TABLE OF CONTENTS



 Page
List of Board of Directors and Officers............................ ......... 4
Letter of Transmittal ..................................................... 5


 OPERATIONS UNDER THE NEW YORK OFFICE General Administration .................................................... 6
Panama Rail Road Steamship Line......................................... 7


 OPERATIONS ON THE ISTHMUS
Financial:
 Revenues from Operations on Lhe Isthmus............................. 8
 Capital Jnvestment .................... ............................8
 Reserve for Depreciation............................................. 9

Railroad Operations:
 Revenue and Operating Expenses..................................... 9
 General and Passenger Statistics...................................... 9
 Freight Statistics................ ....... ............ ............ 9
 Trackage .......................................................... 10
 Rolling Stock ...................................................... 10

Business Operations on the Isthmus:
 Harbor Terminals.................................................. 10
 Coaling Plants..................................................... 11
 Real Estate ........................................................ 11

 Commissary ........................................................ 12
 Manufacturing Plants .......................................... 13

 Cattle Industry.................................................... 14
 Dairy Farm................................................... 14
 Plantations................................................... 14

 Hotels............................................................ 14
 Telephone and Electric Clock ........................................ 15
 Staples ............................................................ 15
 Baggage Transfer.................................................. 16
 Interest and Exchange.............................................. 16
 Expenditures under A. F. E.'s ........................................ 16
 Completed Construction Work and Equipment.......................... 16
 Construction Work in Progress ....................................... 16