EIGHTY-THIRD
ANNUAL REPORT OF THE
BOARD OF DIRECTORS
OF THE
ooil
TO THE STOCKHOLDERS
FOR THE FISCAL YEAR ENDED JUNE 30, 1932
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EIGHTY-THIRD
ANNUAL REPORT OF THE
BOARD OF DIRECTORS
OF THE
PANAMA RAIL ROAD COMPANY
TO THE STOCKHOLDERS
FOR THE FISCAL YEAR ENDED JUNE 30, 1932
WILBERT GARRISON CO.
82-84 BEEKMAN STREET, NEW YORK
TABLE OF CONTENTS
Page
List of Board of Directors and Officers. 4
Letter of Transmittal. 5
OPERATIONS OF THE NEW YORK OFFICE
Panama Rail Road Steamship Line. 6
General Administration 6
OPERATIONS ON THE ISTHMUS
Financial:
Revenues from Operations on the Isthmus. 9
Capital Investment. 9
Reserve for Depreciation 10
Railroad Operations:
Revenue and Operating Expenses. 10
General and Passenger Statistics. 10
Freight Statistics. 10
Trackage 11
Rolling Stock 11
Business Operations on the Isthmus:
Harbor Terminals 11
Coaling Plants 12
Real Estate 13
Commissary 13
Manufacturing Plants 14
Cattle Industry 15
Dairy Farm 15
Plantations 16
H otels 16
Telephone and Electric Clock. 16
Stables 17
Baggage Transfer 17
Interest and Exchange. 17
Expenditures Under A. F. E.'s. 17
Completed Construction Work and Equipment. 17
Construction Work in Progress. 17
TABLE OF CONTENTS-Continued
LiST OF FINANCIAL AND STATISTICAL TABLES
Financial: Page
Exhibit A, Statement of Income and Profit and Loss Account. 18
Exhibit B, General Balance Sheet 19
Exhibit C, Statement of Financial Condition. 20
Exhibit D, Securities and Cash Fund Set Aside for Construction of Steamers 21
Table 1, Operating Revenue, Expenses and Net Revenue, 1932 and 1931. 22
Table 2, Total Revenue, Operating Expenses, Net Revenue, Profit and
Loss from all Sources for the Fiscal Year ended June 30,
1932 .23
Table 3, Capital Investment in Fixed Property, Equipment, etc. 25
Table 4, Material, Stock, Coal and Supplies. 26
Table 5, Reserve for Depreciation of Plants, Buildings and Equipment. . 27
Table 6, Railroad Operations-Revenue and Operating Expenses, 1932 and
1931 28
Table 7, Harbor Terminal Operations-Revenue, Expenses and Statistics-
"Canal Zone for Orders" Cargo. 29
Table 8, Steamship Line Operations-Revenue and Expenses, 1932 and 1931 30
Table 9, Coal Plant Operations-Revenue, Expenses, Profit and Statistics. 31
Table 10, Real Estate Operations-Revenue and Expenses, 1932 and 1931. 32
Table 11, Commissary Operations-Revenue and Expenses, 1932 and 1931. 33
Table 12, Commissary Purchases by Commodities; Location of Purchases;
Distribution of Sales 34
Table 13, Cattle Industry-Revenue, Expenses, Profit and Loss. 35
Table 14, Dairy Farm-Revenue, Expenses, Profit and Loss. .36
Table 15, Plantations-Revenue and Expenses .37
Table 16, Hotel Tivoli-Revenue and Expenses. 37
Table 17, Hotel Washington-Revenue and Expenses. 38
Table 18, Telephone and Electric Clock Operations-Revenue and Expenses 38
Table 19, Stable Operations-Revenue and Expenses. 39
Table 20, Baggage Transfer Operations-Revenue and Expenses 39
Table 21, Interest and Exchange-Revenue 39
Statistical:
Table 22, Steamship Line Operations-Freight and Passenger Statistics. . 40
Table 23, Railroad Operations-General and Passenger Statistics 41
Table 24, Railroad Operations-Freight Statistics 42
Table 25, Trackage, with Additions and Removals. 43
Table 26, Statement of Locomotives and Rolling Stock in Service 44
Table 27, Statement of Expenditures under A. F. E.'s 45
Table 28, Statement of Principal Items of Completed Construction Work
and Equipment Added to Capital Account. 46
Table 29, Construction Work in Progress at Close of Fiscal Year 1932. . 47
Functional Organization Chart 48
PANAMA RAIL ROAD COMPANY
BOARD OF DIRECTORS
H. BURGESS C. A. McILVAINE T. H. ROSSBOTTOM
A. L. FLINT FRANK McINTYRE J. L. SCHLEY
ELWYN GREENE JAY J. MORROW JOHN TABER
W. R. GRUBER F. H. PAYNE ROY R. WATSON
R. R. ROGERS
OFFICERS
H. BURGESS . . President . . . . . BALBOA HEIGHTS
T. H. ROSSBOTTOM . Vice-President . . . . NEW YORK
J. L. SCHLEY . . Second Vice-President . . . BALBOA HEIGHTS
W. R. PFIZER . . Assistant to Vice-President, and
Secretary . . . . . NEW YORK
V. M. NEWTON . . Treasurer . . . . . NEW YORK
R. B. WALKER . . General Manager . . . . BALBOA HEIGHTS
A. L. FLINT . . . General Purchasing Officer . . WASHINGTON
ROY R. WATSON . Chief Quartermaster . . . BALBOA HEIGHTS
G. R. SELKIRK . . Auditor . . . . . NEW YORK
W. J. SHERIDAN . Commissary Purchasing Agent . NEW YORK
T. S. SPRAGUE . . Freight Traffic Manager . . NEW YORK
W. K. B. POTTS . . Superintendent . . . . NEW YORK
R. R. ROGERS . . General Counsel . . . . NEW YORK
JOHN 0. COLLINS . Counsel on the Isthmus . . ANcoN
GENERAL OFFICES
24 STATE STREET --------------------------------------------------------NEW YORK
PANAMA RAIL ROAD COMPANY
New York, October 31, 1932
To THE STOCKHOLDERS:
I submit for your consideration a report of the Company's business and
resulting financial condition for the twelve months from July 1, 1931, to June
30, 1932, and in that connection call attention to the subjoined detailed state-
ments that cover the operation and maintenance of the Company's property.
The operation of the Railroad and its appurtenances jointly with the
Steamship Line resulted in a net income of $899,507.24, a decrease of $285,-
892.80 from last year. From this must be deducted profit and loss adjustments
affecting previous years' operations amounting to $11,892.87. This leaves
a gross surplus of $887,614.37; deducting therefrom dividends of ten per cent
upon the Company's p4ital stock, amounting to $700,000.00, that were paid
during the year, makes a net surplus of $187,614.37, which is the amount added
to the Company's surplus.
This result is arrived at after meeting all costs of operation, and allow-
ing for charges to income aggregating $31,479.06, and depreciation of rolling
stock, floating and plant equipment aggregating $729,132.51. While operat-
ing revenues were less than during the previous year, the profits accruing from
the Railroad and business operations of the Company may be regarded as
reasonably satisfactory in view of the world-wide depression affecting busi-
ness. The net income was 24.1 per cent less than in 1931.
The attention of the stockholders is invited to the action of the Appro-
priations Committee of the House of Representatives in calling upon the
reserve funds of the Company for a large amount to be applied to the carry-
ing on of construction work on the Madden Dam pertaining to The Panama
Canal.
No corporation can be considered as successfully operated unless it sets
aside as part of the current costs proper charges to cover replacement, and
retains the funds so accumulated for use in making replacements when nec-
essary. The accumulation of such a reserve fund has been a basic practice
of your company, which is one of the few successful Government-owned
corporations of the United States.
The practical direction of the Board of Directors by the Appropriations
Committee to utilize a large amount of the Company's reserve fund for ap-
plication to a purpose quite foreign to that for which the funds were set
aside indicates that the Appropriations Committee did not realize how seri-
ous the effect of destroying the reserve funds of the Panama Rail Road will
be on the operation of the Company. I regret that the failure of the Ap-
propriations Committee to understand the seriousness of this taking away
of the Company's reserve funds is undoubtedly due to my inability to make
the matter clear during the hearing before the subcommittee in January of
the present year. As President of the Company I have reiterated on every
possible occasion my opposition to an act so at variance with sound business
practice and, if repeated, so likely to destroy the efficiency of an agency
which has demonstrated through years its immense utility to the Panama
Canal and to the Government of the United States.
Respectfully submitted,
H. BURGESS,
President.
6 PANAMA RAIL ROAD COMPANY
OPERATIONS OF THE NEW YORK OFFICE
PANAMA RAIL ROAD STEAMSHIP LINE
The operations of the Panama Rail Road Steamship Line for the fiscal
year that ended June 30, 1932, resulted in a deficit of $297,079.91, as com-
pared with $244,695.93 last year.
Freight for account of the Panama Canal, the War, the Navy, and other
Departments of the Government of the United States, was carried at a reduc-
tion of 25 per cent from tariff rates. Passenger traffic for account of those
departments of the Government, including employes and their families, was
carried at reductions from tariff rates that ranged from 25 per cent to 80 per
cent. These reductions in freight and passenger charges amounted to $477,-
357.16. Had the Steamship Line received tariff rates on this freight and pas-
senger traffic carried for account of the Government, its operations would
have resulted in a profit of $180,277.25.
The revenue from freight, passengers, and mail was $1,231,241.59, a de-
crease of $287,241.90 from last year.
The operating expense, which includes depreciation charges amounting
to $126,843.28 was $1,528,321.50; a decrease of $234,857.92 from last year.
The tonnage carried was 140,429-a decrease of 23,035 from last year.
The number of passengers carried was 6,977, a decrease of 897 from
last year.
The number of passengers carried for account of the Government was:
5,170 adults,
784 children under 12 years of age,
246 infants under 3 years of age.
The Company's steamers have been maintained in good operating con-
dition, and comply in every respect with all requirements of the United
States Steamboat Inspection Service. All life boat and life saving equip-
ment and fire extinguishing apparatus has been maintained in efficient op-
erating condition.
GENERAL ADMINISTRATION
Major W. R. Gruber was elected a Director on August 12, 1931, in
place of Captain C. H. Woodward, resigned.
A dividend of five per cent, amounting to $350,000., was declared by
the Board of Directors at its meeting of April 4, 1932, out of accumulated
earnings, and paid on May 1, 1932.
The Board of Directors, at its meeting held June 28, 1932, declared,
effective on July 14, 1932 (when House of Representatives Bill 11897 be-
came Law) a dividend in cash equal to the proceeds of $2,800,000. of 31/8
per cent United States Government Bonds of 1946-49, payable on such dates
PANAMA RAIL ROAD COMPANY 7
as may be determined by the Secretary of War. It is expected the proceeds
of the sale of $1,000,000. of such bonds will be paid during February, 1933;
and the proceeds of the remaining $1,800,000., in April, 1933, when the
funds will be required in connection with the construction of the Madden
Dam.
The number of coal burning steamers requiring bunkers in connection
with their transit through the Panama Canal decreased to such an extent that
it was not necessary to contract for the purchase of any Pocahontas or New
River coals subsequent to the termination of the contracts with the General
Coal Company and the Flat Top Fuel Company that expired on March 1,
1932, as mentioned in last year's Annual Report.
The Company's coal crushing and sampling unit that had been erected
in 1911 on the Norfolk & Western Railway Company's coal pier at Lam-
berts Point, Virginia, was sold to the Norfolk & Western Railway Company
for a satisfactory compensation, and with the understanding that the unit
could be used without charge for the crushing of samples taken from any
coal shipments forwarded for account of the Company over the Norfolk &
Western Railway.
The Barges "Darien" and "Mamei" that had been turned over to the
Company by the Panama Canal for use in the transportation of coal from
the United States to the Canal Zone, and that had been laid up in Gatun
Lake for over eleven years, were sold during the year to the Oliver Trans-
portation Company of Philadelphia, and are now being used for the trans-
portation of coal between ports of the United States.
The Company's Pension Fund is operating in a satisfactory manner.
One employe was added to the Pension roll; two employes died; eleven
employes are now receiving benefits under the Pension Plan. The Pension
payments during the year amounted to $20,136.97. During the year, twelve
Isthmus employes were transferred to the roll of the Canal Zone Retire-
ment and Disability Fund as provided by the Act of Congress that was ap-
proved March 2, 1931, and referred to in last year's Annual Report.
An audit of the Company's books and accounts, and of the accounts of
the Trustees of the Pension Fund, was made as of date of June 30, 1932 by
Haskins & Sells, Public Accountants, who counted and verified the .cash
and securities in the custody of the Officers, the Committee of Securities of
the Board of Directors, and the Trustees of the Pension Fund, and certified
as to the correctness of the Company's books.
PANAMA RAIL ROAD COMPANY 9
OPERATIONS ON THE ISTHMUS
GROSS REVENUE, GROSS EXPENSES, AND NET REVENUE FROM ALL OPERATIONS
The gross receipts from sales and services furnished during the fiscal
year 1932 amounted to $12,739,350.41. The cost of sales, including operat-
ing expenses, amounted to $12,014,442.32, leaving a net revenue of $724,-
908.09. Adding thereto interest and exchange and miscellaneous profit and
loss items amounting to $57,556.40, results in a net income of $782,464.49
for the year, as compared with $991,383.72 for the fiscal year 1931, a
decrease of $208,919.23, or 21 per cent.
'This decrease in the net revenue was due to decreased revenues from
the operations of the railroad proper, harbor terminals, hotels, commissaries
and coal operations, due almost entirely to the general business depression.
There was a slight increase in the net revenue from telephone and electric
clocks, and dairy operations. Report of the gross revenues, operating ex-
penses and net revenue of the operating units on the Isthmus is shown in
Tables No. I and 2.
CAPITAL INVESTMENT
The total capital investment of the Panama Rail Road and its various
business interests on the Isthmus in real estate, coal, commissaries, supplies,
plant equipment, etc., cattle, dairy stocks, and material, at the close of the
fiscal year amounted to $34,937,897.76 as compared with $34,942,935.19 in
1931, a decrease of $5,037.43 or .013 of one per cent. Details are shown in
Tables No. 3 and 4. The principal changes during the year were as follows:
INCREASE DECREASE
Railroad Proper $28,500.00 -
Harbor Terminal . 24,900.00 -
Coaling Plants . $202,000.00
Telephone . 15,000.00
Real Estate . 838,000.00 -
H otels 32,200.00 -
Cattle Industry . . 3,800.00
D airy Farm . 2,200.00 -
Commissaries . 265,000.00
Uncompleted Construction . .- 475,000.00
The decrease at the coaling plants was $138,000.00 in stock, $62,000 in
equipment, including writing off barge No. 21 for $60,000, and $2,000 in
material. Decrease in the commissaries was due to lessened value of mer-
chandise. Decrease in uncompleted construction was due to completion of
buildings and inclusion of their value under real estate. Increases were due
to additions to buildings, equipment and supplies.
10 PANAMA RAIL ROAD COMPANY
RESERVE FOR DEPRECIATION
The total reserve for depreciation set aside to date amounted to $6,907,-
346.17 at the close of the fiscal year ended June 30, 1932, as compared with
$7,826,172.21 for the previous fiscal year, a decrease of $918,826.04, which
is accounted for by the transfer of $1,382,964.46 from reserve for coaling
plants to surplus. Itemized statement will be found in Table No. 5
RAILROAD OPERATIONS
REVENUE AND OPERATING EXPENSES
The total revenue from the operations of the railroad proper during the
fiscal year ended June 30, 1932, amounted to $1,433,719.13. The total oper-
ating expenses were $1,377,130.33, leaving a net revenue of $56,588.80 for
the year, as compared with $157,052.19 for the previous year, a decrease of
$100,463.39, or 63.9 per cent. Classification of the operating revenues and
expenses is presented in Table No. 6.
GENERAL AND PASSENGER STATISTICS
The gross revenue per mile of road operated decreased $5,290.67,
compared with 1931, and operating expenses per mile of road decreased
$3,180.54, resulting in a net decrease of $2,110.13 in net revenue per mile
of road. Revenue train mileage decreased 2,984 miles as compared with
1931 and locomotive mileage decreased 21,240 miles.
Gross revenue from passengers transported, including baggage, mail,
express, special trains, motor cars, etc., amounted to $504,755.14. Passenger
transportation expenses, based on pro rata of train and locomotive mileage,
were charged at $565,168.96; resulting in a deficit of $60,413.82 as com-
pared with a deficit of $5,160.19 for the preceding year.
There were 409,954 passengers transported during the year, compared
with 494,246 in 1931, a decrease of 84,292 passengers for the year, or 17. per
cent. Detail of passenger traffic is stated in Table No. 23.
FREIGHT STATISTICS
Gross revenue from freight transported, including switching, demurrage,
storage, etc., during the fiscal year amounted to $866,744.99. Freight operat-
ing expenses based on pro rata of train and locomotive mileage, were charged
at $749,742.37, leaving a net revenue of $117,002.62, as compared with
$162,212.38 for the previous year, a decrease of $45,209.76 for the year, or
27.8 per cent.
The freight revenue tonnage transported during the year amounted to
263,527 tons, as compared with 323,466 tons for 1931, a decrease of 59,939
tons, or 18.5 per cent. The revenue ton miles amounted to 9,638,258 and
decreased 1,906,268 or 16.5 per cent as compared with 1931 tonnage. The
principal decreases in freight were a decline of about 35,000 tons in local
Panama Canal freight and of about 15,000 tons in local commercial freight.
Itemized classification of freight movement is presented in Table No. 24.
PANAMA RAIL ROAD COMPANY 11
TRACKAGE
The total trackage maintained by the roadmaster during the fiscal year,
including Panama Rail Road, Panama Canal, and United States Army track-
age, amounted to 145.91 miles, as compared with 145.73 miles for the
previous year, or an increase of .18 miles. This represents the difference in
miles of old track taken out and new tracks laid.
During the year a total of 4.03 miles of main line track were relaid with
new 90-pound rail; 1,650 feet were placed between Diablo and Corozal, and
the balance on the Gamboa section. Data on track maintenance is 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 6 pieces
of miscellaneous equipment in service. The loss of one road locomotive was
due to a main line wreck which occurred during the year whereby one of
the saturated steam locomotives was so badly damaged that it was considered
not worth repairing. The cost of car maintenance for the road during the
year amounted to $277,186.36, and included major repairs to 333 pieces of
equipment, among which were 149 box cars, 66 passenger cars, 29 steel
dump cars, and 14 steel flat cars. The total cost of locomotive overhauls and
maintenance amounted to $104,528.41, which included $19,632.34 for con-
verting locomotive No. 660 into a superheater for main line work. The
conversion of locomotive No. 660 to superheat completes the program of
converting one-half of the 651-type locomotives to superheat and retaining
one-half as saturated steam locomotives. This provides six superheat loco-
motives for road work. Major overhauls were made on 3 locomotives in
addition to the regular maintenance and running repairs.
Summary of rolling stock on hand and in service as of June 30, 1932, 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 $1,240,997.43, and operating expenses were $954,617.46, leaving
a net revenue of $286,379.97 as compared with $327,968.42 in 1931, a
decrease of $41,588.45, or 12.7 per cent, for the year. The gross tonnage
of cargo stevedored, handled, and transferred during the fiscal year
amounted to 1,301,370 tons, as compared with 1,501,302 for the previous
year, a decrease of 199,932 tons, or 13 per cent. Cargo stevedored
amounted to 311, 836 tons during the fiscal year, as compared with 333,034
tons for the previous year, a decrease of 21,198 tons or 6.3 per cent.
During the year "Hold for Orders" cargo amounting to 14,001 tons
was received, and 14,886 tons were reforwarded and delivered locally, as
compared with 24,200 tons received and 24,228 tons reforwarded and deliv-
ered locally in 1931. The revenue for handling and storage amounted to
12 PANAMA RAIL ROAD COMPANY
$37,159.87, as compared with $60,368.68 for the previous year, a decrease
of $23,208.81 or 38.4 per cent for the year.
During the year 3,480 cargo ships and 1,020 banana schooners were
handled, as compared with 3,675 cargo ships and 1,204 schooners last year.
Agency service was furnished to 192 vessels as compared with 266 in the
preceding year.
Two cargo barges were constructed and added to the capital account
during the year. A summary of harbor terminal operations is presented in
Table No. 7.
COALING PLANT OPERATIONS
The total revenue from the sale of coal, and charges for extra handling
during the fiscal year amounted to $477,219.85. The cost of sales, including
operating expenses, was $637,152.08, resulting in a net loss of $159,932.23,
as compared with a loss of $139,016.36 last year. During the year 42,540
tons of coal were purchased and 65,463 tons were sold. Reserves to cover
repairs and depreciation of colliers and barges amounting to $65,000 were
set up during the fiscal year, as compared with $156,000 for the previous
year, a decrease of $91,000. Because of the fact that there was little possi-
bility of using any of the colliers or barges again for the transportation of
coal to the Isthmus, the President, on the recommendation of the Auditor,
approved the discontinuance of depreciation and repair charges on this
equipment effective December 1, 1931.
The barges "Mamei" and "Darien" were sold to the Oliver Transpor-
tation Company during the month of May, 1932, for $50,000. The collier
"Achilles" is the only remaining vessel of the former fleet of two colliers
and two barges.
The selling price of coal was reduced from $7.25 to $6.25 per ton at
Cristobal, and from $10.25 to $9.25 per ton at Balboa, effective November 1,
1931.
During the year 11,500 tons of nut and slack coal were stocked at
Cristobal and placed on sale at $5.25 per ton trimmed in bunkers. Because
of the lower price it proved very popular with vessels equipped for burning
this class of coal.
The decrease in coal sales in 1932 as compared with 1931, was approxi-
mately 62 per cent. The decrease in coal burning ships was approximately
35 per cent (from 1,008 such ships in 1931 to 660 in 1932). The relatively
greater decrease in coal sales was due primarily to the depreciated value of
the English pound; vessels formerly coaling at the canal find it possible now
to proceed to Port Royal, Jamaica, for bunker coal. Secondarily, the decrease
is due to the fact that during this time of light cargoes some of the ships are
using cargo space to carry extra bunker coal, loaded at ports in Europe and
the United States where coal is cheap; this decreases the amount of bunkers
to be loaded while on the voyage.
Details as to coaling plant revenues, expenses, etc., are in Table No. 9.
PANAMA RAIL ROAD COMPANY 13
REAL ESTATE OPERATIONS
Rental from lands and buildings during the fiscal year amounted to
$326,110.87. Operating expenses were $104,820.23, leaving a net revenue
of $221,290.64, as compared with $224,994.95 in 1931, a decrease of $3,-
704.31, or 1.6 per cent for the year. There were in effect at the close of
the fiscal year 1,470 leases and 14 licenses covering the use of Panama Rail
Road properties in the cities of Colon and Panama. Statement of revenues
and expenses is presented in Table No. 10.
The construction of gold family quarters in Colon and Balboa districts,
and the construction of two special 12-family silver apartment buildings,
authorized during the fiscal years 1930 and 1931, were completed and set up
in the Capital Account under Real Estate. To date the sum of $800,000 has
been contributed by the railroad toward the construction of gold quarters
on the Isthmus in lieu of appropriations by Congress, for the fiscal years
1931 and 1932.
COMMISSARY OPERATIONS
The gross receipts from sales and services during the fiscal year
amounted to $8,347,226.33. The total cost of sales and services was $8,016,-
514.98, leaving a net profit of $330,711.35, as compared with a net profit
of $435,120.05 last year, a decrease of $104,408.70, or 24 per cent for the
year.
The volume of business transacted during the year averaged $695,602.19
per month, as compared with $839,016.70 per month for the previous year,
a decrease of $143,414.51 or 17 per cent per month. Total sales to steam-
ships amounted to $745,010.96, including sales amounting to $281,966.29 to
United States Naval vessels.
Sales to commercial vessels for the past three years showing decrease
under previous year and percentage of decrease, are presented in the follow-
ing tabulation. For the purpose of comparison the sales for 1929 and 1932
are also shown:
TOTAL SALES TO DECREASE UNDER PERCENTAGE OF
FISCAL YEAR COMMERCIAL VESSELS PREVIOUS YEAR DECREASE
1930 $1,098,971.12 $35,915.63 3%
1931 789,365.78 309,605.34 28%
1932 458,943.30 330,422.30 42%
1929 $1,134,886.75 -
1932 458,943.30 675,942.45 60%
14 PANAMA RAIL ROAD COMPANY
MANUFACTURING PLANTS
Following is a comparative statement of the output of the manufacturing
plants (principal items) for the fiscal years 1929 to 1932:
1929 1930 1931 1932
LAUNDRY:
Pieces handled . 6,637,026 6,966,128 7,208,634 6,789,634
Value of output $ 250,416.62 $ 265,321.81 $ 273,933.52 $ 250,787.67
BAKERY:
Bread, loaves .4,663,732 5,180,361 5,461,573 5,131,580
Rolls, each 2,082,324 2,329,682 2,175,602 1,717,399
Cakes, lbs. . 36,164 72,708 71,024 70,160
Crackers, lbs . 222,926 280,512 381,347 438,222
Value of output .$ 289,110.69 $ 323,717.01 $ 324,628.30 $ 306,437.02
COFFEE ROASTING PLANT:
Coffee, lbs . 234,810 227,095 228,160 247,792
Corn and cornmeal 25,171 30,950 39,940 24,433
Peanuts, lbs. . 48,974 46,902 44,248 27,164
Value of output .$ 110,460,16 $ 103,309.16 $ 83,509.97 $ 77,711.04
ICE MANUFACTURING PLANT:
Ice manufactured, tons 35,414 34,275 33,022 27,930
Value of output .$313,145.75 $ 304,794.59 $ 260,677.49 $ 214,504.39
ICE CREAM AND MILK BOTTLING PLANT:
Ice cream manufactured,
gals . 45,856 39,809 44,891 51,832
Milk bottled, qts. . 453,606 558,629 725,392 844,908
Cream bottled, qts . 17,703 22,021 26,237 22,904
Value of output $ 212,942.17 $ 210,948.68 $ 252,887.37 $ 269,181.17
SAUSAGE FACTORY AND PICKLING DEPARTMENT:
Sausage products, lbs. 768,348 760,434 616,013 449,939
Hamburger steak, lbs. 193,624 180,717 163,627 123,596
Corned beef, lbs . 92,309 93,483 91,028 53,337
Smoked meats, lbs . 19,914 19,830 15,721 14,193
Corned products, lbs. 85,118 72,298 81,380 109,535
Value of output $ 258,748.13 $ 270,067.78 $ 228,651.92 $ 150,051.90
INDUSTRIAL LABORATORY:
Value of output $ 234,018.93 $ 248,259.91 $ 251,945.45 $ 233,957.86
ABATTOIR:
Cattle killed, head 8,744 8,347 9,697 4,678
Value of output $ 547,124.29 $ 591,611.61 $ 640,918.70 $ 260,395.38
Value of. total output . . $2,215,966.64 $2,318,030.55 $2,317,052.72 $1,763,026.43
PANAMA RAIL ROAD COMPANY 15
It will be noted from the above tabulation that the items for retail or
local consumption, such as bread, coffee, ice, ice cream, some of the products
of the sausage factory and the products of the Industrial Laboratory, have
remained rather steady during the four years covered, some showing slight
increases. The other items, a large percentage of which was consumed by
the steamship trade and the Army and Navy, have fallen off, in some cases
as much as 52 per cent. Canal transits of vessels for the same period de-
creased 29.7 per cent. The decrease in the item of ice for the fiscal year
1932 under that for the previous year is very noticeable, being 5,192 tons
or 15.7 per cent. This decrease is due in a large measure to the purchase
of electric refrigerators by a number of employees. The established policy
of making purchases in the United States whenever practicable was continued,
but there are certain items which the patrons demand which can not be
secured in the United States, and others on which the prices, plus the cost of
freight and handling, make it impossible to sell them because customers
can purchase foreign-made goods in other markets at lower prices. In such
cases it is the policy to give a margin of preference to the American product
in making purchases for the commissary stock.
Statements of sales and expenses, and of purchases by class and loca-
tion, and distribution of sales are presented in Tables No. 11 and 12.
CATTLE INDUSTRY
Gross revenue from sale of cattle and other products during the fiscal
year amounted to $258,297.26. The cost of cattle sold, including operating
expenses, amounted to $227,652.60, leaving a net profit of $30,644.66 com-
pared with a net profit of $45,303.74 for the fiscal year 1931.
At the beginning of the fiscal year, there were 133 head of cattle on
hand. Purchases during the year amounted to 4,666 head. During the
year 4,656 head were turned into the Commissary Division for slaughter
and 11 head died, leaving 132 on hand at the close of the fiscal year. A
summary of cattle operations is presented in Table No. 13.
DAIRY FARM
Operations of the Dairy Farm for the fiscal year resulted in a net profit
of $17,979.28, as compared with a net profit of $7,585.54 for the fiscal year
1931.
At the beginning of the fiscal year there were 634 head of cattle on
hand, 79 calves were born, 21 head were turned into the Commissary Divi-
sion for slaughter, 16 head died, 1 head sold to an individual or company,
leaving 675 head on hand at the close of the fiscal year. Milk in the amount
of 203,007 gallons was produced, of which 197,517 gallons were sold to
the Commissary Division and 5,490 gallons were fed to calves. During the
year the price of milk was reduced in four steps from 80 cents to 60 cents
per gallon.
Detail of revenues and expenses is presentd in Table No. 14.
16 PANAMA RAIL ROAD COMPANY
PLANTATIONS
Revenue from plantation operations during the fiscal year amounted to
$3,298.53, and operating expenses were $1,842.34, resulting in a net profit
of $1,456.19, as compared with a net profit of $1,072.81 for the previous
fiscal year.
Detail of revenues and expenses is presented in Table No. 15.
All plantations continued being operated under contract.
HOTEL OPERATIONS
Hotel Tivoli: The gross receipts from the operations of the Hotel
Tivoli during the fiscal year amounted to $134,789.58, and the operating ex-
penses were $196,360.97, resulting in a net loss of $61,571.39 for the year
as compared with a net loss of $31,457.41 for the previous year. Operating
expenses include increases in unexpended reserves totaling $12,648.96.
Details of revenue and expenses are shown in Table No. 16.
The operation of this hotel by the Panama Rail Road during the past
three years shows a gross difference of expenses over revenues of $130,314.71.
However, included in the charges to expenses for this period was $30,000.00
annually or a total of $90,000.00, paid to the Panama Canal for amortiza-
tion of The Panama Canal building and equipment and $43,351.68 in un-
expended reserves, leaving a total of $133,351.68 for the expenses, as
charged, still in the possession of the Government, so that the actual cash
operating outlay during the three years was $3,036.97 less than the gross
revenue for the same period.
Hotel Washington: The gross receipts from the operation of this hotel
for the fiscal year amounted to $100,822.90. The operating expenses were
$149,413.42, resulting in a net loss of $48,590.52, as compared with a net
loss of $32,929.00 for the previous year. The operating expenses included
a charge of $13,106.86 as a reserve for the replacement of buildings and
equipment. Statement of revenue and expenses is shown in Table No. 17.
The decrease in revenues from both hotels was caused by the general
business depression and the decrease in tourist travel. As the hotels are con-
sidered essential adjuncts to the canal and railroad in affording suitable
accommodations to people having business with the canal or railroad, foreign
visitors, tourists, visiting Government officials, and others, their continued
operation under the present policy seems justified.
TELEPHONE AND ELECTRIC CLOCK OPERATIONS
Gross revenue from telephone and electric clock operations, including
the rental from telegraph printing machines, amounted to $248,074.72.
Operating expenses were $198,031.83, resulting in a net profit of $50,042.89,
as compared with a net profit of $46,194.71 for the fiscal year 1931, an in-
crease of $3,848.18.
During the year, 1,274 telephones were re-connected or installed and
1,324 were discontinued or removed, resulting in a net decrease of 50 tele-
phones for the year. At the close of the fiscal year there were 2,949 tele-
phones, 74 electric clocks and 24 printing telegraph machines in service.
Statement of revenue and expenses is shown in Table No. 18.
PANAMA RAIL ROAD COMPANY 17
STABLE OPERATIONS
The gross revenue from the stable operations for the fiscal year amounted
to $18,972.29. Operating expenses were $15,812.39, leaving a net profit of
$3,159.90, as compared with a net profit of $3,121.34 for the previous fiscal
year. Details are shown in Table No. 19.
BAGGAGE TRANSFER OPERATIONS
Gross revenue from baggage transfer operations during the fiscal year
amounted to $13,008.85. Operating expenses were $16,260.30, resulting
in a net loss of $3,251.45 for the fiscal year as compared with a net loss of
$775.06 for the previous year. Detail is presented in Table No. 20.
INTEREST AND EXCHANGE
The revenue from interest and exchange on the Isthmus for the fiscal
year amounted to $15,239.25, compared with $12,579.31 for the fiscal year
1931, an increase of $2,659.94. Detail is shown in Table No. 21.
EXPENDITURES UNDER A. F. E.'s
A total of approximately $653,000.00 was expended under 55 authorities
for expenditure during the fiscal year, bringing the total expended on these
A. F. E.'s to approximately $1,566,600. These were for a wide variety of
operations as shown in Table No. 27.
COMPLETED CONSTRUCTION WORK AND EQUIPMENT
The principal items of construction added to the capital account during
the fiscal year were: Gold and silver family quarters added to real estate;
two cargo barges for harbor terminals; track to new incinerator; garbage
loading platform; conversion of 13 gondola cars into garbage cars; and
one first class passenger coach. A summary is presented in Table No. 28.
CONSTRUCTION WORK IN PROGRESS
At the close of the fiscal year construction work, of which the estimated
cost is $538,700.00, was in progress. The principal items of such work
were the municipal improvements and filling in of six blocks of unimproved
land in the city of Colon; installation of telephone equipment to serve the
Madden Dam area; and municipal improvements to the Santa Cruz area,
Panama City. A summary is presented in Table No. 29.
18 PANAMA RAIL ROAD COMPANY
EXHIBIT A
STATEMENT OF INCOME AND PROFIT AND Loss ACCOUNT FOR THE FISCAL
YEAR ENDED JUNE 30, 1932
INCOME ACCOUNT
NET OPERATING REVENUE:
Railroad- Table No. 6. $56,588 80
Harbor Terminals-Table No. 7 286,379 97
Steamship Line-Table No. 8 (297,079 91)
Baggage Transfer-Table No. 20. . (3,251 45)
Coal Plants--Table No. 9. (159,932 23)
Cattle Industry-Table No. 13. 30,644 66
Commissary-Table No. 11. 330,711 35
Dairy Farm-Table No. 14. 17,979 28
Hotel Tivoli-Table No. 16 (61,571 39)
Hotel Washington-Table No. 17 (48,590 52)
Plantation- Table No. 15 1,456 19
Real Estate- Table No. 10 221,290 64
Stables, Colon- Table No. 19 3,159 90
Telephone and Electric Clock-Table No. 18 .50,042 89
M iscellaneous 42,317 15
Total Net Operating Revenue $470,145 81
INCOME CREDITS.: 460,840 97
Interest and Exchange-Table No. 21 .4.0.4.0.97. .
GROSS INCOME FOR FISCAL YEAR $930,986 30
INCOME CHARGES:
Contribution to Pension Fund .31,479 06
NET INCOME FOR THE FISCAL YEAR-Table No. 2 $899,507 24
Denotes a Deficit
PROFIT AND LOSS ACCOUNT
CREDITS:
Net Income for Fiscal Year ended June 30, 1232 as above. $899,507 24
Writing out reserve set aside for replacement and extra-
ordinary repairs, Colliers and Barges. .$1,487,361 81
Writing out reserve for depreciation, Coal Plants . 1,382,964 46
Proceeds from sale of scrap railroad crane, No. 26, retired 120 00
Profit from sale, coal sampling plant at Lamberts Point, Va. 899 79
Proceeds from sale motor car, Haiti Agency 500 00
Sundry Liability accounts written off. 4,377 72 $2,876,223 78
Total Credits.$3,775,731 02
CHARGES:
Writing off De Mayo Coal Barge No. 21 transferred to
Panama Canal.$.1$27,923 80
Writing off locomotive damaged in wreck April 1, 1932. 18,976 81
.Writing off track removals. 650 00
Appropriation to Pension Funde of. 9,691 55
Adjustment of freight revenue, prior periods .$3,048 30
Expenses applicable to prior periods. 27,540 .39
Uncollectible items written off 285 80
Special Dividend . 2,800,000 00
Total Charges removals. 650.00 .2,888,116 65
GApass SURPLUS FOR YEAR ENDED JUNE 30, 1932 $887,614
LESS:
134th and 135th Dividends .700,000 00
NET SURPLUS FOR YEAR ENDED JUNE 30, 1932 $187,614 37
SURPLUS AT JULY 1, 1931. 35,569,111 29
TOTAL SURPLUS, JUNE 30, 1932. $35,756,725 66
EXHIBIT B
ASSETS GENERAL BALANCE SHEET, JUNE 30, 1932 LIABILITIES
ROAD, REAL ESTATE, EQUIPMENT, ETC.- CAPITAL STOCK. $7,000,000 00
Table No. 3. $33,207,547 47 RESERVES:
Accrued Depreciation for Replacement of
CONCESSION FROM THE GOVERNMENT OF THE Property and Equipment-Table No. 5. $8,098,936 82
UNITED STATES OF COLOMBIA-Table No. 3 1 00 Reserve for Extraordinary Repairs and
Dredging Harbor Terminals .100,000 00
FLOATING EQUiPMENT-Table No. 3 2,457,221 04 Operating Reserves 15,707 80
MISCELLANEOUS SHORE EQUIPMENT-Table Total Reserves. 8,214,644 62
No. 3 9,523 65
CURRENT LIABILITIES:.
Total Capital Assets-Table No. 3 $35,674,293 16 Dividend declared June 28, 1932 payable dur-
ing fiscal year, 1932-1933 . 2,800,000 00
FUND SET ASIDE FOR CONSTRUCTION OF Accounts Payable 417,121 78
STEAMERS IN CHARGE OF COMMITTEE OF Traffic Balances Payable 5,603 97
SECURITIEs-Exhibit D 4,513,429 91
Total Current Liabilities 3,222,725 75
MATERIAL, STOCK, COAL AND SUPPLIES-
Table No. 4. 2,028,705 39 DEFERRED CREDIT ITEMS COVERING COLLEC-
CURRENT ASSETS: TIONS MADE BUT NOT DISTRIBUTED TO IN-
Cash in Banks and on Hand . $3,336,620 18 COME: 174,271 54
United States Treasury Bonds, etc. .7,581,977 00
Notes Receivable 285,000 00 PROFIT AND Loss SURPLUS 35,756,725 66
Due from Agents 99,983 97
Traffic Balances due from Connecting Car-
riers . 4,493 93
Due from Departments of United States
Government . 338,038 67
Due from Individuals and Companies .270,694 72
Total Current Assets $11,916,808 47
DEFERRED DEBIT ITEMS:
Working funds held by Agents, Pursers, etc. $20,350 00
Items covering expenditures which are to be
absorbed into Operating Expenses:
General and Extraordinary Repairs
Steam ers 887 00
Sundry Accounts 213,893 64
Total Debit Items 235,130 64
Total $54,368,367 57 Total $54,368,367 57
NOTE:--For statement of Financial Condition see Exhibit C.
20 PANAMA RAIL ROAD COMPANY
EXHIBIT C
STATEMENT OF FINANCIAL CONDITION, JUNE 30, 1932
,CURRENT ASSETS
Cash ot1 Hand. $3,336,620 18
Treasurer, New York $1,116,246 34
Paymaster, Canal Zone 2,085,697 39
Collector, Canal Zone. .134,676 45
Securities 7,581,977 00
U. S. Treasury 3% Bonds Cost .$1,275,000 00
(Market Value $1,179,375.00)
U. S. Treasury 31/8% Bonds Cost. .5,729,156 25
(Market Value $5,350,875.00)
New York State 4% Bonds Cost . 11,385 00
(Market Value $11,382.75)
New York City 414% Bonds Cost .566,435 75
(Market Value $531,650.63)
Notes Receivable 285,000 00
Due from Agents. 99,983 97
Due from U. S. Government Departments 338,038, 67
Due from Connecting Carriers 4,493 93
Due from Individuals and Companies 270,694 72
Cost of Material and Supplies on Hand 2,028,705 39
Canal Zone $1,983,622 72
New York 45,082 67 $13,945,518 86
CURRENT LIABILITIES
Accounts Payable $277,585 53
Canal Zone $ 40,614 43
New York 236,971 10
Salaries and Wages Payable 136,193 06
Canal Zone $136,111 32
New York 81 74
Traffic Balances Payable 5,603 97
Sundry Creditors. 3,343 19
Dividends Payable. 2,800,000 00 3,222,725 75
$10,722,788 11
Reserves for Depreciation of Property and
Equipment, Table No. 5 $8,098,936 82
Operating Reserves-Hotels 15,707 80
Reserves for Extraordinary Repairs and Dredg-
ing Harbor Terminals, Canal Zone 100,000 00 8,214,644 62
$2,508,143 49
Funds Set Aside for Construction of Steamers,
In charge of Committee of Securities, (Ex-
hibit D) (Cost. $4,427,234.37) 4,513,429 91
(Market Value. 3,110,923.00)
Cost of Property-Railroad, Steamships, Docks,
etc., as per Table No. 3 .35,674,293 16
Deferred and Suspended Charges and Credits
(Net) 60,859 10
Total Net Assets .$42756,725 66
Represented by:
Capital Stock .$7,000,000 00
Surplus.35,756,725 66 $42,756,725 66
* Includes $72,250.82 Accrued Interest and $13,944.72 Uninvested Cash
PANAMA RAIL ROAD COMPANY 21
EXHIBIT D
SECURITIES AND CASH FUND SET ASIDE FOR CONSTRUCTION OF STEAMERS,
IN CHARGE OF COMMITTEE OF SECURITIES
JUNE 30, 1932
PAR VALUE BOOK VALUE
Albany & Susquehanna Rail Road Co., First 31/% Bonds, 1946 $ 10,000 00 $ 8,550 00
Atchison, Topeka & Santa Fe Railway Co., 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
Brooklyn Edison Co., Inc., General Series H 5% Bonds, 1949 . 20,000 00 20,900 00
Brooklyn Union Gas Co., First Consolidated 50-year 5% Bonds, 1945 10,000 00 10,210 00
Central Pacific Railway Co., First Refunding 4% Bonds, 1949 150,000 00 140,510 25
Chicago, Burlington & Quincy Rail Road Co., Illinois Division, 3Y2%
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% Bonds,
1989 .100,000 00 103,338 75
Chicago & Northwestern Railway Co., First & Refunding 41/%
Bonds, 2037 190,000 00 185,275 00
Chicago & Northwestern Railway Co., First & Refunding 5% Bonds,
2037 70,000 00 76,308 25
Cleveland Electric Illuminating Co., First 5% Bonds, 1939 . 10,000 00 10,200 00
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
Illinois Central Railroad Co., Refunding 4% Bonds, 1955 . 100,000 00 96,187 50
Illinois Bell Telephone Co., First & Refunding Mortgage 5% Bonds,
1956 . 15,000 00 15,138 75
Kansas City Power & Light Co., First B 42%% Bonds, 1957 . 15,000 00 15,712 50
Kansas City Power & Light Co., First 1961 41/% Bonds, 1961 25,000 00 26,562 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 4lo Bonds, 1960 .15,000 00 15,262 50
New York Central & Hudson River Railroad Co., Refunding & Im-
provement 41/2% Bonds, 2013 125,000 00 122,656 25
New York Central Railroad Co., Refunding & Improvement 5%
Bonds, 2013 183,000 00 197,613 75
New York Telephone Co., First & General S. F. 30-year 41/2% Bonds,
1939 10,000 00 9,925 00
Norfolk & Western Railway Co., First Consolidated 4% Bonds, 1996 105,000 00 99,873 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 411% 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 Government, Fourth Issue Liberty Loan, 414% Bonds,
1933-1938 107,200 00 105,319 38
Cash in Bank 13,944 72 13944 72
Accrued Interest on Securities 72,250 82 72,250 82
Total.$4,526,395 54 $4,513,429 91
TABLE No. 1
STATEMENT OF OPERATING REVENUE, ExPENSES, AND NET REVENUE FOR THE FISCAL YEARS ENDED
JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931
GROSS NET GROSS NET
OPERATIONS REVENUE EXPENSES REVENUE REVENUE EXPENSES REVENUE DECREASE
ISTHMUS:
Railroad-Table No. 6 . $1,33,719 13 $1,377,130 33 $56,588 80 $1,685,607 81 $1,528,555 62 $157,052 19 $100,463 39
Harbor Terminal-Table No. 7 1,240,997 43 954,617 46 286,379 97 1,456,570 55 1,128,602 13 327,968 42 41,588 45
Coal Plant-Table No. 9 477,219 85 637,152 08 (159,932 23) 1,319,552 74 1,458,569 10 (139,016 36) 20,915 87
Real Estate-Table No. 10. 326,110 87 104,820 23 221,290 64 323,028 54 98,033 59 224,994 95 3,704 31
Commissary-Table No. 11 8,347,226 33 8,016,514 98 330,711 35 10,068,200 60 9,633,080 55 435,120 05 104,408 70
Cattle Industry-Table No. 13 258,297 26 227,652 60 30,644 66 632,770 10 587,466 36 45,303 74 14,659 08
Dairy Farm-Table No. 14 . 136,812 67 118833 39 17,979 28 119,368 66 111,783 12 7,585 54 10,393 74*
Plantation-Table No. 15 3,298 53 1,842 34 1,456 19 2,997 42 1,924 61 1,072 81 383 38*
Hotel Tivoli-Table No. 16 134,789 58 196,360 97 (61,571 39) 201,805 38 233,262 79 (31,457 41) 30,113 98 .
Hotel Washington-Table No. 17 100,822 90 149,413 42 (48,590 52) 157,590 75 190,519 75 (32,929 00) 15,661 52
Telephone & Electric Clock-Table No. 18 248,074 72 198,031 83 50,042 89 246,053 48 199,858 77 46,194 71 3,848 18*
Stable-Table No. 19 18,972 29 15,812 39 3,159 90 19,730 65 16,609 31 3,121 34 38 56*
Baggage Transfer-Table No. 20 13,008 85 16,260 30 (3,251 45) 16,672 95 17,448 01 (775 06) 2,476 39
Total Operating Revenue, Expenses and
Net Revenue-Isthmus. $12,739,350 41 $12,014,442 32 $724,908 09 $16,249,949 63 $15,205,713 71 $1,044,235 92 $319,327 83
NEW YORK:
Steamship Line Operations . 1,231,241 59 1,528,321 50 (297,079 91) 1,518,483 49 1,763,179 42 (244,695 93) 52,383 98
Total Operating Revenue, Expenses, and
Net Revenue. $13,970,592 00 $13,542,763 82 $427,828 18 $17,768,433 12 $16,968,893 13 $ 799,539 99 $371,711 81
Denotes a Deficit
* Denotes an Increase
PANAMA RAIL ROAD COMPANY 23
TABLE No. 2
TOTAL REVENUE, OPERATING EXPENSES, NET REVENUE, PROFIT AND Loss
FROM ALL SOURCES, FOR THE FISCAL YEAR ENDED JUNE 30, 1932
4% on
PROFIT INVESTMENT
RAILROAD:
Gross Revenue from Operations $1,433,719 13
Operating Expenses .1,377,130 33
Net Revenue . $56,588 80 $465,278 67
HARBOR TERMINALS:
Gross Revenue from Operations 1,240,997 43
Operating Expenses 954,617 46
Net Revenue 286,379 97 224,013 97
BAGGAGE TRANSFER:
Gross Revenue from Operations . 13,008 85
Operating Expenses . 16,260 30
Net Revenue (3,251 45) 282 06
COLON STABLES:
Gross Revenue from Operations 18,972 29
Operating Expenses . 15,812 39
Net Revenue ./. 3,159 90 4,043 02
TELEPHONE AND ELECTRIC CtOCKS:
Gross Revenue from Operations 248,074 72
Operating Expenses . . 198,031 83
Net Revenue 50,042 89 52,052 67
REAL ESTATE:
Gross Revenue from Operations 326,110 87
Operating Expenses 104,820 23
Net Revenue 221,290 64 317,753 61
HOTEL TIVOLI:
Gross Revenue from Operations 134,789 58
Operating Expenses 196,360 97
Net Revenue (61,571 39) 2,446 40
HOTEL WASHINGTON:
Gross Revenue from Operations 100,822 90
Operating Expenses 149,413 42
Net Revenue (48,590 52) 34,952 58
PLANTATIONS:
Gross Revenue from Operations . 3,298 53
Operating Expenses 1,842 34
Net Revenue 1,456 19 1,618 64
COMMISSARY:
Gross Revenue from Operations . 8,347,226 33
Operating Expenses 8,016,514 98
Net Revenue . 330,711 35 281,235 28
COAL:
Gross Revenue from Operations . 477,219 85
Operating Expenses . . 637,152 08
Net Revenue (159,932 23) 296,305 63
24 PANAMA RAIL ROAD COMPANY
TABLE No. 2 (Continued)
TOTAL REVENUE, OPERATING EXPENSES, NET REVENUE, PROFIT AND Loss
FROM ALL SOURCES, FOR THE FISCAL YEAR ENDED JUNE 30, 1932
4% on
PROFIT INVESTMENT
CATTLE:
Gross Revenue from Operations . $258,297 26
Operating Expenses . 227,652 60
Net Revenue $30,644 66 $8,458 87
DAIRY:
Gross Revenue from Operations 136,812 67
Operating Expenses . 118,833 39
Net Revenue 17,979 28 7,344 54
Total Net Revenue from Operations. $724,908 09
INCOME CREDITS:
Interest and Exchange 15,239 25
Miscellaneous Profit and Loss Items .42,317 15
Total Net Income for the Fiscal Year $782,464 49
Uncompleted Construction and Suspense 38,750 29
Total Isthmus $782,464 49 $1,734,536 23
STEAMSHIP LINE:
Gross Revenue from Operations .$1,231,241 59
Operating Expenses 1,528,321 50
Loss from Operations .$ (297,079 91)
ADDITIONAL INCOME FROM:
Interest and Exchange $445,601 72
Income Deductions ( 31,479 06)
Total-New York 117,042 75
Total Net Income for the Fiscal Year $899,507 24
The 4% calculation is for comparative purpose only and is calculated on the investment con-
sisting of Fixed Property, Stock, Supplies, Accounts Receivable and Working Cash
Denotes Loss
PANAMA RAIL ROAD COMPANY 25
TABLE No. 3
CAPITAL INVESTMENT
FIXED PROPERTY, EQUIPMENT, ETC., AS OF JUNE 30, 1932
ISTHMUS
RAILROAD AND APPURTENANCES $11,417,024 70
Roadway and Track .$8,390,286 12
Stations, Roundhouses and Signals 1,123,671 02
Road Equipment 1,903,067 56
DOCKS, PIERS AND APPURTENANCES 5,498,556 73
Docks and Piers 4,852,799 41
Buildings 285,161 72
Equipm ent 360,595 60
COAL PLANTS 1,048,151 51
Structures 825,234 90
Equipment 222,916 61
BAGGAGE TRANSFER 5,621 43
Equipment . . 5,621 43
COLON STABLES 97,388 94
Buildings 97,388 94
TELEPHONE AND ELECTRIC CLOCKS . 1,268,582 44
Telephone Plants 854,439 28
Duct Lines 252,363 05
Equipment. 44,545 51
Buildings. 117,234 60
REAL ESTATE 7,751,328 70
Buildings 1,736,642 32
Colon Lands 4,333,397 53
Panama Lands 1,681,288 85
HOTEL WASHINGTON 856,523 56
Buildings 724,160 28
Equipment 132,363 28
HOTEL TIVOLI 35,480 35
Equipment 35,480 35
CATTLE INDUSTRY 177,892 16
Pastures 150,000 00
Buildings, Dips, etc. 27,400 00
Equipment 492 16
PLANTATIONS 39,271 00
Lands 32,271 00
Buildings 7,000 00
COMMISSARY 4,522,270 93
Plants. 2,723,555 25
Retail Stores 1,046,093 05
Equipment 752,622 63
DAIRY FARM. .110,383 37
Pastures. 25,000 00
Buildings, Dips, etc. 74,937 10
Equipment . 10,446 27
UNCOMPLETED CONSTRUCTION AND
IMPROVEMENT.379,071 65 379,071 65
Total Capital Investment-Isthmus. $33,207,547 47
CONCESSION FROM UNITED STATE'S OF
COLOMBIA 1 00
NEW YORK AND OTHER
FLOATING EQUIPMENT $2,457,221 04
Steamers . $2,451,072 89
Miscellaneous . 6,148 15
MISCELLANEOUS SHORE EQUIPMENT 9,523 65
Storage Battery Trucks, New York 5,144 91
Generator and Charging Panel, New York. . 2,470 00
Motor Car, Haiti 1,908 74
Total Capital Investment-New York 2,466,744 69
and Other $,674 6
Total Capital Investment .$35,674,292f 16
26 PANAMA RAIL ROAD COMPANY
TABLE No. 4
MATERIAL, STOCK, COAL AND SUPPLIES, AS OF JUNE 30, 1932
ISTHMUS
RAILROAD AND APPURTENANCES $55,516 52
Maintenance of Way Material $55,516 52
COAL PLANTS 332,418 55
M aterial 62,331 51
Coal Stock 270,087 04
HOTEL TIVOLI . 4,435 99
Supplies . 4,435 99
HOTEL WASHINGTON 2,319 22
Supplies 2,319 22
CATTLE INDUSTRY 8,622 17
Supplies 133 88
Cattle Stock . 3,564 00
W ork Animals 4,924 29
PLANTATIONS .585 11
Work Animals 585 11
COMMISSARY 1,264,831 77
M erchandise . 1,264,831 77
DAIRY FARM 61,620 96
Supplies 6,144 40
Cattle 54,000 00
W ork Animals 1,476 56
Total Material, Stock, Coal and Sup-
plies-Isthmus $1,730,350 29
NEW YORK
FLOATING EQUIPMENT $44,953 70
Material-Storeroom $8,420 67
Stationery Stock 1,899 76
Mineral W ater Stock 171 13
Spare Parts 16,045 06
F uel Oil 18,417 08
IN TRANSIT 253,401 40
Material Shipped 251,014 00
Material Pending Adjustment 2,387 40
Total Material, Stock, Coal and Sup-
plies-New York .
298,355 10
Total Material, Stock, Coal and Sup-
plies $2,028,705 39
PANAMA RAIL ROAD COMPANY 27
TABLE No. 5
RESERVE FOR DEPRECIATION OF PLANTS, BUILDINGS, AND EQUIPMENT, AS OF
JUNE 30, 1932
ISTHMUS
RAILROAD AND APPURTENANCES $1,683,207 44
Transportation Buildings and Roundhouses $255,262 74
Road Equipment:
Steam Locomotives .135,108 75
Freight Train Cars .1,001,385 75
Passenger Train Cars .247,871 60
Work Equipment .43,578 60
DOCKS, PIERS, AND APPURTENANCES 2,438,731 46
Docks and Piers 2,092,667 52
Buildings 85,545 80
Equipment . 260,518 14
COAL PLANTS 250,000 00
Structures 174,080 27
Equipm ent 75,019 73
BAGGAGE TRANSFER EQUIPMENT 2,947 71
Automobile Trucks 2,947 71
STABLES-COLON 32,230 25
Buildings 32,230 25
TELEPHONE SYSTEM 492,002 71
P lants 373,784 44
Duct Lines 106,448 52
Buildings 11,769 75
REAL ESTATE 405,237 64
Buildings . 405,237 64
HOTEL TIVOLI *.35,788 40
Equipm ent 35,788 40
HOTEL WASHINGTON 219,655 21
Buildings 189,628 17
Equipm ent 30,027 04
CATTLE INDUSTRY 3,879 23
Buildings, Dips, etc. 3,879 23
PLANTATIONS *. 791 73
Buildings . 791 73
DAIRY FARM . 23,493 68
Buildings . 23,493 68
COMMISSARY PLANTS AND STORES 1,319,380 71
P lants . 1,063,819 35
Retail Stores 195,310 96
Equipm ent 60,250 40
Total-Isthmus . $6,907,346 17
NEW YORK AND OTHER
FLOATING EQUIPMENT $1,179,013 38
S.S. "Ancon. $397,866 55
S.S. "Cristobal" . 692,830 43
S.S. "Buenaventura" 53,508 93
S.S. "Guayaquil . 34,807 47
MISCELLANEOUS PROPERTY 12,577 27
Steamer Chairs 5,673 68
Motor Car, Haiti 318 08
Storage Battery Trucks, New York 5,144 91
Generator and Charging Panel, New York 1,440 60
Total New York and Other . 1,191,590 65
Total Reserves for Depreciation $8,098,936 82
28 PANAMA RAIL ROAD COMPANY
TABLE No. 6
RAILROAD OPERATIONS-REVENUE AND OPERATING EXPENSES FOR THE FISCAL
YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
RAILROAD:
Revenue from Transportation
FREIGHT REVENUE:
Through Commercial $221,295 11 $266,832 92 $ 45,537 81
Local Commercial 571,213 66 683,361 10 112,147 44
Total $792,508 77 $950,194 02 $157,685 25
PASSENGER REVENUE:
Through Passengers -
Local Passengers $390,563 13 $446,551 77 $ 55,988 64
Baggage 2,064 80 2,919 95 855 15
Express, Mail, etc 51,620 66 61,550 94 9,930 28
Parlor and Chair Car 5,640 25 7,821 50 2,181 25
Special Cars and Trains 14,910 00 14,840 00 (70 00)
Official Motor Cars 34,435 65 23,894 60 (10,541 05)
Total . $499,234 49 $557,578 76 $ 58,344 27
MISCELLANEOUS REVENUE:
Switching . $43,098 07 $51,853 78 $ 8,755 71
Locomotive Service 62,219 00 80,281 00 18,062 00
Total $105,317 07 $132,134 78 $26,817 71
OTHER THAN TRANSPORTATION:
Storage-Preight . $8,345 91 $13,453 93 $5,108 02
Storage-Baggage 170 40 294 50 124 10
Demurrage 12,137 25 15,422 25 3,285 00
Telegraph 2,043 60 2,092 89 49 29
Rental of Buildings, etc. . 2,221 08 2,228 74 7 66
Miscellaneous Revenue 11,740 56 12,207 94 467 38
Total $36,658 80 $45,700 25 $9,041 45
Total Railroad Revenue. $1,433,719 13 $1,685,607 81 $251,888 68
OPERATING EXPENSES:
Maintenance of Way and Structures $222,960 38 $200,343 63 ($22,616 75)
Maintenance of Equipment 388,950 78 496,353 12 107,402 34
Traffic Expenses -
Transportation Expenses 590,374 95 640,372 80 49,997 85
General Expenses-Isthmus 112,625 22 111,205 07 (1,420 15)
Locomotive Service at Hourly Rates 62.219 00 80,281 00 18,062 00
Total Railroad Operating Expenses. $1,377,130 33 $1,528,555 62 $151,425 29
Net Revenue from Railroad Operations $56,588 80 $157,052 19 $100,463 39
Denotes an Increase
PANAMA RAIL ROAD COMPANY 29
TABLE No. 7
HARBOR TERMINAL OPERATIONS-REVENUE, EXPENSES, AND STATISTICS FOR
THE FISCAL YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
HARBOR TERMINAL REVENUE:
ATLANTIC TERMINALS
Wharfage $158,055 70 $182,726 14 $24,670 44
Rent and Storage. 29,881 26 28,291 53 (1,589 73)
Stevedoring 68,908 20 72,060 95 3,152 75
Handling and Transferring. 808,939 08 928,030 57 119,091 49
Other Revenue .12,316 90 16,373 87 4,056 97
Total $1,078.101 14 $1,227,483 06 $149,381 92
PACIFIC TERMINALS
W harfage . -
Rent and Storage. $2,468 51 $3,161 65 $693 14
Stevedoring 16,422 51 24,341 51 7,919 00
Handling and Transferring . 133,500 02 188,544 78 55,044 76
Other Revenue 10,505 25 13,039 55 2,534 80
Total $162,896 29 $229,087 49 $66,191 20
Total Harbor Terminal Revenue $1,240,997 43 $1,456,570 55 $215,573 12
HARBOR TERMINAL OPERATING EXPENSES:
ATLANTIC TERMINALS:
General Expenses $360,254 83 $413,051 15 $52,796 32
Stevedoring 50,529 92 58,652 47 8,122 55
Handling and Transferring . 425,960 23 502,236 27 76,276 04
Total $836,744 98 $973,939 89 $137,194 91
PACIFIC TERMINALS:
General Expenses . $20,014 56 $24,671 71 $4,657 15
Stevedoring 6,755 34 9,725 86 2,970 52
Handling and Transferring 91,102 58 120,264 67 29,162 09
Total. $117,872 48 $154,662 24 $36,789 76
Total Harbor Terminal Expenses $954,617 46 $1,128,602 13 $173,984 67
Net Revenue from Operations. $286,379 97 $327,968 42 $41,588 45
STATISTICS
Total Harbor Terminal Revenue. .$1,240,997. 43 $1,456,570.55 $215,573.12
Total Operating Expenses. 954,617.46 1,128,602.13 173,984.67
Total Net Revenue. 286,379.97 327,968.42 41,588.45
Per Cent of Expenses to Revenue 76.92 77.48 .56
Tons of Cargo Stevedored . 311,836 333,034 21,198
Revenue per Ton Stevedored. $0.2736 $0.2894, $0.0158
Cost per Ton Stevedored. .0.2521 0.2736 0.0215
Tons of Cargo Handled and Transferred . 989,534 1,168,268 178,734
Revenue per Ton Handled. $0.9524 $0.9557 $0.0033
Cost per Ton Handled. 0.7166, 0.6902 ($0.0264)
Tons of General Cargo Received . 619,302 721,143 101,841
Tons of General Cargo Dispatched . 348,717 421,745 73,028
Number of Ships Handled at Cristobal 2,310 2,374 64
Number of Ships Handled at Balboa 1,170 1,301 131
Total Number of Ships Furnished Agents 192 266 74
HOLD OVER CARGO ("CANAL ZONE FOR ORDERS")
1932 1931 DECREASE
Tons Revenue Tons Revenue Tons Revenue
Tons on Hand Beginning of Year. 5,264 5,292 28
Tons Received During Year 14,001 $14,001 00 24,200 $25,445 64 10,199 $11,444 64
Total. 19,265 29,492 10,227
Tons Reforwarded During Year 4,390 4,735 81 14,296 15,365 75 9,906 10,629 94
Tons Delivered Locally . 10,496 11,344 17 9,932 10,737 07 (564) (607 10)
Tons on Hand at End of Year 4,379 5,264 885
Total 19,265 29,492 10,227
Received from Storage Collected
during Year .7,078 89 8,820 22 1,741 33
Total Revenue $37,159 87 $60,368 68 $23,208 81
Denotes an Increase.
30 PANAMA RAIL ROAD COMPANY
TABLE No. 8
STEAMSHIP LINE OPERATIONs-REVENUE AND EXPENSES FOR THE
FISCAL YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
STEAMSHIP LINE:
REVENUE:
Freight $936,940 18 $1,180,401 93 $243,461 75
Passenger . 231,230 49 275,574 06 44,343 57
Excess Baggage . 991 33 1,628 69 637 36
Mail 48,588 64 44,650 52 (3,938 12)
Treasure 5,517 73 5,680 84 163 11
Mineral Water 1,598 84 1,887 86 289 02
Steamer Chair 4,416 00 4,885 50 469 50
Miscellaneous 1,958 38 3,774 09 1,815 71
Total Steamship Line Revenue. $1,231,241 59 $1,518,483 49 $287,241 90
STEAMSHIP LINE:
EXPENSES:
Steamer . $1,018,316 88 $1,220,775 60 $202,458 72
Agency 368,723 30 397,036 24 28,312 94
General-New York . 141,281 32 145,367 58 4,086 26
Total Steamship Line Expenses. $1,528,321 50 $1,763,179 42 $234,857 92
Net Revenue from Steamship Line
Operations X$297,079 91 X$244,695 93 $52,383 98
( ) Denotes an Increase.
X Denotes a Deficit.
PANAMA RAIL ROAD COMPANY 31
TABLE No. 9
COAL PLANT OPERATIONS-REVENUE, EXPENSES, PROFIT AND STATISTICS FOR
THE FISCAL YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
REVENUE:
SALES:
Commercial Steamships $418,069 44 $1,175,645 94 $757,576 50
Army 5,790 67 10,917 79 5,127 12
Panama Canal . . 4,616 07 8,720 19 4,104 12
Railroad Departments 652 56 516 92 (135 64)
Navy 57,500 00 57,500 00
Local 6,233 47 12,996 58 6,763 11
Total. $435,362 21 $1,266,297 42 $830,935 21
Trimming (and Miscellaneous) 2,829 73 3,782 43 952 70
W harfage 26,776 04 31,610 89 4,834 85
Handling Navy Coal. 12,251 87 17,862 00 5,610 13
Total Revenue .$477,219 85 $1,319,552 74 $842,332 89
OPERATING EXPENSES:
General Expenses . $152,026 70 $229,743 85 $77,717 15
Unloading and Storing . 20,098 78 43,547 43 23,448 65
Reclaiming and Delivery 52,653 32 113,761 70 61,108 38
Total Expenses $224,778 80 $387,052 98 $162,274 18
PROFIT AND Loss ACCOUNT
TONS RATE AMOUNT
DEBITS:
Coal on Hand July 1, 1931. 64,664 $6 30 $407,383 20
Coal Received During the Fiscal Year . 42,540 4 81 204,629 36
Miscellaneous Charges 5,447 76
Colliers and Barges 6% Repairs & Replacements . 65,000 00
Coal Recovered, Cross Section Inventory . 1,540 -
Credit from Handling Navy Coal. (12,251 87)
Operating Expenses for the Year 224,778 80
Total Debits 108,744 $894,987 25
CREDITS:
Receipts from Sales. 65,463 $435,362 21
Wharfage and Trimming. 29,605 77
Coal on Hand June 30, 1932 .43,281 $6 24 270,087 04
Total Credits 108,744 $735,055 02
Less Debits 108,744 894,987 25
Loss for the Year .- $159,932 23
Denotes an Increase
COAL PLANT STATISTICS
1932 1931 DECREASE
Gross Receipts from Sales and Services . $477,219 85 $1,319,552 74 $842,332 89
Cost of Sales and Services 637,152 08 1,458,569 10 821,417 02
Net Loss for the Year.*(159,932 23) (139,016 36) 20,915 87
Tons of Coal Received during the Year . 42,540 117,280 74,740
Recovered on Inventory 1,540 2,367 827
Tons of Coal Sold During the Year .65,463 169,504 104,041
Average Tons of Coal Received per Month. 3,545 9,773 6,228
Average Tons of Coal Sold per Month 5,455 14,125 8,670
*()Denotes a Deficit
32 PANAMA RAIL ROAD COMPANY
TABLE No. 10
REAL ESTATE OPERATIONs-REVENUE AND EXPENSES FOR THE FISCAL YEARS
ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 INCREASE
REVENUE:
Rent of Buildings. $ 9,909 33 $ 11,794 00 ($1,884 67)
Rental of Lands. 316,201 54 311,234 54 4,967 00
Total Revenue $326,110 87 $323,028 54 $3,082 33
EXPENSES:
Superintendent and Clerical . $19,906 92 $19,739 52 $167 40
Repairs to Buildings .89 32 157 99 (68 67)
Depreciation of Buildings. 70,663 52 63,016 20 7,647 32
Supplies and Services . 6,420 47 7,379 88 (959 41)
Supervision 540 00 540 00 -
Accounting 7,200 00 7,200 00 -
Total Expenses $104,820 23 $98,033 59 $6,786 64
Net Revenue from Operations $221,290 64 $224,994 95 ($3,704 31)
Denotes a Decrease
PANAMA RAIL ROAD COMPANY 33
TABLE No. 11
COMPARATIVE STATEMENT OF OPERATIONS OF THE COMMISSARY DIVISION
FOR THE FISCAL YEARS ENDED JUNE 30, 1932 AND 1931
PROFIT AND LOSS 1932 1931
SALES:
U. S. Government. $1,069,871 40 $1,455,011 66
Panama Canal. 626,585 66 701,334 95
Panama Railroad. 236,825 73 299,818 15
Individuals and Companies 527,791 93 685,067 17
Commercial Steamships. 458,943 30 789,365 78
Coupons, Paid Orders, etc. 5,768,104 96 6,546,485 93
Gross Revenue from Sales. 8,688,122 98 10,477,083 64
Less Discounts and Refunds 340,896 65 408,883 04
Net Revenue from Sales $8,347,226 33 $10,068,200 60
Inventory Beginning of Period . $1,394,111 34 $1,475,033 58
Merchandise Purchased for Sale. 3,820,311 04 4,757,709 33
Merchandise Purchased for Manufacture 1,575,283 77 2,237,812 00
Total . 6,789,706 15 8,470,554 91
Inventory, End of Period 1,141,374 51 1,394,111 34
Value of Sales and Services . $5,648,331 64 $7,076,443 57
EXPENSES:
Labor (Productive Only)
Gold $385,560 21 $391,583 83
Silver 613,385 76 655,025 60
Gratuity 61,689 71 65,426 13
Supplies from Stock. 70,437 06 85,086 38
Supplies from Panama Canal. 39,501 84 42,812 79
Services from Panama Canal. 14,529 67 9,474 36
Delivery Service (Truck, Tug, and Launch) . 140,757 17 160,146 65
Freight Transportation 132,694 19 141,673 16
Power and Light. 38,130 70 40,236 99
W ater 6,997 09 9,741 64
Telephones, Radios, Cablegrams 12,850 96 14,440 33
Refrigeration and Ice. 184,490 97 197,424 46
Hospitalization of Employees 26,189 00 25,673 35
Accounting Expenses 151,743 03 164,688 57
Administrative Expenses 16,380 00 16,380 00
Purchasing (Offices U.S.A.) 60,000 00 60,000 00
Depreciation . 121,336 67 103,214 92
Repairs 92,212 23 73,445 88
Loss and Damage 123,006 48 153,053 87
Stock Losses. 12,297 79 62,740 48
Other Expenses 63,992 81 84,367 59
Total Expenses $2,368,183 34 $2,556,636 98
Cost of Sales and Services $8,016,514 98 $9,633,080 55
Net Results-Profit $330,711 35 $435,120 05
34 PANAMA RAIL ROAD COMPANY
TABLE No. 12
SUPPLY DEPARTMENT-COMMISSARY BRANCH STATEMENT OF COST OF
MATERIAL AND SUPPLIES PURCHASED AND SOLD DURING THE FISCAL
YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
PURCHASES BY CLASSES
1932 1931 DECREASE
Groceries. $1,305,899 68 $1,548,080 12 $242,180 44
Candies. . 52,660 91 67,331 34 14,670 43
Tobacco. 327,685 92 424,311 36 96,625 44
Hardware. 383,234 00 535,034 71 151,800 71
Dry Goods. 841,106 20 1,096,416 14 255,309 94
Shoes. 191,066 02 299,364 78 108,298 76
Cold Storage. 1,213,423 68 1,548,791 97 335,368 29
Toys. 44,542 78 46,825 28 2,282 50
Stationery 47,204 94 47,717 63 512 69
Raw Material. 427,159 61 437,442 08 10,282 47
Cattle and Hogs. 261,507 06 640,918 70 379,411 64
Milk and Cream. 164,719 51 178,507 92 13,788 41
Eggs. 166,926 42 201,109 50 34,183 08
Butter. 160,252 79 195,428 96 35,176 17
Dressed Beef. 6,536 25 6,536 25
Total. $5,587,389 52 $7,273,816 74 $1,686,427 22
LOCATION OF PURCHASES
1932 1931 DECREASE
Purchases in U.S.A. $4,192,222 93 $5,171,322 77 $979,099 84
Europe and Orient 621,423 42 777,966 58 156,543 16
Central and South America . 145,085 99 259,255 91 114,169 92
Local 167,199 81 224,086 47 56,886 66
Panama Canal. 69,947 45 90,871 54 20,924 09
Cattle Industry 391,509 92 750,313 47 358,803 55
Total. $5,587,389 52 $7,273,816 74 $1,686,427 22
DISTRIBUTION OF SALES
1932 1931 DECREASE
United States Government (A & N) .$1,069,871 40 $1,455,011 66 $385,140 26
The Panama Canal. 626,585 66 701,334 95 74,749 29
The Panama Rail Road 236,825 73 299,818 15 62,992 42
Individuals and Companies 527,791 93 685,067 17 157,275 24
Commercial Ships 458,943 30 789,365 78 330,422 48
Employees. 5,768,104 96 6,546,485 93 778,380 97
Total. .$8,688,122 98 $10,477,083 64 $1,788,960 66
Less Discounts and Credits, etc. .340,896 65 408,883 04 67,986 39
Net Revenue from Sales .$8,347,226 33 $10,068,200 60 $1,720,974 27
SUPPLIES FOR EXPENSE:
Retail Commissaries and Warehouses 41,796 53 47,912 84 6,116 31
General. 2,623 87 4,376 65 1,752 78
Plants. 26,016 66 32,796 89 6,780 23
Total. $70,437 06 $85,086 38 $14,649 32
Loss by Condemnation, Pilferage, Shrink-
age, etc. $135,304 27 $215,794 35 $80,490 08
Grand Total $8,552,967 66 $10,369,081 33 $1,816,113 67
PANAMA RAIL ROAD COMPANY 35
TABLE No. 13
CATTLE INDUSTRY OPERATIONS-REVENUE, EXPENSES, PROFIT AND Loss FOR
THE FISCAL YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
REVENUE:
Sale of Cattle. $257,354 80 $631,151 56 $373,796 76
Hides and Produce. 942 46 1,618 54 676 08
Total Revenue $258,297 26 1 $632,770 10 $374,472 84
EXPENSES:
Superintendence and Clerical. $5,344 92 $6,250 77 $ 905 85
Handling Stock 3,995 49 8,116 21 4,120 72
Repairs to Gates and Fences . 1,407 21 1,327 15 (80 06)
Feeding, Labor and Feed . 1,737 51 3,799 63 2,062 12
Cutting Brush, etc. 907 31 10,086 34 9,179 03
Mess Operations, etc. 3,065 55 5,953 94 2,888 39
Transportation 8,191 80 14,947 46 6,755 66
Deaths-Stock 1,554 74 3,454 83 1,900 09
Supplies and Services . 1,386 73 7,359 64 5,972 91
Administration 7,698 96 4,440 00 (3,258 96)
Miscellaneous 2,440 01 4,053 14 1,613 13
Total Expenses $37,730 23 $69,789 11 $32,058 88
PROFIT AND LOSS
1932 1931
HEAD AMoUNT HEAD AMoUNT
DEBITS:
Cattle on Hand Beginning of Year . 133 $4,395 69 356 $14,122 69
Purchased during the Year . 4,666 189,439 02 9,369 499,837 29
Births during the Year 7 161 00
Transfers during the Year -
Adjustments, Promotions and Recoveries. -
Operating Expenses 37,730 23 69,789 11
Total Debits 4,799 $231,564 94 9,732 $583,910 09
CREDITS:
Sales . 4,656 $258,297 26 9,557 $632,770 10
Deaths 11 348 34 42 1,859 79
Transfers. .- -
Adjustments on Promotions & Recoveries. 161 00
Cattle on Hand at Close of Year . 132 3,564 00 133 4,395 69
Total Credits 4,799 $262,209 60 9,732 $639,186 58
Less Total Debits . 4,799 231,564 94 9,732 583,910 09
Net Profit for the Year $30,644 66 $55,276 49
Less Buildings, etc. written off to
Profit and Loss. 9,972 75
Net Profit for the Year $30,644 66 $45,303 74
Denotes an Increase
36 PANAMA RAIL ROAD COMPANY
TABLE No. 14
DAIRY FARM OPERATIONS-REVENUE, EXPENSES, PROFIT AND LOSS FOR THE
FISCAL YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 INCREASE
REVENUE:
Milk and Cream. $135,340 60 $115,169 60 $20,171 00
Live Stock 1,228 99 3,927 31 (2,698 32)
Hides and Other Products . 243 08 271 75 (28 67)
Total Revenue. $136,812 67 $119,368 66 $17,444 01
EXPENSES:
General $35,439 75 $18,523 13 $16,916 62
Pasture Operations . 5,988 46 4,606 02 1,382 44
Milking and Refrigerating . 81,965 18 73,912 94 8,052 24
Total Expenses .$123,393 39 $97,042 09 $26,351 30
PROFIT AND LOSS
1932 1931
HEAD AMOUNT HEAD AMOUNT
DEBITS:
Cattle on Hand at Beginning of Year 634 $50,720 00 515 $36,050 00
Cattle Purchased During the Year 169 22,188 55
Calves Born During the Year . 79 53 -
Adjustments --
Transfers During the Year .
Operating Expenses for the Year 123,393 39 97,042 09
Total Debits 713 $174,113 39 737 $155,280 64
CREDITS:
Sales of Cattle During the Year 22 $1,228 99 69 $3,927 31
Sales of Milk and Cream. -- 135,340 60 115,169 60
Sale of Miscellaneous Products 243 08 271 75
Transfers During the Year -
Deaths During the Year 16 1,280 00 34 2,777 52
Cattle on Hand at Close of the Year 675 54,000 00 634 50,720 00
Total Credits 713 $192,092 67 737 $172,866 18
Less Total Debits . 713 174,113 39 737 155,280 64
Net Profit for the Year $17,979 28 $17,585 54
Less Reserve for Depreciation of -
Buildings Set Up . 10,000 00
Net Profit for the Year $17,979 28 $7,585 54
( ) Denotes a Decrease
PANAMA RAIL ROAD COMPANY 37
TABLE No. 15
PLANTATION OPERATIONS-REVENUE AND EXPENSES FOR THE FISCAL YEARS
ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 INCREASE
REVENUE:
Produce--Local Sales $1,718 53 $1,747 42 ($28 89)
Miscellaneous 1,580 00 1,250 00 330 00
Total Revenue $3,298 53 $2,997 42 $301 11
EXPENSES:
Cultivating -
Harvesting $1,213 02 $1,246 72 (33 70)
Supplies and Services 137 43 (137 43)
Miscellaneous 629 32 540 46 88 86
Total Expenses .$1,842 34 $1,924 61 ($82 27)
Net Profit from Operations $1,456 19 $1,072 81 $383 38
Denotes a Decrease
TABLE No. 16
HOTEL TIVOLI OPERATIONS-REVENUE AND EXPENSES FOR THE FISCAL YEARS
ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
REVENUE:
Rental of Rooms . $62,771 45 $98,789 90 $36,018 45
Restaurant Service. 57,101 40 83,497 85 26,396 45
Cigars and News Stand 5,453 83 6,423 85 970 02
Laundry and Valet Service. 6,105 24 9,199 12 3,093 88
Telephone 919 50 932 90 13 40
Swimming Pool .-- -
Miscellaneous .2,438 16 2,961 76 523 60
Total Revenue $134,789 58 $201,805 38 $67,015 80
EXPENSES:
Superintendence and Labor . $63,806 75 $70,140 25 $6,333 50
Subsistence Supplies 42,549 89 56,557 10 14,007 21
Laundry-Hotel . 10,757 50 13,261 21 2,503 71
Laundry-Guests . 4,074 94 6,145 71 2,070 77
General Supplies and Services 4,463 66 6,511 11 2,047 45
Repairs to Equipment. 2,021 26 3,026 94 1,005 68
Repairs to Buildings 5,390 06 8,071 90 2,681 84
Depreciation of Equipment 8,759 98 13,116 81 4,356 83
Depreciation of Buildings .- -
Supervision and Accounting 4,620 00 4,620 00 -
*Miscellaneous 19,916 93 21,811 76 1,894 83
Rental of Buildings and Equipment 30,000 00 30,000 00 -
Total Expenses $196,360 97 $233,262 79 $36,901 82
Net Loss from Operations #$61,571 39 #$31,457 41 $30,113 98
* Includes Office Supplies, Ice, Fuel, Water, Electricity, Telephone and other small accounts
# Denotes a Deficit
38 PANAMA RAIL ROAD COMPANY
TABLE No. 17
HOTEL WASHINGTON OPERATIONS-REVENUE AND EXPENSES FOR THE FISCAL
YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
REVENUE:
Rental of Rooms . $47,111 45 $77,015 40 $29,903 95
Restaurant Service . 36,665 65 55,551 95 18,886 30
Cigar and News Stand . 5,719 60 8,193 85 2,474 25
Laundry and Valet Service . 4,535 70 7,449 20 2,913 50
Telephone 809 95 1,102 50 292 55
Swimming Pool 5,575 00 7,902 55 2,327 55
Miscellaneous 405 55 375 30 (30 25)
Total Revenue $100,822 90 $157,590 75 $56,767 85
EXPENSES:
Superintendence and Labor . $54,374 75 $63,696 50 $9,321 75
Subsistence Supplies . 31,648 03 43,101 37 11,453 34
Laundry-Hotel 9,087 11 11,693 36 2,606 25
Laundry-Guests . . .3,174 47 5,217 06 2,042 59
General Supplies and Services 4,348 22 6,539 21 2,190 99
Repairs to Equipment . 3,576 12 3,337 62 (238 50)
Repairs to Buildings . . 3,024 64 7,680 75 4,656 11
Depreciation of Equipment . 6,553 43 10,243 40 3,689 97
Depreciation of Buildings 6,553 43 10,243 40 3,689 97
Supervision and Accounting 4,620 00 4,620 00 -
*Miscellaneous 22,453 22 24,147 08 1,693 86
Total Expenses $149,413,42 $190,519 75 $41,106 33
Net Loss from Operations . . #$48,590 52 #$32,929 00 $15,661 52
Includes Office Supplies, Ice, Fuel, Water, Electricity, Telephone and other small accounts
) Denotes an Increase
# Denotes a Deficit
TABLE No. 18
TELEPHONE AND ELECTRIC CLOCK OPERATIONS-REVENUE AND EXPENSES FOR
THE FISCAL YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 INCREASE
REVENUE:
Rent of Instruments . $179,420 64 $179,248 22 $172 42
Rent of Trunk Lines . 25,670 67 24,453 33 1,217 34
Leased Circuits and Ducts 32,379 33 31,614 63 764 70
Changing Telephones, etc . 1,617 60 1,410 00 207 60
Electric Clocks 2,687 30 2,847 30 (160 00)
Electric Printing Typewriters 6,299 18 6,480 00 (180 82)
Total Revenue from Operations $248,074 72 $246,053 48 $2,021 24
EXPENSES:
Superintendence, Labor, Supplies, etc $142,828 28 $146,101 14 ($3,272 86)
Depreciation . 49,983 55 48,537 63 1,445 92
Supervision and Accounting 5,220 00 5,220 00 -
Total 'Expenses $198,031 83 $199,858 77 ($1,826 94)
Net Revenue from Operations $50,042 89 $46,194 71 $3,848 18
Denotes a Decrease
PANAMA RAIL ROAD COMPANY 39
TABLE No. 19
STABLE OPERATIONS-REVENUE AND EXPENSES FOR THE FISCAL YEARS ENDED
JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
REVENUE:
Rental of Stalls $6,357 51 $8,479 90 $2,122 39
Rental of Buildings . 12,578 48 11,226 75 (1,351 73)
Boarding Stock -
Sale of Medicines, etc . 36 30 24 00 (12 30)
Total Revenue . $18,972 29 $19,730 65 $758 36
EXPENSES:
Superintendence, Labor, Supplies, etc. $15,812 39 $16,609 31 $796 92
Net Revenue from Operations $ 3,159 90 $ 3,121 34 ($38 56)
Denotes an Increase
TABLE No. 20
BAGGAGE TRANSFER OPERATIONS--REVENUE AND EXPENSES FOR THE FISCAL
YEARS ENDED JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 DECREASE
REVENUE:
Transferring Baggage . $11,632 75 $14,945 25 $3,312 50
Other Trucking Service . 1,376 10 1,727 70 351 60
Total Revenue . $13,008 85 $16,672 95 $3,664 10
EXPENSES:
Superintendence, Labor, Supplies, etc. $16,260 30 $17,448 01 $1,187 71
Net Loss from Operations. ($3,251 45) ($775 06) $2,476 39
Denotes a Deficit
TABLE No. 21
INTEREST AND EXCHANGE-REVENUE FOR THE FISCAL YEARS ENDED
JUNE 30, 1932 AND 1931, AND COMPARISON
1932 1931 INCREASE
Isthmus $15,239 25 $12,579 31 $2,659 94
New York 445,601 72 447,381 36 (1,779 64)
Total Revenue $460,840 97 $459,960 67 $ 880 30
Denotes Decrease
40 PANAMA RAIL ROAD COMPANY
TABLE No. 22
STATEMENT OF STEAMSHIP LINE STATISTICS FOR THE FISCAL YEARS ENDED
JUNE 30, 1932 AND 1931
1932 1931
Steamships .4 4
Total Revenue $1,231,241.59 $1,518,483.49
Freight Carried, Tons 140,429 163,464
Freight Revenue $936,940 .18 $1,180,401.98
Average Freight Rate .$6.67 $7.22
Passengers Carried .6,977 7,874
Passenger Revenue (Including Excess Baggage) .$232,221. 82 $277,202. 75
Average Rate per Passenger . $33.28 $35.20
PANAMA RAIL ROAD COMPANY 41
TABLE No. 23
RAILROAD OPERATIONs--GENERAL AND PASSENGER STATISTICS FOR THE FISCAL
YEARS ENDED JUNE 30, 1932 AND 1931
1932 1931
GENERAL STATISTICS:
Average Miles of Road Operated. 47.61 47.61
Gross Operating Revenue. .$1,433,719.13 $1,685,607.81
Operating Expenses. .1,377,130.33 1,528,555. 62
Net Operating Revenue. 56,588.80 157,052.19
Per Cent of Expenses to Revenue. 96.05 90.68
Gross Revenue per Mile of Road. 30,113.82 35,404.49
Operating Expenses per Mile of Road 28,925.23 32,105.77
Net Revenue per Mile of Road. 1,188.59 3,298.72
Total Revenue Train Mileage. 193,667 196,651
Railroad Revenue per Train Mile. 7.40 8.57
Railroad Operating Expenses per Revenue Train Mile. 7.11 7.77
Net Railroad Revenue per Revenue Train Mile .29 .80
Freight, Passenger, and Switch Locomotive Mileage . 307,539 323,501
Work Train Mileage. .5,116 10,394
PASSENGER STATISTICS:
Gross Revenue (Including Baggage, Express, Mail and
Treasure) $504,755.14 $566,553.55
Passenger Train Mileage (Including Mixed Trains) 111,592 111,718
Passenger Trains per Day per Mile of Road 42 6.43
Coach Mileage. .614,283 565,686
Baggage, Express and Mail Car Mileage. 148,681 220,993
Total Passenger Car Mileage. 762,964 786,679
Passengers Carried. 409,954 494,246
Passengers Carried One Mile. .16,289,855 19,562,350
Average Distance Each Passenger Carried 9.73 39.58
Passengers in Each Train 145.98 175.10
Passengers in Each Passenger Car (Including Baggage,
Mail and Express) 21.35 24.87
Revenue per Passenger Train Mile $4.17 $4.77
Revenue per Passenger Car Mile (Including Baggage,
Mail and Express) .$06615 $07202
Cars in Each Passenger Train (Including Baggage, Mail
and Express) .6.83 7.04
Revenue per Passenger $0953 $0903
Revenue per Passenger per Mile.$0.0240 $0,0228
Passengers One Mile per Mile of Road. 342,151 410,837
Revenue per Mile of Road. $10,601.87 $11,899.88
Number of First Class Passengers Carried.184,307 200,559
Revenue from First Class Passengers Carried. $218,196. 44 $244,683. 12
Number of Second Class Passengers Carried .225,647 293,687
Revenue from Second Class Passengers Carried $172,366.69 $201,868.65
42 PANAMA RAIL ROAD COMPANY
TABLE No. 24
RAILROAD OPERATIONS-FREIGHT STATISTICS FOR THE FISCAL YEARS ENDED
JUNE 30, 1932 AND 1931
1932 1931
Gross Freight Revenue. .$792,508.77 $950,194.02
Freight Train Mileage (Including Mixed Trains) 82,075 84,933
Freight Trains per Day per Mile of Road 4.72 4.89
Loaded Freight Car Mileage. 970,975 1,047,198
Empty Freight Car Mileage. .93,604 449,917
Caboose Car Mileage. 84,813 86,447
Total Freight Car Mileage (Including Caboose). 1,449,392 1,583,562
Per Cent of Loaded Car Mileage to Total Car Mileage (Includ-
ing Caboose) .66.99 66.12
Loaded Freight Cars per Train 11.83 12.32
Empty Freight Cars per Train. 4.79 5.29
Loaded and Empty Freight Cars per Train 16.62 17.61
Tons Through Commercial Freight 66,361 73,391
Tons of Local Commercial Freight 91,740 106,938
Tons of Local Army Freight. 3,267 5,836
Tons of Local Panama Canal Freight. 72,317 107,243
Tons of Local Commissary Freight. 29,842 30,058
Tons of Company Freight. .4,105 1,594
Tons of Revenue and Company Freight Carried 267,632 325,060
Tons of Through Commercial Freight Carried One Mile . 3,102,706 3,513,385
Tons of Local Commercial Freight Carried One Mile 2,767,319 3,283,920
Tons of Local Army Freight Carried One Mile. 116,633 210,817
Tons of Local Panama Canal Freight Carried One Mile. 2,560,099 3,434,562
Tons of Local Commissary Freight Carried One Mile 1,091,501 1,101,842
Tons of Company Freight Carried One Mile. 124,323 58,073
Tons of Revenue and Company Freight Carried One Mile. 9,762,581 11,602,599
Tons in Each Loaded Car (Including Company) 10.05 10.84
Tons in Each Loaded and Empty Car (Including Company). 7.15 7.13
Tons in Each Train. 118.95 136.61
Revenue per Freight Car Mile $0.546 $0.600
Average Mile Each Ton of Revenue Freight Carried .36.47 35.69
Revenue per Freight Train Mile $9.66 $11.18
Revenue per Ton of Revenue Freight. $3.01 $2.93
Revenue per Ton Mile $00822 $00823
Tons of Revenue Freight Carried One Mile per Mile of Road 202,397 242,481
Freight Revenue per Mile of Road $16,645.84 $19,957.87
Estimated Loaded Cars in Each Train (Estimating 2
Empties or 2 Cabooses as 1 Loaded Car). .14.74 15.49
Revenue Freight Engine Mileage 83,877 87,359
Estimated Loaded Cars Handled per Revenue Freight Engine 14.70 15.06
Tons Handled per Revenue Freight Engine. .118. 63 132. 82
PANAMA RAIL ROAD COMPANY 43
TABLE No. 25
PANAMA RAILROAD, PANAMA CANAL, AND U. S. ARMY TRACKAGE, ADDITIONS
AND REMOVALS FOR THE FISCAL YEAR ENDED JUNE 30, 1932
LENGTH
MILES TOTAL
PANAMA RAILROAD TRACKS:
M ain Line, Colon-Panam a . 47.61
Atlantic Terminal:
C olon . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.06
Cristobal and M indi Island . 21.85
Pacific Terminals:
P anam a . . 7.01
B a lb oa . . . . . . . . . . . . . . . . . . . . . . . . . 11.63
Intermediate Passing Tracks, Sidings and Yards. 12.56
Total Panama Railroad Tracks 102.72
PANAMA CANAL TRACKS:
A tlantic Term inal 5.20
Interm ediate Tracks . 15.42
P acific Term inal . 16.87
Total Panama Canal Tracks 37.49
UNITED STATES ARMY TRACKS:
Atlantic Terminal 3.28
Intermediate Tracks .2.42
Total United States Army Tracks 5.70
Total Trackage Maintained by Panama Rail Road . 145.91
Tracks taken up during the Fiscal Year
PANAMA RAILROAD TRACKS:
Atlantic Terminal .1,260 ft. .24 .24
Total Tracks Taken Up .24
Tracks added during the Fiscal Year
PANAMA RAILROAD TRACKS:
Interm ediate Tracks 1,753 ft. .34
PANAMA CANAL TRACKS:
Pacific Term inal 396 ft. .08
Total Tracks Aaded During the Fiscal Year .42
Rail, Cross and Switch Ties, and Gravel used during the Fiscal Year
Cross Ties-New 15,444
Bridge Ties- N ew 185
Switch Ties- New 113,950 Ft. B. M.
Rail-70-lb. S.H. 11.503 N. T.
Rail-90-lb. S.H. 292.635 N. T.
Rail-90-lb.-New 634.035 N. T.
Gravel . . 635 Cu. Yds.
Amounts expended on Work Performed for Other Divisions, and on
Railroad A. F. E's.
Maintenance-Panama Canal Tracks . $24,365.32
Maintenance-U. S. Army Tracks 816.00
Miscellaneous Work Requests-Panama Canal 40,719.20
Railroad A. F. E.'s . . 39,310.24
TABLE No. 26
STATEMENT OF LOCOMOTIVES AND ROLLING STOCK IN SERVICE JUNE 30, 1932
LocoMo-
TIVES FREIGHT CARS PASSENGER CARS MISCELLANEOUS
0 U
C) Id
Tnr fo 0 m or s2
Dest oye D u in the Yea .U
Stock~~~~~ ~~~~~ on H an J un 30, 193 .4.1 1 8 6 3 1 7 0 5 6 1 4 6 1 3 3 3 2 1 8 7 1 1 2 1
0 w 0) 0> C ~C 0 U
U 0 UE~CC 5 ~H 0 0 Q ~ 0 +>bo 10 0 ~~
__ 0
Stock on Hand July1, 1931. 12 12.6 3877 429 12 176 10 51 100 12 4 7 16 86 16 3 3 23 11 8 7 1 1 1 3 1 1 1
Received DurnR the Year .1Z
Transferred to Another Class 13 2
Transferred from Another Class . 2 13
Destroyed DurnR the Year 1 1 4 1 1
Stock on Hand June 30, 1932 . 11 12 6 38 64 430 12 176 10 51 96 11 4 7 14 86 16 13 3 3 24 It 8 7 1 1 1 2 1 1 1
PANAMA RAIL ROAD COMPANY 45
TABLE No. 27
STATEMENT OF EXPENDITURE UNDER AUTHORITY FOR EXPENDITUREs DURING
THE FISCAL YEAR ENDED JUNE 30, 1932
A E. THIS YEAR TO DATE
No.
1724 Cristobal Mole. $8,427 00 $14,114 93
1807 Construct 4-61' coaches. 373 96 53,530 50
1847 Cold Storage Space Hotel Washington. 209 16 18,000 96
1851 Improvements, Hotel Washington .491 53 17,559 17
1907 Equipment Telephone Exchange. (911 97) 15,423 60
1908, Gold Quarters, Balhoa-Ancon. (3,133 67) 379,010 81
1909 Six Block Pill, Colon. , .63,182 65 318,763 37
1911 Storm Sewer 9th and 11th Streets, Colon. .6,884 72 18,112 92
1914 Manufacture two Barges. .27,521 77 27,521 77
1916 Install Fan, Telephone Exchange. .327 59 327 59
1918 New Draft Gear Passenger Coaches 16,850 05 20,565 66
1924 Municipal Improvements Santa Cruz Area 253 78 40,324 34
1927 Repairs Roof, Mt. Hope Cold Storage Plant. 1,176 68 9,316 54
1928 Rebuild Locomotive No. 660. 19,632 34 19,632 34
1937 Repairs Dock 8, Cristobal.1,610 07 3,683 30
1940 Overhaul Motor Car No. 2. 38,269 64 4,399 18
1943 Construct 3-1 Story Family Quarters, Balboa 7,222 28 28,950 52
1946 Alterations Sausage Factory, Mt. Hope.(355 74) 3,076 33
1949 Telephone Distrihution New Quarters. 1,623 75 1,623 75
1953 Gold Quarters, Colon and Balhoa. 321,751 41 392,018 67
1954 Telephone Distrihution, Colon Beach. .553 54 695 98
1955 Vegetable Rack, Ancon Commissary. .2,118 28 2,118 28
1956 Compressor, Ice Plant, Balboa. .4,236 76 4,244 76
1957 Equipment, Telephone Exchange, Madden Dam 17,756 95 17,756 95
1959 Manufacture Tahles, Commissary Division 2,858 18 2,858 18
1960 Wig-Wag Signal, Cristobal. 654 63 654 63
1961 Meat Cooler Coil, Cold Storage Plant 421 13 421 13
1962 Filing Equipment, Telephone Exchange.1,614 26 1,614 26
1963 Telephone Cable. .2,226 99 2,226 99
1964 Install Ironer, Ancon Laundry. 8,802 65 8,802 65
1965 Fill lots 9th St., Colon.818 65 818 65
1966 Alterations, Cristobal Commissary. 13,284 64 13,284 64
1967 Repairs Compressor Ice Plant, Balboa. .4,438 17 4,438 17
1968 Lay new 90# Rail. 27,661 62 27,661 62
1969 Convert 13 Gondolas to Garhage Cars. 13,044 75 13,044 75
1970 Repairs to Red Tank Commissary. 4,355 16 4,355 16
1971 Alterations & Improvements, Industrial Lahoratory . 30,873 38 34,799 81
1972 Oil Tank Ancon Laundry. .2,408 60 2,408 60
1973 Show Cases Commissary, Madden Dam.920 00 920 00
1974 Repairs Barges Darien and Mamel.5,290 19 5,290 19
1975 Garbage Platform, Ancon. .9,071 14 9,071 14
1976 Track to Incinerator, Summit. .6,113 94 6,113 94
1977 Repair Compressor Ice Plant, Balhoa. 2,065 11 2,065 11
1978 Repair Ironer-Ancon Laundry. .69 13 69 13
1979 Replace broken piles, Dock 7, Balboa. 761 31 761 31
1980 Replace Pile Driver 201. 1,230 91 1,230 91
1982 Repair tile floor Milk Bottling Plant .760 75 760 75
1983 Repair and Paint Shop Building, Cristobal Docks 2,411 59 2,411* 59
1984 Bread Wrapping Machine, Bakery.4,464 74 4,464 74
1987 Paint Roof Pier 18, Balhoa. .1,383 27 1,383 27
1991 'Tarpaulins for Garbage Cars .712 85 712 85
1992 Meat Cutter, Silver City Commissary. .459 50 459 50
1993 Repairs Barge 157. . III-577 00 577 00
1996 Repairs to Railroad Track, Balboa Commissary 1,650 29 1,650 29
1998 Improve Drainage, Lot 2412, Colon. .274 25 274 25
Totals. $652,751 51 $1,566,597 43-
46 PANAMA RAIL ROAD COMPANY
TABLE No. 28
STATEMENT SHOWING PRINCIPAL ITEMS OF COMPLETED CONSTRUCTION WORK
AND EQUIPMENT ADDED TO CAPITAL ACCOUNT DURING THE FISCAL YEAR
ENDED JUNE 30, 1932
Install Additional Telephone Cables $15,423 60
Manufacture two Barges for Harbor Terminals . 27,521 77
Construct Special 12-Family Silver Quarters, Silver City . .14,392 79
Construct Special 12-Family Silver Quarters, La Boca . 13,323 95
Telephone Distribution, New Quarters, Balboa 1,623 75
Telephone Distribution, New Quarters, Colon . 695 98
W ig-W ag Signal, Cristobal . 654 63
Construct 4-61' Coaches 116,030 50
Fan and Ventilator, Telephone Exchange. .327 59
Alterations Sausage Factory 3,076 33
Rebuild Locomotive 660 10,417 78
Vegetable Rack, Ancon Commissary 2,118 28
Alterations, Cristobal Commissary 12,450 00
Show Case, Commissary, Madden Dam 920 00
Gold Quarters Balboa Ancon . 379,030 81
Storm Sewer, 9th & 11th Street, Colon. 18,112 92
New Draft Gear, Passenger Coaches 20,565 66
3-2-Family Quarters, Balboa 28,950 52
Gold Quarters, Colon-Balboa Area . . 392,018 67
Display Tables, Commissary Division 2,858 18
Coils for Meat Cooler, Cold Storage Plant 421 13
Filing Equipment, Telephone Exchange . 1,614 26
Install Ironer, Ancon Laundry 8,802 65
Fill Lots to Grade, Colon. 818 65
Convert 13 Gondolas to Garbage Cars 13,044 75
Fuel Oil Tank, Ancon Laundry 2,408 60
Garbage Platform, Ancon . 9,071 14
Track at Incinerator, Summit 6,113 94
Bread Wrapping Machine, Bakery . *. 4,464 74
Meat Cutting Machine, Silver City Commissary 459 50
Tarpaulins for Garbage Cars. 712 85
Refrigerating Room and Equipment, Hotel Washington 18,000 95
Enlarge Kitchen and New Steam Table, Hotel Washington 17,559 17
Total $1,044,006 04
ITEMS REMOVED FROM CAPITAL AccoUNT:
Crane 26 Surveyed . $2,000 00
Section House, Mount Hope, Demolished . .850 00
Locomotive 652-Destroyed in wreck 23,457 12
4 Oliver Dump Cars, Destroyed in wreck 2,416 00
1 Box Car, Destroyed in wreck 971 29
Various Tracks Removed . 650 00
Two Cargo Trucks Surveyed 2,242 94
Walker Crane Tractor Surveyed 6,575 83
Barge No. 21, Surveyed . . 60,000 00
Building 801, Colon, Demolished 8,600 00
Total $107,763 18
PANAMA RAIL ROAD COMPANY 47
TABLE No. 29
CONSTRUCTION WORK IN PROGRESS AT CLOSE OF FISCAL YEAR ENDED
JUNE 30, 1932
AFE. ESTIMATE
No.
1909 Municipal Improvements and Fill 6 Blocks, Colon. .$415,100 00
1924 Municipal Improvements, Santa Cruz Area Development 94,200 00
1957 Purchase and Installation, Equipment for Telephone Service, Madden Dam. 19,125 00
1963 Telephone Cable for Telephone Distribution to West Side of Canal . 2,300 00
1985 Purchase and Install two Printing Telegraph Machines in Panama Publishing
Company 1,800 00
1997 Purchase and Install two Dry Tumblers in Ancon Laundry 6,175 00
Total .$538,700 00
Co
PRESIDENT
VICE PRESIDENT SECOND VICE SE GENERAL LAND FUNCTIONS PERFORMED ON THE ISTHMUS BY
NEYORK CITY PRESIDENMANAGER AGENT DEPARTMENTS OF THE PANAMA CANAL
GENERAL OFFICES AND PANAMA CA TP M
STUAMSHIP LINE M
ASSISTANT TOFI
VICE PRESIDENT GETCPLR1POWE. AN EQUPMEN
AN SECRETA EANGGENETR SI I MC H STOREKEPER
ASSISTANT ANQ ELECTORAL DIV SUPPLY DEPTH.
OF MAINTENANCE THE PAAMACANAL THE PANAMA
THE P ANA CAAL T A ANAL
GENERAL COUNSEL SPRNEDN
TRASsUire -FR.EIGIHT TRAfFFIC MQCR.7
I TREASURER SUPERINTENDENT OF MOTIVE
AUDITOR PAEMNGER AGENT COMPTROLLER POWER AND EQUIPMENT
GENERAL PURCt COMING GERAL AGENT AUDITOR MACHINE SHOP FOREMAN
OffICER FORT-AU-PRINA PAYMASTER MASTER CAR REPAIRER O
CLAIM AGENT ROUND HOUSE FOREMAN
ACCOUNTING DEPT MECHANICAL DIVISION
TME PANAMACANAL THE PANAMA CANAL
RECIVIG AD ASISANTTOGENRAL STEMSHP TCKT SPERNTEDEN AN SPERINTENDENT OF LOCAL FRElQMT AGENT FOREMAN OF STABLES
voWADIG GET MoANAGEC ANDEN AGLNT MAST1R O COALING PLANTS PANAMACON
snamse ss Iossaveses ----j tano AGNTSORGANIZATION CHART
CANAL ZONE SoPERvIsIo THE PANAMA RAILROAD COMPANY
'Cm -F 0 H Ag ,E JULY 1,1932
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