .6o 52s oes ear stot arc eekeatr tc some aie $5,080,109.03 | $3,183,593.05 see ee _ Total gross expenses. .........-.-5- Scho ute sae eaae heer ee oes Totes $3,682,101.59 | $2,854,799.00 = Net revenue all sources....... PSE aes cen a oc Soi esas eR Pen eRe $1,398,007. 44 $328. 794.05 ~ a, Percentage of gross expenses tO ZTOSS TEVENUC. .. ssc. ee eee te ee eee 72.48 89.67 Reventiespermile’Ol roads. oe ccwies os Ge aa He ke $89,849 82 | $56,306.92 Hipensesspermile oftoad 0 Se ee Se re en . $65,123.83 $50,491.67 Net revenue per mile of road...... SSS AR Cine eats home taet Ca Re ages $24,725.99 - $5,815.25 * ‘Loss. »@ 4 ' 2 ate 64 ee PANAMA RAIL ROAD COMPANY. EXHIBIT M. oe Starman oF StTHEAMSHIP LINE STATISTICS FOR THE YEARS Euoing ae : JunE 30, 1916, AND 1916. FREIGHT TONN. AGE. x om : 2 1916. 1915. ‘|| ~XINCRBASE. _ DECREASE, S j —_. <<] | | ee ees Ton- : Ton- Ton- ae Ton- Bie Fes to : : - Ships. | nage || Ships.| nage Ships.| nage Ships.| nage SURES ae Carried. Carried.|| ._—‘|Carried. Carried. 2. © Panuma R. R. Ships..... Arrived.| 51 |126,935||’ 27 | 51,454|| 24 |-75,481|| — = sea ee tg ea Sao Sailed.| 51 1535577 28 62,161 23 91,416 —= — ~ # =~ Chartered Passenger Ships. Arrived.|. .17 |135,364]) 41 | 126,947); — 8,417|| 24 — eee .Sailed.| 16 161,810 41 218,808 — aa 56,998 ee "Chartered Ergieht BbIpS. . Arrived, — —- ee oe a=. ss ae Gee re =Sailed.).——= — — = ce = = — “ a Total eee ees 135: | 577,686|| 187 | 459,370]| — |118,316|| 2 | — ~ Total Freight Revenue........... $2, 668,067 64 $1, 910, 562 94 $757,504 70 - — _ Average Rate per Ton........... 4 62 4 16 sess -O=46 —— < o@ jets PASSENGERS CARRIED. | Z 1916. 1915, INCRMASE. os oe pe : =| aps Pas- : Pas- -, | Pas- Pas-— Bane = Ships. sengers. Ships. sengers. Ships. sengers. Ships. sengers. = z Panama R. Re SHEDS s oe Arrived.| 51 ACOSN ats 2 Te lee DAOS 24 2,826 — — Bre ae ete een snees Sailed.| 51 453521228 2,420. 23 |= 24432 — — Chartered Passenger ones: Arrived.| 17 902 41 5,049 —= — 24. | 4,147 | Z . sailed.| 16 - 659 Al 4, 991 = — 25 | 4,332 Se fo ee 135 111,344 | 137 (14,865 || — | — || 2 | 3,221 = Ss Total Passenger Revenue (including cee . excess baggage).......... ee]: $862,312 51 $464,066 21 — $101,753 70 Average Rate per Passenger....:. 31 94 31 86 $0 08 — HXHIBUD No , STATEMENT oF LocoMOTIVES AND Car EQUIPMENT FOR THE Fiscan YEAR ENDING JUNE 30, 1916. ~ a + | Locomo- PissENGHE Gamal FREIGHT ! MISCELLANEOUS. TIVES. CaRs. ae E S Ce 3 Ble als ae hs e ft 4 a ° a o om 2 | -S Ol el lee es S a hele (Seale We ele te ‘| € 3/3] 5 a| .|cs 8, 8 sens = Ae tal Be Bar iisies noc een les ale il | 4} 810] 6) o}4] 8 Mo fy | ea Se ACIS LS! Sle lOlalale lo =) eae Ols OD: | 80 ives ehcp | om - eile A nin|2® A S Ha! Silo So} 3 | a Ol oOo] & Mssaatienc ee |p ts Slo} 0) R/O] # d/gidgils ae) ced alle patsy |e eA ea oe Ae me es ST SN Batra valet ce ET ee eles g © S| ES el) ere) a) 2) sais) 8) ei sia) s)el e181 81s)s\ si sis] e/lsis| sisi ‘ Blalolal|me|oalaalalallal|RlollSlolal|Elalole/S/aidlolelalaliSslalalala Stock on hand, June 30, 1915. ..... 12 4. DH eZ 2 QS QbOl ia AAS AL 2| 72 OP LOR A OO OtloOh ase Dal Opog2 Ot ke Ole codk econo Destroyed during year............ ater ON eee ieee | oe e iirc ee all}, 13} 1) 7) —) 2) ay a oe 1 eS Oe oe SO ee eo er er | PRCCOLVCOOUPNE VAT Ug wie wise es Sees fh mele ae Me ae | cao ae ale theta eis Fel roe Tenge stoarea | ve ornas| bseernssy | neared ices [ic eae Vaca ame feams dare [lvscerrl eel) ones esotzel ene racer oth ee [teen cee eee Changed from another class.. ..... — | — Fe] Se] er —!} —} bl) —]} —) =] SF Oe er ee eS Se er re 2° Changed to another class.......... Se ee ee e3}! =| | Sh) | = SS) Sea eo Oe et —| —| — Soldiduring years oso uc Beene era cereal cece | celine ere Stara SHOTS ceo carne sara cama eesaro crag cara es aud couse meee cape cig ceemcgl ard Negrete Geren ce | fp ee ees Transterred to Panama Canal......) — | — || —| —| —)—| —| —| —| — Sf HS OS oo er er er er er rr er rr er) Placed in storage..... BOT Cine — 2 SS eh SS eee eee ee eer ae ee ee ete er ee 4 12 1 Lee 2 2b 2 eG 2a Ol Sasi sowie Oe ee 2 Ol PO GO ILOO SA vd OME Ol gobo Ls oO andl oh Olea s Stock on hand June 30, 1916.......| a Car 477 changed from observation car to flat. Engine 27 stored for sale March, 1915. b Car 1723 scrapped October, 1915. ae Engine 36 stored for sale November, 1914. c Cars 1538-2009 changed to labor, 2 i 4 PANAMA RAIL ROAD COMPANY. HXHIBIT O. °* STATEMENT OF FLOATING EQUIPMENT... PASSENGER a Gross 7 ACCOMMODA- TONNAGE. LENGTH. | BREADTH.| DrptTH. | Hut, TION. Sc CABIN. STEER “steamship *' AlWancar’ 2.2... vias 4,016 343’ 6” 42’ 0” Dario Tron 140 20 Steamship ‘‘Advance”’.......... 2,604 295! 0” 38! 4” QBLAU Tron 68 18 Steamship: 7 Panamac. 2h 5,667 360’ 0” DOnO! Sole Steel 179 13 Steamship Colon’... 0.2. a. 5,667. 360’ 0” 50’ 0” 32/20 Steel 179 14 Steamship ‘‘Ancon’’ (Chartered). 9,606 488! 0” 58’ 0” 407 0” Steel 74 iyo Steamship ‘‘Cristobal’’(Chartered) 9,606 488’ 0” 58’ 0” 40’ 0” Steel 74 52 Steamship ‘‘Achilles’’ (Chartered)| 11, 081 536’ 0” 65/ 0” 392.64 Steel — /| — ~ Steamship ‘‘Ulysses’”’ (Chartered). | 10, 910 536’ 0’ 65.0” 39’ 6! Steel — — Floating Pile Driver, No. 198, Old : IN Geet Ae Ce ee a ae — 7.0! BY 290K CO? Steel — a LIGHTERS— ae Carcowm No. 62, Old NO les. 250 109.0’ DATO 10” Iron — — Cargo, No. 66, Old No. 8..... 300 109-3’ Dal OY 8’ 0” Iron — — Cargo, No. 67, Old No. 9...... 300 LEO. 57 24",0/" 8’ 0” Iron -- — +. Cargo, No. 68, Old No. 7... 300 119.2’ QAO 8! 0” Tron — — Cargo; No. 71, Old No. 10..... B00 | -110eO=| = 247.07 8/0” | Steel = = Cargo, No. 72, Old No. 11..... 300. | 109’ 6” 24’ 0” 8’ 0” Steel — — Coal, No. 76, Old No. A....... 300 111’ 4” |. 24/0” 8! 0” Jron — — y Woal-No-/ Old Nor Baise 300 TORY. BAC Ole 8! 0” Tron _— — No. 87, Old ‘‘Manzanillo”’. .... 250 855 6! B17 0 — Steel — — Cement, No. 151.............. 300 110707 24/6" |) 1.83" | Steel — — BAaRGES— — : Sand and Rock, INO} el eens 1,200 156’ 9” BO On 12/0" Steel — — Sand and Rock, No. 2..... Rit 1,200 1502S SOO 12’ 0’’ | Steel oo — 3 Sand and Rock, IN(O nate 1,200 L570 SO ee 12" 0% Steel — — [Oi ere 200231531574 0% 367-0" PO Steel — — j Sand and Rock, No. Bei In Sd aiion: to Barges 1, 2, 13 and 19 transferred to Panama Rail Road from Panama ene the following additional transfers obtain: No. 4, Ne 21, No. 29, No. 47, No. 149 and No. 15 ~ PANAMA CRATLAUAD @0. JBOARD OF DIRECTORS — - | Georce.W.GoetHals. LA.DRAKE. FRANKMcINtvRe.| : EArt. L Brown. | OSwato.H.ERNst. Jay.J Morrow, : H.I.Cone. WR.GROVE. W.H.ROSE. i ‘GA. DevoL: : CHESTER. HARDING. H.H.ROUSSEAU. H.F. HOBGES. é Tata) i j i f ‘ Ps Zep VICE PRESIDENT CHESTER HARDING. PRESIDENT GLOW. GOETHALS. VICE PRESIDENT. £.A. DRAKE. 1079 S727. . Asst ta Vice EV CH AE F ICC. U1 OSS POMLOM. Ef (Mer7/ Treasurer Auditor | Terminal Oupr | fad. Bawden UM, New ton 2/. Men. ENGINEER OF TERMINAL CONSTRUCTION) PANAMA CANAL SUPERINTENDENT OWHCIT BS 38-19 C/7 OMT Ce ASSES O75 Gen FULERATUG Claim Agr Freight Agh| \ OSI CEr % é é £1. Brown Ce eee | | J ee trapr Beverley, ft FOUWSS EAU, COMMU SESATY AR ROGES. SALE FOLK ESO | SH. Miller 7G wh Lee. 332-/Ve77 28-Ver, Aen : ' 7 : Sa A 7 Asst z Lglidecr Localiig?. Calan ee eae Supt of Bridges toad (7asTer Master of Falas Pak Faualag Sra, kagineer af Docks Wh Oe, : oe ee se / & Th fe i RH, SOTO : MB Connally | WK fos aS QP SK Williarason. Sigh 7B. Manni che Office Farce Of (Ce FOree AD Ty 310g er | Mer 500. (fen / BSF. ler, Les ee Ce ! /7.3- (1en. §&- Gold Men LLOULIGE, S- OV/VEr in| 3-GAd len 43> Over, wd S- Forrers, 4.~ Janitors Des / W2G € Office Co/on, Oso be) FOMAING ~ | Buea : SUper Vi Sor Extra Gangs. VECGHIOL?, CANGS /- Watchman Z . Local igh FORD Gen, 4OFEIAL Gea Saute ee ; 5 228: Mae 272 (97677 o Gen? Yara MASTEr lérinal Trata Master /- Laborer os ee Cee A.B Coodenow 469 (len /- (O-CIR AL Msn acl) | |6- foremen Gola !. Gen. Foreman OW PCAMEAL. EL. Ward oes ie fe £9: 8a. /7en J-Greck Clerks /- Sean LUG Ugeer aes Ga i O7/rer, U- Sect Faremen, Gala \ 65- Men M- MEL... ! aoe Ofrice Force Le ECG (ACE 1. Clerk \ Sylver (er YE - Olver | Office Farce Ovi ce. Farce Colon, Sta 2- DrafrsHiew Gi Go Men (- (iekegper 32-Arlisans | eos | 8. Track walkers Over /1e7 /0-Men — U-E7 TM Revise Pos 2- Lnspecrors, PA OUVER sie? Vas eee ERHUICLS 7- Héepers Scan h | 205- Laporers \/4.- Trackwalkers [}/2- Nez, Gald 37- Men Gold PA GATA TE LAL E BES 6- Silver Men 69-lohorers Sv/ver Ba Qe Me Warctinat es ¢ fe : 1- Se Or Axi COOKS A 36- 3 SIVEr 63- ‘ S//ver i &- Mer ge GO ALIMENT ; He ny 7- Warer Boys. 3- Japnifors 2- Clerks Gold. : na : a See 7 QO FL ; 4 77 D ) Ch o te Eee ie FOCI 7 MME CLATLOT . Late LD 1S parCHers AES - OUpervisor Ayer. i 2 GID, ae 17~ Watér Bays. oe Men Ge Cea Le epee /- field Clerk “e> ‘Gold Men - (Er /- Gen! Foreman 8- Chauffeurs Gold 2- Helpers, ‘silver 10- ForémeED vin 3- Steam Lngitecrs 138 - silver LEP. Baggage Agt . “Cofan Wb, Thagsdory - We. Silver FO- Sri sais %& (5- HEIpers /- Lohorer 18- Qual CORDUCTOrS 18.- “ LRGINEELS 10- COlECKOrs 6- £xtra Collectors Wher Men 6- Baggage (asters AM OLMEYS. Wf. kan Dame FE2 ATOSCIHNEN A. (- Clerk Comnercial Sigh Line STAMOS. Gold (Ver. 16 ~ Oper-a7vors lh -Agt Qperavors /- T1CKEL Clerk fortocn Bridge Operarze. Jipt of Stakes - € Ot0Ck Yards. . Field Lng. Farce , AS (ese a | ae OS, Ticker fig? fe eeamen Bee Hee | ee ‘ | | 3 ve ‘ - | | i : 18- Firemen f au Ge o- Ta O11 Ver 3- J//¥er Lies | Vee ue amb as | 4- Flagmen ORGANIZATION OF JUNE 30 1916. Tice ; 4. (lessenger | TATEMENT Eyui Bit 5 TONS HAULED ONE MILE GOMPARATIVE OPERATING: EXPENSES PAY ROLLS FISCAL YEARS ” NN FOR n a \ Ld meth adhe SY 1914 --- 1915 [oi S. = 7598,090 7 000,000 6505000). 6,003, 000 2 590, 990 $920,000 4,504,000 4,000,900 3509000 200, ee 2,503,000 A Ee HA a IS'6 bONS AAUEEB ONE Mie. LETT A ET S F. 7d 2 D090. 200 aco O00 45000090 EIB ES) ae eae as Peay Seater aaa eee ee See | Eom ea sree esr ener Pera Pie SNES ee ee EAN ae oo? 124, Goa eee | ieee’ eer See |B" By. pean eee ewe Ee eae ae pS aereer| aera ee iPA Y ROLLS TE) SCT CAI ICT SET Ta JETT LURE UAT TTT ULATED /20,90¢@ 70 PANAMA RAIL’ ROAD COMPANY — i = EXHIBIT Q-1 Rain Roap OPERATING EXPENSES Ton MILEs OPERATING HXPENSES Pay Rous 1916 1915 1916 1915 1916 1915 RDU rca 2,670,782 6,090,742 $188,557 O1) $210,248 82) $50,442 79| $127,705 55 August..... Pex |-> 2, (22,500 4,619,138 176,285 91) 235,452 42 49,918 72| 115,358 86 September. -s+-}| 3,236,683 3,458,032 181,702 39} 206,866 94 49,623 72 90,128 59 “October. ooo... 7,546,371 3,425,022 183,798 83} 185,987 16 52,086 55 87,897 39 November..... 5,561,690 3,193,621 174,961 39} 187,590 33 52,054 03} = $1,345 48 ‘Decemiber..2...<: 4,640,040 2,333,422 167,559 64) 162,174 65 50,391 31 66,532 65 JAMUATY <2. 5,732,700 2,860,045 179,579 59] 158,123 47 51,857 33}. 69,477 40 February...... 5,359,680 2,368,504 164,875 42| 162,408 51 54,655 60 65,364 21 SNL ATC Me eet oss 6,558,780 3,022,764 199,468 80] 155,284 58 56,458 23 61,174 63 Aprile eee a 3,852,112 2,586,174 168,978 16} 156,574 51 56,878 46 53,346 66 May: 2st: 5s taf =O, 080051 2,696,742 159,765 79] 185,102, 79 53,055 63] 50,218 14 sJune,..<-. ..,| 2,904,867 2,456,526) ~ 166,185 85} 121,500 28 49,297 44, 53,271 12 LOtab > - Se P00,102 39,110,732] $2,111,688 78|$2,127,314 46 $626,719 81| $921,820 68 ‘Does_not include Charges to Lighterage and Herb Service, Loading and Discharging Vessels, — . and Stevedoring and Freight Handling, which was a part of Railroad Operating Expenses last year. ExHipit—-R krevenie fece/ved. Ft elghh, FAasSSEUZErS, Operallansaf Hatbor LELMUMALS, E&L% Harbor Teprurial KEVvejnueN Curtside Operarlions F- Ni scelane aus. x | 22.a6% | , Jatal #95, 280, /09, O38 IUSCEMANCOUS © %632,995, 84. Thraugh Commercial VTCGHT 4 215,882.92 ey Local Corperctal Vre1ght VAS8I GIA, 42 "429,973,68 26% LOCHFASSENGER 392 277,0/ - EXHipiT eh loans (relghi handled 2.994. = 107! 1396005 Jor7s V1i-OUGl? COMMMETELA/ 45397907005 sm X LOCG! - Fatiarnag Cara 5OLl OAT OS BO LOCA COVTELCI Al BSF 257 (ar7s cl «© Eyurpit-S _ Revenue received far treight Handled. Local Favnatma Canal # 397 669,33 Vii OUGl) Cotta er CLG */ 215 6682.02 Local Cayntierc1a/ % AST W442. 9 v oo ExHUeI tl OLBELAlTAG. LX penses by DCPaArT (ACIS. &.90 % Cihsi de \ Poerarvans 4 327,733, 93 Karl Koad | * 211 668.78 Harber Terminal YL AWG LX PEs es, "/ 242,698. 68 ~ eeset AY NES RIL 2, ee wee See ——_ PANAMA RAIL ROAD COMPANY. ee = -- . PANAMA RAIL ROAD COMPANY. MAJOR GENERAL G. W. GOETHALS, PRESIDENT, PANAMA Ratt ROAD COMPANY, BauBoa Hercurs, C. Z. ay DEAR Sir—The accompanying exhibits showing Income Accouns, General Balance Sheet and statistical tables indicate the result of opera- tions of the Railroad and Steamship Line for the four months ending October 31, 1916. ; The result derived from the operations of the Company of every character for the period covered by this supplemental report indicates a net income of $500,184.30 after meeting the cost of operation together with fixed charges agerevating $34, 179.53, and charges for depreciation on rolling stock, floating and plant equipment of $243,131.52. . The railroad contributed to the net income as above $83 360.72 and the steamship line $416,823.58 as compared with $342,879.93 for the _ railroad and $212,916.02 for the steamship line for corresponding prior = period. ‘The falling off in net income of the railroad is accounted for by a marked decrease in the through tonnage now permanently diverted to Canal transit. The increase in the net income from the steamship line is. accounted for by the transportation of 22,711 tons more in 1916 than in 1915. Respectfully submitted, & A DRAKE. Vice-President. 78 e | ‘ PANAMA-RAIL ROAD COMPANY. STEAMSHIP LINE. 7 Commencing with the “Colon” in May, followed by the ‘ Panama” in July, the ‘“‘ Advance’”’ in August and the “ Allianca”’ in October, the | four vessels were successively withdrawn for overhaul and extraor- dinary repairs. The volume of the Company’s business and. the urgency of Isthmus requirements have wholly precluded the possibility of our following the customary practice of withdrawing each ship for an annual overhaul and extraordinary repairs that were on that account postponed until they became more imperatively necessary. As 1s usual in such cases the most carefully estimated expense involved has been very largely exceeded, for the total outlay on account of the four vessels has approximated $500, 000. The work on the ‘ Advance” was com- pleted in New York Harbor and on the other vessels at William Cramp & Sons Ship & Engine Building Company, Philadelphia, where that on the ‘ Allianca’’ was seriously delayed by prolonged strikes and other labor conditions that developed locally after the vessel had been practically dismantled. - With the work completed the Al classifications of the ships 1s con- tinued by the American Bureau of Shipping subject to the customary periodical surveys. Taking into consideration all of the increases in cost of operating the -Company’s steamers and naval colliers a per diem cost per OU has resulted as follows: VOM DIVANCGE. G0 0 25 $675 86 PMU ITANCAU See ae A eS 842 19 Nae ee ee eo 1,052 80 eee age se! pe ee 917 17 “ULYSSES” — ‘tA CHILLES” AEE TOF. Os OP oT SOKO Ot .2. 02 Ol) O1 Os1 ONS OL rel tel Ae OO ml a Ors e el OO .e 6 10 Lee Oe eeu erelieNe@ 687 14 | In the preparation of this data the stevedoring costs that periatl ‘directly to cargo have been eliminated. The suggestion earlier in this report that opportunity and eos offering favored the inauguration of Steamship Lines to operate through — the Canal in competition for Pacific Coast traffic has materialized to the extent that six such Lines are now engaged carrying cargo between United States ports and the Pacific Coast ports of Central and South - America and an important English Line that suspended operation between — New York and the Isthmus because of war risks’ is about to restore its _ vessels to that service. It is safe to predict that as a result of the compe- tition between those Lines that will necessarily follow an enlarged traffic - between the United States and Pacific Coast ports will be carried at materially lower rates than now prevail, and that a sufficient outlet for an increasing output will be afforded. ‘Reference is perhaps not inappropriate to the importance to the Government (owner of the property of the Rail Road Company) and value to the commercial world of the uninterrupted service of this - Company’s Steamship Line between New York and the Isthmus, especially for the past two years during which war conditions forced the so-called . “belligerent Lines” to withdraw and led to the diversion from that route of nearly every other Steamship Line to other employment that afforded _ better opportunities and greatly increased revenue. | As a consequence it practically devolved upon this Company with its limited number of ships of American registry to keep that route open, ‘PANAMA RAIL ROAD COMPANY. = oe 19: = _ which it is extremely eratifying to note it succeeded in dee and thereby : in Addition to carrying Government mails and cargo, Panama Canal and Rail Road employes and material, provided in connection with other _ neutral lines on the Pacific Coast for the transportation at reasonable — rates of the greater portion of the large and valuable cargoes tendered in — both directions that would otherwise have been subjected at point of origin to indefinite detention with loss of opportunity and value in the — world markets to which they were consigned. ‘Notwithstanding radical and repeated advances in rates for water 2 haulage in all other directions those by our Line to and from the Isthmus _ have been only moderately increased while for through-business in con- _ - nection with Pacific Coast Lines rates outward from New York are only — slightly higher than before the war, but homeward rates from all points of origin beyond the Isthmus are, and have been, materially higher because of the enormous volume of raw material accumulated at loading - points that greatly exceeded the capacity of all available ships to handle and the insistence of shippers seeking preference in bookings in order to S avail of exceptionally favorable world market conditions. _ ee In order to maintain anything like a regular schedule of sailings to — promptly move cargo in both directions it has been necessary for us to energetically employ every. means at-our command or that could be ~ procured on the score of dispatch and expediency rather than. with our — customary regard to expense: The outlays ordinarily incident to operation ‘were greatly increased by unavoidable compliances with demands from — all classes of labor employed for higher pay and by radical advances ine the prices of material and stores Toad of every character, | : GENERAL REMARKS. The Company’s contract for Isthmus coal expired by limitation on s September 15th. Bids were invited for the ensuing year’s supply with the result that several offers of limited quantities were received that _ however aggregated the Company’s maximum requirement of 600,000 — tons for that period at figures ranging from $3.40 to $3.50 per ton. = Owing to the prevailing scarcity of labor and other conditions seriously _ affecting the delivery of coal at tidewater none of the contractors would undertake to regularly load our colliers with their full capacity of 12,500 _ tons each, except jointly with other contractors. It was therefore decided to accept all of the offers as made and that action has resulted in our — receiving coal regularly while existing conditions have forced the per tom = price for export as high as $8. aS : By the practically uninterrupted operation of the colliers “Achilles? a and ‘Ulysses’ a supply of coal ranging from 50,000 to 100,000 tons has been Egan! at the Isthmus. : Impediments not unforeseen have contributed i the digicuie) of holding to such a supply, not the least of which has been our practically complete inability to secure outside tonnage to supplement that of the — colliers with an occasional deviation as opportunity offered Of OU SS. “Ancon” and “Cristobal” to carry coal to the Isthmus. . _ An average transportation cost of $1.20 per ton has reomlecs from 34 voyages of the colliers to the Isthmus with coal, or of $1.54 per ton including an allowance at the rate of 6% per annum set up to cover extraordinary repairs and replacement of those ships. ‘ Work upon the pemaren coal plant at Cristobal 1 in pO at joint — % 80 PANAMA RAIL ROAD COMPANY. cost of The Panama Canal and this Company had so far progressed to completion that it was opened under management of the Rail“Road to regular operation for commerce about September Ist, 1916, and shortly thereafter the discharge of one of the colliers’ cargo of 12: 500 tons was - completed in less than 36 hours. ae On account of the Company's obligation to pay $1,000,000 towards © the total cost of constructing the permanent coal plant ‘at Cristobal _ $475,000 has already been paid and material and floating equipment contracted for at a cost of approximately $200,000, leaving a balance due : Soy to be liquidated. The new coaling plant at Balboa performed its first coaling operation in the nature of a preliminary test on December 6th. It is expected that regular operating tests can begin about February Ist, 1917, and the : plant be in full operation by March Ist next. ‘The sales price of coal at the Isthmus was further advanced on Ocober ‘1st to $7.50 at Cristobal and $9 at Balboa, and again, effective December Ist, to $8 at Cristobal and $9.50 at Balboa, due to the increased cost of ¢ ™~ coal delivered to our colliers at Norfolk and of its transportation by them at the Isthmus. — _ Paragraph 5, page 31 of last year’s report predicted an: Improvement upon results already achieved in the operation of the colliers ‘‘Achilles”’ and “ Ulysses’? and further stated. “‘unless commercial tonnage could , be more readily and reasonably obtained it would become imperative - that additional colliers be procured by purchase or construction in order to maintain our supply of coal at the Isthmus to meet expected demands when anything like normal conditions were restored.’” Greater efficiency and reduced costs have resulted in operating the — colliers but rates for commercial tonnage have nearly doubled, while not merely the advisability but an imperative necessity for increasing our coal transportation facilities has been established. Accordingly applica- ty tion was made to Congress for an appropriation to cover the estimated .— cost of constructing two additional colliers of like design and dimen- sions to the ‘Achilles’ and “Ulysses,” but to be equipped with coal handling appliances. The Sundry Civil Appropriation Act approved July 1, 1916, authorized the construction of two such colliers at a total cost not exceeding $1,300,000 each, or a total of $2,600,000, and of this _ amount $1,100,000 was made available for expenditure during the fiscal — year 1917. ‘In the meantime advances in cost of labor and material and _ the attitude of shipbuilding concerns made it apparent that the amount authorized would be inadequate, and authority was obtained in the _ Deficiency Appropriation Act approved September 8, 1916, to increase the total amount authorized for each collier to $1, 500, 000, or a total of $8, 000,000. | Requests for bids were subsequently issued by The jPanama Canal but none were received and it became increasingly evident by esti- mates thereafter furnished by shipbuilding concerns on request that - even the amended appropriation would have to be increased nearly 70% or to approximately $2,600,000 per collier. It was not deemed either _ hecessary or advisable to urge such action on the Appropriation Com- mittees of Congress, especially as no one of the shipbuilding concerns has yet intimated a possibility of delivering completed vessels prior to 1918- - 1919, by or before which time prevailing labor and-cost conditions may he very materially moderated: ane Congress has been, pai to repeal ‘the provision aul- PANAMA RAIL ROAD COMPANY. __ "Sle: thorizing the construction of the two colliers, oh to com the use a Zs the $1,100,000 already made available by the Act of July 1 1916, toward the ‘construction of two 7 ,000-ton coal barges, at a total cost not to exceed $800,000 each, and to appropriate the sum of $500,000 neces- — sary to make up the, amount required. These barges are to be regularly _ towed to the Isthmus loaded with coal by the ‘Achilles’? and “‘Ulysses,’’ — the latter to be equipped with suitable towing appliances. By the use of — these barges the transportation to the Isthmus of sufficient coal to meet our requirements can be more effectively safeguarded and the per-ton — cost of transporting the total annual quantity materially reduced. ; The Sundry Civil Act approved July 1, 1916, authorized the reboiler- ing of the Steamships “Ancon”™ and ° ‘Cristobal’ at a total cost not exceed- ing $300,000 each. It is estimated that. a saving of $135,000 will be -effected in this work, and an item has been included in the estimates for — the fiscal year 1918 of $200,000 for other necessary repairs and alterations — to these vessels. _Deducting the saving of $135,000 on the reboilering — work will necessitate an additional appropriation for repairs and alterations — of but $120,000. An item of $380,000 for passenger accommodations on the “Ancon” and ‘jCristobal,’’ which was included in the estimates for 1918 as originally prepared, has been eliminated from those estimates. | H. A. A. Smith was elected a Director on August 31st, 1916, vice — HH, H. Rousseau resigned July 18th, 1916. | Respectfully subiniied, BE. A. ce Vice-President. $2. ~~ . PANAMA RAIL ROAD COMPANY. EXHIBIT Ne _ Income ACCOUNT AND PRore AND Loss Account FoR Four MonTrHs = a ENDING OcTOBER 31, 1916. so Income AccOUNT. - iS Rar Roap— Fea Bs Gross Revenue from Operation. ...........06- tae eee cicle a osucis $1,157.026 09 = Operating Expenses......... SP Seva sense tesa IE wens aus Corea wee 1,123,336 78 : oe Net Revenue irom Operations... a. ee $33,689 31 Le = STEAMSHIP LINE— : oo Gross Revenue from: Operation «3s aes ee See see ves $1,361,160 80 Operating Expenses... . +... eee eee eh ete e eee 947,348 75 = Net Revenue from Operations sates re ae ees ; 413,812 05 = Total Net-Revenue trom Operation... sss ee ee ee $447,501 36 = App INcoME FROM— : : 5 Interest and Exchange. Beat Segoe Ge haa ooo as oe SSeS eA SEE CS $39,272 41 GTR US eee eee dae See eee oa OIE De he pe 47, 535 44 z ; Miscellaneous oat... see. Sashes Ce ee Wace Sere ee : 54 62 86,862 47 Se oe | , | $534,363 83 = Luss— 3 Renrat oF TERMINAL AND TERMINAL vanes Pate gg ea see _ 34,179 53 : : es Net Income for Four Months. Dare wee eid ees hee eters eee 7 $500,184 30 ee _ Prorit anp Loss Account. | aay Walande 40. Credit Profit. and Loss July 4, 1016... ee $19,341,483 35 Surplus from Income Account for ‘Four Months ending October 31, igie. 500,184 30 “Services rendered The Panama Canal in re-handling cement during period prior eee POI OOO Ot Ohcore., co casye aaah tose geres eo reer ring ee ce as Si VS A nay erate ge came 11,964 45 ~~. Sundry Capital Accounts omitted from entry of June 30, 1915, adjusting Prop- | PeeClby A CCOUNUS: .cetar ssc rele masts wis eae meses ee 4,600 00 : ; | $19,858,232 10 = Lass > : Se ‘Over-estimation el Ravetlic for fiscal period ending June 30, 1916 $17,675 60 — ~~ - Damage to §.S. ** Mantaro”’ January 15, 1914, while unloading SRE es cargo at Panama Railroad Wharf, Balboa Gis Bates Se 3,966 77 : Cancellation of charge against The Panama Canal for sem sP ers tation of scrap through the Canal by 2: RR 38.8. Line. 3,143 93 eee OIG AVard.© fice= Dismal blod aos c. cies ose coro iale ce nee ose s le oo soba rs Sl ols _ 2,452 50 pee Sundry Accounts written off. - 5-26... ees fe se eee x 871 20 28,110 00 By Balance to Credit of Profit and Loss, October 31, 1916............... 1 $19,830,122 10 co | EXHIBIT W. | a ASSETS. - : | GENERAL BaLtancy Suert Ocroser 31, 1916. LIABILITIES. meaa REAL EStTaTE AND FQuee MENT. Sues asta se ras Bee ISP) 448.088 93% Caprpay Sock: 04 ee le : $7,000,000 00 CAPITAL LIABILITIES: Due to United States Government: CONSTRUCTION AND IMPROVEMENT EXPENDITURES For Cash appropriated through FOR UNCOMPLETED IWIORR eye cies i ators oe eres 3,096,708 21 Isthmian Canal Commission for New Equipment and Im-| PTOVEMENtS sie we ee ons $2,786,829 (538 ” 7 : - Less: eee repaid to October 31, : NOU. G 5) eco cesreee See a ae erg ee 1,387,714 92 Sea hee 399, 114 61 ‘ ch / For Cash appropriated under the : : Act of Congress, approved). FLOATING EQUIPMENT: , March 4, 1907, ‘‘to pay, the ' AS SCEAIMORS Ue Whe yee sk GFN rte oak earls i .. 191,726,759 23 day Ue Four and one-half per centum AEN eS : First Mortgage Bonds of the Lighters..... Cui ce sitar aterntets aes aa ea nies erate ...| 241,266 15 | Panama Rail Road Company hE tee ‘A Oetober h, 1OOKs ais seed sce $2,148,217 50 FEOF IWROTOr BORUS Teel os See ee ei elke aie Mitre OR 1,698 45 Less Cash repaid Treasurer of : : the United States....:....... 300,000 00 . Miscellaneous! a 3c cg go Rn a BM Uesgr hts 2,130 24 1,971,854 07 aca ae na 15640, 2177 00.3524 7.3392) 11 (otal Capital Assetsoe se --|$26,516,581 21 Total Capital Liabilities.....]...........: $10,247,332 11 RESERVE AccOUNTS: ; Accrued Depreciation Floating Baquipmentsc)ice ee $587,896 09 Accrued Depreciion Rolling Stock ’ 868,884 63 Accrued Depreciation Rail Road | ee : : A StBUCEUReS TO aa Ae aces Geer - 98,955 03 SECURITIES OWNED yi iiueuctees cia Muon ieee Nisa 2,040,168 75 Accrued Deprogeuon: Plants...... ; 552,708: 56 MATERIALS, COAL AND SUPPLINS...... ciapuecetats eee 2,647,474 29 Reserve for Extraordinary Repairs te iS and Replacement Colliers : ** Ulysses”? and ‘* Achilles’”’..... . 175,833 32 : Accrued: Depreciation Miscellaneous PCCM si ecue Bis ete raees Segue 10,648 69 2,294,926 32 CURRENT ASSETS! | Cash in Bank, on Hand and in Transit.......... $3,122,670 93 CUES E Dionne cae $821,780 04 Due from Agents and Conductors.............. 180,456 03 Vouchers) Payable’ 00 207 775,975 15, Trafic Balances due from Connecting Companies 56,867 70 Salaries and Wages Unpaid....... 200,324 61 Due from United States Government: Sy. ; Trafic. Balances due Connecting The Panama;Canaly . 0) 2 tei ss $781,982 36 Carriers) (0S 2cee sate 425,117 25 Post Office Department.......... 80,327 74 Due the Panama Canal for Property : U.S. Army and Navy Departments, 207, 689 57 Boo ar Transferred 1,007,409 07 1,069, 6 htt te LC ET CO ayia eioscnelisiiats tiskoveretiateion . $ 2 47 j Due from Individuals and Companies........... 156,833 19 Vem ery Copper arenas, aouirer) ay | 3,685,803. 39 Miscellaneous Items......................424. 56,817 77 aa ee SL aay Are Gee OUD URN ae eee CA eae ey es a —————| 4,648,645 29 || Derurrep Crepir Irems........ eM Sy Ce reidosl t stout 346,033 11 Dererrep Desir IreMs............ hittin ola. 555,847 49 || Prorir anp Loss—BAancn....... a [kas te 19,830,122 10 : : | $36,403,717 03 || ae PO he ln ey _'$36,403,717 03 — . 27, ts | Bat ‘ } “aly at ; re ad , 1: ‘i ght wow ta : rd Canta at ; Fos Rass g ry i e838. 84 : : : PANAMA RAIL ROAD COMPANY. EXHIBIT X. STATEMENT OF REVENUE AND EXPENSES FOR THE “Four MonrTus ENDING OcToBER 31, 1916 AND 1915. REVENUE FROM OPERATIONS 1916. 1915. INCREASE. DECREASE. Ratt Roap: | Revenue from Transportation: Freight: Sah : ‘hrough Commercials... 44-52 ~ $70,988 02 $372,780 35 a $301,842 33 socal. Commencial je. cee et 66,568 52 114,309 29) Se SA MAONCT Army sand Navy 226). ae She 10,912502 — $10,912 02 — Panag mas anal’ciasteeches se eis ese sake 139,054 24 119,299 04 193755 20 — GOMIMISSAY scales Meher es Pees 28,652 24 4 31,845 88 ca 3,198 64 Other Freight Revenue.......... — 675 73 ae 675. 73 ! py NO Ualtie aos ca ee erent $316,125 04 $638,910 29 a $322,785 25 Passenger: Through Passencer. < $769 O08 $1,689 20 ae $920 12 ~ Liocal Passenger: ......... Bec eue » 123,484 93 136,090 21 ae 12,605 28 - Army and Navy... US ea steers 1,186 70 — $1,186 70 es Panama, Canela ec iy vot nee © 48,000 00 | 48,000 00 ae Bae Parenti. oh we lise Sersha heme Ome 2,331 71 3,628 22 Sp creel J, 296 dl EYE VOSS Coat os aerar ase heresies Gee castn ens ooh 6,070 91 a 137 17 ae “1,066 26 . Mig Se eo es EES ee Tae ca ese agr nes 63,657 60 5A. 175 53 9,482 07 PUL TOASULCS feo Re ee ae a — 3, 112 07 on 3,112 0% Parlorand- Chair Car. sca 0... 2,058 50 2449 25 383 75 Special Service Trains........... 737 00 898 90. ae 161 90 Other Passenger Revenue........ 750 00 — 750-00 |} — MRotale Soe nue ae $249,046. 43 $257,173 55 ae $8,127 12 Miscellaneous: : . Switching. ay: ee $2,632 91 $34,498 11 — > $31,865 20 Total Revenue from Trans- 3 Cs So DOLUAUON s.r. oe oie eee eats $567,804 38 $930,581 95 = $362,777 57 Revenue from Rail Road Operations 3 other than. Transportation: = x Station and Train Privileges. .... $520 00 | =| = =$639 32 aa $119 32 Storage—Freight............... 1,079 13 933 17 $145 96 —_— Storage—Baggage. .........0-5. 37 00 165 00 —- 128 00» Demurrageen oo esas ow oa ees 390 00 362 50 27 50 a Trelegnaplceac ey oe ke a 1,155 86 459 10 696 76 — Rent of Buildings, etc., used in Operation of Rail Road....... 503 88 -720 00} > — 216 12 Miscellaneous Revenue.......... 3,681 78 679 70 3,002 08 — Dotaletaweee wi ee ees $7,367 65 . $3,958 79 a 408 86 — Total Rail Road Revenue...| $575,172 03 | © $934,540 74 ae | $309,368 71 _ * Harbor Terminal Revenue: ' Atlantic Terminal: * eee : Wharfage.......... te cae $52,510 65 $39,617 27 | $12,893 38 sae Rent of Wharves or Space on] - c : IWIRSTVES Recast oe es 436 00 — 436° 00 — Other Incidental Income from : Ee WEN ATVICS 32s ei seo ae eo ee ew en — Sos — aoe ; Oran age 60s ees aes ee —. eae — aes 6 Lighterage Revenue for ails ‘ Onl te oe 22,989 47 11,085 69 11,903 78 | — iaehiohace Revenue for Handling Cargo;-etee. oS ea ae 48 34 — _48 384 — Hire of Lighters and ‘Other Float- Res ing Equipment SP eae Meera ane. ace 12 00 — 12 00 — Other Incidental Income from : Wightera gery vs uc oe lige ote — ca — ee Stevedoring Revenue........... 82,171 16 65,545 95 16,625 21 — Freight Handling and Transfer- 2 oD Ting NEVENUC = coh ae 285,142 83. 118,507 15 | 166,635 68 | 8 — Weighing and Re-handling Rev- f OMCs heir as ee 3,464 99 | - —_— 3,464 99 | © a Storage Revenues pase an Sree 13,717 12 |. 4,651 77 9,065 35 — Other Incidental Income from pic wens and Freight Hand- [BIN eS Srieee ne tases Noses eve caer 3,081 08 — 3,081 08 Water Supplied Shipping........ 116 00. 869 76 Fes 8753 76 Miscellaneous Harbor Terminal ve TVEVOMMUC St cen cnaie vtevcr ones sche? 1,188 25 — 1,138 25 — Total Atlantic Terminal.....| $464,827 89 | $240,277 59 | $224,550 30 a Carried Forward........ $464,827 89 | $240,277 59 | $224,550 30 — oy, os + . 3 ry - PANAMA RAIL ROAD COMPANY. EXHIBIT X—(Continued). STATEMENT OF REVENUES AND ExPENSES—(Continued). 89 REVENUE FROM OPERATIONS—Conit'd. Brought Forward........ Hdrbor Terminal Revenue—Coni'd. Pacific Terminal; IW hartage: ves in carte ne Rent of Wharves or Space on Ae SE WV VCS Sete chee caine cans Other ned ental ‘Tncome from WAH ATVCS Aaa fh etaec eee ae ese CTRANGES SS eee ee ene Pcp ictsee Revenue for Handling Livhteriee Revenue for Handling Cargo, etc ‘Hire of Lighters and Other Float- LISS GMIPMeN tase Gie tice aa es Other Incidental Wiohterdee. te ts ea oes al: Stevedoring Revenue........... Freight Handling and Transfer- TING REVENUE es en re ee Weighing and Re-handhing Rev- oe © © © © © ee 8 ee ee tk el Stordge=Reveness, +s. vane ws ee Other Incidental Income from pede and Freight Hand- VIN ee ey ee ize eed Witch Supplied Shipping........ Miscellaneous Harbor Terminal TROVE TUIIO aces ca cacetss Berane te neat Total Pacific Terminal. ..... OUTSIDE OPERATIONS: Telephone Revenue............... FOveloRMeV.GNUG ss. ss eo a ee ; Plantation=Revenue. s<24 <2 2c. a Stables, Panama—Revenue........ Stables, Colon—Revenue.......... Baggage Transfer Revenue........ Motor BuseRevenue sisi... aes Motor Bus Car Shop Revenue..... é $89,383 1916. $1,580 7 2,183 4,476 1,208 1444 $27,643 $492,471 $30,633 27,445 5,495 3,341 2,861 2,459 7,929 2,915 Total Operating Revenue Rail Road Tee Noli o nat OSES NT oe STEAMSHIP Tesene TEVOT DONG eerie goose cae Sen ees a eee Passenger Sasa ee eae ake Doe et ae arene ihe Excess Baggage...... Reena Wisin eee Ae te eee a ee FMC AS UMass ere ee ee Wines and Liquors. ._ Sere oae ree Steamer Chain Service. .-.......2- Miscellaneous: ....5...-. Ne ee as ¢ Total Revenue Sede Line. Gross Operating Revenue. eee Onnmune Expnn SES. Rain Roap: | Maintenance of Way and Structures. Maintenance of Hquipment seteiee ee frame WxXpensess asc ho Transportation Expenses. ......... General Expenses... 2.0... .005 es Transportation for Investment Credit Total Operating Expenses Rail Road. 82 = 97.038 05 $407 36 4.604 70 890 54 641 35 2,700 40 3.051 55 ae 3.217 85 ae 7,540 13 389 77 | 2,915 70 $83,200 45 | $6,182 58 | 9 | $1,346,941 68 es $657,985 34 | $503,569 57 151.211 88 a 66725 1 a 76,792 21 ee, 9,552 61 | $6,596 12, 2'976 29 aoe 2294 00 = 1.019 11 1,359 80 $902,498 95 | $458,661 85. $2,249,440 58 $268,746 31 $76,091 06 a 278.674 31 oo 3454 18 ace 988947 51 nee 72,283 00 ee __ $718,750 06 = ~ $718,750 06 = Carrted Forward....<... $1,157,026 $1,161,554 502 67,467 16,148 2,213 De lelets 2,378 $59,370 256,363 3,264 220,139 42,924 ,— $581,362 $581,362 32 89 $464,827 06 50 34 39 18 22 80 $1,361,160 $2,518,186 80 38 59 44. 530 41 32 1915. po, 664 9,864 5,200 , 20,520 43,477 1,124 70 $88,922 $37,106 INCREASE. 63 93 13 90 43 85 00 85 $240,277 59 | $224,550 30 | . Se 1,208 37 1,444 75 2,/01 18 &. 293 59 ol 81 18,437 31,966 56 04 971 61 _ 70 $61,279 3 45 $42,554 164 9,324 5 703 117 $16,720 68 22,310 72 “189 74 68,108 O01 30,058 59 $137,387 74 $137,387 74 ANG PANAMA RAIL ROAD COMPANY. ae EXHIBIT X—(Conmmicd) SratementT or REVENUE AND Expunses— (Continued). OPERATING HXPENSES—Coniinued. — ——— ————— Brought Honecnds aoa Ss Harbor Terminal Oberaing. Hapenses: Atlantic Terminal: - _Lighterage and Harbor Service. Docks and Wharves.......... ‘ Crane Operations. 2.20.05 2s ee StEVeG Orin Saami eee peer Handling sna Transfer- oer es ee ee ee ee hh et ele Oh eh hh lw Sieveueniis and Freights Hand-] - oeese er ae ling Common to Both General Harbor Terminal Ex- 7 Pacific Terminal: - : Lighterage and eer Delete: Docks and Wharves. = ‘eam ~. Crane Opefations........ ORS Stevedoring...... Sp a eS aes Handling and Transfer- Sisvad sine and Freight Hand- ling Common to Both........ General Harbor: el Ex- Total Harbor Terminal Expenses OUTSIDE OPERATIONS: Telephone Operations «... 22. .4.,., HotelzOperations. i325. a woe - Plantation Operations............ Stables, Colon—Operations....... Stables, Panama—Operations. Baggage Transfer Operations. .... Motor Bus Operations............ Motor Bus Car Shop Operations... Total Operating Expenses. < .. SapaMsuir LINB: Steamer Hixpenses. ............0. PA TENCY HW XPCNSCSs <2 ss ois pete wes General hxpenses. =. oss se aui Charter of Steamers: 25.3. wes Total Steamship Expenses.... Gross Operating Expenses...... 1916. $581,362 32 | $23,655 30,111 72,457 237,990- 7,188 27,029 $401,432 $3,641 11,063 1,656 1,781 12,793 1,784 4,766 $37,487 $438,920 $32,832 32,669 14,596 3,171 4,608 2,894 8,378 3,902 $103,054 $1,123,336 $734,408 174,252 38,687 — $947,348 75 66 10 08 99 17 42 42 $2,070,685 O38 1915. ‘ INCREASE. $718,750 06 oe $17,243 80 | $6,411 86 10.414 88 | 22°696 22 60,624 57 | 11,832 51 184,527.14 | 53.463 85 ss 7.188 17 | ce 527,029 42 $272,810 39 | $128,622 03 $3,931 46 te 5.833 61 | -$5,229 66 9-781 14 as 18.970 06 = 66,419 62 = = E7s4 11: = 4,766 64 $104,935 89 a $377,746 28 | $61,174 00 $36,420 54 Es 33'512 65 BS 6.162 04 | $8,434 38 1,297.34 1.874 10 586 55 4.022 12 2,966 62 ae 7.7072 46.1 671 50) si | 3,902 19 $88,653 20 | $14,400 98 $1185 110 64 [5 = $537,849 51 | $196,558 78 77.645 06 | 96,607 59 39.644 31 ee 45,687 00 | = — __ $700,825 88 | $246,522 87 $1,5 885,975 42 | $184,710 11 DECREASE. $137,387 74 Pal a 65 30 (2 Ch $289 8,124 17,188 53,625 $67,448 03 —— 26 73 $3,088 842 32 72 $61,812 76 ra $956 50 45,687 00 roe ee eee eee Ss 2 Rox | - PANAMA RAIL ROAD COMPANY. 87 | EXHIBIT X—(Continued). STATEMENT OF REVENUE AND ExXPENSES—(Conienued). SUMMARY. 1916. 1915. INCREASE. DECREASE. Ratu Roap: Revenue: 3 Opetatinge: Rall Road- a 7.45 +. $575,172 03 $934,540 74 — $359,368 71 - Harbor-berminales 4 a ea 492,471 03 329,200 44 | $163,270 59 — Outside:-Operabions.7.0 6s 89,383 03 83,200 45 6,182 58 — 7 Total-Rail Road Revenue.... $1,157,026 09 | $1,346,941 63 as $189,915 54 Expenses: Operating Rail Road..<.......... $581,362 32 $718,750 06 — | $137,387 74 Harbors lerminale=; cc. see 438,920 28 377,746 28 | $61,174 00 | - — Outside Operations... .....5...:.. 103,054 18 88,653 20° 14,400 98 — Total Rail Road Expenses....| $1,123,336 78 | $1,185,149 54 a $61,812 76 Net Revenue Rail Road...... $33,689 31 $161,792 09 — $128,102 78 Per Cent of Expenses to Revenue 07 .09% 87.99% 9, 10% De ee STEAMSHIP LINE: FEOtale Revenue S52 ke ee oe $1,361,160 80 $902,498 95 | $458,661 85 — SE OGaIEXPCNSCS ce ni.cr sities eck. ore cone 947,348 75 100,825 88 246,522 87 — Net Revenue Steamship Line...| $413,812 05 | $201,673 07 | $212,138 98 Te Per Cent of Expenses to Revenue 69.60% 17.65% — 8.05% So ; Grand Total Operating Revenue... .| $2,518,186 89 "$2,249,440 58 | $268,746 31 — Grand Total Operating Expenses...| 2,070,685 53 1,885,975 42 | 184,710 11 — Total Net Operating Revenue...... $447,501 36 $363,465 16 | $84,036 20 —— 82.23% 83.84% aS 161 Per Cent of Expenses to Revenue EXHIBIT Z. STATEMENT OF STEAMSHIP LINE Statistics For Four Montus ENnpDING OcToBER 31, 1916 anp 1915. FREIGHT TONNAGE. PANAMA RAIL ROAD COMPANY. INCREASE. | DECREASE. 1916. 1915; = : Ton- ‘ Ton- Ton- ; Ton- | Ships. -|_ nage Ships. | nage Ships. | nage Ships. | nage Carried. Carried. Carried. Carried. Pas R. R. Ships. . . Arrived. 15 36,725 18 40,253 —— a BS 3,528 so. watled.|: 13 37,641 18 62,462 — — 5 24,821 ‘Chartered Passenger ‘Ships : . Arrived. 6 59,020 5 18,179 1 40,841 — — ‘Chartered Passenger Ships : . sailed. 7“ 52,082 5 41,863 2 10,219 — — _ CharteredFreightShips. “Arr ived.| — — a a a — — — Salled.|2 2 —— — — a = = — — —————— : |] — Rotales sae 41 185,468 46 | 162,757 — Dols: 5 ‘Total Freight Revenue........ $1,161,554 91 $657,985 34|| $503,569 57 || - 2 Average Rate per Ton..... ae 6 26 4 04 222, — ~ PASSENGERS CARRIED. 1916. LOIS: INCREASE. DECREASE. ; Pas- el SPas- : Pas- 5 Pas- Ships. |sengers.|| Ships. | sengers.|| Ships. sengers.|| DIDS. | sengers. Panama R. R. Ships. . .Arrived.| 15 1B 7k 18 2,016 —_— — 3 645 << Sailed-| 13 1,473|| 18 2957 | a fee bee 784 Chartered Passenger Ships ‘ . Arrived. 6 518 5 298 1 220 + nes = Chattered Passenger Sree ; ih : .Sailed. 7 421 tas! 310 2 111 — — Otel ae es 4] 3,783 46 4,881 — — 5 1,098 Total Passenger Revemie oe se Nc cluding excess baggage) . $109,160 53 $151,879 39 $42,718 86 Average Rate Bey Passenger. . 28 86 Silene $226 Sex seebaigits aor ream oe Ss Res teen he BE Bieta "i a Roo “s a SIX TY-EIGHTH ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAIL ROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1917 M. B. BROWN PRINTING & BINDING CO. 37-41 CHAMBERS STREET. NEW YORK PANAMA RAIL ROAD COMPANY BOARD OF DIRECTORS. CHESTER HARDING. HK. A. DRAKE, — JAY J. MORROW. EARL I. BROWN. OSWALD H. ERNST. HUGH RODMAN. Hf. CONE: W. R. GROVE. H. A. A. SMITH. THEODORE H. DILLON. H. F. HODGES. CHARLES R. WILLIAMS FRANK McINTYRE. | OFFICERS. | CHESTER, HARDING... President <<: i. . . = |. . BAIBOA HmicHis, HeaA DRA... 2 . |. VicePresident =. 38 se NEW YORK. JAY J; MORROW |. | . Second Vice-President = .. ; = . . BALBOA Hmicunis, T. H. ROSSBOTTOM . . Assistant to Vice-President, and Secretary NEw York. “8: Wo HRA =. 2.) 2 Supenniendent. 5. 2) | DALEOA Hinicnosy SOVORVAS DEIR DINEUN G2 dincasuren 9: i ey NEW YORK VM NEWHON . . = Audio |. 2 4 New VYorm HARL I. BROWN .. .. . General Purchasing Officer . . . . . WASHINGTON. We Re GROVE. 2 Commissan. § § 2 8 | BATON Hereuts. R. EH. RUTHERFORD... . Commissary Purchasing Agent. . . . New York. ROLAND ALLWORK .. . Superintending Engineer, Steamship Line. New York. H. I. BAWDEN. . .... Terminal Superintendent, Steamship Line . New York. RICHARD REID ROGERS General Counsel . . . . =. +. +. +. New York. GENERAL OFFICES. INGOs 24> SRATH: STREND 6-5 0 ge NEW YORK. PANAMA RAIL ROAD COMPANY. New York, N. Y., December 1, 1917. To THE STOCKHOLDERS: : I respectfully submit for your consideration a report of the Company’s operations and resulting financial condition for the twelve (12) months from July 1, 1916, to June 30, 1917, both inclusive. In this connection I call your particular attention to the subjoined statements of Operation and Maintenance of the Company’s property; te the Exhibits of Income and Profit and Loss Account; General Balance Sheet, and otherwise to the statistical tables attached that furnish infor- mation in detail in regard to the financial aspect of the Company’s business, together with the report of the General Manager of his operation of the Company’s Commissary and of the result financially. Additional construction and alterations to completion of the Com- pany’s piers constructed up to and including Pier 7, the cost of which was defrayed from the Company’s funds, were carried on while material progress was made in the preparatory work of constructing pier No. 6 under the Congressional Appropriation mentioned in my last report. The regularizing of the proposed adjustment of the exchanged property accounts between this Company and the Panama Canal has not yet been approved by Congress, notwithstanding many of its features have unavoid- - ably become effective in that much of the material belonging to each of the interests involved had in its use by the other been destroyed or become obsolete and on that account condemned. Rapid progress has been made during the year in the re-arrangement — and construction of train-yards, trackage, office buildings and storage facilities at Cristobal that contemplated a material alteration in the previously existing plant, and that involved an expenditure of practically all of the estimated cost under which, however, extremely satisfactory results have been secured. The negotiation for the purchase of the Royal Mail Steam Packet Company’s pier at Colon was continued notwithstanding the postpone- ment until the termination of the war in Europe of the inauguration of — ahy expropriation measures that must be resorted to if agreement cannot be reached as to present cash value. , ' The result of the Company’s business of every character for the period covered by the report after meeting the cost of operation, together with fixed charges, aggregating $150,561.37 and charges for depreciation on rolling stock, floating and plant equipment of $694,704.43, shows a net income of g, 162,153.06. During the same period $2,081,978.46 was expended (see Exhibit D) for new constructions, additions to and betterment of plant and equip- ment as described in the reports hereto attached. The practice of attaching in printed form to the Annual Report of the previous fiscal year a supplemental statement of the result of the Com- pany’s operations for the first four months of the ensuing fiscal year that has heretofore delayed the issuance of the Annual Report has been dis- ounce Respectfully submitted, CHESTER HARDING, Pei 6 PANAMA RAIL ROAD COMPANY. PANAMA RAIL ROAD COMPANY. Cou. CHESTER HARDING, PRESIDENT PANAMA Rai RoAD COMPANY, BaLBoA HEIGHTS, CANAL ZONE. Srmer—I have the honor to submit herewith the financial exhibits and results of the Company’s operations for the fiscal year ending June 30, 1917, with statistical tables and explanatory comments thereon. The gross revenue from all sources, the operating expenses, and the net income for the year ending June 30, 1917, is compared with the year ending June 30, 1916, in the following table: Fiscan YEAR. GROSS GRoss NET : REVENUE. EXPENSES. INCOME. Orr en ee ne NOY AN ae SL ae, $8,488,684 31 $6,326,531 25 $2,162,153 06 MOG ee ees Sa Eph oes bn) 8,544,451 86 6,090,859 52 2,453,592 34 DY CCREASC Hay aise ete eels er ae nee auto $55,767 55 — $291,439 28 PIMGCTO ASC sere ees ae ee ees ee eae — $235,671 73 tee STEAMSHIP OPERATIONS. GROSS GROSS Ner REVENUE. EXPENSES. INCOME. MON eer eee Ga ee en te he Saas es $4,236;361 O08 $3,074,627 O8 $1,161,734 00 ONG erect ce oe Se ee is SSE Soe Ga Se hs 3,464,342 83 2,408,757 93 1,055;584 90 LT CREAISC ieee es eee Io een at $772,018 25 $665,869 15 $106,149 10 STEAMSHIP LINE. The total operating revenues of the Company’s line were $4,108,412.36, an increase of $767,133.67, or 18.67 per cent. as compared with the twelve months ending June 30, 1916. ‘Freight traffic decreased 31 ,026 tons or 5.37 per cent., while the revenue derived therefrom increased 857, 138.42, or 32.13 per cont Passengers show a decrease of 2,225 in the number carried, or 19.61 per cent., and a decrease in revenue of $73,689.68, or 20.43 per cent. Revenue from the transportation of mails shows a decrease of $28,674.50 or 12.12 per cent., while revenue from treasure shows an increase of $12,019.22, or 20. 93 per cent. Of the total tonnage transported, 253,240 tons were carried by the Company’s steamers and 293,420 by chartered steamers in the twelve months ending June 30, 1917. In the previous fiscal period the former carried 280,512 tons and the latter, 297,174 tons. PANAMA RAIL ROAD COMPANY. | ae OPERATIONS ON THE ISTHMUS. The gross revenues from all operations on the Isthmus, the opening expenses, and the net income from the Isthmus operations for the fiscal year 1917, as compared with the year ending June 30, 1916, are found in the following table: Fiscan YEAR. GRoss GRoss Neer REVENUE. EXPENSES. INCOME. POLS ae ee ee $4,252,323 23 $3,251,904 17 $1,000,419 06 DOG a ees ac cergene cr sah oreeae memee Gamelmen mite 5,080,109 03 3,682,101 59 1,398,007 44 Decrease..... Seta te aaa $827,785 80 $430,197 42 $397,588 38 Included in the above figures are the results from the operations of the railroad on the Isthmus; the docks and harbor terminals; the coaling plants; the stables, motor buses and motor car repair shop, which come under the supervision of the Superintendent of the Railroad; the telephone and telegraph systems, under the Electrical Engineer of The Panama Canal; the commissaries, plantations, cattle industry, and the Washington Hotel, which are under the supervision of the Chief Quartermaster of The Panama Canal; and the land and building rentals, which are supervised by the Land Agent under the direction of the Counsel of the Railroad. RAILROAD OPERATIONS. The revenue of the Company from transportation during the year shows a decrease of $1,257,750.73 as compared with the prior year. ‘The increases and decreases are exhibited in the following table: INCREASE. DECREASE. FREIGHT: Any aN GaN Vayu cr Oe a ee Gh eros en eater $49,173 58 — Ranamas @amall vy gavin ae ees tee se ass Ons wage ace eRe a eae 96,026-02 . — (OavameaWkstceh Nice Gish Wiser eee te OOO ena i en 6 es ' 10,929 75 Mhrough Commencialsuc ote ae ee $1,091,927 20 ocale@ommenrclaliie nie cheer Cle ah ee — 139,261 46 Miscellanecousslirelaht hevenuer -c:2..5 «5 st — 53,264 51 PASSENGER: Prannva man © Amalie erss ee vas tee cactocs Ge cee ar tae ae es 11,554 05 — IE EK PRESSE rhee eee vice yeni syeve a nus Gu Gaeta reais ama eee 1,524 65 ai (Mhrough Commercial) ee ae —— 3,845 94 Wocal’ Commercials se 6 ee — 10,348 63 BAGO DON ee pie ae te Rat te cas iene Ue errr Gane s — 4,688 70 SV Brea ee ee see ee GOR Ga areca et Gina eat at Ne gen OTT = 111,584 40 PREGHSUT Cts. cerneiea ee erase eet ean aie iene Nn ee pene — 11,862 66 Parlor Gane: sity eee eae Ginn Ba en enn ees are — 1,045 00 SpecialMrain ia see ee a ee Se a : — 285 29 Other Passenger Revenue). 26 nce se Soucy aoe 1,105 O1 a $170,313 06 | $1,428,063 79 Z The following table shows the tonnage carried over the railroad during the twelve months ending June 30, 1917, including company freight, as compared with the twelve months ending June 30, 1916, and the average revenue received per ton: : 1917. 1916. Total Tons Carried, South and Northbound (tons of 2,000 lbs. or A OCU RG yor re eee te See ee OER SSNS, OR BN aera ie 763,485 1,396,005 Average Revenue per Ton, South and Northbound........... $1 42 $1 54 She | PANAMA RAIL ROAD COMPANY. The total revenue freight traffic of the railroad during the twelve ‘months ending June 30, 1917, including both merchandise and coal, was 722,719 tons, a decrease of 631,543 tons. The total revenue derived from this traffic was $1,061,968.12, a decrease of $1,119,042.56. In addition to this, 40,766 tons of company freight moved over the road. PASSENGER TRAFFIC AND REVENUE. The following statement shows the number of passengers carried and the passenger revenue: NUMBER PASSENGERS CARRIED. PASSENGER REVENUE. CLASSIFICATION. SAU ISU Ur nae Rant esa aR one nasa 1917 1916 1917 1916 First-class IRA SSCNPETSays. ea ee 673,174 é 667,468 $283,848 94 $321,506 53 Second-class Passengers.......... 901,230 897,429 255,530) 37. 220,513 30 Motalstis. <3 Mee ayen tabs iausineste: bees 1,574,404 1,564,897 $539,379 31 $542,019 83 The average revenue per passenger per mile for 1917 was $0.0224, and for 1916, $0.0228. The gross revenue from the transportation of passen- gers shows a decrease of $2,640.52. The number of passengers carried shows an increase of 9,507. The following table contains a summary of the operating statistics of the rail road for 1917 and 1916: ITEM. NON 1916. Average Wiles: Operatedsss 3 ee ea 56. 54 56.54 Gross Operating Revenue...... Bere G eee ieee eater aa nee ets $1,707,392 04 $2,954,693 78 Operabin gel xpensesia. asses. So HO ee ee ees $1,688,661 38 $2,111,668 78 INet»OperatingeRevenuer sii 2 ee $18,730 66 $843,025 00 ier, Cent. xpenses:to Revenue. =... 6.252.605. Seperate nas; 98.90 - ae Gross Revenue: per Male ere ci he $30,197 95 $52,258 47 @Operatineslxpensessper Mile: $29,866 67 $37,348 23 INetRevenueiper: Molen se se $331 28 $14,910 24 Revenue per Passenger Train Maile... 2... cn oe ee $2 38 $3 82 Revenue per Freight Train Mile........... tes bird asvegsmipanne Rare te mee te REiTh $6 21 $12 06 dhons per: Loaded: Car: f65 o.oo Se oe ee 12.64 17.58 ons per. brains wocomotive Mileage... .. 5... oe. eee cee 154.10 309.01 Freight, Passenger and Switch Tisemotice Maleaige<.. ee. 606,696 807,376 Work EraineMile ao eee a to nog ee an nce cree 448,180 155,075 Bassenoer rain Maleare ssc ON ee eee 268,851 201,916 Breloht (brane Vileage sos en ee rs op el eee = ALY 20/83 174,321 GENERAL HXPENSES. The total expenses under this heading show a decrease of $86,859.49, while the salaries and expenses of general officers, clerks and attendants show an increase of $22,684.43. Prior to August 1, 1916, a proportion of the general expenses on the Isthmus was charged to the Steamship Line, and a proportion of the general expenses of the New York Office was charged to the Rail Road. Since then all of the general expenses incurred on the Isthmus are absorbed in local operations, and the general expenses in New York are charged to the Steamship Line. TRAFFIC HXPENSES. The total charges to the various accounts show a decrease of $4,246.78. TRANSPORTATION. The expenses of this department show a decrease of ' $137, 536.42 as compared with the previous year. This decrease is due to a general PANAMA RAIL ROAD COMPANY. 9. reduction in the transportation service rendered. The following statement gives the number of trains handled during the year ending June 30, 1917; also a comparison between the months of June, 1917, and June, 1916: PANAMA R. R. Trains. PANAMA CANAL TRAINS. BEaNy OTAL. Commer-| Work. | Total. | Special. | Work. | Total. Northboundet 5555 eee 6,778 97 6,875 163 4,431 4,594 11,469 SOUTH DOUNG = mie eee: 6,710 39 6,749 171 4,494 4,665 | 11,414 Total year ending June 30, 1917: | 13,488 136 13,624 334 8,925 9,259 22,883 Average Number per Day...... BOL « RO, SS .92 24/5 25.4 62.7 Number of Trains, June, 1916... 954 10 964 ee. 1,053 1,055 2,019 Number of Trains, June, 1917... 1,160 22 MS 2e le 0 719 719 1,901 Increase Of cee ee 206 12 218 — — — _— DCCTCASCE: ona a oe — — 2 334 336 118 Average Increase or Decrease per : ; Daya SUNG 9s ee eR 6.9 4. 1,3 07 Le Lo, 3.9 MAINTENANCE OF EQUIPMENT. The total charges to the various accounts under this heading show a decrease of $162,908.52. Repairs to road and yard locomotives show an increase of $85,534.70. Repairs to freight cars show a decrease of $158,644.93. Repairs to work equipment, a decrease of $24,473.09; repairs to passenger equipment, an increase of $26,491.98. The extraordi- nary decrease for repairs to freight and work equipment is due to the fact that during the fiscal year 1916, all freight and work equipment was thoroughly overhauled, while during the year 1917, there was a big reduc- tion in the quantity of freight handled, which made no further overhauling necessary. The increase for repairs to passenger cars is caused by the thorough overhauling of these cars and the installing of steel underframes. The amount authorized for this work was $75,200.00—$20,000 to be expended in the fiscal year ending June 30, 1916; $40,000 during the past fiscal year; and the balance during the fiscal year ending June 30, 1918. MAINTENANCE OF WAY AND STRUCTURES. The expenditures of this department for maintenance of roadway, tracks and railroad buildings during the fiscal year 1917 decreased $14,- 048.60. Of this amount the actual track work decreased $21,116. 10, while the signal expenses increased $4,907.12; there was also a small increase in the maintenance of bridges, amounting to $2,160.38, due to chipping and repainting Gamboa bridge. The following is a statement of the trackage under the control of the Panama Railroad as of June 30, 1917: Operated Line. MILES Maino bine-—Cclon tomeanamang ce, ier ee ee crrere eas erect ness eras 47.61 Second Main Line—Pedro Miguel to Panama......... PAR Gere nS Gate a Oren nena eats earls Atlantic Denmimeals=—-C ol mest eg ecole eo ee ARNE Ms sO Satie Uo opie ponsce o nuctel op ce elles 5.76 GristobalcanedelVitnci islands ee et eta 31.80 IPA Ci C AE errr al Sa eae a oy ea cee ee Sosa carer euiens ce et een deo aia easier Groelene 9.91 TSS Oe ec og Pace a UL AN takes Sun ove a etene cee as 10.64 Intermediate Sidines—Colonto Ramaman 40. 825. i ee es 3 ee 2 20) 125.29 Leased Lines. Main hine—— Bas Obispo to Redno WiiGuele ce de ccs mins wees so core 9.12 Intermediate: Sicin ese ce ee eee en eo ert ieic ep oue seis ove tel sie ysies 3.04 ——-_ 12.46 Total Panama Railroad Tracks........... ee a : ae oVaede 10 PANAMA RAIL ROAD COMPANY. Panama Canal Tracks maintained by Panama Rail Road forces: A AMbIC ering es Shue wiaes Bus Giessen sy coe gw ene eases seule sso eens eerste lace e's Es 11.50 Ini Genmrediate Sidim cei sces eae fr ie sonics ceva sleresaeielemeg eens dams sau stolen eaiusue atin sony saat amen ate, 32.77 IACI CHRO RININ ALS cece ae tary ge te tere ge Gove eran ae TELA Neue DEAS einsieatne ict g hogs weg st 32.43 1.6).20 Total Trackage maintained by Panama Rail Road:.................. 214.45 The following is a statement showing the rail, cross and switch-ties used during the fiscal year ending June 30, 1917: eH RATE. Cross Tins. | Switcu Tizrs BM. New H S/ New S/H New S/H IVINCONAN CE ota seas 33 425 9,383 20,580 6,807 65,266 8,070 A. DRS Mae tiaiks. Sanna erseyie Deol s 2,031 17,808 1,367 3,951 40,860 8,070 Panama Canal TErackeivcs Sacto — 496 19,851 6,426 7,874 | 114,108 26,160 Motal oye ace se zs 2,350 3,252 | 46,992 | 28,373 | 18,632 | 220,234 | 42,300 The following is a statement of the gravel used during the fiscal year OMT: No. 2 Grave. | Run-oFr-Bank. Ranamankallsroad. Viaintenance. scs008 on ee 3,029 cu. yds. 754 cu. yds. Aveo Hata Bye Soa ee os ee os chs see ee ae ne cece eee aoe 4,165 cu. yds. 3,073 CU. yds. FRACS tin ee geeeiyepee LIS Ae 8 IE pot ea Sg RS I OL | bed ce 1,280 cu. yds. 1,598 cu. yds. Ranamare anal Erack sis c 4 i att eee ras es aS arg 2,223 cu, yds. 1,551 cu. yds. Mopale a. Ge ee On URC gn era pe eee aa Roo tL O%69%, Cus y.dse 7,206 CW. yds. On maintenance work there were used 10,091 lineal feet of rail, 27,387 cross ties, 73,336 feet B. M. of switch ties, and 3,783 cubic yards of gravel. On construction work under A. F. E.’s we used 22,156 lineal feet of rail, . 9,018 cross ties, 48,9380 feet B. M. of switch ties and 7,538 cubic yards of gravel. Of the total expended by the railroad under A. F. E.’s, amounting to $1,296,425.12, this department directly supervised $189, 564. 61, of which $163,659.94 was for track work and filling and $25,904.67 for buildings aod other structures. Besides this, labor amounting to $74,012.69 was fur- nished on other A. F. E.’s, of which $1,700.48 was for track gangs and $2,312.26 for forces of the department of bridges and buildings. During the year steam shovels were operated as follows: At Sosa Hill, where 68,487 cubic yards of hard rock were excavated. Of this amount, 45,791 cubic yards were applied to the new roadway between Naos and Culebra Islands and along the Naos Island breakwater; 20,671 cubic yards were hauled to Colon and applied to the Cristobal mole breakwater extension and protection to the new yard, and 2,025 cubic yards to new townsite, Cristobal. At Diablo 120,238 ‘cubic yards of earth and soft rock were excavated — and placed to make fills and bring the parade ground at Fort Grant up to grade. At Mount Hope Borrow Pit 262,824 cubic yards of soft rock and dirt were excavated, of which 33,277 cubic yards were used on new Cristobal townsite and miscellaneous B. AL? s, and 229,547 out yards were used on railroad construction work under A. F. E.’s PANAMA RAIL ROAD COMPANY. 11 At the French Diversion Borrow Pit 282,238 cubic yards were exca- vated, 48,666 cubic yards being applied to the new highway to Margarita — and 233, 572 cubic yards to B. A. 695, New Cristobal Townsite fill. , In addition to railroad maintenance and construction, this department did work for The Panama Canal amounting to $973, 359.90, of which $41,076.41 was for tracks. On Panama Canal work we used 20,347 lineal feet of rail, 14,300 cross ties, 140,268 feet B. M. of switch ties and 3 IA cubie yards of gravel in track work and 2,878 cubic yards of gravel on construction work under Panama Canal work requests. A new switching yard was built at Cristobal on A. F. E. 864, containing 2.91 miles of track. A new station siding was built at New Culebra 810 feet long; a new manure track 381 feet long was built north of New Culebra, and a new siding 3,700 feet long was built for the Dairy Farm at Mindi. - The sum of G95 904.67 was expended by the bridges and buildings department on A. F. Es. A new concrete dock was built on the west side of the French Canal and a wooden dock on the east side, for the Coaling plant for the use of launches. At Paraiso, a concrete platform was put down on the old main line and a cinder platform on the new main line. A concrete platform was also put down at Monte Lirio. Dock 4 at Colon was demolished and the material turned into the Obsolete Store. All of the iron and wooden piles were pulled and space cleared for navigation. HARBOR TERMINAL OPERATIONS. The net revenues from this operation show $135,425.78 as compared with $48,948.29 for the previous fiscal year. At the Atlantic Terminals _ the revenues from all sources amounted to $1,281,169.50, an increase of $331,116.21 over the previous year. At the Pacific Terminal, the revenues decreased $272,493.44, due to the fact that nearly all steamships from the Pacific side went through the Canal to Cristobal and exchanged cargoes there. The increase in revenue from freight handling and transferring cargo at the Atlantic Terminals amounts to $282,843.56, while there was - a decrease of $27,854.72 in the total operating expenses. This in view of the fact that $109, 998.12 for depreciation was charged to operations as compared with $15,450.7 7 for the previous year. The following table contains a summary of Harbor Terminal operating statistics for 1917 and 1916: ITEM. 1917. 1916. Mons-of @arcostevedoredh 7. ee ce 140 911,083 Revenucmper “hon stevedoned ) =: 65 te $.3131 $.3220 Cost pernmloniStevedored.. 3s a le Ce $.3592 $.2798 Tons of Cargo Handled and Transferred................ 1,670,209 ; 1,782,294 Revenuesen Mon Mandled sc. ee i ia $.5451 $.4134 Cost per RonetHandled) se ee eee S042 as $.4589 Gross;Operatino Nevenmlless (00.04 $1,350,269 94 $1,291,973 68 GrossiOperatines xpensess.) oo. se ee ee $1,214,844 16 $1,242,698 88 Net even n 6 i ee carina ren rectus $135,425 78 $49,274 80 Rer @ent;.of Hxpenses to Revenue. ..5. 05. 056.5. 89.97 96.19 oh? | - PANAMA RAIL ROAD COMPANY. Comparative statement of vessels arriving and aggregate cargoes handled at Isthmian Bi ports during the fiscal years 1917 and 1916: CRISTOBAL. : BALBOA. 1917 1916. 1917 1916 ae Woe Dayne es ut ou Saree ah Ga 47 52 396 490 Gencral Carvo. oe 873 904 — — Motels eek ees 920 956 396 490 ToNNAGE RECEIVED: : Oa eee Se RS ee 521,581 488,562 73,210 340,224 General Carcor hee. 897,931 800,976 —— oo MOtale 8 ee 1,419,512 1,289,538 73,210 340,224 TONNAGE DISPATCHED: | General Cargow wee 643,730 487,159 18,253 StS hele otal Monnager. =. 9... 2,063,242 1,776,697 91,463 653,336 RAILWAY SIGNAL SYSTEM. The material improvement in the operation of railway signals is noted in the following comparison: There were 2,474,210 arm movements with 115 responsible signal interruptions, compared with 199 for 1916, and 12 non-responsible signal interruptions compared with 43 for 1916, and 431 train minute delays compared with 721 for the preceding year. ‘There was one false clear operation of signals for 2,474,210 arm movements. There was an average of one failure per 21,515 arm movements in 1917, as compared with one failure per 14,685 arm movements in 1916. The average delay to trains per signal failure was 37 minutes. ‘There are now in use 118 automatic, 16 semi-automatic, 14 power-operated and 30 mechanical signals. There were fewer changes made in interlocking plants during the past fiscal year than during the previous year. ‘There were nine derailments due to mechanical interlocking plants failing to operate; also some damage done to interlocking apparatus by material falling from cars while passing through interlocking plants. ‘There was but one derailment caused by trainman throwing derail under moving train at siding and spurs. There were thirty reported signal failures at interlocking plants; this includes both electrical and mechanically operated signals. TELEPHONE AND TELEGRAPH SYSTEM. The operation of the telephone system shows a cost of $100,245.33 while the revenue derived from the service amounted to $107,853.30, a net revenue of $7,607.97 for the fiscal year 1917 as compared with $2,013.00 for the previous year. ‘This system is operated primarily for the conveni- ence of the Canal and Rail Road operations, and the service is charged out at cost, the commercial revenue being comparatively small. _. During the fiscal year 762 telephones were installed and 486 removed, leaving the service on June 30, 1917, a total of 2,154 telephones. The average number of telephone calls per day, obtained by peg count, was ~ 21,042. The average number of telephone troubles, including cases on all classes of subscribers’ instruments and all wire except cable, was eight per day, as compared with thirteen per day for the last fiscal year. 89,342 feet of cable of all sizes were installed and 20,827 feet were removed, leaving 536,783 feet in service. On this entire length of cable there were 11 cases of trouble. PANAMA RAIL ROAD COMPANY. 13 Concrete booths for train despatchers’ telephones and trans-isthmian line patrolmen’s telephones were installed along the right of way of the Panama Rail Road. New storage batteries were installed at the Colon, Pedro Miguel and Balboa exchanges. New sections of switchboard were installed in the | Colon and Balboa exchanges. Work for local telephone companies in Colon and Panama, and for the Central & South American Telegraph Company was performed during the year, on account of destructive fires, installation of new trans-isthmian cable, ete. | The rapid increase in the number of telephones in use by the Army and by pay subscribers has taxed the system to its utmost capacity. Additional cable must be installed in the trans-isthmian line, new sections must be added to the Balboa main frame.and a new exchange must be provided at Cristobal in the near future. MISCELLANEOUS OPERATIONS. | The operations from stables at Colon show a loss of $89.63, and at Panama a loss of $4,672.61. The baggage transfer operations show a loss of $650.34; motor bus operations, a loss of $7,962.52; and the motor car repair shop a.loss of $1,090.01. CoALING PLANTS. During the year the new coaling plants at Cristobal and Balboa were placed in commission. ‘The receipts from the sale of coal amounted to $3,467,178.40, resulting in a profit of $523,003.03. It is intended that this profit shall be used in obtaining additional coaling equipment. The expenses in connection with storing and delivering coal on the Isthmus amounted to $399,635.18. On account of the increased price of coal in the United States and the steady increase in the cost of transportation, coal prices on the Isthmus were increased on October 1, 1916, and again on December 1, 1916. 521,581 tons of coal were received and 508,731 tons were sold during the year. | Statement showing arrival and tonnage of colliers for the fiscal year ending June 30, 1917: STEAMSHIP STEAMSHIP | STEAMSHIP STEAMSHIP OTHER Mont. ** ACHILLES.’’ ‘“ULYSSES.”’ ‘“ ANCON.’’ ‘* CRISTOBAL.’’ VESSELS. iE ESP | BEES ee SP | ee ge | sees ES as, 1916. July ees 12,0241% 12,041 — — gue 12,0338% — — = ae AUcUstees 6: 12,002 12,026 7,920 — — _ 12,346 — a ae «September...... 12,016% 127032 — — aro 12,010% — — —— a October: +. ...-. 12,044 12,039 — —— 10,411 %a — 12,038 — — aa November...... 12,019 12,059 — — 4,9084b 12,058 — — — 7,825446¢ December...... 12,016% 12,021 — — — 12,018 12,033 — — — 1917. January. 0: 12,018 12,054 — ae — 12,048 12,035 — — — Hebruary. 3) 05. 11,997 12,024 — 6,872% — Miarchiccss3 3 12,034. 12,010 ve 5,538 — 12,004% 12,018% — — — Aprile: 11,993 12,047 — 8,692% — — 12,012 —— 8,775 — Maye ete 12,024 12,024 ae 8,996 aan 12,055% oo — — — JUNC ,037 — 8,967 8,986 375d Motale.2 =: 228,453% 204,859% 16,887 47,860 23,521—=521,581 a—Steamship ‘‘Cyclops.”’ b—Steamship ‘* Ameland.”’ c—Steamship ‘‘ Bintang.’’ d—From Panama Canal. 14 PANAMA RAIL ROAD COMPANY. The following statement shows the fuel consumption and sales during the fiscal year 1917, as compared with the fiscal year 1916: FiscaL YEAR 1917. Fiscan YEAR 1916. Coal. Oil. Total. Coal. Oil. Total. Panama R. R. Engines........... | 726 | 22001 | 23, 017, 256: |e 22 sell 22 577 Panama R. R. Switch Engines.... 26,544 1,118 27,662 18,825 — 18,825 Panama R. R., other purposes.... 17,764 — 17,764 11,012 — 11,012 Panama R. R. Steamship Line.... 19,234 a 19,234 7,636 — 7,636 Miscellaneous Steamship Lines.... |. 348,760 — 343, Ese 299,183 — 299,183 IATINVAATIGE NANG ee or ee 40,213 — 40,2 —— — — Miscellaneous. ~ Construction Lerminal Dock No. 7, Cristobal. s...6 «05. k en et 106,843 09 742 Repairing Track and Installation 60 Switches, Cristobal Yard...... 2,469 71 753 Construction Concrete Freight House, Panama................... 7,001 02 779 Driving Dolphins for Tying up Colliers, Cristobal................. 40 95 (35: .. Extension of Mole at Bier No. 7 Cristobal... 2:53... 53.64..0.5:.. 4,450 87 802 Construction of Refrigeration and Ice Manufacturing Plant, Balboa. 8,019 72 805 Repairs to Erect De Mayo Coal Conveyors on Barges 18 and 20, TISBO Wales cee ee essl oa Geode SNS ee 87 50 807 Construction and erecting 12 Booms for De Mayo. Conveyors on Piste Srang: 9. Cristobal: oe ee 171 60 808 Electrical installation of De Mayo Conveyors on. Docks 8 and 9, Cristobal ee apes i er ne ee Heater aiase 159 15 310 Repairs to Barges 13 and 19 for De Mayo @onvevorse 2. she ce. 24 05 $13 Manufacturing one coal screen for screening lump coal............ 31 19 828 Construction ice cream and milk bottling plant, Cristobal......... 19,804 61 PANAMA RAIL ROAD COMPANY. A.F.E.No. 834 $35 For AMOUNT. ae Building road to slaughter house, Cristobal.....................-. $6 32 Installation of equipment in Balboa Ice Plant........ Oe age coat 3,850 37 Cost of drydocking and making repairs on barges.............«.:. 9,188 96 Construction laundry bulldine-@Ancon.. 2) --25. 6.6) ee 50,659 68 Construction American Bible Society Bldg., Cristobal..../...... weeps 32,454 28 Construction of teamotrack, Gatum)..,. 0906s 6 ee 575 66 Construction of curb gutters on Huerta Sandoval Tract....... Po ae A477 05 Constructing 6-duct conduit line, west leg to Ancon Laundry...... 26 23 Construction of poultry: house, Cristobal’. 4.3. 4.2 5 eect 401 94 Boring holes for extension of Cristobal Mole Dock................ 1,210 54 Construction of track yard at Cristobal Docks. (4640.65.45... 6 3. 31,356 16 Construction of building at Cristobal docks to be used as repair shop, electric charging station, sail lott;ctGin. ..00% 0 er ce. 24,418 14 Alterations to commissary for Silver employees, Ancon............ 583 60 Construction of additional stalls in P. R. R. stables, Panama........ 470 09 Clearing pasture lands for commissary department......... Ho diee ete 229,306 52 Construction of Terminal Office Building, Cristobal .............. 56,769 78 Construction of five reinforced telephone booths.................. 3,009 61 Installing switchboards and cables at Balboaw.................-..- 159 96 Dismantling American whart® irs ey ee i ee 178 29 Installation of underground signal cable between west leg Balboa Ve and: Corozale Rodden wyscie es cre ee toes ote iors cee ane, 13 86 Installation of duct line to care for telephone circuit in residence dis- trict; WBANDOB ewieee lion eo rien nei as eres cee aes emere sy ois 151 09 Dredging to elevation minus 41.0 feet between piers 7 and 8, Cristobal. 9,138 85 Proposed improvements on the Santa Cruz Hstate......... es labaleidse 76 09 Approach fil and:track yard fon pier) No. O% 4.3.62. ee ee 41,838 19 Extension to Cristobal mole to provide protection to pier No. 6, Cristobal, and to provide space for future track yard............ 82,669 95 Construction of local freight and baggage house, Cristobal Docks... ~ 182,660 92 Construction of launch house, Cristobal Docks................... 8,745 O09 Construction Customs line fence, Cristobal Docks................ 3,871 55 Construction of roadways; Cristobal Docks.................-+005 5,217 95 Installing laterals in Tivoli Hotel district to new bachelor quarters, PART COME sie ie are Mie a eco aor Ta alc oe ae D OUTAGE ea 695 49 Concreting track in front of slaughter house, Cristobal............ PS 27 Concreting floor of two cattle pens, Colon................. SUR gi 19 Installing two sections of main and I. D. forms as an addition to telephone exchange, Balboa Heights: ...:..8..............5...5 507 86 Construction of shower baths and toilets in connection with Hotel Washington swimming pools, 3... .6.5.0.6. 0.06. paranoia tit ONE Mrs 2,163 96 Installing laterals in Colon and Cristobal for removal of long twisted TOLD PUTS eset hgsarce eae ra eee ee ole essed: Nap ten nige es noe ue e nicl ie le lata) itelvedtatre 193 58 Manufacture of three stock loading inclines on Miraflores dump.... 588 92 Extension to Las Cascadas Baggage Room........2.......660.- 125 69 Dredging to elevation 41.0 feet on north side of pier No. 7......... 6,929 02 @onstruction concrete pier Molks River... <5... 0. oc... ce cece 4,428 56 Installation of transformer on pier No. 8, Cristobal.............%. 591 24 Installation of cable from Colon Exchange to new Terminal Office Fon IN et cet Pee Nace ees Genrer eee oslo cs evant cea 336 61 Installing water mains and fire hydrants, Balboa Yard...... ieee 610 32 Installation of 2-inch pipe and ’phone cable at Pedro Miguel....... 428 87 Installation of underground telephone distribution on Marine Reser- NAMLALONaL 4 on anicvaner let wlexsciasi ns ins my Ra Bree CGO Ord Bb Oo ue On Uo dO oOo 14,297 34 Gonstruction: olapler NO. O,;@ristobal..) vr. ee rs ers . 48,347 98 Installation of additional storage batteries for operation of telephone Sx Chane sal Ode icedk ee Ne eee eee A uie coe Meet ane neon aaron ateueEs 1,263 47 Installation of 10 pair cable at Gamboa account additional telephones. 305 43 Gonverting Ledgerwood cars into coal cars.......:......-..<+--- 13,918 07 Cost of drydocking and repairing Barges 12, 21, 149.............. 7,849 96 Municipal improvements to Hotel Washington swimming pool..... 9,097 80 Pulling piles and removing barge from Pier 14, Cristobal.......... 1,140 99 Demolishine, Pier No.4. @olomte s.r ee et ns ee ae 2,484 72 Installation of telephone cable system at Pedro Miguel............ 4,440 35 Construction glass hot house at Ancon for experiments............ 129 69 12k ANAe? ToONeUMOLOIN [NK cocanogooresoooddannagor ocean noodunndas 340 86 Concrete plaviorim at Marais StavlOle. ae hs creas ac 775 51 Installing crossover at Tivoli spur and removal of switches and cross- over at westules Balboa: Wee os si, wits sc oe Sole a ca coos cen cele ele 109 41 @onstruction of road tov Ancon Waumdny eee ce ves cern oe 6,746 26 Dredging channel at coal slip, Dock 14, Cristobal................ 37,228 55 _ Converting building No. 2, Colon, into stable, 22 stalls......... Rec 519 37 ‘Installing telephone cables in Ancon District...................¢. 934 28 Cost of preparing estimate for fill adjacent to American: Wharf, Pa TAIN ne re en ia ear asees 7 43 Construction of extension to motor car house, Balboa Heights...... 4,963 12 @onstructiom of storm: sewer, Colon... .0 2. — 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. Rail Road General Statistics. Steamship Line Statistics. Locomotive and Car Equipment. Chart showing Organization. Yours respectfully, V. M. NEWTON, : | Audttor. ‘By Balance to Credit of Profit and Loss June 30, 1916 PANAMA RAIL ROAD COMPANY. EXHIBIT A. INCOME ocoune AND “Daou AND Loss Neco FOR THE YEAR ENDING JUNE 30, 1917. Incomes Account Rain Roap— Gross Revenue from Operations. 2.1 $3,369,428 02 Operating xpenses.. vo ea eaten eee ae eee 3,230,357 98 ~ Net Revenue from Operation Ce ee rT i er St ) STEAMSHIP— : Grosse Revenue trom: Openrdtione i.e oe $4,108,412 36 Operating HWxpenses*s ss oe ce ee de aioe srepecas eaten 2,945,611 90 Net Revenue from Operation oeereetee eee eee ee we eee wee se ee Total Net Revenue from Operation ADD INCOME. FROM— Lrss— Tnterestsand: Hxchanger 0 oie kok ae cle re he ee $138,144 35 Rem Gall seer eek ca See cs ont oe eine tea mn ase ANN DERE, oop 102,708 77 Result: Commissary: Operationss. 6 (5) Special Service Trains.......... 6,158 Other Passenger Revenue..... Le oe LOS Motel eee ee es $641,187 MiIscELLANEOUS: Se . eSwitchinge 6 8 oe ee G15 607, Total Revenue from Transporta-|. | HOM eae a one asp nee $1,683,193 Reine from Rail Road Operations other than Transportation. Station and Train Privileges. ; $1,560 ‘Storage—Freight.............. ,015 Storage—Baggage............. 106 Demurrage. 285 8 ee ee 210 Melesraph << so ee 3,190 Rent. of Buildings, etc., used in Operation of Rail Road lots 758 Mascellaneouss.. 3. 34 14,857 otal ae Sate eens $24,198 Total Rail Road Revenue... $1,707,392 Harbor Terminal Revenue. ATLANTIC TERMINAL: Wihartsve sie ee $152,530 Rent of AV hates or Space on NATRVESH es ee ee 2,152 Other Taeieatel Income from ALVES ic Sete ee ee = Granade eae ee oe 235 Lighterage Revenue for Handling Coal oie oat onacicie rele thst sire t Velaro ra race aE ee 26,637 Lighterage Revenue for Handling Cargo, Passengers, Garbage, CLG ee ee ae et See ges 4,022 Hire of Lighters and other Float- Ing HGWipMente ee ee 153 Carried Forward......... $185,731 $13,749 $126,934 676 26,729 $154,340 $2,954,693 78. 42 65 “43 50 $1,818 11,294 $25,595 1,475 4,022 153 73° 18° $10,448 99 59 48 76 ~ $31,390 $110 22 073 00 153 75 667 50 —- 1,159 45 $1,247,301 74 PANAMA RAIL ROAD COMPANY. EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— Continued. Ratt Roap—Continued. Harbor Terminal Revenue—Continued. ATLANTIC TERMINAL — Brought OR WOT Gee ee eee Other Incidental Income from fichteragen 3 ee ae Stevedoring Revenue.......... ; Freight Handling and ‘Transfer- LINC URE VENUeCH sa) eee Weighing and Rethandiine Reve- TUG oe tae ieee ea RO ae Storage Revenvicr. ~.555 8 = Other Incidental Income from Pao eeune and Freight Hand- Wien Supplied Shipping...... Miscellaneous Harbor Terminal IRON CTIUGI Ss re i ee Cae nas - Total Atlantic Terminal... . PACIFIC TERMINAL: Wraiharha cee Gis oe meen ee Rent of Wharves or Space on WIDAR VES ere ee eo one Other Incidental Income from WAN aTVGS ees fee Paty, Grange aoc ne ee Hag nteraee Revenue for Handling On ere eG can neice espe enema Lighterage Revenue for Handling Care: Passengers, Garbage,. oe © © @ eae we we te ee Owe ee te ew Hlirel of Lighters and Other Float- INCH QUIpPIMENG a 5 Other Incidental Income from ighterace ne 2 oo ee Stevedoring Revenue.......... Freight Handling and Moareter: TNC VE VeNUCH es ye ee Weighing and Re-handling Reve- TMU CS a eRe a RO ee Storage Reventies «<2... 4 3). Other Incidental Income frou rene and Freight Hand- in Water Supplied Shipping....... Miscellaneous Harbor Terminal IREVENUCH ence ee ages i Total Pacific Terminal..... Total Harbor Terminal HREVENUCH oo ice ee OUTSIDE OPERATIONS: diclephonesNevenues.<. 4... 10. -. Hiogtel | Revenues 2. ie Plantation, Revenue..-....5. 25.2) Stables, Panama—Revenue....... Stables, Colon—Revenue......... Baggage Transfer Revenue ....... Motor BuUSeReVenien.. 4.520) Motor Car Repair Shop Revenue.. Total Operating Revenue RatleRoadien. es eee © ee ww 47 DECREASE. eee es —eeeSeSSeSeeSe $185,731 233,563 793,050 37,520 - 23,949 5,081 116 2,157 $1,281,169 $2,038 47 4,326 4,919 1,214 2,522 5,664 35,259 11,579 274 1,253 $69,100 $1,350,269 113,203 12, 729 $311,766 $3,369,428 $3,369,428 26 25 56 33 12 53 00 45 00 06 50 57 56 37 75 87 al 76 07 82 4.4. 94 02 02 $154,340 252,266 010,207 871 29,433 446 1,075 1,410 - $32,228 145 50,748 23,549 ——s 921 41,041 190,685 332 2,141 o2 4 70 $341,921 $1,291,973 $128,268 25, 761 — $296,732 50 23 00 91 a 39 73 94 37 $950,052 84 00 43 88 75 42 70 64 19 46 00 00 31 68 61 $4,543,399 61 $31,390 76 — — 282,843 56 36,648 42 4,635 18 746 51 $331,117 13 — ————_—_—_—— 37 00 $1,214 1,601 —_— 11,247 12 1,201 36 $58,296 26 $25,153 13 1,336 16 1,592 79 12,729 42 89 $15,033 $18,702 $30,190 97 46,421 18,630 35,376 155,426 1,867 4 70 $272,820 $20,415 — 897 2,050 2,414 $1,173,971 $1,173,971 98 . 59 03 78 50 86 32 55 59 12 00 00 87 78 52 59 59 48 PANAMA RAIL ROAD COMPANY. EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— Continued. Brought Forward......... \ STEAMSHIP LINE: ete NG tee cite soe en tae cess: IRASSCNIP CIs eee ee ee. XCeSs: Bageare: 7.85 Oe Mie Mail SRT OASUTCRS. hoe ee heey Setanniee see eee we ee we we we eee ew ee eh oO hl hh Oo oWanes sande liquors. =<. 0) ae Steamer Chair Service............ Mascellaneous ss. 6 se es ne Total Revenue Steamship Line. ; $4,108,412 $7,477,840 Gross Operating Revenue....... OPERATING EXPENSES. Raitt Roap: Maintenance of Way and Structures Maintenace of Equipment....... irate: Expenses... 00 oe Transportation Expenses General Hixpenses:....)..0°. 3. Transportation for Investment— CREDIT Gy i, a a ee ee ee Total Operating Expenses Rail Road see © © © © © © © Be © © ee ete et el HARBOR TERMINAL. OPERATING Ex- PENSES: ATLANTIC TERMINAL: Lighterage and Harbor Service.... Docks and Wharves Crane Operations NUCVECOLING . ig tee Freight Handling and Transferring. Stevedoring and Freight Handling Expenses Common to both... ove eee ee we we we we ee General Harbor Terminal Expenses. Total Atlantic Terminal Paciric TERMINAL: Lighterage and Harbor Service... . Docks and Wharves.............- Crane Operations.... StevedOrmgr. oe on Oo ene Freight Handling and Transferring. Stevedoring and Freight Handling Expenses Common to both... General Harbor Terminal Expenses Total Pacine Terminal Total Harbor Terminal Expenses. OUTSIDE OPERATIONS: Telephone Expenses Hlouelsbxpenses a0 ee Plantation Expenses............. Stable, Colon—Expenses......... Stables, Panama—EHxpenses....... Baggage Transfer Expenses....... Wotor Bus: Hxpenses...-... 2.2). Motor Bus Car Shop Expenses.... oe 6 © ew we we eee ew Total Operating Expenses. . COLMEASOTWATA. INCREASE. DECREASE. —— SS OE $3,525,206 286,959 $222,871 669,529 6,495 691,757 115,415 17,407 $37,506 113,244 213,350 635,647 39,035 79,663 $1,114,948 $4,910 25,398 1,006 4,894 45,211 3,387 15,087 $99,895 $100,245 110,738 13,819 $326,852 $3,230,357 24 18 39 40 16 59 38 $1,688,661 98 72 95 31 80 LG 95 19 03 84 12 D2) | o2 29 21 16 $1,214,844 $3,230,357 $4,543,399 $3,341,278 69. $7,884,678 $2,111,668 $885,957 $356,741 $1,242,698 88 $8,674,930 58_ $3,674,930 $2,668,067 360,648 1,663 236,509 | 57,429 6,580 4,871 5,908 12,019 $236,919 832,438 ‘10,742 $29,293 202,274 78 $47,661 57,676 195,432 568,665 12,237 4,282 91 ap 80 | $55,567 83 | 17,918 61 | 66,981 27 23,298 66 75,380 08 $28,885 58 12,186 89 39,277 38 42,681 19 223,799 09 5,676 88 4,234 79 80 $13,211 $126,255 59 100,504 389 41,291 7,235 71 10,584 87 37 $10,233 1,530 9,134 Ee 25,556 5,753 13,819 _ $6,289 52 $320,562 92 58 58 2,647 $857,138 42 22 2,120 11 $767,133 67 pomp 92 12 70 53 03 $228,991 87 14 00 44. 82 09 21 43 o2 $1,173,971 $73,689 135 28,674 1,172 472 a $406,837 $14,048 162,908 4,246. 137,536 86,859 17,407 $423,007 $10,154 M1 a | $23,975 38,270 37,787 178,587 2,289 $256,846 $27,854 $26,010 1,376 308 $444,572 $444,572 68 50 22 50 92 93 39 o4 87 36 o9 72 26 11 60 60 — 60 a ny PANAMA RAIL ROAD COMPANY. 49 EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— | 1917. 1916. INCREASE. | DECREASE. Continued. : Brought forward......... $3,230,357 98 | $3,674,930 58 — . $444,572 60 STEAMSHIP LINE: Steamer xpense@s. 005. i $2,351,778 66 | $1,825,751 50 | $526,027 16 — AIZEN CY; FIXPCNSES: . = . BALBOA mcr A. L. FLINT, . . . . General Purchasing Officer . . . . . WASHINGTON. KR Ko eMORRIS, <2)... Commissany = 2 BARON Hureuts. R. E. RUTHERFORD . . Commissary Purchasing Agent. . . . New York. ROLAND ALLWORK ._. Superintending Engineer, Steamship Line. New York. H. I. BAWDEN. .. ... Terminal Superintendent, Steamship Line . New York. RICHARD REID ROGERS General Counsel . . . . . . ... New York. GENERAL OFFICES. INO. 24 STATE STREET 2... 3. | ie ey cin NIE Wo GY ORK PANAMA RAIL ROAD COMPANY. , New York, December 2, 1918. To THE STOCKHOLDERS: I respectfully submit for your consideration a report of the Company’s operations and resulting financial condition for the twelve months from — July 1, 1917, to June 30, 1918, both inclusive. : In that connection I call your particular attention to the subjoined statements of operation and maintenance of the Company’s property, to ~ Exhibits of Income and Profit and Loss Account, General Balance Sheet, and otherwise to the statistical tables attached that furnish information in detail in regard to the financial aspect of the Company’s business, together with report by the. Acting Chief Quartermaster regarding his operation of the Company’s Commissary and of the result financially. The interesting details of the improvements resulting from rearrange- ments and construction of train yards, trackage, and office buildings are described in the attached reports. | The appeal of the Pacific Mail Steamship Company to the U. S, | Supreme Court in the matter of its suit for $800,000 on account of the sinking of their 8. 8. “Newport” on August 12, 1912, at La Boca was tried and the suit decided in this Company’s favor. Negotiations for the transfer of title to this Company of the Royal Mail Steam Packet Company’s pier and waterfront property at Colon that were referred to in my last report as postponed until the end of the war have nevertheless been concluded and the purchase effected by this Company at a cost of $250,000. I invite your particular attention to the progressive development in all directions of the Company’s plant on the Isthmus which covers impor- tant increases in the quantities and value of material, coal and com- missary supplies on hand there, through the employment of practically all of the Company’s surplus earnings from year to year up to and including the greater part of that of this year with resulting return in revenue that justifies outlays thus far made and warrants the future disbursements con- templated to still further enhance the value of the Rail Road as an active adjunct of the Panama Canal. The result of the Company’s business of every character for the period covered by this report after meeting the cost of operation, together with fixed charges aggregating $284,678.19 and charges for depreciation on rolling stock, floating and plant equipment of $810,481.34, shows a net income of $3,024,887.47. During the same period $2, 051 5013.29 was expended for new constructions, additions to and betterment of plant and equipment as explained herein and shown in detail by Exhibit D. Respectfully submitted, CHESTER HARDING, President. 6) PANAMA RAIL ROAD COMPANY. PANAMA RAIL ROAD COMPANY. Cou. CHESTER HARDING, PRESIDENT Panama Ratt Roap COMPANY, BatBoa HnicHTs, CANAL ZONE. Sir—I have the honor to submit herewith the financial exhibits and results of the Company’s operations for the fiscal year ending June 30, 1918, with statistical tables and explanatory comments thereon. The gross revenue from all sources, the operating expenses, and the mei Income for the year ending June 30, 1918, is compared with the year a June 30, 1917, in the following table: FiscaL YEAR. Gross GROSS Ner REVENUE. EXPENSES. | INCOME. fee ee $10,777,318 73 $7,752,431 26 $3,024,887 47 NOW ers aes oot hie site nish cols wie meet cs eee 8,488,684 31 6,326,531 25 2,162,153 06 WCNC ASC isi cee cs sees ese re eo ins eee $2,288,634 42 $1,425,900 O01 $862,734 41 STEAMSHIP OPERATIONS. GRoss Gross Ner REVENUE. EXPENSES. INCOME. OMS eo ees Rr ae eR Aa ne asa ea $5,767,525 50 $4,504,759 O1 | $1,262,764 49 MOM eee eee eerie eo Oe ge aes eran 4° 236,361 08 3,074,627 08 ot Tol 754700 BMI CT CASCe a ees eee eek ena $1,531,162 42 $1,430,131 93 $101,030 49 ° STEAMSHIP LINE. The total operating revenues of the Company’s line were $5,649,729.68, an increase of $1,541,317.32, or 37.52 per cent. as compared with the twelve months ending June 30, 1917. Freight traffic increased 83 395 tons or 15.26 per cent. while the revenue derived therefrom increased eI 446,478.30, or 41.03 per cent. Passengers show an increase of 71 in the number carried, or ./8 per. ~ cent., and an increase in revenue of $20,021.80, or 6.98 per cent. _ Revenue from the transportation of mails and treasure show increases of $41,248.65 and $28,403.57; respectively, or 19.85 per cent. and 40.90 . per cent. Of the total tonnage transported 278,498 tons were carried by the Company’s steamers and 351,107 by chartered steamers in the twelve months ending June 30, 1918. In the previous fiscal period the former ~ carried 253,240 tons and the latter 293,420 tons. | PANAMA RAIL ROAD COMPANY. | 1. OPERATIONS ON THE ISTHMUS. The gross revenues from all operations on the Isthmus, the operating expenses, and the net income from the Isthmus operations for the fiscal year 1918, as compared with the yea ending June 30, 1917, are found 1 in the following table: Fiscan YEAR. GROSS GROSS Net REVENUE. | EXPENSES. INCOME. STO L Ss hear I rec Nc nce ite a acs penn $4,999,544 13 $3,237,421 15 $1,762,122 98 OM ee es re he [ES Ses ee era cea ater plea Crag cena A252 a2 2S 3,251,904 17 1,000,419 06 nN CROASG heen ohare ee ore ee er eet $747 ,220,90 == $761,703 92 2) CCTEASC a OR rome Une eae a te ges = $14,483 02 —- Included in the above figures are the results from the operations of the railroad; the harbor terminals; the coaling plants; the stables, baggage transfer service, motor buses, and motor car machine shop, which come under the supervision of the Superintendent. of the Railroad; the telephone and telegraph systems under the Electrical Engineer of the Panama Canal; the commissaries, plantations, and cattle, hog, poultry, and dairy industries, and the Washington Hotel, which are under the supervision of the Chief Quartermaster of the Panama Canal; and the land and building rentals which are supervised by the Land Agent under the direction of the Counsel of the Railroad. RAILROAD OPERATIONS. The revenue from freight and passenger transportation during the year shows an increase of $32,149.19 as compared with the prior year. The icreases and decreases are exhibited in the following table: | INCREASE. DECREASE. FREIGHT: , Ehrough: Commercial. oa. hee ae ek es | — $62,627 34 Mocal Commerciale -225 5.2. 6 Se chats, Gace On ec = 32,439 56 . ATI AM Ce NAV Vise Gee ek eer ean ee eee | $63,925 41 — Ranamar@analecc Oe pie i cos ie ole perro cman ete | tone 46,773 11 @OMTMISSATY Ai eer os hele se tose hee ee ue nee ee nae i =— 652 24 Miuscellaneous breieht nevienuGeis:. 2. 6 6 ae Sa lol 65 — PASSENGER: ‘Rhrowehe Passengers set eee oh ie a omen or — 1,650. 21 TOCA -PaBSCML Oro See eee ah ee Ee es ee les 14,830 32 oo BASTEIMNWa ATV NVA os oe ee ee I ee a Ng a 35,264 60 — BAC CAE enn PAU Ea aucig a Sree) watiny aetna ae ea a ate RUs — 1,270 96 BPO TOSS arsee cs eee see SR ee ess a UR sd See rept 8,880 48 —_— UVa ere gti yO a terreus eh ie emer E ae Nour tie uate Run ae a — 29,851 70 ARI RSRISHOD HG) Fes eG cn as Ti ea SL a ec ce ee Soe ae piu Oe oS pete Parlorcand © hain @ar. ket a ee re eat ee, — 885 50> PODECIAl Er aig ts sce tee ee NT Cea uN goa hak 3,416 50 a ee eres OthersBassenvern Reveniic.@.. 6.0 — Peso val $209,651 52 $177,502 33 — The following table shows the freight tonnage carried over the railroad, including company freight during the twelve months ending June 30, 1918, as compared with the twelve months ending June 30, 1917, also the average revenue received per ton: 1918. AS HLTE Total Tons Carried, South and Northbound (tons of 2,000 lbs. or A QU GUReA Us ei ec iy dae ai ees an ae ee ie ala Naas UN Mec eae 492,007 763,485 Average Revenue per Ton, South and Northbound........ a $2 04 $1 42 8 PANAMA RAIL ROAD COMPANY. The total revenue freight traffic of the railroad during the twelve months ending June 30, 1918, including coal, was 465,595 tons, a decrease of 257,124 tons. The total revenue derived from this traffic was $1,- 066,532.91, an increase of $4,564.79. The amount of company freight moved over the road was 26,412 tons. PASSENGER TRAFFIC AND REVENUE. _The following statement shows the number of passengers carried and the passenger revenue: NuMBER PASSENGERS CARRIED. PASSENGER REVENUE. CLASSIFICATION. 1918. 1917. 1918. 1917. First-class Passengers............ | 845,889 673,174 | $338,582 41 $283,848 94 Second-class Passengers. coe ee 909,061 901,230 249,241 61 Zoo. OoUs ot MOtaleacee noo. ee oe ees P 16754,950 1,574,404 | $587,824 02 $539,379 31 The average revenue per passenger per mile for the year ending June 30, 1918, was $0.0225, and for 1917, $0.0224. The gross revenue from the transportation of passengers shows an increase of $48,444.71, and the number of passengers carried shows an increase of 180,546. The following table contains a summary of the operating statistics of the railroad for 1918 and 1917: ITEM. 1918. 1917. Average Vales © perated ac 109 ba ee ee ee 56.54 56. 54 Gross Operatine sMevienue <2 Gt eee ee $1,739,541 23 $1,707,392 04 Operating Expenses...... SA yc ta eke gs ee es 1,440,421 26 1,688,661 38 INeteOpenatings Revenues ec, se Se NN i ee 299,119 97 18,730 66 RereCent. of Hxpenses tocRevenues...)0) 2.0 i Sc eee 82.80 98.90 Grosseevenue per Mailesorunoad 1.5.55. ee $30,766 56 $30,197 95 Operating Hxpenses per Mileot Road... .: 2.2. -...4..2..8- $25,476 15 $29,866 67 INéte Rievenuvesper Mile of Road... ee ee ee $5,290 41 $331 28 Revenue per Passenger, Drain Mile... 23. 6s ee ee $2 50 $2 38 mRevenue per bP reight rain “Wiles sents ek $7 -76, $6: 21 © Total Revenue Train Mileagein 20 G2 Secu 389,276 434,124 Railrovas mevenue per dnaimeMale: 2596. 8 pn $4 47 $3 93 Railroad Operating Expenses per Revenue Train Mile......... $3 70 $3 89 Net Railroad Revenue per Revenue Train Mile.............. $07 $ . 04. Mons perswoaded: Car. a ae Oe ere aa ee Bs AS 12.64 MONSGMCr MEAN tho es a ee en Cee Sec Ree 133.28 154.10 Freight, Passenger, and Switch Locomotive Mileage. PSE eu hanes 508,453 606,696 Work Train SVU G iG es a ES eNOS 1G de tee ati on aan ee 275,842 448,180 IRaAssencereEraime Wile a germs) ee ee ee et Ne ae, ie 267,082 268,851 Hreightadsnaime VMiilleagers. a. Na ee oe. eee Neue ea 122,194 eo OD Zito GENERAL HiXPENSES. The total general expenses on the Isthmus, consisting of salaries of general officers, clerks, and attendants; office supplies, and expenses; law expenses; the maintenance of quarters, etc., amounted to $277,283.72. | The railroad’s proportion of this expense was SIA5, 283.72, and the balance is pro-rated over harbor terminal and outside operations expenses. There was an increase of $29,868.56 in the proportion chargeable to the railroad proper. This increase was about equally divided between salaries and une _cost of housing employees. TRAFFIC EXPENSES. The total charges to the various accounts show a decrease of $1,134.73. PANAMA RAIL ROAD COMPANY. 9 TRANSPORTATION. The transportation expenses for the year ending June 30, 1918, were $67,501.32 less than the previous year. ‘This reduction was due to a — reduction in the number of train crews, making a saving in salaries, in the cost of fuel and other locomotive supplies, and a reduction of over $32,000.00 in the payment of freight claims. The following statement shows the number of trains handled during the year as compared with the fiscal year ending June 30, 1917: PASSENGER. FREIGHT. GRAND TOTAL Regular.|Special.| Total. |Regular.| P.C. | Other | Total. Work. | Work. INont Wibo wii 5,291 119 | 5,410 1,410 | 4,361 196 5,967 TS Southbound. eee Sones [ec Oe 2 Oi SOF | O1O40 AM le An he 38 5,730 11,076 MOG ales a ee re ers orn 10,582 WAS NOD O 4 2.S2e|) S056 234 11,697 | 22,453 Total RriOER Veal eens 9,559 310 | 9,869 | 3,619 | 9,259 136 13,014 | 22,883 InGhease. ee. 1,023 — 887 — —= 98 — 887 DCCreaseHa eee he ek — 136 — 792 623 — Loy Nee let Average Number per Day,1918 29. oo 29.5 eat 23.7 .6 32. 61.5 Average Number per Day, 1917| 26.2 8 ile 9.9 DOA: 4 Sod 62.7 UNGREASC eee te era 2.8 — Deo —' — 2 — — 3 a 22, ee — Silt ee? IDCCREASC chee eee a MAINTENANCE OF HQUIPMENT. The total amount expended in maintaining the rolling stock was $571,221.66, which was $194,825.20 less than the previous year. ‘There was a reduction of $32,898.50 in the repairs to road and yard locomotives, $51,222.11 in the cost of repairs to passenger cars, and $99,679.59 in repairs to freight cars. MAINTENANCE OF WAY AND STRUCTURES. The total amount expended in the maintenance of roadway, tracks, and railroad buildings, was $227,652.40, against which credits to the amount of $44,855.13 were allowed, leaving a net expense of $182,797.27. The credits consist of revenues from work performed for other depart- ments, material recovered, and a portion of the revenue derived from locomotive service, the rates for which are so fixed as to allow a small — amount of credit for the use of tracks. The credits from locomotive service toward the maintenance of tracks amounted to about $20,000.00. In addition to the work directly chargeable to the maintenance of way and structures, the roadmaster performed a considerable amount of construction and maintenance work under A. F. E.’s and work requests on which the maintenance of way labor and material alone amounted to over $114,000.00. REPORT OF THE ROADMASTER. Maintenance of way and structures showed a decrease in cost of maintenance for the past year of $40,073.97, or a saving of eighteen per > cent. This is a creditable showing in view of the fact that the wages of our laborers were increased, as well as the wages of the foreman, and having had to handle several slides during the months of November and December, 1917. One slide alone, at Mile Post 38, carried down about 10 PANAMA RAIL ROAD COMPANY. 40,000 yards ot material. The handling of these slides was charged to maintenance. : , Following is statement of trackage under control of the Panama Railroad: Operated Line. MILES. Nance“ Colonte Panama Sai eae ea AVanOil Second Main Line—Pedro Miguel to Panama.......0...,.....4....52.... Bees (3d Atlantic hermineals-——Colonis ts ee re ee ee re eee eo DOO Cristobal and Mandisislam digs 5 oat scons ain senor beac: S228: PaciieLerminals—=—manamay,..c cs os es ee er POS nee NAS re nero d 9.91 BS Oa ee ar a EE 10.64 Intermediate Sidings—Colon to Panama................. Podeats on aaa aay: 12.50 Motale Ran amachallroacelraCkse secs ce ees ee ee eS eee Ce aa ae eee 125.66 Leased Line. : ees : Main Line—Bas Obieps to kedro: Micuela.. =...) ar Ne Cer he a Nae (oe 9.12 MG erIMeATAGe: SIGIN OS irene er ee ae tae ae ee ee eM nee SO: |Doval beased Tine. .5. 2. Oe ee Se eee nena tea Caan 12.46 Panama Canal Tracks Maintained by Panama Railroad. EXT lamtlCim be rrmnilmiall Ses pees een ok Gare eee ia tee Bae Cees ce ede a eee 11.50 lorGenmecdtate bra chistes sar sire nore sue ewer Air Hel ACR al a eee Re emiene Ts ZO t Racine Rerminalsr we chs tan ceqe pial nada dot ee ProCite 32.43 : Motal Panama:@anal Mracks (ote ek ee 73..20- Total Trackage Maintained by Panama Railroad................ Lig O RR Rae On 211.32 The following Panama Canal tracks were removed during the year: At Rio Grande—old main line—about one mile; at Gold Hill, north to the suspension bridge, about one mile; at dump 6, about one and one-half miles. The material recovered from these tracks was used for repairs to existing Panama Canal tracks or turned into the obsolete store at Mount Hope. | During the year $27,940.66 was spent for material and labor on the upkeep of Panama Canal tracks. This none a saving of $138,185.75 over the previous year. A crossing frog and 850 feet of track were laid at Monte Lirio lopeine and sawmill track; at Gamboa a track 390 feet long was built back of the freight house; a spur track 300 feet long was built at Red Tank for use of the commissary at that place; and a track 2,541 feet long was built for the new cold storage plant at Mt. Hope. The lay-out of tracks between the Panama Railroad freight house and the Washington Hotel in Colon was revised with a net loss in trackage of 750 feet. In the vicinity of dock 4, Colon, the lay-out of tracks was likewise revised with a net loss of 1 A00 feet of track. The following statement shows rail, cross and switch-ties used during the fiscal year ending June 30, 1918: : Rait—G. T. Cross TizEs. SwitcH Tizs. 70 lbs. | 90 hs 490 Lbs. : S/H. | S/H. | New. | New. | S/H. | New | S/H. IMMINGEMAN CE sk). a ue ee ecco 33 10 5 | 18,898 2,964 | 52,794 9,378 - ranamsd Canal Tracks... ..... 158 45 —— _ 6,704 5,387 30, 767 LASS RE ee oe 164 12 oe 2,860 | 1,936 | 11,568 | 5,184 Movil ee Moe 358 67 5 | 28,462 | 10,287 | 95,129 | 31,997 PANAMA RAIL ROAD COMPANY. 11 The following statement shows the mel and sand used during the _ past fiscal year: No. 2 RuN-oFr-Bank GRAVEL. GRAVEL. - SAND. Cubic Yards. Cubic Yards. Cubic Yards. Maintenance Beg ML genNe taal 2 eo meer peas ee ONT oR Soyo ne Uy 401 830 — He Sites ope eR Sa en oh ay — 468 a B. I DAS ACS vO REO ek eit Na at BL re aRaeat er Tica Aenean — AON 15 Panama, Canaluitnacksia soviet ee BoD 950 30 Motalt see ee one . 736 2,673 | 45 During the year steam shovels were operated as follows: At Rio Grande, furnished by the Dredging Division, where 93,715 cubic yards of spoil were excavated. At Mount Hope Borrow Pit 23,892 cubic yards were excavated for fill in Colon Radio Station Reservation, 62,933 cubic yards were furnished for fill between 16th Street and Folks River, Colon; and 17,832 cubic yards were supplied on miscellaneous B. A.’s, 7 598 cubic yards on miscellaneous A. F. E.’s, and 1,210 cubic yards on other work requests. The temporary coaling trestle at the north end of dock 13, Cristobal, was demolished on A. F. E. 1058. ‘The material recovered consisted of second hand bridge lumber, together with second hand creosoted piling and bridge girders that had formerly been in use on the old line of the Panama Railroad. These girders were sold to the Building Division for use in the construction of Dock 6, and the second hand lumber and creo- soted piles used for repair purposes in the maintenance of other structures. The lattice deck girder 20-ft. span bridge, about 500 feet north of the French Canal bridge on the Coaling Plant line, was removed, and the opening filled with material from Mt. Hope, as was also two ten foot openings between this point and Mt. Hope. Dock 2 at Colon was found to be in an unsafe condition and had to be removed. After the shed was removed, 30 feet was cut off the entire _ distance from the south side, 15 feet off the entire distance from the north side, and 30 feet from the sea end, considerably reducing the dock in size. The portions cut off about the dock were resting on wooden piles that had decayed, allowing the shed to collapse. A new bulkhead with mooring bitts and fender piles was put around the entire remaining portion of the dock and made suitable for the hand- ling of small boats used about the coast. The portion remaining now rests on iron piles and answers the purpose well for handling small vessels. A lot of copper was recovered from the 12 x 12 yellow pine sticks that had been driven and used as piles under this dock. The copper was turned in to the Mt. Hope store. When dock 1 was removed all the piles were not removed from the site, and these have been removed in the past year, the iron piles and sheet copper recovered being turned in to the Mt. Hope Store. A number of iron piles and copper covered piles which still remained at the dock 4 site were also removed. The Pacific Mail dock was also demolished, but nothing recovered except some iron piles and a few copper covered piles, which material was — turned in to the obsolete store. The cost of removing the old piles from the dock sites in Colon was more than covered by the salvaged material in the shape of sheet copper, iron piles, and other piling. 125 | PANAMA RAIL ROAD COMPANY. 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 $1,170,435.49, a reduction of $44,408.67 as compared with the previous year. The gross revenues amounted to $1,405,579.62, as compared with $1,350,269.94 for the year ending June 30,1917, an increase of $55,309.68. The net revenue for the fiscal year 1918 amounted to $235,144.13, which is $99,718.35 more than last year. Very few steamers stop at Balboa, and the revenues and expenses of - the Balboa docks are comparatively small as compared with the operations on the Atlantic side. The revenues from all sources at the Pacific terminals amounted to $72,726.31, which is $3,625.87 more than the previous year. Over $50,000.00 of this revenue was for handling and transferring cargo. The expenses at the Pacific terminals show a decrease of $50,236.32. The total revenues from all sources at the Atlantic terminals amounted to $1,3832,853.31, which is $51,683.81 more than the previous year. ‘There were considerable decreases in the amounts received for wharfage. and stevedoring, but there was an increase of $128,646.03 in the receipts from handling and transferring cargo, ‘and also an increase of $37,912.45 in storage charges. ‘The increase in the revenue from handling of cargo was partly due to an increase in the rates, which became effective January 15, 1918, through Tariff No. 2. The total amount received for handling and transferring cargo at Cristobal was $921,696.59, and the total amount of storage charges collected was $61,861.57. The operating expenses at the Atlantic end amounted to $1,120,776.60, practically the same as last year. The total number of tons handled and transferred on the Atlantic docks was 1,360,208; on the Balboa docks 65,328 tons were handled, which is 43 508 tons less than the previous year. 709,255 tons were stevedored at the Atlantic terminals, and 22,282 tons at the Pacific terminals. The decrease in the tonnage stevedored at the Atlantic terminals amounts to 38,358 tons. The following table contains a summary of harbor terminal openayine statistics for the fiscal years 1918 and 1917: : ITEM. A 1918. 1917. = Ronsor Carco;otevedonede.. 6 oc i ee : Mpleook 764,140 Revenue per kon SveVieGOLed.\..) sk ee $.2973 $.3131 Cost per Lontsteviedored:..( 2.0. eo) so ee $.3414 $. 3592 sons7or Carco, Handled and @ransterred...- 2.5... 5.. 1,425,536 1,670,209 Revenue per Mon bandledis 3. aie. ee ek a $.7518 $.5451 Cost-per Don Handled san ee oo i ee she $. 5304 $.5042 @ross- Operating wRevenueic. 0 es ee $1,405,579 62 $1,350,269 94 Gross Operating Mxpenses.. 2% so er $1,170,435 49 $1,214,844 16 INTEC IVG Wie TUU CH ee ike aig ee en ee $235,144 13 $135,425 78 Pew Cent: of Wxpenses to Revenues... 00.4... 55 oe. Oe 89.97 The number of vessels handled by the receiving and forwarding agent at Cristobal during the last fiscal year was 698, as compared with 873 handled during the prior year. At Balboa, 454 ships arrived. The number of tons of general cargo received from these ships at Cristobal was 780,585, as compared with 897,931 the previous year. The number of tons of general cargo dispatched at Cristobal was 572,513; during the previous fiscal year 643,730 tons were dispatched. At Balboa 46,441 tons were received and 20,710 tons dispatched. PANAMA RAIL ROAD COMPANY. 13 CoALING PLANTS. Profits from the sale of coal at the Cristobal and Balboa plants during the year amounted to $792,833.04, as compared with $523,003.03, for the prior year. The books of the railroad and the figures given in the state- ment show a profit during the last year of $1,016,784.91, but the actual profit for the year is the amount given above. The eoal was necessarily taken into account at estimated values and at estimated costs of delivery due to delays in receiving final revised invoices, and a valuation in excess of the actual cost was used in the inventory. Since the close of the year, the correct figures have shown that the profit was $792,833.04. The total cost of unloading, including necessary repairs to the plants, also depreciation on the plants and equipment and interest on the Panama Canal investment, amounted to $1,022,742.70; $820,312.78 at the Cristobal plant, and $202,429.92 at the Balboa plant. The total number of tons of coal received during the year amounted to 678,777; 568,984 tons were sold. The quantity of coal on hand at the beginning of the year at both plants was 107,636 tons, leaving 217,429 tons on hand June 30, 1918, of which approximately 200,000 tons were in storage at the Cristobal plant. The receipts {rom the sale of coal during the year amounted to $5,283,029.25, as compared with $3,467,178.40 for the previous year. 369,561 tons were sold to ships at the Atlantic terminals and 33,282 tons at the Pacific terminals. The balance was sold to the Army and Navy, the Panama Canal and Panama Railroad, and individuals and companies on the Isthmus. : The colliers ‘‘Ulysses” and ‘‘Achilles,’’ which brought most of the coal to the Isthmus since the plants were put into operation, were withdrawn from this service, and during the last year most of the coal has been delivered by outside steamers. A very convenient method of keeping up the supply of coal at the Isthmus was found in the use of vessels in the Chilean nitrate service to bring cargoes of coal to the Isthmus while en route to Chile. 87 cargoes of coal were received during the year in 46 different vessels. ao The following statement shows the quantity of coal used on the Isthmus, including fuel oil used by the railroad, and also the sales of coal, during the fiscal year ending June 30, 1918, as compared with the yen ending June 30, 1917: Fiscat YEAR 1918. | FiscaL YBAR 1917. Coal. Oil. Total. | Coal. Oil. Total. ‘panama. Ro Road Hneines. ....) 2.2.0. 579* 19,471 20,050 726 22,291 23,017 Panama R. R. Switch Engines.......... 16,913* 2,114 19,027 26,544 1,118 27,662 Panama R. R. Other Purposes.......... 18,949 — 18,949 17,764 — 17,764 Panama R. R. Steamship Line.......... 39,140 — 39,140 | 19,284 — 19.234 Other Steamship Lines, Atlantic Terminals 369, 561 = 369,561 | 314,761 — 314,761 Other Steamship Lines, Pacific Terminals.| 338,282 — 33,282 | 28,999 — 28,999 Wnited States Army. ¢ 2... 60.2 e oa 7,652 — we 652 3,038 — 3,03 WnitedeStates Navi. = 6.665 36,792 — 36,792 SU, Lo — Sukie Miscellaneous: sn oc ar a 11,570 — 11,570 10,118 — 10,118 amama@©amals «2 ee 8 ee eS ne 34,546 — 34,546 50,372 _- 50,372 | Motiles 568,984 | 21,585 | 590,569 | 508,731 | 238,409 | 582,140 *17,492 tons of coal consumed by Panama Railroad engines were supplied by the Panama Canal. During the fiscal year 86,341 Darrels of oil were consumed, which is equivalent to 21,585 tons _ of coal as above. 14 PANAMA RAIL ROAD COMPANY. OTHER OUTSIDE OPERATIONS. STABLE OPERATIONS. The expense of operating the stables at Colon amounted to $8,681.16, or practically the same as the previous fiscal year. The rental revenue amounted to $9,068.20, being $391.80 more than the previous fiscal year. The cost of operating the Panama stables was $11,682.64, which is $1,549.82 less than last year. The revenues also decreased $2,707.25, the total amount received from rentals being $5,852.60, resulting in a loss of $0,830.04. BaGGAGE TRANSFER OppRATIONS: The cost of operating the baggage transfer business at Colon and Panama was $8,437.51, and the revenues $8,254.60, resulting in a loss of $182.91. During the year the three baggage wagons were replaced by two trucks, a large Kelly- pprnebdld truck at Cristobal, and a Ford delivery truck at Panama. Motor Bus Opmrations: There were three motor buses in service continuously, and a fourth held in reserve. The total cost of operating the motor buses during the year was $39,145.26; the fares amounted to $24,075.90, resulting in a loss of $15, 069. 36. The loss last year amounted to $7, 106.84. Motor Car MacHiIne enon The motor car machine shop is used for making repairs to the motor buses, trucks in the service of the Panama Canal and the Commissary Division, and Railroad motor cars. Repairs are also made to some Army cars and to private automobiles, motor- cycles, etc., including the charging of batteries. The shop expenses for the year amounted to $28,274.23, and the receipts to $25,829.84, resulting in a loss of $2,444.39. It is expected to offset this loss in the fiscal year ending June 30, 1919, by an increase in the rates charged for repair work. OPERATIONS UNDER THE ELECTRICAL ENGINEER. TELEPHONE OPERATIONS. : ‘The cost of operating the telephone system amounted to $126,117. 04 as compared with $100,245.33 last year. 'The revenues from instruments and trunk lines and other miscellaneous revenues amounted to $119,992.54, a reduction of $12,139.24 from last year, resulting in a loss of $6 124.50. During the year ending June 30, 1918, 820 telephones were installed and 451 removed, leaving 2,523 in service on that date, an increase of 369 for the year. ‘The average number of telephone calls per day of eight hours, obtained by peg count, was 21,816, or 2,727 per hour. ‘The average number of telephone trouble: cases was 9.5 per day, in comparison with 8 per day last year. 74,843 feet of lead covered paper telephone cable, of all sizes, ranging from 5 to 200 pair, were installed, and 19,367 feet removed, leaving 092,259 feet in service. On this entire cable installation there were 14 cases of cable trouble during the year. ‘The principal items of cable installation included in these figures are a trunk cable to the submarine base and necessary extensions to the underground system at Balboa Heights, Cristobal, and Pedro Miguel. = The trans-Isthmian duct line was broken by a slide near mile post 17, on November 18, 1917, making necessary the rebuilding of 150 feet of PANAMA RAIL ROAD COMPANY. - 15 a 4-way duct and the transfer of cables. Also a 600 ft. section of this duct line was rebuilt at mile post 38, new cable installed, and the overhead cable removed at this point. The principal items of work performed by the telephone department include the installation of a new cable in the trans-Isthmian duct line for the Central and South American Cable Company, the installation of one private branch exchange at Quarry Heights, and a second at the submarine base; and the installation of a complete 14 station interphone system at the Balboa radio station. Central office improvements included the installation of additional switchboard sections consisting of two operating positions at: Cristobal exchange; two positions at Pedro Miguel exchange, and one position at Balboa Heights exchange. The question of new telephone equipment for the Chieropal exchange is being investigated to determine the best type of apparatus to install. Those under consideration are the improved type of manual with’ auto- matic listing and ringing, semi-automatic, and full automatic. RAILWAY SIGNAL SYSTEM. There were a few changes made on the railway signal system during the year on account of track changes; at Gamboa a new spur track was connected to the main line; Gamboa passing track was extended 50 feet. south, making it necessary to move one train order signal and two auto- ~ matic signals; minor track changes at Monte Lirio required some changes in signal system; the power operated train order signals at Frijoles were taken out of service on account of discontinuing this as an operating station; railway switch at Rio Grande was removed and switch signals — removed. The overhead signal cable at slide near mile post 38 was taken down and cable installed in rebuilt duct line around this slide. Also new piece of cable cut in at north end of Bohio siding on account of threatened slide, new duct line having been built. Two highway crossing bells were installed at Cristobal street crossings. All signals were thoroughly adjusted for kick off and trouble from this cause has been practically eliminated. Derails were installed at several places on hand thrown switches. There were 2,404,176 registered arm movements with 131 responsible signal interruptions compared with 2,474,210 arm movements and 115 signal interruptions of the previous year. This gave an average of 18,352 arm movements per signal failure for 1918, and 21,515 arm movements per failure for year of 1917. ‘There were 556 train minutes delay in 1918, as compared with 431 train minutes delay for 1917. There was an average ot 4.2 minutes for each delayed train on account of flagging. There was one reported false clear aspect on the 120 automatic, 16 semi-automatic, 14 power operated, 12 mechanical and 11 train order signals, for the 2,404,176 arm movements. ‘This lone failure occurred in November, 1917, and was caused by broken down insulation in cable splice. | There was an average of 46 train minutes delay and 10.9 responsible signal failures per month. ; There were three derailments at the interlocking plants as compared with nine for the preceding year; one in February at the Pontoon Bridge caused by lift rail not being properly seated; second in March at Balboa Heights, caused by error in operation by leverman i in cabin; the third in 16 ‘ PANAMA RAIL ROAD COMPANY. © April at Balboa Heights, cause remaining unknown. There was but one derailment at switches equipped with hand thrown derails; this was caused by colored brakeman throwing derail under moving car. ‘There was one failure of power operated train order signal, apparently caused by poor contact adjustment. There were 60 reported signal failures at interlocking plants for the year. This includes both mechanical and electrical signals. This was an increase over the preceding year. ‘The greater part of these failures occurred at the Pontoon Bridge, mainly from causes foreign to the signal department. Rapid filling of Pedro Miguel locks lowers the water level at this bridge about six or seven inches in a few minutes. This, and the action of a large dipper dredge which has been working very close to the bridge for several months, causes a lateral movement of the pontoon which results in opening of electrical contacts and loosening of mechanical joints. | The total amount charged the Panama Railroad for operating the signal system during the year ending June 30, 1918, was $48,708.00. OPERATIONS UNDER THE SUPPLY DEPARTMENT, PANAMA CANAL. COMMISSARY. The receipts from the sale of commissary supplies amounted to $10,239,703.37, an increase of $1,690,782.24 over last year. The amount paid for supplies purchased during the year was $8,186,209.83, and the value of supplies on hand June 30, 1918, was $2,395,388.47. The profits were $242,677.27, as compared with $194,605.01 for the previous fiscal year. The per cent. of profit remains the same, approximately 214%. On January 1, 1918, the branch commissaries at ‘Las Cascadas, Empire, Culebra, Gorozal, Toro Point, and Fort Randolph, were turned over to the United States Army. At present there are eleven retail commissaries in operation, and twenty-one manufacturing plants. During the year a new commissary was built at Red Tank at a cost of a little over $15,000.00. A new cold storage plant is being built at Mt. Hope, estimated to cost approximately $800,000.00. The amount expended to June 30th was $418,703.27. A new slaughter house at Cristobal is also under construc- tion, estimated to cost $225,000.00. The total commissary investment amounts to $0,480,686.84, ade up as follows: Commissary plants, stores, and other property, $1, 570, 634.81; equipment, $90,561.05; uncompleted improvement and construction work, $424,102.51; supplies on hand, $2,395,388.47; floating capital, approximately $1,000,000.00. The profits: amount to 4.43% on the investment. The total profits from August, 1905, to June 30, 1918, amounted to $1,167,254.98. The amount set up as accrued depreciation is $900,955.01. Hore, WASHINGTON. | The cost of operating the Hotel Washington amounted to $130,384.02, which is $19,645.69 more than last year. The revenues amounted to $114,918.10, resulting in a loss of $15,465.92. Last year, the hotel made $2,464.99. 2 PANAMA RAIL ROAD COMPANY. Ii FarmM INDUSTRIES. Under this heading are grouped the operations of the cattle industry (including the operation of the cattle ships “‘Caribbean” and ‘‘Culebra,”’ the latter having been purchased from the Panama Canal in April, for ~ $109,325.00), plantations, dairy farm, poultry farm, and hog farm, all of which are in reality adjuncts to the Commissary Division operated by the Supply Department of the Panama Canal with Panama Railroad funds. Cartte Inpusrry: Cattle are purchased in Colombia and brought to the Isthmus. The fat cattle are slaughtered almost immediately, © but the young cattle are put into pastures. During the last few years pastures have been prepared along the canal to the extent of 30,000 acres at a cost of approximately $20.00 per acre, which includes the clearing of jungle, grass seeding, fencing, and the necessary buildings for employees and’ animals. During the last year the purchasing expenses amounted to $9,280.47, and the cost of operating the steamers, $262,642.39, against which a credit has been allowed of $26,143.81, representing freight earned by the cattle steamers outside of the cattle shipments. The cost of operating the pastures during the year amounted to $90,094.54, making a — grand total for cattle operating expenses of $335,873.59. During the past year 23,275 fat cattle were imported at a cost of 1,028,964.15, or an average of $44.21 per head, exclusive of handling, and pasture expenses. 21,898 were turned over to the Commissary Divi- sion to be slaughtered, for which the Commissary was charged by the pound, $1,246,749.91, resulting in a profit to the Cattle Industry of — 100,863.36. 5,170 young cattle were also purchased at a cost of $124, 296.79. A very small number were lost by death. On June 30, there were on hand 8,818 cattle of all kinds, valued at $423,062.26. The following amounts are invested in the cattle industry: S. S. “Caribbean,” including equipment, $167,401.86; 5. 5. “Culebra,” includ- ing equipment, $114,553.05; pasture lands, including buildings, fences, etc., $604,940.00; uncompleted work in the pastures, $79,444.80; equip- — ment, B17, 658. 57; other material, $13,925.72; value of cattle on hand, $493 (62.26; other live stock, $91 852.80, making a total of $1,442,839.06 _ PLANTATION OPERATION: ‘The expenses in connection with the opera- tion of plantations amounted to $203,401.68 for the past fiscal year. Value of produce sold amounted to $75,634.10, resulting in a difference of Dy $127,767.58, part of which is a loss on crops already harvested, and the balance cost of planting and cultivating crops which have not been harvested. The value of plantations, including buildings, etc., ‘amounts to $212, 134.30; uncompleted improvement and construction work, $1,546.34; equipment, $21,853.80; the amount expended in the operation of the plantations during the fiscal years 1917 and 1918 was $138,461.83 in excess of the revenue derived from produce, making a total investment in plantations of $373,996.27. Dairy Farm: In order to provide a supply of fresh milk for employees, the dairy was started during the last fiscal year. The investment in buildings and equipment to date is approximately $108,000.00. Five hun- dred and seventy-six cows, valued at a little over $30, 000.00, produced 23,/04 gallons of milk since January. ‘The sale value of this milk was $12, 746.98. The operation of the dairy for a period of six months re- sulted in a profit of $6,815.69. 18 «PANAMA RAIL ROAD COMPANY. Poultry Farm: During the year the poultry farm at Mindi was aban- doned and a new one started at Summit. The amount expended on build- ings, etc., was $108,056.22. The value of poultry on hand June 30, 1918, was $29,539.92, making a total of $137,596.14. The operating expenses during the year amounted to $54,962.32.* The loss in the poultry Do to June 30, 1918, amounted to $8, 828.84. Hog Farm: The investment in the hog farm to June 30, 1918, was $47,604.78. The total operating expenses amount to $44,264. 69, and the loss to the end of the year was $1,422.26. The total number of hogs slaughtered during the year is 9,016, valued at $177,877.27. The value of hogs on hand June 30, 1918, was $12,201.19. LANDS AND BUILDINGS. | The rentals received from leased lands on the Isthmus amounted to $111,565.23 during the past year, and the expenses in connection with the leasing of lands amounted to $16,691.72, leaving a net revenue from land rentals of $94,873.51, which is $211.63 less than the net revenue for the previous year.’ The rentals of buildings not used in the operation of the railroad amounted to $19,512.67, and the expenses chargeable against this account amount to $16,7 8A. 10, leaving a net revenue of $2,728.57, as compared with a net revenue for the prior year of $7,623.63. - Statement of Panama Railroad leases and licenses in effect July 1, 1918: LEASES. Lots. RENTAL. : LOCATION. 7-1-17.. | 7-1-18. | 7-1-17. | 7-1-18. 7-1-17. 7-1-18. Colones oe Es 817 825 830% 833 $83,907 24 $83,090: 28 Ho xeRViCT IR (bee ea ow enee: 54 Be 54. 54 2,580 00 2,642 OO Stablesots, Colonis....... 9 Ore 12 12 ‘576 00 576 00 lhas Wsplanadass: 0. fs c0 105 103 et 122 3,986 00 3,987 00 Gavacnap alte <3 ee ce ee 153 Pe ADS 194 - 194. 8,154 00 8,378: 93 Samba Crug. ae ee 88 88 106% 106% 3,977 28 3,977 28 HEPAT NCAT stone ees 18 Hes 30% 29% 5,130 00 - 4,314 00 Ulan ONCE. 6 Gc eo es 1 1 ; 1 1 60 00 60 00 Total for Leases.......... 1,245 1 1.2481 134914 1,352)) $108,370 52) $107,025 49 LIcENSES & PERMISSIONS. Lots. RENTAL. 7-1-17. | 7-1-18. | 7- ile 17. | (-1-18. 7-1-17. 7-1-18. Miscellaneous, Colon........ 6 8 Dabs ee $165 00 $246 00 Buildings,. rooms & stores, @olon-Cristobal. -.......- tS 23 18,3867 68 21,633 O00 Gristobals ae 6 6 6 8 1,801 00 1505) 152 ING@wsA@enGyin. 355 ‘lice? 1 1,560 OO 1,560 00 Huerta-Sandoval........... 2 2 2 2 360 00 360 00 Miscellaneous, Panama..... 1 lt 1 1 O00 1 00 Sewillo mie oe. 1 De SS eee eee ; 60 00 Room in P. R. R. Station, el boa: Heichts:.. 30.0%... UL ees |e es S| a Biel alee ens heats 120 00 : Total for Licenses and Per- MOVISSMONNS 55 56 4a G0 d0 08 4056 31 43 9 1 $22,254 68 $25,485. 52 Grand Total for All eases Licenses and Permissions. 1,276 1,291 1,3584%| 1,364 $130,625 20 $132,511 O1 The foregoing statement relates to the leasing of lots by the Panama Railroad Company in the cities of Panama and Colon, as well.as a few PANAMA RAIL ROAD COMPANY. 19. lots remaining within the Canal Zone under license to various individuals and companies. A slight discrepancy is shown in the amount of approximate rental-bills issued during the fiscal year for the city of Colon, as compared with the approximate rental-bills issued for the fiscal year 1916-1917, which can be accounted for by the fact that during the year just ended one lease on a lot adjoining De Lesseps Reservation, Colon, was cancelled at the request of the military authorities, and the building thereon was acquired for account of the Army. ‘The reduction referred to can be further accounted for by the incidental cancellations and transfer of leases in the ordinary course of business during the past year. A slight increase is shown in this report in the amount of approximated rentals on lots leased in the Fox River District, Colon, as compared with the fiscal year 1916-17, which is accounted for by the fact that certain leases calling for merely nominal rental rate on lots in that district were cancelled and new leases substituted therefor calling for a higher rate of — rental. An increase of approximately 17% is shown for the fiscal year 1917- 1918 in the amount of rentals collected for buildings, office rooms, and storerooms in Colon and Cristobal. All of the rooms in the Masonic Temple Building, Cristobal, except that used by the land agent as an office, and all of the rooms in the Panama Railroad building in Colon, have been occupied during the entire year by lessees of the Railroad Company. | The Masonic Temple property has been taken over by the Panama Canal, constructively at least, along with other privately owned real — estate in the Canal Zone, by virtue of the President’s depopulation order of December 5, 1912, but nevertheless the Railroad Company has con- tinued to collect the rentals from the lessees occupying the Masonic Temple Building. In the Guachapali District, City of Panama, some ground was added to a lot held under a lease, whereupon an increased rental was put into effect on that particular lot. In another case in the same district, a lodge organization was being charged only a nominal rental for the ground held under lease by them. Contrary to the provisions of the contract, the lodge sub-let a part of the lot so held by them, whereupon the rental thereof was increased to the full commercial rate. These two changes account — for the approximate rental increase for the year 1917-1918. In the Panama Railroad yard, one short term lease on a lot was can- celled, which accounts for the discrepancy in that item, as compared with the report of the preceding fiscal year. The total number of leases, licenses, and permits issued by the Rail- road Company on lots in the cities of Panama and Colon, and in Cristobal, — including licenses for the use of lots in Cristobal, issued by the Panama — Canal, in effect on July 1, 1918, was 1,291, covering 1,364 lots, for which bills were issued in the amount of $132,511.01, as shown by the records of the land office, which figures are $1,885.81 more than those shown by the corresponding item in the report for the fiscal year 1916-1917. The total amount of money actually collected on account of the items in the preceding paragraph during the fiscal year just ended, as indicated by figures submitted to this office by the Auditor, was $131, 530. 48, which represents an increase of $276.67 over the actual collections on account of the same items for the year 1916-1917. The monthly reports of the land office to the New York office of the - Di) PANAMA RAIL ROAD COMPANY. Panama Railroad Company, show that 22 new leases were issued during the fiscal year 1917-1918, which leases covered 221% lots, all in the cities of Panama and Colon. The majority of the new leases covered by this item were renewals of old leases. No fires, which affected property situated on Panama Railroad lots, of sufficient importance to warrant any mention here, occurred during the fiscal year. The land which has been made by filling a part of Manzanillo Island was used as a site for quarters for Panama Canal and Panama Railroad employees. ‘This district is situated in the northeast part of Manzanillo Island and is known as New Cristobal. The houses there erected are of the usual cottage and four-family type, and their number during the fiscal year 1917-1918 has been increased to the total of 54. During the fiscal year ending June 30, 1918, a fill was completed which covers approximately all of blocks 55 and 66, and the west half of block 64, Manzanillo Island. This area was placed in municipal order and was used as a site for the proposed new Panama Railroad stables, the proposed new incinerator, and the slaughter house for the Municipality of Colon, which is now in the process of erection. As an incident of filling this area, a part of block 54, not fronting upon Broadway, will become available for building purposes with slightly more municipal work having to be done. It is proposed to condemn the present stables situated in the neighborhood of Ninth Street, Colon, approximately in the area designated blocks 27 and 30. The leases held by various persons on stable lots in the vicinity have, as a matter of fact, already been cancelled. GENERAL. The interest on money deposited in the Commercial National Bank during the year amounts to $5,062.05, as compared with $10,204.87 last year. The net revenue from all operations amounted to $1,849,411.33; but from this amount was deducted the Railroad’s proportion one come tax and capital stock tax paid by the New York office, amounting to $70,440.86, and the amount of back pay paid to employees of the transportation depart- ment, $16,847.49, a total of $87, 288: 30, a a net income of $1, 762,- 122. 98. ; 4 See or EXPENDITURES UNpER APPROVED A. F. E.’s. For AMOUNT. Ach. H. No.. 719. -Construction Ferminal Docks; Cristobal. 3... cs. es $237 16 (so. <-Ad ditional: Hill CristobaliVloles se es ee 44 03 864 Construction of Track Mard at Cristobal Docks...-4 2.) 72-2454. 4. 426 66 880 Clearing Pasture Lands for Commissary Department............ 410,841 58 881 Construction of Terminal Office Building, Cristobal.............. 43 21 885 Construction of Five Reinforced Telephone Booths.............. 480 29 898 Approach Fill and Track Yard for Pier No. 63...°............-. 976 33 S993 Mole:to-bier No 6 Cristobalt 0 ao ee a 8,089 62 9002 Construction Local Freight and Baggage Room, Cristcbal........ 4.535 58 900b Design and Construct Launch House and Boat Landing BE oti 92 900c: “Customs line Hence, Gristobal. <=. 2. eo Aaa 82 50 900d Constructioz of Roadways, Cristobal Docks.................... 521 28 9207 Construction mien 6. Cristobal cc 3c ot ee ee ( 296 41 904 Install Laterals for Telephones, Orolo Oe an 383 58 9283. -Demolishebiern 4 Colonie. a... kes ee re Ras ee *4,991 04 929 Undergrounding of Telephone System, Pedro Miguel...... cess 3 16 939 Construct 6 Retrigerator Cars.......... SCE ees a ae tae Wig ee 15,867 30 PANAMA RAIL ROAD COMPANY. A. F. KE. No. For Machine Shop for Cristobal Coaling Plant............:......... Construction Storm: Sewer Colonie... 25:25... 4) se improvementiat, balboa Comiumissarye ss 4. cs. oo a: ee Demolish tRacuiic Mia Wock jee cece re recs os Work in Telephone Exchange House, Cristobal.................. Constuction: Cattle Whart,, Miratones Wake. 40. ...:...5.-.. 25.0). Driving 8 Reinforced Dolphins at elersid 189. Cristobal. «4... Construction Boat Landing, Cristobal Coaling Plamteercs = Installisewer ineReyes Alley. Colon.) 2. 1078 Vigpsign! ing machine shop to new location at Cristobal Coaling GAGLO ME eee en SE eee ee pe ace gE 1OSIe Construct toolshed. Panama yards... 2615s) ee 10823 sRiepains to launcha se arnye Sin as ees ew cen oe ee 10834 Miuinicipaliwork Colom Mmxtensloms «cn: ) 1.1 she ee ee 10845 Constnuctvorbances tor mlantatlons. 104i es i ees 1085.2 installi waterline: Bracho Plantation cdc or Shes 10367. Install toletsiimisection house, Corozale3 6 5950.) ss a: 10S DemcolisheDock 2e Colonia iii eo ee ee 1091 Install. cables and laterals at De Lesseps and Cemetery Ridge, Balboathleiointeick ee sci es ens See ee alee cue 1092 Repairs to flat cars used by Fire Department................... 1093S? = RebuildemotorousyNos Mees ers ee ere aa ae ie ee 1095 Construct concrete platform at Corozal fer loading manure....... 1096 Repairs to root Masonic PRemple, Cristobal. ..:..%..........:... 1097 Set up 4 chass:s and canstruct 4 bodies 6 ee 1098 Clearing for 60 acres of plantations at Flat Rock................ 1099 Construct: dock at Gamboa... oe ee 1101 ~=Insta]] additional charging equipment at Charging Station, Ciscoe OZ) \- Crosse trop and track at Wlonye Limo. a.2. 5 ae eae 103) Inrigationsystem at @bilibne Plantatlom.: 0.0500) P04) rrication system at limon blantatlome) <5.) yc te cee 1105 Construct crossover at. Cristobal Coaling Plant Vinduet 3. 5 1106 . Irrigation system at Las Guacas Plantation....................% 1107 _Electrify 2 hand driven reloader hoppers, Cristobal Coaling Plant. . 103). Construct stablesiat lias Guacas Plantation... /2:...........-..: TOR lnstalleain lines; @ristobal Docks... 05 ss se ee Tbs eInstalies-log gongs: @ristobalsWocks...5.+. sc uneears es ol 2S Bulvierize LOO Ons TOCk a.) ean fe cy es eae soa tae ee ONS 113 Repairs to roof and veranda, Hotel Washington............ pea an 1114 Construct house track, etc., at Gamboa bear aba aes Nau rey uence eet oa 1115 = Install wireless outfit on Steamship ‘ kCarib bean) eotcs imc ee PG Constnuct spun tor catulevat Ummit es a cio seit hoc. 1S Repairs to Gatun commissany, and plattorm. 5... sas. tee 1119 Manufacture egg crates for poultry farm, Summit............... 1120. ~=6 Alterations to cattle industry office............... fig aes oa eeee eee Ai 1121 Repairs to roof of charging station, Cristobal docks.............. 1122 Puttine-two; 600) ton barges Into serviGe. ee ee es oe ee 1123 Install cables Cristobal yard office to new cold storage pleat Se ein 1124 Construct bridges and roads at Limon plantation................ 11252 Clearinevat limon: blantationasc s)he ry a ee 1126 Construct bridges and roads at Las Guacas Plantation.........-. 1127 ~=Clearing at Las Guacas Plat atlON Sea ask eo oe a aah ohne eee 282s sPaintine-at Hotel wWashimetomcn. 5. a ee ne tye see Design for three story slaughter house, Cristobal................ Repair and paint American Consulate Bldg., Colon.............. AMOUNT. 9,570 53 9,365 61 96,370 74 2,272 87 4,794 57 966 52 32 76 *3,560 24 1,015 17 528 46 5,639 30 627 28 836 44 10,506 80 421 99 8,112 81. 342 87 1,554 67 2,736 72 388 07 4,865 60 2429 31 7,152 88 6,961 10 2,626 36 507 96 4,324 58 2,652 43 337 40 47 92 52,517 88 1,084 37 241. 49 99 *20,335 99 637 80 472 41 1,249 97 &70 28 1,025 52 3,968 11 3,209 O1 PANAMA RAIL ROAD COMPANY. 23 ASHE. No. list 1132 1133 1134 1136 1137 For AMOUNT. Paint drawbridge and span over French Canal.................. $1,361 41 Buildemantrerchutesat Gambonw. 111095. a es 104 56 Construct roads at Juan Mina Plantation.;../.1............... 445 66 Repair dynamite dock at Mindi for cattle industry.............. 3,676 08 Clearing 90 acres for sweet potatoes at Las Guacas.............. 3,446 56 Install toilets on roof of building 1000, Colon................... 249 91 Constructstwo tank Carse ssf. i. ein ee ee re 3,364 42, Dismantle two coal barges............ Bae sera reset oEG io SUE LUGS Gal hE 1,046 98 Extension: to, Wa Bocaicommissany.. 6) 6 see ec odo) lel Remove and clean electrical equipment from drawbridge over French Cae eae ae i eee re ue sagen Gey ae ale wean 166 26 Construct section: house at Pedro Miguel. ................ 05... 276 56 Remove track scales Piers 7 and 8, and concrete openings....... A 916 78 Construct three conveyor booms............. began eee ae ass 3,013 64 Grading at Red Tank commissary.............+. Regia ney th ehene (olet 447 21 Install oil burning system, Washington Hotel ranges.............: 39 70 Construct silver toilet, Balboa Coaling Station................. # 369 17 Extension 20 foot apron and rail bottom, Balboa Coaling Station.. 1,388 87 Repairs to roof of Ancon laundry................ RU SS ce pip nants 319 31 Convert 201eclass engine to ollburmet: «2 a5 6616) oe cae 620 56 Build incline for Automobiles, Balboa terminals................. 140 24 Alierations.to credge: Culebra, tor cattle: .15 2) Laying pipes at Chinese gardens, Summit.......:.............. 259 73 Demolish section house; Pedro Miguel: 22. 254....012..5.4 59 90 Construct 3 section houses, Monte Lirio, Gamboa and Frijoles.... 429 65 Manufacture caterpillar transfer for Cristobal docks............. 41 13 Repairseto was Cascadas statlonew +) 04 577 48 Repainsetoroomorpulldine 1OOOsColom (242005516 5,115 92 Construct bodyaion barrage truCk: 9 6 a ee 1,143 79 Lay concrete floor and rat proof section house, Corozal........... 486 37 Construct new rallroadistation, brioles. 26 =.) 6 144 \48 Repairsstosbanges: 149 andeloWien 545 \ occ oe ee ee 1,496 29 Improvements to section house, Gatun.......:::......:.-%..... 175 89 Hxtend plationm 100 feet Darien Station....=.. 22-0 3 ee 108 85 Repair two viaduct car motors, Cristobal Coaling Station........ 5 00 Clearing for 28 acres Bananas, Limon Plantation................ 11E 207, DerwViayvo-coalibargesslo andyilen 540 Goon a Makingditehes, was Guacas Blantatione. 2.2.24 0.0.5) are 162. 34 Repairs to steamship. West havens. 96 io ee vegan 543 30 Complete underground telephone system,. Ancon, Balboa “and : Balboartleiahts tig tena een nie eee Y hacer oR a sete tes 150 16 Alterations to Ancon laundry for tailoring department........... 212 18 Install additional switchboard equipment, Balboa Hts. exchange. . 3,148 94 Renew water lines at Washington Hotel................... 49-4 216 55 Paint interior of offices, Cristobal Coaling Plant........:........ 118 64 Imstallvcables at Corozalec.. 600 are e EN ee Lawes 216 31 Construct office and laboratory in bakery at Cristebal........... 19 95 Raint Cristobalvabattoinccc. + oe in ee oe 10 88 ‘Concreting under Balboa commissary spur.............--.-+---- 2.441 74 Hrect shelter shed and platform, Red Tank Station.............. 560 22 Construct new slaughter house; Cristobal........:........... 22. dl 48 Construct new: cinder platform, New Gatun....................-- 365 90 Repairs britishs«Consulatesbuildinos Colon... 2:4.) 00. 218 28 Construct buildings at Caimito pasture........ Rae pen cetacean tea 18 74 Paint rail around Washington Hotel swimming pool.............. 163 78 Screen and install door checks at Hotel Washington.............. 1,074 45 TO tallies soe SN ees es Siw cls ene eee Parco e leery eat ga $1,469,880 18 *Credit balance—due to value. of material recovered being credited to these A. F. E.’s. 24 PANAMA RAIL ROAD COMPANY. GENERAL REMARKS. Subject to the necessary Governmental restrictions regulating the movement and operation of the ships of all Steamship Lines and their cargoes alike the vessels of our Line were continuously operated during the fiscal year with but one serious accident that involved the sinking in New York Harbor of the U. 8. C. T. “Saratoga” by this Company’s S. S. “Panama,’’ as a result of which the latter ship was practically un- harmed while it is our claim that responsibility for the heavy losses sustained by the “Saratoga’’ does not rest wholly upon this Company. The net revenue derived from the operations of the Steamship Line was $1,359,208.00, an increase of $196,407.54 as compared with the pre- ceding year. The operating revenue was $5,649,729.68, an increase of $1,541,317.382 over 1917. The percentage of operating expenses to revenue was 75.94% as against 71.70%, an increase of 4.24% as compared with 1917. The progressive advance in the cost of all operating items referred to in the report of 1917 continued during 1918, especially in respect of prices for material, skilled and unskilled labor, Owing to the shortage of labor that seriously interfered with the prompt execution of orders for work and material, coupled with the high cost of living that justified demands for higher pay, a condition was produced where the chief consideration became unavoidably one of expediency to secure results rather than the cost in money. Since December, 1917, the wages of the Officers and crews on the Company’s steamers were increased by a war bonus of 25% on those vessels operating along the Atlantic Coast of the United States, and by 50% on those vessels that were operated in trans-Atlantic trade. To offset the advance in operating cost it became necessary for the Company to make comparatively small advances in its tariff rates from the United States, and to depend upon its cocarriers on traffic from the West Coast to produce sufficient increased revenue. The repeated demands for advance in pay by stevedore’s employes and longshoremen, together with the higher cost of material, made it impossible for contracting stevedores to continue their labors on a price per ton basis. Accordingly, late in June, the method of “‘cost plus’ in use by the United States Government for that work was adopted by this Company. During the year the Steamships “Colon,” “‘Panama,”’ “Allianca,”’ “Advance,” ‘‘General G. W. Goethals” and ‘General H. &. Hodges” were regularly engaged in handling the traffic between New York and Cristobal. The Steamships ‘“‘Achilles’” and ‘‘Ulysses’”’ were assigned at the urgent request of the Shipping Board to assist in relieving the serious coal situation existing in New England. The ‘Ulysses’ was so engaged from February 13, 1918, to October 8, 1918, and carried 271,377 tons. The “Achilles” was so engaged from January 5, 1918, to October 11, 1918, and carried 329,2041% tons. There was a total of 600,58114 tons trans- ported by these two vessels from Hampton Roads to Boston. ‘The - _ Steamships ‘‘Ancon,” ‘Cristobal,’ “General W. C. Gorgas” and ‘‘General O. H. Ernst” were engaged in carrying coal from Hampton Roads and New Orleans to the Canal Zone, proceeding thence in ballast to ports in Chili for nitrates for account of the War and Navy Departments that were discharged at various ports in the United States that best suited the needs of the Government. ‘Two of these cargoes, after arrival of the PANAMA RAIL ROAD COMPANY. 25 vessels at Baltimore and New York, were found to be required in France, ~ and the two steamers proceeded to a port in that country where discharge was effected. : The total number of tons of coal carried from Hampton Roads to Cristobal by steamers of the Shipping Board was 512,087 tons. Such vessels would in regular course have been operated by the Shipping Board ~ in ballast from Hampton Roads to Chili to load nitrates for the War and Navy Departments. Arrangements were made with the Shipping Board to allot to this Company the capacity of those ballast steamers en route for the transportation of coal from Hampton Roads to Cristobal upon the payment by our Company as a freight rate of the extra cost of their operation with full cargoes to Cristobal rather than in ballast to that port. That cost, figured on the basis of a time charter rate of 40 shillings per deadweight ton per month, was estimated to be approximately $2.80 per ton, with free loading and free discharging, and to protect the Ship-— ping Board against the possibility of loss, a rate of $3.00 per ton was paid by this Company for such transportation. The number of tons of coal carried by the Company’s steamers from Hampton Roads was 350,380. The number of tons carried from Gulf ports of the United States was 21,478. | It became necessary during the year to secure additional pier space in New York Harbor. The Steamship Line is now occupying the whole of piers 65 and 67, and part of pier 42, N. R., the latter secured under a lease from the Royal Mail Steam Packet Company at a per diem rate that was approved by the Commissioner of Docks of the City of New York In the Fall of 1917, the procuring of bunker coal for the Company’s steamers at Cristobal was discontinued and arrangements made to acquire @ necessary supply at New York, first by contract and later with the assistance of the Fuel Administration, we secured our requirements from the fuel allotted to vessels of the American Steamship Association. | The entrance of the United States into the World War and the danger of the Company’s steamers being attacked by German submarines that were operating along the Atlantic Coast of the United States, coupled with the fact that several of our steamers had been pursued, although none was actually attacked by them, made it necessary to increase the inadequate armament already placed on a number of our vessels to an extent that would permit of their being successfully defended against attack even by gun fire. The thanks of the Company are due to the Navy Department for their co-operation in furnishing a satisfactory number of guns of modern type and calibre with experienced gun crews to operate them. Such armament was placed on the ‘‘Achilles,’’ ‘‘Ulysses,”’ “Colon,” Panama,” ‘“‘Allianca”’. and ‘‘Advance,”’ and steps were under way to similarly arm all other steamers of the Company’s fleet upon their respective arrivals at New York when the peace negotiations made further work in that direction unnecessary. ‘The type of guns installed ranged from 3.50 to 5.51 calibre. The expense of making structural changes in the steamers to permit of the installation and operation of these heavy guns was very high because of existing labor conditions at the time the work was done but the need for installing guns in view of the large number of passengers and crews carried on the steamers was so apparent that the question of expense was considered of secondary importance. ‘The pas- senger capacity of the ships so armed was materially reduced because of 260 | PANAMA RAIL ROAD COMPANY. the need to provide quarters for the gun crews, but their ny at sea. was practically assured. The re-boilering and overhaul of the 8. 8. ‘“‘Ancon’’ was completed at the Balboa Shops of the Mechanical Division of the Panama Canal but at an expense of approximately $200,000 in excess of the amount appropriated by. Congress for that purpose. ‘The increased cost of labor and material was responsible for part. of that expense, but it was due in a large measure to the additional work that was found necessary when the steamer was opened up for repairs. The 8.8. ‘Cristobal’ is expected to undergo similar repairs during the early part of 1919. At the time the Company’s steamers were assigned to the transporta- tion of nitrates urgently required by the War and Navy Departments from Chili to the United States, the ruling rate by outside steamers was $35 per ton. Our charge to those Departments was fixed at the outset at $25 per ton, with the expectation of making further reductions when — actual cost was determined. ‘The rate was later reduced to $18 per wer which afforded a reasonable profit over cost. The service to Haiti has been maintained and developed with satis- factory results to the Company as well as to the merchants of that country, but it was found necessary because of the inadequate lighterage facilities existing at St. Marc, to discontinue operating to that port and extend our service to Port au Prince, where steamers can safely lie a a wharf. The special rate of $1.25 per ton that was fixed several years ago for the transportation of cement for account of The Panama Canal between New York and Cristobal, after deducting from our actual transportation cost allowances covering the charter rates for the Steamships ‘‘Colon’’ and ‘‘Panama,” was increased with the approval of the Governor of the Canal Zone to $4.50 per ton, effective with the first sailing from New York after June 30th, 1918, that figure having been established as approx- imating our actual cost. The price of coal trimmed into the bunkers of steamers was increased on November Ist, 1917, from $8.00 to $10.00 per ton at Cristobal; and from $9.50 to $11.50 per ton at Balboa. On January 15th, 1918, a further increase was made from $10.00 to $11.00 at Cristobal, and from $11.50 to $12.50 at Balboa. ‘Those increases were necessary because of the large increase in cost of coal at loading ports in the United States and the fact that the cost of transportation to Cristobal in the Nitrate steam- ers of the Shipping Board averaged $3.45 per ton, as against a cost of $1.55 per ton by the ‘Achilles’ and ‘Ulysses’? that were especially designed for the carriage of our coal to Cristobal. The effect of the unavoidable use of the “estimated” instead of the actual value of coal handled at the Isthmus in order to close the Com- pany’s books for the fiscal year is explained elsewhere herein under the heading of ‘“‘Coaling Plants.” Our requirements for coal at the Isthmus were adequately provided _ for through the co-operation and assistance of the United States Fuel Administration and the Tidewater Exchange at Norfolk. It was deemed advisable to continuously avail of every opportunity to steadily increase our supply at the Isthmus in anticipation of a possible scarcity during the Winter months of 1918. The policy followed proved correct, and we have on hand a sufficient wy to meet all our requirements, even PANAMA RAIL ROAD COMPANY. 27 though only moderate shipments are forwarded from the United States during that period. A contract: for the construction of two 7,500-ton barges, under Con- gressional appropriation of $1,600,000, for transporting coal to the Isthmus in tow of the Company’s colliers, was awarded by the Emergency Fleet Corporation to the Alabama Dry Dock and Shipbuilding Company. Work on these barges is now in progress and it is hoped that delivery will be effected during the Summer of 1919. : The two 600-ton coaling barges referred to in the last report were constructed by the United States Steel Products Company and delivered at New Orleans, from which place they were towed to Cristobal where they arrived in ‘December, 1917. Shortly after their arrival the Navy Department requisitioned them for use in bunkering of steamers at Hampton Roads. The transfer was effected to the Navy Department at the Company’s cost. At this writing it is not contemplated to replace them. ; | | During the year the American Foreign Banking Corporation secured control of the Panama Branch of the Commercial National Bank, and was in June, 1918, designated as a depository for the Company’s funds there, following such action by the Treasury Department and The Panama Canal. The Company, for account of its Reserve Fund and its employes in every Department, have for their own account subscribed freely to every Liberty Bond issue and War Stamp and Red Cross campaign. During the year a series of changes occurred in the Board of Directors as follows: Major Benedict Crowell elected August 24, 1917, vice Colonel atl _ I. Brown, resigned August 24, 1917. Mr. R. K. Morris elected November 1, 1917, vice Lieut. Col. W. R. Grove, resigned October 31, 1917. Admiral H. H. Rousseau elected December 28, 1917, vice » Admiral Hugh Rodman, resigned November 10, 1917. , Commander L. R. Sargent elected January 18, 1918, vice Commander H. I. Cone, resigned January 18, 1918. Mr. T. L. Clear elected May 13, 1918, vice Major Theodore H. Dillon, resigned April 13, 1918. Respectfully submitted, EK. A. DRAKE, New York, N.Y. : | Vice-President. December 2, 1918. 3 | 28 PANAMA RAIL ROAD COMPANY. THE PANAMA CANAL CANAL ZONE. SUPPLY DEPARTMENT. © Balboa Heights, October 28, 1918. THE PRESIDENT, PanaMa Ratt Roap COMPANY, BaLBoA Hicuts, CANAL ZONE. SIR :— : ANNUAL REPORT—OPERATIONS OF COMMISSARIES, PLANTATIONS AND PASTURES—FiISscaL YEAR 1917-1918. I beg to submit the following report covering the operation of the -commissaries, plantations and pastures during the fiscal year ending June 30, 1918. COMMISSARY DIVISION. The Commissary Division has been in charge of Mr. J. J. Jackson since October 8, 1917. Prior to this date it was in charge of the under- signed. This division operates the line commissaries, wholesale and manufacturing plants, etc. ‘The plantations, hog, chicken and dairy farms were operated by this division up until October 8, 1917, at which time they were taken over by the Cattle Industry. The sales of commissary supplies to steamships using the Canal and its terminal facilities increased from $381,602.46 in 1917 to $570,722.95, an increase of $189,120.49. ‘These sales will undoubtedly greatly increase when normal shipping is again resumed, as the ships appear to appreciate the opportunity of purchasing their supplies, expecially groceries and cold storage articles, under governmental supervision. | The total sales of the Commissary Division for the fiscal year amounted to $10,239,706.387, as compared with $8,779,742.57 for the preceding period, an increase of $1,459,963.80. The net profits of the operations of the Commissary oe for the fiscal year amounted to $242,677.27. The following is a statement showing the location of purchases made during the year, as compared with the previous fiscal year: LOCATION. 1917. 1918. United States....... .: SUP Ga slotee ane eign ee cereeuaci esegonatameuset = $6,391,020 91 $5,429,445 74 HORCISN ses Sh alsin) Nyt a ean ae eo Bega Oe pon ieee 509,922 73 201,152 80 EOC Bea eee ee eae pe aap nay trae ea neta Dn, ery sa ON os UR arn 423,446 86 571,661 57 sbheseanamarCanal. se soto ee ee in atone 82,283 09 112,950 55 Central andiSsouth AmentCat . 60245 ee a ee 811,923 97 : 1,870,999 17 Rotalss 42 ee Sea a RGR Cette aan aae $8,218,597 56 | $8,186,209 83 *Of this amount $1,738,854.65 was for Cattle, Poultry and Hogs. PANAMA RAIL ROAD COMPANY. 29 CATTLE INDUSTRY. The Cattle Industry was in charge of Mr. W. B. Brown up until October 8, 1917, at which time the pastures, plantations, hog farms, chicken farms and dairies, which were taken over on that date from the Commissary Division, were placed in immediate charge of the Supervisor, Dr. W. J. Taylor. Under date of April 15, 1918, however, Mr. Brown was placed in charge of all operations of the Cattle Industry, with the excep- tion of cattle purchases, including pastures, plantations, etc., and has continued in charge to the present time as Superintendent, Cattle Industry. Mr. J. H. Humphrey was appointed Cattle Buyer, Cattle Industry, under date of April 1, 1918, reporting to the Chief Quartermaster. Purchases: The cattle contract for 1917-18 was completed during April of this year. A new contract for 1918-19 was entered into with Colombian cattle men for 37,500 head of beef cattle at $0.04975 per. pound. The purchase price has changed very little in the last three years, as is evidenced by the following table: No. oF Breer Carrie MINIMUM GROSS PrRicrE PAID PER YEAR. PURCHASED. WEIGHT PER Heap. POUND. THO EG) ares Seen ace ae artes a raeoeee der, 10,000 927 lbs. $0.0445 OM eee eee ee ee oa 14,000 950 lbs. 0.0448 HOR Re ke as ee ee a ks 3) 00) 870 lbs. - 0.04975 In addition to beef cattle purchased during this fiscal year, 3,000 three year olds were also purchased at $26.25 per head, and several thousand head of beef cattle were bought in the open market in addition to those on contract at prices varying from .0425 per pound to $41.00 per head. The large increase in purchase of cattle this year was made in order that we might supply the U.S. Army in the States with beef. It is expected to supply the Army from this source with 18,000 to 20,000 head during the year. In addition to cattle purchased i in Colombia the following is a list of other articles purchased in that country and delivered to the Commissary Division during the year: QUANTITY. NUMBER OF POUNDS. PRICE. Hogs Seo 2ehead i ee eee 1,064,371 .11 per lb. COL oe EN ee 135,483 .02 per lb. SU aT Re ea ea eeeg 423,510 .0579 per lb. Sheets AO BNC aie ca ea Oe ae ete ne — 4.75 each Chickens, AD eae acai eee oe ne es 105,389 .18 per lb. Ducks, 7400) ee ee 19,088 .15 per lb. Turkeys, 5, Ae i Eee ECP ae a ere eee eo ane 45,716 .21% per lb. pole Sree Panama ca Spa i hee A Mea oa ne 175,284. .10% per lb. BRAN eee Oe te roy oe ee ea ees, 150,000 .90 per cwt. Black SULA 5s ace ee ee 138,000 gal. .08 per gal. Yams. Wee eee echo e oe le oars oars Pesta ues 385,376 .018 per lb. Bali @ ile ee ee ee 11,200 .10 per lb. eines i ee ee ee Oe Cee eae 3,600 .11 per lb. OAS ee ee ne 10,000 : .05 per lb. Cocoanuts 42 0602 ees a .02% each Butters ee Ce PN na Pe ee ee Mme ca, 4,065 .45 per lb. Blamtaing ee oe OR OS ra ea 176,650 0025 per lb. Mochila indian Bars, G00; 4...) 5 — .22 each @olombraniGrass Mats; 438. 9.03 eee — .75 and $1.25 each OTSeS 20 ee ee ee — 70.00 each Grass Seed 70,000 .14 and .20 per lb. : The above items were all brought to the isihmus on the §. S. “Carib- ean.’ 30 PANAMA RAIL ROAD COMPANY. Transportation: The 8. 8. “Caribbean” completed 40 trips to Colom- bian ports during the year, bringing to the Canal Zone 18,499 head of beef cattle, 1,300 head of three year olds and 975 cows. This ship had alterations made during August and September, increasing her carrying capacity from 450 to 550 head of fat cattle. In February the S. 8S. ‘‘Carib- bean” commenced carrying a limited amount of commercial freight from Colombia via the Isthmus to New York. From the period of February to May, inclusive, 1,800 such shipments had been handled, in which were included gold and platinum to the amount of $338,688.55. The dredge ‘Culebra’ had temporary alterations made and was placed in the cattle service during the period of August and September, 1917. This ship was again taken for cattle service in April of this year, and is now transporting cattle. She completed twenty trips during the year, bringing a total of 4,440 head of beef cattle and 1,834 head of three year olds. Clearing: The total virgin clearing for the year amounts to 9,502 acres, reclearing 5,700 acres and 10,200 acres seeded. The total area of completed pasture on June 30, was 21,253 acres. The grand total of complete and uncompleted pastures was 30, 247 acres. All constructing gangs were laid off at the commencement of the rainy season, May Ist, except small fencing gangs that had been kept in the fields. The total of fence lines run amount to 94 miles of 4 strand barbed wire fence. — Sales of Cattle: Sent to the Abattoir to June 30, 21,731 head of beef steers, 155 bulls and 234 cows. Sales were made to ships of live cattle numbering 99 head. PLANTATIONS. Of 15 plantations and farms in operation at the close of the last fiscal year, one has been eliminated, i. e., Emiliani, consisting of a cocoanut grove, this area being taken over by the Army. Three plantations have been consolidated with other adjoining plantations to minimize the accounting and supervision as follows: Mindi and Bracho, and now known as Bracho-Mindi; Davis’ place with Frijoles, and Las Guacas with Limon. Two plantations have been — Flat Rock on the Chagres River and Gatun corn farm. While it is true that the operating expenses for the past fiscal year exceeded the revenues, the productiveness of the plantations have been ~ greatly increased and an important step taken toward placing the Isthmus on a self-supporting basis, thus decreasing the tonnage required to import food-stuffs. Our experience has demonstrated that small crops and truck gardening is unprofitable to handle directly. Crops of this character will be operated under contract with Chinese, as is now being done at Frijoles and Summit, the Chinese being the only labor that can be relied upon to ene the intensive cultivation these crops require. : Pouutry Far. Mindi: At the close of December the Mindi poultry farm was aban- -doned, principally due to heavy losses sustained by the birds during the rainy season. ‘These losses were due to unfavorable location, making it impossible to expand or properly take care of the stock. | Summit: This farm was completed early in the year and provided with model yards, buildings and equipment. ‘The plant represents an investment of approximately $100,000.00. PANAMA RAIL ROAD COMPANY. eal In October, 1810, birds of pure breed stock were imported from the States, and again in December 153 were so imported. ‘These birds were selected by an expert from the farms in the eastern States, and represent the following breeds: Single and Rose Comb Rhode Island Reds; Blue Andalusians, Silver Grey Dorkins; White Plymouth Rocks; Single Comb Minorcas; Single Comb White Leghorns; White Wyandottes, and Butter- cups. ~ Weekly shipments of fowl are received from Colombia and the best of these are selected and retained for the farm, the balance being sent to the abattoir. With the native Colombian birds retained, the imported strains are bred. Two 3,600 egg incubators are now being used, and hatches are obtained approximately every three weeks. In the space of six months 23,914 dozen eggs have been calcd the commissary from this farm, and the monthly shipments are now averaging 3,000 to 4,500 dozen eggs. In addition, weekly shipments of broilers are being made to the commissary. This farm 1s practically on a paying basis at the present time and a promising future is assured. Hoag Farm. All construction work has been completed, and the cost of the plant ig approximately $50,000.00. ‘The most serious obstacle we have had to contend with here is hog cholera, introduced through native hogs. ‘This has been finally controlled, and the months of May and June were our first months without loss from this source. | We have gradually built up a good breeding stock, consisting of 210. sows, of which 100 are Berkshire, and also have 5 registered Duroc and two registered Berkshire boars. This breeding is meeting with much — success, and in another year will go far toward supplying pork on the Isthmus. During the year 8,640 hogs were sent to the abattoir, most of which were imported from Colombia. he FARM. The construction of the Dairy farm was commenced in July on a loca- tion about half way between Gatun road and Mindi station on a line with the Mindi Diversion. Four milking barns, with a capacity of 80 head per barn, a refrigerator and milk house, all concrete, have been erected. Also a frame cottage for foremen, two story barracks for laborers, and — stable have been erected. The plant investment represents approximately 103,000.00. A thousand head of range cows were brought from Colombia to stock this dairy. It is expected to purchase in the States 100 Holstein cows and a few good Holstein bulls, and from this stock gradually build a repre- sentative herd. The silos are being filled with cane and corn insilage, to be used in feeding dairy cows. This farm has been in operation since January, and the milk production has steadily grown from 971 gallons in that month to 5,373 gallons in June. In addition to thin milk production, _ 336 calves have been sent to the abattoir for veal. This plant is on a paying basis. 7 Respectfully, R. K. Morris, Acting Chief Quartermaster. 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. - PANAMA RAIL ROAD COMPANY. HXHIBIT A. 33 IncomE AccoUNT AND PRorit anp Loss ACCOUNT FOR THE YEAR ENDING JUNE 30, 1918. INcomME AccouNT Ratt Roap— Gross Revenue trom: Operation. .34... 4.405). $3,528, 746 @perating Hixpenses a. ee a 3,166,980 Net Revenue trom @peration::.<-....0 2.04. STEAMSHIP— : Gross Revenueinrom Operation. 7.05.90. 5 5 9 ee $5,649,729 Operating Eixpensesss ee ae hr Gi ee ae 4,290,521 Net Revenuetrom- Operation: ............. 2)... 4... MotaleNet Revenue trom Operation..©.................- App Income FRom— Interest andl xchange 8. ree oe eee ee $122,855 Rentals..... OGL Se a Gets oince te Abs tae eee ie ean Asam OAM ey cetera 97,602 Result. Commissary, Operations...) 626 242,677 Results@oalk@perationss-. i ee 1,016,784 Result. Cattle @Operaions : ste, 2 ae 100,863 Resulte) anya © peratlonss .3 ee en ne 6,815 MuscellaneouseRieventies:3...6r 4. ee 11,243 Lzss— Rnsumnehog Warm, OPHRATIONS= 3.7. oes eae $1,422 RHsuLT POULORY WARM OPHRATIONS: .. >... -2..26..5.-0.. 8,828 RENTAL OF TERMINALS AND TERMINAL OFFICES............- 162,119 UniItTEep SratEes GOVERNMENT INCOME TAX................. 119,107 UNITED StaTES GOVERNMENT CapiraL Stock Tax.” ........ 3,450 oe ee ee © we eee eee he eh hl hl hl PRroFit AND Loss AccouNT By, Balance to Credit of Profit and Boss June 30, 19l7.........°. >. 3... Surplus from Income Account for Year Ending June 30, 1918 Refund overcharge of Panama Canal tolls on P. R. R. passed through Canal prior to June 30, 1917 Adjustment in Sundry Accounts \ Lrss— ; Expenditures for Improvement and Construction written off account Sale and Abandonment of Property............... $271,332 06 Proportion of expense incurred in outfitting four interned German steamers for service in P. R. R. 8.8. Line, applicable to period DETOL tO Ulyal LOU OW hee eee a ae ee 38,985 33 Adjustment over-estimation Mail Revenue Rail Road for prior. MISCAMMV CATS: ce eer hn eine ae meres Cc ete cue imo ante ounce ete : 30,262 26 Writing off Expenses Commissary Investigation................ 9,851 46 Hxpenses Committee on Transfer over docks at Cristobal, etc... . 4,209 39 Niuscellaneous [tems <*. 0.86.5... ...00. 4. Perce Sn ee 404 78 355,045 By, balance to, Credit-of Brottiand: Woss dune SO, 19S. 6 ee $24,199,690 Ce ee ne er Y cere ane nergeds ere ete: 167167 05.010) jen1@lue;- 01s once ve rie}icemeit eh e/ieiei2eu,eniejenietael ie) e:letcenie 73 29: $361,766 68 68 1,359,208 $1,720,974 1,598,842 $3,319,816 $21,522,204 3,024,887 7,442 201 $24,554,735 294,929 $3,024,887 44 00 44 32 76 29 47 73 47 50 27 97 28 69 ASSETS. Gost or RoAp AND EQUIPMENT..............-.- CONSTRUCTION AND IMPROVEMENT EV.XPENDITURES HORSUINCOMPLETED “WORK. 0c. 6 so ss a. 6 oe one FLOATING HQUIPMENT: SUCH TIVO TGs ci cass ears ete oko cloneleieieie erele $1,853,307 49 PE NECES soir ewe ate hos os etevne iene se 369,084 99 Motor boat ang baunchesi.. 0520s se cee 4,287 34 Wiiscellane Ouse. sc ce oe secs ns ies re tel ols ois os 9,383 57 Total Capital Assets..... ee ee ee - SrcurRITIES OwNneED (see Exhibit B-1)............ NIATMHRIALS, COAL AND SUPRPIIES.. 0. suse. oe - CURRENT ASSETS: : Cash in Banks, on Hand and in Transit......... $2,848,017 29 Due from Agents and Conductors..........+.-- 439,589 64 itratie Balances mhecetvable::.4. 33. 4..0.. cos 72,405 43 Due from United States Government: ‘he Panama Canalis. 2. 5 hoes $429, 075 42 Post Office Department......... 52,403 27 U.S. Army and Navy Departments 903, 328 13 | 1384806 Due from Individuals and @ompanics CRS aR ray ie 263,131 81 Mascellaneous Ltemsin 25s ee en ee 258,735 88 DEFERRED Desit ITEMS: General and Extraordinary Repairs Steamers....| $790,518 84 Summary A cCOUntR see es oe ee ee ees 192,348 60 EXHIBIT B. $25,786,132 67 815,462 36 2,236,063 39 $28,837,658 42 2,209,405 00 5,391,855 389 5,266,686 87 982,867 44 $42,688,473 62 GrenrraL Batance Surrr June 30, 1918. CAPITAT CS TOG Keston ee eo sie soso CAPITAL LIABILITIES: Due to United States Government: For Cash appropriated through Isthmian Gana Commission for New Equipment and Im- DIEOVEMENUS es. fs ees $2,786,829 53 Less Cash repaid to June 30, 1918 1,387,714 92 ——_—_—_—_— |$1,399,114 For Cash appropriated under the Act of Congress, approved March 4, 1907, ‘“‘to pay the Four and one-half per centum First Mortgage Bonds of the Panama Rail Road Company October 190 ee eee $2,148,217 50 Less Cash repaid Treasurer of the United States..26 62.665. 300,000 00 otal Capital Miabilities:. 333 3.0.5... .- RESERVE ACCOUNTS: Accrued Depreciation, Floating Equipment..... $764,694 74 Accrued Depreciation, Rolling “Stock or Saat ote 952,818 62 Accrued Depreciation, Railroad Structures..... 329,493 06 Accrued Depreciation; elantac. 8... 8 1,087,844 22 Reserve for Extraordinary Repairs and Replace- ment, Colliers ‘‘Ulysses’’ and ‘‘Achilles’”...... 375,833 32 Accrued Depreciation, Miscellaneous Items..... 46,296 61 CURRENT LIABILITIES: Isthmus Dratts Outstanding. ..255-.. 2.0... 5. $335,238 13 WoucherssPavable: 62. os, oe eee 1,451,999 96 Salanies and Wages (Unpaid. -. 2). 55.2... 174,594 55 ‘Lratievboalancespeavyabless 3-5 tor 905,111 81 Due the Panama Canal for Property Transferred.| 1,074,085 93 Commissary Coupons Outstanding............. 53,3538 56 Muscellaneoustitemss 262) pe ee 298,856 43 SS LIABILITIES. 61 1,848,217 50 $7,000,000 00 3,247,332 11 $10,247,332 11 3,556,980 57 4,293,240 37 391,229 88 24,199,690 69 $42,688,473 62 VE PANAMA RAIL ROAD COMPANY. HXHIBIT B-1.. INVESTMENT SECURITIES OwNED JUNE 30, 1918. i Great Northern Railway Co., First and Refunding 4144 % Bonds, 1961. Pittsburgh, Cincinnati, Chicago & St. Louis Railway Consolidated Series sHy4 77 Bonds; 1960 ss ee a es ee Chicago, Burlington & Quincy R. R. Co., General Mortgage 4% Bonds. NOS Sree erst chaise Nc ee unmet s Seas tent AU Set OR A ere ts ae Chicago, Burlington & Quincy R. R. Co., Illinois Division, 34% BONS il OA Oi eee ae eee ee na Snes RSs UN Boe ea ae Illinois Central R. R. Refunding 4% Bonds, 1955................. Delaware & Hudson Railroad, First and Refunding 4% Bonds, 1948... Union Pacific R. R. Co., First and Refunding 4% Bonds, 2008...... Philadelphia, Baltimore & Washington R. R. Co., First Mortgage AT; BONES VO4 Ses ee TTS GN Nie ye I A Et ere ae New York City 3% Registered Dock Bonds, 1919................. State of New York, Gold Tax Exempt 4% Bonds, 1961...... Fen Les Louisville & Nashville, Unified AT SBOnds; lh O4 Om ree ee ee ee Chicago, Milwaukee & St. Paul General 444% Bonds, 1989........ Central Pacific Railway, First Refunding Mortgage 4% Bonds, 1949. Atchison, Topeka & Santa Fe General Mortgage 4% Bonds, 1995.. Norfolk & Western Consolidated Mortgage 4% Bonds, 1996........ Republic of Panama Secured Sinking Fund, 5% Bonds, 1944........ Pennsylvania R. R. Co., General Mortgage 414% Bonds, 1965....... Baltimore & Ohio R. R. Co., First 4% Bonds, 1948...... ten shevatoapaters New York Central R. R. Co., Refund 444% Bonds, 2013........... United States Government 344% Liberty Loan Bonds, 1947........ United States Government 4% Liberty Loan Bonds, 1942.......... United States Government 44% Liberty Loan Bonds, 1928........ MotaleBonds 2s sot at ae Les ath ret ne crn Cae eanet ee pRie rere i Par VALUE. $100,000 100,000 100,000 100,000 100,000 100,000 100,000 200,000 100,000 239,000 100,000 100,000 100,000 100,000 105,000 94,000 ‘ 100,000 100,000 125,000 18,000 30,000 50,000 $2,261,000 00 00 $99,875 98,500 96,000 87,750 96,187 98,625 97,187 202,000 ‘92,312 247,127 96,771 103,338 94,146 95,553 99,873 94,000 $2,209,405 30 Book VALUE. | 00 00 36 3 PANAMA RAIL ROAD COMPANY. EXHIBIT C. STATEMENT OF REVENUE AND EXPENSES FOR THE YEARS ENDING June 30, 1918, anp 1917. REVENUE FROM OPERATIONS. 1918. 1917. INCREASE. DECREASE. ——— eee eee eee ____e=e RAIL ROAD: ; Revenue from Transportation. FREIGHT: (Mhrouch ©ommencial, ©. 00... . $121,830 80 $184,458 14 — $62,627 34 locale @ommercial. 2.5.05... 157,987 59 190,427 15 — 32,4389 56 PAI; ATC INGWAViciea eos iecc s 113,098 99 49,173 58 | $63,925 41 — Ranamas@anale <2 oeics Cice sce 446,913 24 493,686 35 — 46,773 11 @WOMMISSARY. Fhe cs stasis eee eo 108,000 00 108,652 24 — 652 24 Other Freight Revenue......... —= — . — — Bo yeys tl Ves eae a eer en a ree $947,830 62 | $1,026,397 46 = $78,566 84 PASSENGER: Nae 7 ; Ahrouch#eassen@ers'. 2 28 ea $246 67 $1,896 88 Ste $1,650 21 Wocal Passengers 400552 ek 396,758 70 381,928 38 $14,830 32 — ADIN WANG INGWayes cts oreo. eee: 46,818 65 11,554 05 35,264 60 — Ranama, Canal’ 4 a, 144,000 00 144,000 00 — — Bae Ogee es es acca ums ooo, 5,198 15 6,469 11 — 1,270 96 TUR PRCSS oe hicceine ss os en 30,599 66 21,719 18 8,880 48 — : IMIG a BSS a Se MN teats ge pM on eel tas 30,329 66 60,181 36 — 29,851 70 HEVCASULC os ee ee et OWES — lat 58 — Parlor and Chain Care. ...2. 0... 5,290 00 6,175 50 — 885 50 Special Service Trains.......... 9,620 00 6,158 50 3,461 50 — Other Passenger Revenue....... — “110501 — LO OF: Rota ee ee aes: $669,019 07 $641,187 97 Zio LO a MISCELLANEOUS: =o Siwait Chin geretiee acai Bee ee 2 $35,863 14 $15,607 95 20,255 19 —— Total Revenue from Transporta- ROT I ORE ere $1,652,712 83 | $1,683,193 38 — $30,480 55 Revenue from Rail Road Operations other than Transportation. ; Station and Train Privileges.... $1,721 50. $1,560 00 $161 50 — Storage—Freight.............. 9,017 46 Solon So 5,501 63 — Storage—Baggage............. 90 50 106 50 a $16 OO Wemminnagee shite a 68,980 02 ; 210 00 |: 68,770 02 — Meleorap he ass ee a 2,604 23 3,190 O7 |: — 585 84 Rent of Buildings, etc., used in Operation of Rail Road eee 487 50 758 88 — 271 38 Mascellaneous: 5. 9.0006 ac FOO eho, 14,857 38 at 10,930 19 Motaleree en a ee ee $86,828 40 $24,198 66 | $62,629 74 | — Total Rail Road Revenue...| $1,739,541 23 | $1,707,392 04 | $32,149 19 aS Harbor Terminal Revenue. ATLANTIC TERMINAL: one Wihtantacers sane ee ne. $107,794 58% $152,530 02 — $44,735 44 Rent of Wharves or Space on!) SWIM ATV.CB ates cis oe 3,169 47 2,152 42 $1,017 05 — Other Incidental Income from ; WAAR CS eee ee ss aaa a rar a @ranavencn ei eee — 23040 oo 235 43 Lighterage Revenue for Handling Coal eee ee ee — 26,637 36 _— 26,637 36 - Lighterage Revenue fon Handling pare, Passengers, Garbage, Rupe ene eee bene Selene 56 ol 4,022 55 a 3,966 04 ae: of Lighters and other Float- INCE QUIpINeNt. 3.40.5 9.0... 29 62 153 48 oo 1238 86 Ganwed Honwajde 4... .-. $111,050 18 $185,731 26 os 74,681 08 — PANAMA RAIL ROAD COMPANY. od EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— 1918. 1917. INCREASE. DECREASE. Continued. — — | ——————— = Ratu Roap—Continued. Harbor Terminal Revenue—Continued. ATLANTIC TERMINAL — Brought CMON WON ee $111,050 18 $185,731 26 — $74,681 O08 Other Incidental Income from + : Wiehterageu ease cee aie = aaa ; — — Stevedoring Revenue... é 210,231 04 233,563 25 me $23,332 21 Freight Handling and Transfer- : : olay INENVENNIE . 5 bh ogc on oe ouU 921,696 59 793,050 56 | 128,646 03 —— Weighing ae Re handling Reve- NU 2 eee to ee 26,040 59 B00 33} — 11,479 74 Storage Revenue. 00.56 61,861 57 23,949 12 SOU AS Other Incidental Income from ; Stevedoring and Freight Hand- Darn eae ae eee einen 1,973 34. 5,081 53 a 3,108 19 Water Supplied Shipping...... = 116 OO — -116 00 Miscellaneous Harbor Terminal ‘ ; ReEVeNUCt oie ee aa 2,157 45 aa 2,157 45 Total Atlantic Terminal....| $1,332,853 31 | $1,281,169 50 $51,683 81 — PACIFIC TERMINAL: Wihiartareccs secs vic erste ree $4,409 63 $2,038 06 $2,071 57 — - Rent of Wharves or Space on : WihlaTviesie es oe eee: 140 00 47 50 92 50 — Other Incidental Income from Win aT Ves St ne aes = = a — Grange oe ee eee 91 25 4,326 57 — $4,235 32 Lighterage Revenue for Handling Coal 35 00 4,919 56 _ 4,884 56 Lighterage Revenue for Handling : Cargo, Passengers, Garbage,|. CUCU ge ene 55 47 IL PAL BY9/ — 1,158 90 Hire of Lighters and Other Float- ta UM OA ECU MVCING ys a ee 607 50 2 22 O = 1,915 25 Other Incidental Income from Wiohterdgent. 1. ie ae Eames — ae — Stevedoring Revenue.......... 1,289) 13 5,664 87 1,624 26 — Freight Handling and Transfer- MIN SINE VeMUC es a ' 960,604 80 35,259 11 15,345 69 — - Weighing and Re-handling Reve- INU Oc ee ete ea ee, 4,877 O7 | 11,579 76 — 6,702 69 Storage Reventic «05 °..2..... 2,460 67 274 O07 2,186 60 as Other Incidental Income from Stevedoring and Freight Hand- ? LNT Ge ee EIS uae roi 1,634 68 1,253 82 380 86 | — Water Supplied Shipping....... | c= =< aaa — Miscellaneous Harbor Terminal REV.CIUI Ge ee eens Oe: — ty lesa ler|s — Total Pacific Terminal..... $72,726 31 $69,100 44 3,625 87 — Total Harbor ‘Terminal INCVENUCh csr $1,405,579 62 | $1,350,269 94 | $55,309 68 = OUTSIDE OPERATIONS: : Melephones oe a es $119,992 54 - $107,853 30 $12,139 24 — StablessC@olone 0. 3 ee 9,068 20. 8,676 90 391 30 — Stables Banama en. .62 02. 5,852 60 8,559 85 — $2,707 25 iBaggace Mrancter = 5.40... 8,254 60 8,175 34 79 26 IMIGUORSBUS= se a oe. 24,075 90 23,347 06 728 84 — TOtelseue se ee HENGE SN Sas 114,918 10 lS 203eo 1,714 78 — Plantationsies, 3 ee 75,634 10 29,220 85d 46,413 25 a Motor Car Reo Shope ees 25,829 84 12,729 42 18,100 42 — STR tater ean ae Ones $383,625 88 $311,766 04 $71,859 84 — Total Operating Revenue INP IRORKGLS Ao 6668 bo odo $3,528,746 73 | $3,369,428 02 | $159,318 71 ~~ SS . Carried Forward......... $3,528,746.73 | $3,369,428 02 | $159,318 71 mt 38 EXHIBIT C (Continued). PANAMA RAIL ROAD COMPANY. STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— Continued. Brought Horward. 3... STEaMsHIP LINE: Freight IRABSENGCE So es eee ie oe EOKCCSSN DADC ATH ows eee Mail EPEASULEG? Creates ars a nee Wines-and: biquors. ss oo Steamer Chair Service... 3.1... 55% Miscellameousies 6 0. 4. ss ne CC ee et Total Revenue Steamship Line. Gross Operating Revenue....... Q@PERATING EXPENSES. Ratz Roap: - Maintenance of Way and Structures Maintenance of Equipment....... dtrathc hi xpenses, 2s 85.52 22s ls Transportation Exxpenses......... General Expenses—Isthmus...... Transportation for Te veseme ne CREDITS eee oon es ke ee Total Operating Expenses Rail IVOAG TE er ee ne HARBOR TERMINAL OPERATING Ex- PENSES: ATLANTIC TERMINAL: Lighterage and Harbor Service.... Dockssand: Wharves 0. 2.500. 40. Crane Operations....... eee Stevedoring 3 sc ee Freight Handling and Transferring. Stevedoring and Freight Handling Expenses Common to both. General Harbor Terminal Expenses. Total Atlantic Terminal........ Pacitric TERMINAL: Lighterage and Harbor Service.... Docks and Wharves:... 0.3.4.0. . @rane: Operations. oso... se Stevedoriners- ss soe. oo Freight Handling and Transferring. , Stevedoring and Freight Handling Expenses Common to both... General Harbor Terminal Expenses Total Pacific Terminal. ..:..:... : Total Harbor Terminal Expenses. OvuTSIDE OPERATIONS: MMelepMONCs oe. ro ec ee Staple sColones oo ee es Stables;:Ranamaw se. sea Baggage Transfer Motor BUSI wee eat ca ol ae Elotels). 7.3... PAA oa eae eu neeat ea eee es eee 6 eo we ow we 8 Total Operating Expenses. Carried fOnwande ness: DECREASE ee eee 14,714 $182,797 473,989 5,360 641,103 145,283 8,113 $10,036 138,678 210,811 635/404 35,542 90,303 $475 1,903 6.848 33/599 2.163 4667 $49,658 203,401 28,274 $556,123 $9,178,476 27 83 57 72 79 n 26 . $1,440,421 2 09 74 70 79 15 60 $1,120,776 el 83 64. 70 28 67 89 49 $1,170,435 29 .| $3,166,980 $3,166,980 29 $3,230,357 98 1917. INCREASE $3,369,428 02 | $159,318 71 $3,525,206 06 |$1,446,478 30 6,959 20 20,021 80 1,528 45 793 06 207,835 15 41,248 65 69,448 22 28,403 57 5,408 32 — 4,398 50 — 7,628 46 7,086 24 $4,108,412 36 |$1,541,317 32): $7,477,840 38 |$1,700,636 03 $222,871 24 — 669,529 78 — 6,495 39 — 691,757 40 115,415 16 $29,868 56 17,407 59 9,298 80 $1,688,661 38 ae $37,506 98 = 113,244 72 $25,434 02 213,350 95 ~- 635,647 31 — 35,535 80 6 99 79,663 19 10,639 96 $1,114,948 95. $5,827 65 $4,910 19 oe 25,398 03 — 1,006 84 = 4,894 12 $1,954 52 45,211 22 — 3,387 52 ae 15,087 29 — $99,895 21 — $1,214,844 16 = $100,245 33 $25,871 71 . 8.766 53 13,232 46 — 8,825 68 — 31,309 58 7,835 68 110,738 33 19,645 69 39,915 10 163,486 58 13,819 43 14,454 80 $326,852 44 | $229,271 10 $3,236,357 98 a el $2,276 437 $40,073 195,539 1,134 50,653 $248 ,240 $27,470 2,539 242 —_— — $4,434 23,494 1,006 et Gilet 1,224 10,419 $50,236 $44,408 6 $63,377 . $63,377 80 50 | 12 89 82 61 42 84 52 24 62 32 67 37 £7 69 69 PANAMA RAIL ROAD COMPANY. 39 EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— 1918. 1917. Increase. | DEcREASE. Continued. Brought forward...+:.... $3,166,980 29 | $3,230,357 98 — $63,377 69 STEAMSHIP LINE: Steamen MxpeNsesa.) os iaceoere oe $3,043,887 87 | $2,351,778 66 |$1,192,109 21 — Agency. Hixpenses<..i.. 2.16... 500% 613,179 99 466,082 05 147,097 94 oa General Expenses—Isthmus...... —_— 5,001 63 — | $5,001 63 General Expenses—New York.... 133,453 82 122,749 56 10,704 26 a @harter of Steamers... «ss. = — —_ a Molla So Se cee ee ae ee a ees — — — = Total Steamship Expenses...... $4,290,521 68 | $2,945,611 90 |$1,344,909 78 — Gross Operating Expenses...... $7,457,501 97 | $6,175,969 88 |$1,281,5382 09} © = ; SUMMARY. Ratt Roan: Revenue: Operating RaillRoades. : 2.25.3... $1,739,541 23 | $1,707,392 04 $32,149 19 — Etarbor “henmimalis ee 1,405,579 62 1,350,269 94 |. 55,809 68 — Outside Operations... 32.8. 383,625 88 311,766 04 71,859 84 — Total Rail Road Revenue...| $3,528,746 73 | $3,369,428 02 $159,318 71 —— HXPENSHB: @Operatine Rall Road.......... 5. $1,440,421 26 | $1,688,661 38 — $248,240 12 ianbon mkerminale ene 1,170,435 49 1,214,844 16 — 44,408 67 Outside Operations ;..30... 0... 556,123 54 326,852 44 $229 ,271 10 a ~ Total Rail Road Expenses. .| $3,166,980 29 | $3,230,357 98 — $63,377 69 Net Revenue Rail Road........ ~ $361,766 44 $139,070 04 | $222 696 40 Per Cent. of Expenses to Revenue 89.75 | 95.87 — 6.27 STEAMSHIP LINE: MoualeRevienWiG 2 ee $5,649,729 68 | $4,108,412 36 |$1,541,;317 32 — MovalehixpenSestacicwc ce) oe eh en 4,290,521 68 2,945,611 90 | 1,344,909 78 — Net Revenue Steamship Line. ..| $1,359,208 00 | $1,162,800 46 $196,407 54 — Per Cent. of Expenses to Revenue] . 75.94 71.70 4.24. — Grand Total Operating Revenue.| $9,178,476 41 | $7,477,840 38 |$1,700,636 03 — Grand Total Operating Expenses.| 7,457,501 97 6,175,969 88 | 1,281,532 09 — Total Net Operating Revenue..... $1,720,974 44 | $1,801,870 50 | $419,103 94 — Per Qent. of Expenses to Revenue. . 81.25 82.59 — 1734 40 | PANAMA RAIL ROAD COMPANY EXHIBIT D. STATEMENT OF HXPENDITURES FOR ADDITIONS AND BETTERMENTS FOR THE YEAR ENDING JUNE 30, 1918. Ratt Roap AND APPURTENANCES— Sixe Retmoeraton Cansei oa ere ee ee Gu eters ens $15,862 MOI Careers es ar et ese ig sae eos wna oe ies Silver Quarters for Roadmasters Forces, Balboa............... SLO Spun, Mindi:to, Commissany, Dany Hanmi. 3)... 7. 6,075 Crossing Frog and Necessary Track, Monte Lirio Camp and Sony WN ee eee 3,225 Rrackuin rear Gamboa Ureloht House... .0. 66: . ss cesses: 3,036 Concrete Spur Track, Balboa Commissary... --....:.-........ 2,441 Six Spreader: CaneBoGlesi ee ee i ene os 1,550 Meamubrack. Wocks4.; Colonmia. cece ee rns es es 1,015 Shelter Shed and Platform, eRe AIRING ero ie eee rae eceus cee 560 Ee woe Dump © arse co eis ee ede eye 510 Section House, Monte Lirio, Gamboa and Frijoles............. 429 Crossing Frog at Mt. Hope ‘Cold Storage Plant. 293. 421 Spur avsoummnlt mor Catuler, cece hee ears er ne one 374 Ginder Plationm< New Gatun: 463315 426,393 evento pen mile of TOAG 270 otc. fe eee es $11,832.67 $11,415 35 PANAMA RAIL ROAD COMPANY. a 45 EXHIBIT L. STATEMENT OF STEAMSHIP LINE STATISTICS FOR THE YEARS ENDING JUNE 30, 1918, anpD 1917. FREIGHT TONNAGE. 1918. 1917. INCREASE. DECREASE. Ton- Ton- Ton- Ton- Ships.| nage ||Ships.| nage Ships.| nage Ships.| nage Carried. - |Carried. Carried. Carried. Panama R. ResShipsew.. .: Arrived.| 53 139,109 48 115,603 5 23,506 Een eaentekee Sailed.| 53 139,839 46 | 137,637 7 2,202 — — Chartered Passenger Ships.Arrived.| 45 269,292|| 238 159,236 22 110,056 i — .Sailed.| 26 81,815 20 | 130,794 6 —_ — 48,979 4 | 3,390 Chartered Freight Ships. _Arrived.| — — 4. 3,390]}| — — ; os ... Sailed.| — — — — — — — ) Motel ae oer os eee AG 630,055|| 141 | 546,660 36 83, 395 — — | Total Freight Bevenae. Soa een $4,971,684 36 $3,525,206 06 |) $1,446,478 on — ion a Average Rate per Ton........... 7 89 6 45 | HW PASSENGERS CARRIED. 1918. 1917. l INCREASE. DECREASE. . Pas- : Pas- . Pas- . Pas- SUMO. sengers. Ships. sengers. Ships. sengers. Ships. sengers. Panama R. Re SDOSks aca Arrived.|. 53 5,091 48 3,847 5 1,244 — — Biers oe aers Sailed, 03 3,948 46 3,842 7 106 — Chartered Passenger ee Arrived.| 35 132 23 770 2 — — 638 .. sailed. 25 19 20 660 5 — — 641 Potala 166 | O.190 || lac | O19 || 20 1) ai a ae Total Passenger Revenue Gneluding = CXCOSS Daggage) ae sc es $309,302 51 $288,487 65 $20,814 86 -— Average Rate per Passenger Se coeeerens 33 66 31 64 2 02 !}! — EXHIBIT J SrtaATEMENT OF LOCOMOTIVES AND CAR EQUIPMENT FOR THE FiscaAL YHAR ENDING JUNE 30, 1918. Labor Cars. Locomo- : : FREIGHT TIVES. PASSENGER CaRs. Cae : MIscELLANEOUS. a n : es g Elle : a 3 : 3] : = sel cere eae O Ree eg eo < 5 a o ef % i d| 3 mol Sl eels o\3| 8 | & me | q q x | lem b| s|0| e's al 21 Sle =| 2 a} 8/0] 3| o| | 3 Bl 5 So ets leis || ele) cae E] aol S| S| S|) lS Le ee a PS] yg Sil | oe Ola las oor Sis al S| Sls Heats 2 ave =| ais o/¢o) ™|FlO)| 5] 41 ¢ a) Sp Sse i Bale Sb Re ae : = BS Oto Oe Se ols |B ee oles 2 = S| = i sis) 21 8! 2) 2] o\ sil Sls] sil sia| sie] 8/8/81 5/8] 2| el 3| 2) a) 2|s| 38! s 4 =) — : H 2 elolols@liSlioalAlaltinimra(OllelOlale|alclelolalololeliaialialalala Stock on hand, June 30; 1917. 3: 1 12 0 ee Qi ZO 222) 6 2 OMSal ot) SA Ol 142 ol OFF 19] 2119) 22 OO} 2221 1G ie Ole 0 Destroyed during year............ — | — |} —| — 4} —| —| — De ieee |e |e ee sls | es | ee ast ea ee Ge pala | rate | ees | Received during year.............- — | — || — —| —| —| —}| —| — i at ee a ee ee Gee eee | eee | ia ' Changed from another class.. ..... — | — |} SS] HS] | || | SP |e ee eee La ek |S ee ee Ry Sere eM | |S | ES oy eee | Changed to another class.......... —— fe ee Oy Oe | Oy OC SE Searcy cons 5 | | INS |e a |e al eS Soldsdumme year... 4.0... 0.3 a ea et a et a et ee Transferred to Panama Canal...... a ee Elacedin storage: .......-.......- — | — |} —S] —| | -| | Sapo | ce [es fe | ea ea eas | sein | ae cece |e | (ED es ee ce ee ee etek on hand June 30, 1918....... i2| 0 || 1i| 2| 20] 1s} 2] 6| 2] ollvea! al zall o| 14| 2] o| 19] 2l105] 221 a! of o| 28} 19] 1| of a! al o| 2 OV EXHIBIT Kk THE PANAMA PGILROFD BORED OF DOIRECTORS HH Rousseau ® CHESTER HAROING OHERNST HF. HODGES F.MeINTYRE RK. MORRIS SJ [ToekONW LE-SARGENT HAA SMITH CRVVILLIAIMNS TL. CLEAR EB CROWELL E.HOCAKE SECOND. VICE PREDADENT VICE PREFAIDENT PRESIOENT EH ORAKE CHESTER FIALDING 1929 (err SUPPLY DEPICTNENT CHIEF QUARTEPMASTER EK. Morees ACCOUNTING DEPT. AUDITOR HAA STH FIASTANT TO VICE PRESIDENT FIND SECRETARY TH K@SSBOTTOM 8S (Terr ELECT. ENGINEER TELEGRAPH TELEPHONE FAULROAD HGNALS WL.HERSH FFAISSENNGER AGT. CCVAN RIPER 2/er AUDITOR KY MIINEWTON /9 [Tera TERMINAL SUPT. TREAHOURER. HIBRWOEN SOEMING 764. Mer . IMen SUPERINTENDENT IWHEALD , @37! en GEN RHINE | | suprenancce\ | GENEEAL FREIGHT AGT. CLAM AGT. OG ALL FLINT COMMUSIAEY COUNSEL RE ROGERS CW LEE JSHMILLER // fen AE. FATERSON 33 Mer KOLANG AILLWORK ; RE RUTHERFORD ae 28 Mer 445 \er7 STATION AGENT SUPT, OF STABLES . ROADMASTER MASTER OF TRANSPORTATION. ATTORNEYS 25, forermier7 7 a Clerks Gold Silver LOCAL FIGENT SALBOF WM Were JI Clerks Silver CHIEF STEVEDORE / Stevedore We 700 (Jer1-Silver ELECTRICAL 2 Operators lECTIICIATS SECTION 720 ern TATOOS Orel7vIer7 / £58 er- Silver ELECTEICAL SECTION ELECTRICAL SUPERVISOR JIE ery / Forerrar7 A Fieetere £8 (7@r7- Silver INU Td / forérmarn Gold / Concrete Mar PONTOON BRIDGE © OFEKATION 2 Degige Gold 16 Conductors- Qual, Ve 3 lector TS - aval, ’ Extra MOTOR CAR INSPECTOR te Ve oe ors eoiek 10 a” - FiGé EXTKA GANG &6 177 gen rt etna 3 Checkers ’ ei Silver Me 2 forerméti Gold of Wafchmen SCR MEH eALUehs ELECTRICAL | fast Poreman Silver er ee Men eee G CBee 4 Operators ) Field Clerk 2 Asst Feremer Baggage asters ee ee Says 25_Men- Silver / Fitemarz / Field Clerk Ge, ee oe oe orernart Gold EVEDORING 21 firtisars 1 firtisar 10 Fi sare ay a Caifanes ea / Trackwalker | Watchrrar7 74 Laborers + Warer Bo PC. OPE CATION 0 [TJerz 2 ies Qual. 2 Epgirieers - Qual. TEAIN DISPATCHERS ee iat FISST.ENGINEER Helpers Silvér Silver Mer ie ‘ FL. PRATHER 4 Brakemer I Chainmen Silver 2 Fiterrierz. F&F. AGENT SUPT. COALING PLANTS IND STOCKYAROS RE WALKER T.W=FAELANE MB ConnoLty WF Fosree WE Very OAme ean (Oe, Bes F054 Men 1394 Mer 422 Men 554 Mer PAROSEMENA TPT REYNOLDS WE. TRAGSOOCF CHIEF CLERK / Clerk / Clerk / Clerk Gold 10 er 5 Pt GRISTOBF. DOCKS Zcerks — Gold , VCE a je eae 57 Clerks Gold FO 0 ws Silver iS Ceres aoe ! ve, 3 Stableren 4 57 Clerks Silver pee BEIDGES & BULDINGS SECTIOIY GANGS FANAITA ~ BALBOF COLON - CRISTOBAL. STEAMSHIP TICKET 7 Loe eae / Watchrrar /4 (eens ASST SUPERINTENDENT GANGS L262 Mer. GELY. YARDIMASTER. GEV. YAROMAISTER AGENT. ee CW. ITCRGAN GO Mer 2 Ger.Foremerr Gold A ZEDMSTON FLWERTZ is —_ /353 Men Peay 11 Zech foremen 82 Mer 23 Mer C.S-KiNG STATION AGENT SUPT, OF STABLES Alver Mer OFFICE FORCE PANAMA FPPENFIMTA / Forermarr Gold CPs 8 Men ' BALBOR SECTION OPERATING FIND (ea engiieer - | 16 Trackwalkers 28Men Geld x ADWVILLIEDMSON C. HUSSEY CHIEF OPERATOR MECHANICAL FECTION ! / Saritor 57 Mert Silver COMMERCIAL 4 Clerks Silvan 2 os eee Mes CHIEF OPERATO? ; eg Clerk Be We AIGENT fae BU / Clerk Filver : WEraAvors irertiart aborers : MTech 3 Stablernen 4 Cee ee Mechanic, 24 Operators of eee 9 Water Boys LINE OPERATION LINE AGENCIES WE Feo 7 Wehner | Watehrrarr _' AB.GeoDENON oly Gem 2 eciists L Helper. dol Mer Gold Men GO Mer 43 Mera Hlver ]. Blacksrnith 2 Watcher CALCUL 2 Ai ORGANIZATION OF JUNE 30:18 gt ce S pee Pe rae ane Rae ie We, n SRN Sk SEVENTIETH > ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE ROAD COMPANY PANAMA RAIL TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1919 SEVEN TIER To ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE PANAMA RAIL ROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1919 M. Be BROWN PRINTING & BINDING CO. 37-41 CHAMBERS STREET, NEW YORK PANAMA RAIL ROAD COMPANY BOARD OF DIRECTORS. CHESTER HARDING. OSWALD H. ERNST. H. H. ROUSSEAU. T. L. CLEAR. FRANK McINTYRE. L. R. SARGENT. BENEDICT CROWELL. R. K. MORRIS. H. A. A. SMIEDE. kK. A. DRAKE. JAY J. MORROW. C. R. WILLIAMS. T. H. ROSSBOTTOM. OFFICERS. CHESTER HARDING . = President. 2 .- 2... +... . « BALBOA Tinea Be As DRAKE 3. 2 ee Vice-President =. Se ee 2 New YORK JAY J. MORROW . . . Second Vice-President . . . . . . BavBoa Hurents. T. H. ROSSBOTTOM . . Assistant to Vice-President, and Secretary Nepw York. SYEVES@RER DEMENG = Treasurer: 9. 9 93. = | New Yorn oN IVE SNIGOW LON | 0s Audition? oe eo NW ORK S. W. HEALD ... . >. Superintendent . » .. 1.3). >. - .. . BAUBOA Hnreunce Aol HUNT © ©. . General Purchasing Office, =~ 3: 72. ~ \VASHINGION Ro ik MORRIS. .-.. . Commissary 3. 536 es | BALBOA bmigemes R. E. RUTHERFORD . . Commissary Purchasing Agent. . . . New York. ROLAND ALLWORK ._. Superintending Engineer, Steamship Line. New York. H. I. BAWDEN. . ... TYerminal Superintendent, Steamship Line . New York. RICHARD REID ROGERS General Counsel . . .° .'. . +. +. New YOorK, GENERAL OFFICES. | . ‘ No. 24 Sinn Conn See ee oe ee NEW ORK, PANAMA RAIL ROAD COMPANY. : New York, December 1, 19149. To THE STOCKHOLDERS: I respectfully submit for your consideration a report of the Combate S operations and resulting financial condition for the twelve months from July 1, 1918 to June 30, 1919, both inclusive. In ‘that connection I eall your particular attention to the sabjomedl statements of operation and maintenance of the Company’s property that are so detailed in character as not to require more than this reference to them by me. The advantage to United States Government Departments including the Canal, foreign shipping transiting the Canal, and to this Company, © of having maintained an adequate supply of coal at both of our Isthmus terminal coal plants was fully demonstrated during the last year of the war. The usefulness of the Company’s Commissary and Cattle Industry on the Isthmus, including farms, is shown to have justified the expenditure for their establishment and progressive development. The Company’s policy of operating all its branches on the basis of a ~ reasonable return only over cost, especially in respect to its transportation charges, has been steadily maintained with satisfactory results. Increased costs of operation are in the main accounted for by the upward trend of compensation to both skilled and unskilled labor, made necessary by the general labor situation throughout the country. The result of the Company’s business of every character for the period covered by this report after meeting the cost of operation, together with fixed charges aggregating $1,457,557.90 and charges for depreciation on rolling stock, floating and plant equipment of $841,687.96 shows a net income of $3,846,705.77. - Respectfully submitted, CHESTER HARDING, President, 6 PANAMA RAIL ROAD COMPANY. PANAMA RAIL ROAD COMPANY. Cou. CHEsTER HARDING, PRESIDENT, PANAMA Ratt Roap COMPANY, _Batpoa HeEicuts, CaNnaL ZONE. Srr—I have the honor to submit herewith the financial exhibits and results of the Company’s operations for the fiscal year ending June 30, 1919, with statistical tables and explanatory comments thereon. The gross revenue from all sources, the operating expenses, and the net income for the year ending June 30, 1919, is compared with the year ending June 30, 1918, in the following table: FiscaL YEAR. GROSS GRoss NET : REVENUE. EXPENSES. INCOME. TOL) os Sa ae Ge Ue een eee oa $16,633,252 55 $12,786,546 78 $3,846,705 77 HORSE ee a Dea ae ose et te: TOMES we OZrasileeZo 3,024,887 47 NMereASC Gt ke a $5,855,933 82 $5,034,115 52 $821,818 30 STEAMSHIP OPERATIONS. . GROSS GROSS NEr REVENUE. x EXPENSES. INCOME. MSS ee Oe oN Lee as $10,029,893 24 $7,585,888 63 $2,444,004 61 POH ene er a EE eek a i DOD OO 4,504,759 O1 1,262,764 49 fevedse, 6. ea): ee $4,262,369 74. | $3,081,129 62 $1,181,240 12 STEAMSHIP LINE. The total operating revenues of the Company’s line were $9,835, 184.68, an increase of $4,185,455.00, or 74.08 per cent. as compared with the twelve months ending June 30, 1918. Freight traffic increased 473, Doz tons, OF (oO. 16 per cent., while the revenue derived therefrom increased be, 466, 954.07, or 69.73 per cent. Passengers show an increase of 2.457 in the number carried, or 26.74 per cent., and an increase in revenue of $123,260.05, or 40.15 per cent. — Revenue from the transportation of mails shows an increase of $67,- 878.07, or 27.25 per cent., while revenue from treasure shows a decrease of $29, TAA. 09, or 30.40 per cent. Of the total tonnage transported, 255,291 tons were carried by the Company’s steamers and 848,296 by chartered steamers in the twelve months ending June 30, 1919. In the previous fiscal period the former carried 278,948 tons and the latter 351,107 tons. OPERATIONS ON THE ISTHMUS. The gross revenue from all operations on the Isthmus, the operating expenses, and the net income from the Isthmus operations for the fiscal year 1919, as compared with the year ending June 30, 1918, are found in the following table: PANAMA RAIL ROAD COMPANY. pT: Fiscan YEAR. Gross GROSS Net REVENUE. EXPENSES. INCOME. 1919 SRY safe MO IRE GN Tae ESA aOR SBOP uestaud ea CUS le $6,558,286 83 $5,155,585 67 $1,402,701 16 TOS ee eae er read ities cava he Gy eae ee REM oy rR en 4,999,544 13 *3,241,994 48 1,757,549 65 Te CLEA SO ease ee eee Rae i rae CM sta ea $1,558,742 70 $1,913,591 19 —- WIC CHE ASC ee RN MS Oe ERT OL ate ee Cast od — $354,848 49 — *Includes back pay, etc., shown separately last year. Included in the above figures are the results from the operations of the railroad, the harbor terminals, the coaling plants, the stables, baggage transfer service, motor buses, and motor car. machine shop, which come under the supervision of the Superintendent of the Rail Road; the tele- phone and telegraph systems under the Electrical Engineer of the Panama Canal; the commissaries, plantations, and cattle, hog, poultry, and dairy industries, and the Washington Hotel, which are under the supervision of the Chief Quartermaster of the Panama Canal; and the land and building rentals which are supervised by the Land Agent under the direction of the Counsel of the Rail Road. Ratt RoAp OPERATIONS. The Rail Road proper shows an increase in revenue for the fiscal year ending June 30, 1919, of $426,048.35. This amount, however, includes $349,231.27, which is for extra locomotive service at fixed hourly rates furnished departments and divisions, having no connection with the move- ment of Rail Road freight or passenger traffic; sub-account No. 126-A to F | having been established for this purpose. The corresponding revenue from this service last year was applied to reduce expenses, prorated between accounts 250 and 304. The net result of the operations of the Rail Road proper show a profit of $185,879.42, as compared with $294,- 412.16 last year. The net profits were shown in last year’s report as $315,- 976.46, but this figure had to be reduced by the amount of back pay to rail road men and capital stock tax amounting to $16,990.92, advice of which was received too late last year to include in the cost of operations and was shown on statement separately as “ Back Pay” and “Income Tax.” The increases and decreases in revenue are exhibited in the following table: INCREASE. DECREASE. FREIGHT: MhrouchiC ominrencralwe eee ee ee aa re Oe ae ee — $37,007 69 Wocals€ ommerciglteswe Coe ee a iar een gre $8,193 85 — PNR TIM EINGINIVEV Rs ee aoe Oe aprenal a ned eit eh area i 25,690 26 —_— Ranamra Canal v0) aries EP scram anti od ene Rei GN ae — 89,934 80 Comimissanyees or yee oe ee ana e — 6,000 00 Muascellaneous) Preioht Revenue... /..:25:.2. 25... 23. 63,912 06 — PASSENGER: 3 abhrowehePassenverias tes. ae ee ae ee Ee eeie PI co — 148 82 IO CaISRASSEMIOeRs se ee kc anit eRe ee as hea bees 2,066 41 — A INV ATG Niawyayensy i eae eo hoy Aen are elo eae ee ea Sn aca 111,906 68 — iRansiima@ anal eee Gee. eee ae ee oe neato Scan —— a IB GP CaO ORR eae Ona cnn aR ee hi Aa a cee a aed our de, —— O24. 72 XPOTOSS ee ee ce Ser ae oe Sealants loi ; 5,971 23 — Viet Ss cee re NS on i ne a Cael ne iat — 16,320 46 FERC AS UNC ae teeny he eee ac ee ila Saeed Soils 419 09 — Parlor and Gta a RU Nee ra he A aah ae Relea 600 75 — SpecialeSenvacechraim tsa gee ee ea ee a 8,157 66 — OthermsPassencer Rieventicnh = ee o— 164 42 Locomorive Service to Outside Departments..............4. 349,231 27 — : » $576,149 26 $150,100 91 § | PANAMA RAIL ROAD COMPANY. ‘The increase in revenues derived from the Army and Navy was due to the assumption by the Army of the obligation for the loss in the operation of the trains to the West Side of the Canal for the exclusive benefit of the Army, which occurred during the prior fiscal year as well as the one for which this report is made. The following table shows the freight tonnage carried over the rail road, including company freight, during the twelve months ending June 30, 1919, as compared with the twelve months ending June 30, 1918, also the average revenue received per ton: 1919) 1918. Total Tons Carried South and Northbound (tons of 2,000 lbs. OVAA OPC Ue TUS) eee OMe NS Ne Sauer Sale tate eee eel aa 463,136 492,007 Average Revenue per Ton South and Northbound............ $1 91 $2 04 The total revenue freight traffic of the rail road during the twelve months ending June 30, 1919, including coal, was 445,189 tons; a decrease of 20,406 tons. The'total revenue derived from this traffic was $848,- 72. 24 a decrease of $99,058.38. The amount of company freight moved over the road was 17. 947 tons. PASSENGER TRAFFIC AND REVENUE. The following statement shows the number of passengers: carried and the passenger revenue: NUMBER PASSENGERS CARRIED. PASSENGER REVENUE. CLASSIFICATION. 1919 1918 -1919 1918 First-class Passengers..... [58 oige 658,762 . 845,889 $372,625 03. $338,582 41 Second-class Passengers.......... 1,234,513 909,061 . 329,023 26 249,241 61 Moualst eee aa ea ee os 1,893,275 1,754,950 | $701,648 29 $587,824 02 The average revenue per passenger per mile for the year ending June 30, 1919, was $0.0261, and for 1918, $0.0225. The gross revenue from the © transportation of passengers shows an increase of $113,824.27, and the number of passengers carried shows an increase of 138,325. The following table contains a summary of the operating statistics of the Rail Road for 1919 and 1918: ee 1919. 1918. mwverdve Males: Operated ince nist Woke ce ise Mau eek ues 55.30 56.54 Gross OperavINenReEVeENUe. tori. es eee es aoa ee eee $2,165,589 58 $1,739,541 23 WMenavingeb XPENSCS ns es shee te eel ee ube We Gere oes See: 1,979,710 16 1,445,129 07 iNet Operating Revenues 40.) 6 ee ee - 185;879 42 294,412 16 er @ent. of Hxpenses: to Revenues oo. vie se ee ee eke ee 91.42 83.08 Gross Revenue per Mile of Road........ era eal ope cee Geman yn waa $39,160 75 $30,766 56 Operating Expenses per Mile of Road.....................5- 35,799 46 25,559 41 INeGtaRevenue per Moule of Road. i037... te ce oe ic ee 3,361 29 5,207 15 Wevenwe per Passenger rain Mile: 3.2 oo ore a 4 04 2 52 Wevenue per Hreight DPrainsMViile.'.. \. 60.00) a. ok ee ee elite 7 76 Aotalewevenue “krain Mileage. 35.00 Sinise ce ee ce vee 311,579 389,276 aletowGa nevenue per train Mile. 3.204 hee $6 95 $4 47 Railroad Operating Expenses per Revenue Train Mile......... 6 35 |- 3 66 Net Railroad Revenue per Revenue Train Mile............ ies 60 | 81, Mons sper WoadedCar tee Oe hae Oe a een a4 11.43 Wore porirain 2 A es 8 Re ee 131.62 133.28 Freight, Passenger and Switch Locomotive Mileage........... 412,936 508,453 WionkeDraim WMisleairen ences a ee POM Ae a oe ene : 189,537 . 275,842 iassengersbrain, Milearen ec irs ee eae 193,265 267,082 Freight: (Trains Milearee. ee wae S OS Pa Ua coESGSBLer euiin eae teste oe a 118,314 122,194 PANAMA RAIL ROAD COMPANY. ) TRANSPORTATION. Transportation expenses show an increase for the year ending June © 30, 1919, of approximately $164,000.00; this is largely due to the increase in wages during the year, the principal items of increase being as follows: Supervision Sat CA aie Ons ciich RRO Bia ic Nests Use haa cinah $8,000 00 SUAGTONSCHVICE ar ie a Rt ee nen hea nt 35,000 00 Rioad-Hngine Senvicen ie se ee ee 72,000 00 PRP ALN SCEVACCt 8 ae oe ee ene a ea es aa meee 14,000 00 Payments for injury to persons have increased $12,000.00 and pay- ments for loss and damage freight have decreased approximately $5,000.00. Yard service also shows a decrease of $31,000.00, largely due to the making of charges for locomotive service. The following table shows the number of trains handled during the year as compared with the fiscal year ending June 30,1918: — a PASSENGER. FREIGHT. GRAND TOTAL Regular.| Special.| Total. |Regular.| P.C. | Other |} Total. Work. | Work. Noonhbpound: feed nies Ache ater aan 5,963 | - 89 6,052 1,387 215 201 1,863 7,915 Southbound 377s 5,964 100 6,064 1,361 277 134 1,772 7,836 FRO Uae ere to eeepc mannan cs 11,927 189 | 12,116 | 2,748 552 335 3,635 15,751 whotalebrior Weare. 50... 1 LO}582 174 | 10,756 | 2,827 8,636 234 11,697 | 22,453 ANCL CASE cde ein nee se 1,345 15 1,360 — — 101 — — Wecregse soe Oe es — — = 79 8,084 — 8,062 6,702 Average Number per Day,1919| 32.7 .o 33n2 an Oi eo .9 10. 43.2 Average Number per Day,1918) 29. oO 29.5 Ost 23.7 .6 32 61.5 ENCORE AS Eee ees es ee Sn eas Si a0) 3.0 — — no — — MM OCrERSE is ae eee o— — — 2 222, — 22 18.3 MAINTENANCE oF WAY AND STRUCTURES. The total amount expended under this account was $209,769.06, against which credit was allowed for material recovered, etc., amounting to $23,936.34, leaving a net cost for the upkeep of road and Rail Road buildings amounting to $185,832.72, a decrease of approximately $1,500.00 as compared with last year, there being an actual decrease in track work amounting to $17,218.59, while the repairs to bridges, buildings, and other rail road structures, have increased approximately $16,000.00. In addition to maintaining Panama Rail Road tracks, this department has also continued the maintenance of Panama Canal and Army tracks and performed construction work under A. F. E.s and B. A.s; the con- struction work on A. F. H.s amounting to approximately $225,000.00. REPORT OF THE ROADMASTER. The following is a report of trackage in use by the Panama Rail Road, Panama Canal, and the United States Army: Operated Line: MILES.. Miain=hime—=© olonkto wean am arr cacen oos ea ne a ite eae gee sities Nae ta 47.61 Seconda dine bedro WMacuel to hanamay... 6). 0s ss enn ee Tol Aclanticoumerminals——O©Glom ere er aged SON ee ey eee se as O28 Cristobalvand Mimdislsland: 8 ae wate cee cs Cees OO () Pacihicwerminala=—bamama. 6.0 its ee, ARNO ee ee A eae 9.41 Bai @ ae SE OE ee CEN Den Cnet career CeO ERO 10.64 intermediate sidings-—©olon to banamac 0 .i05. 000. 0 12.08 Motalivanamar allroad brackstee. fe bor fe ee on eet ae es ee as 124.84 10 PANAMA RAIL ROAD COMPANY. Leased Line: MILEs, Main Line—-Bas Obispo to Redro Miguel, ...............5..:......4.9.... 9.12 Imbermediave SlGIngs .s...ko. 6 ke eee ce ee 2.95 PISO Gl We ASO Le LiTaO ica ies ee Se NT BRR SU Ge cn en marci 12.07 ~ Panama Canal Tracks Maintained by Panama Railroad: PACHA ti Ce RerTEM Al settee cca ork esta ry aR ot ee age eet en cue Nees at Gene tee hee IDL, OP Intermedia ten racks oc tre ee re ER A ear ee en ean rans 29. 67 Pacitice (Nenmim als ss ee oo eel in an, et Aaa MERC a cays 28.97 TotaleePanama Canal “bracks 58 eee ee ee I 66.26 Motalstrackace Wiaintained by, banama: Rallroadscinccs. fseee 203.17 The following tracks were laid during the year: at Mount Hope Cold Storage Plant, 1,140 feet; at Corozal, 350 feet of track was built for the Ordnance Department, and at Fort Amador 375 feet at the new engine house. At the Larvacide Plant, Ancon, 160 feet of track. During the year the following Panama Rail Road tracks were taken up, for which there is no further need: At the Cristobal commissary, 650 feet of side track; at Gatun 985 feet of runaround track; at Summit the wye track, 1,200 feet long; at the south leg of the Balboa Wye, 2,550 feet of track, and a spur near the Panama Freight House 220 feet long. On the old main line between Bas Obispo and Pedro Miguel the following side _ tracks were taken up, for which there is no further use. At Bas Obispo, 700 feet, and at Summit 1,360 feet. Panama Canal tracks were taken up during the year as follows: At Gold Hill, 11,500 feet; the Pacific Spur, 7,500 feet; at the Pacific Terminals, swamp yard ‘and Balboa dumps, 18, 990 feet of track. All of these were either dump or construction tracks, and were of no further use. Following is statement of rail, cross and switch ties used during the year: Raiu (GT) Cross TIES Switcu Tres (BM) 70 Lbs. | 90 Lbs. New S/H. New S/H. SiH S/H. INAIMGETIAM CORR nae 74 3 2,672 1,506 31,467 2,910 Ne ay ee ee es On ee ee, 92 3 1,705 1,948 3,015 — Tete duals and Companies......... 129 2 1,207 2,473 52,561 5,081 Total Rte Oh er ee otc pen Gert s 295 8 0,084 | 5,927 87,043 GOON Statement Showing Gravel and Sand Used During Year. RunN-oOF-BANK No. 2 SAND. Cubic Yards. Cubic Yards. | Cubic Yards. Maintenance Bee SOE ie ee ie isc Os me re tar pene ne Ole 806 288 106 RO Si alirs facie te RLS gar ie ROMER ae ae oC UC eg 130 441 15 Be ee 20 870 ae Panama Canal Tracks....... esate aes rae 20 283 a Mota ee ae 976 1882 ie Steam shovel work consisted of excavating 52,493 cubic yards of hard rock in Sosa Hill Quarry, and distributed as follows: For rip-rapping along the sea front at Fort Amador, Naos Island; also, for the construction of the breakwater at the Submarine Base, Coco Solo. 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. 12 PANAMA RAIL ROAD COMPANY. The total revenue from all sources at the Atlantic terminals amounted to $1,700,106.80, which is $367,253.49 more than the previous year. ‘There was an increase of $15,500.00 in wharfage, $5,800.00 in lighterage, $32,- 000.00 in stevedoring, $171,000.00 in freight handling and transferring, $60,000.00 in storage, $63,500.00 in incidental revenues formerly credited to operating expenses. The increase in revenue from handling cargo was - partly due to the increase in rates effective January 15, 1918, Tariff No. 2 applied for only six months during the previous fiscal year, whereas the same rates applied during all of the year 1919. The total amount received for handling and transferring cargo at Cristobal was $1,092,831.15, and the total amount of storage collected $121,494.24. The operating expenses at the Atlantic terminals amounted to $1,- 373,972.31; an increase of $253,000.00 over last year. ‘The total number of tons handled and transferred on the Atlantic docks was 1,394,245. On the Balboa docks 89,712: tons were handled, which is 58,000 tons more than © last year. 708,770 tons were stevedored at the Atlantic terminal, a decrease of 500 tons as compared with last year, and 36,909 tons at Pacific terminals, an increase of 14,600 tons. The following table contains a summary of harbor terminal operating statistics for the fiscal years 1919 and 1918: ITEM. 1919. 1918. Aonsiol Care o Steviedonedenw. ty eee ttre tiene as 745,679 (al, b3.0 Revenue per Lon Stevedored....s............ ccc ee eerees $.3471 $. 2973 @ost pershon Stevedored a: se. ae eh ee $.3549 $.3414 Mons of Cargo Handledvand Mransferred .)..:.......0.0.... 1,483,957 1,425,536 Revenue per on Handled: =o 3. 62 es $ . 9447 $.7518 @ostiper “Lonmbliamdlediiecc nee ears, Geeta cis ads abe beter reas $.6666 $. 5304 Gross OperatinewNevienue se i cee ene aie $1,796,132 33 -| $1,405,579 62 Gross O peraiMmoelixpenses ssw se tok cae Sane iye cheeks $1,453,432 86 $1,170,435 49 ING GEVE WC UC i se ese eee ge coe ae tien i ian sta $342,699 47 $235,144 13 Per Coe of Expenses to Revenue............. EN ecesvettncee 80.92 83.27 The number of vessels handled by the Receiving and Forwarding Agent at Cristobal during the last fiscal year was 862 as compared with 698 the previous year. At Balboa 427 ships arrived as compared with 454 last year. The number of tons of general cargo received from these ships was 750,474 as compared with 780,585 last year. The number of tons of general cargo dispatched at Cristobal was 606,101 as compared with 572,513. At Balboa 48,847 tons were received and 28,395 tons dispatched. CoALING PLANTS. Profits from the sale of coal at the Cristobal and Balboa con during the year amounted to $810, 379. 83 as compared with $792,833.04 for the prior year. The total cost of unloading, including necessary repairs to the plants, also depreciation on the plants and equipment, and interest on the Panama Canal Investment amounted to $1,299,048.65; $1,041,146.85 at the Cristo- bal Plant and ‘$257,901.80 at the Balboa Plant. The quantity of coal received during the year was 481,486 tons and 028,213 tons were sold. The quantity of coal on hand at the beginning of the year at both plants was 217,429, leaving 170,702 tons on hand PANAMA RAIL ROAD COMPANY. 13 J une 30, 1919, of which 152,840 tons were in storage at Cristobal and 17,862 tons at Balboa. The receipts for the sale of coal during the year amounted to $6,103,692.30 as compared with $5,283,029.25 for the previous year. 418,280 tons were sold to ships at the Atlantic terminals, and 55,584 tons at the Pacific terminals. The balance was sold to the Army and Navy, the Panama Canal and Panama Rail Road, and individuals and companies on the Isthmus. The Colliers ‘“‘ Ulysses” and “Achilles,’’ which were withdrawn from this service in the previous year were restored to service during January, 1919, and have brought practically all coal to Cristobal since that time. At Balboa two cargoes were received by Panama Rail Road 8.8. ‘‘Cristo- bal”? and one cargo by the $.8. ‘“‘Achilles”’; the balance was brought down by outside steamers. 85 cargoes of coal were received during the year from 61 different vessels. The following table shows the quantity of coal used on the Isthmus including fuel oil used by the Rail Road and also the sales of coal during the fiscal year ending June 30, 1919, as compared with the year ending June 30, 1918: Fiscan YEAR 1919. Fiscat YEAR 1918. Coal. Oil. Total. Coal. Oil. Total. Panama R. R. Road Mngines........... 2,847* | 18,181 | 21,028 579 | 19,471 | 20,050 Panama R. R. Switch Engines.......... 9,965* 3,110 13,075 16,913 2,114 19,027 Panama R. R. Other Purposes.......... 24,267 — 24,267 | 18,949 — 18,949 ' Panama R. R. Steamship Line.......... 22,224 — 22,224 | 39,140 aa 39.140 Other Steamship Lines, Atlantic Terminals 366, 074 — 366,074 | 369,561 — 369,561 Other Steamship Lines, Pacific Terminals.| 51,445 |. — 51,445 33,282 — 33,282 Umited StatessArmy; 32308 8 7.977 — 7,977 7,652 — 7,652 WmitediStatessNiavynos ssc ee 13,283 — 13,283 | 36,792 — 36,792 Miscellaneous: 25) oe 8,718 — 8,718 Le oO) — 11,570 Ranamac© anal ccc ee ie eo oer. 21,413 —— 21,413 34,546 oe 34, 546 TRotals ecw ea ag eee re a 528,213 - "21 ,291 | 549,504 | 568,984 | 21,585 | 590,569 *12,812 tons of coal consumed by Panama Rail Road engines were supplied by the Panama Canal. During the fiscal year 85,164 barrels of oil were consumed, which is equivalent to 21,291 tons of coal as above. OTHER OUTSIDE OPERATIONS. STABLE OPERATIONS. The expense of operating Colon Stables amounted to $9,454.74, an increase of $800.00 over last year. The rentals amounted to $8,573.60, a decrease of $500.00 from the previous year, resulting in a total loss of $881.14 for this year. The cost of operating Panama Stables was $10,372.73, a decrease of $1,300.00 from last year, while the rentals amounted to BA. 398.35, a de- crease of $1,500.00 from last year, resulting in a loss of $5,974.38 for this year. On April 1 the Panama Railroad discontinued the operation of Panama Stables, the buildings and grounds having been rented to Mr. Lombard, Panama City, who stables animals, operates a garage and fur- nishes storage space for gasoline, oil, and other supplies. BaGcacs TRANSFER OPERATIONS. The cost of operating the baggage transfer business at Colon and > Panama was $8,421.45, about the same as last year; while the revenue 14 PANAMA RAIL ROAD COMPANY. amounted to $9,573.65, an increase of $1,300.00 over last year, resulting in a profit of $1,152.20, as against a loss of approximately $200.00. Motor Bus OPERATIONS. The total cost of operating the motor buses was $43,279.90, an increase of $4,100.00 over last year. The revenue amounted to $25,077.90, an increase of $1,000.00 over last year, making a loss of $18,202.00 as com- pared with a loss of $15,069.86 last year. This motor bus service has — since been discontinued, having been taken over by Mr. Lombard in connection with the Panama Stables. Moror Car MACHINE SHOP. The motor car machine shop is used for making repairs to motor buses, Panama Canal! and Commissary trucks and Rail Road motor cars. Repairs were also made to Army cars, private automobiles, motorcycles, etc., including the charging of batteries. The shop expense for the year amounted to $55,859.08, an increase of $27,600.00 over last year. The revenue amounted to $538,283.25, an increase of $27,500.00 over last year. The loss being $2,575.83, as compared with a loss of $2,444.39 last year. OPERATIONS UNDER THE ELECTRICAL ENGINEER. TELEPHONE OPERATIONS. The cost of operating the telephone system amounted to $145,487.52, as compared with $126,117.04 last year; an increase of $19,000.00. The revenue from rental of instruments, trunk lines, and other miscellaneous revenue amounted to $136,706.35, as compared with $119,992.54 last year, an increase of $17,000.00, resulting in a loss of $8,781.17, against a loss of $6,124.50 last year. During the fiscal year 916 telephones were installed and 472 telephones were removed, leaving 2,967 telephones in service at the end of June, 1919, an increase of 444 telephone installations for the year. The average number of telephone calls during a day of eight hours, as determined by peg count, was 22,630, or 2,829 callsinan hour. The average number of telephone trouble cases was six a day, as coed with nine and a half a day recorded last year. During the year, 55,335 feet of lead covered, paper insulated telephone cable of all sizes, varying from 5 to 200 pair, was installed and 20,240 feet of cable was removed, leaving 627,354 feet of cable in service at the end of June, 1919, an increase of 35,095 feet of cable for the year. On this entire cable installation there occurred 12 cases of cable failure, as compared with 14 cases last year. The principal items of new telephone work were: The installation of cables and telephone switchboard at Coco Solo; the installation of tele- phones and annunciators at the cold storage plant at Mount Hope; the installation of telephones and annunciators at the new section of Ancon Hospital; and the installation of four additional operating positions at the Balboa Heights exchange. - There are indications that in the near future the trans-Isthmian tele- phone traffic will so increase as to require the constant use of all the existing circuits, with possible congestion during the hours of maximum traffic, and studies have been started to determine the advisability of PANAMA RAIL ROAD COMPANY. LS | considering the installation of additional trans-Isthmian cable facilities during 1921. The following outline of statistics has been compiled in a condensed form in order to show the growth of telephone equipment and installation on the Canal Zone up to the end of June, 1919: June 30,/ June 30,/ June 30,| June 30,/ June 30,| June 30,| June 30, 1907. 1910. 1915. 1916. OMS | OMS 1919. Malessotabole Winer: =... 48 140 60 51 43 36 36 Miles of Underground Conduit PAR RR eee ee ears — — 212 22, 212 212 212 a of Underground Conduit : P. C: occupied by PB. R. R.: — — — 10 20 26 34 Total Miles of Conduit......... — — 22, 222 232 238 246 Miles of. Cable‘in Duct......... — — 75 79 101 ae 118 Males of. Cable Aerials. 3.3... 7 12 9 9 2 2 2 Total Miles of Cable... 2.7... . Gi 12 84 88 103 113 120 Miles of Wire in Duct ......... oe — 4,007 8,282 9,989 1A Dial el SG Miles of Wire in Submarine Cable — — 24 26 5D 55 55 Miles of Wire in Aerial Cable... 210 746 470 470 124 124 124 Miles of Wire, Bare and Insulated Nena lnines cc see een 920 2,643 789 §22 508 515 526 Mortal eee tee eee 1,130 3,389 5,290 9,300 | 10,676 12,151 12,561 Miles of Wire, Trunk Circuits. 768 1,200 2,880 2,002 2,810 4,040 4,259 Miles ot Wire, Subscribers’ Cir- CULES eo are ee 218 1,921 2,160 7,048 7,061 WAS 7,898 Mee of Wire, TesDe Circuits 144 26872 = 250 250 305 358 404 . Mota 28 ee ae ee ae oe 1,130 3,389 5,290 9,300 10,676 Zao: 12,561 Miles of Phantom Circuits...... — —- — 576 576 576 672 Miles of Simplex Circuits....... — -—- — 96 96 96 132 ARO baller ncstiac Scie eee ee a ON — — — 672 672 672 804 Telephone Exchanges, P. R. R.. 10 ! 22 al 16 10 9 9 Telephone Exchanges, P. C..... — — 3 3 3 3 3 Telephone Exchanges, Army and NIN AVR ise ae ener sees oh it i 1 10 10 10 10 Mota 11 23 15 29 23 22 22 Melephones, bok. Re. s0 2 ee 610 1,213 1,609 1,878 2,154 2,523 2,967 Melephones EMG oso e seas — — 98 104 110 114 114 Telephones, Army and Navy.... — 15 — 400 578 670 703 Total Telephones SACRE oem 610 1,228 1,707 2,382 2,842 37500 3,784 Exchange Connections Daily’... — 6,342 9,328 WPS) 17,801 21,816 Div Aslicy Trunk Connections Daily*...... a 2,809 2,366 2,954 3,241 3,924 6,396 otal See ise ce ee cee aad 9,151 11,694 | 15,119 | 21,042 | 25,740 | 27,811 *Hxchange and trunk connections are those handled in the four main exchanges only. Fire Auarm Sysrem. The work of inspecting and maintaining the fire-alarm system has been continued under the supervision of the telephone subdivision. The principal work of the year was the cleaning, rewiring and repainting of all fire alarm boxes in the Ancon-Balboa district. There were thirteen alarms turned in, and no failure of any alarm apparatus occurred during the year. RAILWAY SIGNAL SYSTEM. There were practically no changes made in the installation of railway signals during the year. Considerable maintenance work was done to oho: PANAMA RAIL ROAD COMPANY. improve the insulation of splices in the underground signal circuits and of renewing local wiring at many.signal locations. There were 2,084,908 registered arm movements and 97 responsible signal failures, as ‘compared with 2,404,176 registered arm movements and 131 responsible signal failures last year, and with 2,474,210 registered arm movements and 115 signal failures for the previous year. From the above figures there results an average of 21,494 arm move- ments for each responsible signal failure, as compared with 18,352 arm — movements for each signal failure last year. There were 181 train minutes delay caused by signal failures, as com- pared with 556 train minutes delay last ye and with 431 train minutes delay the previous year. There was an average delay of 1.87 minutes per train for each signal failure. There were four reported false clear and one false caution aspect during the year on the entire signal system. ‘This is unusual, as previous reports show that seldom has there occurred more than one false clear aspect during any one year, which was the case last year. : In the following outline there is tabulated the responsible and non- | responsible signal failures. total arm movements and train minutes delay for each month of the year: RESPONSIBLE Non- TOTAL DELAY 1918 SIGNAL RESPONSIBLE ARM TRAIN MOonrtTuH. FAILURES. SIGNAL MOVEMENTS. MINUTES. FAILURES. Dilys ea che eter oa A kt eee 10 1 159,148 24 PASI US acre cer een Or NN a ane ees 8 0 174,817 5 September se Wie eek ioe ts 3 0 166,060 10 October 2. ees re Se ees. 13 fl 173,591 20 INOwember ee os ei ok Sere a 13 O 164,825 40 Wecember se ee aes eee 6 1 168,175 13 1919 TIA Vise ie eo ee cha ON Da 4 0 175,906 4 GG ATVe os ee eee Se, i 0 165,606 10 PN Teenie Cine ees es ees st oe OOS Ee Carr 6 1 186,212 2 DNR eee eer ee oe ee AE 4 0 185,179 15 INI ee i ey ar cman ase: 11 0 180,808 28 ONC Ree eine ees terns iene oS aca aa eee 12 1 184,581 10 - 5) 2,084,908 181 MSO Cae ttey erent oe ee BS 97 There was an average of 15 train minutes delay and 8 responsible © signal failures each month. There was but one derailment at the jneenockane plants during the year, aS compared with three cases last year. This lone case occurred during September at Diablo cabin. There were 36 reported signal failures resulting from all causes at the five interlocking plants during the year, as compared with 60 such failures for last year. About>two-thirds of these failures occurred at the Pontoon - Bridge at Paraiso. | PANAMA RAIL ROAD COMPANY. | at OPERATIONS UNDER THE SUPPLY DEPARTMENT, PANAMA © CANAL. COMMISSARY. The receipts from the sale of commissary supplies amounted to $11,237,646.33, an increase of $997,942.96 over last year. The amount paid for supplies purchased during the year was .$9,/777,867.73, an increase . of $1,591,657.90. »The value of supplies on hand June 30, 1919, was $2,842,458.06. The profits were $267,282.07 as compared with $242,677.27 during the previous fiscal year. The percentage of profit on sales remains approximately the same, 2%%. At present, there are 10 retail commis- saries in operation and 25 manufacturing plants. The new cold storage plant at Mount Hope is practically completed, the total expenditure being $1,276,929.15 to June 30, 1919. | The new slaughter house is also about completed, $218,054.43 having been expended to June 30, 1919. ae In connection with the Mount Hope cold storage plant, a boiler house, machine shop, carpenter shop, fertilizer plant, bone mill, and garage, are all in course of construction at an estimated expenditure of about $110,000.00. . A meat canning plant is also in the course of construction at an esti- mated cost of $119,050.00, the total expenditures having reached $115,595.30 on June 30, 1919. Under eround concrete kerosene tanks are being installed at eight different commissaries at an estimated cost of $7,875.00. The total commissary investment amounts to $7,602,907.98, made up as follows: Commissary. plants and stores, $1,5384,425.38; equipment, $113,643.18; uncompleted improvements, $1,612,381.41; supplies on hand, $2,842,458.06; floating capital, approximately, $1,500,000.00. The profits amount to 3.58% on the investment. The total profit from August, 1905, to June 30, 1919, amounts to $1,434,537.05. The amount set up as accrued depreciation is $556,102.64. Hote, WASHINGTON. The cost of operating the Hotel Washington amounted to $158,244.51, an increase of $28,000.00 over last year. The revenue amounted to $169,633.75, an increase of $55,000.00 over last year, resulting in a profit of $11,400.00 as compared with a loss of $15,500.00 last year. Farm INDUSTRIES. Under this heading are grouped the operations of Cattle Industries, including the cattle ships ‘‘Caribbean”’ and ‘‘Culebra,”’ plantations, dairy farm, poultry farm, and hog farm, all of which are in reality adjuncts of the Commissary Division operated by the Supply Department of the Panama Canal with Panama Rail Road funds. CattLE Inpustry: The purchase of cattle in Colombia continued throughout the year. Fat cattle being slaughtered on arrival, and the young ones were put into pastures. During the past year the purchasing expenses amounted to $13,286.83, and the cost of transportation and pasturing during the past year was $503,214.62, making a total for cattle handling of $516,521.45. During the past year 29,554 fat cattle were imported at a cost of $1,425,097.96, or an average of $48.22 per head exclusive of handling and aks | PANAMA RAIL ROAD COMPANY. pasture expenses. 31,213 were turned over to the Commissary Division and slaughtered for which the Commissary Department was charged by the pound, $2,423,169.45, resulting in a profit to the Cattle Industry of $336,865.58. 4,780 young cattle were also purchased at a cost of $132,645.00, or an average price per head of $27.75, and a small number were lost by death. On June 30, 1919, there were 11,779 head of beef cattle on hand, valued at ‘$588,153.62. The following amounts are invested in the Cattle Industry: S. S. _“Caribbean,’’ including equipment, $167,365.67; 8. S. ‘“‘Culebra,’’ includ- ing equipment, $119,653.21; value of pasture lands. including buildings, fences, etc., $612,655.90; uncompleted work on pastures, $221,350.76; equip- ment, $24, 593. 99. other material, $21,288.85; value of cattle on hand, $588,153. 62: other live stock, $32, 629. 86, making a total of $1,780,571. 86. PLANTATION OPERATIONS: The expenses in connection with the opera- tions of plantations this year amounted to $123,142.76. The value of products sold amounted to $76,107.37, resulting in a loss of $47,035.39 _ for the fiscal year ending June 30, 1919, as compared with a loss of $127,767.58 last year. | The capital value of plantations, including buildings, amounts to $208,717.49 on June 30, 1919, and the uncompleted improvements amount to $158.78; Sweetwater, New Gatun, and Manawa, valued at $17,434.78, were abandoned and capital expenditures amounting to $14,017.97 were added to the account. The book value of Plantation Equipment on June 30, 1919, was $12,632.38. The amount expended in operations to June 30, 1919, in excess of revenue received from produce was $198,903.74. Dairy Farm: The capital investment to date in the Dairy Farm, including buildings and equipment, is $123,114.12, and the uncompleted improvements amount to $22,746.57. The value of dairy cows and calves on hand June 30, 1919, was $65,683.00, and other live stock amounting to $32,629.86. Feed and supplies on hand June 30, 1919, was $10,872.21. The operating expenses amounted to $99,205.15, and the amount realized from milk, cream, and calves turned into the commissary was $45,228.74. The loss in operations for this year was $42,381.90. Poultry Farm: The capital investment in buildings and equipment of — the Poultry Farm on June 30, 1919, was $107,580.45. The value of feed and supplies on hand was $495.60, and the stock on hand amounted to $12,101.10. The loss in operations to June 30, 1919, amounted to $42,575.93. The cost. of operating the farm for the past fiscal year was $92, Des. 42, resulting in a loss of $33,747.09. Hog Farm: The investment in the Hog Farm on June 30, 1919, was $07, 130. 95. The total operating expenses amounted to $54, B47. 93, and the profit at the end of the fiscal year was $26,472.35. The total number of hogs slaughtered during the year was 13 582, valued at $282,713.46. ‘The value of the hogs on hand June 30, 1919, was $16,946.77. LANDS AND BUILDINGS. The rentals received from leased lands on the Isthmus amounted to $114,281.90 and the expenses in connection with the leasing of lands amounted to $18,048.80, leaving a net revenue of $96,238.10, which is $1,477.47 more than the rentals received last year. The rentals of buildings not used in the operation of the Raul Road PANAMA RAIL ROAD COMPANY. : 19 amounted to $20,855.66, and the expenses amounted to $13,012.71, leaving a net revenue of $7,842.95, as compared with $2,718.67 last year. The following is a report of the Land Agent for the fiscal year 1918-1919: A slight decrease is shown in the amount of approximated land rental- bills issued during the fiscal year just ended, for the City of Colon, as com- pared with the approximated rental-bills issued during the fiscal year 1917-1918, which can be accounted for by the fact that during the year just ended one lease on a lot in the neighborhood of the Washington Hotel, which lot was designated as lot “‘U”’ and leased to the Strangers’ Club at an annual rental of $650.00, was cancelled at the request of the lessees. The reduction referred to can be further accounted for by the incidental cancellation of several short term leases by the direction of the Health Officer of Colon-Cristobal, to the cancellation of one lot in the stable district, and to some minor cancellations. A slight i increase is shown in the amount of approximated rentals on lots leased in the Fox River District, Colon, as compared with the fiscal year 1917-1918, is accounted for by the fact that certain leases at a nomi- nal rental rate were cancelled and new leases substituted therefor at a commercial rate. A decrease of $1,485.00 in the amount of approximated rentals on buildings, rooms and stores, Colon and Cristobal, is accounted for as follows: Reduction in rental, Gilbert House, Colon, from $450.00 per annum to $225.00 per annum. Cancellation of lease to Room 8, Masonic Temple, Cristobal, held by W. W. Wilson, for $360.00, effective July 1, 1919, and now used by the District Court Clerk. Rental on Mason’s Lodge Hall, third and mezzanine floors, Masonic Temple, Cristobal, reduced from $3,084.84 per annum to $2,184.84 per annum, on account of the occupancy by the District Court of the Canal Zone of a part of these floors, for use as a court room. Offsetting the above reductions are three increases of rental amounting to $1,032.00. Lease issued to the Isthmian Service Corporation for the joint occupancy of Room 7-A, Masonic Temple, Cristobal, with the Land Agent, at $480.00 per annum. : Increase in rental of Room 5, Masonic Temple, Cristobal, leased to the Anglo-American Steamship Agency, from $600.00 per annum to~ $852.00 per annum. _ Increase of $300.00 in rental of Room 2, Masonic Temple, Cristobal, leased to the Goodyear Tire & Rubber Company, formerly leased to the Pacific Press Publishing Association. | The net loss of $453.00 is a ‘‘paper”’ loss only, as the District Court of the Canal Zone occupies the Masonic Hall on court days, and the Clerk of the District Court at Cristobal has entire possession of a room on the second floor. In the Santa Cruz District, Panama, one additional lot was leased under revocable license, showing a net gain of $24.00 per annum for the District. In the Panama Yard District, Panama, the rental on one lot was in- creased from $120.00 per annum to $900.00 per annum, due to an increase in rental value of property in the same vicinity. The area of the lot, however, was increased approximately 100%. One additional lot is held under license in the Javillo Fill District 20 | PANAMA RAIL ROAD COMPANY. owned by the Panama Rail Road Company. The two lots occupied in this District are revocable on ten days’ notice in writing to the respective licensees. The total amount actually collected on account of leases, licenses, and permissions, was $132,352.69, representing an increase of $822.21 over the actual collections for the previous year. Four new leases covering 44% lots were issued in the Cities of Panama and Colon. On the morning of August 9, 1918, a fire occurred in Colon involving the destruction of four privately owned buildings situated on Panama Rail Road lots Nos. 193314 Hudson Lane, 1935, 1937 and 1939. These lots are comprised within the block bounded on the east by Broadway or E Street, on the west by Hudson Lane, and on the north and south by 13th and 14th Streets, respectively. The total value of these buildings, according to the records of the Panama Government tax office, was $17,000 United States currency. New 25-year leases have been issued dating from August 1, 1918, to all the lessees of the aforementioned lots. The new form of lease contract provides for the termination of same on one year’s notice from the Panama Rail Road Company, the lessee to be com- pensated for the actual physical value of the improvements placed upon the lot, but not for any intangible value which may exist by reason of the location, nature of business, or other cause, nor for any value of the unex- pired portion of the lease period. The Panama Rail Road Company owned _ no buildings within the area swept by the fire of August 9, 1918. Statement of Panama Rail Road leases and licenses in effect J uly le 7 1919; LEASES. Lots. RENTAL. LOCATION. oC eee | oe OR ae 7-1-18. | 7-1-19. | 7-1-18. | 7-1-19. 7-1-18. 7-1-19. GoOlone 825 823 833 830 $83,090 28 $82,282 28 HUOeIVICL? EV. es Soares wares 52 52 54 54. 2,642 00 2,926 40 sstable lots; Colon: ..... 2 ....: “9 8 12 11 576 00 534 00 Wasps plaWwaGas°sc 2... cn. 103 103 122 122 3,987 OO 3,987 0Q Giiachapalt: go. eae oS 15S 194 194 8,378 93 8,378 93 Satan Onze eee 88 89 106% 107% 3,977 28 4,001 28 Panama Yard, including Eng- lish Wharf and bulkhead . 17 17 291% 29% 4.314 00 5,368 00 AT ONCC esses Goa us cs eivens 1 -1 if fi 60 00 60 00 Motal for eases... .o5 5.5% 1,248 1,246 1,352 1,349 $107,025 49 $107,537 89 Licenses & PERMISSIONS. Lots. RENTAL. LOCATION. 7-1-18. | 7-1-19. | 7-1-18. | 7-1-19. 7-1-18. 7-1-19. - Miscellaneous, Colon... ....| 8 3 es a $246 00 $114 00 Buildings, rooms & stores, @olon-Cristobal..=....7.2 23° 24 21,633 00 21,180 00 Cristooal ee 6 6 8 8 (oN) o2 1,505 52 ING WSEAS CNCYs Glo ees: 1 1 1,560 00 1,560 00 Huerta-Sandoval....:...... 2 yD), 2, 2 360 00 360 00 Miscellaneous, Panama..... cee 1 1 1 1 00 00 levallo ile een. a ee 1 2 1 2 60 00 120 00 fj hoom in Pb. R. RR. Station, Balboa Helghts=. 3.12... 1 1 120 00 120.00 Total for Licenses and Per- 3 MMUSSIONS ieee he ee ee 43 40 12 3 $25,485 52 $24,960 52 Grand Total for All Leases, : Licenses and Permissions..| 1,291 1,286 1,364 =| 1,362 $132,511 OL $132,498 41 PANAMA RAIL ROAD COMPANY. 21 GENERAL. The interest on money deposited with the American Foreign Banking Corporation during the fiscal year ending June 30, 1919, was $6,827.61, as compared with $5,062.05 last year. The net revenue from all operations amounted to $2,014,194.29, but from this amount was deducted the Rail Road’s proportion of income tax. and capital stock tax paid by the New York Office for 1918, amounting to $478,871.68, interest on indebtedness to United States Government amounting to $102,170.08, and back pay earned by transportation em- ployees during this fiscal year, amounting to $30,451.42, but which was not paid until July, 1919, leaving a net income of $1,402,701.16. The following changes were made during the year in the system of rail road accounts. The operation of cattle steamers was taken out of cattle handling expenses and set up separately under the heading of Cattle Steamers Operations. There was also added under Rail Road Revenue, sub-account No. 126 to provide for the revenue derived from extra locomotive service furnished, which had no connection with freight or passenger traffic. This revenue was formerly credited back to Railroad Operating Expenses. STATEMENT OF EXPENDITURES UnpeR Approvep A. F. E.’s. For . AMOUNT. ARS HSIN Ose WO Oae ASG UO Ny an CLS ieee a aera ee AG eee en alae $17,737 20 989 Summa Lo ulibmy. Warm ui Caimes MebC se wt ee ieee 10,814 07 S8OdmtRasture Wands ao. een a ere cea ne Se ane uence eee 73,042 52 SS8Obo Pasture san dsp ce aa ese eet ee reno ec ecu eee ni aero Oats 4,360 05 880c Pasture Lands...... bare ea Eos LANE SHI aes ery aan Pee eS grat Ra oan 2,703 98 880g Pasture Lands......... Rael Bas Rd Aa Gi NORM area iar alata react chante 10,452 86 SSO sRastune Wdandsieeen en eae et ainda Sr at eh eee mae tour re mee 31,150 13 SSOfee Pas hunev band sia wea ee wren Ones eaten Mong Sie en eae rants gu *572 96 1053 42 Min die Dain ye es eee ene oe a We ey AS comer Morn ge nia 15,203 18 865 Repair Shop and Electric Charging Station, Cristobal Docks...... 4,897 30 1O253 Juanes Vinaekelantation ssc. en eet es en a he Bye) IP) 899>;2 MiolettoeRier 6. Cristobalist eee i ee 29,491 31 PBA“ Repairs Dynamite: Docks Mandi: cee ie hes geen aes 202 88 1004 Hoo Hanmi MarcaritasRoddite Wirt. ne er ed caren 328 35 NSS Manufacture Thrust Boxes and Brakes, Cristobal Coal Plant..... 2,403 41 LOTS: Clearing Balangue: River Pulverize Rock, Juan. Minaland Was .Guacas.-.... 7... s0 ee 210 81 1123 Phone Cable, Cristobal Yard to Mt. FLO DCL ao Se eee ee 1,792 63 1180 Repair and Paint American Consulate. Colones) 77s 3 ol 13812. Construch 2 Mmanke ©arsc has er ae Gee ice Benen even reat 6,718 06 1139 Dismantle.@oale Barges NOs; oOStandeoOn se ee oe oe, 18 34 W403 sh xtbension aaa bOCca.Comumissanync sae ee eee eee te 7 29 1141 Remove Hlectrical Equipment from Mindi Swing Bridge......... **3,621 09 1143) Repair Barces Nos. 2-3; 19 and: 29) Coal Plants, 34...) 3,750 30 1145 Removal Scales, Piers Vande oe ee #416 O1 PAG. Constructs ©oal Conveyor BOOMS ri) ie es 5,493 70 1148 Install Oil Burning System, Hotel Washington................... 1,624 29 PS Rienaindvoot Ancona iyi wrt aorta tre er 42 44 1153 Mianutactunre Bish: Boxes ton Commissary 0). t4s hee 425 37 1154 Manufacture Grate Bars for Boilers, Cristobal Coal Plant........ 173 00 156). Manutacuune «se Hooks for ©ommiscsanry.. 600) 239 63 5Ss Ripe linet: @hineseeGangdemss summits.) 50 158 78 1159s Wemolish Seetion Mouse; bedro Wipuel 3-2 2s 4 **12 60 1160 Construct 3 Section Houses, Mt. Lirio, Gamboa, Frijoles......... 1,294 75 22 PANAMA RAIL ROAD COMPANY. For AMOUNT. Wh Hy. No. 1l63 > Repairs S. 8) Glenlochy Balboa @oal Plant. =. °..... 4... $785 80 (G4 sRicoains Room Burlding No. VOO0K@ Olona ss ee 15 64 1167 Construct Shelter and Freight House. Frijoles................... 16 80 1169 Improvements to Section House; Gatun) elie 1170 £Painting, etc., New Room Cold Storage iant C@ristobals ss... 175 31 1172 Mianiutacthune Bucket Arms, @©oalino Blamts.. 0.022. 1650. ee 12 0) 1173 Repair Viaduct Motor Cars, @ristobalk@oalsBlanty. 3.5.0 0. 3 208 87 1174 Repairs 8S. S. “Maumee”’ (damaged at Cristobal Coaling Plant).. 50 36 1176 @Overhauline DeMayo Barges Noss lb:and 2... 3 8, 76, 848 43 1177 Manufacture Gear Guards for Berm Cranes, Balboa Coal Plant... 1,037 89 1178 Convert Refrigerator Car No. 7008 into Combination Car........ 2,064 57. 1179 Construct Shoe Fixtures for Balboa Commissary................ 636 94. 1180 Manufacture Side Plates for Coal Buckets, Cristobal Coaling Plant. 367 61 1181 Alterations to Barge 66, for Carrying Cattle: a 1,998 93 L1SO. Ditches atlas, Guacasielantavlonn 7... ce 84 16 1183 Manufacture Fire Doors for Boilers, Cristobal Coal Plant........ 6,890 38 1185 Manutachune L50:Hoo Gamibrels tor Albattoin. 91. ......°5..... 119 14 1186 Underground Phone System, Ancon, Balboa, Balboa Heights..... 4,794 68 1188 Repair Steamship ‘‘Nevada,”’ damaged at Balboa Coal Plant.. 194 79 1189 Additional Switchboard Equipment Balboa Heights Phone Exchange 8,991 10 1190 Fit Damper and Chute at Balboa Shops for delivering sawdust to Balboas@OMMiIssany.-.c) is eee ee ee ag eg ee ADB OS 1191 Dry Dock and Paint Steamship “General O. H. Ernst”.......... 2308..00 1193 Renew Water Line 4 Rooms, Hotel Washington....:............ 295 26 1196 Construct Office and Laboratory, Cristobal Bakery.............. 85 74 < HOV PainteOristobal Abavuvoln 2.05 0c a ee es Oa en 203 57 TOS = Convertol, box Cars tomwabpor Carseat 792 43 1199 Concrete 400 ft. of track Balboa Commissary Spur.............. 323 06 1200) -Hrect shelter Shed and) Platform Red Manki 3)... 25.05 453 96 1201 INeweSlauehter: House, ©rlstoballers 5.0 te 216,942 95 12025 = Cindersblattonm: New, Gatuith 3) ey ee 306 62 1203 Repairs British Consulate, COLO eine ice ne pee a eee 4 34 1204 Repair S. 8S. “Guaro,”’ Balboa Coal Plant.) 965 6 10 51 1205 Install Crows Nest on each Panama Rail Road Steamer.......... 1,000 00 12067 Buildinos*iete.Calmito Pastures: ss). es 16,884 19 1207. Scale and Cash Register Covers for Commissary................. 252 54 1:2082.. Changes in Berm'Cranes; Balboa; @oal- Plant... ...-3.. 0.2... 3. 7,150 51 1209 Drainat broadway, and Ninth Street, Colon..3. 5.24.5... ..... 374 36 1210 Replace 4 Piles of Dolphin, Balboa Coal Plante. 443 95 Daal Dry Dock and = Repaininiehters Nos: Oveandi(al ee 9,695 95 1212 Repair, Scrape and Paint Fire Escape, Masonic Temple.......... 210 81 1213) ~Paint Rail of Washington“ Hotel Swimming Pool....2.........-... 163 78 1214S Screenine. 64> doors; ELotel Washington «0a. ee 159 22 1215 lLockers, Shower Baths, etcs, Cristobal Coalmelante.< 2.25.57 9. 1,668 30: 1218 Convert Summit Engine House into Stable and Stor age Shed... . 8,051 O07 N21OReaWarelesseOutinteS:S Culebra. cs ee er ae 6,120 00 L292 @attlesDock © almiton ots ee ee ee re an aie 965 62 1223 Replace Intake Pipe Hotel Washington Swimming Pool.......... 700 23. 1224) Pulleysitor Commissary, Cornmeal Will 4. 203 57 1225. Drvdock and Wepai, miombereNiO. Ole ce ee 1,724 88 1226 Replace Piles and Fenders, Balboa Coal Plant Dock............. 1,200 30: II hie rods between VWiharves, Cristobal-Coal Rlamth................ 2,971 O7 1223—. Construct kit and: InstalliSeales; Cristobal Yards. 3... .4......% 9,258 75 1229 Convert Two 201-Class Hngines to Oil Burners.................. 1,207 63 1230 Repair Launch ‘‘Gertrude’’ for Commissary Fishing Service....... 4,795 27 1231 Resroolnov Am Conemaumndny ssi se eg ee rt ean 4,683 51 S80 Pasture wands Ma Me 5 ee ete ra eo te 114,709 71 SSOjessRasture mands=—-BOMO nc ase ie ee ey ln em eee eatnlrs 39,841 03. 1232 inepainerench- Consulates @olon =... ae 219 83 1233 400 Ties on Curve north of Diversion Bridge, Ft. Randolph Branch 956 11 1235 Phone Cable to Colon Beach and vicinity................ Bocas ee 639 59 1236 Additional Cable Corozal to Miraflores Phone Line......:....... 2,927 68 IQ3See Nalsesumcensbile riven NOs NOS... ae ah ee 1,708 37 1239) Corridor Vestibule, Balboa Cold Storage Rlant. 3)... 6-4. 4 252 30 1240 Phone Cable and Terminalsin New Ladies Bachelor Quarters, Ancon 445 98 IQA = Clean and aint Hulleeile Driver INO. OS 734 51 1242 220: 0007y.ds- nlleNonuth 16theStreey, Colon... 4-452 Melo 2 ©: 1243 RianteAdlicator Rear Enees: Bracho: Blantationm. 3. 5. 2.0.5. 2 93 54 1244) Alter and Repair Building No: 1105, Cristobal......:........... 964 24 1245 Improvements to Accommodate Colombian Hogs................ 7,578 18 IAG =a Meat Canninohactomya. Wiommt) lope 4 0 115,595 30 IAL = Demolish Royal: Mal Dock Nowe. Colones. 9...) 0.3 08 ee 392 70 1248 Steel Structure for Hydraulic Press, Motor Car Machine Shop... 2,204 58 12407 Hour khyanantsponebalboa DOCKS) re. ee 669 32 1251 Colon Fill Third, K, Ninth, and G Streets..... sje Nes ea Co iia See 98,336 79 12525 Dredoine slip. ©ristobal;Coalimomelanbu.. 6.6. Ge ec 9,391 83 12532" Hxtend Rhone: Cable to New @nistobals 06.24.0000) e 4,091 84 1254 Conduit and Phone Cable, Ancon Hospital Grounds............. 2,309 08 1255 Prepare Ground for Baseball Rank. VioumtG Hopes. 6.6.56 oo. 15053) UL 1256 Concrete Feeding Pens, Margarita Hog Farm.............. eae 6,980 06 1257 Dredging around Pier 6, @ristobal ee ae ee ee 10,645 90 1258 Replace Culvert under Track, NeW Gatun ese ime ae 2,304 17 A. F. E. No. 1262 1263 1265 1266 1267 1268 1270 1271 1272 1273 1274 1303 1305 1306 1308 1309 1316 1318 1319 1320 1321 1322 1324 1326 1327 1329 1333 PANAMA RAIL ROAD COMPANY. | 23 For AMOUNT. Boiler House, New Cold Storage Plant, Mount Hope............ $18, 120 80 Pipe Line, Gamboa to Caimito Pasture Buildings 2,550 28 Panama Rail Road Proportion Wall connecting Pier 2 with New TD Clesse psi OC ket en ey, can scsi ne peas hu nme ate te ana es 7,707 48 Corrals and Chutes in Colombia (for cattle purchased)........... TQ et Resunface: Moor of Bakery cance Seek, ee ee een arto 1,716 41 Alterations toaVlotor.@an Machine Shop... 20...) ss 2 1,154 78 Sewer Eine trom summit Mess: Elalln, 5925. ee 166 77 Water and Sewer Line to Block 54, Colon.................. ee 206 52 Phone Cable. to Nurses’ Quarters, Ancon.......... Se aSEOe RO AOR 2,933 39 Alterations: tor Gillbenu House, Colon. 63 ee, 437 97 Elevator for Gatun Commissary Baer A ean ANT SRO pe 2,040 OO Display, Cases; Balboa Wommissany.. 9.066.350 390 97 New Floor in Coffee RO aston ely ie ee rr ee MRS coun ttn 396 24 Purchase Royal Mail Wharf ‘Property, Colom ee ie an ane 250,437 28 Manufacture Brass Pinions for DeMayo Conveyors, Cristobal. . 330 65 Manutactuneshish= Boxes tom @ommissanye 9.0). 8 400 06 Diy Dockaande scrape Maree NO. Olina ao 68 ei ee 3,973 58 Machine Shop, New Cold Storage Plant, Mount Hope........... 7,400 91 Carpenter Shop, New Cold Storage Plant, Mount Hopex...... s.: 5,461 07 Garage, New Cold Storage Plant, Mount Hope.:................ Toot 22 Fertilizer Plant, New Cold Storage lant. Wont) Hiopes. ee. 153 O07 Bone Mill, New Cold Storage Plant, Mount Hope............... 2,838 11 Repair hontoon Bridee. ea oc ee ge eee 25 85 Dip Corrals;and Stables, Monte Lirto Rastune 9.5... 4........... AS 2. a Pipe Rail, Roof, Masonic Memmi le eine eee re arena ata 203 39 Preliminary Work on Site for Nowe Collen Stables wi see seen oe fe 2,248 80 Kerosene hanks at bine -@ommissariesi... 0.) 1,088 26 amuseedrosVisouel © ommissanye 2: 7c ee ce QOieaS Miovemirackisenvanios@ oom Hil ss ecg k ere een te ees ree ae 2,299 55 Preliminary work, Quay Wall between Docks 6 and 7............ 28 46 lice, and ce Cream Bin, Ancon Commissary... ....5....... 42. : 14 27. Overhaules.s) -Vaddlebunyz. tor Cattle rate...) 18,076 69 Refrigerating Plant, New Hotel Washington.................... 83 39 Raint: ColonpRassenoerso talon: sag 2 6 ee ee ee 889 91 Hences;and: Shed srlo om Harm. Wim On 4 ee ee ee 770 24 OverhawleDe Mayor Bbances Mora met On yaya eee, 1,782 28 Concrete Curb along Track, Freight House, Panama............. 3,945 18 Concrete Spurand: Drams: Winch Dainyen 68 ee 4,349 03 Change Stepsan: Builldina: No. 000; Colon... 3... =. 4... 630 31 Roadway, bixbensvon uo, RiCwiOs. ce ee 6,833 11 @onvert20 Box CansstomWabon Gans 35. 08 2,474 09 Waiter, iain Wanoamnita se Oot tes ne Ss he eee ty cena 1,228 37 Phone Cable WarltBocace 6 ee ee ae 888 50 Paimt2Ranamace ta thom ener Oe eed eae ey Th ee 613 17 Concrete Road. DainyeWanmys tsa ee ee a 18,397 64 Hxcavation at Picm GO e e Sec aararuen 12,867 47 Sewer, Water Line and Alley ways, Block 29. Colonie ke 39 70 Gristobal Docks, Rail Road: Yards. 0. 2,565 00 Dredging around Cristobal Goal Plant.................... ee es 137 20 WO Galle eae eeu a enc, Wa ce nee We eer oe $2, 00080 0GR25 *Indicates credit for material adjustment and produce received. **Tndicates credit balance account salvage. DAE 7 PANAMA RAIL ROAD COMPANY. GENERAL REMARKS. Steamship Subject to United States Naval regulations that were continued during Line. the closing months of the war, and only gradually withdrawn thereafter, the vessels of our Line were kept j in active employment during the fiscal year in their regular Isthmus traffic and otherwise in more extended | service as called for by United States Government emergency requirements with no accidents that our own ships were directly responsible for. The regularity of their movements on schedule was intermittently interfered with by labor disputes that occasioned losses to both employer and labor until they were temporarily compromised with a prospect of subsequent revival. The Company’s policy affecting its Steamship Line has been continued in the direction of establishing and maintaining reasonable rates, advances being made only as justified by materially increased operating expenses. The rates from New York have, as far as practicable, been framed and maintained with a purpose to place American shippers on a footing of equality, at least as far as rates are concerned, with shippers from Europe to the identical destinations; effort has consistently been made to give to our shippers and patrons a service so satisfactory as to warrant them in continuing to avail of the Company’s facilities during the existing and more competitive periods that are within sight. The net revenue derived from the operations of the Steamship Line was $3,125,812.24, an increase of $1,766,604.24, as compared with the previous year. The operating revenue was $9,835,184.68, an increase of $4,185,455.00 over 1918. The percentage of operating expenses to revenue was 68. 227; as against 75.94%, a decrease of 7.72% as compared with 1918. Reboilering The 8.5. “Cristobal” went out of commission at the Isthmus in April, -Ancon and 1918 for reboilering and incidental repairs authorized by a Congressional Cristobal. A bpropriation of $720,000 to cover identical work on the sister ships Ancom and =Cristobal.” $256,258.21 was actually expended by this Company on the “’Ancon,”’ first under repair, in excess of her proportion of the appropriation for the reason that although .the ships are the property of and registered in the name of the Panama Canal they are contractually allocated to this Com- pany’s service, and thus because of lack of available funds elsewhere it was concluded that this Company was obligated to and should assume responsibility for such excess outlay. A. like conclusion was reached regarding an estimated excess expenditure of $586,000 required to complete the authorized work upon the ‘‘Cristobal”’ and to cover as well an important enlargement in her passenger accommodations to cost $116, 000 and of her conversion from coal to oil burning at an expense of a7(), 000, a change approved by our Directors as well in respect of the colliers “Achilles” and “Ulysses” and our S. 8. ‘‘Ancon.’’ In view of the resulting increase in value of the ‘‘Cristobal’”’ as enlarged, the Board deemed the above. men- _ tioned expenditure warranted, and have in contemplation the outlay required to increase the passenger accommodations of the ‘‘Ancon’”’ (the installation of oil burning equipment having been effected during her lay-up in New York for repairs necessitated by her service as a United States troop ship) when opportunity offers to withdraw her at the Isthmus from commission a sufficient length of time to fit her out in all respects as a sister ship of the ‘“‘Cristobal.’’ | PANAMA RAIL ROAD COMPANY. 25 Reboilering = The boilers of our steamers ‘‘Colon’”’ and ‘‘Panama,”’ that were installed ee in the steamers when they were built by the William Cramp & Sons Ship ee & Engine Building Company in 1899 and 1898 respectively and were retubed by the same firm in 1908, have outlived their safe employment and the successive reboilering of both ships at an early convenient date involving a total expenditure in the neighborhood of $500,000 was author-_ ized by the Board of Directors. The present condition of both ships and their value to the Company fully justifies the necessary outlay which is fully one-third in excess of what would have been required eighteen months | earlier had it been possible to withdraw the ships at that time. . Diversion Subsequent to the return from their employment in the transportation penne of coal and nitrates, referred to in our last Annual Report, our two colliers Wee Achilles and “Ulysses,” our 8. 8. “Ancon’”’ and the ex-German steamers nage). “General O. H. Ernst,” ‘“‘General G. W: Goethals,” “General W. C. Gorgas,’ and “‘General H. F. Hodges,’’ were requisitioned by the War Department and assigned in October and November, 1918, to the trans- portation of Army supplies overseas. All of the above steamers were ‘chartered to the Army under the Government or Time form of Charter — that provided for their being operated by Owners; the ‘‘Ulysses,”’ ‘‘Achilles”’ and ““Ancon’’ at United States Shipping Board rates, the four ex-German steamers without charter-hire because of the United States Government’s declared policy to that effect applicable to all enemy vessels seized by Executive Order. An arrangement was effected with the Director of . ‘Transportation in Washington whereby the Army requisitioned from the United States Shipping Board for its own account an amount of ship tonnage equal to the combined tonnage of the four ex-German steamers, which tonnage was allocated to our service by the Army without charter- hire, and operated by their Owners as equivalent for the tonnage similarly chartered from this Company, thus: Panama Rail Road Steamers: Army Steamers: HISAR ) “GENERAL G, W. GORTHALS”.. lor “LAKE HEMLOCK... | “GENER AW. ALS” “ “GENERAL W. C. GORGAS”..... a ,400 tons “TAKE HURST... (19,279 tons “GENERAL H. F. HODGES”... ‘ ” Lump Sum © The Time Charter period of all of the seven ships of this Company’ Ss Arrange- fleet referred to expired, and thereafter early in the Spring of 1919 the vo steamers ‘‘Ancon,”’ “General G. W. Goethals’? and “General W. C. — Gorgas’? were rechartered to the Army for employment as troop ships under the Bare Ship Form to be altered as necessary, manned and there-_ after operated by the Navy Department as public ships. The United States Shipping Board’s Bare Ship rates applied to S. 8. ““Ancon”’ but the equivalent tonnage arrangement above described was continued in respect of 8S. S. “‘General G. W. Goethals’ and ‘‘General W. C. Gorgas’’ with an undertaking by the Army to return the three ships to this Company in the condition they were in when delivered, ordinary wear and tear excepted. Allowances to this company of lump sum payments and lay-days in equivalent tonnage were agreed upon by the Army to cover the cost and time required to effect repairs of damage to the ships in Government service under both forms of charter party in excess of those due to ordinary wear and tear. Settlement of aforesaid agreement is still pending. | Responsi- bility for. Loss on Account of -Stranding of “Elis- -abeth.” Armament 26 PANAMA RAIL ROAD COMPANY. The Dutch steamer ‘Elisabeth,’ one of the vessels allocated to our service by the War Department under the exchange of ‘equivalent ton- nage’’ hereinabove described ran ashore while enroute to the Isthmus at 9:50 P. M. on March 6th last off New Inlet, N. C. The ship was manned and operated by and for account of her owners with responsibility attach- ing to this Company only to the extent of furnishing her with necessary coal, water and sailing directions to her Commander. ‘The accident was inexcusable and involved a very heavy loss for the commercial consignors of her cargo and for the Panama Canal and Rail Road whose shipments were as customary not insured. ‘The grounding was of so serious a char- acter that it became necessary in order to save the ship and any balance of her load, to jettison a large quantity of her valuable cargo, but little of which was subsequently salved and disposed of at public sale. A General Average was resorted to to protect all interests involved: A tenta- tive claim has been made against this Company for the very important proportion of loss attributed under the Generali Average ‘‘to the ship.” Liability for that claim is emphatically denied by this Company and reference to the incident is made here only to intimate the possibility of litigation resulting from our attitude. The aggregate expense of arming and equipping several ships of our _and Armed fleet referred to in last year’s report amounted to $292,388.52. The sign- Guard. Panama- Saratoga Claim. - Bunker Coal. — Passenger Traffic. ing of the Armistice effective Nov. 11th, 1918, made it unnecessary to similarly arm and equip our remaining ships and justified the removal of the guns, foundations and armed guards from those already so provided at a moderate expense; the total outlay involved may be regarded as war risk insurance. Negotiations for the settlement of the War Department’s claim for upwards of $279,000 for the sinking of the U.S. A. T. “Saratoga” by our S. S. “Panama” were continued and satisfactorily concluded during the calendar year by a compromise settlement of the total claim on payment of $212,500 by this Company. After the temporary bunkering of our steamers at the Isthmus was dis- continued we arranged to procure coal at New York through the American Steamship Asscciation, an organization formed in New York Harbor jointly with the Fuel Administration by the United States Shipping Board, until later an opportunity arising we, with the approval of our Owners, contracted on February 5th, 1919 with the Rockhill Coal & Iron Company for our requirements during the ensuing twelve months at $6.15 f. a. s. per ton. Effort to effect settlement of a claim for $31,500 by an earlier contractor based on an order of the Fuel Administrator exceptionally allowing addi-) tional compensation for specially mined coal from a newly developed deposit in Pennsylvania, were concluded by the payment of $17,000 by this Company. A large number of Panama Canal and Rail Road employees on the Isthmus postponed availing of their vacation privileges until the cessation of the German submarine menace, and their privileges thus lapsed until the early part of 1919 by which time the large number entitled to trans- portation to the United States exceeded the total capacity of our steamers by some 350 a month, to provide for which an arrangement was entered into with the United Fruit Company at a 25% reduction only from their passenger tariff rates to reserve the full capacity of certain of their steamers to be diverted to the Isthmus for the transportation between Cristobal New York Piers. Haitian Business. Unadjusted Accounts. Temporary PANAMA RAIL ROAD COMPANY. 27 and the United States of Isthmus employees and their visiting relatives that could not be accommodated by our own Line. The expense to this Company of $27,781.65 was unavoidable in order to comply with condi- tions of employment, avoid labor troubles and prevent hardship for employees on the Isthmus. During the year through lack of other available piers in New York Harbor the Company continued the occupancy of only Piers 65 and 67, North River, and of Pier 42 as co-tenant with the Royal Mail Steam Packet Company notwithstanding the fact that permanent and more adequate berthing facilities were required for the Company’s business that was materially increased by participation in Haitian traffic. We are making every effort to secure adequate permanent facilities. The results obtained by the Company and the mercantile communities of both the United States and Haiti from the establishment of Port-au- Prince as our principal port of call in that Island as mentioned in last year’s report justified the inauguration of a regular service to all of the most important minor points on the Island both North and South of that port. A contemplated further extension of the Line to contiguous points on the entire Caribbean littoral has been authorized by our Board of Directors. Long standing open accounts aggregating $24,539.16 against the Owners of the “‘Portland” and “Mackinaw’’ were closed June 30th through a compromise payment of $3,500 by the former, and the writing off to Profit and Loss of the latter as uncollectible. As a result of the policy adopted of effecting all possible reconstruction — Assignment and repairs to our steamers on the Isthmus, including the reboilering of of Superin- §, §. ‘““Ancon” and ‘‘Cristobal’’, it was thought advisable in June, 1918, to nd ing Engineer to the Isthmus: Increases in Pay. Rental of Offices. Isthmus Coal. temporarily locate our Superintending Engineer at Balboa Heights in order to insure effective co-operation between this Company and the Mechanical Superintendent of the Panama Canal under whose direction the work is performed. In order to retain the services of trained and efficient employees and to adequately recognize the high cost of living the Company at times during the fiscal year voluntarily allowed justifiable advanées in pay to its agents, clerical forces and dock employees, and otherwise compulsorily concurred In advances in pay and improved conditions allowed its marine forces by ~ the Wage Adjustment Commission of the U. 8. Shipping Board and to the longshoremen, dock laborers and checkers by the National Adjustment Commission in New York that in the aggregate resulted in a very impor- tant increase in the Company’s total annual operating expenses. The increase in the number of employees and in their work in the Company’s New York Office necessitated the hiring of additional space - in our present building, which was secured, but at an expense of a 124% inerease in the rental of the total space occupied. The policy of steadily increasing shipments of coal to the Isthmus in anticipation of the prolongation of the war was continued until by October dist, 1918, a maximum quantity of about 342,000 tons was established; 46,727 tons were sold in excess of receipts during the fiscal year, leaving 170,702 tons on hand June 30th, 1919. Thereafter our difficulties in procuring cargoes at Tidewater in the United States increased with the result that our coal pile at the Isthmus was relatively decreased, but at no time was the danger point reached. With our two colliers “Achilles” and “Ulysses” supplemented by the 28 : PANAMA RAIL ROAD COMPANY. two 7,500 ton barges soon to be successively placed in our service for operation regularly between Norfolk and the Isthmus, there is little expectation that necessity will arise for carrying more than a normal supply in stock. there. : The Navy Department has arranged to procure and forward for its own account some 100,000 tons to be distributed equally on storage between our Cristobal and Balboa coaling plants. Selling The prices of coal trimmed into bunkers of steamers at the Isthmus Price of were: Coal at the : Isthmus. December Ist, 1918.......... $13.00 at Cristobal; $14.50 at Balboa... Norio eLONO ee 11,50) at«Cristobal: 13:50 at Balboa,” 7,500 Ton The Congressional Appropriation of $1,600,000 tor the construction of Fuel the two 7,500 ton barges mentioned in the report of last year was found Barges. to be inadequate, owing to increased wages for shipbuilding mechanics on Government work authorized and directed by the Wage Adjustment Commission; an additional appropriation of $364,949 per barge was, upon presentation of the facts, allowed by Congress and work on both barges thereafter progressed with maximum forces, but with slight prospect that the first barge will be delivered before early spring of next year, the : second to follow several months later. Negotia- The negotiations for the purchase of the Royal Mail Steam Packet EO Company’s waterfront property at Colon having been concluded, docu- ce. a ments were exchanged and recorded on the Isthmus and the transaction 8. P. Prop- Closed by the payment of $250,000 to the Packet Company. All of the erty at | wooden structure of their pier was demolished and the remaining iron Colon. piles used for the construction of an off-shore berthing station for small , trading vessels. Claim of C. A Memorial claim was presented to the U.S. State Department by the 8. A.deV. C_§, A. de V. (Chilian Line) for refund of a large amount of money paid to this Company at Balboa for wharfage and lighterage charges on through- cargo during the period from November Ist, 1910 and for so long as the Pacific Mail Steamship Company and other Lines engaged in United States Coastwise traffic on the Pacific side were exempted from such charges; the said claim was transmitted by the State Department to the Secretary of War and by him to the Board of Directors of this Company for consideration and report, and their adverse conclusion as to the justice and validity of the claim was sustained and the State Department so advised by the Secretary of War. Cattle In- _ In connection with the detailed information given herein under the dustry. heading of ‘‘Cattle Industry’’ it became necessary to make additional provision for the transportation to the Isthmus of cattle purchased in Colombia, and accordingly the 8S. S. ‘“Middlebury,” a single deck steamer of 3,909 gross tons, was chartered on April 14th last under the Bare Ship form from the U. S. Shipping Board at their regular charter rates per month. The term of charter was for six months with an option to this Company of renewal for a further like period. This Company was allowed the privilege of altering the ship at its own expense as necessary to fit her as a cattle ship upon condition that she be restored to her original form as a single decker when she is redelivered. Shipments Under an arrangement effected in 1917 between the Chief Quarter- of Beef for master and the Army Supply Department on the Isthmus the excess beef ATEN: product of our slaughtering and refrigerating plant on the Isthmus was _ Labor Colony, Cristobal. - Purchase of Treasury Certificates. Reserve Fund. Income Tax. ‘ Audit of Company’s Accounts. Designa- tion of Mercantile Trust & PANAMA RAIL ROAD COMPANY. 29 sold to the Army to be delivered in New York by our steamers. That arrangement continued in operation beyond the signing of the Armistice on November 11th, 1918 until May, 1919, when there developed a possi- bility that no further shipments of our beef might be required by the Army, at least for a time, in which event we would have been compelled to seek other purchasers. ‘That possibility, however, was overcome by arrangement authorized by the Secretary of War to continue shipments - up to ten millions of pounds, the estimated excess output of our Isthmus plant for twelve months ensuing. In order to facilitate the operation of the Company’s docks and i impor- tant auxiliary plants at and in the neighborhood of Cristobal, C. Z., and to that end to provide a selected area in which to house and otherwise improve the living conditions of nearly all Canal and Rail Road laborers at present engaged in operating those plants, and as well of numbers that may be later employed for the same work, favorable action was had at a> meeting of the Directors on the Isthmus on May 14th, 1919, upon the © conclusion reached by separate special committees appointed to report upon plans and methods to be adopted for the above purpose by the initial appropriation of $619,900, or such part thereof as may be necessary to develop and complete the comtemplated project, and an additional appropriation of $10,000 or such part as may be necessary for the estab- lishment and maintenance of a silver-labor colony to be located at Las Cascadas, Canal Zone. At its December, 1918, meeting the Board of Director approved of — the withdrawal of as much as possible of the Company’s funds on deposit with banks and trust companies that allow only 3% per annum on bal- ances, for use in the purchase of long term United States 444% Treasury Certificates of Indebtedness. In December $1,200,000 was so invested and that sum increased to $3,000,000 by May, 1919, since which time the proceeds of matured Certificates have been reinvested in new issues of the same. The interest accrued on the securities in the Company’s Reserve Fund was reinvested in United States Liberty Bonds of current issues. The Company’s Income and Excess Profits Taxes assessed by the United States Government amounted for the calendar year to $1,159,- 051.18, payment of which was arranged for by quarterly installments of $289,762.80 in 1919. No effort has been made to secure exemption from the Government Income Tax that would perhaps have been warranted by the fact that our entire capital stock is owned by the Government of the United States, as represented by the Secretary of War, and because of which fact the Com- pany might reasonably be characterized as a Government Agency—the Directors decided that all Federal taxes should be paid by the Company to the same extent as if the Company were privately owned. The Company’s books and accounts for the fiscal year were, as cus- tomary, audited by Messrs. Haskins & Sells, our regular certified account- ants and found to be correct; their report to that effect has been placed on file. The Mercantile Trust and Deposit Company of New York was added in January last to the Company’s list of depositories for its funds in New | ork. : Deposit Co. . as a De- pository. 30 PANAMA RAIL ROAD COMPANY. During the year a series of changes occurred in the Board of Directors, as follows: Mr. Walter J. Douglas elected August 18, 1918, vice Colonel Jay J. Morrow, resigned. | Mr. T. H. Rossbottom elected June 2, 1919, vice General H. F. Hodges, resigned. : ‘Early in September, 1918, Colonel Jay J. Morrow, 2nd Vice-President on the Isthmus, resigned from the Board for overseas service, from which he has since returned and has been re-elected to the Board and to his former position on June 2, 1919, vice Mr. Walter J. Douglas, resigned. Respectfully submitted, EK. A. DRAKE, New York, N. Y., Vice-President. December 2, 1919. | PANAMA RAIL ROAD COMPANY. 31 THE PANAMA CANAL CANAL ZONE. SuppLty DEPARTMENT. THE PRESIDENT, PansaMa Ratt Roap COMPANY, BauBoa Hricuts, CANAL ZONE. SiR :— | ANNUAL REPORT—OPERATIONS OF COMMISSARIES, PLANTATIONS, AND PastuRES—FiIscaL YEAR 1918-1919. I beg to submit the following report covering the operations of the commissaries, plantations and pastures during the fiscal year ending June 30, 1919. ; COMMISSARY DIVISION. The Commissary Division remained in charge of Mr. J. J. Jackson, General Manager. This division operates the line commissaries, whole- sale and retail manufacturing plants, cold storage plants, etc. The sales of commissary supplies to steamships using the Canal and its terminal facilities increased from $570,722.95 in 1918 to $835,931.79, an increase of $265,208.84. The total sales of the Commissary Division for the fiscal year amounted to $11,237,646.33, as compared with $10,239,703.37 for the preceding period, an increase of $997,942.96. The net profits of the operations of the Commissary .Division for the fiscal year amounted to $267,282.07. The following is a statement showing the location of purchases made during the year, as compared with the previous fiscal year: Locarron. 1918. 1919. “United States........ ee $5,429,445 74 $5,975,582 64 ORCIQTi see ec ee ee ee a 201,152 80 171,584 33 Wocalicn 5 es SHEL Sacer eR ar heen rceenal oe ae mateo ee 571,661 57 325, "588 13 abhe: Panama Canales: i. bo a ee 112,950 55 1237 ‘280 13 Central and South America, West Indies, Haiti, Costa Rica and Cattledindustry 0 3 2 os ee 1,870,999 17 *3,181,832 50 MO UA Sie ee ne ee oe eed ak $8,186,209 83 $9,777,867 73 *Of this amount $2,780,309.81 was for Cattle, Poultry and Hogs. CATTLE INDUSTRY. The Cattle Industry Division, comprising the cattle operations, pas- tures, plantations, dairy, hog farm, poultry farm and the operations of the cattle steamers, continued under the supervision of Mr. W. B. Brown, as Superintendent. Mr. J. H. K. Humphrey continued as Cattle Buyer. Purchases: Of the 37,500 head of cattle purchased under contract during the fiscal year, 1918- 19, 36,489 head were delivered by June 30th. In addition to the above, 4, 780 head of feeders, 12 bulls and 501 cows were purchased. There were ‘also purchased in the Panama market locally, 202 head of peat and 1,393 hogs po PANAMA RAIL ROAD COMPANY. The following table shows the open market purchases made in addition to the above: 7 ITEM. UNIT. QUANTITY. PRICE. @Ckense re ee ee ee Each DOA $0.50 POY UN ore Na a eal RTs nce ee Each 6,865 . 60 MMII eWay ee etek aOR as Leanne Siva een Oy, Hach 7,164 WH oats Fe aE Ms ay mth cn BSS INT sbreeeneg rT Sh Each 480 2.00 OUR ete ins neces es en eee Pound 12,224 12 to 15c per lb. Worle ys* De a es oa enn ir Set vane tees -, ac 103 3.00 NBR sya none Hee teen e sre dea suum tanh ashlar Pound. 16,320 .05 to .07 per lb. STU CET ee er ee te Pound 25,997 .44 to .48 per lb. WOCOAUT re Oe Sete es Hach 61,070 .025 Oe So OS eee ka Pound 405 035 WM Ors een ah ase ne cer ge cin ee eto SC Feet B. M 691 06 lb ING eOlinie Citas ine ees ON se sn RN iat, Pound 300 .09 lb Wirochillas lange. a re ee ene . Dozen 75 12.50 Miochillas-smiallocse a ec ea ce ter cir Dozen 358,512 2.50 Re aa ere a etre coc ee SN ne Pound 1,640 .05 Gin ASS SCO Ces eee eos cen rate wee ess Pound 170,537 .14 to .20 cents VODICE 35 5 Ss GO RN So ee Pound 84,816 016 to .026 lbs. *Purchased for the Health Department. The purchase price of beef continued favorable. The contract for the year 1919-20 has been made for a maximum of 40,000 head of beef cattle. Transportation: The 8. 8. “ Caribbean” completed 47 trips to Colom- bian ports during the year, bringing to the Canal Zone 17,906 head of beef cattle, 3,810 three-year olds, 501 cows and 12 bulls. All other Colom- bian produce purchased was carried exclusively by the 8. 8. “Caribbean.”’ In addition to the livestock and produce this steamer carried passengers, mail and general cargo. The total number of passengers carried was 429; the total tonnage of general cargo amounted to 8,392.32 tons, including specie valued at $1,034,577 Ze The S. 8S. ‘‘Culebra”’ completed 29 trips to Colombian ports, bringing to the Canal Zone 11,466 head of beef cattle and 970 head of three-year-old steers. From August 3, to November 10, 1918, this steamer was under charter to the United States Shipping Board for the purpose of towing interned German ships from South American ports to Balboa. On May 9th of this year she was laid up for general overhauling, repairs and alterations. This work was approximately 60 per cent completed on June 30th. During April of this year the S. S. “Middlebury” was turned over to the Cattle Industry Division by the United States Shipping Board. This steamer is now undergoing extensive alterations converting her into a cattle steamer with a carrying capacity of approximately 1,000 head. This work was 50 per cent completed on June 30th. Sales: The sales of livestock and poultry during the year were as follows: : [Roy Oo COMMISSARY. INDIVIDUALS. Becta @ atte mnead recy Nee I ee So yaa mae sees SieZ07 6 Bren seine align enc eee eo Chee a Le Pee ta ats oat ae ea aN nl aA — 4 GANGS SIC Ce ee ee ea ee ne cry me nO Ce cee ana wily cnone s 163 — ANS 1 ite eeu dee ances ra ace a iawors ate ean Tae encaay ARE oe top ns 14 4 PO DS CAG cee ee GO Ea al Ok Uae, a Sar ete aera NS oor 6 SOW Se LC ENC es cere te orice er tg tees UNG Ra eR oS re Sa Cr a ek Hes 1 Goats headin eo rea Bie a spare Nii ee OLA ee URa i ia ian 63 WHICkS eA kN ieee gic tg ny Oe Crna emin ae gene caus a gs 1,496 Sit @nieleetis headsets raae gree re, 26,105 3 MBUTKC YS eNCAC. cso cr cue ae ee A RUN tee ne 7,028 51 BID) VIS ah © 1 Che eee iS eee SN AR ee ges a 22K 14 PANAMA RAIL ROAD COMPANY. 33 Clearing: The total new clearing for the year amounted to 11,830 acres. The total area recleared amounted to 23,240 acres. Approximately 150,000 pounds of grass seed were planted. All new area was seeded and considerable reseeding was done throughout the old pastures. 6414 miles of new fence lines were run, including corrals. ‘All clearing gangs were abolished on May 20th, and only sufficient men retained to complete the work of new fence lines. The total area cleared and devoted to pastures amounts to 42,347 acres. PLANTATIONS. During the year seven plantations were discontinued or have ceased — to be known as plantations, viz.: Pena Guapa and Sweetwater were taken over by the Army. Manawa was combined with Mount Hope Pasture and will be included in that area. Gatun farm was abolished. Las Guacas is combined with Limon, the joint plantations to be known as the Limon Hog Ranch. Flat Rock and Chilibre were combined with Juan Mina and will be known as one unit under the name of Juan Mina. Venado was combined with Farfan pastures and will be included in that area. PouLTRY FARM. The conditions existing in the tropics are a great detriment to poultry raising. The fact that 95 per cent of all feed has to be imported also adds to the difficulty experienced. Our operations for the past year have not’ been very encouraging. To place the poultry farm on a paying basis a number of things are necessary. The quantity of imported feed will have to be reduced, as well as the labor; the mongrel stock dispensed with and only thoroughbreds handled. Close supervision will have to be given to all details. During September a “ Blue Hen” Incubator was received and installed, increasing the imceubator capacity to 10,800 eggs. This incubator has given excellent results. Twenty Harrisburgh Colony Brooder Stoves were received and installed as required. They have proven very satisfactory. Our egg production for the year amounted to 35,662 1-3 dozen hen and 998 dozen duck eggs, of which 33,179 2-8 dozen hen and 830 10-12 dozen duck eggs were shipped to the commissary, 2,451 5-12 dozen hen and 166 2-12 dozen duck eggs were placed in incubators and 31 3-12 dozen hen and one dozen duck eggs were sold to individuals. Hoag Farm. Marked improvement in breeding stock is seen at the Hog Farm. From native sows bred to thoroughbred boars 200 gilts were selected. These were bred to thoroughbred boars with excellent results. The first cross produced a pig much superior to the native, both in color and con- formation. ‘The second cross showed a still oreater improvement. From these our future breeding stock will be selected. Of the two thoroughbred gilts received, one died. These gilts were bred in the States and the one remaining has farrowed with very satisfactory results. For stock produced and disposed of see items under ‘‘Sales.”’ | 34 PANAMA RAIL ROAD COMPANY. Datry FARM. Of the Holstein stock 24 cows are now being milked. 17 calves are now on hand out of 21 born, 4 having died. Seven cows have aborted and 70 heifers are still to calve. Our monthly production of milk reached its maximum in May when 8,64514 gallons were produced. The total production for the year amounted to 59,178 gallons, of which 49,4431 gallons of milk and 1,298 gallons of cream were shipped to the Commissary and 9,73434 gallons were fed to calves. : Approximately 40 acres near the dairy were planted in cane for dry season feed. We hope to raise most, if not all, of our dairy feed on the Zone in the near future. ‘This will eliminate the purchase of high priced feed in the United States and will greatly reduce the cost of production. - The refrigerating plant was put into operation in September and the | use of ice for cooling milk was discontinued in that month. In March, a cream separator was installed and placed in operation and daily shipments of cream made to the Commissary. Respectfully, R. K. Morris, : Chief Quartermaster. PANAMA RAIL ROAD COMPANY. on PANAMA RAIL ROAD COMPANY. ACCOUNTING DEPARTMENT. New York, N. Y., November 25, 1919. Mr. E. A. DRAKg, VicE-PRESIDENT, PANAMA Raitt Roap Co., New Yorg, N. Y. Dzar Str—I herewith submit Exhibits of Income Account, Genera] Balance Sheet and tables showing results of operations for the fiscal year ending June 30, 1919, as follows: : 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. I — SO al Bi Ot to Yours respectfully, V. M. NEWTON, Auditor. 36 PANAMA RAIL ROAD COMPANY. EXHIBIT A. Income AccouUNT AND PRoFIT AND Loss ACCOUNT FOR THE YEAR ENDING JUNE 30, 1919. . , INCOME ACCOUNT Raitt Roap— GrosseRevenue trom: Operations sani. a5 ce sce he ee $5,039,528 58 Operating HIXpPeNnsesi cess is oa hisses soca ie everoig evs ceo att 4,551,668 45 Net Revenue from OPCTAtION a ei ee ese i ees STEAMSHIP— : Gross Revenue from Operation... 0... se ee. et oe $9,835,184 68 OperatingePXPENSeS: ee He cio ssc oe cons Helos sere src cores wou 6,709,372 44 Net Revenue from Operation SDE he EEN A a eee ae otal Net Revenue from: Operation: 6. 125 503...%....-5 App INCOME FROM— Imterestrand Pxchange. 8 8 Pe ies oss cars Uae he $201,536 17 WPVGTUG AS eer ee ecek ae RNa Sloe Soave ale Guo Nicm eee one oe: G6) Ge CUMS e woe ese 104,081 05 Resmi@ommissary Operavions.... fi... 2. oes aes s. 267,282 O7 Mesults Coal Operations. - ey ts .'. cic Ge ciety ois ois Sulcle rewver a he roe 810,379 83 AEs @attle Omeravions:... vtec 6s hee ces SMe be wis ke 336,865 58 ResulisHor @peraulONs sic ssc. Veet cue eed o eoecs soe f snerers hos cesereeers 26,472 35 Miscellaneous @perations s. 5 2465 So i ties es ccs ee 11,922 24 Lrss— Result: Coultry-barm Operations... oii... 5. cede ek $33,747 O09 Result Dairy Warm Operations... ..2 23. .st ae ot cee es 42,381-90 Rental of Terminals and Terminal Offices................... 181,440 69 United States Government Income and Profit Tax............ 1,159,051 18 United States Government Capital Stock Tax................ 6,715 00 Interest on Indebtedness to United States Government........ 102,170 .03 Net Income for Lwelve Monthsa. 3... 2s. os gee oo. : ProFrit. AND Loss ACCOUNT By, Balance to Credit of Pront and=Woss June 30,1918...) 0 ee ss Surplus from Income Account for Year Ending June 30, 1919................ Amount included in Monthly Lump Sum Payments by Army to Cover Loss in Operation West Side Trains for Previous Fiscal Period.................. Profit tromesales:Commissany Uldings.). 266.5 he ee i aoe oe: Premium on Investment Securities Redeemed......... BE Aer An rune Miia eater AMdiusoment in sundry ACCOUNtS..50 nse a, Cae es ates ee lace Lrss— Accrued Interest on Demand Notes of Panama Rail Road in favor of United States Government held by Treasury De- DAEMON a kiget sesh. cs tnd ht eRe sane ie hu coe eeos TRE Me eet $777,826 51 Over-estimation Inventory Cost of Coal on Hand June 30, 1918, resulting in Over Statement Coal Profit................. 223,951 87 Balance of Account California Atlantic Steamship Company not CollectiblezAccount BanknitptGy..4....0.25.. 0.504. 154,383 89 Loss on Property written out of Capital Account by Reason of Salesand Abandonment 470. eo 48,014 33 Cost of Repairs to Steamers Effected in Prior Fiscal Period .... 6,470 33 Over-statement Interest for Prior Fiscal Year Adjusted....... 1,500 00 Miscellaneous: Ltems ats sic sae eo ees Degen 1,404 61 By Balance to Credit of Profit and Loss June 30, 1919...................... $487,860 13 3,125,812 24 $3,613,672 37 1,758,539 29 $5,372,211 66 $1,525,505,89 $3,846,705 77 $24,199,690 69 3,846,705 77 39,608" 38 1,133} 25 $28,087,231 70 1,213,551 54 $26,873,680 16 EXHIBIT B. ASSETS. GENERAL BALANCE SHEET JUNE 30, 1919. LIABILITIES. Roan, REAL HSTaTE AND HQUIPMENT............-- CONSTRUCTION AND IMPROVEMENT E;XPENDITURES FOR UNCOMPLETED WORK...............---- 2,126,630 44 FLOATING HQUIPMENT: SLCAMEPS ok ks ee ees ee $2,038,827 23 MIP DLCTSees 3 oe ee eS Ss ee ee oie Taal 226,846 65 Motor Boat andslaunches..........-.2-. 08... 9,ol5 97 Miscellaneousis < 346 sic cs os ie es ee 10,702. 52 OE rcs SUR Sica aa a eI ae ee Ree eR Ae Vener DURE 2,285,892 37 Rotal}Capital Assets... ss6% 50 ses a ee ee $30,997,360 35 SECURITIES OWNED (see Hixhibit B-1)............ 2,410,155 00 MATERIALS, COAL AND SUPPLIES... Scocd 0 edgon ss 5,603,375 41 CURRENT ASSETS: Cash in Banks, on Hand and in Transit......... $4,398,564 56 Due trom Apents 2.0 5.5. ea ee Wee 164,639 97 Traffic Balances due from Connecting Companies. 66,458 92 Due from United States Government: ihe-Panama Canal. 2.222... o3 $408,376 O07 Post Office Department......... 60,195 86 U.S.Army and Navy Departments 2,972,872 25 —--——-——_| 3,441,444 18 Due from Individuals and Companies........... 310,076 46 Miscellaneous: tems 263.8 eo oe ee ee 74,184 62 —-—————| 8,455,368 71 DEFERRED Desit ITEMS: 5 General and Extraordinary Repairs Steamers....| $336,349 75 SunGnyeACCOUNtSso se ee ee 158,453 73 : — 494,803 48 $47,961,062 95 $26,584,837 54 | @APITA Tc SIT OO Kise ceseer aero witn cl sce owe os ce $7,000,000 00 CapiTaL LIABILITIES: Due to United States Government: For Cash ‘appropriated through Isthmian Canal Commission for New Equipment and Im- PILOVEMENUS 23 os oe we ae $2,786,829 53 Less Cash repaid to June 30, 1919 1,887,714 92 | OOOO ke G1 For Cash appropriated under the Act of Congress, approved March 4, 1907, ‘‘to pay the Four and one-half per centum First Mortgage Bonds of the Panama Rail Road Company Octoberels 190 (es oe $2,148,217 50 Less Cash repaid Treasurer of the Wmited:Statesio.... 266.2. ok. 300,000 00 Se] US ee AO) 3,247,302 11 Total: Capitaliliabilities..:cs¢ 4. o..2-<; $10,247,332 11 RESERVE ACCOUNTS: Accrued Depreciation, Floating Equipment..... $883,645 24 Accrued Depreciation, Rolling Stock ........... 985,502 03 Accrued Depreciation, Railroad Structures ..... 501,126 66 Accrued Depreciation, Plants .......:......... 1,491,598 42 Reserve for Extraordinary Repairs and Replace- ment, Colliers ‘‘Achilles’’ and ‘‘Ulysses’’...... 451,817 27 Accrued Depreciation, Miscellaneous Items..... 85,158 91 Reserve for Interest on Indebtedness to United StatessGomernments . os tn ee 879,996 54 oe = 5,278,845 07 CURRENT LIABILITIES: Isthmus: Dratts Outstanding..s...:.052.6..50..- $324,725 88 ACCOUNTS Heavable@ si caw 2,216,239 70 Salaries and Wages Unpaid.....:.............. 217,207 30 Lnaticemalancesebhayables. cw ee 551,918 41 Due the Panama Canal for Property Transferred.| 1,315,652 36 Commissary Coupons Outstanding............. 58,379 90 IMuscellaneous: AcCoumisie- <2 e e 164,5€8 43 —_-—— 4,848,691 98 DEBERRED. CREDIM UTM MS... 0s6: see 5 ck. se ae “AZ. 513. 63 PROFIT AND LOSS—BALANCE............... aneene 26,873,680 16 $47,961,062 95 LE 38 ce PANAMA RAIL ROAD COMPANY. HXHIBIT B-1. INVESTMENT SECURITIES OWNED JUNE 30, 1919. Great Northern Railway Co., First and Refunding 444 % Bonds, 1961. Pittsburgh, Cincinnati, Chicago & St. Louis Railway Consolidated Series 4% Bonds. 1960) se Sa eS Chtcseo, Burlington & Quincy R. R. Co., General Mortgage 4% Bonds. 7. 195 Ce ee Ot er St ee | Chicago, Burlington & Quincy R. R. Co., Illinois Division, 34% BOGS 94 Oe ee eee eo eer gle ange Sec esas aa tee ee eee a Illinois Central R. R. Refunding 4% Bonds, 1955................. Delaware & Hudson Railroad, First and Refunding 4% Bonds, 1948... Union Pacific R. R. Co., First and Refunding 4% Bonds, 2008...... Philadelphia, Baltimore & Washington R. R. Co., First Mortgage CUE. IBY oy aVo keh d Moye Wale Gay ge Ee eRe ye ty ae PS Ee ee Bt New York City 3% Registered Dock Bonds, 1919:................ ‘State of New York, Gold Tax Exempt 4% Bonds, 1961............ Louisville & Nashville, Unified 4% Bonds, 1940................... Chicago, Milwaukee & St. Paul General 444% Bonds, 1989........ Central Pacific Railway, First Refunding Mortgage 4% Bonds, 1949. Atchison, Topeka & Santa Fe General Mortgage 4% Bonds, 1995.. Norfolk & Western Consolidated Mortgage 4% Bonds, 1996........ Republic of Panama Secured Sinking Fund, 5% Bonds, 1944. Pennsylvania R. R. Co., General Mortgage 46 3 Bonds, 1965. . Baltimore & Ohio R. R. Cov iirst 4747 bonds el9486 3. New York Central R. R. Co., Refunds AVE; Bonds; 2OMom i _ United States Government 314% Liberty Loan Bonds, 1947........ United States Government 4% Liberty Loan Bonds, 1942.......... United States Government 444% Liberty Loan Bonds, 1928........ United States Government 414 % Liberty Loan Bonds, NOSSio. ee United States Government 434 % Victory Liberty Loan Notes, 1923. MO CALEB OMS a cioneec. cuetateee ere eae Par VALUE. $100,000 100,000 100,000 100,000 100,000 100,000 100,000 200,000 100,000 239,000 100,000 100,000 100,000 100,000 105,000 92,000 100,000 100,000 125,000 19,250 31,500 50,000 50,000 150,000 $2,461,750 00 00 Book VALUE. $99,875 98,500 96,000 87,750 96,187 98,625 97,187 202,000 150, 000 $2,410,155 00 PANAMA RAIL ROAD COMPANY. a9 EXHIBIT C. STATEMENT OF REVENUE AND HXPENSES FOR THE YEARS ENDING JUNE 30, 1919, anp 1918. REVENUE FROM OPERATIONS. 1919. 1918. INCREASE. DECREASE. ee Ratt Roap: Revenue from Transportation. FREIGHT: Mhrouch Commenciala.. 2... ,. $84,823 11 $121,830 80 o $37,007 69 Local Commercial. .2...-.:.-.- 166,181 44 157,987 59 $8,193 85 oo Army andeNavyers ane 15 an 138,789 25 113,098 99 25,690 26 — Panama Canale... 3256 .. 356,978 44 446,913 24 — 89,934 80 Commissanye 48 ee 102,000 00 108,000 00 — 6,000 00 Other Freight Revenue......... _ a aa aes AO Gales ee er Ge re ee eas $848,772 24 $947,830 62 — $99,058 38 PASSENGER: hrough-Passengvers. 3). 20... .- $97 85 $246 67 — $148 82 ocaleRassene@ers: =: 356 398,825 11 396,758 70 $2,066 41 — Army and Navy...... Sines erent 158,725 33 46,818 65 | 111,906 68 — anamanCanali = 8a 144,000 00 144,000 00 = aa Baerga cen ae ee ae aie oi 4,673 43 5,19& 15 = 924 72 XPRESS oe Le ai Oe 36,570 89 30,599 66 5,971 23 ae Me ee es a a tee 14,009 20 30,329 66 — 16,320 46 FLT EASUTC eek ee eee cert: 576 67 157 58 419 09 — Parlorsand:@hain Gar. 9... 5,890° 75 5,290 00 600 75 -— Special Service Train........... 17,777 66 9,620 00 8,157 66 = Other Passenger Revenue....... a aa oa ae Mota ees a $781,146 89 $669,019 O7 | $112,127 82 —— MiIscELLANEOUS: SiWwaluC MnO CAE A eae $55,455 45 $35,863 14 | $19,592 31 — Eocomotive Service. .-.5......- 349,231 27 a 349,231 27 — BRO Galles er ee era ae $404,686 72 $35,863 14 | $368,823 58 — Total’ Revenue from Transporta- GVO ecto Nd os a ane $2,034,605 85 | $1,652,712 83°) $881,893 02 — Revenue from Rail Road Operations other than Transportation. Station and Train Privileges.... $1,560 00 $1,721 50 = $161 50 Storave— relight). .2.5- 0). OD, oloeon 9,017 46 — 3,703 89 Storage——Bagrage. ...5........ 100 25 90 50 $9 75 —. DemMuUurra ge: oe 97,960 50 68,980 02 28,980 48 — Releoraph i cae en 2,569 70 2,604 23 = 34 53 Rent of Buildings, etc., used in Operation of Rail Road...... 590 72 487 50 103 22 — Miscellaneous Revenue......... 22,888 99 3,927 19 18,961 80 =e MO tale tes ree eee $130,983 73 $86,828 40 | $44,155 33 — Total Rail Road Revenue...| $2 165,589 58 | $1,739,541 23 | $426,048 35 — Harbor Terminal Revenue. ATLANTIC TERMINALS: Wihtarta ces ae ee ace $123,404 56 $107,794 58 | $15,609 98 — Rent of Whar yes or Space on WINATVeS eee tien ous paket 3,046 80 3,169 47 — $122 67 Other Tee Income from WiINAEVES oe ee a See aa @ramae enki ee es Lees 2,030 88 — - =22080' 88 — Lighterage Revenue for Handling Coal ee Oe ee — a ‘Lighterage Revenue for Handling Cargo, Passengers, Garbage, CUC eek a on eee ee 45 00 55) Gil = 11 $1 Elie of Lighters and other Float- PMSA GUMUOIMNEM ts se ee 5,821 80 29 62 5,792 18 — | Canmed: HOnwarda cca. es $134,349 04 $111,050 18 | $23,298 86 aa AO PANAMA RAIL ROAD COMPANY. EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. . REVENUE FROM OPERATIONS— «= -- - 1919. 1918. INCREASE. DECREASE. Continued. en of ——— —— _ ____... | —__ Raitt Roap—Continued. Harbor Terminal Revenue—Continued. ATLANTIC TERMINALS — Brought $383,625 88 | $694,180 79 $3,528,746 73 1$1,510,781 85 Total Revenue Outside Operations| $1,077,806 67 | Carried Forward.........| $5,039,528 58 HOT WARG Se Roy os ee $134 349 04 $111,050 18 | $28,298 86 — Other Incidental Income from EVO GERAGe e Ne es oe ate aaa aaa — Stevedoring Revenue.......... 242,315 67 210,231 04 | $32, 084 63 — Freight Handling and Transfer- TUNE VEMUC ea ete ei eso 1,092,831 15 921,696 59 | 171,134 56 — Weighing and Re-handling Reve- TUG Rea as Se ee ng 22,484 63 26,040 59 3,555 96 Storage Revenue. <-..5:.72%. <8 * 121,494 24 61,861 57 59, 632 67 — Other Incidental Income from | ] Stevedoring and Freight Bout NATO Gee Reece eee ater ae Ae 65,471 32 1,973 34 63 497 98 | — Waites Supplied Shipping...... — Sag — eae Miscellaneous Harbor Terminal | RGVeENUCG st a ee Die lGOeo —, Ss LOOM GO — Total Atlantic Terminal....| $1,700,105 80 | $1,332,853 31 | $367.253 49 — Paciric TERMINAIS: PWihoriaigerian nr oe ec re $188 97 $4,409 63 — $4,220 66 Rent of Wharves or Space on WAHT ViCSR Oss ee eR 603 00 140 00 463 00 — Other Incidental Income from i SW AMWV ES te ake eae = = — — Cranage ee ee lee — O25 — 91 25 Lighterage Revenue for Handling Cae eC Re oR — 35 00 _- 35 00 Lighterage Revenue for Handling Cargo, Passengers, Garbage, COC ee sre eie nO ee a 50 00 Sowa oo bay. Hire of Lighters and Other Float- ing Equipment Lie aaa ee neroe ey ne 191 90 607 50 — 415 60 Other Incidental Income from levehterage.: 2022s os eee a aa == -— Stevedoring Revenue... 16,510 74 7,289 13 9.221 61 — Freight Handling and Transfer- TIMOR VEMUG: een ee 57,449 77 50,604 80 6,844 97 — Weighing and Re-handling Reve- TUL ee es ph re PEO ae 6.748 62 4,877 O7 lOve oD ~- Storage Revenue... 4. wens. on 5,622 66 2.460 67 3,161 99 — Other Incidental Income from Stevedoring and Freight Hand- Nana ea aoe eee re i ei e ee 8,591 69 1,634 68 6,957 O1 — Water Supplied Shipping....... == as — — Miscellaneous Harbor Terminal RevienulGis si Woe ees 68 18 Pyle all | — 452 93 Total Pacific Terminals... . $96,025 53 $72,726 31 | $23,299 22 eo Total Harbor Terminal IREVIEMUC sae tes ue. $1,796,132 33 | $1,405,579 62 | $390,552 71 — _Ovursipe OPERATIONS: CLE DNONG ners es a gece ae $136,706 35 $119,992 54 $16,713 81 — Stables;-@olone 3.355 is 8,573 60 9.068 20 —— ~ $494 60 Stables: :Ranama.: 22... 6. ee 4,398 35 5,852 60 — 1,454 25 Bagcavewlransien e.9: sch. 9,573 65 | 8.254 60 1,319 05 — INUOCOT BUSH 88s een ea. 25,077 90 | 24,075 90 1,002 00 —_ Otel sir eae oa a es 169,633 75 | 114,918 10 54,715 65 — blamtationssncs ee | UON0T Sie, 75,634 10 VAS Qi, —— Motor Car Repair Shop.......... 53,283 25 25,829 84 27,453 41 — @attlewsteamerss 2555 8 ee 594,452 45 cae 594,452 45 — | PANAMA EXHIBIT: C (Continued). RAIL ROAD COMPANY. STATEMENT oF REVENUE AND EXPENSES. Ate KEVENUE FROM OPERATIONS— Continued. Brought Forward......... STEAMSHIP LINE: Hrevg hits. ein eee aie BasSsen Perse nee es ee ey HIXGCeCSS3 BAP PATO ae ee Mail ARRECA SUT ee ho een ee Wines: and hiquors: 4 47.540. .% Steamer Chair Service: ... cies Miscellaneousi. 3 oe Cr er) Total Steamship Revenue....... Gross Operating Revenue....... OPERATING EXPENSES. Ratt Roap: Maintenance of Way and Structures Maintenance of Equipment....... rat cebixpensesa. si sr oe ee Transportation Expenses......... General Expenses—Isthmus...... Locomotive Service to Outsiders. . Transportation for Investment— CREDID. ues gn ieee ee Total Railroad Operating Ex- DONSCS ee ree a een HARBOR TERMINAL OPERATING ExX- PENSES’ ATLANTIC TERMINALS: Lighterage and Harbor Service.... Docksvand | Wiharves. 33... 5 Crane: Operations: « SUCVECORNING i kOe ere Freight Handling and Transferring. Stevedoring and Freight Handling Expenses Common to both. . General Harbor Terminal Expenses. Total Atlantic Terminals....... Paciric TERMINALS: Lighterage and Harbor Service.... Wockszand=Ww hanvies.. oe @rane! Operations: 4.5552. SteVied Online: (sas ee Freight Handling and Transferring. Stevedoring and Freight Handling Expenses Common to both.’. General Harbor Terminal Expenses| Total Pacific Terminals........ Total Harbor Terminal Expenses. OUTSIDE OPERATIONS: Melephoneiisrer es de oahu e Stablesss@olonw oe Cn ant Stablestsbanamea =.) a a ae Baggace Mransterm. s. .. 1 ose ee Motor BUS ita ee Hotels ee oe *. Plantations’ se Motor Car Repair Shop.......... @attlesSteamenrse: <2. 855.63. Total Outside Operating Hixpenses..... : Carried forwards... 3... .: | ) | INCREASE. DECREASE Sf eS | sf $5,039,5287 $8,438,638 430,241 2,892 316,961 68,107 571 486 $9 835,184 $14,874,713 $185,832 960.123 5,889 805,453 84,774 349,231 11,595 $1,979,710 $31,373 143,024 230,270 $45,333 38,959 85.010 $1,373,972 $9 ,900 2,895 8,118 46,905 5,686 5,954 $79,460 $145 487 9,454 10,372 8,421 43,279 158,244 123,142 00,859 564,262 $1,118,525 43 58 68 26 72 42 O¢ al 45 270 18 76 53 28 97 4] 36 31 95 38 19 14 39 50 55. | $1,453,432 86 52 Ue 45 90 ol 76 74 43 $4,551,668 45 $4,971,684 $182,797 473,989 5,360 641,103 145,283 8,113 $1,440 421 $10,036 138,678 210,811 635,404 35,542 90,303 $475 1,903 6,848 331599 2,163 4,667 $49 658 $126,117 8,681 11,682 3.437 39,145 130.384 203,401 28,274 $556,123 $3,528,746 68 $5,649,729 $9,178,476 41 |$5,696,236 27 83 66 57 72 a“) CY 26 09 74 13 70 ww) 15 60 $1,120,776 77 83 64 70 28 67, 89 $1,170,435 49 04 29 $3,166,980 29 $1,510,781 $3,466,954 123,260 570 67,878 1,411 556,772 $4.185,455 £3,035 86,133 928 164,350 349 ,231 $039 ,288 ' $21,337 4,345 19,459 209,929 3,416 $253,195 $9 425 991 1,269 13,305 3,523 1,286 29 ,801 $282,997 $19,370 773 4,134 27860 27,584 564,262 $1,384,688 85 O07 05 86 O7 00 ul 00 85 67 79 15 27 62 71 18 59 00 44. 11 83 66 37 16 $562,401 89 | $2, Li res | Ont SS lel li] 4 09 7 07 Oe 3,481 39 | Pe | El lel [| 1 aie 91 $5,292 79° 6 06 80,258 92 AD PANAMA RAIL ROAD COMPANY. EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— 1919. 1918. -| INCREASE. DECREASE. Continued. Brought fonward. 2. .0..- -.| $4,551,668 45 | $3,166,980 29 |$1,384,688 16 _— STEAMSHIP LINE: Sveamen MxpensSes sce wt ak $5,478,913 22 | $8,543,887 87 |$1,935,025 35 — INGEN Cys HXPCOSCSi. se es 806,531 13 618,179 99 |: 193,351 14 — General Expenses—New York.... 161,605 18 133,453 82 28,151 36 = @harter of Steamens:: 4.05 262,322 91 — 262,322 91 ao BIRO IGe eae es aa Me ee SS _— — — — Total Steamship Eixpenses...... $6,709,372 44 | $4,290,521 68 |$2,418,850 76 aa Gross Operating Exxpenses...... $11,261,040 89 | $7,457,501 97 |$38,803,538 92 — SUMMARY. Ratt Roap: Revenue: Operating Ral Road. ..4.... 7. $2,165,589 58 | $1,739,641 23 $426,048 35 — Hambomskerminalia. 2)... ce. LOG 132 333 1,405,579 62 390,552 71 — Owiside: Operations. .622..:..0-. 1.077,806 67 383,625 88 694,180 79 = Total Rail Road Revenue...| $5,039,528 58 | $3,528,746 73 |$1,510,781 85 ae EXPENSES: Onperavumechall ROA. ss s65. 6... $1,979,710 16 | $1,440,421 26 | $589,288 90 = EHanbon smerminal: =.) .02.8 >... 1c. ale 1453 402. 86 1,170,435 49 282,997 37, = Outside Operations. 7. 1,118,525 43 556,123 54 562,401 89 — Total Rail Road Expenses..| $4,551,668 45 | $3,166,980 29 |$1,384,688 16 — iNet; Revenue Rail Road... =... $487,860 13 $361,766 44 $126,093 69 eae Per Cent. of Expenses to Revenue 90 .32 89.75 OMe =e STEAMSHIP J.INE: Mota Revenues: «sss 6 a ees $9,835,184 68 | $5,649,729 68 |#4,185.455 00 = Motal Tixpensesi: 1.5. ae ee 6,709,372 44 4,290,521 68 | 2,418,850 76 aaa : Net Revenue Steamship Line. ..| $3,125,812 24 | $1,359,208 00 |$1,766,604 24 — Per Cent. of Expenses to Revenue 68 .22 75.94 — Melia, Grand Total Operating Revenue .|$14,874,713 26 | $9,178,476 41 |$5,696,236 85 — Grand Total Operating Expenses.| 11,261,040 89 7,457,501 97 | 3,803,538 92 — Total Net Operating Revenue..... $3,613,672 37 | $1,720,974 44 |$1,892,697 93 — Per Cent. of Expenses to Revenue. . Wont ee S125 (ee 5.54 PANAMA RAIL ROAD COMPANY. 43 EXHIBIT D. STATEMENT OF HXPENDITURES FOR ADDITIONS AND BETTERMENTS FOR THE YEAR ENDING JUNE 30, 1919. Ratt RoaD AND APPURTENANCES— TO COMOTIVIES eae a ee a ae RSG PSP Rpre a einer ’ $217,000 OO Oliver: Cars eae a ag deo hee cen eae one ines eae aeons See Sc 160,261 42 idgverwooditlatt@ arsine yo ii net eer ne es Perr 45,140 00 Hi a GG ATS eee eee pe oa ee RE ONE Oe 2 plEea Oe eT Rees 9,540 00 Construct Pit and Install Seales, Cristobal Yards............. 9,258 75 SDRCHGCIS eee eae ne nccts celta so kun feet le arate are 6,600 00 WO LST Sie ae eee a et or ee ae corti, eae tebe oR ones U NG ners 4,000 00 Concrete Curb along Track, Freight House, Panama.......... 3,945 18 SWio ba mies © Ars fee ent ee os Re eRe ti Ges UH a mre ens ce me iat 3,353 64 Steam=eS hovel ce a ere a ee cicnee ae natyn teayeeah tae es 2,500 00 Section House, Monte ane! Gamboa and Prijoles. «2... ....... 1,294 75 Concrete under Spur Track, Balboa Commissary............-. 548 17 Shelter Shed and Platform, ‘Red Ney miilnre etme nr oe tn 453 96 Cinders Rlatiorm. News Gatune nie i en ee 306 62 RaleRoadsStanom HriiOlespwacs ae wee ene or ee ae | 16 80 $464,219 29 Docks, Prrrs, WHARVES AND APPURTENANCES— Hxtend Violestosbien Ges vie oe ee bs ee ae $29,491 31 Hlectric: Rruckssior Cristobal Docks. 9... 17,289 OO Dock: 2 Colonia eiese hee oe oe aes cb zee oe LO Ra 15,850 76 Excavation DiGi EAT OTH Oise ere ee ee ee Me nn net ACRE TIO _ 12,867 47 Dredcine| N | a 5 Qa}; 2 é Pee als d >! Peiodil-«¢ ° A}4/8/3) as a} a) el] ala] s ol ee ee a ect |S sels Ue lage go | el emcee On| ot Q} R THE PANAMA RAIL ROAD COMPANY _ TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1920 M. B- BROWN PRINTING & BINDING Ce. 37 41 CHAMBERS STREET. NEW YORK PANAMA RAIL ROAD COMPANY BOARD OF DIRECTORS. CHESTER HARDING. NEWTON D. BAKER. T. L. CLEAR. BE. A. DRAKE. CHESTER HARDING . E. A. DRAKE JAY J. MORROW . T. H. ROSSBOTTOM SYLVESTER DEMING V. M. NEWTON _. S.W. HEALD . A. L. FLINT ° R. K. MORRIS . R. E. RUTHERFORD . ROLAND ALLWORK . H. I. BAWDEN . OSWALD H. ERNST. A. C. HINDMAN. E. P. JESSOP. FRANK McINTYRE. R. K. MORRIS. OFFI CERS. . President . . Vice-President . Second Vice-President = . Third Vice-President, and Sect . Treasurer . . Auditor . Superintendent . General Purchasing Officer . Commissary . Commissary Purchasing Agent . . Superintending Engineer, Steamship Line . . Terminal Superintendent, Steamship Line RICHARD REID ROGERS General Counsel . GEN ERAL OFFI CES. Bop 24 STATE STREET . JAY J. MORROW. T. H. ROSSBOTTOM. H. H. ROUSSEAU. H: A. A. SMITH. . Barpoa Heicuts. . New York. . Batsoa Hereurs. _ New York. . New Yorx. . New Yorx. . BALBOA HeEIGuts. . WASHINGTON. . BauBoa Hriauts. . New York. New YORE. . New YORK. . New Yorn. . New Yor«x. PANAMA RAIL ROAD COMPANY. New York, December 15, 1 920. To THE STOCKHOLDERS: | I respectfully submit for your consideration a report of the Company’s: business and resulting financial condition for the twelve months from July 1, 1919, to June 30, 1920, both inclusive. In that connection I call your particular attention to ihe subjoined — fully detailed statements that cover the operation and maintenance of. - the Company’s property. 3 That thesoutcome of operating the Rail Road with its appurtenances jointly with our Steamship Line for the fiscal year compares so unfavorably with the results of the several preceding years 1915 to 1919, both inclusive, is attributable primarily to a very serious loss in net income by the Steam- ship Line due to extended labor troubles in New York of such severity that a deficit for the Line resulted that is described in detail elsewhere ~ herein and to an important but less serious decrease in net income by the Rail Road occasioned in the main thereby; to the prevalence of maxi- mum costs for both skilled and unskilled labor with reduced efficiency in both grades, and as well to highest prices for all classes of materials required by both branches. 3 The inauguration of direct service to and from Pacific Coast points through the Canal by an increasing number of Lines will serve to ma- terially reduce the volume of cargo transshipped at our Cristobal piers. The outcome of the Company’s business. of every character for the period covered by this report after meeting all costs of operation, allowing for charges to income aggregating $620,742.45 and for depreciation of rolling stock, floating and oe equipment of $493,558.20° shows a net. income of $782, FLS-OF. , : ~ Respectfully bee CHESTER HARDING, Pieadenk # “6 | PANAMA RAIL ROAD COMPANY. PANAMA RAIL ROAD COMPANY. Cou. Gi uern HARDING, PRESIDENT, Pana, Raitt Roap COMPANY, BALBOA H®IGHTS, CANAL ZONE. Str—I have the honor to submit herewith the financial exhibits and results of the Company’s operations on the Isthmus for the fiscal year _ ending June 30, 1920, with statistical tables and explanatory comments - thereon. The gross revenue. on all sources, the operating expenses and the net income for the year ending June 30, 1920, is compared with the year ending June 30, 1919, in the following table: \ Fiscan YEAR. Gross GRoss NET REVENUE. EXPENSES. ' INCOME. ; LOZ ese ae Neatcsssccoecc ol BR eee an: $13,166,404 28 $12,383,685 71 $ 782,718 57 Sed GLOE eS BO ae ceo ena ae oe 16,633,252 55 12,786,546 78 3,846,705 77 EeWecrense = Ce ea $3,466,848 27 $402,861 07 $3,063,987 20 STEAMSHIP OPERATIONS. - Gross GRoss NeEr . REVENUE. EXPENSES. ‘ INCOME. OQ Rees une eae ea ete ne area oe $ 6,560,557 06 |. $6,839,078 76 *$ 278,521 70 TOG eee eos ee nee Wenn esr esa © 10,029,893. 24 7,585,888 63 - 2,444,004 61 Decrease = $3,469,336 18 $746,809 87 $2,722,526 31 * Deficit. 3 STEAMSHIP LINE. The total operating revenues of the Company’s line were $6,336,787.66, a decrease of $3,498,397.02, or 35.57 per cent. as compared with the twelve months ending June 30, 1919. Freight traffic decreased 469,831 tons or 42.53 per cent. while the revenue derived therefrom decreased $3,195,958.86, or 37.87 per cent. | ; Passengers show a decrease of 138 in the number carried, or 1.18 per cent. and an increase in revenue of $19,276.82 or 4.48 per cent. Revenue from the transportation of mails shows a decrease of $82,- 898.77, or 26.15 per cent., while revenue from treasure shows an increase Or d12, 995. 69, or 17.95 per cent. Of the total tonnage transported 308,047 tons were carried by the Com- | pany’s steamers and 326,209 by chartered steamers in the twelve months ending June 30, 1920. Tn the previous fiscal period the former canted ; 255,291 tons and the latter 848,296 tons. ; OPERATIONS ON THE ISTHMUS. The Panama Railroad Company continued its various operations Cn the Isthmus without any material change in organization. The Superin- _tendent directed the operations of the Railroad proper, and had super- } j PANAMA RAIL ROAD COMPANY. | : er vision of forbear terminals, saat plants, stables, baggage transfer and the motor car machine shop. The telephone and telegraph systems were continued under the Electrical Engineer of the Panama Canal; the plan-. tations, cattle, dairy, hog and poultry industries, commissary and hotel - operations under the Chief Quartermaster of The Panama Canal, while” lands and buildings, leases and rentals, were supervised by the Land Agent under the direction of the counsel of the Panama Railroad. | The gross revenues from operations on the Isthmus, the operating expenses and the net income for the fiscal year 1920 as compared yee the previous year, are shown by the following table: Frscan YAR. - Gross GROSS i Near REVENUE. EXPENSES. INCOME. LODO see eC as), ae cs cash eee ee RE $6,640,037 24 $5,570,564 46 $1,069,472 78 NO a eae cw crm 8 peer ccas Geemmee a WEI Owes encang ae ee 6,558,286 83 0,155,585 67 1,402,701 16 INCreASG 8s ee Re ee ae $81,750 41 $414,978 79 — ! WECKCASC set a ee Legh SENG oe ORS te cae — $333,228 38 RAILROAD OPERATIONS. The gross revenue from the Rail Road proper increased $119, 156.20 and the gross operating expenses $284,166.85, resulting in a net revenue of $20,868.77 as compared with $185,879.42 the previous year. - The following shows the sources of the increase and decrease in revenue: : INCREASE. _ DECREASE. FREIGHT: eRhrOuche@ommMenrcia leew att ei ae oe ee ek eee $75,289 60 — Local Commercial 3 cee? ee ee ee 58,499 61 a ACETYL IN Ge Yee c een cere ieee ee Me eee eee cae he — $48,248 66 Ranamay Canale | aes hc ere toe nui nent ar ae nee cen — 11,523 96. GOMMIGSATR Ye ey a A aN ey 454 09 a Miscellaneous Freight Revenue.) 24-032 6 ee = 202 56 = PASSENGER: | ‘ FRNROUPAe Passe eer. hier ee Narain re ee ON Wace a ere eed 45 55 li OCaAl-PaASseNn POM ori sieges tee a et eas ee 31,240 44 —? ATT UNV TNC N VEN see es oe EO Em cE aa : —_—_ 12,226 73 IRE eNO Oise eet a ae geen arc SPS ns tie eo COR NE Tea . 2,764 48 — TUXPTEESS: "ewe hk SEP Ben aula igneous eee 2,165 51 — Milena ee eee ee ign Sats Ai yee wae ier a een eee ait an 16,124 23 == SPTCASULE 385 es oe SE el ee PG a ne oe seu She — : 568 13 Parlorsand: Chaire-Canes. 2. oc. ar ees er ea hewn 2,635 50 — : SpecialsService: brains ees. ess shah ters een BAG reac —- 5 8,876 66. MiscELLANEOUS: iva CGH neersrere aire en Sina eae ener ne Beton, — 130 28 TOCOMOLIVE SCLVICC sce ees aes he ere ee aa ee 13,019 26. fo ee Othersthan Pransportationas + .G oo. ie Sse — 1,619 11 $202,395 28 -| « $83,239 08 A comparison of the freight tonnage, including co freight, earried over the Rail Road, and the average revenue received ‘ber ton is given below : 1920. 1919. Total Tons Carried South and Northbound (tons of 2,000 lbs. | OTsA Ol CUE iG? ee ea ew ne Fee veini en 544,244 463,136 Average Revenue per Ton South and Northbound............ oe Sl 84 $1 91 The total freight traffic including coal, during the fiscal year, was (901,318 tons. This was an increase of 56,129 tons, due principally to the 8 | - PANAMA RAIL ROAD COMPANY. construction of Army Posts at Miraflores and New Gatun, also to through traffic; to and from Panama City. 42,926 tons, Company freight moved over the road. The total revenue derived from thie traffic was $92,345.45, an increase in revenue of $74,673.24. This revenue was derived from the traffic between Panama City and Europe after the war. PASSENGER TRAFFIC AND REVENUE. The following statement shows the number of passengers carried and _the passenger revenue for 1920, as compared with the year ending June 30, 1919; NUMBER PASSENGERS CARRIED. PASSENGER REVENUE. CLASSIFICATION. : 1920 1919. 1920 1919 First-class Passengers............ 503,266 658,762 $463, 674 79 $372,625 03 Second-class Passengers . es cae ~ 903,984 1,234,513 256,940 66 329,023 26 Rotalsta see 1,407,250 1,893,275 | $720,615 45, $701,648 29 Average revenue per passenger per mile for 1920 was $0.0274 and for 1919 $0.0261. The gross revenue from transportation of passengers shows an increase of $18,968.16, and the number of passengers carried shows a decrease of 486,070. The following table contains a summary of the operating statistics of the Rail Road for the years 1920 and 1919: 1920. 1919. Eee avernare. Vales, Operated s 00 avs on ee ee ee 55.30 £55.00 Gross Operating Revenue......-... Diep et are ea a oe $2,284,745 78 $2,165,589 58 Operating=E)xpensess.... 2.3 eo a ee. Seer Seer ee Tn 2,263,877 O1 1,979,710 16 Net Operating Revenue............. SE a Sate aus ee 20,868 77 . 185,879 42 Per: Gent. of Expenses to Revenues 1.253. echt ei 99.04 91.42 | Gross Revenue per Mile of Road...... Se eee nee $41,315 65 $39,160 75 Operating Expenses per Mile of Road....................... 40,9388 28 | 35,799 46 Net Revenue: per- Mile of Road? 0 ss i ev es 31 OF 3,361 29 Revenue per Passenger Train Mile..... Ba is ae eee eee 4 58 4 04 Wevenue-per- Hreight Train Mile. see ee 8 22 TAT ‘Total Revenue Train Mileage....................... ee ee ee 299,195 311,579 Rail Road Revenue per Train Mile................... ep sc: $7 64 $6 95- Railroad Operating Expenses per Revenue Train Mile...... ee OL 6 35 - Net Railroad Revenue per Revenue Train Mile.............. O07 60 dhonseper woaded=Car cs ee es Fe a ele EY 12.41 ONSEPOL SETA eee ee ee a eee ers 127.56 131.62 Freight, Passenger and Switch Locomotive Mileage........... 410,584 - 412,936 WWionkavbra ims Vial Carer ac tte ere Rs ee esa ae ee Rees 163,324 189,537 Passenger -Lrain= Milled perio coce es St eg ee en ; 180,177 198,265 Freight Train Mileage...:.. Sia eee eee ee 119,018 118,314 : — TRANSPORTATION. | Transportation expenses show an increase for the year ending June 30, 1920, of approximately $38,000. 00, due to. increase in wages, the principal items affected being: oe . : INCREASE. DECREASE. geipctmsion 6 ee $6,000 00 — DUA UIO RES CLVAGC so, ce Gh rears re ee ee ee . 19,000 00 an Mard= Service... ...<. . Se ER een Te ee eee oe — $7,000 00 sHugine Service: >: 2%... 6. 3. . ne Ge ee grades cee ao _ 20,000 00 ‘Train Service. ....... See ee oT anes EY gS ic ope pr pa ea ee , 40,000 O00 - eee PANAMA RAIL ROAD COMPANY. 2 9 Expenditures for fuel decreased approximately $61,000.00 due to the decrease of 40,000 miles in engine mileage and a reduction in the use of coal in favor of oil, Personal injury claims increased $5,000.00 and loss and damage frezght increased $1,500.00. The following table shows the number of trains handled: ~ 3 PASSENGER. - FREIGHT. —_—— GRAND 2 P. C. {| Other | Toran. : s Regular.| Special.| Total. |Regular.| Work. | Work. | Total. Northbound Ea pe ene eee ya 6,029 75 | 6,104 | 1,448 BuO 479° |: 27302 8,406. Southbound..3.-.....-....: 6,026 114 | 6,140 | 1,412 375 479 2,266 8,406 Mota ce, se eee sets mee 12,055 189 | 12,244 | 2,860 750 | 958 |} 4,568 | 16,812 Total Prior Year............ 11,927 189 | 12,116 | 2,748 552 335 3,635 | 15,751 Increase...... Ree te 128 — 128 ne 198 | 623 933 1,061 Decreases ee a sate st ss ie goes ies mos Average Number per Day,1920} 32.9 oD 33.4 eee 2.05 2.61 12.4 45.9 Average Number per Day,1919| 32.7 | 20 Boe Weed 1.5 9 10. 43.2 INCTCASC eens ae ieee oe <= oe .2 .55 1.71 2.4 | Qi DOcKedse sls — sos a ae Bes rie eS pth MAINTENANCE OF WAY AND STRUCTURES. The total amount expended under this heading was $263,058.63 against which credit was allowed for material recovered, etc., amounting to $17,996.18, leaving a net cost for the upkeep of road and rail road build-. ings amounting to $245,062.50, an increase of $59,000.00. Actual track work increased approximately BIR 000.00, repairs to bridges and |buildings $11,000.00, and signal and interlocking plants 1$6,000.00, due to the increased cost of labor and material: ; Superintendence also increased approx- imately $4, 000.00 over last year. REPORT OF THE ROADMASTER. - This department maintains and constructs all tracks for the Par Railroad, The Panama Canal and the Army; also takes care of the bridges and buildings and repairs to docks at the harbor terminals. Report of trackage in use by the Panama Rail Road, The Panama. Canal and the U. S. Army: Operated Tine: MILES. Mam®=Line-=Colonsto Panama eo oe eR eeu ee renee 47.61 ‘Second Main Line—Pedro Miguel to Panama............ ese e eee ee eee eee ot: Atlantic: erminals—Colon. 2.33 ee Rie te eek a an a 6.93 Cristobal and Mindi Teland iat ose oe oe eee ciel emer es ee ere arae eC 32.68 Pacificsterminals—=Pan ama sce eae ee ns nea ake ek ete eee oe a Qe 125: : Ballo aire ce. kee ee te ts eee Beate oe Rate sa eet 10.31 Intermediate Sidings—Colonm to: Panama. <.\..... oe ee ec ee os oe 12.21 3 “Rotal:-Panama Railroad bines.. oc) ee ls re Se ae ae 126.23- Leased Line: i Miugs. ; Olid Main Line—Bas Obispo to Pedro Miguel ..........-. sss eset eet 9.12 Intermediate Sidings... 5 4. 2.5 5 oe os is wl es gee hen ner 2.95 Total Leased Line.. ee eae ee a eae aN esa ean ee 12.07 Panama Canal and U. 8. Army Tracks Maintained by Panama Railroad: Atlantic Terminals......... Stary NE SOLO Te RCs ak cas Nahas ls ualtapnewey eNes shia ons ears 11.21 Intermediate Sidings.............. Sra ae SS Re sis eter andes ses aeanarsn ute cti sae wae“e sce 25.56 RacthoPenmimal goss... 0%. pac oe a oe ane ae ee es aps ee VES eee 28.80 ERO tO eee a a ree ee ec aaa era eee Sede aun ns Savon ana ce eis uw gus at oiecece 65.57 ¢ 10. PANAMA RAIL ROAD COMPANY. During the year the following tracks were laid: = Neéw, ard: for Panama, Rail RoadzateDock-Os20.5.0 65 aoe hae te ee ee Se soe Otte A Searchlight Track for the Army from the Wye in E Street to Colon Beach........ 871 ft. Teo: servie the: New. Warehouse District an HiStreet, Colons 21. 2. cs a oe 1,500 ft. For the Storage of Lumber and Material, Cristobal Yard... 3) pee eX 1,442 ft. At brijyoles, tor thee Viechanical= Division to doad: logsart...:s.ce. 6 Ge re ae Sielctts At La Pita. to handle Manure for the Supply Department.............. ge eet ee 320 -fb. At Corozal (Forage Sheds) for Ordnance Department, U.S. A..%............4..45- 2,018 ft. The following tracks were removed: PR. Ry Pracks: To make room for Combination Storehouse and Machine Shop Wock O2viandi ss <.. 282 ft. Old Material Track to make room for Silver Townsite, Cristobal ecees ot eae nee Nene. o22- Lbs MasBocasYVard. atchead-ot a BOCAS DOC Ke eis Wk ee i cosas ee ee ee ours Panama Yard, Account Memolishing Caledonia Bridge... - 21... ee se 1,564 ft. : Panama Canal Tracks: Atthe-old Browne ost. Iie HONG. 4 ce. st er ee oe Ree ce ee OOEEts IRaTaisO. ardie ta cor ee ace ee ee ee en ene tare ge Mbcetee cae seans var acenieee Ba ere cgenne Ops 500 ft. Lunnel Dump hiver Lrack.a. <0... tas oo ee ete ee ey eee ea 2,060 ft. ovany EVE AT CLs Se ark care ea Sy ee ae ait Se cee Scag th ea atten sala ec cae gee oasheiaa 904 ft. All of the above tracks tile out were of no further service and the material recovered was used to make repairs to other existing tracks. Following is a statement of the rail, cross and switch ties used during the year: s - : Ram GD) Cross Tres Switcyu Trus (BM Ft.) é ; 70 Lbs. | 90 Lbs. | New S/H. New S/H. S/H; & S/H. : Maintenance.............. es ee 181 HE) 7,087 | 10,178 35,245 11,200 SA ABO SE yan tere eee Sonne A, 111 — 1,328 1,105 25,496 12,126 Individuals and Companies......... 47 5 4,611 7,258 23,886 7,490 ee otal ees ees ee 339 16.5 | 13,026 | 18,541 84,627 30,3816 STATEMENT SHOWING GRAVEL AND SAND Usep DurING THE YEAR. Now2 =. SAND. : Cubic Yards | Cubic Yards x Maintenance Ect eat eee aN Ne ee Soe causes Cae ere A Oe aR ae Fe eS 2,707 238 SPE er pee eet eee, oe ea eno aes, nce tome ns nce 3,558 — Individuals and3@ompamies. se ee ee le coer re 7, 4,028 — -sRaname Canal Mracks....27.. 2. : FUE hee chro aa eer Gh mar 280 ‘ — Motels eo eg ee = 7,573 ; 23 Steam shovel worked continuously during the whole year, excavating in Mt. Hope to provide material for filling in the New Cristobal townsite - on A. F. E. 1251; also filling in lots in the area between 9th and 16th Streets, _ and between E and G Streets. During the twelve months a total of 570,632 cubic yards was excavated, averaging 47,553 yards per month. The material was distributed as follows: A. F. H. 1251, New Cristobal townsite, 376,962 cubic yards; A. F. E. 1388, filling lots between 9th and 16th Streets, ‘and E and G Streets, 145,709 ‘cubic yards; A. F. E. 1251- Additional, from 9th Street north, 11 085 cubic yards. The balance, 36,876 cubic yards, was distributed on miscellaneous Panama Rail Road, - Municipal and Buildings Divisions’ jobs. _ \ All the excavated material placed in the New Cristobal Townsite— A. EF. EK. 1251—and north of 9th Street on A. F. E. 1251-A, was placed , for aout thirty cents per cubic yard: PANAMA RAIL ROAD COMPANY. | ik The material delivered on A. EF. E. 1388 cost about forty-five cents per yard owing to the fill being shallow, where the dump could not take the ~ material as fast as on the other dumps, and which cut down the output — of the shovel slightly, making the cost of this fill higher. The area covered by the steam shovel fills amounted to nearly one - hundred acres, converting this area which was swamp, into valuable _ real estate, making a total of four hundred and eighty lots, the cost of each lot being about $650.00. — = In addition to regular maintenance approximately $254,000.00 was expended on A. F. E.’s, and $51,636.00 on work for departments. In addition, $30,351.11 was expended on Panama Canal and Army tracks, including Fort Amador Branch—96, 995.69, and Naos Island Branch— 3 $9,027.07. A. F. E. 1350 was issued to cover the work of demolishing Pier 11. It being a wooden pier it was condemned by the Health Department and was removed to comply with sanitary regulations. The value of the material salvaged more than covered the expense of removal. Practically - oe all of the piles which were recovered and found to be in good condition, were creosoted. — Caledonia Bridge in Panane City was removed and replaced by a grade crossing, the work being performed by the Municipal Engineering Division. This was not completed, however, until after the close of the fiscal year, due to delay in the arrival of equipment for crossing gates. This involved certain changes in the track and switches at this point. MAINTENANCE OF HQUIPMENT. The expenses under this heading increased approximately $197,000.00, of which repairs to freight train cars accounted for $115,000.00; yard -« locomotives $39,000.00; work, equipment, shop, machinery, etc., $40,- 000.00; depreciation charges also increased approximately $20,000.00, due to the transfer of additional equipment from Panama Canal. ‘The cost of supervision increased $4,000.00 while repairs to road locomotives decreased approximately $20,000.00. : _ TRAFFIC EXPENSES. The expenses under this heading increased $1, 258. 47 over the corre- sponding pce of last year. GENERAL EXPENSES. The expenses under this heading amounted to $317,914.27, an increase over last year of $59,434.23. This was due to the increased costs of — maintenance and operation of quarters and hospital expenses; general office expenses increased approximately $19,000.00. — The proportion of these expenses chargeable to the Rail Road decreased $9, 000.00 as compared with last year, owing to a further revision of the amounts proportionately chargeable to Harbor Terminal, Coal Handling and other eyETAOnS: HARBOR [TERMINAL OPERATIONS 7 To this department is charged the responsibility of loading-and dis- charging vessels at the Atlantic and Pacific ends of the Canal, from which the revenue this year was $1,878,518.95, an increase over last year of 12 PANAMA RAIL ROAD COMPANY. — $82,386.62; the cost of operation was $1,741,800.76, an increase in expenses \ of $288,367.90, resulting in a profit of $186,718.19 compared with $342,- 699.47 last year. The revenue at the Atlantic Terminal amounted to $1,750,386.34, an increase of $50,279.54. Of this increase approximately $32,000.00 was from wharfage and lighterage; stevedoring revenue increased $31,000.00, and revenue for handling and transferring increased approximately $80,000.00, whereas, storage and other miscellaneous revenues decreased $92,000.00, due to less delay in the movement of cargo, owing to the more settled condition after the War. The operating expenses at Cristobal were $1,652,009. 74, an increase over the previous year of $278,037.43, leaving a net profit at the Atlantic end of $98,376.60. The revenue at the Balboa end amounted to $128,132.61, an increase of $32,107.08 over last year, and the expenses were $89,791. 02, an increase of $10, 330.47 over the same period a year ago, resulting i in a net revenue at the Pacific end of $38,341.59, principally from freight handling, there being a decrease in revenue from stevedoring, storage and other operations. The tonnage handled and transferred at the Atlantic Terminal was _ 1,353,695 tons, and at the Pacific Terminal 127,741 tons, a total of Ls 481, 436 tons which is 2 ,o21 tons less than last year. 637 jooo tons were stevedored on the Atlantic side and 25,960 tons on the Pacific side, a total of 663,295 tons, a decrease of 82,384 tons for the corresponding period the previous year. | The following table contains the summary of Harbor Terminal operat- _ ing statistics for fiscal years 1920 and 1919: ITEM. 1920. ; 1919. echons of: Cargo Stevedored ss =. xc. c xcs ate hw ce ees - 663,295 745,679 Revenue per Ton Stevedored....... Spe ace aes $.4291 ~ $.3471 Cost: per Lon Stevedored iio. ws See ee is ow $.3949 $ .3549 Tons of Cargo Handled and Transferred................ 1,480,436 1,483, 357 Revenue: perLonelandled to se ae oe, a $9632 $.9447 Cost per: Ton: Mandledics 83 2. itn ei ee Wie $. 7664 $.6666 : Gross: Operating Revenues)... ose. ee os $1,878,518 95 $1,796,132 33 7 OToOss Operating Wxpensess . cc Anns oti ee ee $1,741,800 76 ~| $1,453,432 86 eo NeteRevVenlic.. ss ee Be eee, eee $136,718 19 | $342,699 47 Per Cent. of Expenses to Revenue...............00c008: 92.72 2 Of the 1,421 vessels handled by the Receiving and Forwarding Agent - during the present fiseal year, 843 were at Cristobal and 578 at Balboa, compared with 862 and 427 respectively last year. The number of tons of general cargo received from these vessels was 804,382 as compared with 750,474 last year. At the Atlantic Terminal 721, 350 tons were received and 578,014 tons dispatched this year, while at Balboa 83,032 tons. were received. and 30,0/2 tons were dispatched. The construction of pier 6 at Cristobal _ was completed by the Panama Canal and turned over to the Panama Rail Road for use. A new pier with shed and reinforced concrete floor was completed on the site of the old Royal Mail pier. Pier No. 13 was demolished. Coane PLANTS. _ Profits from the sale of coal at the Cristobal and Balboa plants amounted to $969,402.11 as compared with $810,379.83 last year. ‘The handling costs including repairs, depreciation, etc., amounted to PANAMA RAIL ROAD COMPANY. aS 13 $1,670,235.45, of which the sum of $1,365,022.21 was expended at Cris- tobal and 8305, 213.24 at Balboa. The quantity of coal received was 446,099 tons and 908, 149 tons were _ sold. The quantity on hand at the beginning of the year at both plants was 170,702 tons. 58,652 tons were on hand June 30, 1920—52,639 tons at Cristobal and 6, 013 tons at Balboa. : The receipts from sales amounted to $/,243,559.50, including addi- tional charges for extra handling, also for unloading, storing and delivering U. S. Navy coal, as: compared with $6,173,734.41 for the previous year. _ 445,563 tons were sold to ships at Cristobal and 60,605 tons at Balboa. _ The balance was sold to the United States Army, The Panama Canal and individuals and companies on the Isthmus, or used by the Panama Rail Road. During the year 63 cargoes of coal were received; 23 by the colliers “Ulysses” and ‘‘Achilles,” 2 by the barge “Darien” which was put into service during the year and operated. in conjunction with one of the colliers; one each by the Panama Rail Road steamships “‘Ancon” and — J “General Ernst,” and 36 by outside steamers. In addition to this the Panama Rail Road had on hand June 30, 1919, 13,389 tons of U. 8. Navy coal; 121,144 tons were received during the year while 42,540 tons were delivered for account of the Navy, leaving ~ a balance on hand June 30, 1920, of 91,993 tons. The cost to the Rail Road of handling Navy coal amounted to $114,987.55. | The following table shows the quantity of Panama Rail Road cont disposed of on the Isthmus. The statement also includes the fuel oil used _ by Rail Road locomotives: : Fiscan Year 1920. - Fiscau YEAR 1919. Coal. Oil. Total. Coal. Oil. Total. Panama R. R. Road Engines........... 3,271 18,782 22,058 }° 2,847 { 18,181 21,028 Panama R. R. Switch Engines.......... 9,043 -3,9C1 12,944 9,965 3,110 13,075 Panama R. R. Other Purposes.......... 12,205 — 12,205 | 24,267 — 24,267 Panama R. R. Steamship Line.......... 8,765 — 8,765 | 22,224 — 22,224 Other Steamship Lines, Atlantic Terminals 416, 876 — 416,876 | 366,074 — 366,074 Other Steamship Lines, Pacific Terminals. 53,847 — 53,847 51,445 — 51,445 Wnited*States: Army... ae se ee 10,960 _— 10,960 7,977 — 7,977 United States Navy: 2.3.2 @ 3. es 18,739 —_ 18,739 | 13,283 — 13,283 Miscellaneous. 1a eve: 5,034 —_ 5,034 8,718 — 8,718 Panama Canal Sareea ee Phin ee aR 19,409 — 19,409 21,413 — 21,413 SoM ceo aos Sutueliecege en ctueneiees 558,149 | 22,683 | 580,832 | 528,213 | 21,291 gee Coal consumed by Panama Railroad engines was supplied thru the Panama Canal as the Mechanical Division hostles all engines. ‘The actual oil consumption of 90,735 barrels is converted in above statement to the equivalent coal tonnage—22, 683 tons. OTHER OUTSIDE OPERATIONS. STABLE OPERATIONS. The expenses of operating the Colon stables, including a new section put up and opened for operation, amounted to B14 259.94, an increase of $4,805.20 over last year. The rentals amounted to $11, 893. 12, an increase of $3, 249.52 over previous year, resulting in a loss of gD, 436.82 compared with a loss of $881.14 last year. The old wooden stables at Colon having been condemned by the Health Department, new stables accommodating 14. oo PANAMA RAIL. ROAD COMPANY. 400. horses and he $140,000 were under. pone cmenon ann the year; as. stated, a section thereof was completed. | The Panama stables which were leased to Mr. Lombard for a rental of $4,500.00 for the year, against which was charged depreciation on = buildings and other charges amounting to $3,534.36, leaves a net revenue of $965.64 against a loss from operations last year of $5,974.38. BaGGaGE TRANSFER OPERATIONS. | The gross revenue from baggage transfer operations at Colon and Panama amounted to $14,758.00, while expenses amounted to $10,298.22, . _ resulting in a net revenue of $4, 459.28, which is an mcrease Over last / year of $3, 307. 08. Moror Bus OPERATIONS. ‘This service was discontinued August Ist of this year, having been disposed of in connection with the operation of Panama stables. For the month of July the gross revenue amounted to $1,705.00 while the expenses ° were $3,033.24, resulting in a net loss of bl, 328. 24 as compared with a - total net los for last year of $18,202.00. Moror Car MAcHINE SHOP. _ The motor car machine shop continued repairing, vulcanizing, etc., Panama Canal, Commissary, United States Army, and private automo- biles and motor cycles. The shop expenses for the year were $67,663.84, an increase over last year of $11,804.76, while the revenues amounted to ~ $66,056.91 as compared with 853, 283. 25 for last year, resulting in a net loss’ of $1,606.93 as compared with a loss of $2, o¢ 5.83 last year. OPERATIONS UNDER THE ELECTRICAL ENGINEER. TELEPHONE OPERATIONS. The cost of operating the telephone system was $173,594.79, as com- pared with $145,487.52 a year ago, an increase of $28,107. 27. The revenues amounted to $156, 060.19, an increase over last year of $19,353.84, resulting in a net loss of 817, 534.60 as against $8,781.17 last year. he Electrical Division continued to operate and to maintain the telephone system and to maintain the telegraph system of the Panama - Railroad Company throughout the year. ‘During the year 999 telephones were installed, and 636 telephones were removed, leaving a total of 3,330 telephones in service at the end of June. 1920, representing an increase of 363 telephone installations for the year. | The average number of telephone calls during the eight-hour business - day, as determined by peg count, was about 28,900, representing a rate of 5,500 telephone calls an hour, as compared with corresponding figures of 29, 630 calls a day and a rate of 2 ,829 telephone calls per hour last year. | During the year 15,114 feet of lead covered, paper insulated, telephone ~ cable of all sizes, varying from 5 to 200 pair, was installed, resulting i in a total installation of 642,468 feet of cable in service at the end of June, © 1920. On this entire cable installation there occurred thirteen cases of cable trouble as compared with twelve cases of trouble last year. - The following outline of telephone statistics has been compiled in a condensed form to show the growth of telephone equipment and ae - tions during the past year as compared with previous years: PANAMA RAIL ROAD COMPANY. : 15 CANAL ZONE TELEPHONE SYSTEM. June 80,| June 30,| June 30,| June 30,| June 30, 1916. 1917. 1918. 1919; 1920. Miles of Pole Line......... fe ah sea icoets a teresa ee ec SPOno bese A 3e|c 36 36 32 Miles of Underground Conduit Panama R.R..... 212 2120 212 212 212 Miles of Underground Conduit, Panama Canal occu- piedsby- Ban ama Reet eye cient as 10 20 26 34 36 Total: Miles of Conduit... 2.7.2.) 222 232°} 238 - 246). 248 Miles-of Cublein Dust... 2 oe 79 101 | 118 120 Miles of Cable, Aerial: ...... 03... siete aoe ate 2279 2 2 2 2 Total Miles of Caples ee ee ee 88 103 113. | 3. 120 122 Miles of Wire i in DUC a ae eee 8,282 9,989 11,457 11,856 | 12,960 Miles of Wire in Submarine Cable..........5..... 26 55 | - 55 55 55 Miles of Wairein-Acrial’ Cable: =... 3.5.4.0... 470 124 124 124 124 Miles of Wire, Bare and Insulated, Aerial Lines.... 522 508 515 526 550 Total ee 9,300 | 10,676 | 12,151 | 12,561 | 13,689 Miles:of Ware; runt: Circuits’. a. 2.222) Se. 2,002 2,810 4,040 4,259 |. 4,588 Miles of Wire, Subscribers’ Circuits:.............. 7,048 7,561. 153 7,898 8,605 ‘Miles of Wire, Telegraph Circuits... .. Bere ena: 250 305 358 404 - 496 Potake <8 0 ee 9,300 | 10,676 | 12,151 | 12,561 | 13,689 Moiles:of Phantom Cincults....-. 2-2. 3. sei 576 576 576 672 768 Moles-of Simplex:@ircults.. 2.0 00 ee ~ 96 96 96 132 132 Totals ee ey. ee 672 672 672 804 900 Telephone Exchanges, Panama R. R.............. 16 10 9 9 10 Telephone Exchanges, Panama Canal............. 3 3 3 3 3 Telephone Exchanges, Army and NES pete Or aes gee 10 10 10 10 “9 (Botalic seca Nea raat ie eat cont gah ctype tee. 29 23 22 22 22 Telephones, pooums Riairogdscis: one eae 1,878 2,154 2,523 2,967 8,330 Telephones}sPanama-@anal nc). acct esse ee ene LO4S | 110 114 114 120-4 Telephones, TIMMY aNGs NOVA ae see ee ee ae: 400 -—~«8T8 670 703 LOT 4 Total Telephones.......... Boe 2,382 | 2,842 | 3,807 | 3\784 |. 4,157 Exchange Connections Daily*...........00:c+0e0- 12,165 | 17,801 | 219816 | 21,415 | 22,503 Drunks Connections: Daily... ee ee 2,954 3,241 3,924 6,396 7,241 © TRO ta lees 15,119 | 21,042 | 25,740 | 27,811 | 29,744. *Hixchange and trunk connections are those pane lcd in the four main exchanges only. Y RAILWAY SIGNAL SYSTEM. There were practically no changes made in the iactallnion of railway | signals during the year. Considerable maintenance work was found necessary in reinsulating slices in underground signal cables. There were 2,262,937 registered arm movements with 149 responsible signal failures compared to 2,084,908-arm movements and 97 responsible signal failures last year, and 2,404,176 arm movements and 131 responsible failures for the year ending June 30, 1918. There was an average of 15,187.5 arm movements per responsible signal failure compared to 21,494 last year, and 18,352 for the year ending June 30, 1918. Counting only avoidable signal failures there were 44,371 arm movements per signal failure. There were 547 train minutes delay this year compared to 181 minutes last year, and 556 minutes for the year ending June 30, 1918. There was an average delay of four minutes per train for each signal failure. There was one reported false clear aspect and one false caution aspect ee the year on the entire signal system. The false clear aspect occurred Se ubey 12, 1919, on signal No. 239 due to sweating relay box and 16 7 PANAMA RAIL ROAD COMPANY possibly ae door on relay box. The false caution aspect occurred in - December, 1919, and was caused by a broken slot toggle which was dis- covered by a sional maintainer who was at the signal when it occurred. The responsible and non-responsible signal failures, arm movements and train minutes delay for each month during the year are outlined in the following tabulation: SIGNAL FAILURES. TOTAL DELAY 1919. . RESPONSIBLE. Non- | ARM TRAIN MonrtTaH. RESPONSIBLE. | MOVEMENTS. MINUTES. AVOIDABLE. Noe Math y co teeter ees Set tee 10 7 2 194,990 LoS Se PAUL USE cig ccc. oe 1 Pee 1 197,483 10 ~ September............ 2 4. 1 180,014 28 October as en me 2 9 4 183,316 23 SS NOVEMDEM. tes we 3 2 1 VA FLG 5 December 22s ss Ss 5 15 5 180,300 Hales 1920. ; VANUALY.. ee Seah ¢f 6 — 206,248 . 25 Hebruanyouc nore 1 162s — 223,863 85 Marche: sao .c.ts- : 2 22 — 184,209 e122 PAT ete se ee eae 10 8 1 195,039 55 IN or Sen peep ERIE Ges: 2 — 178,921 40 June. S22 Seca ae 2 7 cael 166,858 26 ‘Rotalbes23322 3 51° 98 15 2,262,957 547 There was an average of 45.5 train minutes delay and 12. 5 responsible signal failures per month. : In the following is tabulated an analysis of the pespoueie signal failures for each month of the year: RESPONSIBLE SIGNAL INTERRUPTIONS FOR FiscaL YEAR ENDING JUNE 30, 1920. ee | a | | | —— —_ | — | ——— | —— | | | es *TLoose Nut between Track Wire Terminals.;>....| — | — |— /—/]—1]1/—/s)—/]— *Track Relay MDiscon- ae eee Account Broken} - | | | ee “Bad ee Contact..... — fe |e Se |e NE eee ae ee len 9 *Poor or Defective Track Bat., Dirty Zines, etc.| 1 MERA pO sacs ak aces — | - 2 ads lye | as “*TLoose Connection on : Leadout Wire of Magnets c.ctan. sce Ses |e eg se ee ee ee -*High Resistance Con- ; tacts on Track Relay.| — *Broken Bond Wire..... — *Open Switch Point..... — | ae *Switch Box Cotter : BTOKON = sos es — | — | — | — | — TF — OS |e a Se eS *Broken Factory Splice in Track SE aeeecca ee ee eae — | — | — | — | — | — | — Da) hee eens | eee *Open i in Track Resistance nit —*Open Lead on Track} - RelayaC ous. 2 4 —— | [es ee oe *Track Relay High Re- sistance Coil......... —}|—|— SE ae ee ee es A ee | | | | | || | | [ | | [| [| mb wo On Na Are pp =~ WwW WY WH WO NHWKO Oo [|| Py | | a ti |v | El | hia || lal | i no = — me ROA bo N OF WD WD WW HAG OO *Track circuit defects responsible for 30 per cent. of signal failures. ~ -PANAMA RAIL ROAD COMPANY. aS 17 v Switch Box out of Ad ; JUSEMEN Tess oo cee s ee 3 {220 Discharged or Exhausted Storage Battery, care- less maintenance..... 1 | — Signal Light Out....... a Unknowns ae Aap ee Loose Wire on ‘Terminal ; OL Stonale ae ee Sd ieee | eons |e sees Ee wear | eS S| Se eee gy ee ee Onn § Cell on Signal Slot Open Wire from Signal to Main Cable. ; .4.- 1 | — 1 4 {|—|— ae | eae |b ae aN ee ee 9 6 Commutator Sticking on Signal Motor, AC | tb fost So wB WwW ONE _ Dirty: Brushes, etc.. 2.) — 1}|—},— 1}/—}—]— |} — ] — 4 2.5 Home Relay out of Ad- ; ; fo oJUSUMIOT Gi aais ceisiee —S— | — Fe es ed es Ae eee 4 2.5 Open Circuit, Broken Jumper Wire on Poles- é PCL airs oe re — | — | — | — ss es es 2);—};—{[— Signal Motor Commu- Gator Plath cack ccs —— | fe ee ee 1 Commutator Brushes not Properly Adjusted....} — | — | — | — | — | — | — | — } — ] -— /] — 1 Husé Blowin: .. ssn 3. 2)'— }— {| — | — | — |] — 1}—j}—}]— 4] — Open Coil on 1,000 chm. Repeater Relay...... Dm a a er ee Hxhausted Primary Bat- tery, careless mainte- NANCC 2 soi ee oe 1) —F}. 1} — 38 }—]—} oe] Od Ose on - Defective Primary Bat- tery Material........ See ej ae 1 2 | 14 Te 2 tOe 27 1 1 2 | 40 | 27.4 ee | EF | | | | | | _ | ——————. | ————— | —————- | — Motales 02 iy | 1 | 261-11) 5 (20) | 43 17 | 24 ae | 8 | 9 |i40 00 DORI CO Rae RD) bo bt wo on’ oo w There were two derailments at the interlocking plants during the year. One occurred at Diablo and the other at the Pontoon Bridge at Paraiso. There were also two derailments at hand throw pipe connected derails, one at Mt. Hope passing track and one at Tower ‘‘R,’’ Gamboa. There were 34 reported signal failures for the year from various causes - at the interlocking plants compared to 36 last year. Of these, 24, or about 70 per cent. occurred at the Pontoon Bridge. Considerable delays were also reported during the month of January, 1920, in closing the bridge on account of rail wedges not dropping into place. ‘This- was caused by the bridge bumping the abutments when opening and closing, thereby - throwing the apron girder about three or four inches out of alignment at the extreme end. Due to the increased costs of labor and material the cost of maintaiping railway signals has increased about twenty per cent. over last year. 18 PANAMA RAIL ROAD COMPANY. OPERATIONS UNDER THE SUPPLY DEPARTMENT, PANAMA CANAL COMMISSARY. The receipts from the sale of commissary supplies amounted to $12,- A07,421.06, an increase over the previous year of $1,169,774.73. The amount paid for supplies purchased was $10,190,983.14, an increase of $413,115.41. The value of supplies on hand June 30, 1920, was $2,- 638 715. 72; the profits were $276,093.40, an increase of $8, 811.38. The | percentage of profits on sales was approximately 244%. During the year there were operated 10 retail commissaries and 21 manufacturing plants. The total commissary investment amounts to $7,117,271.19, as follows: Commissary plants and stores, $3,237,176.24; equipment, $130, 185.07; supplies on hand, $2,638,7 10.72: floating capital approximately a1. 000,000.00, and uncompleted improvements, $111,199.16. The amount of accrued depreciation set up is $661,836.45, and the — total profits from August 1, 1905 to June 30, 1920, amounts to $1,710,630.45. The profits this year amounted to 3.88% on the investment. Horen WASHINGTON. The cost of operating the Hotel Washington, including econ of buildings, etc., amounted to $198,258.06, an increase over last year of $40,013.15. The revenue amounted to 8999, 304.07, an increase of $52,- 670.32, resulting in a profit of $24,046.01. $90, O00. 00 was charged against profit and loss as accrued depreciation on buildings for period prior to June 30, 1919, this charge having been discontinued shortly after the Hotel was opened on account of operating at a loss up to the end of the fiscal year June 30, 1918. fe Farm INDUSTRIES. This group consists of the same units as last year, 1. e., beef cattle industry, including operation of cattle steamers, pastures, ‘plantations, _ dairy, hog and poultry farms, all of which are in reality adjuncts of the - Commissary Division, operated by the Supply Department of the Panama Ganal with Panama Rail Road funds. Cattle Industry: The importation of beef cattle from Colombia con- tinued throughout the year. 25,241 head of fat and 1,101 head of lean and young stock were purchased at a cost of $1,388,535. 02 f.o.b. Colombia, an Ones per head for fat cattle of $53.77 and 898, 31 per head for young — Stoc The®* purchasing expenses amounted to $9,387.31 and the cost. of — transportation and pasturing was $981,939.97, including the cost of fitting up the 8.8. “Middlebury” for the cattle trade and reconverting the §.S. “Culebra” back to dredge, also some extraordinary repairs to the 8.8. Caribbean.” | The cost of operating these steamers, including refitting and maintenance expense, amounted to $706,826.07, as compared with poe 262.74 for the previous year. 25,222 head were sold and turned over to the commissary for which the cattle industry received a credit of $2,136,932.05, resulting in a loss tor the year of $189,973.09, compared with a profit of $336,865.58 for the previous year. On J une 30, 1920, there remained on hand 12, 867 head. The SS. “Middlebury” was secured from the United States Shipping Board under charter for use in conjunction with the $8.8. “Caribbean” PANAMA RAIL ROAD COMPANY. ; 19 and 8.8. “Culebra.” It was refitted at the Balboa shops for the cattle . trade and operated for several months. The demands of the Army for beef having been suddenly reduced on account of the cessation of War activities, the need for this vessel ceased and it was turned over to Lyke Brothers of Havana, Cuba, for operation on February 10, 1920. The use of this vessel was the principal cause of the loss in the cattle industry for the year. The 8.8. ‘‘Culebra” was also taken out of the cattle trade and turned over to the Mechanical Division to be refitted for service as a dredge. The following is the present investment in the beef cattle industry: a 5.5. “Caribbean” including equipment, $167,575.42; S.S. “Culebra,” — including equipment, $113,458.81; the value of A6, 005 acres of pasture lands, including buildings, fences, etc., is $1,035, 770. 86; equipment, $17,-- 592.08; other material, $3,982. 64. The a te of cattle. on hand June 30, 1920, was HSO7 741. 00: other live stock (horses and mules), $21,547. 78, making a total of $2, 167, 668.59. Dairy Farm: The capital investment in plant is $131, 149.82; value of dairy cows, calves and bulls on hand June 30, 1920, was $50, 055. 00; feed and supplies on hand, $2,225.29. The operating expenses amounted to $83,074.39 ‘nd the amount realized from milk, cream and calves turned into the commissary was $78,697.74, an increase of $32,/29.73 compared with last year. ‘The loss from operations this year was 96, 187. 29 against a loss of $42,381.90 a year ago. Hog Farm: ‘The investment in hog farms on June 30, 1920, was $72,17 t. 70; the total operating expenses were $78,196.34. The net loss for the year amounted to $16,221.84, as against a profit of $26,472.35 a — year ago. The total number of hogs slaughtered during the year was 7 588 for which a credit of $159,430.71 was received as compared with 8306, 948.73 the previous year. The value of stock on hand June 30, 1920, was $33,411.00. Poultry Farm: Thé cost of operating the poultry farm was $43,070. 60. The sales value of eggs, chickens, etc., sold and turned in to the commissary amounted to $18,924.24, as compared with $72,905.19 the previous year, resulting in a loss of $28, 035.19, as against a loss of OO, TAT. O09 for the _ same period a year ago. The capital investment on June 30, 1920, was $108, 289, 23; the value of feed and €upplies, $796.78; of stock, $8, 157. D7. Plantation Operations: The operating expenses amounted to $105,332.25; the sales value of produce was $89,055.65, as compared with $76,107.37; last year, ule in a loss of $16,276.60, as against a loss of $47,035.39 last* year. The capital value of Bian vavione including buildings, amounted to 1,602,305.54 on June 30, 1920, the value of plantations equipmens was | $8,924.91 and other material $999, 64. LANDS AND BUILDINGS. The revenue credited to rentals from leased lands amounted to $121,- 910.94. The expenses in connection with land leases were $17,722.54, leaving a net revenue of $104,188.40, which is $7,950.30 increase over the previous year. Rentals ‘from buildings not eee in operations of the Rail Road 7 B0eG oS : PANAMA RAIL ROAD COMPANY. amounted to $20,561.38 and the expenses amounted to $16,467.48, leaving a net revenue of $4, 093.90 as compared with $7,842.95 last year. The capital investment in Rail Road real estate up to June 30, 1920, amounted to $1,051,232.68 with $757,825.77 expended on uncompleted improvements. The Land Agent submits the following: A decided increase is shown in the amount of approximated land rental-bills to be issued during the next fiscal year, for the City of Colon, as compared with fiscal year 1918-1919, which cari be accounted for by the fact that during the year just ended, fifteen lots were leased in the newly created warehouse district, at an annual rental of $4,543.52, and - thirty-eight lots in the new white residential district at an annual rental - of $8,810.00. The licenses for all the stable lots located on the south side of Ninth Street, between “G” and “I’’ Streets, Colon, were cancelled during the year by the direction of the Health Officer of Colon-Cristobal. The major portion of the new stables now being built by the Panama Rail “Road Company have been completed, and all draft and coach animals of Colon, and all wagons, carts and coaches are now being stabled and accommodated in the new buildings. These stables are located south of --Sixteenth Street, between Reyes Alley and ‘‘G”’ Street. A slight increase is shown in the amount of approximated rentals on buildings, rooms and stores, Colon and Cristobal, accounted for by the reason that two new storerooms were constructed out of two alleyways in the Panama Rail Road’s concrete building, Colon, located an Eleventh, Front and Bottle Alley, and have been leased at an annual rental of $540.00 _ ‘The news agency contract ed during the fiscal year ending June - 30, 1920. The Panama Rail Road Company advertised the News Agency privilege on two occasions during the year, but it developed that no one ' eared to bid on the privilege covering all of the news-stands as provided in the contract. As a consequence it was decided to lease the news-stands separately. At the end of this fiscal year ending June 30, 1920, the news- _ stands at Colon and Gatun were under lease at an annual rental of $480.00. A license covering the occupancy of one additional lot on the Javillo _ Fill District, Panama, owned by the Panama Rail Road Company, was issued. The three lots occupied in this district are held under letters of ~ permission only, and are revocable on ten days’ notice in writing to the respective licensees. Lot 58014 Cash St., Colon, held by the Municipality of Colon atan ee annual rental of $1.00. wee aicudercdl to the Panama Rail Road Com- - pany, as the lot proved to be too small for the class of building they desired to erect. By transfer, the Municipality of Colon secured from the Republic of Panama the lease rights to a much larger lot located at - the southeast corner of Seventh and Broadway which is owned by the - Panama Rail Road Company. Lot 580) Cash Street was advertised for _ bids, and the highest received was $400. 00 per annum. Lease has accord- | ingly been issued at that rate. A warehouse district (bonded or unbonded) was opened dining the -year; the district comprises 21 lots located in Block 54, Colon, situated between Reyes Alley, “‘G’’, 15th and 16th Streets, and is divided into three tiers of seven lots each. 14 of the 21 lots have a frontage upon a street _ through which a spur track has been run north and south between two of the tiers connecting with Broadway track to accommodate the handling of freight into and out of the warehouse. During the year, 15 of the 21_ lots were leased and there are now inquiries. relating to the lease rights | in the remaining 6 lots. A residential district, restricted to the use of persons of the Ganesan race only, was opened up during the year, the district consisting of Blocks — 20, 21, 26, and 27, a total of 99 lots. This district is bounded on the north by Seventh Street, on the east by ‘‘K’’ Street, on the south by Ninth Street, and on the West by “G” Street. During ‘the year 38 of the lots were — leased. Applications have been received for the lease rights in several of the remaining lots. © During the fiscal year the Panama Rail Road Company purchased a two story wooden building from Mr. Joseph D. Williams, which building is situated on the Huerta-Sandoval tract in the City of Panama owned by the United States and held under license by the Panama Rail Road Company, for the sum of $5,000.00. The Building Division of the Panama Canal renovated the building into a tenement-type house at a cost of $5,- 850.39, and this has been leased for the sum of $75.00 per month including * light and water. The total leases, ficencer and permissions issued by the Rail Road Company on lots in the Cities of Panama, Colon and Cristobal, in effect. on July 1, 1920, were 1,304, covering 1 390 lots for which bills were issued . amounting to S144. 140. 05, an increase of $11,641.64 over the a 1918-1919. The total amount of money actually collected on account of tho items ~ covered in the preceding paragraph during the fiscal year just ended was $135,996.46, an increase of $3,643.77 over the actual collections for the year 1918-1919. Less money was actually collected in the sum of $8,143.59 than is indicated by the figures showing the approximated land rentals _ _ in effect on July 1, 1920, maily for the reason that the leases for the - warehouse lots did not become effective until June 1, 1920, and for the white residential lots July 1, 1920. 33 new leases were issued during. the fiscal year 1919-1920, covering 55 lots, all in the city of Colon. No fires occurred ‘during the year of sufficient importance to mention, which affected property situated on Panama Rail Road lots. On June 26, 1920, the Board of Directors of the Panama Rail Road — Company authorized the Land Agent to grant an extension beyond the usual five year period upon the expiration of the present leases on lots upon which wooden buildings have been erected at the best rental rates then obtainable. According to the authority granted when a lease is about to expire a representative of the Building Division will inspect the — building situated upon the lot, and if the Building Division’s representa- — tive finds that the condition of the building warrants it, an extension of five, ten or fifteen years (depending hogs the condition of the building) ~ is granted. During the fiscal year the fill beeen Third and Ninth, “GQ” and “K” Streets was completed, and the areas between Seventh and Ninth, “G”? | and “‘K”’ Streets has been restricted to the occupancy of buildings within that area by members of the Caucasian race. An additional fill is now being made along the south side of Ninth Street, between Broadway and “K” Streets. Municipal work in Block 53 has started. This block is located directly north of block 54, the area laid aside during ue ee for warehouse sites. PANAMA RAIL ROAD COMPANY. | 21 | — Dip) PANAMA RAIL ROAD COMPANY. QTATEMENT oF PANAMA Ratt Roap LEASES AND LICENSES IN EFFECT JuLy 1, 1920. LEASES. Lots. | RENTAL. LOcATION 1919. 1920. 1919. 1920. 1919. 1920. Colones a oe Fs 823 853 830 878 $82,282 28 $96,309 40 OX GRIVOTs Ate okes ocok eh es 52 52 54 54 2,926 40 2,926 40 Staple Lots. Colon.:........ 8 a 11 — 534 00 — Las Esplanadas............ 103 103 122 122 3,987 00 3,987 00 Guachapali Ei Bee Cece sot eee 153 153 194 194 8,378 93 8,378 93 = ‘Santa Cruzin. sees 89 © 89 107% 107 4,001 28 -4,001 28 Panama Yard, including Png. lish Wharf and Bulkhead. 17 18 291%)|> £30 5,368 00 5,392 00 JUAN PONCE. tees Se 1 1 1 1 60 00 60 00 Total for Leases........ 1,246 1,269 1,349 1,386 $107,537 89 $121,055 01 - LICENSES AND Lots. RENTAL. PERMISSIONS. LOCATION. SOL m 1919. 1920. 1919.. 1920. 1919, 1920. Miscellaneous, (Colon)...... Sele 3 — — ; $114 00 $114 00 Buildings, Rooms and Stores, : ColonCristobal... 24:2... 24 25 — — 21,180 00 21,302 04 Cristobale. ee ee 6 |. — 8 — 1,505 52 — -—. News‘Agency.......:.. ees 1 ed — 1,560 00 480 00 . Huerta-Sandoval...,....... 2 — 2 a 360 00 moe Miscellaneous, (Panama) .... 1 1 1 1 1 00 1 00 Jawalloshill.< 58-3 ee 2 SEs 2 3 120 00 168 00 Room in P. R. R. Station, iy Balboa tteights: ire... 1 1 —_ — 120 00 ~120 00 - P. R. R. Buildings, Huerta- : Sandoval «pract.\.. 282 ee: oo 1 a eee cas 900 00 Total for Licenses and Per- : MMISSIONS 4. cacecs se ee 40 35 13 \ 4 $24,960 52 | $23,085 04 Grand Total for All Leases, | _ Licenses and Permissions.| 1,286 1,304 1,362 1,390 $132,498 41 $144,140 05 *Covers lot sites in Cristobal leased to Sas te companies for which rontg is collected for account of Panama Canal: GENERAL. _ The interest on money deposited with Isthmian banks during the fiscal year was $10,998.93 as compared with $6,827.61 last year. The net revenue from all operations amounted to $1,317,368.18 from which was deducted the Rail Road’s proportion of income tax and capital stock tax paid by New York offices amounting to $125,725.36, interest on indebtedness to United States Government amounting to $102, 170.04 -and $20,000.00 set up as accrued depreciation for Hotel Washington, leaving a net income of $1,069,472.78 against $1,402,701.16 last year. _A reclassification of Isthmus assets was made showing in a more> complete detail the principal item of property with the depreciation reserves set up to date to correspond. A revised classification of operating accounts was also issued in pamphlet form and distributed to all concerned. ~ ~ PANAMA RAIL ROAD COMPANY. STATEMENT OF EXPENDITURES UNDER APPROVED A. F. E.’s. 23 ——_— A. EE, No. _ 1264 880d. Pastures Wand sires ae ee ee rae Baie preg eu tete eee ah SS8Oes | Pasture band sie ee a act eee wae eee ane ec ent lar S8Ohul + bastunrestandscecr ie ey ee ie a a hcie reece ieee 880i 880} 1024 1025 1044 1146 1158 1167 1176 1199 1201 1206 1208 1217 1219 1225 1226 1231 1237 1246 1247 1251 1254 1259 1262 1271 1274 1283 1284 1285 1286 1287 1291- 1293 1294 1301 1302 — 1303 1305 1306 1312 1313 1316 1317 1318 1319 1320 1321 1322 1324 1325 1326 1327 1328 1329 1330 1331 1333 1334 1335 1336 1337 1340 1341 1342 1343 1344 1345 1346 1347 Pasture: Gands—Marfan ote ee ee Pasture bands——Bonio 225. oe a ee Hrijoles# Plantation. ke ee eee ees Juan: Mina Rlantatvone 473s ee ee as New Cold Storage Plant, Mt. Hope..................... Construct 3 Coal Conveyor Booms......... 2 Sette ele Pipe Line at Chinese Gardens, Summit........:........ i Construct- Station cl riyOles: «6 i oe oes eee ee poe DerMiayorBarnzes: bo: ands Qi eee sce sole oa ges ws sees Concrete Crossover at Balboa Commissary Spur.......... Construct New Slaughter House, Cristobal.............. Construct Cottage, etc., at Caimito Pastures............. Change Berm Crane Equipment at Balboa Coaling Pit.... Construct Ten First Class Passenger Coaches............ Install-Wareless-on 93 S<.. CUleDraie. sir crc ears oer General Repairs to Lighter No. 151..................... Replace Fenders at Balboa Coaling Plant....... eee FIERO OL AMCOM Ma GIs acca een eee occ) ensue en eeent Install Additional Equipment, Cristobal Telephone Exch. . Meat Canning Factry, Mt. Hope Cold Storage Plant ..... Demolish Superstructures Royal Mail Dock, Golon....... Colon Fill, 3rd, 9th and G Streets (R. R. prop.).......... Install Phone Cable Ancon Hospital Grounds............ Replace 24 Wooden Trucks with Steel under 2d Class Coaches Construct Boiler House, Mt. Hope Cold Storage Plant.... Install Refrigerator Plant, Pedro Miguel Restaurant forthe Joint Use of Restaurant and Commissary (R. R. prop.).. Water and Sewer Line to. Blk. 54, Colon................. Install Elevator Gatun Commissary.......+...-.....-.. Construct Machine Shop, Mt. Hope C. 8. P.............. Construct Carpenter Shop, Mt. Hope C. 8. P............ Construct:Garage Mit. Hope ©..S2 Be es Construct Fertilizer Factory Mt. Hope C.S8.P........... Construct Bone, MallsMt. Hope ©. Sk. Construct Railing Around Roof, Masonic Temple........ New Stable Buildings, Colon......... ae Ra een Install Kerosene Tanks at Retail Commissaries........... Change S. S. “‘ Middlebury’ for Cattle Steamer.......... Install Refrigerating Plant, Washington Hotel............ Paint Colon Passenger Station. ........ Ee ONIN Gee Ras Construct Fence and Sheds at Limon Hog Ranch......... Repairs to De Mayo Barges 138 and 29...............:... Renew Floor Cristobal Commissary......... Ee Dagan acanlan ae Make-Alterations Ancon Waundny. 2.0 2 ee ee Change Steps in Building No. 1000, Colon............... Repair Toilets Panama Passenger Station............... Extend Roadway. to Vier 6, Cristobal’... -. 3. 8 3 se. Convert 38 Box Cars; labor Cars. 226 .. ees Install Water Main, Margarito Hog Farm............... Install Telephone Cable, la Boca..........-....:...... Painting Panama Passenger Station................... e Construct Concrete Road, Mt. Hope C. 8S. P. to Margarito CReeR= Proportion): sac ec eee ee eae Construct Slide at Hotel Washington Swimming Pool..... | Excavation at Pier 6, Cristobal............. Doe er ete, Construct Roadway Along South Side of Bldg. 5, Balboa. . Bring to Permanent Grade, Yard Tracks, Cristobal Pier... Install Sewer, Water and Alleys, Blk. 29, Colon.......... Repairs to Royal Mail Dock, Colon..................... : Erect Bldg., Cristobal Piers,for use as Office Supt. Engineer SSD see ere a we weed eee omc eee oe Dredge Basin for Floating Equip., Cristobal C. P......... Mfg. 400 Chains for Ship Nets for use at Pier 6, C........ Install Phone Cables Vicinity Terminal Bldg., Cr......... Construct Retail Commissary Bldg., Mt. Hope, 8. T...... Exterior Painting of Consulate Bldgs., Colon............. Construct Additional Room in Bldg. No. 1000, Colon..... Concrete Road Approaches Track Crossings at Corozal.... Interior Painting, Gilbert House, Colon................. Interior Painting, British Consulate Bldg., Colon......... Construct Ice Box and Install Refrigerating Machinery IANGCONM Silver: Viatice tsk ca ceca as ee cune sbave che Aime Construct Incinerator, Summit Poultry Farm........ Satter Construct Fence Around Cold Storage Plant, Mt. Hope... Purchase and Alter Williams Bldg., Panama Stables...... EXPENDED This Y ear. To Date. $68,816 96 $138,248 19 11,484 58 86,545 05 4,927 33 183,588 31 90,825 43 205,535 14 46,051 19 + 85,892 22 1,159 18 1,828 80 4,959 25 8,182 37 76,535 46 1,107,295 00 8,994 56 17,707 58 477 35 737 08 2,008 23 2;152. 71 49,847 78 128,561 35 225 11 989 91 15,038 03 233,092 46 474 60. Liotr 53 560, 64 7,869 85 100,020 59 100,020 59 239 80 6,359 80 © 27 74 1,752 62 163 70 1,364 00 5 00 4,688 48 | 418 75 418 75 © 1,813 35 117,758 65 (479 88) 87 18). 142,304 98 240,641 77 790 60 3,099 68 220 32 220: 32 12,778 78 30,899 58 5,613 21 5- 613723 2,994 50 3,201 22 3,116 80 5,156 80 8,738 31 16,1389 22 4,319 60 9,780 67 1,281 08 8,868 30 365 06. 518 13 486 97 3,325 08 296 32 499 71 108,528 44 110,777 24 12,598 33 13,686 59 196,271 20 214,456 11 2,219 73 2,303; 12 80 15 970 06 5,843 65 6,613 89 849 75 2,632 03 3804 16 304 16 330 95 330 95 120 91 751 22 2,378 87 2,378 87 5,974 98 12,808 09 731 50 3,205 59 43 46 Leila 535 07 1,623 57_ 178 76 791 93 18,074 62 36,471 76 1,039 31 1,089 31 8,740 35 21,607 82 3,588 77 3,628 47 1,264 52 1,264 52 22,725 45 25,285 55 41,628 93 41,628 93 12 65 12 65 77,273 89 77,411 09 302 75 302. 75 2,610 84 2,610 84 33,725 47 33,725 47 894 04 894 04 832 34 832 34 759 64 759 64 540. 08 540 08 321 48 321 48 21 40 21 40 708 78 708 78 1,894 56 1,894 56 - 10,854 39 10,854 39 ‘PANAMA RAIL ROAD COMPANY. & EXPENDED For > This Year. To Date. Gomplete:Hill-Bik= 54. Colom?. +.2.3% os aes ts ea Lane. 44,599 30 | 44-599 30 Demolish Dock. Cristobales soo ar ee ee (5,191 98) (5,191 98) Repairs:to, bidgeal2. Panama Y ardSe. <2 sr oes et ee ee os 2,263 90 |. 2,263 90 Demolish Caledonia Bridge, Panama, & Constr. Grade Cr. 42,572 00 42,572 00 Install Phone Cables, Vicinity Gatun Station............ 284 39 284 39 Construct. Mt. Hope Silver Lown 3. 0s sass ae ise re se ees 350,282 05 350,282 05 Convert 8.8. ‘‘Culebra’”’ Back-to Dredge................ 50,625 73 50,625 73 Install Buffalo Pump, Hotel asuingven Swimming Pool.. - 617 18 517 18 Construct Spurwirack. Wa: Pita sc oe oe oes oo ete 1,452 45 1,452 45 ~| Telephone Circuits Around Pier 18; Balboa = 3.0. 66% ease Yee SLO OO 313 59 - Construct Garbage Platform, Balboa Docks......... eee 462 74 462 74 Install Telephone Cable to Colon Sump Pump hig’ Re nOS |e 59 19 59 19 . Alterations and Repairs to 8S. S. “‘Caribbean”............ _ 93,485 23 93,485 23 ~ Extension of Telephone Exchange, Cristobal............. 6,523 72 6,523 72 Construct Chinese Quarters at Frijoles...... Renae Gee ete 4,184 18 4,184 18 e ipe lineto Miraflores: Pastures ..c: oi... a. og s Nees eos es : 537 67 537 67 Reroof Chinese Quarters, Summit. ees SOONG Fare AU a Ri ay Stans Fe 1,174 87 1,174 87 Spur Track at Frijoles . Sree Ota ee een ee eee ee - 965 94 965 94 SOverha tine: Ssoecs CMSUObaI.\,s cep ite 7: ae Ge es 1,184,099 17 1,187,250 30 =| Construct Farrowing Pens, Limon Hog Ranch........... 1,794 81 1,794 81 ' Electrical Work Around Industrial Plants, Mt. Hope...... 17,978 77 - 17,978 77 Install Submarine Cable, Cristobal C. P.......0....5 02.4 1,593 21 1,593 21 » Repairs, Masonic Temple, Colones Se 1,021 55 1,021 55 Extend Phone Cables, Ancon Hospital Grounds” a ee 1,017 76 1,017 76 ~ Construct Frame Bldg. North of Abbatoir, Mt. Hope...-. 4,088 46 4,038 46 Concrete End of Sewer, Javillo Fill, Panama............. 343 94 843 94 | Repair Transmission Tower at Diablos 3 ee 1,244 25 1,244 25 ' Install Plumbing, Chinese Quarters, Frijoles,............ 644 91 644 91 Repair Cocoa Drying Shed, Las Cascadas Plantation..... 4,000 00 4,000 00 “Repair Power and Lighting Circuits, Cristobal Docks...... 4,278 49 4,278 49 Construct Concrete Tank; La Boca Commissary Sees eee 109 91 109 91 Extend Phone Cable to Mt. Hope Cemetery 2. ae es 181 68 181 68 Lay Rails in Pockets 3, 4 and 6, Balboa Coaling Plant, 1,881 83 1,881 83 ‘Purchase and Install Rotary Printing Press, Consy C. Bk. 30,942 90 30,942 90 Construct Closet in Office Masonic Temple, Colon........ 345 00 345 00 Colon Fill, G, Broadway, 9th and 15th Streets........... 72,715 36 W250 159°80 Dismantle Old Cold Storage Plant, Cristobal............. (23,183 36) (23,183 36) Track Changes in Connection with Royal Mail Dock eerie Slo oD 8 5 Repairs: Pontoon Budge; Paras! 3. ove ss eee ee 8,353 39 8,353 39 Construct icé: Box; Panama station...) vere tas eee 343 68 343 68 / Erect Station Bonding, Sumi bees ciccavicn one ee 1500. to 1,756 73 Saw ohort. pilesanto, switch “Blessa6 so. sc ns eee ss 279 25 279 25 Install Plumbing, Quarters, Miraflores Pastures.......... 2,455 90 2,455 90 Install Dolphinvat Dock 7. Cristobal.:.. +14 1.0... es 778 65 778 65 Install Inhoff Tank at Mindi Dalby hers eee 3,686 77 3s ese 77 Install Showers and Tubs in Washington Hotel........... 28 16 - 16 Move 10” Water Line in Connection with Royal Mail Dock 895 10 ae 5 10 Demolish Old Warehouse, Cristobal Commissary......... (6,789 64) (6, 789 64) Construct Pole Line and Install Electric Lights in Quarters, Mirdflorés Bastures: aes Seen 6 en ee 1,473 95 1,473 95 Demolish Portion of Old French Pier, PGs BOCAn er ee 3,/61 23 3,761 23 Repair Lifting Device, Pontoon Bridge.....:.....:....-. 352 85 352 85 Extend Phone Cables to Cable Heights. 3.36 ea: gee we gol. 72 831 72 Repair SpreadersNow4d soe sce ee ee ee ae 3,056 53 3,056 53 Construct New Concrete Station Bidg., New Gatun Sees : 6,182 39 . 6,182 39 Construct Shed for Wrecker at Balboa R. H............. 729 31 2 AG DOLON Paint Rooms, Hotel-Washineton.. 26: 8 296 79 296 79 Convert 2 (200) Class Locomotives Into Oil Burners aes 1,308 32 1,308. 32 Repairs to Spreader NG.4d=. ae ee 4,479 46 »« 4,479 46 © Change-Grade Ft. Randolph Branch Tracks...... Se ae te, 5,162 42 5,162 42 Install Sewer, Quarters, Miraflores Pastures.............. 318 20 318 20 Construct Cattle Dip, Bohio Pastures......... ese 5,213 60 5,213 60 Install Water Line to Manawa Pastures...............%. 120 77 120 77 Plant New Citrus Fruit Grove at Summit............... 1,662 49 1,662 49 Install Conduit Pipein = Bidgs1000. Colon.=. 443. . i “3% dA 29 - 1) 29 RiepaitsseanalsomOCKS ices oo ee ee ee eS 822 73 822-73 Demolish Old; Stable Bldgs, Colon: ..... 02.23. 3.5 171 40 171 40 Install Motor Generator Set, Battery Chg. Sta., @retobal Z WDOCK Se eee ee os Gi ho Ree ee Ea a o£ 0259 5 59 a $3,180,430 60 | $5,375,440 17 © Note—() Indicates Decrease. — : . eer RAIL ROAD COMPANY. 2 See : 25° GENERAL REMARKS. Steamship yene the fiscal year that ended on June 30, 1919, shipping interests _ Line. generally were in a condition of exceptional prosperity i in which our Steam- ship Line participated. Vessels loaded to capacity, labor fully employed, remunerative rates in effect, with the result that despite higher wages and the heavy costs of material and supplies our operating income was satisiactory, but early there were indications of an approaching reaction presaging the inevitable commencement of deflation that rapidly devel-— oped (and continued during the entire year), and as quickly unfavorably changed the outlook for the immediate future of. transportation. Staple and commodity markets were over-supplied and unwarranted prices were — maintained; trafic was unsettled and labor becoming restless and appre- hensive of a reduction in rates of pay put forward demands that were denied, because they could not be conceded, with the result that serious strikes developed. All of those causes combined brought about a loss of earnings that transferred the outcome of operating our Line during the fiscal — year from the customary profit to a material loss, and that despite the most vigorously sustained effort Dy the Company’s forces to obtain a more favorable result. The net deficit that resulted from operations was $117,676.56, a decrease of $3,243,488.80 as compared with the previous year. ‘The operating revenue was $3,336,/87.66, a decrease of $3, 498, 307. 02 from 1919, that was an exceptionally favorable year. | The percentage of operating expenses to revenue was 101. 86% as against 68.22%, or an increase of 33.64% as compared-with 1919. : Z The successful operation of the Company’s Steamship Line was seri-_ ously interfered with during the year by aggressive revivals of the tem- porarily compromised labor disputes of 1918-1919. In July, 1919, we had six steamers tied up in commission at New York with no departures between the 3rd and 29th of that month, owing to trouble with Seamen’s Union that extended to all Steam- ship Lines in the harbor; Similarly, because of the Longshoremen’s strike, our steainship service was practically discontinued from October 6th to November 8th; In April, 1920, owing to a prolonged strike by employees of railroad trunk lines operating railroad tugs, lighters and barges in New York — Harbor, our ships were compelled to sail with very small cargoes until the middle of the following June. = The several described strikes, that ended in every instance by lab : gaining its demands; seriously crippled operation and were very damag- ing to revenue, whereby our Steamship Line was maintained under a twelve months’ operating cost with barely a ten months’ earnings resulting. Operating cost was additionally heightened during the year by in- creases in the wages paid ships’ crews, stevedores, watchmen and checkers, — and by a more general application of the eight- hour day to all classes of labor as the outcome of extended negotiations to terminate strikes between accredited representatives of all classes of vessel owners with those of the respective labor unions. _ The number of sailings outward from New York was reduced during — the twelve months to 83, with a total of 240,008 tons carried, as against — : 88 departures with 263, 328 tons carried for the previous year, a decrease A$ of 8. 86%. : | 26 | PANAMA RAIL ROAD COMPANY. On the other hand, sailings to. New York for fe same period were increased to 91, as against 89 in 1918-1919, an increase of 27,165 tons or 9.02% of cargo carried. | Reboilering Last year’s report gave a total of $256,258.21 expended upon the and Instal- §,§. “Ancon” as the Company’s approximate total outlay in excess of lation Fuel her proportion of the Congressional appropriation of $720,000 to cover he aa wo | Cee ie z é r ASS on a | a Ba elon lee, ss P, nl. a A) el elo) Sel lelelela. 2 lal ele ie a) ale ka el. leletslsié oO toes dh sien Oo} Bs ey Ee 2 OO) 7 | 5 ° a| ola aS o P] Ol glais] . Bo) or eal cs lee WEN Gale | a. (alesis ae a O] S/O }slolsl alla Olid s (21s) 2 3 er Sl al ow SSA to seat Weel Gielen aes S| S\--2/Ollg] oj] ¢g S| m c Sle slela| ze sl ZiSiS Elsi ela) & lSl2 | BlSi Sissies] SS SSS a) sg sisieixis Oi ee OU Ses) HO Oro 6 8) 8] ele 1:8 Oo | S| a S Rl | 8 Oo] S| o}]o}a] of] 8] & a [RLS OS oO] Ale IB eA (OlOIB IE! S lA lS (S/S) SIF | Gla els leiainieilé| SislZislciglé Stock on hand June 30, 1919.| 16 | 44 || 14] 28] 78) 727| 19| 1/486] 25/252/181| 5| 7| 263 | 19| 6| 2| 22| 391. ail a] 2| a7] ail al el al all ai al gl sl qloloe Destroyed during the year...| — | — || —} —| —| —j —| —| —; —| —]| —} —| — eo calsc) ol SRS | peers | ene Lien Uo py CUaTG SURE Ueceses | LE IS VRE aca [Leese [Grate ae te | . Received ‘during the year...) — | — || —| —| —| —],—|) —| —} —/,—| —| —)p—}| © | =| 3} — a ed || ES A eee ea ae LE S| hac |r| |e Changed from another class...) 20) Aa) yal | (BRN yee ae ee BON ey eee CANN AE a a SD es at Sold during the year...... -ef —— | — || —*| —} —| 4) =} —) SS] SS SHA tpesetdOA MB seam seas Ieee AAs [ee occ SN eg ce || cae | a | ec eR | - Transferred from the Panam EO UA! LenS i he nad a 1j —} —} 8) —) 2) 17) —| — Dal me et cael pd ee de Ti oles 91 3 Transferred to the Panama Cama as sisters cour By ee See) Meet og earl eae eee pC) Peete 1 C2) CD IECT) | CLAS | Sl DN ee eer eee ola Placed in storage erate WR LN sce — | — TUTE aseprne\ apaa UCase career sere | aac eleva ag | ocnmpvc# Ice vd| t arsody eae (CN Sava Seated coer meee ee | cee Ne | ee Ue fe (Oe eT eee ee | Adjusting error in last year’s : PEDOLU ei oe Ae eae ena ey A (6) Fd) at et] ee C25 CG) i CAL a ig a oe | Rae I SOO OO I OOS | OD | [J — |] J — |] SS So Sasezeapetinens beumsaleg ae ed amass unmmes | openassyae 1) | sesureacemauses | cpnmracs | oeersseseeh | cece A i a a a | a | os fd c Stock on hand June 30, 1920.| 37 | 18 14} 27] 78| 670| 19]. 0/491) 25/254/196|} 0} ©] 121 | 19] 4] o| 16] 73] 2 1} 2) 17) 25) 2) 6} 21 1 Notrre—() indicates decrease. A : ore a , ee 2 to Be EXHIBITS. 2 | | | ! THE FANAMA RAILROAOC?. BOARD OF DIRECTORS | CHESTERHAR DING, OSwAL DH, ERNst, Jay.J, Morrow. NEWTON. D.BAKER.A.CHINOMAN. TH RossBorrom. | I. L.CLEAR. ERTessor. HH. Rousseau 7 3 | EA DRAKE. Frank MeINTYREHAA, Suir. | oS | - A MORRIS. SECOND VICE PRESIDENT JSS Moreow VICE PRESIDENT — E.A. Deake 1349 Men PRESIDENT CHESTER HARDING SUPPLY DEPAIRTMENT | CHIEF QUARTERMASTER RK. Moreis | “THIRD. VICE ACCOUNTING DEPT. 3 ee Al. SUP, PRESIDENT . ’ AUDITOR ELECT, ENGINEER TERMINAL. SUPT. TREASURER Php SELEY PASSENGERAGT. AUDITOR Lia a Sani TELEGRAPH-TELEPHONE S.DEMING 7Men HIBAWDEN 603 Men V. M.NEWTON 26 Men CCVAN RIPER 4+Men RAILROAD SIGNALS TH.RosssoTTom ) WL.HERSH 8 Men SUPERINTENDENT GEN. PURCHASING OFFICER ALL. FLINT COMMISSARY RE. RUTHERFORD Men 1§ Foremen 67 Clerks Watchmen 1 Messenger $0 Laborers | BALBOA R&F AGENT R.BWALKER TWIMTEF ARLANE eae HC. Yay REED /850 Men 7 eee CLERK CRI OBAL DOCKS 4 eS an MH. 7 Gen.Foremen Gold. 62 Men Sir LOCAL AGENT VANAMA LOCAL AGENT WM. WHITE 1 Clerk Gald J Clerks Silver. SUPT. ENGINEER KOLAND ALLWORK 404.Men — GENERAL COUNSEL RR ROGERS FREIGHT AGT. AlE.PATERSON — 39I Men | SUPT COALING PLANTS 2 Pachiaists ASS T. SUPERINTENDENT E lectiicians CW, MORGAN 46 \Cler 1778 Men 4 _, BALBOA D oe BALBOA SECTION OPER en,Fforeman Go TING D, We, Jerk CHIEF OPERATOR MECHANICAL a Clerk” Sil F327 [Ten CHIEF OPERATOR 1 ver i sieiemen | Foreman Chief | Y Asst.Chief Gold 70 tor. . ; 2 ny S As Operators " 1 Gen.Mechanic 1 Clerk #02 CoalHandlers Riggers - Electrical Foreman ! Operator Gold Weighmasters« 4. jecumeiaes silver 19 ce Silv ver ELECTRICAL 7 ape atels \ Gold. Silver. Machinists i Blacksmith STEVEDORING SECTION CHIEF STEVEDORE 2 Head Stevedores Gold. 21 Foreman E fete fnan, ‘Cheek Shed.“ Silver. ELECTRICAL SECTION ELECTRICAL SUPERVISOR en / Foreman Gald. 7 I Apprentic ns I Electrical eratin BoeE h Sections OMe Pee rt to Electrical Super Pisob on maintenance - and repair work, CLAIM AGT. JHMILLER ‘exten: ROADMASTER M.B.Connotty 517 Men / Clerk BRIOGES& BUILDINGS ‘GANGS Tien C OLON ! Forernan Gold | SteamEngr SiverMén / Engineer / Fireman” *, arene rtisars & Laborers PANAMA / Foreman aa 1 SteamEn Silver 1 Sub Porras. | Field Clerk ! Firéman 1! Watchman ~ 19 Artisans _ 1 Laborer ‘PONTOON BRIDGE OPERATION 3 Opstaiers Gold eipere Silver ASST. ENGINEE. e AL. PRATHER 3 Chainmen Silver IW.HEALD 5682 Men AISST. TO fies SUPERINTENDENT R BEVERLEY. OFFICE. ASSISTENT CWLEE. FANAMA=- BALBOA GEN. YARDMASTER JAS.EDMISTON 72 Men OFFICE FORCE 6 Men 17 [Men Gold SECTION GANGS 251 Men 13. Sect Foremen Gold Silver Men ! Asst. Foreman | Lamplighter 13. Trackwalkers & Scythemen 49 Ken Silver 7 Watchmen .\ 1198 Laborers 10 Water Boys LINE OPERATION /30 Men Gold Men EXTRA GANGS 9 Conductors -Qval. 182 Men '§ Collectors 02 ! Gen.Foreman Gald A: a Be 5S Foreman w Silver Men 6 Baggagemasters | 5.3.Engineer 35 Brakemen 1S.5.Craneman 19 Flagmen ifyer Men 19 Firemen + Asst. Foremen ! Fiefd Clerk | ; 2 Watchmen 1. Fireman PC. OPERATION / Hostler 19 Men 9 Buveeenen . Gold Men 3 Conductars Qual. € peydee helpers 3 Enginéers Qual. Silrer Men 3 Firemen 7 Brakemen 3 Flagmen 2 Messengers 4+ Water Boys MASTER OF TRANSPORTATION WEFosTER \ ISS Men 1 Clerk _30Kfen LEGAL DBP: COUNSEL Feank FEUILLE MOTOR CAR INSPECTOR S.GRIER 32 Men ee eae Gold. Vulcanizers Machinists COLON-CRISTOBAL: GEN, YARDMASTER E.S.Waip 83 Men pinenan jer VERS rentice + anizers Silver. ft Artisan: OFFICE FORCE | OfficeHelper * 6/7en lt Helpers " Gold 1 Watchman ~ Siigee | Messenger 47 fen LINE AGENCIES ING / Silver (den S Clerks 4/ Flagmen 4 Porters TRAIN DISPATCHERS 3Men STATION AGENT COLON T.IM.REYNOLDS 13 Men ! Clerk Gold. ' 2 Chauffeurs yt Silver in 4 Porters STATIONAGENT PANAMA J.D.WILLIAMSON en Ha Sipe Si ice Helpers Ye Rice uifeu aE ifver SUPT. OF STABLES — COLON H.C.A DAMS 10 Men I Clerk Gold. 1 Foreman Silver. 7 Stablemen " ! Watchman " STEAMSHIP TICKET AIGENT F. GRUNEWALD {Clerk ORGANIZATION OF JUNE 30-1920: oa ph eee ie oe SOT 5 yatta tee: eRe ast Mads ue Pra eho ar seine ey i Debris a ary 1921 SEVENTY-SECOND. ANNUAL REPORT OF THE BOARD OF DIRECTORS. OF THE ROAD COMPANY PANAMA RAIL TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1921 SEVENTY-SECOND ANNUAL REPORT. OF THE BOARD OF DIRECTORS OF THE ; ne _ PANAMA RAIL ROAD COMPANY | TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30, 1921 M. B- BROWN PRINTING & BINDING CO 37-41 CHAMBERS STREET. NEW YORK es ; et 4 PANAMA RAIL ROAD COMPANY BOARD OF DIRECTORS. JAY J. MORROW. T. L. CLEAR. - E. A. DRAKE. OSWALD H. ERNST. JAY J. MORROW BE. A. DRAKE Deferred Appointment T. H. ROSSBOTTOM SYLVESTER DEMING V. M. NEWTON S. W. HEALD A. L. FLINT _R. K. MORRIS . R. E. RUTHERFORD . ROLAND ALLWORK . H. I. BAWDEN . CHESTER HARDING. A. C. HINDMAN. E. P. JESSOP. FRANK McINTYRE. R. K. MORRIS. OFFICERS. . President . . Vice-President. . Second Vice-President . ack . Third Vice-President, and Secretary . . Treasurer . : . Auditor . Superintendent . General Purchasing Officer . Commissary . Commissary Purchasing Agent . .. Superintending Engineer, Steamship Line . . Terminal Superintendent, Steamship Line . RICHARD REID ROGERS General Counsel . No. 24 Stare StReer . T. H. ROSSBOTTOM. H. H. ROUSSEAU. — H. A. A. SMITH. J. MAYHEW WAINWRIGHT. | . BALBOA HEIGHTs. . New York. . BALBOA HEIGHTS. . New YORK. . New York. . New York. . BaLBoa HEIGguts. . WASHINGTON. . BALBOA HEIGHTS. . New York. New Yor«e New York. . New York. GENERAL OFFICES. New York. PANAMA RAIL ROAD COMPANY. | New York, November 12, 1921. To THE STOCKHOLDERS: | | I respectfully submit for your consideration a report of the Company’s business and resulting financial condition for the twelve months from. July 1, 1920, to June 30, 1921, both inclusive. In that connection I call your particular attention to the subjoined fully detailed statements that cover the operation and maintenance of the Company’s property. — The unfavorable outcome of operating the Rail Road and its appur- tenances jointly with the Steamship Line for the fiscal year as compared with the results of preceding years is attributable primarily to the large decrease in tonnage transported, because of depression in business con- ditions throughout the world and to protracted labor troubles in New York, which with other contributing causes are referred to in detail else- where. The outcome of the Company’s business of every character for the period covered by this report, after meeting all costs of operations, allowing for charges to income aggregating $316,363.75 and for depreciation on rolling stock, floating and plant equipment of $1, oe 380.45, shows a net deficit of 8617, o2o lb Respectfully submitted, JAY J. MORROW, President. =\ 6 ; PANAMA RAIL ROAD COMPANY. PANAMA RAIL ROAD. COMPANY. Cou. Jay J. Morrow, PRESIDENT, Panama Rai Roap COMPANY, BatBoa Herieuts, CanaL ZONE. Srr—I have the honor to submit herewith the financial exhibits and results of the Company’s operations on the Isthmus for the fiscal year ending June 30, we) with statistical tables and explanatory comments thereon. : The gross revenue from all sources, the operating expenses and the net income for the year ending June 30, 1921, is compared with the year ending June 30, 1920, in the following table: Fiscan YEAR. GRoss GROSS NET ; REVENUE. HXPENSES. _ INCOME. 100 ee cree rree $10,152,110 98 $10,769,639 09 *$617,528 11 MOD OFS See ieee ea ort oun ore aaah esa va ees 13,166,404 28 12,383,685 71 782,718 57 Decreise ch a $3,014,293 30 $1,614,046 62 $1,400,246 68 | Deficit. OPERATIONS ON THE ISTHMUS The Panama Rail Road Company continued its various operations on the Isthmus without any material changes in organization during the first half of the fiscal year. However, during the last half of the yéar the con- tinued business depression, aggravated by strikes by employees of the steamship line, had a marked effect on the operations on the Isthmus. _ The conditions mentioned, supplemented by the closing down of construc- _ tion work, resulted in a large reduction in the operating forces of the Rail Road proper, harbor terminals, coaling plants, and other operating units. ‘The reductions in prices of large stocks of coal and Commissary supplies purchased during the period of high prices or under contracts executed during such periods, necessitated by the falling market, resulted in a con- siderable loss to the Commissary Department and a greater reduced profit from the sales of coal. The operation of the Rail Road on the West side of the Canal for the benefit of the Army was discontinued on December 31, 1920, and the pontoon bridge across the Canal dismantled. ‘This ac- tion also resulted in a considerable reduction in the train service and the operating forces. The Superintendent continued in charge of the Rail Road proper, with _ supervision over harbor terminals, coaling plants, stables, baggage transfer, _ and the motor car machine shop. The telegraph and telephone systems were continued under the Elec- trical Engineer of The Panama Canal, and the plantations, cattle, dairy, hog and poultry farms, commissary and hotel operations under the Chief Quartermaster of T he Panama Canal, lands and buildings, leases and rentals were supervised by the Land Agent of the Panama Rail Road. Se : PANAMA RAIL ROAD COMPANY. Ce The gross revenue from operations on the Isthmus, the operating expenses and the net income for the fiscal year 1921 as compared with — the previous year, are shown by the following table: Fiscan YAR. GRoss GRoss NET ~~ REVENUE. EXPENSES. INCOME. NO eles ee tesco else cae ieee eet Stet ee eirateare $5,020,951 89 $4,937,669 78 $ 83,282 11 NO 20 eee ees eee neers nomena se Lanesiea ee 6,640,037 24 5,570,564 46 1,069,472 78 WDOCKCASC Hg src oo De oeste aia eserece ac one eee .| $1,619,085 35 $632,894 68 . $986,190 67 Ratt ROAD OPERATIONS. The gross revenue from the Rail Road proper decreased $42,724.09 and the gross operating expenses increased $134,857.91 (which includes back pay paid during the months of October and December, 1920, $43,- 534.95, part of which applies to prior fiscal year, and an item of $57,765.64, covering the conversion of Caladonia Bridge to a grade crossing), resulting in a net loss of $156,713.23 as compared with a net revenue of $20,868.77 the previous year. The total revenue derived from freight traffic amounted to $1,025,452.53 as compared with $923,445.48 for 1920, an increase of $102,007.05. 7 3 | The following shows the sources of the increases and decreases in revenue: | INCREASE. - DECREASE. FREIGHT: : sePhrowch: © OMMeTClal i.e cote ce eae ne et $8,643 62 = Wocal=-C omimenrciale ers sacs oe ee Se —— $22,787 68 - eee ATEN Ya CNG VAVose cs I ae Peg eae Near trap 64,682 02 — denver rng 8G oi yl eo cae ca een Ont a no es 43,125 74 — Commissary ee ee ee 8,545 91 — Miseellaaeous-Preight Revenue... .... 823. 5. ee — 202 56 PASSENGER: ‘hroioh-Passene ers esa ke os ae rer eas — 6 70. Ocal Passenoer sess c 5c fee ee ee in tee Rae ane — 1,888 47 Army and Navy.......- Cee ee ee aS eRe eo ot eee Ge — 35,207 62 Ra name. ©a nays se es ae re ne RE 2 ene eetiars —— — STS VG OO Once ate et en ee ect a Nie en ages ge eae 364 67 — s KROSS ree ee a RR ote oe a acaneioe 2,566- 7 ¢ — SN Wea es eens tet conn et ae eS re Ce ee ee eau eee a 18,223 99 PERE ASU acces es aera eco oN ee ae the, Tae Se Nae oe 8 54 Parlorsand= Chain Garis ee. oe. ane tte eee 370 00 a Special Service Trains...... AS Sec Ut Ge dt slats lias seen eis renay OO os 2,262 00 a MISCELLANEOUS: Switching... ....<... See ee ne he ne oe Rn Se aree — 4/154 30» = PATOCOMOLLV.C SCLVICC 8 oe i ee ee : -—- : 66,224 35 Other than DPransportation'.0.45 405.70 00o oe an : 24,530 61 The total freight traffic, including coal, during the fiscal year was 316,236 tons. This is a decrease of 185,082 tons as compared with the prior year. Local commercial freight decreased 25,000 tons and Panama Canal freight decreased 173,000 tons, while Army and Navy freight in- creased 5,000 tons and commissary freight increased 10,000 tons. 5,000 tons of Company freight moved over the road. See. : PANAMA RAIL ROAD COMPANY. The following statement shows the number of passengers carried and the passenger revenue for the fiscal years 1920 and 1921: : : SE SE Ses NUMBER PASSENGERS CARRIED. Passenger REVENUE. CLASSIFICATION. a 192] 1920 1921 1920 First-class Passengers. RE ae 469,033 503,266 $389, 012 33 | $463,674 79 Becond: class Passengers. ....... ae 22115, 502° 903,984 301,451 33 256,940 66 ROUAIS nace eit Don ceteesRee 1,244,835 1,407,250 $683,463 66 $720,615 45 The average revenue for passenger per mile for 1921 was $0.0329 and for 1920, $0.0274. ‘The gross revenue from transportation of passengers “shows a decrease of $37,152.79 and the number of passengers carried shows a decrease of 162,415. ~ bhe: following table contains the general operating statistics of the Rail Road for the fiscal years 1920 and 1921: es ys 1921. 1920. Average Miles Operated ee eee ee ee ee ee D145 = 55.30 Grosse Operatinie Revenie sce nie nian. ee ence pees $2,242,021 69 | $2,284,745 78 Operating HW xXpenses. tcc ore eee. ales Seca a es 2,398,734 92 2263 Sole Ole Net Operating Revenue........,....... ete era ee ene eae (156,713 23) 20,868 77 > -Per-Gent.-of Hxpenses to; ReVenue.<. 6.5. oes ns rn eS . 106.99 99 .04 Gross2nevenuezper Vale of Roads. eo $43,576 71 $41,315 65 Operating Expenses per Mile of Road.......c.........- 000s: 46,622 64 40,938 28 | _ Net Revenue per Mile of Road... ... 3.0.05 2a. he ee (3,045 93) OO Revenue per Passenger Train Mile...... pre Sana gate OnE REESE eI 4 84 A 58 Revenuesper Preignb-braing Mile oe. ees csc le eV oes oh ee 10 03 “i 2hO TotaleRevenue- Crain: Maleages.. 5 a oe se ee 260,428 299,195 Rail:Road Revenue, per “Train Mile:. .. . cc ee ss cee ee ves $8. 61 $7 64 Rail Road Operating Expenses per Revenue Train Mile....... 9 21 7 57 Net Railroad Revenue per Revenue Train Mile.:............ (60) Se 0s Freight, Passenger ‘and Switch Locomotive Mileage........... 369,066 410,584 | Wronlkecraine Milenee see rae 4 hr a Ss mene, 110,050_ 163,324 Passenger Train Mileage........... ae eee eee 158,188 180,177 Breipingbrain= Maileagee.) sae ees see ae 102,240 119,018 ) Deficit. ‘TRANSPORTATION. Transportation expenses show an increase for the year ending June 30, 1921, of approximately $5,000.00, due to increases in salaries of trans- portation employees, notwithstanding the reduction of force and decrease in fuel consumption, due to decrease in locomotive mileage, the principal items affected being: INCREASE. DECREASE. SUPERVISION 6 ses oe ey ee rn eee $10,000 00 — SUA ULOTI SCI. CO cos ee re a eae 47,500 00 —= DYSEUTECLE SOT sl OO es eta se escapee Oates i a pen — $61,000 00 Hn oINeCSCRVAGCS se ee ea ee rn ees Mere — 14,000 00 ATM SENVlCOnia. oc ho ok Se Reena, eth Seat eo te eae 45,000 00 — OCH OTE PONSCS is ies Seon Gera ettacs 6 ea ete —— 22,000 00 The roadmaster maintains and constructs. all tracks for the Panama Rail Road, The. Panama Canal and the Army, maintains bridges and some buildings, and repairs docks at the terminals. \ PANAMA RAIL ROAD COMPANY. 9 The following is a statement of the trackage in use by the Panama Rail Road, The Panama Canal and the ues States Army. Operated Line, : MILEs. Main Line—Colon to Panama::........... Sie re Sur em am Sse Rte Seance Eee + AY. -61 Second Main line—Pedro Miguel:to Panama........2....4 cece eee ees 7. 34> Atlantic “Rermineals=—C olon pice ee oer ee ee ee ene 3.79 Cristobal and Mindi Island ah et tle thee er we Rape ena STR td S2oh Paciae ‘Perminale-— Pamala cece ece oh ee ee ae oe ee 9.10 VIG as eee th Se wipe ee een etc A eee 13.00 Intermediate Sidings—Colon*towhanamsa 2. sop ee 14.31 Total Panama Rail Road Wines site Sy ise cen oe ees Seaton ee 127.52 Panama Canal Tracks: ACG ea Tab GSTs Cee PVE Ta en 8 See eae er ier ieee an en ED ee at eg 5.63 Intermediate Sidings........ GR gaa ee Reg 5 Eg AE np ie re eS 17.41 Ia Clit Cede nEn tial ls: coe prca it aces tea ee ee ete ne aria go ma eenhe est tyre pte ege ZA West Side of Canal: Main Line—West Bank of Canal to Las Cascadas PEON ee ED eee 6.34 slutermediate Vands and: SIGiIngs.. 22. a.) eee. ee Sb PE Seioe wags vm ore ee 6.82 Total Panama Canal Tracks. Set oe one ee eee Po : oie See ey ae Be ee See 60.31 . United States Army Tracks: a A tlanticwherminalsie <0 ou es ee ne ee ae Eee ee 8.80 Intermediate (Corozal). Ss ee caves yin Teepe Tee 1.40 Paciiicelerminals << ee a es Se a 5.43 PRO Gals 2S SA ys rok CB ee a een ee a caret eae a a i da03. Total Trackage Maintained by Panama Rail Road eae Aaa he eRe Eee ae 203.46 . During the year the following Panama Rail Road tracks were laid: Track for Silver Commissary, Mt. ET OD Cee ree ee er ee ae ape 395 ft. Manure spur, © olon-Stablesss 2 2c. fac Siar aco oe sere a ee nase eee ao 200 it. The owe tracks were removed: eRe Re VEE SEF ODOH SCRA DM ARC eee a ce a ee ese eae ee Bonin eee gies 5,700 ft. Bro wnetloistebracke..0... 30. Egy Seep ee ata are ee at te aoe ea Sta tae ten ee 1,800 ft. Splines Gis ee ee ee Recep eo Pa ee Soe een eee ye EES gee are 675 ft. La Boca Yard See gle ents a a co eae ela ee epee rere Ries Lo ey ee eae 950 ft. Dockall 86s es eRe eee a ee yo a ech sr ON era meee Marae ar 4,600 ft. . Panama Canal Tracks: | IVEGs SEFOPESOCraA DIY aNd. St ee ee ee ee ee 4,000 ft. Mc -Hope storehouses ard: 20 tase ie ee ee ee ee 6,836 ft. ota: GlarasResenvolnes. as) 602 os Sa ee ee ee SE NSS aD eR ae Z 1,300 ft. Gamboa hill racks. 2:2 oe te ee Beil ws Soaetret URS Ty pega ah eee ih eoen ag caters Teta e te 2,540 ft. Gold Hille Bracket ee ee ete ASDUT Near Lav.Oll=OnOsslma ise ik oe er ee ee eee A page nee eee ot See ODO: Lb: PDS VULER TN POS Ve CT Chess ae aa eae a sig te EO Caetano cee dee pene 2,100 ft. Paraiso sara oe ee eee Bae SER Not HE oe AO teeer poe ge Ry eo ee 1,565 ft. Meisis= CGSCACASLY- Teese Re a ee ee See ote Te 2,490 ft. iBass@bispOn acre en ee Sep eS ar EE EE Gee ees cists Slane a ete eae 300 ft. Main Eine=—Bas Obispo to Masi Cascadasc..02. 2h. once Oe ee es ee 9,400 ft. All of the above tracks taken up were of no further service and the material recovered was used to make repairs to other existing tracks or turned in to the general store for credit to The Panama Canal or Panama Rail Road. A survey was made of all tracks on the Isthmus during the past year and Panama Rail Road, Panama Canal and Army tracks were carefully | classified and errors in pacciicaon corrected. 105 | ‘PANAMA RAIL ROAD COMPANY. __ Following is a statement of the rail, cross and switch ties used during the year: RAIL (GT) Cross TIES Swircn Tims (LF) 70 Lbs. | 90 Lbs. | New S/H. New: | 16 -. PANAMA RAIL ROAD COMPANY. The amount of accrued depreciation set up is $334,423.47 and the total profits from August, 1905, to June 30, 1921, amount to $1,497,637. 86. The loss this year amounted to 3. 6% on the investment. | ~HorTen WASHINGTON. The ¢ noel of operating the Hotel Washington, including dopreciaien of - buildings, etc., amounted to $217,027.81, an increase of $31,183.82 over the previous year. The revenue amounted to $231,805.89, an increase of $9,501.82, resulting ina profit of $14,7 78.08. Farm INDUSTRIES. This group consists of the same units as last year, 7. e., beef cattle in- dustry, including the operation of cattle steamers, pastures, plantations, — dairy, hog and poultry farms, all of which are in reality adjuncts to the © Commissary Division, operated by the Supply Department of The Panama Canal with’ Panama Rail Road funds. Cattle Industry: The importation of beef cattle from Colombia was discontinued during the month of February. Up to that time 15,833 head of fat and 222 head of lean cattle had been purchased at a cost ‘of $902,- 257.39 f. o..b. Colombia, an average per head for fat cattle of $56.27, and $50.90 per head for lean cattle. ‘The purchasing expenses amounted to. $4,213.45 and the cost of transportation and pasturing during the year amounted to. $447,787.30. The loss of $93,664.08 in cattle steamer opera- tions and the amortization of improvements to pasture lands amounting — to $135,770.86 were written off against cattle profit for the year. The cost of operating cattle steamers, including refitting and Main- tenance expenses, amounted to $289,353. 85 as compared with $706,826.07 ‘for the previous year. 13,587 head were sold and turned over to the Commi, Wepariica for which the cattle industry received a credit of $1,221,229.54, resulting in a gross profit for the year of $234,458.76; deducted from this was $229,- 434.94 from steamer operating loss and amortization of pastures, leaving a net profit of $5,032.82 as compared with a loss of $189,973.09 for the . previous year. On June 30, 1921, there remained on hand 15, 506 head, ~ valued at $1,172,086.60. During the month of May the operations of the , S. “Ganehean” were extended to include the service previously furnished by regular _ Panama Rail Road steamers to east Colombian ports. Following is the present investment in the beef cattle industry; S.S. “Caribbean,” including equipment, $167,255.73; 48,960 acres of pasture lands, including buildings, fences, ete. $903, 606.85; - equipment, $12,312.49; ‘other material, $2,632.45; cattle on hand June 30, 1921, was $1,172,086.60; ~ other live stock (horses and mules), $19, 170. 50, making a total of 2, L095808.89. 4 | : Dairy Farm: The capital investment in plant is $173,267.86, and the value of dairy cows, calves and bulls on hand June 30, 1921, was $ol,- 679.04; feed and other supplies on hand, $3,362.27, a total of g298, 309.17. The operating expenses amounted to $60, 003. 40 and the amount realized from milk, cream and calves turned over to the Commissary Department was $64, O75. 29, a decrease of $13,722.45 as compared with the previous year. The profit from operations was $5,418.26, against a loss of $6, 7 81.29. _ the previous year. | PANAMA RAIL ROAD COMPANY. | 17 Hog Farm: The investment in hog farms on June 30, 1921, was $72,- 171.70; the total operating expenses for the year were $39, 291. 27. The net loss for the year amounted to $11,845.92 as compared ak a loss of © $16,221.84 for the previous year. The total number of hogs slaughtered during the year was 5,096, for ~ which a credit of $109,755.33 was received as compared with $159,430.71 - last year. The value of stock on hand June 30, 1921, was $18, 373.00, and material, $2,928.30. _ Poultry Farm: The cost of operating the poultry farm was $35,870. 98, while the value received from eggs, chickens, etc., turned over to the Commissary Department, amounted to $10, 649.57 as compared with | $18,924.24 the previous year, resulting in a loss of $17,939.00 as against a loss of $28,035.19 for the same period a year ago. The capital investment on June 30, 1921, was $108, 289.23; the value of stock, $8,481.23; feed and supplies, $259. 30. Poultry farm. operations were being closed down as rapidly as possible at the end of the year. Plantation Operations: The operating expenses amounted to $76,856.84; the sales value of produce was $67,448.66 as compared with $80, 055.65 - for the previous year, resulting in a loss of $9,408.18 as against a loss of $16,276.60 during 1920. The capital value of plantations, including bad amounted to $220,016.44 on June 30, 1921; equipment, $7,320.19, and material and” supplies, $131.80. LANDS AND BuILpINncs—PANnamMa Raitt Roap Company. The revenue credited to rentals from leased lands amounted to $120,- 865.42. The expenses in connection with land leases were $13,042.38, leaving a net revenue of $107,823.04, which is $3,634.64 increase over the previous year. Rentals from buildings not feed mn eperaioce of the Rail Road amounted to $19,472.44, and the expenses amounted to $12,245.37, leaving a net revenue of. 87 227 .O7 aS compared with $4,093.90 last year. The capital investment in Rail Road real estate up to June 30, 1921, amounted to $2,111,981.07, with no uncompleted improvements under construction. The Land Agent submits the following: A slight increase is shown in the amount approximated land rental- bills to be issued during the next fiscal year, for the city of Colon, as com- | pared with the approximated land rental-bills issued during the fiscal year 1919-1920, which can be accounted for in the main by the fact that during the year just ended ten lots were leased at an annual rental of $2,211.00, in the white residential district, consisting of Blocks 20, 21, 26 and 27; three lots were leased at an annual rental of $750.00, in the warehouse — district, Block 54. Nine lots in the warehouse district, involving three a at an annual rental of $2,661.00, were surrendered by the respective essees. A considerable decrease occurred in the amount of approximated rentals on buildings, rooms and stores, Colon and Cristobal, as the Masonic Temple Building, Cristobal, was on April 16, 1921, by virtue of an Act (Public No. 250) of the 66th Congress, approved June 5,.1920, sold by the Panama Rail Road Company to Sojourners Lodge of Ancient Free and Aecepted Masons, of Cristobal, Canal Zone. At the time of the sale twelve licenses to occupy rooms in the building were held by tenants, ~ aS PANAMA RAIL ROAD COMPANY. involving an annual rental of $11,281.44. All of the rooms were tenanted — and held under license excepting the offices occupied by the Pay Office of the Panama Canal and the Land Office of the Panama Rail Road Com- pany, located on the ground floor facing 11th Street, and room desig- nated as No. 7-A on the second floor, respectively; the room designated. as No. 2, on the ground floor, facing Bolivar Street, then vacant since — April, 1921, had been formerly occupied by the Peruvian Steamship Com- pany. ‘The licenses in effect at the time of the sale, all of which were to run for periods of one year or less, are, of course, being respected by Sojourners Lodge of Ancient Free and Accepted Masons. j At the termination of the fiscal year ending June 30, 1920, two news- stands, those at Colon and Gatun, were being held under lease from the Rail Road Company at an annual rental of $480.00. During the fiscal year ending June 30, 1921, the news-stands at Balboa Heights, Pedro Miguel, Corozal, Empire, and Panama, together with the news-butchering privilege, were leased at an annual rental of $702.00, making the total now being received from that source $1,182.00. A residential district, restricted to the use of persons of the Caucasian Race only, was opened ‘during the fiscal year ending June 30, 1920, the district comprising Blocks 20, 21, 26 and 27, a total of 99 lots. This dis- trict is bounded on the north by Seventh ‘Street, on the east by “E”’ Street, on the south by Ninth Street, and on the west by “G” Street. At the end of the fiscal year ending June 030, 1920, 38 of the lots were leased. During the fiscal year ending June 30, 1921, ten additional lots in this area were leased, making a total of forty-eight lots leased, and fifty-one unleased. It is probable that during the coming fiscal year several more of the lots will be leased. - A warehouse district (bonded or unbonded) was opened during the fiscal year ending June 30, 1920, the district comprising twenty-one lots in Block 54, Colon, situated between Reyes Alley, ‘“G,” 15th and 16th Streets. The district is divided into three tiers of seven lots each, and fourteen of the twenty-one lots have a frontage upon a street through which a spur track was run to accommodate the handling of freight into and out of the warehouses, the spur running north and south between _ two of the tiers, and joining the Broadway track. During the fiscal year ‘ending June 30, 1920, fifteen of the twenty-one lots were leased; during the year ending June 30, 1921, three additional lots have been leased. On the other hand, nine of the lots leased during the fiscal year.ending June 30, 1920, were surrendered during the fiscal year ending June 30, 1921, making a total of nine lots of the twenty-one held under lease as of June 30, 1921, twelve lots being unleased. The former lessees stated that they surrendered their leases because the expensive restrictions and regu- | _ lations imposed by the Government of Panama upon warehousemen storing — such commodities as rice, flour, canned milk, jute and similar products which are sold at very close margins of profit, made their ventures un- profitable. It is not probable that during the coming fiscal year (July 1, 1921—June 30, 1922) many of the remaining twelve lots in this district will be leased for the reason that the economic conditions prevailing in the States are reflected in those now prevailing in the Republic of Panama. The total number of leases, licenses, and permissions issued by the Rail Road Company on lots in the cities of Panama and Colon in effect — on July 1, 1921, was 1,296, covering 1,390 leases. The approximated land rental-bills to be issued on account of the occupancy of these lots PANAMA RAIL ROAD COMPANY. 3 ee 19 for the fiscal year ending June 30, 1922, amounts to $134,630.61, which figures are. $9,509.44 less than the approximated land rentals for the pre- vious year. Excluding the reduction of $11,281.44 in rentals occasioned — by the sale of the Masonic Temple, there has been an actual increase of $1,772.00, in the approximated land rentals for 1921-1922 over those of the last fiscal year. On May 31, 1921, the area lying between “G,”’ Thirteenth, Sixteenth, and proposed “ey Streets, Colon, was set aside by law (an Executive Decree of the Panama President) as the exclusive area wherein construc- tion will be permitted of buildings for the housing of kerosene, gasoline, alcohol, and similar inflammable and combustible products. The Rail Road Company contemplates making the necessary additional filling and serving the area with Lnlels facilities as soon as possible. STATEMENT or Panama Ratt Roap LEASES AND LICENSES. IN orn JULY: I 1921. Lmasns. Lots. RENTAL. LOCATION. Jalyt al Julyols | duly, le dinky. July 1, July 1, : 1920. 1921. 1920. 1921. 1920. > LOZ: Coloncn. SS ie oe 853 855. =|. 5 878 879 ~ $96,309 40 $96,387 40 RoxeRiver he Peewee ee 52 52 54 54 2,926 40 . 2,988 40 lbas*Bisplanadas)...2.4 <2 02%. 103 103 122 122 3,987 00 3,987 00 Guachapali...... Stag aqieonees: 153 153 194. 194. ~ 8,378 93 8,378 93 Danta Cruzer. ese we cs 89 89 107 107 4,001 28 4,001 28 Panama Yard, including Eng- ; : lish Wharf and Bulkhead.. 18 17 30 29 . 5,392 00 6,342 00 JENN IRON Cane Ge oec dag oe 1 ed 1 1 | 60 00 |. = OOF 005, Total for. Leases...... 1,269 : 1,270 1,386 1,386 $121,055 O1 $122,145 O1 Se LICENSES AND PERMISSIONS. Lots. RENTAL. LoOcATION. July 1, cay 1S nalye Ieee diay, Julyels July 1, 1920. 1921. 1920. 1921, 1920. 1921. Migeellaneous (Geile: Se ri 3 2 a = $114 00 $94 00 ' Buildings, Rooms and Stores, Colon-Cristobal.......... : 25s \4 13 — 21,3802 04. 10,020 60 News Agencies............. 5 — — - 480 00 1,182 00 Miscellaneous (Panama)..... 1 1 1 wecall 1 00 ; 1 00 JawAlle SH s eie tsa crac s ae 3 3 See 3 168 00 ~ 168 00 Room in P. R. R. Station, Balboa Heights........... 1 1 — — 120 00 120 00 P. R. R. Building, Hiverta: Sandoval fract......... 1 1 = me 900 00 900 00 ce | a een Total for Licenses and en | missions Reser anete aiane tes 35 26 4. 4 23,085 04. 12,485 60 xrand Total for All Leases, ; Licenses and Permissions. . 1,304 1,296 1,390 1,390 $144,140 05 $134,630 61 20 PANAMA RAIL ROAD COMPANY. STATEMENT OF EXPENDITURES UnpreR Approvep A. F. E.’s. EXPENDED ADB. For | , s No. - This Year. To Date. 1044 New Cold Storage Plant, Mt.:Hope:*-..... ee, $28,599 46 | $1,135,894 46 1146 Construct 3 Coal Conveyor Booms, Cristobal, C. P.:..... 4,220 37 27,927 95 1217 Construct 4 First-Class Coaches, 1 Observation and 2 Parlor Carsig pa sous ee 38,379 44 88,400 03 1259 Replace 24 Wooden Trucks With Steel Under Second-Class Coaches es ee a 3,953 95 3,774 27 1262 Construct Boiler House and Install Boilers, Mt. Hope,| — ; é oO ea Seine ape sates Se as ee ee ee ee ee - PADS TEA GT 56,637 25 1264 Install Refrigerating Plant, Pedro Miguel Restaurant = ChecheerOps) ics es ee error eR eg 348 56 . §,961 77 1274. Install Elevator—Gatun Commissary................-.. 237-212 5,394 52 1293 + Construct New Stables—Colon........0.....0..0000200: Z 15,900 29 126,677 53 1306 | Repairs to De Mayo Barges 13 and 29.................. — 6,244 -10 19,024 39 31S Make alterations Ancon Laundry...........:.......... 416 22 447 O07 1318 Extend. Roadway to Pier 6, Cristobal. >...............:. 2,058 82 14,866 91 1327 Install Sewer, Water and Alleys, Block 29—Colon........ 1,190 11 4,818 -58 1329 Bring to Permanent Grade, Yard Tracks, Cristobal Piers. . : 22 45 25,308 00 1330 Repairs-to Royal Mail Dock, Colon... <.... 3,210 45 44,839 38 1333 Dredge Basin, Cristobal, C. P., for Floating Equipment. .. A6,202 62 123,613 71 - 1836 Construct Retail Commissary Building, Mt. Hope....... 5 15,688 66° 49,414 13 1344 Construct. Ice Box and Install Refrigerating Machine— : ANConssliver Marketa. sts ee ee 5,105 75 5,127 15 134952; Complete Hill sBlock- 54.:Colone= 23.2... _ §,700 79 50,300 09 ~ 1850 Demolish Dock 11, Cristobal......... See oaks: Gia orn veae ees DOT 98 ey et eas 1352 | Demolish Caledonia Bridge and Construct Grade Crossing. 15,193 64 57,765 64 1354 Construct Vit. Hope Silver “Rown.= 0 = 264,850 18 615,132 23 1357 Convert 8. S. ‘“‘Culebra” Back to Dredge................ 444 50 51,070 23 1365 Extension of Telephone Exchange, Cristobal............. 190 73 6,714 45 .1370 Overhauling S. 8S. ‘‘Cristobal’”’........ RE ee ee 4,453 89 1,182,796 41 1376 Extend Phone Cables, Ancon Hospital Grounds.......... Boe 19: - 4,335 55 1388 Colon Fill, G. Broadway, 9th and 15th Street............ 58,690 32 131,405 68 1389 Dismantle Old Cold Storage Plant, Cristobal............. 4,060 51 (19,122 85) 1397 Install Plumbing, Quarters, Miratlores Pasture...... ee. : 1 20 2,457 10 1399 Install Inhoff Tank at Mindi Dairy..... eee eee Heecen ra eee 1383 62 3,820 39 1402 Install Shower and Tubs, Hotel Washington............. 471 84 - 500 00 - 1405 Demolish Old Warehouse, Cristobal Commissary......... 6,789 64 | | 9,530 01 1409 Demolish Dangerous Portion of Old French Pier—La Boca. 2,672 46 6,433 69 1410 Repair Lifting Device, Pontoon Bridge.......... re meee 306 90 659 75 1413 Construct New Concrete Station Building—Ft. Davis..... 28,159 91 34,342 30 _ 1414 Construct Shed for Wrecker at Balboa R. H............. 94 17 $23 48 © 1415.4.|/-Raint“Rooms;ztotel Washington. :..2.. 3. - k 1,428 71 1,725 50 . 1418 Repairs tozopreader No. 43)... ee “~~ 45504 83 4,504 83 1419 Change Grade Ft. Randolph Branch Tracks.............. 16,077 63 21,240 05 1420 Dismantle House 47 Las Cascadas and re-erect at La Boca for Coaling Plant Bachelor Employees................. 4,705 04 4,705 04 1422 Construct Cattle Dip, Bohio Pastures................... 349 91 5,563 51 - 1423 | Install Water Line to Manawa Pastures................. 269 45 ~ 390 22 1425 Remove Wooden Platform and Construct Concrete at rahe 4 La Boca Commissary.........-.. RR Oe ee 269 10 269 10 1428 Plant Citrus Hruit Grove, at Summit-<. = =< = 2,834 48 4,496 97 1429 Repair Roof, Ancon Commissary....................... 4,542 65, 4,542 65 1431 Repairs; Barge-No:4.23 on a ee 170 78 170 78 1433 Repairs; spreader No: oti-5. 5 ee Sees 4,164 50 4,164 50 1438 Ripstap Duct Line W274 a 657 90 657 90 1439 Install Refrigerating Equipment, Gatun Commissary...... 122 04 122 04 1441 Manufacture 1 Crank Shaft Assembling, Cristobal, C. P... 5,327 60 5,327 60 1442 Repairs-to ht, Amador: Cracks. ., 220 92.3 32 65 32.65 1443 Replace Tile on Wall, Balboa Commissarys v2. eee : 303 76 303 76 1444 Re=took. Cristobal Bakery =o. 40 oe es ee 3,471 95 3,471 95 1445 Demolish Old: Stables? Colon... = eS _ (8,003 43) (2,832 03) 1446 Repairs to dsighters.47 and 87.........-, 22... See eae 4,088 73 4,088 73 1447 Lay About 550 Feet Track Near French Canal Bridge, Cristobal) forsRubbish Track. 222.0 Oe 801 16 801 16 1448 Install Motor Generator Set, Battery Charging Station, Cristobal Piers..... wean Soup edeNee ceieaesoeroe eS crete ea et at 5,932 53 5,938 12 1449 Install 50 Additional Battery Lines Pedro Miguel Exc.... 17 65 17 65 1450 Install Machinery on Barge No. 29...................2. 3,085 38 3,085 38 1451 Rebuild Open-Hearth Oven, Cristobal Bakery........ Sars Shenton ala 7,279 41 1452 -| Renew Floor, Cristobal Bakery........... Diente ee 1,925 44 1,925 44 1454: Construct New Water bank, Cristobal... 2 2,831 91 2,831 91 1455 Place Barrett Specification Roofing on Balboa'C. S. P..... 2,048 14 2,048 14 1456 Construct Road to Chinese Gardens, Summit............ 495 co4e 1,495 54 1457 Construct Side Track to New Commissary, Mt. Hope..... 2,584 00. 2,584 00 1458 Purchase and Install Community Automatic Telephone Sys- tem—Gamboa..... Bias oosl sre ecgteioaesy it ecco aes Rie ees 8,507 52 8,507 52 1459 | Manufacturing 1 Crossing Frog for Wye Track, Mt. Hope.. 520 65 520 65 1460 Install Switchboard and Machinery—Ancon Laundry..... 19,160 95 | 19,160 95 1461 Repairs, Gatun Station Building 385 80 385 80 Qantas Se nS ee s PANAMA RAIL ROAD COMPANY... _ ; LO] EXPENDED See Ae | : This Year. To Date. 1462 Change Plumbing, Panama Freight Station............. ? $283 31 $283 31 1463 Overkaul:S:-S:. “Gen: HE: Hodves.. +. 3 135,067 93 135,067 93 1464 Erect: Cow Shed at Mindi Dairy... ..: 20... 3. acct e.. aS 1,266 12 . 1,266 12 1465 Convert Feeding Pen 7101 at Mareanite Hog Farm into a Cormme@nibesekcnciecs Se ee i ee 246 42 | 246 42 1466 | Install, Boiler and Tubs in @uarters. Gatun Station....... 325 07 325 07 1467 Repair Windows in Storeroom of Building 100—Colon. 538 98 538 98 1468 Construct Ramp from Panama Freight Station to Street. . 141 55 141 55 1469 Repair BarcesCo and lO ee ie ae ee ee 38,501 89 3,501 89° - 1470 Install Fuel Oil System, Hotel Washington.............. 674 867 674 86 1474 Install Merrick Weightometer—Cristobal CRP eee ee ee 4,574 70 4,574 70 1475 ‘Lakezup: West: Sideclracks 3.2223 ee ee 3,139 92 3,139 92 1476 DemolishsBontoon Bridges... 6. es , 894 19° |~ 394 19 1477 Construct Temporary Platform, Ft. Clayton............. 330 27 330 27 1478 Telephone Cables to New Silver Town, Mt. Hope.+..... =. 1,615 83 1,615 83 1479 Repair and Paint American Consulate Builds !Celon 334 41 334 41 1480 Repaitco Oss Caribbean 4. eset ae 51,909 79 51,909 79 1481 Construct New Yard Office—Cristobal.................. 3,504 90 3,504 90 1482 Convert R. R. Signals from Double to Single Track, Pedro MicuelstosPanaim anise ce oe 5 ee ee 6,288 16 6,288 16 1484 Rearrange Duct Line Circuits, Gamboa and Chagres River - = CTOSSHNG Se ao ee cee oe ee ne eae 33281206 320k OF = 1485 Lay Barrett Specification Roof on Hotel Washington...... 5,051 22 5,051 22 - 1486 Extend Telephone Circuits, Pedro Miguel District........ 340 41 340 -41 1487 ConstructzHish-Room, balboa C2 s= eee ee Zoo ‘2,201 Sl” 1488 Install Telephone Cable Old Washington Hotel to Bachelor GirlssQuarters; Colon beach = 171 97 171 97 1489 Repair Floating Pile Driver No. 198................. Bee 2,229 62 2,229 62 1490 FUAISC =D AES Ce LAB ee ee ces era hs RO eee Maes eee ate 1,415 55 PA4th. 55 1492 Construct:track-to:Colonastables.= <-.. 6... 1,927 65 1,927 65 1493 Repair Chill Room, Mt. Hope, ©. S:-P. 26 8,019 41 8,019 41 1495 Install Door and Window in Storeroom, Building 100, Colon. 186 55 186 55 1497 Install’ Machinery, Cristobal Laundry.:.................. 24, 329 48 24,329 48 $968,084 51 | $4,260,268 21 Note () Indicates Decrease. STEAMSHIP OPERATIONS. GROSS GRoss Net REVENUE. EXPENSES. INCOME: RO ile eee See errr aen cc ee ee Hate teres $5,156,446 84 $5,857,257 06 *$700,810 22 1OQO eee ote Besa era aires Caeser meee 6,560,557 06 6,839,078 76 278 521 70 Decresse-<- eee $1,404,110 22 COST RIe V0 2 ee Increase. . ee a eo et ge ee | a ee aa | es acs seat yea *$492 288 52 «Deficit. STEAMSHIP LINE. The total operating revenues of the Company’s line were $4,992,751.12, a decrease of $1,344,036.54, or 21.21 per cent. as compared with the twelve months ending June 30, 1920. Freight traffic decreased 219,097 tons,-or 34.54 per cent. while the revenue derived therefrom decreased $1, 191, 241.23, or 22.72 per cent. Passengers show a decrease of 761 in the number carried, or 6.61 per cent. and an increase in revenue of $70,366.80, or 15.65 per cent. Revenue from the transportation of mails shows a decrease of $43,- 094.32, or 18.41 per cent., while revenue from treasure shows a decrease of $28, 253. 09, or 39.17 per cent. Of the total tonnage transported 314,877 tons were carried by the Company’s steamers and 100,282 by chartered steamers in the twelve months ending June 30, 1921. In the previous fiscal period the former carried 308,047 tons and the latter 326,209. Steamship Line Strike of Marine Engineers _ for Increased Pay and 22 “PANAMA RAIL ROAD COMPANY. GENERAL REMARKS. The outcome of operating this Company’s Steamship Line during the | fiscal year ending June 30, 1921 was more unfavorable even than that of the previous year that was itself exceptional with its resulting net loss of $278,521.70; the causes that contributed to that loss were continued and intensified during 1920-1921, with others serious in character. added, thus, the depression in business became world wide, resulting in American financial credits being withdrawn, especially from West Indian and South _ American merchants, which together with falling prices for products in all ° markets served to deprive them of the means of disposing of their large overstock of such products and curtailed their purchasing activities in United States’ markets which was accentuated by an unfavorable exchange situation resulting from the increased’ value of the American dollar and the lowered value of the British pound and French franc, compelling South American and Caribbean merchants to buy and sell in EKurope, whereas they had previously bought and sold in the United States. The high wage agreements exacted by some labor unions were contmued in effect practically for the entire year; and at the same time the maximum costs of foodstuffs, stores, material and fuel required by the Company were maintained. In addition to the increased wages secured, certain classes of labor restricted the character of work performed to their own specialties, thus heavy expense was incurred for shop work on shore that should have been performed by the ship personnel;—the extension of our Line’s ser- vice to Haitian and Colombian traffic with the expectation of favorable results that had not yet materialized, and the Company was thus obliged to bear the brunt of nonremunerative operation from which operators of Shipping Board steamers upon the same routes were relieved, as resulting losses were borne by the Shipping Board. In addition this Company continued to carry cargo for Government account at an established material reduction from tariff rates, while all Canal and’ Government employees and their families were transported at agreed heavy classified reductions from tariff rates. The net income deficit that resulted from all operations was $700,810.22, - an increase of $422,288.52, as compared with the previous year. The total revenue oT all sources was 39, 156,446:84, a decrease of ' $1,404,110.22 from 1920. The percentage of total expenses to fora revenue was 113. 59 percent, or an increase of 9.34 percent. as compared with 1920. The number of sailings outward from New York was reduced during the twelve months to sixty-five (65) with a total of 178,811 tons carried as against seventy-seven (77) departures with a total of 262, 155 tons carried _ for the previous year, a decrease of 31.79 percent. The sailings to New York for the same period were reduced to eighty (80) with a total*of 236,348 tons carried as against 372,101 tons carried in the same period in 1919- 1920, a decrease of 36.48 percent. Of the total number of ships laid up for various reasons during the fiscal year only one was because of 1 increasing business depression. On May 1, 1921 wage agreements in effect with the Engineers’ Associa- tion expired and because of an insistent and ill timed demand for increases in pay and improved conditions that owners refused to concede, a strike was ordered by the Union Executives. Thereupon this Company’s Engineers were required as fast as our steamers arrived in port to tender oon their resignations that were accepted and filed and all relations between this a oe PANAMA RAIL ROAD COMPANY. | 23 Company and their Union thus severed; as a result of the strike which ensued our steamers were laid up for practically five-weeks until on June 14th the Shipping Board and Engineers’ Association reached an agreement — to expire on, December 31, 1921, that provided for a reduction of fifteen (15%) per cent. in the wages of licensed Engineers, and, that agreement - though not subscribed to by Steamship owners generally, served and was Repairs to “Steamers. Reboilering 8.0: “Colon” and S..S. “Panama”’, Haitian Business. Extension ‘of Service to West Coast. accepted as their guide. It was expected that later all Deck Officers would be called upon to accept a similar reduction. Our several steamers were in the nature of overhaul repaired and changes made to them in order to comply with United States Steamboat Inspection Regulations as follows:— | 5.5. “Gen. H. F. Hodges” sailed from New York August 27, 1920 and proceeded to the Balboa shops of the Panama Canal for general overhaul which cost—$135,912.38. She was completed and sailed for NOG York on December 16, 1920. | S.S. “Gen. G. W. Goethals” repaired at Rous Drydock at New York, entered yard June 3, 1921; left yard July 19, 1921 with repairs completed at a cost of $33,208. 00. S. 8. “Gen. O. H. Ernst” entered Morse’s Yard October 18, 1920, repairs completed November 23, 1920 at a cost of —$139,887.90. Repairs to the main boilers of this steamer were made at Robins’ Yard from June 2, 1921 to June 11, 1921 at a cost of —$12,032.79. Additional repairs were also made to the 8. 8. “Gen. H. i Hodges”’ New York at an expense of —$7,800,00, covering work not completed on he Isthmus. In the last month of the fiscal year as it was deemed inadvisable to any longer postpone the reboilering of our 8. S. ‘“‘Panama’’, that vessel was despatched to the Isthmus for installation of her new boilers by the mechan- ical division of the Panama Canal (the boilers being already on storage there) and-any incidential work developed in that connection at an esti- mated cost of $250,000—the work to be completed in about four months. At that time it was concluded that similar reboilering of the 8. 5. “Colon” would be deferred until late in the Spring of 1922, her new boilers meanwhile awaiting her there. , During the year the general depression and the prohibitively low prices for which Haitian products sold in the United States resulted in a great — diminution in volume of business between Haiti and New York, although the Panama Line carried a largely increased proportion of such freight. — Our service, particularly to Port au Prince, elicited letters of commendation — and appreciation from many of the largest merchants in that trade, both in Haiti and New York. At this writing the Haiti business appears to be | gradually increasing, although more noticeably i in Port au | Prince than in — the outports. The appointment of Gant. O. B. Thompson, who had been Acting General Agent at Port-au-Prince, Haiti, since May 1920, was made per- manent on October 29, 1920. Because cargo from New York to West Coast points and vice versa that was formerly. transhipped at the Canal Zone between our Line and the coasting steamers of the Pacific Steam Navigation Company, the Peruvian and Chilean Lines was being largely diverted to the direct service through the Canal of the Pacific Steam ‘Navigation Company’s vessels—(a British owned Line,) the service of our Line commencing with the departure of the ‘‘Allianca” from New York September 15, 1920, was extended to the _ Extension of Service to East Colombian Ports. |. \ , Increase in - Passenger and Freight ~ Rates. Bunker Coal. ats Accident to Steamer. | Accident on Board “Colon”. —> - 240 | PANAMA RAIL ROAD COMPANY. ports of the West Conse as far south as Guayaquil, and has since been continued on approximately a monthly sailing basis. Congestion of cargo in the Custom House at Atlantic eclenaan ports so delayed our steamers in discharging freight as to seriously upset the schedules of our regular Cristobal service, and the direct steamers to Cartagena and Puerto Colombia were, therefore, withdrawn from those ports and a transhipment service substituted, by use of the 8. 8. “Car- ribean’”’ by which vessel, in addition to the carriage of cattle to the Canal zone, a considerable quantity of Colombian freight was transported to Cristobal, for transhipment to New York. — On September 4, 1920 because of increased operative costs, our freight rates between New York and the Canal Zone were increased by ten (10%) per cent., plus Cristobal transfer charges which had theretofore been absorbed out of this Company’s rate: the result proving unsatisfactory. On November 9, 1920 our old freight rates were restored, but with Cristobal transfer charges added. Effective August 28, 1920 our long standing passenger rate of $75. per capita between New York and the Canal Zone was increased to $100. In April 1920 contract was conditionally concluded at New York with J. H. Weaver & Company for the bunker requirements of our steamers for twelve (12) months ensuing from May 1, 1920 at $8.917 per gross ton alongside, based on a cost of $4.70 per gross ton at the mines; in February 1921 the price was reduced to $8.45 per gross ton and in May 1921 that rate was by agreement reduced to $8.00 per gross ton alongside with further reduction in prospect. | - On September 21, 1920 while transiting the Canal, the Company’s Collier “Achilles” collided with the bank in Gailliard Cut with the result- ing damages that cost—$14,850.35 to repair. On January 31, 1921 a number of longshoremen employed by the -Company’s stevedores, engaged in placing covers in the hatch opening of No. 2 Hold of our 8. §. “Colon”’, fell with the hatch covers into the hold resulting in the death of four of them and the serious injury of another. This Company was absolved from all lability and responsibility, accepted in toto by the Fidelity and Casualty Company under their policy held by Reimburse- ment of Cost of - Recondi- tioning -Company’s Vessels assigned to * War Dept. the Company’s Contracting Stevedore. On the occasion, in January 1920, of the purchase from the United States Shipping Board of the four ex-German steamers for $750,000 that had with others been requisitioned by the War Department for over- seas service and subsequently upon their return had been reconditioned by this Company at an estimated cost of approximately $235,000, (but which cost was subsequently reduced by negotiation to 8180, 000. ) no con- sideration was had or allowance made in fixing the price, on account of the for Overseas outlay to recondition as our claim upon the War Department for reim- e6Et vice. bursement on that account was regarded as a perfectly valid one. Sub- sequently, on June 20th, or six months after the purchase this Company was notified by the Chief of Transportation that the War Department neither recognized nor assumed any responsibility for the cost of. recon- ditioning said ships and referred the Company to the United States Ship- ping Board as the owner of the vessels, for relief. ‘This Company declined to accept that ruling and appeal was taken to the Auditor of the War Department to whom all supporting documents were submitted on which at the close of the fiscal year his decision was awaited. (Nor: an adverse decision was subsequently received based upon a conclusion that “no con- PANAMA RAIL ROAD COMPANY. , 25 tract had been entered into between the Company and the War Depart- ment’’; our claim to the contrary was supported by ex-Assistant Secretary of War, Benedict Crowell and Major General Geo. W. Goethals as Acting Quarter Master General, by whose authority and with whom respect- ively the contract was made. That decision by the Auditor was later appealed from to the General Comptroller.) Trans- Under the arrangement referred to in last years’ report for the transpor- Aitrates, tation of nitrates from Chili to-New York, three (3) of the company’s vessels were in May 1920 chartered to Wessel, Duval & Company, Inc., and subsequently, thereunder our S. S. “Gen. O. H. Ernst” made three voyages SS) Ancon = 622 three voyages Soo. Cristobal =. one voyage in that traffic; the charter arrangement contemplated two voyages by the Sb: “ Cristobal, ” but on October 27th, we were requested to and did cancel her second charter and in consideration for so doing received the sum of $35,000. New York Due to the sale under Executive Authority by the Alien Property Piers. Custodian of the unexpired lease to the Hamburg-American Packet Company, of Pier No. 65, North River, this Company. discontinued its occupancy of that pier. on October ol, 1920. \ Rae Ne. 6 Owing to a rapid decrease in the quantity of freight transhipped over Cristobal. the Company’s piers at Cristobal, the lease of Pier No. 6 there which had been secured from the Panama Canal at a rental of $100,000 per annum, was by agreement cancelled and the pier returned to the Panama Canal on , | September 8, 1920. Isthmus Ag stated in last year’s report, the total quantity of coal on hand at the coaling plants on June 30, 1920, was 150,000 tons; of which 92,000 tons was Navy Department coal on storage there. So small a quantity of Company coal, comprising less than one month’s supply, caused con- siderable apprehension (because of congested conditions then existing in the coal trade in the United States,) and made limiting sales at the. _ Isthmus necessary until our stock could be replenished. Existing con- tracts in the United States were to expire on August 1, 1920, and to pro- vide for our requirements subsequent to that date, “intil August 1 i lay contracts were entered into with: W.C. Atwater & Co.. es 000 tons per month Castner Curran & Bullitt. -..... 5, 000 tons per month Central Pocahontas Co......... 4 000 tons per month Crozer-Pocahontas Co... «1... 5,000 tons per month Eilat Lop Buel Gon. = ee 5,000 tons per month Houston Coal Co.....:........ 4,000 tons per month Pocahontas Fuel Co,.......... 5,000 tons per month White Oak Coal Co.. ou. eA 000 tons per month at $4.00 per net ton at the mines, oe increases in miner’s. wages that became effective in April 1920, and subject to any further increases or decreases in miner’s wages up to termination of agreements of July 31, 1921. In January 1921 specifications for our Isthmus coal supply for the year beginning April 1, 1921 were prepared containing a proviso that only partial monthly deliveries would be accepted between April 1st and July 31, 1921, because some of our current contracts would not expire until the latter date; upon issuance thirty-three (33) bids were received at prices 7 26 . PANAMA RAIL ROAD COMPANY. ranging from $3.50 to $4.39 per net ton at the mines with the majority of the bidders in the Pocahontas and New River regions quoting $4.00. All bids were rejected as excessive. Thereafter in March, new specifications were advertised and twenty-nine (29) bids were received, the lowest being by C. G. Blake Company of Cincinnati at $3.00 per net ton at the mines, for a total of 220,000 tons, which bid estimating our requirements at 40,000 tons per month based on current sales at the isthmus was fggso el effective from May 1, 1921. Later to cover the 260,000 tons balance of our estimated requirements, we contracted with the Pocahontas Fuel Company for 300,000 tons at the same price with a stipulation that this Company had the right subsequent to October 1, 1921, if conditions warranted, to limit the total quantity to ~ be supplied by that. Company during the year to 250,000 tons. ‘Thus the total quantity actually contracted for was 470,000 tons with an oppor- tunity for this Company to increase it to 520,000 tons. Before those contracts became effective, the existing world wide de- pression in the shipping circles set in and that together with an unexpected _ decrease in the demands upon our large supply of coal at the Isthmus made Selling. Price of Coal at — Isthmus. . _ Trans- portation of Coal © for the Navy Department. Peruvian Line _ Agency. it advisable and necessary for the Company to withdraw and lay up at Norfolk, Va., one of our two 12,000 ton colliers ; two 7,500 ton coal barges and the 8. 8. “Ancon”’. The S.S. “Cristobal”? was continued as a coal carrier only because of the need for her large passenger accommodations to carry discharged and vacation employes from the Canal Zone. Subsequent to July 1, 1920 the selling price of coal at the Isthmus was: -—---_e Cees} Cristobal Balboa July: = 102 1990). ees SS een ei Rpreee e $15.00 $17.00 Ov. BLO D0) he Re ee ee ee ee Sy es ae 18.00 > 20700 Miairch = lelO2 1a es he Sa Nae ese nts eles pon se eee a mener Gama en gre eee 15.00 700 Warchs lo lOD Ic a ee ee ee a ee ee 12.00 14.00 OSUITT Ces eer ee Sect eh tps Wen eh CUS Shaye Sect ane a ice rete 4a O08 16.00 In® Maych 1921 the Navy Department advertised for bids to cover the Aransportation of 40,000 tons of coal from Hampton Roads to the Canal Zone. Thi¥ Company’ s bid was accepted for the transportation of 18,000 tons at $3.25 per ton for delivery at Balboa and 22,000 tons at $2.25 per ton for Cristobal delivery. The first cargo was despatched by our Collier ‘“Ulysses’’ from Norfolk, April 8, 1921. Objection to this Company acting as Agent on the Isthmus and at New York for its co-carriers having been overcome (except as to independent lines operating thru the Canal), this Company in February 1921 agreed to and did become agent of the Peruvian Steamship Line at the Isthmus _ to cover the handling and operating of that Company’s steamers there, | Agency Colombian Maritime Co. and subsequently in May 1921, became financial agents as well of that line both at New -York, (replacing W. R. Grace & Company) and on the Isthmus. In July 1921 this Company became the Isthmus Agent of the Colom- bian Maritime Company to operate the S. 8S. ‘“‘Balboa”’ between Cristobal and Buenaventura induced largely thereto by the opportunity offered to secure for our Steamship Line the cargo Pawan to the Isthmus by that vessel for transhipment. _. 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. 28 PANAMA RAIL ROAD COMPANY. . THE PANAMA CANAL CANAL ZONE. SuPPLY DEPARTMENT. ? | Balboa Heights, October 12, 1921. Tur PRESIDENT, | ! PanaMaA Raitt Roapd COMPANY, BatBoa Hricuts, CANAL ZONE. Sir:— ANNUAL REPORT—OPERATIONS OF COMMISSARIES, PLANTATIONS AND PasturRES—FiscaL YEAR 1920-1921. | I have the honor to submit the following report covering the opera- tions of the commissaries, plantations and pastures during the fiscal year oe Ne 30, 1921. COMMISSARY DIVISION. The Commi Division remained in charge of Mr Jc J- Jackson, General Manager. This division operated the line commissaries, wholesale and retail manufacturing plants, cold storage plants, etc. The sales of commissary supplies to steamships using the Canal and its terminal facilities decreased from $1,119,852.93 in 1920 to $949,380.29 in 1921—a decrease of $170,472.64. The total sales of the Commissary Division for the fiscal year amounted to $11,112,334.29, as compared with $12,227,472.07 for the preceding period, a decrease of $1,115,137.78. The operations of the Commissary Division for the fiscal yealt resulted in a net loss of $216,992.59. The following is a statement showing location of purchases. fade - during the year, as compared with the previous year: LOCATION. 1920. - 1921. United States os oes oe ee ee ea $6,605,167 59 | $5,381,279 20 Horeign? ss soe eos Snag aee Goan top anh eS ae Seep ac eusaoo Se eee 312,077 03 . 626,412 03 ‘Ehe-Panama- Canals... tre ike ee oe Oe oe ea 118,832 46 112,235 28 Central and South America, Haiti, Costa Rica and Cattle See th s Industry (including local purchases) Ueto hte co ss 3,159,906 06 2,076,112 84 otals nc eee eS GS eee ara Se $10,190,983 14 | $8,096,039 35 — CATTLE INDUSTRY DIVISION. ~ The Cattle Industry Division, comprising the cattle operations, planta- _ tions, pastures, dairy, hog farm. and operations of cattle steamers, con- tinued under the supervision of Mr. W. B. Brown until his death on November 4, 1920. Mr. J. H. K. Humphrey, Cattle Buyer, was promoted to Superintendent on November 15, 1920. Purchases: No new contracts for the purchase of cattle were made ~ during the year. On April 4, 1920, a contract was entered into between The Panama Canal and Mr. Francisco Ariss, P., of Panama, for the pur- ~ PANAMA RAIL ROAD COMPANY. 20, chase of 3,000 to 5,000 head of fat steers, to be delivered on or before February 1, 1922. In April of this year purchase was made from Valez Dane & Co. Cartagena, of 203 head of three-year-old steers. These cattle were placed in Bohio pastures for fattening. During the month of August, 19 head of Hereford bulls, between two and three years of age, were purchased in the United States. They were placed with the breeding stock and have done well. No other purchases of cattle were made during the year. In addition to the above there were purchased in Colombia 2,233 head of fat hogs. 1,608 fat hogs were purchased locally. The following open market purchases were made: — ITEM. UNIT. QUANTITY. Price. CORT i ee Ge Pound 129,558 $0.014% to .02 Grass: SCCOsia sca is tee eo se cee Pound 2,365 .80 Kilo Sugars BlOWl os. ee ee ae Pound 115,487 .17 Panela. sur key esha er ee Each 209 3.50 UCR eden Sie ere aes oe ee Pound . 19,905 2 .02% Transportation: The 8.8. “Caribbean”? completed 35 round trips to Colombia during the year, bringing to the Canal Zone 15,833 head of beef cattle and 203 head of three-year-old lean steers. She also brought to the Canal Zone for delivery to parties in Panama 221 head of cows and 200 calves. In addition to the above she carried general cargo, passengers — and mail. The total number of passengers carried was 630, and the total tonnage of general cargo amounted to 3,929.79 tons, also specie valued at $084,287.96. This steamer entered the dry dock for a general overhauling and repairs on February 5th and was discharged on April 4, 1921. Since May 24th this vessel has been in general cargo service between Colombia and the Canal Zone. On this date arrangements were made to operate this boat between Cristobal and Colombia for the Panama Rail Road Steamship Line as a feeder to the New York lines. The following is the total revenue to commercial steamship business: Generali @ arog Ne tee ee pee ee ee tee $18, 624.63 SYCCIOs 8 er ee BE et ee ear LT Ee aE Rar aa tT a ae Miia eeu 13475.3602 IN Ne er a ea Gah WR ee aa UO hy ea Sc se a Tastee eng ea ge 4.4 Passengers. 60 ee ee Hae AALS Sts eseias eoee Na es Ri) ya Care gece ate TRAD 12,143.50 , $32,337.92 Sales: The sles of live stock ad poultry during the year were as follows: UNIT. To CoMMISSARY. To INDIVIDUALS & Co. BeeteCattlew ere Each 13,549 Bulls, One Year ee ry i ae oe aa Each — 24 OM Sierras eae A Each 10 —_ LOI GTS rast tin ek eo Each — 4. DES es cemeteries eee ae Kach 13 53 Shoateiescc. 5 oe ee ae Each — 11 LO RS ie es ee Each 4,404 Tt SOWS cee ee ee ee ee Each 517 88 Oats Seek ay im ee ea Hach | 6 4 @iicks) ee Sy cnt eee Hach 1,850 ih Chickens. ee Hach 203 47 Pastures: There has been no change in the lineup covering the various pastures as reported last year. 21,553 acres of pastures were recleared. No virgin clearing was done. ~— 30 Se PANAMA RAIL ROAD COMPANY. Plantations: Contracts covering the operation of the following planta- tions remained in effect: Bracho Mindi; Davis plantation and Chilibre plantation, Las Cascadas. During the year contracts were entered into covering the operations of the San Jose estate, the Miller plantation and the Limon plantation. The Limon plantation also includes Las Guacas and Flat Rock plantations. The cultivation of the citrus grove at Juan Mina continued and a record crop was harvested. ~The extension of this — plantation was concluded with the planting of approximately 2,600 citrus trees, which have done exceptionally well and are in excellent ‘condition. Hog Farm: On November 11, 1920, the Hog Farm at Limon was discontinued and the entire stock disposed of to Mr. R.. R. Benson, con- tractor, Limon plantation. The operation of the Hog Farm at Margarita continued during the year. The health of the stock is good. Summit Poultry Farm: The operation of the chicken farm at Summit continued throughout the year. On account of continued excessive losses it is not deemed advisable to continue this unit and arrangements are being made to eliminate it as fast as the stock can be disposed of. Dairy Farm: The operation of this farm continued and a daily average of 240 cows were milked. The following is the milk production: GALLONS. Motal MalksProduceds ses se ee a ea ne ho nee ee ee oe 69,597 MalieSent: tosColde Storage csc 5 eee es ees we eens eee en eee Ole ol MalisWed: to. CalveSec 00 oe eee Facer Secret Rese he PR Re esa 8,268 = otal Cream *broduced..<: sib kes eke ee ee eG Reet ak NOS rer a mace Bie each eateries 5,020 @reame Sent to: CommMissany-cgsc tee ee ee eal eee eee eS Selec cs 5,020 ~ Respectfully, R. K. MORRIS, Chief Quartermaster. PANAMA RAIL ROAD COMPANY. 31 PANAMA RAIL ROAD COMPANY. ACCOUNTING DEPARTMENT. New York, N. Y., November 26, 1921. Mr. E. A. Draka, VICE- PRESIDENT, PANAMA Rare Roap Co., New YorK, N. XG Dear Str—I herewith submit Exhibits of Income Account, General Balance Sheet and tables showing results of operations for the fiscal year ending June 30, 1921, as follows: 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. i jot SRO RUOWM > Yours respectfully, V. M. NEWTON, Auditor. 32. a PANAMA RAIL ROAD COMPANY. -EXHIBIT A. oe ACCOUNT AND PRoFit AND Loss ACCOUNT FOR THE YEAR ENDING } JUNE 30, 1921. IncomME ACCOUNT Rait Roap— Gioss Income from Operations... oe ee $4,661,338 .64 Operating Expenses PEs Regis ROM Ta eae nes a eg Ss teen ore eR ea 4,831,124. 67 Net Deficit-troms Operations... 3s. oe es Sruamsair— © Grosssincome-trom: Operations. 3 3 a ee $4,992,751 .12 |. Operating Hixpensesst.ncs (es Se es Be ere ee eer Se oe 5,622,150.67 Net Dehcitcirom- Operation=+.6- oe ae Total Net Deficit from ee etre eee eee App INCOME FROM— Hnitveresteand TM xXchanee cee ee ee Me ee $170,137.56 RO Tita Seetiessass hoe Sona ye eee eee re a ee eae 115,050.11 Result.Coal Operations....... REA Te Sere a Sse eee re 373,323.63 Result Cattle Operations........ oe ia 2S eee See 5,023.82 Result Dairy Opérations........ Ba eae Agee ee ue Gna eee ee 5,418.26 eMiscellanicous: Operations. a ee es 75,845.35 Lrss— : Result Hogs Operations. 0 one ie en $11,845.92 Result Poultry Operations.............. eee Se ee ae 17,939.00 ResuleCommissary--Coal and: Oil Plants... 0, ©: .Gaoe See ee ES eee en et ses 620,064 00 Other Operations Equipment...............ccccccc ese ccucees 138,565 77 Harm-Industries«: ee oo SEE AP eee aa wey tO 21,454 04 Storage Battery Trucks and Trailers, New York Terminals..... 27,986.10 Steamer Glairsi oa er ee ee 2,145 64 VE OtOr: Cae Nie Yon eee Va tee re eee ere 622 60 LEss— Accruals Applied to Reduction in Capital Value of Property Retired, viz.: Rolling: Stock oi a eva eee AG Pg es Re $45,431 52 Ratlrogdsang=Appuntenances: 4 10 he es 1,984 10 Docks, Piers, Wharves and Appurtenances................ 12,896 63 Buildings and Structures Not Used in Operation........... 11,738 50 Telegraph, Signals and Interlocking Plants................ 190 28 Welephone.syvateltave. cre Or es 8,005 84 Commissary Plantsand2 Stores: scar Or ee 453,554 80 Other Opersitions Hdquipments .. 36.5 ss ak eke ee 2,674 72 $1,206,294 75 1,072,828 91 567,168 51 $2,846,292 17 2,649,402 86 $5,495,695 03 - 536,476 39 $4,959,218 64 re ncn nn LSS SSS STs see dU eens dine se NE EE ECOL EEEEIOETNS Scene tan cererreeen cane nenaS eee sinreate sebastian nsession amass anamenenessnaassmtenasemomeanan-aenmsnamrsasapeasipsdesananesasusaausietse AP CLC EDTA aCe 42 PANAMA RAIL ROAD COMPANY. . EXHIBIT F. STATEMENT OF RaiL RoAapD FREIGHT STATISTICS FOR THE YEARS’ ENDING JUNE 30, 1921, ano Junz 30, 1920. 1921. Grose ROV.CT UC eo isss ccc re Sooo coe oe ae oan esaa gin abet gee Pas $1,025,452 .53 Freight Train Mileage (including mixed trains)..................- 102,240 Freight Trains, per day, per mile of road....... ASO ek Soe ee wate ~. §.44 Loaded Freight Car Mileage. ...:5.......2. sec se eee eee e eee 1,078,901 Empty Freight Car Mileagé.. 2... ctw ec cect cece etee Se caeeseneee 313,912 @aboose: Car: Mileage cc 3 a oe oes eo sale Sooke chee oes ote comers Dectarcrent 116,270 Total Freight Car Mileage (including caboose)........-sessssccen: 1,509,083 Percentage of Loaded Car Mileage to Total Freight Car Mileage Gn ClUGIN GCA DOOBE) ers eks e Sees eee es oe ae © Siauaiuca ane aoe hiaus 71.49 _Loaded Freight Cars per Train............. Reap Sys inne ara es 12.90 Hmpty Hreight Cars per-brain........ cos ss ss es oe ie es ee ess ee 4.95 Loaded and Empty Freight Cars per Train. ............2..cecees 17.85 Tons of Through Commercial Freight. ........:..0..eceecceeeees 41,529 Tons of Local Commercial Freight...........-+0++ceers Re Re Ce 64,531 Tons of Local Army and Navy Freight........ So eke oa eS 34,720 Tons of Local Panama Canal Freight. ......-.cesces cece ese eeaee 134,942 Tons of Local Commissary Freight.........c.+.: Pe ene ied iene 40,514 Pons of Company. Hreieh ta sics sisic ovis ccke peers ek wk eae ide titans 4,795 Tons of Revenue and Company Freight Carried..........-.....- 321,031 Tons of Through Commercial Freight carried 1 Mile.............. 1,968,450 Tons of Local Commercial Freight Carried 1 Mile................ 2,315,912 Tons of Local Army and Navy Freight Carried 1 Mile............. 1,126,786 Tons of Local Panama Canal Freight Carried 1 Mile.......:...... 4,406,349 Tons of Local Commissary Freight Carried 1 Mile................ 1,381,143 Tons of Company Freight Carried 1 Mile.................008008. 213,532 Tons of Revenue and Co nany Freight Carried 1 Mile......... .. | 11,412,172 Tons in Hach Loaded Car (including Company).................. 10.58 _ Tons in Each Loaded and Empty Car (including Company)....... 7.56 APRONS iNVwaCho rainy noe a et ee ee ee 111.71 ‘Revenue per Freight Car per Mile.............2.0cccesctccseves $0.6795 Average Miles Hach Ton of Revenue Freight Was Carried......... 30.41 Revenue:per Preight Cram. Mile. 44. oso sa. soe hers hae ee os 10.03 Revenue per Ton of Revenue Freight. ..........:scscecdecsersee 3.24 Revenue-per-l om per Males ec. es cress shan es eee ors $0 .0916 Tons of Revenue Freight Carried 1 Mile per Mile of Road......... 217,661 Freight Revenue per Mile of Road.............cccccccvccccccess 16,893.14 Estimated Loaded Cars in Each Train (estimating 2 empties or Caboosesasslloadedecar) ica ss es 6 ee ee es 12.66 ; Revenue Preight Wneine Mileage... 3.6. oe. oe cs hc es 97,528 Estimated Loaded Cars Handled per Revenue Freight Engine. .... ~13.27 Tons. Hauled per Revenue Freight Engine ....................%. 114.83 ~ 1920. $923.445. 119,018 48 5.87 1,228,320 ,002 127,222 1,727,874 “1. 15,5138, 476 8. 130. 15, 417. 12, 118,182 10. 2.63 97 35 62 41 39 126.47 PANAMA RAIL ROAD COMPANY. EXHIBIT G. 43 STATEMENT oF Raitt Roap PASSENGER STATISTICS FOR THE YEARS ENDING JUNE 30, 1920, anp 1921. Gross Revenue (including baggage, express, wei and treasure)..... Passenger Train Mileage (including mixed trains)...........-.++0: Passenger Trains per Day per Mile of Road. ............s-+ceeee Coach: Mileaves eu. See ee ce Sear e Baggage, Express and Mail Car Mileage............cceeccccevces = Total Passenger Car Mileage: 2... = 6 0 ee ose es se te Passengers Carnlede. 0 ek eh eS ee Passengers Carried One Milesoc. 5 ee ee Average Distance Hach Passenger Carried (miles)................. Rassengers ime bia che Praia... are scc i ciere tee oe fecis esos wie ees Passengers in Hach Passenger Car (excluding ‘baggage, mail and E@XDIOSS) ie sesoe es ee ee as Sit oe staan es Revenue per Passenger Train Mile.........0..cccccecvevcccccecs Revenue pet Passenger Car Mile Gsoluding baggage, mail and BO RISLORS) cet trae ore ccererer eee tans ses ec enc eke eee eee rare eo Cars in Hach Passenger Train (including baggage, mail and express) Revenue per Passenger........c..cccccceceevves pean NTR Coe as Revenue per Passenger per Mile........... 0c ccc cece cw cece eens Passengers, One Mile per Mile Sf ROGGE see Rane ipa ee aga Revenue per a Ol ROAdS Se ee et 1921. $764,538 10 158,188 8.43 1,233,860 23, 702, 417 19.04 149.84 19.21 $4 84 $0.5115 9.45 $0 . 6256 $0..0329 460,688 $15,135 90 1920. $814,359 98 180,177 0,17 8. 1,138,798 fl 1 1,388,509 1,407,205 26,258,460 18.66 145.74 ~ 23.05 $4 58 $0.5865 | 7.71 $0.5120 $0 .0274 474,836 ' $14,810 33 44 = ' PANAMA RAIL ROAD COMPANY. EXHIBIT H. STaTEMENT or SteamsHie Line Statistics ror THE YEARS ENDING JUNE 30, 1921, anp 1920. FREIGHT TONNAGE. 1921, 1920. INCREASE. DECREASE. : Ton- Ton- Ton- Ton- Ships} nage | Ships.| nage Ships.| nage Ships.| nage , = Carried. Carried. ‘Carried. Carried. Panama R. R. Ships...... Arrived.|| 63 | 154,241] 56 |171,691|| 7 aes == |17 460 sieresesehetons Sailed. 59 160,686} 54 136,356 5 24,280 —_ —_ Chartered Passenger Ships. Arrived. 17 82,107| 37 200,410}} — _ 20 118,303 = . sailed. 6 18,175] 23 | 125,799]; — — 17 | 107,624 ROGal esti ae wes 145 415, 159 170 634,256 — _ 295 219,097 Total Freight Revenue........... $4,051,438 34 | $5, 242, a 57 $1,191,241 23 | _ Average Rate per Ton........... 9 76 26. : $1. 50 PASSENGERS CARRIED. : 1921. 1920. INCREASE. DECREASE. Ships. | P@8- |ghips.| Pas- ||Ships.| Pas- || Ships, | Pas sengers. sengers. sengers. sengers. Panama R. R. Ships...... Artived|| 63 |4904 | 561 6.539 II 7 S| ey ode wees eosle tere ailed 59 4,420 54 5,003 5 — a 583 Chartered Passenger Shins: Arrived 19 1,035 19 432 — 603 — — aile 11 999 19 535 = 464 8 — Wotals 25 ec 152 110,748 | 148 | 11,509 4 = =| 76L Total Passenger Revenue (including excess baggage). .....scccvers $522,837 a $452,176 go $70,661 a7 ao 9 Average Rate per Passenger..... . 48 6 39 2 7 = EXHIBIT I. STATEMENT OF LocoMOTIVES AND Car EQuipMENT FoR THE Fiscan Year ENpinG JUNE 30, 1921. : — oe come FREIGHT CARs. PASSENGER CARs. MisCELLANEOUS. did . fe | fe a S bi | a} ie Bb ol aye Al ig/3| (slg oO -@ Q, Q, : . : = urs S01 cg Blo Fe ae is ek @ Be elo |e A ete sis m | a {8 | 2 | 8 SS os hoe he © a1 @2)a} .18) 1 il] le) 3 leis). Ale 8] €] « ele vey Sle S JO S(O] slots eG] |Ala | si 5lials. e Gi o | : i ta to es my ex | Ry | | 45 ha o|/sjxH{O}s 3 3S o 5 ® 3 Q 3 TO ne Oy fora [ro er Pe ie OF OR ro Ne ee NO, Meet em SO ast ee dey len a R/e18) 81s eikis [el Selels false s/s [és |s |éls|s| sia sle le sails l3]é Seles Sl/2TO;S (OA lea |B lA lOO e jelojol Ala ala lel alalaimialaldolal se jsinigls Stock on hand June 30, 1920...| 37 | 18 14 | 27 | 78 1670 | 19 [491 | 25 | 254) 196] 123] 19] 4! 16] 73 | 2 D2 AGI 25 e2 2 Gb Qe Lie 2a tl (31D) 9129 Destroyed during the year..... ee te rms ea eae Ve sage CO recs flee |e le ee lL M Ey) eet CL) YY ele) | CD) |e | | See se Received during the year...... See comets pt eames mca coe o| mn l= aae [Mok |) cae aaah | eae mee ek eae le es Be ee a eee Changed from another class....| (8)| 8 |}— | —|— 1] (| 6}/—{|—{/|—j—1]— 2| =| —| — | (2). SS SS] SS SS eS ee OS Transferred to the Panama De Res era (15)} — |} — | — | — | — | — |] CY — Fe Ee te —}} =} —} —} SS] SI I] 2) J J | Transferred from the Panama Canale ee goss Ss Soe os os Senet serps cseumet Uhisrescts | ecummmee cs | ceee [lca Vaasa tech eoseent [cme meses It me a | ag ne ee Pe . Stock on hand June 30, 1921...| 14 | 26 14 | 27 73 628 | 25 {490 | 25 | 254] 196] 123] 21) 4! 8] 5810 On Sl 12071 ON Gl 2h Be Be 5 138i, 215218 SEGPGG eee ye ee as 8 3} — 245 | — |348 54 206} 129) 108) 6); —). 8}-25 | —|| —| =) ——) So et i 5 | 3i al 9 3 _——— | | fl ———_ VF Oe OO | | | | | J | J | Active Bercies Tune 30, 1aa1. 14°) 18 i-th 2% | 781383.) 25 1142. .| 20 48) 67) 15) 15) 4] 0} 83] 0 || 0 | 8 | 17/20 | 0 | 6| 2] 11] O| 3] 11 0] O| O| O| O Notrre—( ) Indicates decrease. ST a i Bo ro EXHIBIT K 8 ee THE PANAMA R4AILROSD | : BOARD OF DIRECTORS ~~ | FT Morrow CHESTERHARDING TH ROSSBOTTOl™. TALS CLEAR. A. CHINDMAN, H.H. ROUSSEAU. EA DRAKE. EPTESSOP. HAAO PITH. ~ ; OSWALD HA Ernst FRANK MCINTYRE. JMAYHEW.WAINWRIGHT. a . RK MORRIS. | VICE PRESIDENT JIECOND PRESIDENT E. A. ORAKE VICE PRESIDENT 1004. (ert J J [Torrow SUPPLY DEPARTMENT CHIEF QUARTERIMADTER RK. Morris ACCOUNTING DEPT. AUDITOR HAA DATH ASSISTANT. TO : TERIINAL SUPT. TREASUCER No | Ke ee PASSENGER AGT. | H..BAWOEN | ODEMING TH RossBoriom CCVANRIPER 569 Men — Wier ‘LE Men 3[lerr ELECT. ENGINEER TELEGRAPH: TELEPHONE | RAILROAD SIGNALS WL.HERSH AUD/ TOR. : aa VM NEWTON 28 Men SUPERINTENDENT QIWHEALD | : : _ 2121 Men : : , Z LEGAL DEPT GEN. PURCHAS) ASST. TO THE SUPERINTENDENT ee ce SUPT, ENGINEER GENERAL FREIGHT AGT. CLAN, Aas |: BEVERLEY COUNSEL GLANO AGENT pees RoLeano Alwoek COUNSEL AE.PATERSON JHLLER : Ce aN W.F Van Dame RE RUTHERFORD 27/1 en 13 Men SUPT. OF STABLES ROADMASTER Clerk E.G Fo AGEIVT "SUPT. COALING PLAINTS MASTER OF TRANSPORTATION MOTOR CAR STATION AGENT REWALKER TWINS FALANE 17.8. CONNOLLY WF fosTeR WNoCe CT OR BLEOS rer Es, Paiien ee File ore (ae Men 2s Men Gen AM Srewner CRISTOBAL DOCKS MM Glarks eld Gerk er aie | hauieur cold ICNTET 2 ais A931. REF. Aigart ! foreman = Silver Zi Clerks Gold ele 2? /er7 Vuleqrizer 5 Clerks Silver 4 Forvers " lesseriger- ” FP Stablemer Abnists pe 2 Watchmen Wirerrrary, SECTION GANGS PANAMA- BALBOA COLON-CEISTOBAL. ” “BRIOGESEBULDINGS | GHNGS ; 3 ; 2 Beer IF9T, FUPERIIN TENOEN? Tr 183 Men TERING AGENT GEN. YARDMASTER 2 Ope rentice / Machinist aK Raa 40 Mer /a LOE eee 2 Artisan % Geren . , | ee i foreman Gold aie = Spe SN a STEANSHIP TICKET ese 7 . Jerke Silve ot Laborers: tongs BALBOA SECTION OPERATING Avo | - | 4 “fice Heber Silver ea ead Rated Corcctore lf Geld eo Cerciehra el aoe peed, TLREVNOLDS AGENT BALEBOR DOCKS CHIEF OPERATOR f Fireriar— PUG. Engineerpla _ 1 6 Enginters-Yd a 7 /2 Men F° GRUNEWALD PIECHEINICAL SECTIO 2 Watch 1 Trackwalkers 1 Mén-Trainmen Silver 19. Merr-Trairnert Silver | Chavtieur . Geld i “forerpan ae 7 oes CHIEF OPERATOR ip Artisans 10 : | Off Hele Silver Pee oe | Bereman iver + Machane cer. / Se Gold LINE OPERATION LOCAL AGENT Pe f Clerk 2 Machirists 7 a GEM. PAINEIMA : ee the BAIL BOF dae z ses. Laborers tramp 2 Oprtes.- Crane - & / Foremmar. Gold Spee 1 Janitress " | | Watchman p g hr / Office Helper Silver — ig op oe cfors- Q ve eof IVY. WHITE (Messenger 1 __ ‘1 Clerk " % ic Gare, : 17 frtisaags a 6 Mer _ LOCAL FIGENT 44, arisans Silver / Hesrashe Gel n, Sees EXTRA GANGS a CMattors tors $1,297,634. 39. Respectfully submitted, JAY J. MORROW, President. -6 : * PANAMA RAIL ROAD COMPANY. PANAMA RAIL ROAD COMPANY. Cou. Jay J. Morrow, — : PRESIDENT, PanaMA Ratt Roap CoMPANY, BatBoa Heriguts, CANAL ZONE. Sir—I have the honor to submit herewith the financial Exhibits and results of the Company’s operations on the Isthmus for the fiscal year - ending June 30, 1922, with statistical tables and explanatory comments thereon. : . The gross revenue from all sources, the operating expenses and the net income for the year ending June 30, 1922, is compared with the year ending - June 30, 1921, in the following table: | Frscan YEAR. GRoss GROSS NeEr S REVENUE. EXPENSES. INCOME. LOD ye as ee a ree $6,045,558 67 $7,343,193 06 *$1,297,634 39 TOO So oe eR eS one races eee 10,152,110 98 10,769,639 09 *617,528 11 = Decreases = $4,106,552 31 | $3,426,446 03 2 _ Increase ...... SLRS a cope pans eee ne — —— } *$680,106 28 * Deficit. OPERATIONS ON THE ISTHMUS. The Panama Rail Road Company continued its various operations on the Isthmus during the fiscal year without any material changes in the organization except that it was found necessary to discontinue the units _ known as the Hog Farm at Mindi, and the Poultry Farm at Summit, owing to the continued loss in operations. These units were rented out on con- tract in the latter part of 1921, and while the Hog Farm is still operating, the Poultry Farm contract has been abandoned. ; = In the interest of economy and consolidation of supervision and work, the operations of the Motor Car Machine Shops were transferred to the Supply Department of the Panama Canal in December, 1921. _. The continued business depression in all lines and particularly in shipping circles was directly reflected in the results from the operations onthe Isthmus. Railroad revenue and Harbor Terminal revenue show a heavy decrease, but material reductions in force and economy in operation have so far offset this that the net results show considerable improvement over the prior fiscal year. The loss from operations of the Hotel Washing- ton is also due to the general depression in business combined with the heavy reduction in the operating personnel on the Isthmus. — | | The heavy loss in connection with the sale of Coal was due to the marked reduction in coal prices elsewhere at the beginning of the fiscal year, necessitating a reduction in price here to the basis of cost or a little below cost in order to try to dispose of the stock of high-priced coal on hand. _ - The book values of commissary supplies purchased during the time of _ the war and in the period of high prices which followed it were reduced to meet the falling markets, resulting in heavy losses. The price of beef in Cras - f ~ PANAMA RAIL ROAD COMPANY. ee de cold storage was reduced to meet the same conditions, and a large quantity of supplies had deteriorated to such an extent that it was necessary to reduce - the ae still further, so that the goods would move quickly, thus avoiding total loss. The Telegraph and Telephone Systems were continued under the Electrical Engineer of The Panama Canal, and the plantations, cattle, dairy, commissary and hotel operations under the Chief Quartermaster of. The Panama Canal. Lands and buildings, leases and rentals, were super- vised by the Land Agent of the Panama Rail Road. The gross revenue from operations on the Isthmus, the operating expenses, and the net income for the fiscal year 1922 as compared with the previous year, are shown in the following table: Fisca, YEAR. Gross Gross “NetT REVENUE. EXPENSES. INCOME. PQ 2 So ean eae Wilt Stars ce een Se eee $3,617,933 24 $4,328,235 18 *$710,301 94 EO 2 eer ee gee se sa soe Saeco ieee 5,020,951 89 4,937,669 78 . 83,282 11 DO CKCABC oe ee ee a $1,403,018 65 $609,434 60 $793,584 05 * Includes loss due to reduction in book values of cattle and commissary supplies. RAILROAD OPERATIONS. The gross revenue from the Rail Road proper decreased $689,621.15. and the gross operating expenses decreased $1,011,966.63, resulting in a net revenue of $165,632.25 as compared with a net loss of $156, 713.23 the previous year. The total revenue derived from freight traffic amounted to $818,115.86 as compared with $1,025,452.53 for 1921, a decrease of $207, 387.17. | The following shows the sources of the increases and decreases in revenue. INCREASE. DECREASE. FRBIGHT: ; Whrough=Commercials 325 ee a, = $2,907 27- BotakCommercial= a2 a a eee — 17,172 87 ATMY- and: NAVY... 8.43. . Ce eee ee te ence ne ee — ~. 68,463 95 PanamasCa nals es ren oe ae ae ge sie — 1215793 08 Commissaryicce so ee ee $3,000 00 —_— PASSENGER: Through Passenger Se eee eee pear a oer en eee ae oe 42 00 ocalePassengera- <3 Ss SA ee — 152,565 34 GATTI ON A NVVe cre e — 104,491 18 Baerage ca ee ee ee ee ne — 2,806 35 Usb ress eae er ce es es — 8,097 45. Ee a eso a Re age Ue egg Cte reg — 2,205 45 Parlor and Chair Car..... SS Re ee ah era gee — 5,365 50 Special: Nervicelrains-332. 0 6 ee 3140-35 — MISCELLANEOUS: - Switching: 2 sth ons ee eee Renton eee ome ~- 4,020 42 HoOcomotive BerVvice= <2. Gece She ae aeons = 150,825 96 Otherthan kranspottation....- — 55,007 .66 The total freight traffic, including coal, during the fiscal year was 205,785 tons. This is a decrease of 110,451 as compared with the prior year. Local Commercial freight. decreased 8,404 tons, Panama Canal reight decreased 81,694 tons, Army and Navy freight decreased 15,078 ons and commissary freight decreased 5,579 tons. 2,230 tons of Company reight moved over the nae — S PANAMA RAIL ROAD COMPANY. The following statement shows the number of passengers camied and the passenger revenue for the fiscal years 1922 and 1921: NuMBER PassmnGHRS CARRIED. PASSENGER REVENUE. CLASSIFICATION. 1922 192) 1922 1921 First-class Passengers............ 287,463 ‘ 469,033 $229,842 40 $382,012 33 Second-class Passengers.......... 449,502 . 775,802 196,522 74 301,451 33 Totals....... ee =. 730/065 1,244,835 | $426,365 14 | $683,463 66 The average revenue for passenger per mile for 1922 was $0.0251 and for 1921, $0.0829. The gross revenue from transportation of passengers shows a decrease of $257,098.52 and the number of passengers carried shows a decrease of 507,870. ) The following table. contains the general operating statistics of the - Rail Road for the fiscal years 1922 and 1921: 1922.. 1921 Average Wiles Operated: 2-3. te ee ura ae ate 47.61 61.45 Gross Operating Revenue...../........... Pen ae cae en A Nasa $1,552,400 54 $2,242,021 69 Operating Pixpensessos a a eae 1,386,768 29 2,398,734 92 INetzOperatine “Revenues: a Se, Bare 165,632 25 *156,713 23 Per-Cent.6fFixpenses:to- Revenue... 2 ki ee 89 33 106 99 Gross Revenue per Mile of Road.......... see eee ort ae, $32,606 60 $438,576 71 Operating Expenses per Mile of Road..................:..... 29,106 64 46,622 64 “Net Revenue per Mile of Road...........0.....0.....005 Sea 3,499 96 *3,045 93 Revenue per Passenger Train Mile...............5......... Bea 4 29 4 84 Revenue per Preight rain Males... 5 ee ee see 8 82 10 03 otal Revenue raime Milegge... jo en es SNS oe ees 192,112 260,428 Railroad Revenue per Train Mile..........5.00...00...-00505 $6 27 $8 61 Railroad Operating Expenses per Revenue Train Mile. . ase 5 41 9 21 Net Railroad Revenue per Revenue Train Mile............... 36 _ *60 Freight, Passenger and Switch Locomotive Mileage...........- 274,894 - 369,066 Wrork-Dram Mileage. sci ee oe ee ee ee 2 38,858 110,050 Passenger Train Wiledee Re se eh mn een eared eee ee 99,430 158,188 Preight-train> Vileage =. 23. eo ee pe ene eee Oe 92,682 ~ 102,240 *Deficit. TRANSPORTATION. Transportation expenses show a decrease of $407, 897.95 for the fiscal year ending June 30, 1922, the principal items affected being: - Superintendence:: se) ee ee es See i Sae vans Seay nee eee $2,655 Dispatching “rains = sme yo oe ee ee 29,607 ~ StatioM WIM pPlOVeCs sc ee Oe eae ais ee pee a ee ee ee oe = 20,009 Station: Suppliessand -Hxpensess.4 2 ee ae Re a ee ee 2,683 Vardmasters ana Clerks re ao es ee, ee ee a ee OLA OaO MardeConductors:and Bbrakemene= 2.45 ee ee ee 48,774 O7 = VaTarowitch and signal PenGersc cso 6 hae ae ee 5,923 44 Wardssupplies:and HxXpensesia.. 5. ie ie a ee en pe a aa 2,213 41 Yard Work ande brain Hineinemen 124 toe ee 41,977 03 Engine House Expenses............ Soh NE Te een np noe eee wart Ce Pee Go ea 6,864 27 HueleyVards WOCOMOtVes 6 ee ee eB ee ee 32,302 84 Supplies. Yard locomotives... 12.54.0225. 6. OE stage ee ear ke Po gs Som nen ee eee 1,374 39 HOGG WAP INGMON a oe ae re ee ee Seen See ne 38,407 64 Hinoine sh Ouse: Hyxpenses=—NOaG ee en ere ee ee 12,490 53 Lab bye) Ll RWovs Ne besten nee Ce cae aU Geer pooner ene eee ar ee en es pea eene 21,655 49 Road Prainnien = a 61,512 31 Train Supplies and: Hixpenses....... 4... 0s ee OR ee Pee es eae 11,059 82 interlockerseBlockeand=Sionalc 8 6 ee ee oe ee 1,711-69 Drawbridge: Operations: giecc fe, oa a ce a ee eI a ae 16,048 O1 The roadmaster maintains and constructs alll tracks for the Panama Rail Road, The Panama Canal, and the Army, maintains bridges and some buildings, and repair docks at the terminals. PANAMA RAIL ROAD COMPANY. ; 9 _ Report of trackage in use by the Panama Rail Road, The Panama Canal and the U. 8. Army: | Operated Line: : MILEs. Meinsbine——Colonsto Panama 4 'e5 see 47.61 Atlantice herminals-—C olonn:. cit eo oe Oe ee 4.24 Cristobalvand: Mundi island 430.4 30.18 Pacific Termingls—-Pa nama oy cee es ee ee ee pte ane an, Aree 7.29 Bal bOate gee iene ie cel re ee as SEA ac, ge, 13.00 Intermediate Sidings and Tracks—Colon to Panama......... DOTNET uct 12.93 LotalyPanama-RailiRoadelracks 200 a eee ISO 20:52 Panama Canal Tracks: Atlantic Terminals........ See Re San Ty Ne oie ae gig oR Cgt Le) LC) Negri dae Or ree Oo ae Orn OU, Intermediate Sidings...... Sere or aes Pe ROL eon as NE Ay She te pene nn Nabe ar, Od Ur PASSER: VQ: Racitre sPerminal sxc eo ee eee eee Oe a a cones ane 22,16 West Side of Canal: . Main Line—West Bank of Canal to Las Cascadas............... aes Re Boe Intermediate, Manrdscand Sidings cata hey ee 6.82 ‘Total Panama Canal racks SE Re ey Teac taesc CARES TON Re AU Teen a cea ag a ES ee tees a 58.19 United States Army Tracks: eClamtice ermine site wien an ie ia eye RR eats eee ee Ba Rea. 8.80 Intermediate——(Corozal) a2 a re ee eee 1.40 MotalWeS Armiy= Drakes ire ae ee Ste ee en oe Sian Cerra iene Mee 10.20 Total Mrackaze WMaimtained by. Panama’ Rail Road. 7. 3..4.-5 5... ee 183.64 New track laid durimg the year: The industrial track to Block 54, Colon, was extended and a switch back put in to reach the lot leased to the Mexican Eagle Oil Company for warehouse purposes. ‘The work was done on an A. F. E. The total length of the track is 2550 feet. Track changes between Pedro Miguel and Panama: (Work done on A. F. E.), The second main line between Pedro Miguel and Panama was removed except that 2.35 miles of this second track was converted into passing sidings, as follows: Between Pedro Miguel and Red Tank 3845.4 feet; at Corozal 1709.2 feet, and between Balboa Heights and Panama 6874. 1 feet. The Red Tame « commissary track was eiended 363 feet to conform to new conditions, as well as the spur north of Miraflores ‘Tunnel, which was extended 109 feet. Also tracks to Miraflores Power House, extended 130 feet, and tracks to Miraflores Locks, extended 392 feet, all these additions made account changed conditions. | Tracks were removed as follows: Atlantic Terminal—(3 cross-overs)..............+-- ee Serene ss 11,985 ft. Main Line Passing Tracks Shortened.............. Se ees ee ep crane ety ree tt mee aa 15,293 ft. Other Cross-OVerse ce nie ee Ree rete ee ee age 10 No. 10 OthersFurn=Outs so Se ee I ee Screen ee ae es ae eee 2 No. 12 Mmnnel Damp Tracks Removed: <1 8. LE gt ate ec a pa ance 5,395 ft. Panama Yards: Olde Main tine— Chivolt Crossing to-Diablo)e ss a ee - 6,790 ft. OldeEMain=hine— (Norther, Balboa 25) ce ae neste ot ests ee empl cre ate ate 2,780 ft. Rotaliina ikee 42,243 ft.—8.0 mi Panama Canal Tracks Removed: itlanticeermvtnal cee eee as OR ces ar cene coset oes Sens Sore oe Crea nee eaters 180 ft. Ititenmediate. «3 a ee RE Ot ey eae ania Sais yn eden ED Oy au at Rr cata eta, 740 Baciticeberminn ale a eg ee ee Rep re ec ert me IR ts Se pee RO ee era 10,370 otal 2 re ae Re ee 11,290 ft.—2:, 13°mi. _ The Panama Rail Road tracks above reported as being removed were taken up and practically all of the material recovered was turned into the 10 PANAMA RAIL ROAD. COMPANY. Store for credit except a small portion, along with the ties, kept by this department. , All of the material recovered from the Panama Canal tracks removed was turned into the Store for credit against cost of removal. All of the Panama Rail Road tracks and Panama Canal tracks taken up were of no further service. | | Following is a statement of the rail, cross and switch ties used during. the year: : / Grosse DIes= = Cy presse. ks ON IEE ee ee cee ae eS 658 _ (ea.) GOSS DOs — Te ee as ed ee EC rea 1,146 (ea.) Crosse DOS 9s Ee ee ee ee ese eae ie Sea ne ea Ws ER NER Ce 9,957 — (ea.) SO WC hed eS Oy Ol CSS cists Ss oy See ane pe ee 3,400 (L.F.) ~ Switch Ties—S. H..........: Bh aI cnc ee epee es an Senge wi ue irene pn ee Rtas 4,000 (L.F.) eRe] =O OSHS 955 Eee ee eG ee ee gang ae See te res ees 4 (G.T.) Rail==7OrlbssS bes oe ee ee ee Ne ee NT os ee es 347.4 (G.T.) Following is a statement of the gravel used during the year: IVs TATUNG Cee a ee NS ee F aeeages oe are 90 cu. yds. (run-of-bank) Ree hk ae ee ae ame a ea = Wa Ae gr ets Soe oe es Gem ae 759 cu. yds. (run-of-bank) ee et ee a en ee ee ppSS RR See SU See 40 cy. yds. (run-of-bank) ASO Gal ie eee ee ee en So eee -.. 889 cu. yds. No steam shovel work was done by this department during the past year, for the first time since 1907, when Relocation work started. _ During the year the following amounts were expended on work per- formed for other divisions: Maintaining Parama-Canal- racks == 3 ==... SS eah ger eR gr a eo eee eat Fy $29,627 98 MaintaininocDaas: Army —racksin + = <+ se ss os Se ee oe we omen oh ga a 7,769 89 Miscellaneous: Work. Requests—-Panama Canals ke ee ot 34,275 64 SOG Se ee a ee ee Te a $71,673 51 e The wooden shed alongside of La Boca steel dock, erected in 1905, was _ demolished on work order A. F. E. 1535, that portion erected by the French — in 1898 being allowed to remain. _. The principal new work consisted of making single track between Pedro Miguel and Balboa Heights, shortening the passing sidings and taking up tracks no longer needed at both terminals, 12.80 miles of Panama Rail Road track, and 2.13 miles of Panama Canal Tracks were taken up. _ In making the single track between Pedro Miguel and Balboa Heights, track changes were made on the curve south of Diablo and on the curve at Miraflores station, which placed the main track next the platform at - Corozal and at Fort Clayton, an advantage to passengers, now able to alight directly on to the platform, and a convenience in handling baggage. The gauntlet was removed from Miraflores tunnel and the track placed on better alignment on the curve north of the tunnel. At Pedro Miguel the old main line switch leading to Paraiso was moved north from in front of the station, and curve put on permanent centers, and the concrete platform extended to the track so that all passengers - can now alight on to the platform, which could not be done before. _. The comparative statement for the year ending June 30th shows a large saving in the cost of operation, the cost this year being $151,946.52, compared with last year, $334,458.08, a saving of $182,511.56. This was accomplished by cutting out some of the sections, lengthening all of them and reducing the number of men in each gang. A saving in the cost of ‘maintenance will be effected through the removal of the tracks already 4 PANAMA RAIL ROAD COMPANY. | | fey taken up, and ie saving will show an increase as fast as the tracks on which bad order equipment is now standing, can be removed. _ With a view to putting in use some method of killing grass and weeds on the track, the merits of the different methods in use in the States were looked into very carefully, and finally plans and specifications were secured from the Dean-Williams people of Little Rock, Arkansas, for the use of their superheated steam patent on the Panama Rail Road. Further, the question of supplying our sections with gasoline-operated motor cars has been recommended. When the weed-killer is put in operation and the gasoline cars furnished, a further large saving can be shown in the cost of Maintenance. MAINTENANCE OF HQUIPMENT. The expenses under this heading decreased approximately $420,000.00 due to the retirement of Locomotives and rolling stock from active service, _ and the scrapping of cars unfit for further service. Exhibit I shows this information in detail. Repairs to road locomotives eal $30, 149.30; yard locomotives, $02,789.93; depreciation, $8,219.82; repairs to passenger cars, $27,215.60; | freight cars, $238,690.19; depreciation, $44,185.43; work equipment, $8,653.69; depreciation, GA. 579.02; shop machinery and tools, $20,621.22. The increase of $17,000. 00 in supervision represents charges that were made direct to the work heretofore. The credit from locomotive service furnished other departments decreased approximately $30,000.00. TRAFFIC HXPENSES. ‘The expenses under this heading decreased $468.19. v GENERAL EScpuNans. General expenses amounted to $257,374.90, a deorence of $109,846.40 - as compared with the previous year. This is due to a decrease of $43 - 537.95 in the charge for proportion of salaries of clerks and attendants of The Panama. Canal, Executive and Accounting bureaus, and a decrease of $63,626.36 in charges for the maintenance and operation of quarters which have been charged direct to employees since January Ist, 1922. The proportion of these expenses chargeable to the Rail Road decreased $3,633.35 as compared with last year, owing to a further revision of the amounts proportionately chargeable to Harbor Terminals, Coal Handling, and other operations. 3 Hargsor TERMINAL OPERATIONS. In addition to the operations of stevedoring, handling, and transferring cargo at the terminals, the Receiving and Forwarding Agent acts as agent for various steamship lines which heretofore had been handled by the Panama Canal, as outlined in the published “ Notice to Steamship Lines,” dated March 17, 1922, as follows: “While not soliciting agencies for steamship lines, The Panama Canal and the Panama Rail Road Company, acting as one entity, are prepared to act as agent for any steamship line which, for any reason, desires such service from the Canal organization. 12 : PANAMA RAIL ROAD COMPANY. On and after June 1, 1922, such agency work will be taken. over by the Superintendent, Panama Rail Road Company, acting as agent through the Recs and Forwarding Agent at Cristo- = bal. For the above service the following charges will be made: - Heewtor wach ohipsklandledicr sca ene ee ar ee ers $25 00 Percentage Charged for All Funds Advanced to Cover Disburse- SemMents OL Ohi pases eg ee ee 244% All vessels appearing at the Canal for transit with no services required other than the ordinary fueling and supplies, when the latter are procured from the Panama Rail Road supply plants, will be exempt from payment of the agent’s fee of $25.00.” The revenue amounted to $1,156,566.43, a decrease of $349,244.52 compared with the previous year. The cost of operations was $883,384.65, a decrease of $645,304.86, resulting in a net revenue of $273,181.78 as compared with a loss of 899 87 8.56 last year. . The revenue at the Atlantic Terminal amounted to $1,065,094.58, a decrease of $298,194.75. The revenue from wharfage and lighterage decreased $29,476.05; rent and storage $17,311.07; stevedoring, $59,444.26; handling and transferring $23/,644.90, and other revenue, $5,368.24. The operating expenses at Cristobal were $808,156.89, a decrease of $603,588.57 as compared with the previous year, resulting i in a net revenue of 956, 937.69 at the Atlantic Terminal. | The revenue at Balboa amounted to $91,471.85, a decree of $51,049.77 as compared with the prior year, while the operating expenses amounted to $/0,227.76, a decrease of $41,716.29, resulting in anetrevenue of $16,244.09. The tonnage handled and transferred at the Atlantic Terminal was 763,677 tons, and at the Pacific Terminal 66,457 tons, a total of 830,134 tons, a decrease of 27 9,592 tons as compared with the prior year. 291,010 tons were stevedored at the Atlantic Terminal and 22,692 tons = : at the Pacific Terminal, a total of 313,702 tons, a decrease of 129,054 tons. The following table contains the summary of Harbor Terminal operat- : ing statistics for the years 1922 and 1921: A OSsOl: Catoo SLC Ve Ole i a ee es 313,702 442,756 Revenue per Lon Stevedored: 3... 2 $.4925 $.4832 Gost-per Lon Stevedored.. $.3114 $.5327 Tons of Cargo Handled and Transferred..........:....... 830,134 1,109,726 Revenue per Lon Handled. os 2. ae $ .9893 $1.0095 Cost-persWoneHandleds in ee a : $.7328 $.8589 — Gross: Operating. Revenue ee oe ee eee $1,156,566 43 $1,505,810 95 Gross-Operating Hi xpenses.3.- =e A ee 883,384 65 % 1,528,689 51 SNGtSIVEV.CTIU Coie. ee ee ee es Na 273,181 78 #*22,878 56 Per Cent. of Hxpenses to Revenue. = =. 1 16.37 101.52 * Loss. Of the 1,618 ships handled by the Receiving and Forwarding Agent during the present fiscal year, 1,215 were at Cristobal and 403 at Balboa as compared with 1,000 and 368 respectively for the previous year. The number of tons of general cargo received trom these vessels was 47 5,689 as compared with 603,704 for the previous year, At the Atlantic Terminal 430,841 tons were received and 315,640 tons were dispatched, while at Balboa 44,848 tons were received and 16,568 tons ee PANAMA RAIL + ROAD COMPANY. © 13. ay CoaLING PLANTS. The loss from the sale of coal at the Cristobal and Ballon olan | amounted to $549,606.56 as compared with a profit of $373,323.63 for the previous year. x cross section inventory of the coal piles made on June 30th, 1922, developed an overage in coal to the value of $125,494. 00; reducing the loss to $424,112.56. — The average sale of 34,000 tons per month during the last five months, ’ of the prior year decreased to on an average of 21,000 tons per month this : year, thereby increasing the cost per ton for handling through the plants. In addition to this coal was sold in large quantities to steamships at less than actual cost in an effort to dispose of the high priced coal on hand. The handling costs, including repairs, depreciation, etc., amounted to $1,103,919.22, of which $924,787.68 was expended at Cristobal and $179,- — 131.54 at Balboa. The quantity on hand at the first of the year was — 144,683 tons, 249,472 tons were received. 26,402 tons were recovered, 12,038 tons were transferred to Navy stock and 251,616 tons were sold, leaving 156,903 tons on hand on June 30th, 1922—144,613 tons at Cristobal and 12,290 tons at Balboa. | The receipts from sales amounted to $3,329,955.92, including additional charges for extra handling, also for unloading, storing and delivering U.S. 5. Navy coal, as compared with $7,400,758.15 for the previous year. 205,712 tons were sold to ships at Cristobal and 24,113 tons at Balboa. The balance was sold to the U. 8S. Army, The Panama Canal, and individ- uals and companies on the Isthmus, or used by the Panama Rail Road. During the year 26 cargoes of coal were received; the 8.8. “‘ Cristobal” brought 11 cargoes to Cristobal and 2 to Balboa. The ‘‘ Achilles” brought 8 cargoes to Cristobal and 1 to Balboa, which was later transferred to Navy» stock. The "_ Ulysses” brought 2 cagoes to Cristobal, while the barges ~Mamei” and “Darien” brought 1 cargo each to Cristobal. In addition to this the Navy had in Panama Rail Road storage June 30th, 1921, 78,522 tons, 24,889 tons were received during the year, and 38, 044 tons were delivered to the Navy, leaving a balance on hand on June 30th, 1922, of 64,867 tons. The following table shows the quantity of Panama Rail Road coal dis- posed of on ‘the Isthmus, also the fuel oil used by Panama Rail Road locomotives, converted into the equivalent coal tonnage, (oil ooualy con- sumed during 1922 amounted to 69, 156 barrels.) Hane YEAR 1922. Fiscan YEAR 1921. Coal. Oil. Total. Coal. Oil. Total. Panama R. R. ugines SRP Macnee enon ge — 11,918 | 11,918 901 18,007 18,908 Panama R. R. Switch Engines.......... —— I BAL 5,371 2,947 6,466 9,413 Panama R. R. Other Purposes.......... 3,798 == » 3,798 5,774 — 5,774 Panama R. R. Steamship Line.......... 11,898- = 11,898 | 12,264 — 12,264 Other Steamship Lines: Atlantic rerminals, y:2.%.<.-..s.. 6: 193,729 — 193,729 | 369,482 — 369,482 Pacific Merminals;;:.<..5: «2472.5. . 23,325 — 23,329 | 42,934 — 42,934 United States Army....... Pe ae ENE 6,343 — 6,343 8,418 — 8,418 Miscellancousa 22a ee 3,939 — 1939 5,278 — 5,278 | Panama Canal. .... Se ee ere as 8,584 _ 8,584 | 20,817 — 20,817 we Ot als ses, he ete gets sees 251,616 | 17,289 | 268,905 | 468,815 | 24,473 | 493,288 Re A: - PANAMA RAIL ROAD COMPANY. OTHER OUTSIDE OPERATIONS. STABLE OnPeONe: | The revenue from the operations of the Colon Stables amounted to $24,258.90 and the expenses were $18,131.39, resulting in a net revenue of $6, 127.51.as compared with $1,508. 24 last year. The Panama Stables were continued under lease, at a monthly rental of $375.00, resulting in a revenue of $3,000.00 for the first 8 months of this year. The operating expenses for the same period were $2,356.32, giving a net revenue of $643.68. 3 | BAGGAGE TRANSFER OPERATIONS. The gross revenue from baggage transfer operations at Colon and Panama amounted to $12,962.25 while the expenses amounted to $12,196.69 resulting in a net gain of $765.56 as compared with a net revenue of _ $4,280.47 for the previous year, a decrease of $3,514.91 due to general _ business depression and reduction in personnel on the Isthmus. Motor Car MACHINE SHOP. ~The Motor Car Machine Shop continued repairing Panama Canal, - Commissary, and U. 8. Army and private automobiles and motorcycles, under the supervision of the Superintendent until the close of November 1921, when for the purpose of consolidating supervision and work, the operations were transferred to the Supply Department of the Panama Canal. The net revenue up to the time of transfer amounted to $547.52. -.OPERATIONS UNDER THE ELECTRICAL ENGINEER. TELEPHONE AND ELEectTric Ciuock OPERATIONS. The cost of operating the telephone and electric clock system was $176,069.98. as compared with $199,860.54 for 1921, a decrease of $23,790.56. The revenues amounted to $191,697. 12 a decrease of $2, 223.68 resulting in a net revenue of $15,627.14 as compared with a loss of ‘$5, 939.74 for 1921. — During the year 490 telephones were installed and 1065 telephones were removed leaving a total of 2417 telephones in service at the end of June, 1922, representing a decrease of 575 telephone installations for the year. The average number of telephone calls during the eight-hour business. day, as determined by peg count, was about 22,174, representing a rate of 2,/72 telephone calls per hour as compared with corresponding figures of 28,809 calls per day and a rate of 3,601 telephone calls per hour last year. _ The following outline of telephone statistics has been compiled in a condensed form to show the growth of telephone equipment and installa- tions during the past year as compared with previous years. & ~ PANAMA RAIL ROAD COMPANY. = 5 : Canat ZONE TELEPHONE SYSTEM. June 30, | June 30, | June 30, | June 30, Tune 30! se 1919. 1907. 1910. 1915. 1922. Miles of Polesine 3656 ee ea ee ee 48 140 60 36 756 Miles of Underground Conduit:_ ys Panama Railroad: asec ee ee a — 212 212 212 Panama Canal, occupied by Panama Railroad. . a — — 34 Bi Total-Mulessof Conduit... 4 oe — - 212 - 246 949 Miles of Cable: | | Submarine: 6 eS eee eS — — — — 3 Tn Duets ce ee ee os —_— 75 118 130 OTN ic ek ee ge OE 7 12 2 2 Totaly Miles-of:Cablesos..42.2 ee a 12 84 120 135. Miles of Wire: ; Tne Ducts. 3. ee ee ee — — 4,007 | 11,856 | 13,090 In Submarine:Cables 3 2. eae ee 24. Bo 57 InsAenaleCablect 6 ae as ee ss 210 746 470 124 124 Bare and Insulated, Aerial es SEM ea eee 920 2,643 789 526 457 Motel Miles of Ware. 1,130 | 3,389 | 5,290 | 12,561 | 13,728 Miles of Wire: : BRIN kuCirCulte sc ee ee 768° 1,200 2,880 4,259 4,678 Subscribers @ircwltsi¢. ae 218 1,921 2,160 7,898 8,580 Telegraph Circuits............. ee eas 144 268 250 404 |- 470 | Total Miles: of WilC23.3. se ee 1,130 3,389 5,290 12,561} 13,728 Miles of Phantom Circuits) ...026 0... aot — —- 672 960 Milestof- Simplex Circutts?.. 2.932... es as — — — 132 | = 276 Rotel eae es eee eee ae ae, ape — — Lo 804 1,236 Telephone Exchanges: . Manual-Panama Ratlroad 3 2..3 3. <2... 10 22 11 9 10 Automatic, Panamaenallrogd: so-so — — — — 1 AUtOMatiC CATINY 3.3 oe ee — — — — 2 Manual, Panama Canal... 3 ss ae — 3 3 3 Manual; Army-and Navy <4 56 ee 1 1 1 10 11 Panama Telephone Company................. — — — 2 2 Total Exchanges 2 a 11 23 15 24 29 Telephones: Panama Rairoaas: «sxc eee a ee ae 610 1,213 1,609 2,967 2,448 Panama Canal 2.6 cc ee epee — — 98 114 139 Avmiycand: N&VViwns se Oe ee — 15 — 703 1,267 Panama Telephone Company................. a — — —_ 2,436 EL GB ese ee at en ae es ae eee 610 1,228 1,707 3,784 6,290 Exchange Connections Daily*.............-....3.. — 6,342 | 9,328 | 21,415 | 13,005 -ecrunk Connections: Datly*..: 3.6. a ee — 2,809 2,366 6,396 10,002 Total 25k ae 9,151 | 11,694 | 27,811 | 23,007 *Hxchange and trunk connections are those handled in the four main exchanges only. RAILWAY SIGNAL SYSTEM. The Mount Hope interlocking plant was taken out of service in Decem- ber, 1921, thus eliminating all interlocking equipment from use on the Panama Railroad. There were 2,165,767 reed arm movements a 193 responsible signal failures compared to 1,931,040 arm movements and 210 responsible signal failures last year. Counting only avoidable signal failures there were 18,997.9 arm move- ments per failure. ‘There were 379 train minutes delay this year compared \ 16 oe PANAMA RAIL ROAD COMPANY. to 494 last year. There was an average of 1. a7 minutes delay per train for each failure. : There were no reported false clear aspects cunns the you on the entire signal system. The responsible and non-responsible signal failures, arm movements, and train minutes delay for each month during the year are outlined 1 in the eel ovgae vabulauon: RESPONSIBLE. ~ : Toran ToTaLt Non- TOTAL ; RESPONSIBLE | RESPONSIBLE TOTAL TRAIN MontTH. ° SIGNAL Avoidable | Unavoidable SIGNAL ARM MInutTvE ; FAILURES. Signal ignal Farturges. | MovEmMENTS. DELAY. Failures. Failures. 1921 lyase ore 16 12, 4 0 176,412 10 AUMPUStes eso. 20 13 7 1 182,011 20 September..... 8 5 3 1 172,251 7, October. 32: . 4 3 1 0 168,370 10 November..... 19 7 12 1 163,964 pes December....:. 8 5 aS 0 177,099 5 1922. January ........... 219,041 23 136,608 83 82,482 40 | . $11,112,334 29 $6,966,376 63 $4,145,957 66 SUPPLIES FOR EXPENSE AND HQUIPMENT: : Retail Commissaries and Warehouses...| $149,698 238 $102,288 16 $47,410 07 Generale ea i 705 60 737 19 *31 59 PIAMUS eco a a ee es Rene tree ae 110,336 57 Shiono LO POL LOOT AG ) ee $260,740 40 | ~ $180,578 45 $30,161 95 Loss by Condemnation, Shrinkage, etc...... $145,624 71 $66,017 98 $79,606 73 Loss by Clerical Errors, Pilfering, ete eee ae 21,341 68 41,194 45 | ° *19,852 77 ee $166,966 39 | $107,212 43 $59,753 96 GRAND TO DRABss 2s: ot eae $11,540,041 08 $7,254,167 51 $4,285,873 57 *Increase. - - Horen WASHINGTON. The cost of operating the Hotel Washington including depreviation of buildings, etc., amounted to $198,243.56 a decrease of $18,784.25 The revenue amounted to $187,049.38, a decrease of $44,756.51, resulting i In a net loss of $11,194.18 as compared with a net profit of $14, 778.08 for the Dior fiscal year. = 18 : PANAMA RAIL ROAD COMPANY. Farm INDUSTRIES. : Bie group consists of the same industries as last year with the exception of the operations of the Cattle Steamers, the Poultry Farm and the Hog Farm which were discontinued during the fiscal year. - ‘The operations of the 8.8. “‘Caribbean”’ were transferred to the Panama Rail Road Steamship Line under the supervision of the Cattle Industry in May, 1921, and she continued in commercial service between Cristobal and Cartegena as a feeder for our steamship line until September when the supervision was transferred to the Receiving and Forwarding Agent. Cattle shipments to complete an open contract were resumed in September and continued up to the close of J anuary, 1922, when she was withdrawn from service and the 8.8. “Advance” placed in the Hast Colombia Com- - mercial service to relieve her. ‘ _ Cattle Industry: The importation of beef cattle was resumed in Sep- tember to complete an open contract. 5,000 head of fat cattle were brought up from Colombia at a cost of $330 611.26, the average weight was 1,000 pounds, each, and the price $0.066 per pound. The contractors paid transportation at the rate of $10.00 per head. 7567 head of cattle were sold to the Commissary and slaughtered or sold to outsiders for which the Cattle Industry received a credit of $751,967.83, resulting in a gross profit of $143,103.55 from operations for the year. The value of 10,585 fat cattle remaining on hand June 30, 1922, which had been carried at $85.28 per head was written down to the estimated value of replacement at current price of $45.00 per head, a reduction of $426,363.80, and the value of 2,588 lean cattle remaining on hand which had been carried at $52.48 per head was written down to the estimated value of replacement at current price of $23.00 per head, resulting in a further reduction of $76,164.84, making a total reduction of $502,528.64. Deducting from this the profit of $148,103.55 from operations, results in a net loss of $359,425.09 for the fiscal year as compared with a profit of $0,023.82 last year. 3 No cattle have been purchased or slaughtered since January, 1922. On June 30, 1922, the number of cattle on hand amounted to 13,237 head, valued at B5AT, 801.88. ~ The following is ‘the ae capital investment in the beef cattle industry: : | IPASTULCS Sie ee ae eS ‘$672,606 15 Suppliess..: 20s eee, re eae $640 79 Buildings:and Dips. ..-3. 2.2... .. 44,155 24 StOGkK sea Rts a ele ees eas 547,891 88 TU MCN Ge css cages acess en 7,749 25 Horses and Mules......... sarees 18,607 46 The 8.8. ‘‘Caribbean” was transferred back to the Panama Canal, Pastures and Buildings were reduced $170,000.00 in valuation and Stock was reduced $502,000.00. . Dory Farm: The present capital investment in the Dairy Farm is $127,352.51 as compared with $228,309.17 last year. Buildings and Pastures were written down by $83, 000.00 and Stock by $16,000.00. The operating expenses amounted to $59,470.51, and the amount realized from the sale of milk, cream, calves and stock sold to the com- missary, was $70,301.85, an increase ‘of $5,326. 56 as compared with the - previous year. The profit from operations for the year was $6,274.79 as compared . with a profit of $5,418.26 last year. The value of 479 head of common stock on hand June 30th, ‘which | bara PANAMA RAIL ROAD COMPANY. : 19 had been carried at $60.75 per head, was reduced to the coamaicd cost of replacement at the current price of “$28. 0O per head, a reduction of $16,- 093.25, making a net loss of $9,818.46 for the year. Hog Farm: The operations of the Hog Farm were continued up to the - close of October, 1921, when the farm was let out under contract. The stock on hand was sold to the contractor. The result of operations, including the sale of the stock on hand resulted in a profit of $3,891.23. Poultry Farm: The operations of the Poultry Farm were continued up to the close of November, when the farm was let out under contract. The loss in operation amounted to $5,728.98. The entire stock was sold to. the Commissary or Individuals and Companies. The contractors abandoned their contract in February, 1922. Some of the buildings have © been dismantled and sold and the Capital Value of land and buildings amounting to $104,331.15 written off. Plantations: The operating expenses amounted to $34,918.97; the sales value of products was $24,417.84 as compared with 867, 448.66 for the previous year, resulting in a loss of $10,501.13 as compared with a loss of $9,408.18 last year. The operation of many of the small farms was Giscontinacd and the farms let out under contract on a rental basis. The only plantations remaining in actual operation at the present time are Frijoles and Juan Mina. LANDS AND BuUILDINGS—PaNama Rat Roan. The revenue credited to rentals from leased lands amounted to $129,- 104.73. ‘Ihe expenses amounted to $18,900.62, leaving a net revenue of $110,204.11 an increase of $2,381.07 over last year. Rentals from buildings not used in the operation of the Rail Road amounted to $14,344.67 and the expenses amounted to $15,598.77, resulting in a loss of $1,254.10 as compared with a profit of $7,227.07 last year.. In March, 1922, the capital value of real estate which has been carried at $2,082,513.90 was appraised and the value raised to $6,750,176.37, based. on the increased value of the land for building purposes. The capital value of other units, constructed during the period of high prices for labor and material was written down to the estimated cost’ of replacement under normal conditions, and the value of other units which had outlived their usefulness or ceased to function in the manner for which they were constructed, were written off or transferred to other operating. ~ units. The net reduction in Panama Rail Road capital assets from the re-classi- ication in March, was $2,113,428.04, which was disposed of as follows: Property Neturned:towthe Panama Canals % sae. i eves ok aie ke coe ee ae eee $1,892,316 33 Eroperty sold tosthe banama @anal-tor Cash, ...2.... 424. ts fa ee 12,425 00 Property. Written Off to Accrued Depreciation. -...+.4.5.5......0-2.06. ess 206, (943 31 ‘Pransferred to steamship line..............:.. BAe deel trae a gatas Wine pam es ae uee odes 1, 743 4 40 $2,113,428 04 During the year completed construction work-and sundry items of equipment to a value of approximately $80,000.00 were added to the cap- _ ital account. The principal items of new construction were Colon Stable _ Track, $2,051.40, Mexican Oil Tank Track, $6,076.72; Improved Second Class ‘Coaches, $3, 714.27; Coal Weightometer, $1, 092. 21; New Boiler House, Mt. Hope, Boiler Cristobal Bakery and Salad Oil Tanks, $30,- 651 43, Extension of Pedro Miguel Exchange, $510.10; Hotel Washington 20 PANAMA RAIL ROAD COMPANY. Cable Extension, $853.74, and New Switchboard for Hotel Washington, $1,181.32. Only three small construction jobs were uncompleted at the close of the year, the balance in authorized construction unexpended was $4,408.34. : The total capital value of all Panama Rail Road assets on the Isthmus on June 30th, 1922, was $28,646,611.03. | There are in effect approximately 1,270 leases which have been granted by the Rail Road Company on its lots in the cities of Panama and Colon, plus 26 licenses and permissions covering the use of its property in those cities. Within the past fiscal year 217 leases on lots in Colon have expired and from this time on that average of expirations per annum will probably be maintained. The expiration of these leases has made it incumbent of this office, for the purpose of fixing new rental rates under the new leases granted in place of the expired ones, to establish a fair value upon each parcel of property in the cities of Panama and Colon owned by the Rail Road. Thus far such new rental rates established on the lot values fixed by this office in the cases of those leases which have expired, has resulted in an increase in the rental rates under the new leases of an average of 100 per cent. over the rental rates formerly charged under the old leases. As the leases expire on our lots within certain of the older parts of Panama and Colon, and especially on lots in the district known as “Las Esplan- adas”’ in the City of Panama, this average increase over the old rental rates will be vastly increased. 7 : PANAMA Ratt Roap AGRICULTURAL LICENSES GRANTED FOR THE USE OF LAND WITHIN THE CANAL ZONE. On December 2, 1921, by virtue of the Governor’s Circular, bearing number 7138-1, practically the entire Canal Zone was made available for settlement by agriculturists under licenses which this office was authorized to grant. The areas excluded from operation of the Governor’s circular comprise the Cattle Industry’s pastures and the several reservations set aside by Executive Order for defense purposes. Lands in the immediate . vicinity of townsites, locks and dams are also excluded from settlement. Under the terms of the circular any one licensee may occupy up to five hectares of land free of rent until June 30, 1924, whereafter a charge of $5.00 per annum per hectare will be imposed. No licensee may hold more than 50 hectares of land and the rental rate above referred to immediately applies to any land occupied in excess of five hectares. The circular also specifies that settlers, so far as it may become available from the razing of old Canal buildings, will be given free of cost not to exceed fifty sheets of iron roofing and 5,000 feet of lumber, which material will be transported to the point along the line of the Rail Road nearest the holdings of the ‘respective licensees. The licenses are revocable upon notice from the Governor, in which event, however, the United States will compensate the licensee to the extent of the value of the improvements actually existing — _on his holdings at the time of the cancellation of his license. This office up to the close of the fiscal year 1921-1922 issued 1,026 licenses covering the use of agricultural lands within the Canal Zone to as many persons. Those who have taken advantage of the opportunities offered them by the Governor’s circular to cultivate a tract of land have been, mainly, colored British West Indians residing in the cities of Panama and Colon, and who had for a long period of time been without employ- PANAMA RAIL ROAD COMPANY. 21 ment. In fact it was the Governor’s intention, when he authorized the resettlement of the Canal Zone, to relieve the necessitous circumstances in which these former employees were. The total number of hectares held ~ under license by these 1,026 persons is 3,128, indicating that the average individual cultivator holds about three hectares. The sections of the Canal Zone wherein the greatest number of settlers are to be found are those, naturally, nearest the cities of Panama and Colon. It is safe to predict that at the end of the coming dry season there will be at least three licensees on lands within the Canal-Zone for every one who is now there. These settlers are mainly men with families, who, as soon as they complete the erection of proper shelters on their plots, will move their families from the cities to their holdings. A most notable fact developed by the repopulation policy of the Govern- ment is the eagerness of the average colored West Indian to take advantage of the opportunity afforded him to return to the land. These people, almost entirely without means and with no implements other than machetes, have erected in some instances very picturesque shelters on the plots assigned to them of such material, mainly, as the jungle affords; have cleared their lands and planted it in corn, yams, yuca and kindred annual crops. One riding or walking along the Chiva-Chiva trail which leads from Pedro Miguel in an easterly direction toward the Canal Zone boun- dary line, and along which these squatters are very numerous, cannot but admire these people because of their courage, natural knowledge of agri- culture and industry. Within the fiscal year there has roa collected the sum of $355.00 by way of land rentals from licensees whose holdings are in excess of five hectares. | | The increased duties devolving upon this office because of this recently — adopted policy of repopulation of the Zone has, coupled with the expiration - of leases on Rail Read owned lots in the cities of Panama and Colon, which has been above referred to, necessitated the promotion of a clerk to the place of Office Assistant, and the employment of a Land Inspector and one additional clerk. The Panama Rail Road retains special counsel in the Republic of _ Panama to aid in protecting the company’s interests before the courts and executive departments of the Republic of Panama. The forcible collection of land rentals from lessees of the company’s lots in the cities of Panama and Colon is also accomplished through this Panaman attorney. — STATEMENT OF EXPENDITURES UNpirR A. F. E.’S. EXPENDED A. F. E. For No. | This Year. To Date. 1262 | Construct Boiler House—Install Boilers, Mt. Hope Cold Storige.blantcs oc. ee ee ee oe ree es $1,923 O7 $27,660 74 1293 | Construct New Stables—Colon................. 00 evans 114 00 126,791 53 1389 | Dismantle Old Cold Storage Plant...................... 10,282 38 22,841 29 1452: |’ Renew. Floor, Cristobal Bakery........ 0... .....2...0245% 336 55 2,261 99 1474 | Install Weightometer, Cristobal Coal Plant............ 2s 1,092 21 5,666 91 1485 | Lay Barrett Roof—Washington Hotel................... Penola OF 5,072 41 1492 | Install Track—New Colon Stables.................. Rope 123. 75 2,051 40 1493 | Repair Chill Room—Mt. Hope Cold Storage Plant....... 10,109 22 | 18,128 63 1494 | Install Refrigerator, Alter Shelving—Cristobal Commissary: 1,129 83 1,129 83 1495 | Install Door and Window—Building 1000 Colon.. 256 30 442 85 1499=) Overhauling -S.S:-banama.... 0. i ee, eee 307,995 09 307,995 09 1500 | Install Boiler—Bakery, Cristobal..................0.05- 725 29 725 29 1502 | Dry Dock, Scrape and Paint Barge:2..-. 3 ORS a ee - 6,694 14 6,694 14 29 PANAMA RAIL ROAD COMPANY. uo Ar. noe EXPENDED No. ; This Year. To Date. - 1503 | Dry Dock, Scrape and Paint Barge 18..........2...00... $892 31 $892 31. 1504.| Extend Platform—Monte Lirio Station.......... Bee Rae see 143 61 143 61 1505 | Renew 10 Bodies for Viaduct Cars.................2.-:- 5,076 00 5,076 00 1506 | Scrape and Paint Bottoms of Barges 1-29................ 2,341 08 2,341 08 - 1507 | Remove Machinery and Equipment—Industrial Lab...... 3,071 20 3,071 20 1508 | Install Oil Tanks—Industrial Laboratory................ 1s. Ot iso od 1509 | Install New Switchboard—Hotel Washington............ “1,181 82 1,181 32 1510 | Clean and Paint Bottom of Barge 21.............. eC _ 783 75 783 75 1511 | Extend Underground Cables—Hotel Vesmeeton Be ti See 987 49 987 49 1512 | Raise and Re-build TankK—Mt. Hope C.S. P...:........ 1,383 32 1,383 32 1513 | Build Track to Mexican Petroleum Co.—Co ae Cae ene ieee 6,076 72 6,076 72 1514 | Recovering Material—La Boca Dock (See A. F. EB. 1535). 9 48 9 48 1515 | Shortening Sidings—Making Single Track from Pedro Wizuel to-BalboatHeichts=..7. 62 te ee 21,308 50 21,308 50 1516 | Dock and Un-dock Barge 15, Clean Bottom........ Seas 580 21 580 21 NOI Repairs to7Viaduct Cars... ce ee 1,004 45 1,004 45 1518 | Install Fixtures—Ball Room, Hotel Washington.......... 954 03 '954 03 LOLOs | eRepairs.to Building S01, Colon 22:51.) 6) 440 62 440 62 1521 | Replace (20) 65 ft. Vertical Coal Dock, Cristobal......... 796 90 796 90 1522 | Scrapping Cranes—French Pier, Balboa Docks........... 4,340 59 4,340 59 1523 | Disconnect Motors in Shaw Cranes—Balboa............. 460 91 460 91 1524 | Installing Cash System—Cristobal Commissary.......... 915 59 915 59 1525 | Convert Mess at Red Tank into Market................ 392 25 392 25 1526 | Convert Building 905, La Boca into Market............. 348 67 348 67 1527 | Convert Market Building, Mt. Hope, into Stalls......:... 312 48 312 48 1528 | Construct Market, High Street, Gatun.................. 156 26 156 26 1530 | Paint Exterior Woodwork, Mt. Hope C. 8. P............ 969 90 969 90 1531 | Re-construct Ice-box—Cristobal Commissary. 2... yan. 801 33 801 33 1582 | Re-erecting Shed—Mindi Dairy......................0- 724 91 724 91 1534 | Labor and Material, Making Fill—Mindi................ 982 81 982 81 1535 | Demolish La Boca Docks to Deck sak ee 1,167 25 1,167 25 1536 | Paint Exterior—Ancon Commissary...............2.-0: 391 52 391 52 1537 | Build New Ice-box—Cristobal Commissary..........:... 2,869 35 2,869 35 1538 | Paint Interior and Exterior—Ancon Market............. " 369 10 369 10 1539 | Install Machinery and Pipe—Ice-box, Gatun Commissary . 150 65 150 65 1540 | Docking, Un-docking and Repairs to Barge 2............ 14,406 31 14,406 31 1542 | Remove Elevator, Mt. Hope, to Cristobal Commissary. . 67 36 67 36 Lodo Repairs: tO: barger2O 4 as wah ee ae 4,988 03 4,938 03 1545 |. Renewal—Water Line, Balboa Cold Storage Plant........ 4,540 63 4,540 63 See Soon a ee ERR Ree 279 41 279 41 1546 | Repairs to Building 21—Colon Beach — | eS $428,554 89 $615,213 97 STEAMSHIP OPERATIONS. Gross GRoOss Nur REVENUE. — EXPENSES. INCOME. OD eee eee a ae Rem oo Net ceared tone are $2,862,898 57 $3, 450, 231-02 *G587 , 332 45 NOD pee niente ee ees ee 5,156,446 84 5, 857, 257 06 #700,810 22 Decrease....... rine eae S Shee nee es Seco $2,293,548 27 $2,407,026 04 *$113,477 77 * Deficit. A s STEAMSHIP LINE. : _ The total operating revenues of the Company’s Steamship Line were $2,723,985.58, a decrease of $2,268,765.54 as compared with the. twelve © months ending June 30, 1921; operating expenses for same period were $3,443 ,490.39 as against DO, 850, 407.22 for the préceding year, a decrease of $2, 406, 916.88. The net operating deficit resulting therefrom decreased $138, 151.29 as compared with loss for prior year. Passenger traffic shows a decrease in revenue of $115,591.71. Revenue from the transportation of mails and treasure decreased $75,442.01 and — $20,099.33 respectively. : Of the total tonnage transported in the fel months ending June 30, 1922, 197,099 tons were carried by the Company’s steamers and 55, 767 by chartered steamers. In the previous fiscal period nie former carried 314,877 tons and the latter 100, 282. ~~ : Steamship Line. Wages of Officers and Crew. Reboilering S.§ “Colon”’ and “Panama.” PANAMA RAIL ROAD COMPANY. Ry GENERAL REMARKS. The operations of the Panama Rail Road Steamship Line during the fiscal year ending June 30, 1922, although more favorable than for the preceding year, resulted in a deficit. of $087,332.45 after charging to operating expenses $358,429.44 account of depreciation and general and extraordinary repairs. The primary cause for loss was the continued world-wide depression in business, with its consequent heavy decrease in tonnage transported; the marked lowering of rates of freight owing to the severe competition of direct lines operating between South Pacific and Hast Coast Colombian Ports and New York; the unsettled exchange situation, which with the curtailment of credits previously granted by American merchants to South American merchants, compelled the latter to buy and sell in Europe instead of as formerly buying and selling in the United States and the continued high cost of foodstuffs, stores and material. In pursuance of the Company’s policy all freight and passengers carried for account of the United States Government during the year were charged for at material reductions from regular tariff rates. Had the Steamship Line received tariff rates for such services its deficit of $587,332.45 would have been reduced to approximately $125,000.00. The total revenue from all sources was $2, 862,898.57, a decrease of $2,293,548.27 from 1921. The total expenses amounted to $3,450,231.02, a decrease of $2,407,026.04 from 1921. The number of sailings outward from Noe York was reduced during the year to fifty-five (55) with a total of 117,023 tons carried; as against sixty-five (65) departures with a total of 178, 811 tons during the previous” year; a decrease of 34.55 percent. in tonnage. The sailings to New York were reduced to fifty-five (55) with a total of 135,843 tons, as against (65) sixty-five sailings with a total of 236,348 tons during the previous year, a decrease of 42.53 percent. in tonnage. The reduction in deficit of $113,477.77 as compared with the previous year—despite the large falling off in tonnage transported—was due to the policy of retrenchment that was rigorously enforced. Several steamers were laid up intermittently during the year because of small cargoes offering. The ‘“‘Cristobal”’ continued in the coal trade between Norfolk and Cristobal in order to avail of her passenger accom- modations for Government employees. The “General O. H. Ernst” and “ Advance” operated in the service between New York and the West Coast of South America via Haiti and the Panama Canal and the “ Panama,”’ “Colon” and “General W. C. Gorgas” in the New York-Cristobal Service. The wage agreement with the Deck Officers Association expired July 31, 1921, and the anticipated reduction of fifteen percent. in wages, mentioned in the last Annual Report, became effective August 1, 1921. A later conference between the Shipping Board and representatives of the Masters and Mates and Engineers Associations resulted in a further reduction of fifteen percent. in wages that became etfective February 6, 1922. In June, 1921, the 8S. S. ‘‘Panama,”’ as mentioned in last Annual Report, was dispatched to the Isthmus for installation of new boilers and general overhaul by the Mechanical Division of the Panama Canal. The work was completed on December 2, 1921, at a cost of $472,244.49, in- cluding the cost of boilers. The reboilering of the 8. S. “Colon,” that was contemplated in the latter part of current fiscal year, has been deferred for later decision. Haitian Business. ~ 94. s ‘PANAMA RAIL ROAD COMPANY. The cargo movement between New York and Haiti for the year remained at practically the same level as that for the preceding period. The revenue derived from southbound cargo was approximately the same - as last year, but the northbound revenue materially decreased owing to Weat Coast Service. Service — East Colombian Ports. Increasing Differential to South Pacifie ‘Ports. Charter Of “ANianea.” Bunker Coal. the necessity for establishing lower rates to meet the competition of the — direct European Lines. There was but slight improvement in general business conditions throughout the Island during the year, but the loan of $16,000,000.00 to the Republic of Haiti, which is being floated in this country for the refund of the two Haitian loans outstanding in France, the payment of the internal floating debt, and for other Government purposes including public works, should stimulate both Boe and ex- ports during the coming year. Service between New York and South Pacific Ports as far south as Guayaquil was maintained during the year by monthly sailings. The 8. 8. “Caribbean’”’ was.continued in service between Cristobal and Hast. Colombian Ports until January, 1922, when that vessel was with- drawn and replaced by the 8. 8. “‘Advance.’”’ The severe competition existing between the Clyde Line, that operates Shipping Board vessels, and the United Fruit. Company, resulted in the establishment of rates at such a low level as to make it advisable to withdraw the 8. 8. “Advance” in May, 1922, rather than continue the vessel in that service operating at a deficit. When normal conditions and reasonable freight rates again prevail, consideration will be given to the resumption of our service with East Colombian Ports as a feeder for the New -York Line. In July, 1919, at the request of the Shipping Board and the Conference: Lines operating ‘to West Coast South American ports it was agreed to reduce to 5% the differential of 10% previously established by the Ship- ping Board in favor of the transhipment route via Panama with the understanding that if the Steamship Line did not secure a fair share of the traffic at that reduced differential the company would revert to the former, differential. As the 5% differential proved inadequate to secure for the Steamship Line for transhipment at the Canal Zone a reasonable portion of the traffic, the 10% differential was restored in May, 1922. | On February 11, 1922, the S. S. “‘Allianca”’ was chartered to the Old Dominion Transportation Company of Norfolk, Va.,for a period of four months with the option of renewal for two additional months, which option was availed of. Contract was concluded with J. H. Weaver and Company for the bunker requirements of the Company’s steamers at New York for the year ending January 31, 1923, at $6.03 per gross ton alongside. On April / 1, 1922, the miners eae closed the mines of the contractors and while not obligated under the terms of their contract to supply bunker coal while strike conditions prevailed, they continued to furnish our require- ments at the contract price by supplying Pocahontas and New River coals until May 28, 1922, when the burden became too heavy and agreement Accidents - - to Steamers. was reached to pay ‘them on the basis of actual cost, $7.50 per ton, which was considerably lower than the price of “spot”’ coal. On September 21, 1921, a fire broke out in the cargo cae in the No. 2 hold of the Steamer “General G. W. Goethals” while discharging at. Port-au-Prince, Haiti, that necessitated beaching the vessel. The fire was extinguished and vessel proceeded on her voyage to Cristobal on September 25, 1921. As no serious damage was caused to the hull, decks or bulkheads, no difficulty was encountered in obtaining Lloyd’s Certificate of Seaworthiness before her departure from Port-au-Prince. The resulting PANAMA RAIL ROAD COMPANY. a “25 cargo losses are in the process of adjustment through general average in which the vessels participation will approximate $25,000.00. The damage to vessel was repaired at a cost of $5,500.00. The S. 8. ‘““Panama”’ when about five miles off the coast at Sea Gate, New Jersey, on December 16th, 1921, and while proceeding to New York was in collision with the U. 8. Naval Destroyer ‘‘Graham.’’ The investi- gation of the accident held by the Local Board of the U.S. Steamboat. Inspection Service, at which the officers of the ‘‘Graham” were not per- mitted by the Navy Department to testify, indicated no negligence or : faulty handling of vessel on the part of the licensed officers of the ‘‘Panama.”’ Retirement § The damage tothe “Graham”’ was estimated to amount to $125,000.00. pourerits The repairs to the ‘““Panama”’ were effected at a cost of $8,690.00. “Gon HLF. Lhe 8. 8. “General H. F. Hodges” was retired from service and laid Hodges.” up in Gatun Lake, April 25, 1922. | Agency On April 1, 1922, we discontinued acting as Isthmus Agents of the Colombian §. §. ‘“‘Balboa”’ of the Colombian Maritime Company. . Sa Because of the depression in business we relinquished our lease of oy * Pier 1, Hoboken, thereby securing relief on November 15, 1921, from the Hoboken, beavy rental charge provided for therein, but with the right reserved to N.J. . the use of two berths at that pier whenever adequate dock space on the New York side cannot be secured. Piers, The limitation of the Company’s service to three steamers between New York. New York and Cristobal and one steamer for Haitian and South Pacific Ports each month has permitted the handling of the bulk of the tonnage on Pier 67, North River, with the occasional rental of outside piers as required. When traffic conditions justify an increase in the number of ships operated from New York additional pier space will be necessary. Special On June 6, 1921, a Special Panama Canal Commission was appointed Panama by the Secretary of War to investigate and report upon conditions relating eels to the Panama Canal including all matters affecting the Panama Rail sion, oad and the Panama Rail Road Steamship Line. The recommendations in the Commission’s report of September 15, 1921, to the Secretary of War, the comments of the Governor of the-Panama Canal thereon and the action taken and contemplated upon the recommendations approved by the Secretary of War are referred to in detail in published report of the S Special Panama Canal Commission. | 3 ee Tethmus Last year’s report advised the execution of contracts with C. G. Blake Coal. Company and the Pocahontas Fuel Company, covering the requirements for the year ended April 30th, 1922, based upon an estimated consumption of 40,000 tons per month, at $3.00 per net ton at mines. Shortly after the contracts became effective consumption at the Isthmus, due to the existing world-wide depression in shipping and the increasing number of steamers equipped as oil burners transiting the Canal, fell off to such a degree that it became necessary in February 1922 to arrange with th _. contractors to extend the contracts beyond their expiry date. = Colliers. Because of the decreased demand for coal at the Isthmus the supply was maintained by the regular operation of the ‘Cristobal’ in that trade - with intermittent voyages of the S. 8. ‘Achilles.’ The S. S. “Ulysses” and the Barges ‘“Mamei’” and “Darien” were laid up at Norfolk. In December 1921 and March 1922 respectively the ‘“Mamei’’ and “Darien” were towed to the Isthmus with cargoes of coal and tied up in Gatun Lake. The S. S. “Cristobal” was continued as a coal carrier during the year only because of the need for passenger accommodations to carry employees between the Canal Zone and the U. 8. , 3 _ Values _ Charged to Selling Price of _ Coal at . Isthmus. _ Reserve Fund. 26 ; PANAMA RAIL ROAD COMPANY. _ Subsequent to July 1, 1921, the sale price of coal at the Isthmus was: Cristobal, _ Balboa. Wy O1OO Ls os ee a a $15.00 $17.00 OotowWen a UO Da ye Sts a Nas 12.00 15.00 December 15, 1921......... ON aH Gis ce nee Gena OEE a oh meee ea ee TSO oD: ees *10.00_ *13.00 *Tf taken in lots of 825 tons or more. The securities held in the ‘‘Reserve Fund” a at a cost of. $2.069,692 9) 0) had a market value on Jone 30; 1922, of.. noone Sg O12 660 58 a nile nce of... & $157 026 9 While there is an apparent. difeience: in “value of $157,026.92, the return to the Company because of the high interest rates of the bonds ; is greater than it would have been had the funds been invested at the pre- _vailing rates allowed by Trust Companies on deposits. At the close of previous fiscal 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 $239,543.82, which balance was reduced during the fiscal year by successive payments of interest accrued upon the securities held amounting to $85,000.00, leaving a balance due the General Fund on. June 30, 1922, of $154,548. 82. Deprecia- tion and Adjustment The ‘Company’ s temporary investment of available funds in United States Treasury Certificates was increased during the year from $500,- 000.00 to $1,000,000.00. | In reporting the net deficit from the combined operations of the Rail of Inventory Road and Steamship Line of $1,297,634.39 for the fiscal year, special Operations : During Year. Changes in Officers. Changes in Directorate. EK. Greene. - attention is called to charges to operating expenses aggregating $1,645,- 404.17, consisting of accrued depreciation of $1,093,028.77 and reduction in inventory values of stock of Commissary, Coal, Cattle and Dairy Industries amounting to $552,375.40. On June 20, 1921, Mr. F. Bruk was appointed Acting Auditor at New York because of the absence of Auditor on sick leave. On September 7th, 1921, at the request of the Chairman of the United States Shipping Board and with the approval of the Secretary of War, Mr. T.. H. Rossbottom, Third Vice-President and Secretary, was sranted temporary leave and transferred to the Shipping Board as General Man- ager of the United States: Lines. On account of Mr. Rossbottom’s absence Mr. V. M. Newton who returned from sick leave on September 23, 1921, was relieved temporarily of his duties as Auditor and assigned to the position of Acting Third Vice-President; Mr. W. R. Pfizer was on the same date appointed Acting Secretary, and on November 23, 1921, was appointed Assistant to Vice-— President in addition to his duties as Acting Secretary. During the year the following changes occurred in the diree torate: On September 10,1921, Major C. S. Ridley was elected to succeed General Chester Harding resigned. On June 30, 1922, Mr. H. A. A. Smith resigned and the vacancy thereby created was filled after the close of the fiscal year by the election of Mr. Respectfully submitted, oe | E, A. DRAKE, New York, N. Y. co Vice-President. November 20, 1922. 7 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. 28 - *- PANAMA RAIL ROAD COMPANY. EXHIBIT A. Income ACCOUNT AND PROFIT AND LOSS ACCOONE FOR THE YEAR ENDING JUNE 30, 1922. IncomME ACCOUNT Ram Roap— Gross Income from Operations. ....... eee rae a ee I $3,182,660 10 & Operating WXpenses sss ee ces ee eh een ea ee 2,741,829 97 Net Rieventie- trom Operations... . se ne res es Ser $440,830 13 S7THAMSHIP— Gross Income frOMTOHEraAtlONS «a ee ee ee Sahes sete $2,723,985 58 Operating WxXpenses ses ee we ee ee ae ee 3,443,490 39 Net Deficit from Operations............0+++eeeeeeee ae *719,504 81 2 Total Net Deficit from Operations'....... Soe Se cee ; : *$278,674 68 App INCOME FROM— : ae ; Interest and Exchange . Garage So nig Oa eee St cain $151,973 16 DET tah isos a ae gl in ae ae eee I een epee 108,950 O1 Result Hog Operations aceon es we see 3,891 23 264,814 40 Tacs . $13,860 28 Results@oal-Operations: =. 6 4 6 Sk a »..| $424,112 56 Result Cattle Operations......: echo ee ay ees ease, Pongo nt es ayers ates 359,425 09 Result Roultry. Operations co. ce aos Gee oe a ee ns es 5,728 98 Resulte airy: Operations. Ulyssesive a Reserves for Replacement, Extraordinary Re- pairsand Rental Barges ‘‘Darien’’ and ‘‘Mamei’’. Reserve for Interest on Panama Canal Invest- mentin:Coaling Plantic.. o.oo CURRENT LIABILITIES: Isthmus Drafts. Outstanding sana Pausiee rorrtia arias Accounts Payable OL OO O00. re) ele oe) oie) 1ei 4 0s 6). 0 ee) ee (07 0 102 ee we eee ee we we ee he te tte ee ee we we we we eee ee we se we ew ew ee ew me ew ww ee ee we we ewe wee ee we ee $1,399,114 1,848,217 $900,712 1,106,608 3,868 932,378 1,302,170 4,194 447,916 278,619 834,430 $2,379 735,068 57,229 59,502 61 50 $7,000,000 00 3,247,332 11 $10,247,332 11 5,960,898 95 854,180 52 334,959 19 25,431,937 @ /| $42,829,308 49 “-ANVdWOO GVOU TIVE VNVNVd . 66 30 a PANAMA RAIL ROAD COMPANY. EXHIBIT B-1. Investment Securrrms Ownep JuNE 30, 1922. Great Northern Railway Co., First and Refunding 4144 % Bonds, 1961. ( Pittsburgh, Cincinnati, Chicago & St. Louis Railway Consolidated Series H475, DONS, LOGO ees seks cool Scie ae oleae catese os Banner & Quincy R. R. Co., General Mortgage 4% Bonds, Chicago, Burlington & Quincy R. R. Co., Illinois Division, 344% BOTS OE Oe cra ces see ha I oe oe oe rk se ce eas ‘Illinois Central R. R. Refunding 4%, Bonds al 955 es ee Delaware & Hudson Railroad, First and Refunding 4% Bonds, 1943.. Union Pacific R. R. Co., First and Refunding 4% Bonds, 2008...... ON a Baltimore & Washington R. R. Co., First Mortgage AE ONGS {LO Las. ses nies eis Sc Geis eee as woe e Le es hs bis us _. State of New York, Gold Tax Exempt 4% Bonds, 1961............ Louisville & Nashville, Unified=47 Bonds 19406 2... ok. es el es - Chicago, Milwaukee & St. Paul General 44% Bonds, LOS QR er oes Central Pacific Railway, First Refunding Mortgage 4% Bonds, 1949. Atchison, Topeka & Santa Fe General Mortgage 4% Bonds, 1995. Norfolk & Western Consolidated Mortgage 4% Bonds, 1996........ - Republic of Panama Secured Sinking Fund, 5% Bonds, 1944. Pennsylvania R. R. Co., General Mortgage 4 i 13 Bonds, 1965... Baltimore & Ohio R. R. Cometirst-49 Bonds, 1048-3 New York Central R. R. Co., Refund 444% Bonds, 2013.......0.2..: United States Goverment 44% Liberty Loan Bonds 1938......... United States Government 434 70 Victory Liberty Loan Notes, 1923. | sRotal BONO Seat ea eee eee eee eee we ore \ 100,000 100,000 100,000 100,000 100,000 100,000 - 100,000 200,000 239,000 _ 100,000 100,000 100,000 100,000 105,000 88,000 100,000 100,000 125,000 Par VALUE. 00 00 5,200 00 51,400 00 $2,113,600 00 $99,875 98,500 96,000 | $7,750 96,187 98,625 97,187 | 202,000 247,127 96,771 103,338 94,146 95,553 99,873 - 88,000 98,250 91,250 122,656 5,200 51,400 $2,069,692 Book VALUE. 00 00 PANAMA RAIL ROAD COMPANY. EXHIBIT C. SLR STATEMENT OF REVENUE AND HXPENSES FOR THE YEARS ENDING : JUNE 30, 1922, anp 1921. / REVENUE FROM OPERATIONS. a i ee. ——- } Ratt Roap: Revenue from Transportation. FREIGHT: Through Commercial....... Local Commercial. .......... 2 PATINY: ATIG INAV Vice eee ce a a Panama Canals. 2.3 no ae: PASSENGER REVENUE: Through Passengers............ Wocal Passencers. «20 «0. oe INTINY; ANGINA c coc ee RanamasCanalecsen IB AEE AC Ore ie ee ee ee ae xpress; llail, ete: <6 2. Parlor and Chair Car..... oie Special Service Train. ......... MISCELLANEOUS: : DWItCMiMN goes res erat (eceeeteer to, = Locomotive Service..... pa neers Total Revenue from Transporta- CLO enent eee eee eees oak ee ae Revenue from Rail Road Operations other than Transportation. — Station and Train Privileges. ... Storage—Freight. .22...02. 0% ee Storage—Baggage............. Demtirraget eo... oss Relepraphts eee ee Rents of Buildings, etc., used in Operations of Rail Road...... Miscellaneous Revenue......... Total Rail Road Revenue...| $1,552,400 Harbor Terminal Revenue. ATLANTIC TERMINALS: BoONVIN ATL AP eden est Rent of Wharves or Space on _ Wharves and Storage........ Stevedoring Revenue.......... Freight. Handling and Transfer- TINGHREVeENUC. ces Water Supplied Shipping....... Miscellaneous Harbor Terminal Revenues 3. oa. Peteiog weber’ Total Atlantic Terminals... Carried Forward eeaeeoaeovees 1922. 1921. $165,849 06 | $168,756 33 652,266 30 201,893 37 ge 155,222 61 eo 388,580 22 ae 111,000 00 $818,115 36 | $1,025,452 53 $3 60 $45. 60 426,361 54 |, 428,177 08 os 111,240 98 ne 144,000 00 4,996 23 7802 58 42:909 71 53,212 61 3.530 75 8.896 25 14.306 33 11,163 00 $492,108 16 | $764,538 10 $47,150 45 $51,170 87 145,200 22 296,026 18 $192,350 67 | $347,197 05 $1,502,574 19 | $2,137,187 68 $611 00 $312 50. 7,727 92 14,457 53 214 50 267 64 24,283 25 61,375 50 2,363 25 2'950 90 1,416 00 1,203 08 13,210 43 24.266 86 $49,826 35 | $104,834 O1 54 | $2,242,021 69 $125,133 90 | $154,223 93 20,969 77 31,774 58 139,926 30 203,606 85 729,604 61 918,129 24 49,460 00 55,554 73 $1,065,094 58 | $1,363,289 33 $2,617,495 12 | $3,605,311 02 INCREASE. DECREASE, $2,907 27 155,222 61 388,580 22 111,000 00 $207,337 17 $450,372 93 -—— — $42 1,815 111,240 144,000 2,806 10,302 5,365 hit fl | $3,143 33 —<—<—<$<—<———<—$—— J ————— : . $272,429 | $4,020.42 150,825 96 $154,846 38 $634,613 49 11,056 43 $55,007 66 $689,621 15 $29,090 10,804 63,680 ~ 188,524 03 81 55 63 || | | 73 6,094 $298,194 75 $987,815 90 ! 7 82 ‘PANAMA RAIL ROAD COMPANY. EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. REVENUE FROM OPERATIONS— 1922. 1921. Continued. Brought Ferward: See er $3,605,311 02 $2,617,495 12 Ratu Roap—Continued. : Harbor Terminal Revenue—Continued. Paciric TERMINALS: $84 00 $470 02 Wharves and Storage........ 2,876 23. 9,382 49 Stevedoring Revenue.......... 14,589 36 10,3853 07 |. $4, Freight Handling and Teanater: Ting Revenue: . 6.6. tee t 64,414 08 113,534 35 Miscellaneous Harbor Terminal PREVENUCR ce Beas Fscenss eetes 9,508 18 8,781 69 Total Pacific Terminals.... $91,471 85 $142,521 62 Total Harbor Terminal ; AVOVENUC .& csc 6 See wees $1,156,566 43 | $1,505,810 95 OUTSIDE OPERATIONS: a Cattle Steamers.......... Sons — $289,353 85 Telephone.......; Scie aie Sia eines $191,697 12 198,920 80 Dtaplese os as ee ees ees 27,258 90 27,251 85 Bageage Transtére..c oc. << ess 12,962 25 16,764 50 (Hotelsi7s i soe aera Ba ee ae 187,049 38 231,805 89 | .- Riantationsic cc. 6 ce ce ele eee 24,417 84 67,448 66 Motor Car Repair Shop.......... 30,307 64 86,960 45 $473,693 13 | $913,506 00 é Total Revenue Outside Operations STEAMSHIP LINE: : g $4,051,438 34 Wrelentins cco ies ike ha $2,029,661 96 “ee PASSONPEr sk ochasie wi sk ee ates era ola C7 ,984 67 Excess Baggage. ns 6... sic cee 2,372 51 2,953 32 Meare Pe a ene eo PEE 115,526 77 190,968 78 SETOASUNG =: oo tctke cee re eles eres 31,980 97 52,080 30 Mineral Waters, etc........-22-e: 2 1,135 51 1,855 75 Steamer Chair Service........... ; 5,313 50 6,526 00 Miscellaneous: 3s sae s i oe ees 133, 120 59 167, 043 96 Total Steamship Revenue...... $2,723,985 58 | $4,992,751 12 Gross Operating Revenue....... $5,906,645 68 | $9,654,089 76 OPERATING EXPENSES. RaAiL Road: Maintenance of Way and Structures} $151,946 52 $334,458 08 Maintenance of Equipment....... 393,848 98 780,880 47 Traffic Expenses...........+- eae Bs 7,409 61 7,877 80 Transportation Expenses......... ; 589,568 06 877,664 24 ‘General Expenses—Isthmus....... 98,794 90 102,428 25 Locomotive Service to Outsiders. 145,200 22 296,026 18 Transportation for Investment— MOT EGI Gs tees ais eee ccaear ere erences ean — 600 10 Total Railroad ones Ex- DEMSES 2.1 ok cers ee eee $1,386,768 29 | $2,398,734 92 HARBOR TERMINAL OPERATIONS: ATLANTIC TERMINALS: Stevedoring: 2250 at. $71,013 71 $192,382 92 | Freight Handling and Transferring. 441,498 54 837,755 79 General Harbor Terminal Expenses 295,644 64 381,606 75 Total Atlantic Terminals..... ..| $808,156 89 | $1,411,745 46 $2,194,925 18 | $3,810,480 38 Carried Forward. ...«.... INCREASE. 236 29 ee 726 49 ee | DECREASE. $987,815 90 $386 02 6,506 26 49,120 27 oe $51,049 77 $349,244 52 - $289,353 85. 2,223 68 3,802 25 44,756 51 | 43,030. 82 56,652 81 $439,812 87 $182,511 56 387,031 49 468 288,096 18 3,633 35 150,825 96 600 10 $1,011,966 63 ———— $121,369 21 396,257 25 85,962 1] TD $603,588 57 $1,615.555 20 PANAMA RAIL ROAD COMPANY. EXHIBIT C (Continued). STATEMENT OF REVENUE AND EXPENSES. OPERATING HXPENSES— Continued. Brought Forward......... Harspor TERMINAL OPERATIONS —Con- tinued. Paciric TERMINALS: Stevedoring Freight Handling and Transferring oe ee General Harbor Terminal Expenses Total Pacific Terminals... Total Harbor Terminal Expenses OvuTSIDE OPERATIONS: CattlesSteamerse acne. eo ees Telephone UBDICS set cee eons ae eee Baggage Transfer.......... Ee Hotels Plan tationssiaet eens ees ee Motor Car Repair Shop Total Outside SS PEIXONSCSsicee oe statsss tena Ce Ce ee eet SS ee 8 oe eee rw STEAMSHIP LINE: Steamer Expenses....... Sa eee Agency Expemses................ General Expenses—New York. Total Sicamship Ma penses wR Gross Operating Expenses..... ee Ratt RoavD: ; Revenue: Operating Rail Road...,... ah ates Harbor ermine ls ii. 6 he eects Outside Operations = Gtal Rail Road Revenue. oe eee we eo ee ee ew ew EXPENSES: Operating Railroad Harbor verminal soca Outside Operations Total Rail Road Expenses. . “eer vrer ee eee er ee Net Revenue Rail Road........ ‘ls Per Cent. of Expenses to Revenue SrmamsHip LINE: ; Mota EVeVeCDUUe rw sie arenes cies Total Wxpensesi=. cic. see epee oes Net Revenue Steamship Line.... Per Cent. of Expenses to Revenue Grand Total Operating Revenue. Grand Total Operating Expenses Total Net Operating Revenue..... Per Cent. of Expenses to Revenue. a @ «© © © © © © oe ee ee He Operstine 1922. 18 $2,194,925 $9,695 47,785 17,746 $75,227 $883,384 81 60 30 76 65 $176,069 20,487 12,196 = 198,243 34,918 29,760 98 71 69 56 97 12 $471,677 03 79 33 27 89 $2,667,641 6,580 219,268 $3,443,490 $1,528,689 $903,700 192%, 38 $3,810,480 $12,952 86,378 17,612 $116,944 64 46 95 05 85 54 47 03 81 84 70 $289,353 199,860 24,935 12,484 217,027 76,856 83,181 24 $4,594,803 52 1,017,465 11 238,138 59 $5, 850,407 22 INCREASE. DECREASE. $1,615,555 20 $133 40 P| | | $6, 185,3 320 36 $10, 681,531 89 SUMMARY. $1,552,400 54 1,156,566 43 473,693 13 $3,182,660 10 $2,242,021 69 1,505,810 95 913,506 00 $4,661,338 64 $1,386,768 29 883,384 65 471,677 03 $2,741,829 97 $440,830 13 86.15% $2,723,985 58 3,443,490 39 *$719,504 81 126.41% $5,906,645 68 6,185,320 36 *$278,674 68 104.72% - 103.64% *$857,656 10 $9,654,089 76 $2,398,734 92 1,528,689 51 903,700 24 $4,831,124 67 *$169,786 03 $4,992,751 12 5,850,407 22 117.25% 10,681,531 89 110.64% $610,616 16 $138,151 29 9.16% *$1,027,442 13 | $748,767 45 $3,256 83 38,592 86 $41,716 29 $645,304 '86 $289,353 23,790 4,447 287 18,784 41,937 03,421 $432,023 21 $1,927,161 73 460,884 78 18,870 32 $2,406,916 83 - $4,496,211 53 $689,621 15 349,244 52 439,812 87 $1, 478,678 54 $1.011,966 63 645,304 86 432,023 21 $2,089,294 70 17.49% $2,268,765 54 2,406,916 83 $3,747,444 08 4,496,211 53 SAS a a ee nT a IERIE SSS ETT ag Tah ieee aE A a MR REN Mee aM hare ee aS *Deficit- “ 334 PANAMA, RAIL ROAD COMPANY. EXHIBIT D. STATEMENT OF EXPENDITURES FOR ADDITIONS AND BETTERMENTS FOR THE YEAR ENDING JuNE 30, 1922. Ratt Roap AND APPURTENANCES:— Construct Tracks to Mexican Oil Company.....:............ $6,076 72 One=Chinty—lon: box Car Noe G2025 6 971 29 Extend elattorm= Wonteauirlo;svatlonins...0% . 05 sy ee 143 61 pS ears aoe ce ee $7,191 Docks, Pirrs, WHARVES AND APPURTENANCES :— @argor Handling Ernuck Nos 485 3223.6 os as 715 TELEPHONE PLANTS:— bxtenadz@ables:to New Cristobale =<. =: i ee ee - $1,180 65 Install Additional Batteries, Pedro Miguel Exchange.......... 165 54 WGUIpPIMNents or rs eet ee eg eer 11 00 ee 1 Soe Coan AND OIL PLANTS:— Install Weightometer in Cristobal Coaling Plant.............. $1,092 21 MiscellancoussGquipmMents) 00s se ees ee 1,018 30 a 2,110 ‘COMMISSARY PLANTS AND STORES:— GoldsStorace: Plant, Mount. Hope... 6. eo es $2,999 64 Miscellaneous Equipment Sea oe eee Sige enn Bor, 1,827 26 Alterations; Cristobal: Commissary. «25... 0. oe ee 1,129 83 Install Boiler, Gristobale Bakery es ee ae 725 29 Install Ice-Box Gatun Commissary... 2. ce ee [2150 65 Install Tanks, Industrial Laboratory, Mount Hope........... 59 00 : : ae 6,391 REAL Estate :— 2 ; Repairs: to Building Non eQle:2.5 es he 440 FLOATING EQUIPMENT: — S. 8. ‘Panama,’ New Machine Shop............ eee CRD, $1,922 90 Sis. Colon. 22 New \Vachine: Shops 3 ee 1,918 29 S. S. ‘‘General W. C. Gorgas,’’ New Machine Shop........... 1,869 96 S:.S. Adlianca. 4 NeweMachine Shops 3. ¢.455 <. 4 54, 1,650 10 S. S. ‘General O. H. Ernst,’’ New WMECiane Shop ese ees 1,115 91 launches raiticA genGy. spas ss ae 1,020. 55 S. S. ‘‘Cristobal,’’ New Machine Shop............. See acs 863 60 SS. “General H. F. Hodges,’’ New Machine Shop..:........ 848 63 Valvernteseating: Machines +. ino ee 385 76 S. S. ““General G. W. Goethals,’’ New Machine Blop Se eae 114 17 S; 8. Advance. New Machine Shop. :........:.-..2.. ee eas 82 64 11,792 Hore, WASHINGTON :— Install-New, Switch Board=. =. 6... 3.4... = ee, eae ee $1,181 32 Miscellaneous: quipment, <6. 3) ee 226 16 —$___ 1,407 Darry: FarmM:— Rve-enect sned.= Vandi Wainy. a a ects $724 91 Labor and Material Fill, Mindi Dairy “es oe ee eee 982 81 Miscellaneous Equipment Ba Nae aR fe nae ge CE Sh ein ee 106 22 ; ; Seana eee 1,813 _ PLANTATIONS :— Miscellancous- Equipment: =. 55 STABLES, CoLON:— ~ New. Stables at: Colon. -4 3... 3: SSR ea einen es 123 GENERATOR AND CHARGING PANELS, N. Y. TERMINALS:— ° Generator and Charging Panels, Pier 1, Hoboken............. 8,092 CaTrLE INDUSTRY:— Miscellancous=Dquipment.. 3.) aos ee... oe ee 722 $42,214 00 19 51 67 62. 51 48 94 09 75 55 32 25 { PANAMA RAIL ROAD COMPANY. EXHIBIT D (Continued). 30 ar OF EXPENDITURES FOR ADDITIONS | AND BETrEeRMENTS FOR THE YEAR ENDING JUNE 30, 1922. Lrss— Credits for Property Sold . Adjustments 1 in Property Accounts: Property Transfer Between Panama Canal OFLU ON Ow 10 Lremertien le ehlonie 4 0) eiterre he ne lentes ere’ tee) .enve e%10/ eine and Panama Rail Road..... SRE Re re $1,058,098 73 Railroad and Appurtenances....... sa ae i: oly 83 Belephoneselantse 2.0 6 =e ee ee 1,071 45 @Coal-and?Oil Plants. oe 3,495 21 Commissary Plants and Stores............. 52,558 80 Hloatine: Hquspime mt. ee ee 226,608 29 Adjustment Depreciation Capital Accounts.. 206,943 31 Motor Car Repair Shop Equipment. . Cee 12,425 RiealWistate seccsc eo eo ee ee eo 12,5382 04 Other Crore Quip Mente ee 26,198 96 Planwationstiers net ote eens ht 1,248 93 Cattle Industry. Sa cat iether cite Oe Ne Re hae gates 2,569 03 Eotel Washingtons<.—) 0 os ee ee 2,067 af Hanm lmdustilesis...0 ce ee ee 17,546 8 Net Excess Adjustments, etc., over Expenditures. . $145,900 00 $1,675,151 31 $1,821,051 31 $1,778,837 06 36 2 PANAMA RAIL ROAD COMPANY. EXHIBIT E. RESERVE FOR DEPRECIATION OF HQUIPMENT AND FLOATING EQUIPMENT— PLANT JUNE 30, 1922. SEG SCOA Na neat = ek aa See oe Se Sea ey ce ee enc cee (eee $445,258 See S re WA Givin COM see es ea ie e ue ee Rese 250,440 es Se NAMM sc sce See eee ceo ca ahahs Sapiens Soi teed Sue hy ces ae 167,672 Das Coloma ste es Reese ed eo eae ee Tia aes ee 167,583 SS. Cristobakisece sae eee BO ope eee ee 96,894 SS ee ATCO Hee ee ee ee et pe ins nae ae ett as 26,771 So. wGeneralewWae©. GOLCdS en ne ne es 28,724 Sess Generale GW GOCUNAIS kate es oe ee a era 28,229 Sao. General @PSE eT SG ieee Ree ee ee ie ea een ae 27,982 Sips erenelal Gat = ELOC MCS nt oy ase nae ha ee are 19,823 Sa eee Bare I en Tag sre ecg ee eens i 53,221 a O Case ene ae et eee gee 15,435 MOLORSS Od eae es ee 556 plehimee GATING MCR ict ee hag ee ae ee 160 - REPLACEMENT, RENTAL AND HXTRAORDINARY REPAIRS— ColliensWilysses:e se a es Se phe SENN Ee nent $311,024 Gotlier “cAciiiles se eee eee SMe Ne ees : 288,719 Barges arlene saeco cine aden SGriicae aeh wake ae eas states Siete 155,201 Range E 5 ° ° g * a a Se By e i pe : a ‘e | @ 3 | 2 : m ; ° ., . ort ; 2/8 é\é 3 eee Pe eee ee eve) ate. alts ee 8 Se ee ae ie a O| ai a a} [ei S) 21 518] a a) Sie | Bale ml a Weal cil 2 1s (Sill sled sia] .|Alals eaals Pe 2 ole Ne 2 ele eG l | Pleo) eg | Sa 218) alg ei be Si) Si sleizl w [2] 212] 2) 2) Sf lelElSl elses) sia ae gl el alele] eels 6 | € Sn ot IC cise Fences ace ere |S Sl] a]. | S| al al° 2 O lae ia | 2 a | elaldie#lo| a [ole 18161513 [SI6l16/SIFIS ES laldizidlacolala|slalala Stock on hand June 30, 1921...| 14 | 26 || 14 | 27| 78) 628 | 25) 490 | 25) 254 | 196) 123 | 21) 4 | 8 | 58) O} 3 AT 20 Ol 6) Qt AU eS tl eb B82 acl 38 Destroyed during the year..... — | — || (3) | —| —| @30)} —. — | —| — | — | — | —S]] =)! Mie] —) (8) | — J - I i Sy o Received during the year....... — | — |} — | — —| — | —| — | — | — | SS] 2S Seis SS Sete] Oe] Changed from another class....| — | — |} — | —| —) — | —) — | — — } >) mo USO a eee (1){—|—|— |} J} es] eS] eh Transferred to the Panama Canale isc UE paR UL ie Gatien sts 14 {| (3) | —| —| — | —1 (270)| (5)} (204)} (96)} (109)} —}) —} —} —l—]/—} —} —[/—}—|—|—|}--} (8)} ()} (4)] (8)} (2))'@)] (3) ransterced trom Panama @ anal ie Wee cs eee aly eel eee a Waal tar ll tema Clee scnty Memb aeaa|e aml ras |acel ml cael eet enfes| ae al ene ot] en | ol eames Stock on hand June 30, 1922...) 12 | 12 8 | 27| 79) 499 | 25) 220 | 20; 50] 100) 14 | 21) 6; 0 57| ol| 3] 17| 14] 0] 6| 2] 1] 1] 0 |0]11/o0}o0]o0]0 Stored etl SA ER ee — | — 2 Sie Sl SS ee AO Neen paar 6} —| —} 43}—]|—} —| —l—I—|—/—]] 1) —} —) 1 | -—) —] ] Active Service June 30, 1922....) 12 | 12 6 | 19] 76] 316 | 25| 100 | 20) 50 | 100] 14 | 151 6 | O | 14] o|| 3} 17) 14] 0} 6] 2) 1/1 OF 0} 0 }.0; 0} 0} OF O Note: ( ) Indicates Decrease. OV TERMINAL SUPT. FILGAWDEN 440 Mer GEN. PURCHASING = OFFIEES ALL.FLINT COM MISSARY R.E.RUTHERFORD 28 Mer TREASURER DEMING T Mers SUPT. ENGINEER KOLANO ALLWOEK 245 Mer VICE. PRESIDENT - E-Fl. DRAKE S!17 Mer | ASS/STAIVT TO} VICE PRESIDEN AND SECHETAIRY LHRosSBOTTOM: 7 Ver GEINEEAL. COUNSEL RR FOGERS 3 der FIRSSENGER AGT. C.CVAN EIFER 2[er FEIGHT AGENT FILE. FATERSON I8 Merz AUDITOR ~ | VP7 NEWTON 28 Men CLAIM AGENT | JH/MLLER S /7e7 JJ (eeeow E.AOZAKE OHEeNsTr F.C. FUNOMANY EXHIBIT I THE PAINAIMA RAILROAD BOARD OF DIRECTORS E:PIESSOP HHROUSSEAU F /cinrvee HAASMITH eK Mores JSMWanwelaHr | THIROSSBOTTOM ML. WALKIE CIRIOLEY PRESIDENT JS J oerow SUPERINTENDENT SW HEALD. 1708 Mer | ASST-10 THE SUPERINTENDENT Rk. BEVERLEY OFFICE ASSISTANT GW. LEE | SUPPLY DEPARTMENT CHIEF QUARTERMASTER RK MoReIS ACCOUNTING DEPT. AUVUTOR ELWYN GREENE LEGAL DEPT COUNSEL & LAND AGENT W. F VANOAME SECOND VICE PRESIDENT IIL. WALKER ELECT ENGINEER. TELEGKAFH-TELEPHONE RAILEOAD SIGNALS W.L.HERSH SUPT COALING ELANTS ~~ GOADMASTER Be eee | MASTER OF TRANSFORTATION MOTOR. GAC STATION AGENT SUPT OF STABLES | PBWALKE TV M6 FRRLANE ME.ConpyoL.y | WF FosTee INSPECTOR COLON | AND STOCKYARDS IE. Men ATs. Men / (ez Men : eee I GRE H.C. ADAMS Cones = Ger, foreman 5S Men /0 Mer AH STEWALT CRISTOBAL DOCKS 10 Clerks Gold : es Boge ee oe | Ghavifecr cold (0 Melt Tie Be ply Z Lies Siter | Foon Stiper L Warching / Foreman Silver 8 Stablemen v Zz OFF) Ee IDES. Siver 4 Ger. FEremer 1 Forters BEDGES 4 BULOINGD SECTION GANGS COLON-CRISTOBAL | ELECTRICAL SECTION «__-XI1g SUPELVISOR 23 [Mert 1 Forena?r Gold 7 ECG “ YAENTICE é eee Heed Silver | Hd, Stevedere | PANAMA: BALBOA Z } Watcha | ere pea le | FORT QUPERIN TENDENT /35 Mer TERMINAL = | | |. TERMINAL ae 1 bibsser — a Ge. Ké parva oe EEL / ana Gold zZ « kelief a — FO Men I5 Mer BALBOA STATION AGENT : (rertian ‘ Te Silver : gee ! Clerk Geld 4 Clerk & WM WATE PANAMA JTEANISHIP TICKET 30 bs / Baz ae Wrerriart / erks ver Bae | | GALBOA SECTION OPERATING AND, 19 firlisans - /2 Seer 4 Conductorsvd Gold Conductors. Gold / oe Gold TTT.REVNOLDS BEE: 530 Laborers ° { CHIEF. OPERATOR MEGHAN: ; 4 EngIreers-V4, 1 ~ 3 Engineers - 8 " hare : 9 Mer F GEUNEWALD i AINICAIL, SEC TION 4 Watclirer 3 Officerelvers Silver SS Mer CHIEF OLS 3 Piremriers- Ya. Silver 4 Firemen -Ya Silver ene / Chaviteur- Gold / Clerk Gold EALEBOR DOCKS /. Fare. Stevedare Gold Bee | 1 4niter 7 Switcher, a“ I Switchinen, 4» / Office Helper. Silver ASST BEF AGENT 7 MELhGH SOS! ASST. ENGINEER 106 Laborers | eae? ® 7 Elagren xg. pe / Clee Gold 2 Machinists i i feat Chet ALL. PEATHER | of WELT Ves Ieee / IdM ow 1 Oph Crane : | 2 opr -Gereral 3 ATH es MESSCrGErs 1 / } Clerk Silver 26 G elleg Men Siler ee ee UE Orertian « VEIT 9 5 4 -Crane - 83 Laborers ” a oe Haridlers » Boxe ey = Boys : ree ighentater el Bee CE RATD): LINE ae TIONS : ELECTRICAL Soe Gold LOCAL AGENT / Opr- keloader Bed = Mechanies 11 Conductors. Qual, Qperators- Sigent PANAMA. 2 Electricians / Blacksrait7 Bg ee aca! ee ee a Fg are iB as f Werner? STEVEDORING - eee geile Mer } Dagger naskers Fo, SECTION // igre oad oD ye a CHIEF STEVEDORE . oS AGUTIElT- Ke 1C€ MEIPETS ie6 Men 7. 2 Porters ORGANIZATION OF JUNE 30 1922 1 Flagrneét? Xing 8 Stevedores 1 Forermary ¢ tine, 10. Svub-foreren 135. Coal Handlers 3 Water Boys 16 Laborers Messenger | TeAIN FDpaTAES| 2 Mer 5090-22 BAS Paynes ran Ne en UNIVERSITY OF FLORIDA OL 1262 08537.0764 ee ms se Rest a ae) ooo fir v7 * ae ae EE ~ serie Neopet Sstetess EA VE its, Seer aay Sy, Wie es x f at a cae Os .~ his Pe wrt ee are S wast