20 PANAMA RAIL ROAD COMPANY EXHIBIT C SECURITIES AND CASH FUND SET ASIDE FOR CONSTRUCTION OF STEAMERS, IN CHARGE OF COMMITTEE OF SECURITIES JUNE 30, 1933 PAR VALUE BOOK VALUE Albany & Susquehanna Rail Road Co., First 3 2% Bonds, 1946 $ 10,000 00 $ 8,550 00 Atchison, Topeka & Santa Fe Railway o General 4% Bonds, 1995 100,000 00 95,553 75 Baltimore & Ohio Rail Road Co., First 4% Bonds, 1948.......... 100,000 00 91,250 00 Bell Telephone Co. of Pennsylvania, First & Refunding 5% Bonds, 1960.................................................. 15,000 00 17,005 00 Central Pacific Railway Co., First Refunding 4% Bonds, 1949. ... 150,000 00 140,510 25 Chicago, Burlington & Quincy Rail Road Co., Illinois Division, 3 /2% Bonds, 1949...................................... 100,000 00 87,750 00 Chicago, Burlington & Quincy Rail Road Co., General 4% Bonds, 1958................................................. 100,000 00 96,000 00 Chicago, Milwaukee & St. Paul Railway Co., General 41/2 % Bonds, 1989................................................. 100,000 00 103,338 75 Chicago & Northwestern Railway Co., First & Refunding 41/2 % Bonds, 2037........................................... 190,000 00 185,275 00 Chicago & Northwestern Railway Co., First & Refunding 5% Bonds, 2037...................... ..................... 70,000 00 76,08 25 Delaware & Hudson Co., First & Refunding 4% Bonds, 1943. ... 200,000 00 192,562 50 Detroit Edison Co., General & Refunding 41/2 % Bonds, 1961... 25,000 00 25,850 00 Federal Land Bank, 41/2 % Bonds, 1942-32...................... 42,000 00 42,105 00 Federal Land Bank, 43/4% Bonds, 1954-34.................. **1,258,000 00 1,266,205 00 Fremont, Elkhorn & Missouri Valley Railroad Co. First 6% Bonds, 1933.................................................. 22,000 00 22,440 00 Great Northern Railway Co., First & Refunding 414 % Bonds, 1961 100,000 00 99,875 00 Illinois Central Railroad Co., Refunding 4% Bonds, 1955........ 100,000 00 96,187 50 Kings County Lighting Co., First Refunding 5% Bonds, 1954 .... 15,000 00 16,200 00 Louisville & Nashville Railroad Co., Unified 4% Bonds, 1940. ... 100,000 00 96,771 25 Louisville & Nashville Railroad Co., First & Refunding 41/2 % Bonds, 2003............................................ 20,000 00 19,000 00 Louisville & Nashville Railroad Co., First & Refunding 5% Bonds, 2003............................................ 20,000 00 21,250 00 Michigan Central Railroad Co., Michigan Air Line Railroad First 4% Bonds, 1940........................................ 25,000 00 23,625 00 New Jersey Power & Light Co., First 41/2% Bonds, 1960.......... 15,000 00 15,262 50 New York Central & Hudson River Railroad Co., Refunding & Improvement 4 /% Bonds, 2013........................... 125,000 00 122,656 25 New York Central Railroad Co., Refunding & Improvement 5% Bonds, 2013........................................... 183,000 00 197,613 75 Northern Pacific Railway Co., General Lien 3% Bonds, 2047... 50,000 00 33,468 75 Northern Pacific Railway Co., Refunding & Improvement 5% Bonds, 2047........................................... 138,000 00 149,993 99 Northern Pacific Railway Co., Refunding & Improvement 6% Bonds, 2047........................................... 200,000 00 224,472 50 Pennsylvania Rail Road Co., General 41/ % Bonds, 1965........... 100,000 00 98,250 00 Philadelphia, Baltimore & Washington Railroad Co., First 4% Bonds, 1943........................... ................ 200,000 00 202,000 00 Pittsburgh, Cincinnati, Chicago & St. Louis Railway, Consolidated Series H 4% Bonds, 1960................................ 100,000 00 98,500 00 Southern Pacific Co., Oregon Lines, First 41/ % Bonds, 1977... 50,000 00 50,375 00 Union Pacific Railroad Co., First Lien & Refunding, 4% Bonds. 2008.................................................. 100,000 00 97,187 50 United States Treasury, 318% Bonds, 1946-49................... 500,000 00 496,187 50 United States Treasury 4% Bonds, 1954-44..................... 100,000 00 102,937 50 Cash in Bank.............................................. 4,802 86 4,802 86 Acrued Interest on Securities................................. 69,417 28 69,417 28 Total............................................. $4,797,220 14 $4,786,737 63