10 PANAMA RAIL ROAD COMPANY


 TRACKAGE
 The total trackage maintained by the roadmaster during the fiscal year, including Panama Rail Road, Panama Canal, and United States Army trackage, amounted to 145.66 miles as compared with 145.91 miles for the previous year, or a decrease of .25 miles. This represents the difference in miles of old track taken out and new tracks laid.
 During the year a total of 3.323 miles of main line track were relaid with new 90-pound rail; all on the Pedro Miguel section.
 Data on track maintenance are given in Table No. 25.

 ROLLING STOCK
 At the close of 'the fiscal year there were 11 road locomotives, 12 yard locomotives, 55 passenger cars, 1,034 freight cars, 3 motor cars and six pieces of miscellaneous equipment in service. No new cars were built during the year and no alterations of consequence made to cars or locomotives with the exception of the installation of wash basins with running water in the toilets of first-class coaches. It was decided that there were too many cars of certain classes for operating economy and these cars were not repaired but were taken out of service as fast as they wore or deteriorated to a point requiring rebuilding or heavy repairs. At the end of the year there were 123 such cars set out. Of the remaining freight equipment, 104 cars were classed as in excellent condition, 440 in very good condition, 294 in good condition, and 133 in poor condition. The cost of car maintenance during the year was $174,680.61 which covered heavy repairs to 291 pieces of equipment and light repairs to 1,182 and includes $21,216.13 for painting of 29 coaches. The total cost of locomotive overhauls and maintenance during the year was $84,933.60 which included $25,961.99 for heavy repairs to seven locomotives. The combined cost of car and locomotive maintenance, $259,614.21, was less by $122,100.56 than the expenditure for such work in 1932.
 A summary of rolling stock on hand and in service as of June 30, 1933, is presented in Table No. 26.

 BUSINESS OPERATIONS ON THE ISTHMUS
 HARBOR TERMINAL OPERATIONS
 The gross revenue from harbor terminal operations during the fiscal year was $1,257,256.58, and operating expenses were $899,804.72, leaving a net revenue of $357,451.86 as compared with $286,379,97 in 1932, an increase of $71,071.89, or 24.8 per cent, for the year. The gross tonnage of cargo stevedored, handled, and transferred during the fiscal year amounted to 1,357,369 tons, as compared with 1,301,370 for the previous year, an increase of 55,999 tons, or 4.3 per cent. Cargo stevedored amounted to 331,241 tons during the fiscal year, as compared with 311,836 tons for the previous year, an increase of 19,405 tons or 6.2 per cent.
 During the year "Hold for Orders" cargo amounting to 10,979 tons was received and 10,948 tons were reforwarded and delivered locally, as


10