RM
7 0
Az "M
V.0
V,
. Ne
-v
w Wx
TR9
M" o
YA, W,All
N,
Wm
............................... . . . .
5-A
03, V
771
54
A.,- 0*4
.......
........
ON( ;FL"M"'5 fIKM 4g. 7
op -g 0'.
NA
nt
Mr
W-1
onig.,
05 -N a-W10 M w
A- 91 f
ni-A n's W RA4. N ow -.1 't op,
-4 Aw
_A
1; Nil.
n M
5R
s R%10 t* Z-41. fo Npia!T M "'
%C,
MEN
A 901
Mar R.- 41
M., MV 7al
OA-U M N
a;
: --mv, M, Iti. A to MW -42 ,l
mnw FRI
W A Oq.
mo ra
M'Ql.
eg 4-g NMIF.947
-S
1. rPl. OCT. 4 mm
Q
1. 6. 'A
V f ", tiviaq
A
-IM .54 gm PA2 r k.
V, z
W.
MA MA % 71NFI
g
" N MAE la; W
W. _gs. AM
nf.],
V,.t 7k &g'SK
V
'N
'56 Al
IN kw. R,
-,Jogr Ag. ---W st
R to la
A
A
1661
PP,
'. -5
4. Mli
VI
54 10' A.'v
T '5A _w n Azp IS
Apgjz Se..Lp- 'R"
_zl. gm-g 05102
co_ Z, aig vi.
o
ajR2
?W.
tt 1 __ R f ;g . . . . . .
NO
-1, Roe"
7
n4 MM "R Mm OR
,.Y " W
f, rv, MF
m
AF 71 g g n A a 9MR
-, ,4 i ,,4 4,j 1 :ill). ,. - , P lj I I 1-1 I 1-,o -, 1 1. -" -1.V 1111, , I, ., 11 ", ;j ; "4 -1 , L ,
,,,', ",,'I'll ","", "I'll, lfp--- 1 1-- - ,,, -: z 17 ; 4 i
- , y I .". 11 -, ;,:",-,.,, 19 z '- l L -, -' 11 1 1 11
','.-' Zi ,, -j "14 - v 0 : / t ,fr ,- , v -,.- I" 4 I 4 't
- ,, ,11 I I , ; I j , t v t t ",
, 'l O I' t'! a AE 'r
:2,-, ,, ,' j 'I ,4T , -, ii
I'll, 'l: 4, I P ,4 ,, , T, 1,12VOVZ , Q , N ", " -, 11 I l 1 -_ r- I 1 1'4 I I
- v f 11 I 11-1 "A ""I y, , I 4,-, I .., 1'lwlr , 71 1- I .
"I 40 14 r - 4 KN 'i
.. -- ." i, ,, f'N' ilk ,3 W!
V i '-11'-, %l 0, S, k"', I, -, ( ,, f ,'3 ,i;',', -,,, -2V,11- l
1_ i N: ,z ,,, -, ,,, "h
- , ,
il"w 11 I I I -,I.,
, ,t , , , ,; -1 - ,; .' -, "" ?; ,, Pll'l 1 ', 'K - ill
, l '- ' '-'; '7'1-"'4 1 -, i -, 1 i -",
" z. ,
, , 444 1 ',';,! ,,i v,-,, ", '. ,, ',: ,, ,' -? ',, , .,i 1 , : ,J, % Y$ ', , Lv .
-1 j, -1 I, I ,q 1;1 I I 11 ,, , ,, "R -I-, 11" ,, ,
I , ? I I iI ,/'7,;
,,,, -4 1 ,
,- " 7V .,. 1 -"' ",
"',j j 'A I, 1 t,,ol"lli ,I 11 ', b , I , ,
? "I-., -, I Yll ,
" ll Vtf ", -17YIVI; O f,' ,(,,'," , ,
-
r, , ", Q ,,,- "V, "-T i 1 4 1 j -kl; j I ?, V ,-l',',", ," ,11-1, I _,
--, Z,, ,', , "V" & jj;t,;--i- ,J-',- N "!,k, ,f , ,,l , -t,, -, ,kQll "i lll 6X I.-I-1-1 TT 1115ws 11 _,,,, *, - ',/g, -0 ,,;,,
. , f
.4 A , ,:X- I ,. , , -4 ,'
- "--,, 1- I r,., ,4. 11 1 ."j .1.71 I I 1 4"" 1, 1, ,4 11 ., ,' "q,, -- ,,n:Tt , ,kj'; ,
-- < t ,15 -, ?'il ,?, '
A- - , , , j ,. ,11 ,I "", k V
tl I T, .Q ?, ,.
,% 11
11 -11" , , I - ., ,, -,P,- U (I ,f., ,, -, ,, ,)
. E 1 ", 'I, ; -4, ,, t 10 1- 11 11 11 i A.-', 'n ,-,- 11 ,T o , 4 v I I O A ,u , 1, Al 1A I x k l- , ,, ,,,- k ,,' w I t".1 1, -, ,, ,
I , -',"CT ,,, -'r4". I,- 1Z , , 4,v ; j 141, 4' ,
I,' ., T , ,
,
I ', ,0 ," ", ,,,,-, ,, " f4 , 4, ", ,,A ,: ,, l -4 1 1, 71-1 vp ,j 'f -R4 A 11
, , , I'll ,i ,If
,v , ll -.I I- '-)t'- e -' ,, , , 7 , e "I V I ,,, *,T 't , 11 ,, -" V- ,, , , ,- ,
A I ,, -"l-, ; ,-l I
2, '. 5 I W, l ; -",- ': q "A ,,,, I 'l -) I 0 ;F ,W , !' V , ,,, ,. w
., ,_ 4 - ; ,;, , , I I I
I I" 1, -X ',lj -, , ,,-,,, 1 , VV,4i" _, ,
I 'Z' ,,' ,, 4 j '! ,, ", ,,, 1 414'. p
V -V , I '.
, -. .- - -f j I 7' , ,r ,if I .- .;
,l .11 I 1 % I ,I, 11 1 ,,, ,,14 ,1 )5 , , t -11 ve f I 11
- ,,, , ". .4
I!, ,,, I I r --,
, I ,v 11 TAII ,/ ,
, 'i i ,- ; .,.--j -j. ,) I .1 -,', " , ," 1, -. ,) ; -1 I I ? l ., f- ,- , ,! ','l -.,I-, ,,, ,
, -1 -P',, ',' P 'G4,',j i 1 '11, tl f, . "., , , - l .4 117,j -,If ',t -, ,; l -' ,' ,,
" , "' 11 ,- ltIl A ,I 17 '. 1 , ',- -, ., ( , .11 S
.. I ",! 1-?- T 'A -,, ," J') V -11 ., -- , ; I -'A - "" l V,_- 1 g - I , 1, ,: 1. -"i'VI" ,e
' , ,_ I 11'zll" 1, I , ,- Z4, , ', ,", I , ?" 11. 1! V I I 'A" 4 $ 1 ', f,], ) l 11 ,., 11 '' n , q -, I ,
kl I v ,,,,, .',% -', ,, p , ,.,,,t ., -:. - T, -'l C-,' A, I ,,-tT,
', - 'l 1'1 Jll: ', f,' Y4 "'. ,Z ; ,Oi4 4 ,- i'
I I' .., 4 i I ,", , M 11
.1 1 1 1-11 ,-,-I r -v ,, :"K-'lq* 1- I J ,
- ;f , -, , i7";,Fj'ltj "" q f "? 4", T- , I, I I a ', !, ;, , ,l .V qp -,, ,*,,,-O ,,
-"-"e "IT , - 'Y 41 '. , :, , ,: I ,, ,' "., il - ?,r "I 1,1 ,13", 4. :, f -4", : ,-,4_.: T IIINIT ,V
, r ,--, 'R. I I, -k - , , , ,
kV l, ',' ,:W; i, 8 -, 4 -, ,, T,. .A, , j, ,--" !, l ,
l ,- i ,i, , , LIt, "
FP ,,, t ,S' 41' "'A "4 ,, 'i. ', ', f-, ,, ....... ,- ., , 1 I , 11 ,-". ", '. 11; I l I I lt I* 1
P, A*, ,K k'jj
-, ,,' i', ,-, , ,-,Iv'c, l ;, A- , .:, l I T ,.,Z 1;1 1 k1l -T I t- , ,' ,i ,q,-, , ,,
:- , ,,I ", ,f, I'll" ,, V -,i
T - -,-.", - I v A f l y ,
,iP2,k'v ,4 'i, 1,9; -144 lk"111; q ,',-,- , Vl SlIf ,
. P, "" ., ,, , -., ,
, ": ,vl 7. ,- ,,-,'o. J, ,, 1 / 0 P Ir "I 'M 1-1 ?-f- I
, - ,4 rk -l -; llll 11;-Z-1, ,
11 .1 '4,*-, , m A
" ', .4 'il'l , ,AM, f, 1' : , ; "i -, ', : V, _, ", J ,,e ,5 ',4. h T j 1 I
, , , r .1. J? ;!VIA "- k- "T ,v ,, 'V , "',, i, ?, I - I N ,,; 1 '--' " "" '1 -, )N - I,--. I -' -'- "' )- -if vl I l - , -j
1, I 1 , , 21 (,T ".7r-,2 I 1 ,,' ) 1 Vl 71, l ,4, .: l -,
" ', 4 '' - X, -, , ,,, t-, "!) Z-- , I -., -4, 1, -, I Y ', ,,,, Z 11 I 1 .ll 17 1 1 ,!, ,; ,44i, ,w, ', - ", , ,4-, J," ,,-, Y N 44 ;, ,- -,, ,f r, ff i -,, "--, ,;- I T,7k ,
, . I ,a' , I
.,V ,V ,- "A , ,' -,4V X 's -rf' '- ,-, ; J, "-J .- - I'M l , ,, ?, -, ',,""' y ,'t
, t ,, r', "'i,, 1, ll'. I "I I 1 - f, I, ,,I P l ; E .1, N.X y ,
-V I I ,11 , l , X, "", e A I
, , - 'Y , ", ., -, ve' V-, ".", 4 ,A "') Y. V ;f ."iZ- 1, '
1, , ) 1,3 - ?, "; ;'i !4 :,-,,',I , 'N , ,, '- -J -1 --'$ -, , .,V" ,
-p I 11 P' r -1 1, I t, ,, 4j'A' : l LIt
--% "A ,, -, 1, llj' ,41 ,-',111 ,. , I I X'1'1
' f r--', 1, lc' 11 4 1, &.
1- 1 4"' , lr'; ', I 41 , : i, -, -': ,,, %,,,,Pj lt- , ,,, ,
I c t k r x -, ,, , 4 ",
-frJe ,- i" 4- 4 "" '' 'I- "' I l ,, ,
"I I ," r- ,,', 4'-, x 4j ,AtX' ,, + ', I -lz, ,,
1, -. 14 f- I ) I ; ,,i', -, I 9 ,4 / A , l,'4 ,4, 1, -' 7,, - 'I , ,- 4, ,, v ,, ,, ,' "-",N , I -11 ',I,
? ',"X- i p' T 4
-, 20 4y 'j J, ,' l Il A 611 '( T'l 4" jl, ,I W,, 41j 74 ,' Y J -," -1 I 1. "-,4 It I V "., ".1 1$ 'l 1/-v I 1, "5 , ", ? 'A
I 1, ; I . ,V T I I , ; '. 6 %4 'F C
I -,' : , ,- , I
. r ,, ,;, ,- , -, J?- f l, 11 ,: ,. A , ,I , - T,
, l -1 --?",': 4 ,t, l , ,.i -0 ,,, I I - Ii 4i I ,,, 1 1 ,. V-; r, il, ;;J ,, rL f
- : -, r 11 1 1; l
"I I, I lb- l "
"".5 -4" ,, w -l I.. I I .- ,,,- t- , c N ." 1 i ,- 1. 1,- ,; ,I il W j ,* a ,, T;" ,, ,
;, ". 1 4 - t, -,- ."
.1 r lqc jll(- - ." r ,,I i !, ., X -,, i I'i : i 1 i I -lt 'T , .
"' I 1' It l 'r ,_, , -,.,! - ,Ar, .7 ,: ,- "' ., 4 4-' A 't ) , ;Ylll_., % -,--,'
,, I " -- I", 7 - 1 ,
'A ll"k "'i I ,, ,
t;'o'-i", 'L -'r- ,,,,, U, tl# ,, - ,
P. ,, "n, 'k ,, I j , -,,
( ""l ", ,, 4' T , , , I V- ll 'l, '. I I .,; I -f -1 k, ;' ; -- ,",, &
.v 4 m- -; ,i,, R ,, -, ';""'q .- 1'yrt ,;,,., ,,, ) f, A I 1 l i. , .,' , , ,,,, jj ,ll ., I kl '.'%' W "' 0'1, , I -, -, ,,t ,".' i, ,, l , ,' , ill ' l ,7, ,- ''. .11 W -,, ", ,. , ), :' . ,, ,,P ,W -Z,- (?1 1 [',' ,,I I ": , - J" "4e,-J '
, ', 'I, T"' h , ,"., k W "O j !, .(- -, i , l ; ll .v ,, ,7" 4, ,- 11
j !, ,1 j 1','- ,t ,,-, ),
, ., 1 , Ji; w, , -, I4 I I I- -' # --:""T, 6 ,;;" , , - : -" i
,- ? Y, -','., , V II: 'i ,- ; ,, .,,-, '14i'4; - ; r-F i Y, l O -, 'l,-) -,,.,-,4Y- ,,-, ,i,, I W -, ,, 4 -A 1 1 -',':.lll , A 1'. ,,,,, t% i' :, I ', -l :' 5 ,]
-,-- "i ', y: -,-- 1'li '11 , ,.,Fj --'- ,' -, -? -1 i ,,,, r-., 4'. ,,, ,, '4v I N 3, -,', ,I ,.' l 1 I '- 1/, 1 : Jpj ;" 'V W , " ,
,f -, _'T 4 j ,.Y 'l I , -, IV YY -, ,, T ,, ; -,' ',,, ,-- _A,)q j IZ', 1, Y A , 6" _i _1:i,
li /, % , Ir g , ,q,, Ll','
, , , r I. ,! X% 7 'N
- it I t l ,- l ,,, ,' ; , i ,, ,, ,,, t 'N "', ,Ii ,- , ; ,v' ; ;' 4 I , 1, -, ,f"v I 1. f. i , l ,; ,. ",F,: ",_ 1, 'ei'l, & , 1 ,-Y',4b' '' ,,i, I Z, ,,; '. ", r """, -i "',--, ', ,- -,, y e Z, -, f t i v 4 A
I I ,,,, ,, ,, . A V ",. V ,.,. 7, -,;, ,,,,
1. , : 1 A L) -,' ,) ',', '- 1 ,'-, t, ,, -41 1, ji -":.t .- , .L, , 4 -lee t,,, ""'
Af 1".2- .- : , k 1 1,
l ,) '' ,. 'J' ', --r,, -, ,4,z f ) J-f ., ,- '. ,,:, , ; e ; , ,,, -)l -Y "T , r -4V-l -,,,,,, , ,-" ,- ,-,- -, - J 'j I- ,l.-',, :0 J , ,
"' .""Y ."" , r ; ,, 14' I , -, ;,L -i,[ 1' L'j ,' ,". ,; J ; .. ,, Q ,"P -,',-;.'-, ""t": ., ,, ,, , A , )",
' -; ', - vf I T ,,--;,-. ,,t? 1 ,,' ,. 11 ( IA -t l
, -" I I ,1 ,L,, 1,4 F ,, :), A 1-,:,4,- ." ",., ,,,"L' ""., '; ; 'f <"I ., I P . kl4l'
- - ;t; 1' ,,', ; ,Yl -.';jli; :- e r",-P e llll, 111 1'1,lllt - ,'T s- -, , ,, 'Tr, '- X' .4 ,", 1, ,2w,'41
, v
- ,t ", -,;, ,, ; ,- ,'- !I,; i ,' I
I ,
Z --, 1
,l ,,, i , ^-,il , I i g Y 41 1*"lill;,, P Y ,' I I I I - '' l
A l I "- ,- I 1 4 -J-_., t ; ,-,W 1" , "'. -,,-, A ,, I , ,,, Q , "I
- -T, , I , P' t ; !: ,_ A 'I', ,- , , ,
, 1 4"', 't,,',,; 'v vllll',
-, ,, 3,*, ,, ,,,O,,,r,,-r,,-,j ,-. ,,-i- - I I ", k,," 'F! ,"-' "r ,? ,',,f,' -,' -, - v , ,
x", l , I )'' ,_, 1-1 I'll 6 11 , I l -, , ,,, ,, ,Vi 6, -,,, A , ,,:, "
I ;, , 1, - l t, .' I 1.1; I k -.1" -; ",Ti 0 IZ m i l
,w ." ,l T I L v T' 'i,,, o i ,, , ,
',7 ". X . i 11 ,;
I.- ll, 111 11 I", 1 1, "' -, -, 114 ", 11 ,', ;.j .'t ,;, 11 ,j - --j k, t;', I
. I Y I ,, 1 .lr k -4 ., ,
- -,' I 1 ,,,, I 'j r 14 , t ) I I ,,'ltl',' , I ,
, , ; , I , i ,,( ", -11 , T's -,,-,,', ,, ,, I r ' -,l 7 .-,,, -, P -'; VT,7 ,_,I 41T,,7 %-- 1 IT, v , ", , ", ,- , -l ,, '. I I'* ,, 1- 4") ,, f I ,
,",'1 11-,, ,,, -l -
EIGHTY-EIGHTH
ANNUAL REPORT OF THE BOARD OF DIRECTORS
OF THE
PANAMA RAILROAD COMPANY
TO THE STOCKHOLDERS FOR THE FISCAL YEAR ENDED JUNE 30, 1937
JOHN S. SWIFT CO.
New York
TABLE OP CONTENTS
Page
List of Board of Directors and Officers.. . 4.. . ..
Letter of transmittal . ...... ........... .... .... ..... 5
Operations under the New York Offi ce
General administration. .6....... .. .... . . .... .
Panama Railroad Steamship Line.. ... .. .. ...... 6
Operations on the Ist.hus
Financial:
Revenues from operations on the Isthmus... .... 7 Capital nvestment ........ ............ 7
Reserve for depreciation.. . ....... ......... 7
Railroad operations:
Revenue and operating expenses,. ......... .*
General and passenger statistics .. . ....... 8
Freight statistics. .. ..... . ...... 0 8
Trackage ..,. a0. ...................... 8
Rolling stock... ... ... ....8
Business operations on the Isthmus:
Harbor terminals. . ....... .. 9
Coaling plants . . 1 . 0 A2 . 0 .0 9
Real estate. ....... . . ., 9
Commissary......... ...... .9 ..
Manufacturing plants. . .. .... .. .. 11
Dairy farm .. ........ . . ............ 12
Hotels 0 .1 10 ., 12
Telephones and electric clocks . . ....... 12
Interest and exchange. 0. .. .. .. ....... 12
Expenditure under A. F. E . 13 Completed construction work and equipment. ........ 13
Costucio work in progress.......... ...... ... .13
Accon tnt'Certiiate. 9.. .. .. .. .. .. .. .14
TABLE OF CONTENTS Co inued
List of Financial and Statistical Tables
Page
Financial:
xhib it A, Statement of Income and Profit and Loss Acount. 15 Exhibit B, General Balance Sheet, Assets. ... . ... ..... 16
Exhibit B, General Balance Sheet, Liabilities. .... ........ 17
Table 1, Investment in Railroad Steamship, Harbor Terminals, Real Estate andO6ther Properties and Equip
ment and related Accrued. Depreciation ....18
Table 2, Fund Appropriated for Construction of Steamers. 20
Table 3, Fund Appropriated for Replacement of Obsolete
and Worn-out Property and Equipment provided
from Depreciation Reserves.. ... .... 20
Table 4, Material, Stock, Coal andSupplies.. . ... 21 Table 5, Operating Reserves. . . .. .. .. 22
Table 6, Summary of Operating Revenue, Expenses, and Net
Revenue.. .. .. .. .. . .. .. 23
Table 7, Railroad Operations, Revenue and Operating
Expenses ...... .. ... ......
Table 8 Harbor Terminal Operations, Revenue and Expenses 25 Table 9, Steamship Line Operations, Revenue and Expenses 26
Table 10, Coal Plant Operations, Statement of Sales, G'oss
Profit from Sales, Expenses, and Net Operating
Revenue .. w. ,. .,,,
Table 11, Real Estate OperationsRevenue and Expense 28
Table 12, Comissary, Statement of Sales, Expenses, and
Net-Operating Revenue . . . .29
Table 12a, Commissary Purchases by Comodities, Location and
Distribution of Sales . . . 30
Table 13, Dairy Farmi Operations, Revenue, Expenses, and
Net Income. 0 0 . 3
Table 14, Hotel Tivoli Operations Revenue andEkphnses 32 Table 15, Hotel Washington Operations, Revenue and Expenses 33
Table 16, Telephone and Electric Cl0ck Operations, Revenue
andExpenses..... ... ........ .. .. .. 34
Table 17, Interest and Exchange, Revenue . . . .. 34
Statistical:
Table 18, Railroad Operations, General and Passenger Statistics . . .. ... .. 35
Table 19, Railroad Operations, Freight Statistics . 36 Table 20, Trackage With Additions and Removals.,.,. ....37
Table 21, Statement of Locomotives and Rolling Stock. in
Service ... 38
Table 22, Harbor Terminal Operations, Statistics and HoldOver Cargo,. . .. .. .. .. 39
Table 23, Steamship Line Operations, Statistics . 39 Table 24, Coal Plant Operations, Statistics ...... 40 Table 25, Dairy Farm O rations, Statistics ..... 40 Table 26, Statentt of Exeni tures und er A. F. E.'s. . 41
Table 27, Statement of Principal Items of Construction Improvement4 and Equipment added to Capital Account,... .. ... .. .. ... ..44
Table 28, Constrction Work in Progress at Clpse of Fiscel
rear.... .... .. ... .:.. ...... ...45
PANAMA RAILROAD COMPANY
BOARD OF DIRECTORS
t H. WO6DRING W. JOHNSON T. H. R0oSBOTTOM C. S. RIDLEY F. 1. OSBORN J. L. SQHLEY G. EDGERTON F. B. RIVES H. A. A. SMITH W. R. GRUBER R. R. ROGERS M. L. WALKER J. J. MORROW*
*Deceased April 16, 1937.
OFFICERS
C. S. RIDLEY. President . BALBOA HEIGHTS, C. Z. T. H. ROSSBOTTOM Vice-Presidet . ....NEW YORK, N. Y.
G. E. EDGERTON . Second Vice-President .BALBOA HEIGHTS, C. Z. W. R. PFIZER . Assistant to Vice-President and Secretary .... NEW YORK, N. Y. V. M. NEWTON . Treasurer .......NEW YORK, N. Y.
H. A. A.SIT . General Purchasing Officer WASHINGTON, D. C. W. JOHNSON . General Counsel. .NEW YORK, N. Y. R. ROGERS . Special Counsel .NEw YORK, N. Y. G. R. SELKIRK,. Auditor ..NEW YORK N. Y. W. J. SHERIDAN . Commissary P chasing Agent .... NEW YORK, N. Y T. S. SPRAGUE (a) Freight Traffi Manger NEW YORK, N. Y. W. K. B. POTTS . Superinende t.. NEW YORK, N. Y. J. H. C. VAN REED General Agent . PORT-AU-PRINCE, HAITI C. T. LINDSAY . General Manag er Pa nama Railroad Company . BALBOA HEIGRTS, C. Z. A. L. PRATHER. Receiving and Forwarding Agent .. .......CRISTOBAL, C. Z.
R. R. WATSON . Chief Quartermaster BALBOA HEIGHS C. C. A. W. GOULET . General Manager, Commissary Division .. ...CRISTOBAL, C. Z. F. H. WANG . . Special Counsel on the Isthmus ......BALBOA HEIGHTS, CZ J. 0. COLLINS . Counsel on the Isthmus BALBOAA HEIGHT S C Z W. D. STYER. . Assistant Engineer of Maintenance ... . .BALBOA HEI6 C. Z A. GARLINGTON. Electrical Engineer. ..BALBOA TSC Z C. F. OSBORN (b) . Mechanical Superintendent .BALBOA, ANALZONE
NOTES
(a) Mr. T. S. Sprague, Freight Traffic Manager died August 13,,1937, and s eeded
Mr. W. M. Lloyd, former Assistant Freight Traffe Manager.
(b) Commander C. .Osborn was replaced by Captain E. R. Norton as Mech SpeiendentJuly23, 197.
k GENERAL OFFICES
24 STT STREE.......... NEW YORK, N.Y.
PANAMA RAILROAD COMPANY
New York, November 30, 1937.
TO THE STOCKHOLDERS:
I respectfully submit for your Information and consideration a report of the Company's business operations. : for the twelve ,months' period ended June 30, 1937, andof Its financial condition at the Close of the fiscal'year, as disclosed 'y the general Balance Sheet and by the detailed statementscovering the operation and maintenance of the Company's properties during the past year.
The operations of your company resulted in a net inoom of $1,519,629.27 which is an increase of $392,288.42 or 34.79%, over last
year. From thisnetincome must be deducted profit and loss adjustments amounting to $214,303.15. This leaves gross surplus of $1,305,326.12; deducting therefrom dividends of $700,000.00 paid during the year, makes a net balance of $605,326.12 which is the amount added to the company's surplus. This result is arrived at after meeting all costs
of operation, and allowing for charges to income totaling $23,949,89 and depreciation of rolling stock, floating and plant equipment aggregating $558,845.73.
In May, 1937, the Board of Directors authorized acceptance of the
low bid of the Bethlehelm Shipbuilding Corporationforthe construction of three new passenger-cargo steamers. When completed these three vessels will offer regular weekly passenger ani freight service between New York and Cristobal and will replace the present fleet of four vessels, which Offers weekly freight service but only bi-weekly passenger service, over this route. The firat steamer is scheduled-for comple-. tion in January, 1939 the second in, arch, and the third in May, 1939, The cost of the three new vessels will, be approximately $13,0ooo; they have been designed by Mr. George G. Sharp, Naval Architect, whose employment was mentioned in last year's report and are of the following general dimensions:
Length 468'6"
Beam 64'
Molde depth -38'6"
of fireproof construction; subdivided by ten water-tight compartments to the upper deck, making them In excess of the two-compartment type; twin screws 18 knots speed; duble reduction geared turbines to water-tube toilers, having working pressure of 460 lbs. and a total temperature of 7500 at the super-heater outlet; complying with the latest requirements of the Navy Department, the Bureau of Narine Inspection and Navigation of the Lnited States Department of Comerce, and the'Department of Public Health.
under a fundamenta policy :based n a conservative principle of man gement you company accumulates reserves for necessary replace S Conaiderable amounts of these reserves have besn diverted by t of Congress to purposes not related to the company's operations. Further diversions of this Lcharacter should not be made as it would Jeopardize the ability of the company to render proper services to the Panama Canal and the Government of the United States.
For the fiscal year 1937, a 10 per cent dividend, amounting to $700,000.00 was declared and paid into the United States Treasury.
Respectfully submitted,
C.S. RIDLEY,
President
6 PANAMA RAILROAD COMPANY
OPERATIONS OF NEW YORK OFFICE
GENERAL ADMINISTRATION.
It is with sincere regret that the Directors report the death on April 16, 1937, of General Jay J liorrow, a- Director for many years, who had also served as Preasdent of the company during the period of his term of office as
Governor of The Panama Canal.
At a meeting of the Board of Directors held on October 13, 1937, (which is subsequent to the termination of the fiscal year that ended June 30) Lt. Col. F.C. Harrington was elected a Directorto fill the vacancy resulting from
the death of General Morrow.
At A meeting of the Board of Directors held May 20,a dividendof 10% upon the company's capital stock was declared out of the earnings of the company for the current fiscal year. This dividend was paid on June 16.
Since 1904, when the Government of the United States secured control of the capital stock of the company, dividends aggregating 183-1/2% have been delared by the Board of Directors; payments thereof amounting to $12,844,905 have been made to the Government. During the same period the capital assets of the company have increased from $11,421,117.93 to $3. ,055,907.98 through t1e employment of part of the company's earnings for the purchase of rolling stock and equipment, and improvements to its property.
Haskins -& Sells, Certified Public Accountants, verified the cash and securities held in New York in the custody of the officers, the Committee of Securities of the Board of Directors and the Trustees of the Pension Fund; audited the general books and accounts that are kept in the New York office; and made a complete audit of all acgonts of the company on the Isthmus, acepting, however, the report of the Comptroller of The Panama Canal in the Canal Zone of his verification of the company's cashon hand at the Isthmus at the close of business June 30 1937, held by the Collector aid Paymaster of The Panama Canal. Haskins & 1is certificate as to the audit they made of tha company's operations for the fiscal year is included as part of his year's Annual Report.
PANAMA RAI LROAD STEAMSHIP LINE
The gross operating revenue of the Steamship Line from the transportation of freight passengers and mail during- the fiscal year that ended June 30, 1937, was 1l391,323.5, as compared with $1,201,829.78 during the pr vidus year. There was an Increase of 19,628 tons in the cargo carried; an increase in freight revenue of $147,546.; Atthere was an increase of 938 in the number ao passengers carried; there was an increase In passenger earnings of $40,479 78; there was a decrease in mail earnings of $944.60. The total increase In revenue as $189,493.74.
Operating expenses, which include depreciation charges of $121 187.76 amounted to $1 60 53.42 as 0mpared with $1570,306.40 during the previous ea increase of $33.,L42440 This resulted in an operating deficit of $ 69O as compared with $368 476.62 la year.
Frht traffiit o The Panama Canal nd other Departments of te united $ts er ent, was crried a a reductonof25% from eatabll hed tariff rates. Passe ger rafic for account of these Government Departments inlud n a ana eploee d heir faglie, wae arid at reductin from
allied i teta ra gedfrom to 0. These redcto in
had j-sh r charges Amounted to 8 62 adithe Ste i
d edit at its publihe tarit to ft e ra spor ati of
eiht -and passenger traf fic -arried for acc tf e United State' Gve en its operates ould hav 1eulted no prf o $31 05.95
Te numnber of passengers" cariedf Or accon nof te-,ornentwa
766 children under 2 ofage
AIncode to hadbthe 'assene.ta c ftePnm aa ~ te o verthente to tho hials ith hesta hia nowin sev testun
oot a w deri00 tito a laced
ert@ehd ene baK dri id 0ym gn
atI p sic of asty aL ued b heagra
PANAMA RAILROAD COMPANY
OPERATION$ ON THE 1 STHMUS
Revenues from Operations on the Isthmus
T he gross receipts from sales and services furnished during the fiscal year 1937 amounted to $13 161,967.59. The cost of sales, including operating expenses, amounted to $11,808 242.64; leaving a net revenue of $1,353,724.95. Adding thereto interest and exchange amount. ing to $4,870.84, results ina net incomeof$11358,595.79 for the year, as compared with $1,077,987.07 last year, an increase of $280,608.72$ which is accounted for'by an increase in the net revenue from the Railroad proper, harbor terminal, commissary, real estate and coal operations, and a decrease in the loss on hotel Operations. There was a decrease in the net revenue from dairy and telephone and electric clock operations. Report of the gross revenue, operating expenses and net revenue of the operating units on the Isthmus is shown in Tables Nos.
6 and 17.
Capital Investment Fixed Property, Equipment, Stock, Material, etc.
The capital investment of the Panama Railroad and its various business interests on the Isthmus in real estate, fixed property and equipment, at the close of the fiscal year, amounted to $32 072 354.51, as compared with $32,000,256.99 in 1936, an increase of $76,091.52 for the year. The total additional expenditures iade during the fiscal year for completed capital items amountedfo approximately $6L0,000 of
which the largest items were $13,600 for tracks, $29,200 for station buildings and $25,000 for rolling stock for the railroad $23,300 for Harbor Terminal equipment, $15,400 for Commissary equipment and $19,194 for water and sewer mains, paving and filling Colon lots. The reduce tions made during the year amounted approximately $58 000 of which the largest items were $51,350 track removals, and $26258 covering able of lots in the city of Panama. Details of the various items are shown in Tables NosA 1 and 27.
The investment of the Panama Railroad and its various business interests on the Isthms in material stock, coal and supplies at the close the f ical yar amounted to $1 641 988.50, as compared With $1,619 ,023.80 in 1936, an -increase of 82 664.70 for the year. There were increases of $51,000 in rail ad material and $33,300 in dairy stock; there were decreases o $15;600 i commissary and hotel supplies and $45.700 in coal stock. A sumary of the material and supplies on hand is shown in Table No4
Reserves for Depreciation
The total reserve for depreciationi set aside for plants build-.
ensan eqimen onl th Isthmusasmounted to $8,568,797,96 at the
closeo h fisal year ended June 30Y, 1937, as compared with
$ ,0,48.01 forth devious fiscal year,aninceaese of $568,549.95 Itemized statement will be found in Table No. 1.
PANAMA RAILROAD COMPANY
RAILROAD OPERATIONS
Revenues and Operating Expenses
The total revenue from the operations of the Railroad proper dur Ing the fiscal year ended June 30, 1937 amounted to $1 609, 74444. The operating expenses were $1,333,404.65 leaving a net revenue of $2761340.39 for the year, as compared with 8205,399.15forthe previous year, an increase of $70 941.24 for the year.
Classification of operating revenue and expenses is presented in Tabe No. 7.
General and Passenger Statlstics
The gross revenue per mile of road operated increased $3,225.79, compared with 1936, and operating expenses permiile of road increased $1 735.74, resulting in a net Increase of $1,490.05 in net revenue per mile of road. Revenue trainmileage increased 12,106 miles as compared with 1936, and locomotive mileage increased 22,089 miles.
The gross revenue from passenger operations, including baggage, mail express, special trains, motorcars et.,amounted to $580,470.05. Passenger operating expenses,based on pro rata of train and locomotive mileage were charged at $627,346.46, resulting in a deficit of $53,123.59, as compared with a deficit of $56,695.52 for the fiscal year 1936.
There were 355,781 passengers transported during the fiscal year', compared with 339,444 in 1936, an increase of 16,337 passengers for the year. The detail of passenger traffic is shown in Table No. 18.
Freight Statistics
The gross revenue from freight operations including switching, d turrage storage, etc., during the fiscal year amounted to $100151431.94. Freight operating expenses based on pro rata of tra n and locomotive mileage, were charged at $697,317.67, leaving a net revenue of $318,114.27, as compared with $259,081.94 for the previous year, an increase of $59,032.33 for the year.
'The revenue freight tonnage transported during the fiscal year
amount to 311 007 tos. as compared with 309 379 tons during 1936 an Increase of i1 C28 tos The -rve eu ton :mls decreased 4,0.64 toa as compared with the 1936 tonnage. Itemized classification of fe ght movement is presented th Table No-,19.
Trackae
The total trackage maintained by the Roadmaster during the fiscal year, including Panama Railroad, the Panama Canal, and U. S. Army and Navy, amounted to 135.217 miles a compared with 137.088 miles the previous year, a decrease of 1.71 mile for the year The data on track maintenance are given In Table No 20.
yar loomtives,47p pasengerc cas 724 feight car, 4 moorcrs and 5iee omiscellanousqipmen t inservice.Table No.21 shows
rligstoc asof Jun~e 30,1937.k X
PANAMA RAILROAD COMPANY
BUSINESS OPERATIONS ON THE ISTHMUS
Harbor Terminal Operations
The gross receipts from harbor terminal operations during the fis-. cal year were $1,812,959.32 operatig expenses were $1 394 787.45, leaving a net revenue of $418 171 87 as compared with $340,164.73 in 1936, an increase of $78,017.14 for the year. The gross tonnage of cargo stevedored handled and transferred during the fiscal year amounted to 2,026,351 tons as compared with 1,856,560 tons the previous year, an increase of 171,791 tons. Cargo stevedored amounted to 581,533 tons during the fiscal year as compared with 483,381 tons the
previous year, an increase of 98,151 tons.
During the yearly Hold for Orders" Cargo amounting to 642 tons was received, and 727 tons were reforwarded or delivered locally, as compared with 1,082 tond received and 1,098 tons reforwarded or delivered locally in 1936. The revenue for storage and handling amounted to $4,069.54, as compared with $5,287.18 in 1936, a decrease of $1,217 .64 for the year.
During the year 4,589 cargo ships and 1,203 banana schooners were handled as compared with 4,584 cargo ships and 1,306 schooners last year. Agency services were furnished 164 vessels, as compared with 161 in 1936.
Summaries of harbor terminal operations are presented in Tables Nos. 8 and 22.
Coaling Plants
The total revenue from the sale of c 'al and charges for extra handling during the fiscal year amounted to $5 2,139.51. The cost of sales, including operating expenses as $76,848.63, resulting -in a net profit of $75,290.88, as compared ith a profit of $54,772.69 in 1936, an increase of $20,518.19 for the year. During the year 59 944 tons of coal were purchased and 71,861 tons were sold.
Summaries of the coaling plant operations are presented in Tables Nos. 10 and 24.
Real Estate Operations
Rental of lands and buildings for the year 1937, after deducting $31,723.30, representing uncollectible items for prior years written off to current revenue, amounted to $304,260.01. Operating expenses were $92,090.60, including $35 355.06 for depreciation on silver quarters, leavinga net revenue of 212 169.411 as compared with $143,994.16 last year, an increase of $68,175.E, for the year. At the close of the fiscal year 1,520 leases and 17 licenses, covering the use of
Panama Railroad properties in the cities of Panama and Colon were in effect.
During th fiscal year 1937 the Panama Railroad allowed a dis-. count of 20%0 to all lessees. who were paying~ the full commercial rental, provided such rentals were paid before the close of the quarter for which bills were rendered. The discount allowed amounted to $54,827.30.
10 PANAMA RAILROAD COMPANY
During the year 2052.035 squaree meters of Panama Railroad land in
the city of Panama not used for business purposes were sold for $26,258.40. A statement of-revenue and expenses of real estate operations is shown in Table No. 11.
Commissary Operations
The gross receipts from sales and services during the fiscal year 1937 amounted to $8,113 110.70. The total cost of sales and services was $7,790,110.69,'resulting in a net profit of $323,000.01 for the year as compared with $280,726.05 for 1936, an increase of $42,273.96 for the year.
The volume of business transacted during the year averaged $676,092.56 per month, as compared with $631,426.79 per month in 1936, an increase of $44,665.77. Total sales to steamships amounted to $649 149.32, including sales to United States Naval vessels amounting to $28l,928.15. The average stock turnover was once every 2.38 months.
The distribution of sales for the past four years is presented in the following tabulations:
1934 1935 1936 1937
United States GovenTment, Armysand Navy. $ 664,593.94 $ 704,920.25 $ 942,043.71 $1,053629.58 The Panama Canal. 496,083.02 739,335.10 737,ll2.75 795,226.95 The Panama Railroad. 234,266.73 302,935.49 259,287.51 307,810.90 Individuals and Companies .* .. .... 406,556.18 248,067.31 313,501.48 265,590.03
Commer ial Ships . 330,570.82 355,952.06 304,547.99 354,'541.59 Employees.. ... .. 4,654,620.74 5,115,811.17 5,374,016.27 5,827,402.26
Gross revenue
from sales . . $6,786,691.45 $7,460,027.36 $7,930,509.51 $8,604,001.31 Less discounts
and refunds. . 278,508.08 330,731.34 353,588.00 490,890.61
Net revenue
from sales . $6,508,183.35 $7,129,296.02 $7.,577,121.51 $8,115,110.70
PANAHA RAILROAD COMPANY 11
Manufacturing Plants
Following are Comparative Statements of the output of the manufacturing plants (principal items) for the fiscal year 1934 to 1937 inclusive:
1934 1935 1936 193T
Laundry:
Pieces handled. ..... 4 408 619 3 426 594 4 416 307 5 575 016 Value of output ...... $ 164,906.87 $ 15k,066.76 $ 18's676.61 $ 211,616.84
Bakery:
Breadl loaves . . . 4,317,454 4,408,391 4,307400 4,370,515 Rolls, each ,...,... 1,524,056 1,432,732 15670275 1,844,279 Crackers, pounds. ... . 265,270 285 290 408 078 434,181 Cakes, pounds.... .. 4 277 34 936 35 696 42 346 Value of output ... $ 245326.11 $ 251, 376.22 $ 281,546.83 $ 310,386 .01
Coffee Roasting Plant:
Coffee, pounds. ..... 2144136 222,012 228J,076 253 849 Corn and corn meal, pounds. 261087 22,540 29,210 22,391 Peanuts, pounds. ....11 083 8 710 7 6960 25 Value of output .$ 52,791.78 $ 58,481.72 $ 60,.40647 $ 61,83.69
Ice Manufacturing Plant:
Ice manufactured, tons, . 25 412 23s915 22,737 17 894 Value of output ...... $ 182,946,86 $ 170,884.08 $ 160,164.04 $ 130,796.54
Ice Cream and Milk Bottling
Plant:
Ice Cream manufactured,
gallons. ..... . . 67786 92,270 124,130 132,04
Milk bottled, quarts. 934,898 974 144 1,053,524 1,254,230 Cream bottled, quarts 25 745 29 168 25 201 23,437 Value of output . .. 233,606,80 $ 283,704 .16 $ 318416.90 $ 353,936.13
Sausage Factory and
Pickling Department:
Value of output .,. Suspended Suspended $ 73,530.49 $ 93,288.26'
Industrial Laboratory:
Value of output ... .. $ 200,165,92 $ 239,95809 $ 269,470.47 $ 284s731.09
Abattoir:
Cattle killed, head . 302 P,463 4,008 4,266
Value of output ... .. $ 13,467.56 $ 140,928.2 $ 253,234.95 $ 244,87.86
Value of total output . . $1s095,201.90 $1,297,408.45 $1,604,440.76 $1,690.882.42
The total value of the output during the four years shows an increase in Value of from $1,095,201.90 to $1,690,882,42, or 54,4 per cept. The value of the manufacturing output in 1937 represented 20.8 per cent of the total contissary sales for 1937, as against 21.2 per cent in 1936.
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 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 location, and distribution of.sales are presented in Tables Nos. 12 and 12A.
12
PANAMA RAILROAD COMPANY
Dairy Farm
Operations of the dairy farm for the fiscal year resulted in a net profit of $3,543.84 as compared with a profit of $5,851.02 last year.
At the beginning of the. year there were 942 head of cattle on hand; 304 head were purchased; 101 calves were born during the yeai;, 35 head were sold to the Commissary Division for slaughter; 2 head were sold to out ide Individuals; 52 head died; leaving 1,258 head on hand at the close of the year. Milk in the amount of 316,07 gallons was produced, of which 312,424 gallons were sold to the Commissary Division and 3,650 gallons were fed to calves. During the year the price of milk was increased from $0.50 to $0.58 per gallon. Details of the revenue and expenses are presented in Tables Nos. 13 and 25.
Hotel Operations
HOTEL .TI VOLI .-The gross receipts from operations during the fiscal year amounted to $205 192.00, operating expenses were $201 783.63 resulting in a net profit of $3.,408.A7, as compared with a loss of $2,605.67 for the previous year. The detail of revenue and expenses is shown in Table No. 14.
The operations of the Hotel Tivoli by the Panama Railroad during the past eight years show a gross difference of expenses.over revenue of $219,182.15. However, included in the charges to expenses for this period is $121,255.93 paid to the Panama Canal for amortization of the building and equipment and a total of $60,639.15 in unexpended reserves, leaving in the possession of the Government a total of $181 895.08 of the expenses charged. resulting in an actual deficit of but $37,287.07 for the eight years' operations.
HOTEL WASH INGTON.---The total revenue from operations during the fiscal year amounted to $155 637 99. The operating expenses were $175 231.19, resulting in a net loss of $19,593. 0, as compared with a loss of $23,095.53 last year. The operating expenses include a Charge of $11,716.48 for the replacement of building and equipment. Statement of revenue and expenses is shown in Table No. 15.
The hotels are considered essential adjunctsto the Canal and Railroad in affording suitable accommodations to people having business with the Canal or Railroad, foreign visitors, visiting Governmental officials and others. Their continued operation under the present policy is justified.
Telephone and Electric Clock Operations
The gross revenue from telephone and electric clock operations, including the rental from telegraph printing machines, amounted to $235,642.88. Operating expenses were $174 249.50, resulting in a net profit of $61,393.38, as compared with a profit of $65,331.89 in the previous year.
During the year 1,412 telephones were reconnected or installed and 1 262 were discontinued or removed, resulting in a net increase of 150 telephones. At the close of the fiscal year there were 3,015 telephones 54 electric clocks, and 26 automatic printing telegraph typewriters in service. Statement of revenue and expenses is shown in Table No. 16.
Interest and Exchange
The revenue from interest and exchange in connection with fiscal operations on the Isthmus amounted to. $4,870.84, as compared with $7,458.78 in 1936. Detail is shown in Table No. 17.
13
PANAMA RAILROAD COMPANY
Expenditures Under A. F. E.'s
Expenditures of. $564 772.24 were made under 125 authorities during the year, bringing the total expenditures on these A. F. E.'S to $735,453.00. These were for a wide variety of operations' as shown in Table No. 26.
Completed Construction work and Equipment
The principal items of construction and equipment added to the Capital Account during the fiscal year were; Ballast cars, motor car alteration to Panama freight station, and track additions for Transportation Division; spray ponds and miscellaneous equipment for Commissary Division; "Ford" tractor, electric cargo trucks and batteries for Harbor Terminal; charging equipment, batteries, and telephone line extensions for telephone system; cash registers and piano forHotel Tivoli; water and sewer mains, paving and filling for lots in Colon, A summary is presented in Table No. 27.
Construction, improvement and Equipment Acquisition in Progress
At the close of the fiscal year construction work, improvement projects and equipment acquisitions, for which the total estimated cost is $400 286.68, were in progress. The principal items are a telephone distribution system, brine unit coolers, generator set, checking-in shed, commissary building at Gamboa, cow barns washing machines, concrete bridge at Mindi, "York! freezing system, extension to platform Balboa Commissary, family quarters at Frijoles, electric cargo trucks and batteries. A detailed list of the several items is presented in Table No. 28.
14
HAS INS & SELLS
Certified Public Accountants
67 Broad Street
New York
ACCOUNTANTS' CERTIFICATE
Panama Railroad Company:
We have made an examination of the balance sheet of the Panama Railroad Company as of June 30, 1937, and of the sumaries of income and profit and loss for the year ended that date. In connection therewith, we examined or tested accounting records of the company and other supporting evidence. Such examination included the verification by confirmation fromthedepositaries of cash on deposit and securities owned at June 30, 1937. The cash on the Isthmus held by the paymaster and collectors of The Panama Canal was not verified by us but was certified to us 1by the Comptroller of The Panama Canal on the basis of a count made by auditors of his department as of June 30, 1937. We also made a general review of the operating and income
accounts for the year.
In our opinion, based on such examinationthe accompanying balance sheet and related summaries of income and profit and loss, with
the foot-notes thereon, present the company's financial position at June 30, 1937, and the results of its operations for the year ended that date, and have been prepared in accordance with consistent application of the company's system of accounting and with accepted acd-. counting principles.
HASKINS & SELLS
New York,
December 24,. 1937
15
PANAMA RAILROAD COMPANY
EXHIBIT A
Summary of Income and Profit and Loss Account for the Fiscal Years Ended June 30, 1937 and 1936 and Comparison INCOME ACCOUNT
1937 1936 Comparison
NET OPERATING REVENUE:
Railroad Table No. 7 . . $ 276,340.39 205,399.15 $ 70,941.24 Inc.
Harbor Terminals Table No. 8 418,171.87 340,154.73 78,017.14 Inc.
Steamship Line Table No. 9 . (212,206.90) (368476.62) 156,69.72 Inc.
Coal.Plants Table No. 10 . 290.88 54772.69 20,518,19 Inc.
Real Estate Table No. 11 . 21169.41 143,994.16 68175.25 Inc.
Comissary Table No. 12. . 323000.01 280,726.05 4g,273.96 Inc.
Dairy Farm Table No. 13. . 3543.84 5,851.02 2,307.18 Dec.
Hotel Tivoli Table No. 14. ( 3,408.37 (22605. 87 62014.24 Inc.
Hotel Washington Table No. 15 (19593.20) (23,095.53) 3502.33 Inc.
Telephone and Electric Clocks
Table No. 16. ... .. ... 61,393.38 65,331.89 3,938.51 Dec.
Total... ........ $1,141,518,.05 702,051.67 $439,466.38 Inc.
OTHER INM0E CREDITS.
Interest and Extchange Table
No. 17. . .... .. 402,061.11 448883.41 46,822.30 Dec.
Gross Income for the .Fiscal Year . . . $1,543:579.18 $1,150,935.08 $392,644.08 Inc. INCOME CHARGES:
Contribution to Pension Fund . 23,949.89 23,594.23 355.66 Inc.
Net Income for the Fiscal Year $1,519,629.27 $1,127,340.85 $392,288.42 Inc.
Denotes a deficit.
PROFIT AND LOSS ACCOUNT
CREDITS:
Net Income for the Fiscal Year, as above. . $ 10.19629.27
Total Credits. . . . . . . $ 1,519,629.27
DEBITS:
Depreciation of Coal Plant Structures and
Equipment from February 1, 1924 to June 80,
1936... a.............$ 176,995-95
Settlement of claim for injury sustained by
Arthiur Corkum, ordinary seaman, S.S. Guayaquiil in Sept. 1933. .... ...... .. 4,628.72
Loss on track removals-....... . . . 30,539.69
Uncollectible freight accounts. .2..1..... . 138.79
Total Debits............... 214,303.15
Surplus before Deducting Dividend. . . . $ 1,308,326.18 LESS:
140th Dividend.. ...... .. .. .. .. ...........700,000.00
Net Surp1u f or the Fiscal Year ended June 30,1937 605,328.12 Surplus July1I, 19Z6 . .,. . . ... . 36,051,743.50
Surplus .June 30, 1937. . . .. .. .. $3657.069.62
16 PANAMA RAILROAD COMPANY (Incorporated in New York) EXHIBIT B
Balance Sheet, June 30, 1937 and 1936 and Comparison
ASSETS 1937 1936 Comparison
Investment in RailroadSteamshijssHarbor Terminals,Real Estate,and Other Properties and
Equipment Table No. 1. . . . . . $35,055,907.98 $34,552,805.46 $ 503,102.52 Inc.
Nominal value of contract of concession from
the Republic of New Grenada,dated 1850,modifled by contract with the United States of Colombia in 1867 confirmed by the Republic
of Panama in 190,and expiring in 1966 . $ 1.00 $ 1.00
Fund appropriated for construction of
steamers Table No. 2:
Securities owned (valuation based on market quotations, June 30,1937
$3,323, 833.13)at cost ... ....... $ 3,253,141.25 $ 3,253,141.25
Cash On deposit. ..... ....... 1,728 743.02 1,846,305.40$ 117,562.38 Dec.
Accrued interest on securities owned 42,253.52 42 253.52
Total fand appropriated for construction
of steamers .. ............ $ 5,024,137.79 $ 5,141,700.17 $ 117,562.38 Dec.
Fund appropriated for replacement of obsolete
and worn-out property and equipment representing partial funding of depreciation
reserves Table No. 3:
United States Government securities owned
(valuation based on market quotations
June 30, 1937 $8,942,687.50) at cost. $ 8,581,515.63 $ 8,206,515.63 $ 37 ,000.00 Inc.
Special Deposits:
Securities deposited with New York State
Department of Labor .(valuation based on
market quotations, June 30, 1937
$13,530.00) at cost. . . .. . . $ 11,385.00 $ 11,385.00
Funds deposited unde- escrow agreement 10,000.00 10,000.00
Funds deposited with courts of the Republic of Panama,in lieu of bondsincluding
deposits in connection with lawsuit
against the Company by Max Bilgray on
appeal. ... . . . . . 120,150.00 8,150.00 112,000.00 Inc.
Total special deposits. $ 141,535.00 $ 29,535.00 $ 112,000.00 Inc.
Current Assets:
Cash:
New York-on deposit. . . . . . $ 2,089,127.23 $ 1,5961392.93 $ 492,734.30 Inc.
Isthmus:
On hand........ ........$ 842,420.88 $ 905,239.62 $ 62,818.74 Dec.
On deposit . 736,599.54 785,248.34 48,648.80 Dec.
In transit . . . . . . . 364.61 364.61 Dec.
Total Isthmus. ... .... .... . $ 1,579,020.42 $ 1,690,852.57 $ 111,832.15 Dec.
Total Cash.... ... ....... $ 3,668,147.65 $ 3,287,245.50 $ 380,902.15. Inc.
Due from agents and conductors . . . 82,542.00 60,039.74 22,502.26 Inc.
Accounts Receivable:
United States Government . . . . 339,997.30 342,991.56 2,994.26 Dec.
Other carriers traffic balances. . 2,583.04 565.57 2,017.47 Inc.
Miscellaneous. ... . . . ... . . 91,224.04 94,549.86 3,325.82 Dec.
Accrued interest on securities owned . 30,886.92 30,496.31 390.61 Inc. .Haterial and Supplies (Company's inventories) Table No. 4:
Merchandise inventory (at cost). . . .. 1,131,903.44 1,210,982.72 79,079.28 Dec.
Railroad and other material and supplies
(book value) . . . . . . . 834,494.89 613,273.85 221,221.04 Inc.
Dairy cattle and other livestock (book
value).............. 105,540.80 74,951.08 30,589.72_Inc.
Total current assets . . . . $.6,287,320.08 $ 5,715,096.19 $ 572,223.89 Inc.
Deferred Assets:.
Working funds . . . . . . . $ 17,700.00 $ 16,000.00 $ 1,700.00 Inc,
Other.... ................ 193,077.34 200,931.92 7,854.58 Dec.
Total deferred assets,.... .. $ 210,777.34 $ 216,931.92 $ 5,154.58 Dec
Deferred~ Debit Items:
Ren~t and insurance paid in advance $ 10,723.54 $ 10,215.02 $ 508.32 Inc.
Other.......... ... .. .. . ... . 70,324.25 73,186.54 2,862.09 Dec.
Total deferred debit items .. ...... $ 81,047.59 $ 83,401.36 $ 2,353.77 Dec.
Total. .. ........... $55,382,2A42.41 $53,948,986A.7 $1,4A6,255.8 IAnc.
PANAMA RAILROAD COMPANY 17 (Incorporated in New York)
EXHIBIT B
Balance Sheet June 30, 1937 and 1936 and Comparison
LIABILITIES 1937 1936 Comparison Capital Stock- 70,000 shares at
$100.00 each . ..... . .... 7,000,000.00 $ 7,000,000.00
Current Liabilities:
Vouchers payable ......... $ 644,818.65 $ 485,822.19 $ 158,996.46 Inc.
Salaries and wages . . 129,114.83 119,842.03 9,272.80 Inc.
Due to other carriers traffic
balances.......... .... . . . 17,159.96 10,422.72 6,737.24. Inc.
Miscellaneous accounts payable . 11,840.28 26,645.50 14,805.22 Dec.
Total current liabilities . . $ 802,933.72 $ 642,732.44 $ 160,201.28 Inc.
Deferred Credit Items.... . .$ 255,485.34 $ 192,910.26 $ 62,575.08 Inc.
Reserves:
Accrued depreciation of property and
equipment Table No. 1 ....... .$10,373,387.62 $ 9,685,342.65 $ 688,044.97 Inc.
Operating reserves Table No. 5 . 293,366.11 373,257.88 79,891.77 Dec.
Total reserves. .. . ... $10,666,753.73 $10,058,600.53 $ 608,153.20 Inc.
Surplus, per Exhibit A..... .. $36,657,069.62 $36,051,743.50 $ 605,326.12 Inc.
Total.. ........ ..... .$55,382,242.41 $53,945,98.73$1,436,255.68Inc.
TABLE NO. 1
Investment in Rail Iroad, Steamships, Harbor Terminals, Real Estate, and other Properties and Equipment, and Related Accrued Depreciation for the Fiscal Year Ended June 30, 1937
Property Accounts Accrued Depreciation
ISTMUS Balance Retirements Balance Balance Credits to Reserves Charges to Balance Balnc, ddiios nts Blace Blace Chaglancee s
July 1, 1936 Additions Tand June 30, 1937 July 1, 1936 charged to Reserves June 30, 1937 : L .... .. . Ju i,. i 6 .. ....... ....Transfers .. .. . .. .
TransfersOperations Adjustments Retirement
Railroad and Appurtenances:
Roadway-and Track . . $ 8,273,011.23 $ 13,637.42 $ 31,350.78 $ 8,255,297.87
Stations, Roundhouses and
Signals. . . . . . 1,119,895.59 31,715.39 19,183.02a 1,132,427.96$ 361,886.48 $ 18,811.3 $(13,243.77)f $ 2,500.00 $ 364,953.94
Road equipment. . . . . 1562,020.61 71,097.31b 46,008.37 1,587,109.55 1,176,174.37 41,979.30 20,924.18g 46,008.37 1,193,069.48
Total Ra 1oad and Appurtenances. . . $10,954,927.43 $10,974.835.38 $1,538.060.85 $ 1,558,023.42
Docks, Piers and Appurtenances:
Docks and Piers . . . .$ 4,842,642.02 60,734.64c $ 4,781,907,38 $2,610,819.49 92,167.20 (2,212.46) $ 2,700,774.23
Buildinge..... .. ..... 279,550.66 279,550.66 138,153.55 5,983.92 144,137.47
Roadway, Walks and Fences . 2,352.83 (60,734.64)c 63,087.47 137.64 2,212.46 2,350.10 Equipment . . . . . 363,347.68 235,371.00 901.13 385,817.45 211,471.53 27,805.19 901.13 28,375.59
Total Docks, Piers and
Appurtenances . . .$ 5,485,540.,26 $ 5,510,362.96 $2,960,444,57 $ 3,085,67.39
Coal Plants:
Structures. . . . . ....... 825,234.90 $ 825,234.90 $ 174,980.27 16,504.68 153,095.55h $ 344580.50
Equipment . . . . . 152,665.61 597.96 152,067.66 66 661.17 8,834.88 25,900.40h 99,596.4
Total Coal Plants, . 977,900.51 $ 977,30.55 241641443,976.95
Telephone and Electric Clocks:
Telephone Plants. . . . $ 877,605.47 4,915.83 $ 882,521.30 $ 490,465.62 30,020.64 $ 520,46.26
Duct Lines. . ...... 252,363,05 252,363.05 131,298.62 6,309.12 386.38 17,994.12
Equipment . . . . . 21,057.59 3,915.84d 17,141.75
Buildings . . . . . 82,234.60 82,234.60 16,705.20 1,644.72 18,349.92
Total Telephone and
Electric Clocks . . $ 1,233,260.71 $ 1,234,260.70 $ 6,469.44 $ 676,80.30
Real Estate:
Buildings:
Gold Quarters... . . $ 800,000.00 (9,198.59)e $ 809,198.59 15,999.96 6,116.43f $ 22,116.39
Silver Quarters. . . . 926,642.32 (15,464.43)e 942,126.75 $ 661,998.24 35,460.39 15,127.34f 712,525.97
Other Buildings. . . . 12,000.00 12,000.00 4,084.25 410.04 4,494.29
Printing Plant . . . 161,000.00 161.000,00 21,071.67 3,219.96 24,291.63
Total Buildings. ... 899...64 .3 1,924,325.34 687,154.16 763,428.28
Colon Lands. 4,559,884.63 19,194.89 4,579,079.52
Pnm Lands. 840' ..
Panama Lands.... 1,684.005.96 26,258.42 1,657%,4756
Total Real Estate. . $ 8,143,53.91 $8,11,15.4 $ 87,154.16 763,428.28
Hotel Washington:
Buildings . . . .. $ 724,160.28 $ 724,160.28 $ 220,324.40 10,116.46 $ 230,440.86
Equipment . .390.66 1 2.5 1,600.02 54.8
E Total Hotel Washington $ 859550.94 $ 859,550 .94$ 273052.45 $ 24768.93
Hotel Tivoli:
EquiaeHt T.i..o.l. . $ 44,764 88 1,938.86 4Z21 $ 52,608.41
Total Hotel Tivoli .$ 44,784.89 46,.723.741~ 52,608.41$ 52684
Coemmlssary: $ 52293,865.1793-9 Pla n t s . . . . . $ 1,806,292.05 $ 622.25 $ 1,806,914.30 $ 522,932.23 $ 30,932.94
Retail Stores . . . . 971,512.12 6,144.94 977,657.06 237,679.15 22,863.33 ,48
Equipment....... 1.411.4181. 1 24,716.70 16,077.42 1,420,057.39 810.736.91 59,506.83 14,089.19 5654
Total Commissary . 4,189,22228 $ 4,204,628.75 $1,571,348.29 $170 2
Dairy Farm:
Pastures..... ......$ 25'000.0 $ 25,00000
Buildings, Dips, etc 74,937.10 8,000.00e 66,937.0 37,48.4 3,493.68 (8,000.00)f $ 32,962.08 Equipment ...Di F ... $ 1 59 1, $ 37,68.4U $ 32,962.08 Total Dairy Farm 1 5 -M_$ 103,537-07 $ 37.. .
Uncompleted Construction and
Improvements . 69915.29 .178,462.84 .248,378.13
Total Isthmus. ... ..$32,070,172.28 $378,170.26 $127,609.90 $32,320,732.64 $8,000,248.01 $433,742.13 $198,306.51 $63,498.69 $ ,b .9 96
NEW YORK AND OTHER:
Floating Equipment:
.8. Anon t.. .. .. $ 928,211.41 $ 928,211.41 $ 597,296.47 $ 49,718.99 $ 138.49 $ 647,153.95
S.S. Cristobal..'.. .... 1,312,882.73 1,312,882.73- 942,951.27 55,392.57 53.31 998,397.15
8.S. Buenaventura . 0. ... 128,342.14 128,34.14 78,689.49 8,224.70 4.94 86,960.13
S.S. Guayaquil........ 105,140.01 105,140.01 58,359.71 7,851.50 (21.74) 66,189.47
Miscellaneous. . . . 6,148.15 6 14815 5,888.96 5.888.96
Total Floating Equipment $ 2,480,724 .44$ ,480-7-. 44 $1,683,185.90 $121,187.76 1,804,589.66
Uncompleted Construction -New
Steamers....... ..... ... $254,450.90 $ 254,450.90
Miscel11neous Property:
Motor Car, Haiti ... 1,908.74 $ 1,908.74 $ 1,908.74 $ 1,908.74
Total New York and Other $ 2,482,633.18 $254,480.90 $ 1,908.74. $ 2,735,175.34 $1,685,094.64 $121,187.76 $ 216.00 $ 1,908.74 $ 1,804,589.66
S Total... .. ..$34,552,805.48 $632,621.16 $129,518.64 $35,055,907.98 $9,685,342.65 $554,929.89 $198,522.51 $65,407.43 $10,373,387.62
f Transferred to Real Estate Railroad and Appurtenances and
a Includes $16,683.02 Transferred to Real Estate- Buildings. Dairy Farm.
b Includes $25,674,30 Reinstatement- in Capital Accounti, Locomotives g Reinstatement of Depreciation on Locomotives Nos. 655 and 659.
Nos. 655 and 659. h Prior years depreciation charged to Profit and Loss.
c Inter-Account Transfers. ( )Denotes a decrease.
d Depreciation charged to Operations and credited to Asset Account.
e Transferred to Real Estate Railroad and Appurtenances and Dairy Farm.
( ) Denotes an increase.
0
20 PANAMA RAILROAD COMPANY
TABLE NO. 2
Fund Appropriated for Construction of Steamers3a June 30, 1937
Par Value Book Value
Chicago, Hilwaukee & St.Paul Railway Co.,
General 41% Bonds, 1989.....9.9.... .. ..$ 100,000.00 $ 103,338.75
Delaware & Hudson Co.s First & Refunding 4%
Bonds, 1943. .. ........... ... 200,000.00 192,562.50
Federal Land Bank, Consolidated 3% Bonds,
1956-46... ....... . . .. .. ...... 42,000.00 41,790.00
Federal Land Bank, Consolidated 4% Bonds,
1946-44................ ............ 1,699,000.00 1,712s930.00
Illinois Central Railroad Co., Refunding 4%
Bonds, 1955.. .... .. a. .. ......... .. 100,000.00 96,187.50
New York Central Railroad Co., Refunding &
Improvement 5% Bonds, 2013 ... .......183,000.00 197,613.75
Southern Pacific Co., Oregon Lines, First 4
Bonds, 1977. .. .. ............50,000.00 50,375.00
United States Treasury, 3-1/8% Bonds, 1949-46. 500,000.00 496,187.50 United States Treasury, 4% Bonds, 1954-44. . 100,000.00 102,937.50 United States Treasury, 3% Bonds, 1955-51. . 250,000.00 259,218.75 Cash in Bank . . ............. 1,728,743.02 1,728,743.02
Accrued Interest on Securities Owned ......42,253.52 42,253.52
Total ... ...... .... .. .. $4,994,996.54 $5,024,137.79
TABLErNO. 3
Fund Appropriated for Replacement of Obsolete and Worn-Out Property
and Equipment, Representing.Partial Funding of Depreciation Reserves, June 30, 1937
Par Value Book Value
United States Treasury, 3-1/8% Bonds, 1949-48. $4,500,000.00 $4,530,437.50 United States Treasury, 3% Bonds, 1955-51. . 1,300,000.00 1,299,593.75 United States Treasury, 3-3/4% Bonds, 1956-46. 1,000,000.00 1,031,781.25 United States Treasury, 4% Bonds, 1954-44.. 1,300,000.00 1,344,703.13 United States Treasury, 2% Bonds, 1953-49 . 375,000.00 375,000.00
Total .. ..... . ........... $8,475,000.00 $8,581,515.63
Note: Both funds, Table Nos. 2 and 3, are in charge of the Comnittee of Securities of the Board of Directors.
PANAMA RAILROAD COMPANY 21
TABLE NO. 4
Material and Supplies, June 30, 1937
ISTHMUS
RAILROAD AND APPURTENANCES: $ 140,842.10 Maintenance of Way Material . .. $ 140,842.10
COAL PLANTS: 184,526.25
Material ... ........ $ 53,084.01
Coal Stock. ............. 131,442.24
HOTEL TIVOLI: 4,737.17
Supplies...............$ 4,737.17
HOTEL WASHINGTON: 2,475.74
Supplies........ ....... $ 2,475.74
COMMISSARY: 119590928 Merchandise ... ...... ... ... $1,131,903.44 1,195,90.28
Other Material and Supplies .. ... 64,005.84
DAIRY FARMS: 113,497.96
Supplies. ... .... .. . . . $ 7,957.16
Cattle.... . ....... 105,043.00
Work Animals. .: . . . . . .497.80
Total Material and Supplies
Isthmus .. .. . $1,641,988.50
NEW YORK
FLOATING EQUIPMENT* $ 46,313.64 Material Storeroom. . . . $ 4,187.62 Stationery Stock... ..... ........ 1,801.52
Mineral Water Stock ..... ..... . 1,356.09
Spare Parts ........ .... .. . 12,194.66
Fuel Oil..... .......... .. 26,660.77
Postage ............... 112.98
IN TRANSIT: $ 383,636.99
Material Shipped. . . $ 382,317.48
Material Pending Adjustment,.. 1,319.51
Total Material and Supplies
New York . ... .... 429,950.63
Total Material and Supplies. $2,071,939.13
TABLE NO. 5
Operating Reserves, for the Fiscal Year Ended June 30, 1937,
Credits to Reserve Charges to Reserve Through Charges To Items Reversal
Balance* 'Ies-Rvr July 1936 Operating Other covered in of Over- JunBa3 Openses Accounts Provision Provisionzetc.
Railroad:
Reserve for relaying rail. . $80,000.00 $5,186.29 $85,186.29
Reserves for other items . . 3,790.13 $ 107.80 $3,897.93
Harbor Terminals:
Reserve for dredging...... 100,000.00 $100,000.00 Commissary:
Reserve for repairs and
alterations.. ........ 120,619.72 22.46 1,147.34 119 494.84
Reserve for salaries
employees' accrued leave . 47,773.24 69,618.71 246.33 67,336.27 50,302.01
Reserve for Westinghouse
refrigerator guarantees. . 3,573.71 1,440.44 1,718.88 3,295.27 Hotel Washington:
Reserve for repairs..... . 555.84 4,669.14 4,530.91 694.07
Reserve for salaries
employees' accrue leave . 6.377.07 2,097.45 (1,865.9)a 2, 096 .12 4,512.49
Hotel Tivoli:
Reserve for repairs. ...... 6,658.95 14,136.97 12,765.18 8,030.74
Reserve for salaries
employees' accrued leave . 3,909.22 2,586.28 1,865.91a 1,324.72 7,036.69
Total $373,257.88 $98,317.30 $1,794.57 $176,105.71 $3,897.93 $293,366.11
a. Adjustments due to transfer of Manager and Clerk from
Hotel Washington to Hotel Tivoli.
Denotes a decrease.
TABLE No. 6
Summary of Operating Revenue, Expenses, and Net
Revenue (including interdepartmental Transactions) for the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
1937 1936
Operations GROSS Net GROSS Net Increase Revenue Expenses Revenue Revenue Expenses Revenue
ISTHMUS:
Railroad Table No.7. .....$ 1,609,744.44 $ 1,333 404.05 $ 276,340.' 9 $ 1,456,164.54 $ 1,250765.39 $ 205,399.15 $ 70 941.24
Harbor Terminals -Table No.8 1,812 ,959.32 1,394,787.45 418,171.87 1,662.460.88 1,322. 306.15 340,154.73 78,017.14
Coal Plants- Table No.10. . 552 139.51 476,848.63 75,290.88 333,498.82 278726.13 54,.772.69 20,518.19
Real Estate- Table No.11. 304,260.01 92,090.60 212, 169.41 2-34 ,334.07 90 339.91 143,994.16 68,175.25
CommisSary Table No.12 . 8,113,110.70 7,790,110.69 323,000.01 7,577121.51 7,296 395,46 280,726.05 42,273.96 Dairy Farmi Table No.13 . 173,280.74 169,736.90 3,543.84 154,145.52 148:294.56 5,851.02 2,307.18*
Hotel Tivoli Table No.14 ,. 205,192.00 201,783.63 3.408.37 182, 081.27 184,687.14 (2,605.87) 6,014.24
Hotel Washington Table
No.15. ....... ...... ...155,637.99 175,231.19 (19,593.20) 153,454.81 176,550.34 (23,095.53) 3,502.33
Telephone and Electric
Clocks Table No.16 . 235,642.88 174,249.50 61,393.38 231,945.31 166,613.42 65,331.89 3,938.51*
Total Operating Revenue,
Expenses and Net
Revenue- Isthmus . $13,161,967.59 $11,808242.64 $1,353,724.95 $11,985,206.73 $10,914,678.44 $1,070,528.29 $283,196.66
NEW YORK:
Steanbship Line Operations
Table No.9.... ... ..$ 1391S323.52 $ 1,603,530.42 $ (212,206.90) $ 1,201,829.78 $ 1,570,306.40 $ (368,476.62)$156,269.72
Total Operating.
Revenue, Expenses
and Net Revenue .. $14,553,291.11 $13,411,773.06 $1,141,518.05 $13,187,036.51 $12,484,984.84 $ 702,051.67 $439,466.38
() Denotes a Deficit.
* Denotes a Decrease.
94 PANAMA RAILROAD COMPANY
TABLE NO. 7
RA ILROAD OPERAT IONS
Statement of Operating Revenue,and Operating Expenses, and Net Operating Revenub
(including Interdepartmental Transactions) for the Fiscal Years Ended June 30,, 1937 and 1936, and Comparison
1937 1936 Increase
REVENUE FROM TRANSPORTATION:
Freight Revenue:
Through e. ......... ... $ 319,579.12 $ 261,587.76 $ 57,991.36
Local .. ... . ........ 553148.02 541,506.96 11 641.06
Total.. ........... $ 872,727.14 $ 803,094.72 $ 69,632.42
Passenger Revenue:
Local Passengers. .. .. .. ... $ 424,913.16 $ 394,009.05 $ 30,904.11
Baggage *. .... 0.. ... ... 1,460.50 1,511.75 (51.25)
Express, Mail, etc. ... .. .. .. 58844.36 56,261.18 2,583.18
Parlor and Chair Car. .. .. ... 6,142.50 6,102.75 39.75
Special Cars and Trains . .. .. 47,516.52 19,887.16 27,629.36 Motor Cars. .... ... ..... 35,379.24 38,416.72 (3,037.48)
Total. .. ........... $ 574,256.28 $ 516,188.61 $ 58,067.67
Miscellaneous Revenue:
Switching .. .. ..... .. .. $ 39,567.50 $ 32,869.25 $ 6,698.25
Locomotive Service. ....... 60,479.10 42,272.00 18,207.10
Baggage Transfer.......... 13,842.45 12,667.13 1,175.32
Total,.. .. .. ...... $ 113,889.05 $ 87,80838 $ 26,080.67
OTHER THAN TRANSPORTATION REVENUE:
Storage Freight ... ...... $ 18,632.35 $ 15,l63.60 $ 3,468.75
Storage Baggage ... ......334.43 374.10 (39.67)
Demurrage.. ............ 6,089.00 7,120.50 (1,031.50)
Telegraph ... ... .1,949.68 1,919.29 30.39 Rental of Buildings, etc....... 10957.49 10,700.75 256.74 Miscellaneous.. .. ........ 10,909.02 13,794.59 (2,885.57)
Total.. .. . .... ... $ 48,871.97 $ 49,072.83 $ (200.86)
Total Operating Revenue. . $1,609,744.44 $1,456,164.54 $153,579.90
OPERATING EXPENSES:
Maintenance of Way and Structures:
Repairs . .. .. .. . $ 272,430.59 .$ 249,530.82 $ 22,899.77
Depreciation. . ...... . 18,731.55 17,985.73 745.82
Maintenance of Equipment:
Repairs, Retirements, etc. .. .. 295,205.40 282,198.91 13,006.49 Depreciation... .......... 43,360.90 31 286.80 12,074.30
Transportation. .. .. .. .. .. a. 607,749.87 574,010.74 33,739.13
General Expenses. .... ........ 95,925.74 95,752.59 173.15
Total Operating
Expenses......... . $1,333,404.05 $1,250,765.39 $ 82,638.66
Net Operating
Revenue... ..... . $ 276,340.39 $ 205,399.15 $ 70,941.24
(3Denotes a Decrease.
TABLE NO. 8
Harbor Terminal Operations
Statement of Operating Revenue, Operating Expenses, and Net Operating Revenue, (Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1937 and 1936. and Comparison
1937 1936 INCREASE
Atlantic Pacific Atlantic Pacific Atlantic Pacific Total Terminals Terminals Total Terminals Terminals Total Terminals Terminals
OPERATING REVENUE;
Wharfage..... .$ 243,699.75 $ 184,332.73 $ 59,367.02 $ 228,353.35 $ 185,699.43 $ 42,653.92 $ 15,346.40 $ (1,366.70) $16,713.10
Rent and Storage. 20,519.69 17,499.88 3,019.81 18,175.48 15,600.15 2,575.33 2,344.21 1,899.73 444.48 Stevedoring .. 157,732.91 126,480.07 31,252.84 133,054.01 108,853.60 24,200.41 24,678.90 17,626.47 7,052.43
Handling and
Transferring . 1,333,134.34 1,167,689.64 165,444.70 1,225,005.78 1,070,089.87 154,915.91 108,128.56 97,599.77 10,528.79
Other Revenue 47,510.06 33,095.27 14,414.79 45,820.32 30,355.83 15,464.49 1,689.74 2,739.44 (1,049.70
Colon Stable
Revenue. . . 10,362.57 10,362.57 12,051.94 12.051.94 (1,689.37) (1,689.37)
Total.. ... $1,812,959.32 $1,539,460.16 $273,499.16 $1,662,460.88 $1,422,650.82 $239,810.06 $150,498.44 $116,809.34 $33,689.10
OPERATING EXPENSES:
Stevedoring . .$ 117,719.93 $ 94,990.76 $ 22,729.17 $ 99,720.05 $ 82,184.20 $ 17,535.85 $ 17,999.88 $ 12,806.56 $ 5,193.32 p
Handling and
Transferring 742,282.71 626,086.68 116,196.03 703,461.31 587,827.73 115,633.58 38,821.40 38,258.95 562.45
Rentals . . 73,070.00 45,410.00 27,660.00 55,920.00 35,175.00 20,745.00 17,150.00 10,235.00 6,915.00
Repairs, Docks
and Buildings. 83,779.84 63,597.80 20,182.04 68,.022.77 53,868.86 14,153.91 15,757.07 9,728.94 6,028.13
Depreciation
Docks and Buildings . . . 95,367.12 95,367.12 118,439.82 118,439.82 (23,072.70) (23,072.70)
Depreciation
Equipment .. 26,503.27 26,503.27 29,872.10 29,872.10 (3,368.83) (3,368.83)
Colon Stable Expenses:
Depreciation. 2,921.64 2,921.64 2,921.64 2,921.64
Other Expenses. 8,922.81 '8,922.81 8,539.25 8,539.25 383.56 383.56
Administrative
and General Expenses . .. 244,220.13 210,691.13 33,529.00 235,409.21 205,519.36 29,889.85 8,810.92 5,171.77 3,639.15
Total. ... $1,394,787.45 $1,174,491.21 $220,296.24 $1,322,306.15 $1,124,347.96 $197,958.19 $72,481.30 $ 50,143.25 $22,38.05
Net Operating
Revenue . $ 418,171.87 $ 364,968.95 $ 53,202.92 $ 340,154.73 $ 298,302.86 $41,851.87 $ 78,017.14 $ 66,666.09 $11,351.05
(.) Denotes a Decrease. o Note: Depreciation rate on docks was reduced from 3% to 2%, effective January 1, 1936.
26 PANAlA RAILROAD COMPANY
TABLE NO. 9
Steamship Line Operations
Statement of Operating Revenue, Operating Expenses and Operating Loss
(Including Interdepartmental Transactions) For the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
1 9 3 7 1 9 6 Increase
OPERATING REVENUE:
Freight. ...... ......... $1,112075.72 $964,019.13 $148,056.59
Passenger........... 247,719.15 207,450.55 40,268.60
Excess ,Baggage... ... ... 1,363.60 1,152.42 211.18
Mail. .. .... .... . .... 2,009.82 2,954.42 (944.60)
Treasure.. .. .... . .. . 1,250.03 1,760.08 (510.05)
Miscellaneous:
Profit from Sale of Beverages. 8,580.69 7,890.26 690.43 Steamer Chair Service . 4,679.00 4,057.00 622.00 Other Transportation Revenue 13, 645.51 12,545.92 1,099.59 Total Operating Revenue. . $1,391,323.52 1.201.829.78 $189,493.74
OPERATING EXPENSES:
maintenance of Ships. ...... $ 86,771.85 $ 104,257.10 $(17 485.25) Provision for Depreciation . 121 187.76 126,555.36 (5,367.60) Operation of Ships. ....... . 968 544.82 915,249.87 53 294.95
Agency Expenses . ...... 306, 370.33 304,453,t64 1,916.69
General Expenses..... .... 120, 655.66 119,790.43. 865.23
Total Operating Expenses . .$1,603,530.42 $1,570,306.40 $ 33,224.02
Operating Loss $212,206.90 $368,476.62 $156,269.72a
Denotes a Decrease
a Loss Decrease
PANAMA RAILROAD COMPANY 27
TABLE NO. 10
Coal Plant Operations
Statement of Sales, Gross Profit from Sales, Expenses,and Net Operating Revenue (including Interdepartmental Transactions) For the Fiscal Years Ended June 30, 193? and 1936, and Comparison
1 9 3 7 1 9 3 6 Increase
REVENUE:
Sales:
Commercial Steamships. ...... $508,749.90 $299,080.63 $209,669.27 Army ... ..... ..... 5,790.75 10 107.13 (4,316.38)
Navy .. ............ 16,001.14 1,015.25 14,985.89
Panama Canal. ..... .. .. .. .. 5,110.39 2,601,67 2,508.72
Railroad Departments .*. .. .. 379.64 279.62 100.02 Local...... ..... 4,301.62 5,204.04 (902.42)
Total Sales'. ......... $540,333.44 $318,288.34 $222,045.10
Cost of Sales:
Inventory at Beginning of the Year $173,245.23 $102,815.52 $ 70,429.71 Purchases*". .......... .. 327,688.57 277,691.29 49,997.28
Total .. .. . ....... $500,933.80 $380,506.81 $120,426.99
Less: Inventory at End of the Year 131,442.24 173,245.23 (41,802.99)
Remainder Cost of Sales . $369,491.56 $207,261.58 $162,229.98 Gross Profit from Sales . . $170,841.88 $111,026.76 $ 59,815.12
Other Operating Revenue:
Handling Navy Coal... ..... $ 3,749.25 $ 8,515.00 $ (4,765.75)
Trimming and Miscellaneous . . 8,056.82 6,695.48 1,361.34
Total... ........... $ 11,806.07 $ 15,210.48 $ (3,404.41)
Total Operating Revenue $182,647.95 $126,237.24 $ 56,410.71
OPERATING EXPENSES:
Unloading and Storing........ $ 16,073.68 $ 16,379.50 $ (305.82)
Reclaiming and Deliverying.. .. .. 23549.72 6,956.05 16,593.67 Depreciation. ............ 25,9339.56 25,339.56
General ...... ......... 42,394.11 48,129.00 (5,734.89)
Total Operating Expenses. . $107,357.07 $ 71,464.55 $ 35,s892.52
Net Operating Revenuei.. ... $ 75,290.88 $ 54,772.69 $ 20,518.19
t ) Denotes a Decrease.
a8 PANAA RAILROAD COMPANY
TABLE NO. 11
Rea I Estate Operations
Statement of Operating Revenue, Operating Expenses, and Net Operating Revenue (Including Interdepartmental Transactions) For the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
1 9 3 7 1 9 3 6 Increase
OPERATING REVENUE:
Rental of Lands. .. ........ $271,748.69 $226,679.07 $45,069.62
Rental of Buildings... ....... 32,511.32 7,655.00 24,856.32
Total Operating Revenue..... $304,260.01 $234,334.07 $ 69,925.94
OPERATING EXPENSES:
Depreciation of Buildings.. .... $55,030.35 $53,462.58 $ 1,567.77 Administrative and Clerical Expenses 27,016.49 26,925.72 90.77 Repairs to Buildings *.*.*.*.* ...*.* .99.53 133.10 (33.57)
Supplies and Services...... ..9,944.23 9,818.51 125.72
Total Operating Expenses... ...$ 92,090.60 $ 90,339.91 $ 1,750.69
Net Operating Revenue ...... $212169.41 $143,994.16 $ 68,175.25
Denotes a Decrease.
Note: Effective January 1, 1936, the depreciation rates on silver quarters were
reduced as follows:
Hount Hope, Silvertown From 5% to 4%
Gatun, Silvertown From 10% to 4 Mount Hope, Silver City From 10% to 4% Special Type From 10% to 3-1/3% La Boca From 10% to 3-1/3%
'This made a reduction in depreciation of silver quarters of $35,820 per annum. This reduction on silver quarters is partially offset by depreciation on Panama Railroad Company owned gold quarters which was started July 1, 1936, $16,000 per annum, and depreciation on Mount Hope Printing Plant, $3,220 per annum.
The increase in building rentals is principally due to the payment by The Panama Canal, effective July 1, 1936, of a rental of $16,000 per annum for gold quarters owned by the Panama Railroad Company valued at $800,000 but operated by The Panama Canal, and $8,050 per annum rental for the Printing Plant at
Mount Hope owned by the Panama Railroad Company and used by The Panama Canal.
PANAMA RAILROAD COMPANY 9
TABLE NO. 12
COME ISSARY
Statement of Sales, Expenses, and Net Operating Revenue (Including
Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
1937 1936 Increase
SALES:
U.S. Government:
Army........................$ 613,240.61 $ 474,207.91 $ 139,032.70
Navy. .... ........... 440,388.97 467,835.80 (27,4-46.83)
Panama Canal. .. ....... ... ... 795,226.95 737,112.75 58,114.20
Departments of Panama Railroad. . 307,810.90 259,287.31 48,523.59 Individuals and Companies ... . 265 590.03 313,501.48 (47,911.45) Commercial Steamships ... 0. ... . 354341.59 304,547.99 49,793.60
Coupons, Paid Orders, etc ... .. 5,827.402.26 5,374.016,27 453.385,99
Gross Sales. .. .. .. .. ... $8,604 001.31 $7,930,509.51 673,491.80
Less Discounts, Refunds, etc..... 490.890.61 353,388.00 .502o61
Net Sales..... ... ..... $8,113, 110.70 $7,577,121.51 $55,989.19
COST OF SALES:
Inventory at Beginning of the Year'. $1,160,408.72 $1,010,074.95 $ 150,333.77 Purchases .a. ..e. 0... ...0.. 4,699,303.45 4,391,573.75 307,729.70
Cost of Merchandise Manufactured:
Material and Supplies Used in Manufacture. ... .. .. ... ...1,073,901.30 1,042,909.89 30,991.41
Manufacturing Expenses Transferred
from Operating Expenses.'. ... . 595,799.36 593.824.84 1.974.52
Total . . . . $7,529,412.83 $7,038;383.43 $ 491 029.40
Less: Inventory at End of the Year 1 131.903.44 1.160 408.72 505.28
Cost of Sales. a. .. .. $6397,509.39.$5.877.974.71
Gross Profit from Sales....... $1715,601.31 $1,699,146.80 $ 16454.51
OPERATING EXPENSES:
Salaries, Wages, etc. ..... ... $1,094,202.12 $1,074,030.12 $ 20 172.00
Services by Panama Canal. ...... 103,639.04 110,522.63 (6,883.59) Printing and Handling Coupons . 64,024.43 60,028.90 3,995.53
Supplies:
From Stock (Including Supplies Used
in Service Plant Operations) 106,665.90 102,758.62 3,907.28
From Panama Canal .. . ... 36,369.78 35,841.27 528.51
Transportation:
Freight ...... ........ 95,045.44 87,584.82 7 460.62
Locomotive and Car. .10,002.00 10,736.00 734.00) Passenger (Railroad and Steamship) 2,666.43 3 021.54 355.11) Tug and Launch. ..........1,219.50 607.00 612.50
Power and Light............ 68,448.40 61,886.20 6,562.20
Water .. ............. 10,224.92 10,281.37 (56.45)
Telephone, Radio and Cables..... 11,199.09 11,300.23 (101.14) Cleaning and Pressing......... 9231.81 9,664.66 (432.85
Mail and Postage........... 1,394.14 1,290.26 103.88
Office Expenses:
Accounting Department ... . . 74,640.00 74 640.00
New York Office .......... 51,000.00 53,500.00 (2,500.00)
Executive Office. .......... 22,800.00 16,800.00 6,000.00
Chief Quartermaster's Office. . 4,980.00 4,980.00
Loss and Damage .. ..... .. . . 46,446.10 45,378.98 1,067.12
Stock Adjustments.. ........ 7,958.08 1,814.30 6,143.78
Hospitalization ..... ...... 25,438.15 24,255.12 1 183.03
Retirement of Employees....... 4,622.37. 5,112.00 t489.63
Provision for Depreciation. ..... 113,303.10 139,311.43 (26,008.33 Repairs and Alterations ....... 94,294.20 132,000.00 (3705.80 Miscellaneous. 4. .. ... ... 1,6997 7 865,72 6.495 75
Total Expenses-... .. . $2,061,184.97 $2,085,211.17 $ (206.20
Less: Amounts Capitalized or
Charged to Repairs and
Alterations, etc .. ........ 720784.31 72,.965.58 (181,27)
Total Operating Expenses $1,988,400.66 $2,012*245.59 $ (23,844.93)
Less: Manufacturing Expenses Transferred to Cost of Merchandise Manufactured, as Shown Abcve .... . . 559 593,824.84 1946
Wholesale and Retail Expenses. $1,392,601.30 $1,418. 420.75 $ 2,1.5 Net Operating Revenue. ... ...$ 323,000.01 $ 280,726.05 $ 42,273.96
()Denotes a Decrease.
Notes:--Actual repairs for the year ended June 30,1936 which were charged to reserve for repairs and alterations, amounted to $153,686.17, or $21,686.17 more than the provision for such expenses; fcr the year ended June 30, 1937, actual
repairs were charged to operating expenses.
For the year ended June 30, 1937, discounts to the Army and Navy and miscellaneous adjustments of discounts are included in discounts, refunds, etc; for
the year ended June 30, 1936, such discounts, in the amount of $98,249.16, were
appited to reduce sales.
30 PANAMA RAILROAD COMPA NY
TABLE NO. 12-A
Commissary Operations Statement of Purchases by Commodities, Location
and Distribution of Sales during the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
PURCHASES BY CLASSES
1937 1936 Increase
Groceries... . . . .... $1,780,969.68 $1,603,081.68 $ 177 888.00
Candies and Tobacco. ........ . 330,148.47 340 615.47 (10,467.00)
Hardware..... ........ 347 647.11 363 354.44 (15,707.33)
Dry Goods.... ... . .. . 776,305.51 713:353.09 62 952.42
Shoes... .. ..... . . . 203,550.50 209211.03 (5660.53)
Cold Storage ........ .. ...... 1,020 562.66 1 ,030, 776.67 (10 214.01)
Raw Material... .... . .4. 471 334.90 438, 402.11 32 932.79
Cattle and Hogs.. . ... .. 189 173.93 180,409.75 8 764.18
Milk and Cream.... ... .... 185 852.59 160 865.82 24 986.77
Dairy Products . 644466.36 569 ,783.85 74 682.51
Total.... ...... .. $5,950,011.71 $ 5,609)853.91 $ 340,157.80
LOCATION OF PURCHASES
1937 1936 Increase
United States....... ..... $4,595,008.52 $4,307,369.53 $, 287638.99
Europe and Orient.... ...... .. .. 671899.17 614 907.18 56,991.99
Central and South America... ..... 132 810.00 150,421.78 (17,611.78)
Local..... ....... . ... . 299 708.15 311,82.09 (12, 116.94)
Panama Canal........ ... 78 982.09 72,374.44 6 607.B5
Cattle Industry....... ... ... 171 603.78 152 955. 89 18,647.89
Total ..... ....... .. $5,950,011.71 $5,609,853.91 $ 340,157.80
DISTRIBUTION OF SALES
U. S. Government:
Army..... ... ... ..$ 613,240.61 $ 474,207.91 $ 139.032.70
Navy.. ... . ........ .. 440,388.97 467j835.80 (27,446.83)
Panama Canal ........ . . 795,226.95 737,112.75 58,114.20
Panama Railroad...... . . . 307J810.90 259,287.31 48,52-8.59
Individuals and Companies. . .. a 265,590.03 313,501.48 (47,911.45) Commercial Steamships.. ... . 354,341.59 304,547.99 49,793.60
Coupons, Paid Orders, etc... .. J 5,827,402.26 5,374,016.27 453,385.99
Gross Revenue from Sales. . $8,604,001.31 $7,930,509.51 $673,481.80 Less: Discounts, Refunds, etc . 490,890.61 383,388.00 137,502.61
Net Revenue from Sales..... $8113,110.70 $7,577,121.51 $ 535,989.19
Supplies for Expenses:
Retail Commissaries and
Warehouses. ........ ..$ 58,39972 $ 46942.03 $ 11 457.69
General ........ . 1,776.90 2J302.27 (525Z.37)
Plants. .......... . 24,380.50 30 ,880.86 (6,500.36)
Total.. . ......... $ 84,557.12 $ 80,125.16 $ 4,431.96
Loss by Condemnation, Pilferage,
Shrinkage etc.t .. .......$ 46,446.10 $ .45,378.98 $ 1,067.12
Grand Total... .. .. .. ....$8,244,113.92 $7,702.625.65 $ 541,468.27
( ) Denotes a Derease.
31
PANAMA RAILROAD COMPANY
TABLE NO. 13
Dairy Farm Operations
Statement of Operating Revenue, Operating Expenses, and Net Income (Including
Interdepartmental Transactions) For the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
1 9 37 1 9 3 6 Increase
OPERATING REVENUE:
Milk Sales.. . . . . $171,808.36 $152,078.82 $ 19,729.54
Other Revenues. ..... ....189.25 133.45 55.80
Total Operating Revenue.. .....$171,997.61 $152,212.27 $ 19,785.34
OPERATING EXPENSES:
Milking Feeding, and Refrigeration
Plant Operations. . .... .. $134,023.12 $107 542.56 $ 26480.56
Pasture Operations..... . .. 4,792.18 4 459.75 332.43
Repairs.. . . ....... . 7,638.80 6,406.27 1,232.53
Depreciation . .. ...... . 3,493.68 3493.68
General........ .. .. 21,173.46 21599.50 (426.04)
Total Operating Expenses. .. $171,121.24 $143,501.76 $ 27,619.48
Net Operating Revenue...... $ 876.37 $ 8,710.51 $( 7,834.14)
INCOME OR LOSS ARISING FROM CHANGES IN DAIRY HERD:
Sales of Cattle....... .......$ 1,283.13 $ 1,933.25 $( 650.12O)
Inventory Value of Cattle Sold . 2,923.00 6,518.11 3,595.11)
Loss From Sale of Cattle....... $ 1,639.87 $ 4,584.86 $( 2,944.99)
Inventory Value of Cattle Lost by
Death. ..... .... . .. 4,121.50 2,583.20 1,538.30
Loss Arising from Adjustment of Inventory Value of Herd . . . 4.66 36.43 (31.77) Total.. .... ... . $ 5,766.03 $ 7,204.49 $( 1,438.46)
Less: Credit Arising From Value
Allocated to Calves Born at Dairy 8,433.50 4,345.00 4,088.50
Net Income Arising From Changes
in Dairy Herd. .. ...... $ 2,667.47 *$ 2,859.49 $ 5,526.96
Net Income for the Year.. ...$ 3543.84 $ 5851.02 $( 2,307.18)
( Denotes a Decrease.
* Denotes a Deficit.
32 PANANA RAILROAD COMPANY
TABLE NO. 14
Hotel Tivoli Operations
Statement of Operating Revenue, Operating Expenses, and Net Operating Revenue (including Interdepartmental Transactions) For the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
1 9 3 7 1 9 3 6 Increase
OPERATING REVENUE:
Rental of Rooms ..... ...... $ 92,011.26 $ 79,462.30 $ 12548.96
Restaurant Service.,. ... .. . 90,497.05 82,897.25 7,599.80
Cigar and News Stand........ 9,497.53 8,840.72 656.81
Laundry and Valet Service..... 9,373.81 71084.04 2,289.77 Telephone . a......... ...... 1,231.60 1,062.95 168.65
Miscellaneous . . . . . 2,580.75 2.734.01 (153.26)
Total Operating Revenue.. . $205,192.00 $182,081.27 $ 23,110.73 OPERATING EXPENSES:
Operation:
Salaries and Wages .. ............ $ 66,218.55 $ 59,308.92 $ 6,909.63
Subsistence Supplies. .......... 52, 651.64 51 675.36 976.28
Other Supplies. .. . . .. 15,439.55 12,642.08 2 797.47
Laundry Hotel .. ......... 9,434.11 9 878.90 t444.79)
Laundry Guests....... .46,361.78 4738.81 1,622.97
Electricity, Ice, Fuel, and Water 9,581.98 9,302.17 279.81 Miscellaneous ......... 5,390.47 6,034.66 (644.19)
Total. . . . . . . $165,078.08 $153,580.90 $ 11,497.18
Maintenance:
Replacement Equipment . . . $ 13,385.24 $ 11,854.45 $ 1530.79 Provision for Repairs Equipment 3,877.39 2,734.01 1,143.38 Provision for Repairs Buildings 10,259.58 9,104.27 1,155.31
Total... . . .... . $27,522.21 $ 23,692.73 $ 3,829.48
General:
Administrative, Supervision, and
Accounting.. . .. .... $ 4,820.00 $ 4,920.00 $( 100.00)
Miscellaneous.. ... *..... 4,363.34 2,493.51 1,.869.83
Total..... . .... . $ 9,183.34 $ 7,413.51 $ 1,769.83
Total Operating Expenses . $201,783.63 $184,687.14 $ 17,096.49
Net Operating Revenue. $ 3,408.37 $ 2,605.87 $ 6,014.24
( )Denotes a Decrease.
* Denotes a Deficit.
Note: Actual repairs for the year ended June 30, 1937, which were charged to reserve for repairs, amounted to $12,765.18,or $1,371.79 less than the
provision for such expenses.
PANAMA RAILROAD COMPANY
TABLE NO. 15
Hotel Washington Operations
Statement of Operating Revenue, Operating Expenses, and Operating Loss
(including Interdepartmental Transactions) For the Fiscal Years Ended June 30, 1937 and 1936, and Comparison
1 9 3 7 1-9 3 6 Decrease
OPERATING REVENUE:
Rental of Rooms . . . . . $ 69,271.16 $ 66,501.67 $( 2,769.49)
Restaurant Service. ........ 65,502.39 66,299.70 797.31
Cigar and News Stand........ 7,899.75 7,951.71 51.96
Laundry and Valet Service 6,493.28 5,768.88 (724.40) Telephone .. ...........797.70 989.15 191.45
Swimming Pool . . . ... . 5,332.70 5,458.85 126.15
Miscellaneous . . . . . 341.01 484.85 143.84
Total OperatingRevenue. .... $155,637.99 $153,454.81 $( 2,183.18) OPERATING EXPENSES:
Operation:
Salaries and Wages. .....*.*.*.$ 55,500.69 $ 56,258.67 $ 757.98
Subsistence Supplies,.. ...... 41,971.05 41,664.95 (306.10)
Other Supplies. . . . .. ... 11,055.10 11,439.87 384.77
Laundry Hotel ......... *.* .7,694.76 9,768.35 2 073.59
Laundry Guests. ...........5,055.93 4,315.51 740.42)
Electricity, Ice, Fuel, and Water 12,664.87 11,980.03 684.84) Miscellaneous ....**.*.*.*.*.* .6,758.10 6,909.38 151.28
Total. . . . .... $140,700.50 $142,336.76 $ 1,636.26
Maintenance:
Depreciation Buildings. . . $ 10,116.46 $ 9,971.26 $( 145.20) Depreciation Equipment....... 11600.02 1,976.04 376.02
Replacement Equipment . . . 10,116.46 9,971.26 (145.20 Provision for Repairs Buildings 2:334.57 2,301.83 (32.74 Provision for Repairs Equipment 2,334.57 2,299.08 35.49
Total. . . . . . . $ 26,502.08 $ 26,519.47 $ 17.39General:
Administrative, Supervision, and
Accounting . . . . . $ 4,820.00 $ 4,920.00 $ 100.00
Miscellaneous 3,208.61 2,774.11 (434.50)
Total. . . . . . . .. $ 8,028.61 $ 7, 694.11 $( 334.50)
Total Operating Expenses . . $175,231.19 $176,550.34 $ 1319.15
Operating Loss. . . $ 19,593.20 $ 23,095.53 $ 3,502.33
( ) Denotes an Increase.
Note: Actual repairs for the year ended June 30, 1937, which were charged to reserve for repairs amounted to $4,530.91, or $138.23 less than the provision for such expenses.
34 PANAMA RAILROAD COMPANYY
Table No. 16
Telephone and Electric Clock Operations
Statement of Operating Revenue, Operating Expehses, and Net Operating Revenue
(including. interdepartmental Transactions) for the Fiscal Years
Ended Jine 30, 1937 and 1936, and Comphrisoft
1937 1936 Increase
OPERAT ING REVENUE:
Rent of Instruments . . ... . $165,750.76 $163,259 88 $2,490.88
Rent of Trunk Lines . . . 27,15.13 2d58666 568.47 Leased Circuits and Ducts 30,421.49 30,229.7 192.12 Changing Telephones, etc. 1,106.90 1,581.40 12.50 Electric Clocks . . . . .. 1,988.60 2,116.00 (127.40)
Electric Printing Typewriters 8,640.00 8,192.00- 448.00
Total Operating Revenue $235,642-88 $231,945.31 $3,697.57
OPERArING EXPENSES:
Operation and.Mainteilance ...... $124,730.98 $116,350.02 $8,380.96
Depreciation of Buildings and Equipment . . . ....... 41,890.32 42,403.36 (513.04
Supplies and Services ........1,068.20 1,100.04 (31.84
Administrative and C1rical ExpenseB. 6,560.00 6,760.00 (200.00
Total Operating Expenses $174,249.50 $166,615.42 $7,6836.08
Net Operating Revenue. . . $ 1,393.38 $ 65,331.89 $(35938.51)
( ) Denotes a Decrease.
Tab le No. 17
Interest and Exchange' Revenue for the iscaLYears Ended June 30, 1937 and 1936, and Comparison 1937 1956 Decrease
Isthmus .. ............ $ 4,8rO.84- $ ,48.78 $2,587.94
New York. . 397,190.27 441,424.63 44,234.38
Total Revenue.,. ..... ... $402,061.11 $448,883.41 $46,822.30
PANAMA RAILROAD COMPANY 35
TABLE NO. 18
Railroad Operations General and Passenger Statistics For the Fiscal Years Ended June 30g 1937 and 1936
1937 1936
GENERAL STATISTICS:
Average Miles of Road Operated'. . .-...47.61 47.61 Gross Operating Revenue... .. ..... .. $ 1 609,744.44 $ 1,456,164.54
Operating Expenses ........ .... .1,333 ,404.05 1250,765.39
Net Operating Revenue. . . . .2... 76,340.39 205,399.15
Per Cent of Expenses to Revenue. 82.83 85.90 Gross Revenue per Mile of Road 3 . $ 33,811.06 30,585,27 Operating Expenses per Mile of Road.... 28,006.80 26,271.06 Net Revenue per Nile of Road ....... .5,804.26 4,314.21 Total Revenue Train Mileage. ........ 207,452 195,546 Railroad Revenue per Train Mile. 7.76 $ 7.1.45 Railroad Operating Expenses per Revenue Train Mile. .. .............6.45 6.40
Net Railroad Revenue per Revenue Train Mile. 1.33 1.05 ,Freight, Passenger, and Switch Locomotive Mileage.................. 316,031 293,942
Work Train Nileage . . ......... 15,605 4,803
PASSENGER STATISTICS:
Gross Revenue (Including Baggage, Express,
Mail and Treasure). .... ......... $ 580,470.05 $ 523,247.14
Passenger Train Hile (Including Mixed Trains) 153,975 122,904
Passenger Trains per Day per Nile of Road. 7.71 6.99
Coach Mileage........ . 706;821 595,712
Baggage, Express and Mail Car Mileage. . 182,241 171,616 Total Passenger Car Hileage.......... 889,062 767,227 Passengers Carried .. ....... 355,781 359,444 Passengers Carried One Mile.,..,. .'... 15,329,879 140371,802
AverAge Distance Each Passenger Carried. 4 43.09 42.34 Passengers in Each Train ... . 128.12 116.93
Passengers in Each Passenger Car (Including
Baggage, NailandEpress). . . .M.l 18.76 18.75
Revenue per Passenger Train Mile .. .a ...$ 3.78 $ 5464
Revenue per Passenger Car ile (Including
Baggage, Mail and Express)......... $ 0.655 $ 0.989
-ars in Each Passenger Train (Including Baggage, Mail and Express). 8.39 5.98
Revenue per Passenger. . ...... $ 1419 $ 16
Revenue per Passenger per ile . . . $ 0.02774
Passengers One Nile per Nile of Road,. 321,988 301,865
Revenue per ile of Road . .. . . $ 184,192.19 $ 10, 990.28
Number or First 01ase Passengers Carried . 161,443 181,813
Revenue from First Class Passengers Carried $ 226,075,45 $ 221,555.06
Number of Second Class Passengers Carried. 194,358 177,831'
Revenue from Becond Class Passengers Carried $ 19887.71 $ 172.655.99
36
PANAMA RAILROAD COMPANY
TABLE NO. 19
Railroad Operations Freight Statistics for the Fiscal Years Ended June 30, 1937 and 1936
1937 1936
Gross Freight Revenue ..... . . .... . $ 872,727.14 $ 803,094.72
Freight Train Nileage (Including Mixed Trains). 73,477 72,442 Freight Trains per Day per Mile of Road . .. 4.22 4.15 Loaded Freight Car Mileage. . . .... . ..... 71,628 790,749
Empty Freight Car ileage.. . . . . . 385,181 422,001
Caboose Car Mileage .... ..........71,477 72,088
Total Freight Car Mileage (Including Caboose) 1,228,286 1,284j838, Per Cent Loaded Car Mileage to Total Car Mileage (Including Caboose). ...... .... ..62.82 61.54
Loaded Freight Cars per Train ..... . . ....10.50 10.92
Empty Freight Cars per Train. . . . .. 5.24 5.82
Loaded and Empty Freight Cars per Train . . 15.74 16.74 Tons Through Commercial Freight ........91,573 78,321 Tons of Local Commercial Freight. ... . ... 64,259 82,813 Tons of Local Army Freight. . 5792 6,801 Tonsof Local Panama Canal Freight....... . 108,592 100,081 Tons of Local Commissary Freight. . ......40,791 41,363 Tons of Company Freight . . ...., .. . 4,7?61 6,515
Tons of Revenue and Company Freight Carried .. 315,768 315,894 Tons of Through Commercial Freight Carried One Mile...... ....... ...... ... 4s344,957 3,707,722
Tons of Local Commercial Freight Carried One Mile... ,.. . -... . . ... 2,483,896 3,301,651
Tons of Local Army Freight Carried One ile 195,871 165,067 Tons of Local Panama Canal Freight Carried One ile. .. .....................2,832,823 3,030,415
Tons of Local Commissary Freight Carried One Mile ........ ............. .. ... 1,658,694 1,714,O35
Tons of Company Freight Carried One Nile. . 131,459 147,749 Tons of Revenue and Company Freight Carried One Mile .. . . . .. .. .. .... 11, 647,700 12,066,639
Tons in Each Loaded Car (Including Company) 15.09 15.26 Tons in Each Loaded and Empty Car (Including Company) .......... .... ....10.06 9.95
Tons in Each Train.. . .. ......... .....158.58 166.57
Revenue per Freight Car Mile. . . . $ 0.7105 $ 0.6250 Average Mile Each Ton of Revenue Freight Carried. . . . . . . . 37.03 38.53
Revenue per Freight Train Nile... .......$ 11.88 $ 11.09
Revenue per Ton of Revenue Freight.. .....$ 2.81 $ 2.60 Revenue per Ton Mile';........... ... 0.076 $ 0.067
Tons of Revenue Freight Carried One Mile per Nile of Road .. .... .. .. ... .. 241,877 250,344
Freight Revende per Nile of Road... ... ....$ 18,330.75 16,868.19
Estimated Loaded Cars in Each Train (Estimating
2 Epties or :2 Cabooses as 1 Loaded Car) ..13.61 14.32 Revenue Freight Engine Nileage.... .. .. ......76,146 74,721
Estimated Loaded Cars Handled per Revenue Freight Engine. .. .... ... ... .. ......13.13 13.88
TPons Handled per Revenue Freight Engine 15296 161.49.A
PANAMA RAILROAD COMPANY 3
TABLE NO. 20
Panama Railroad, Panama Canal, and U. S. Army and Navy Trackage, Additions and
Removals For The Fi-scal Year Ended June 30, 1937,:
LENGTH
Miles Total
PANAMA RAILROAD TRACKS:
Hain Line, Colon-Panama . .......... 47.610
Atlantic Terminal Tracks . . . . . . .1.225
Intermediate Tracks ... ...........3.227
Passing Tracks. ... . . ... . 6.385
Pacific Terminal Tracks . . . . .... 14.776
Total Panama Railroad Tracks.. ....... 93.223
PANAMA CANAL TRACKS:
Atlantic Terminal Tracks......... . . 3.995
Intermediate Tracks . . .......... 14.478
Pacific Terminal Tracks . . . . . ... 15.222
Total Panama Canal Tracks. .. . .... .. 33.695
U. S. ARHY AND NAVY TRACKS:
Atlantic Terminal Tracks. .. ... .. 5.764
Intermediate Tracks.......... ....... 2.535
Total U. S. Army and Navy Tracks............... 8.299
Total Tracks Maintained by Panama Railroad . 135.217
TRACKS ADDED DURING FISCAL YEAR:
Panama Railroad Tracks. ............331
Panama Canal Tracks ............1.041
U.S. Army and Navy Tracks. ...........
Total Tracks Added During Fiscal Year 1.372
TRACKS TAKEN UP DURING FISCAL YEAR:
Panama Railroad Tracks . . . .......2.030
Panama Canal Tracks .:............ .845
U. S. Army and Navy Tracks. .368
Total Tracks Taken Up During Fiscal Year 3.243
RAIL, CROSS AND SWITCH TIES, AND BALLAST USED DURING THE FISCAL YEAR
Cross Ties New 19,027 Switch Ties New 10,930 Lineal Feet Rail 100 lb. New 2,228.05 Net Tons Rail 90 lb. S. H. 607.80 Net Tons Ballast -Crushed Rock 18,509 Cubic Yards
AMOUNTS EXPENDED ON WORK PERFORMED FOR OTHER DIVISIONS, AND ON RAILROAD A.F.E. 'S
Maintenance Panama Canal Tracks $22, 819.14 Maintenance U. S. Army and Navy Tracks 2,437.45 Miscellaneous Work Requests -Panaa Canal 39,452.95 Railr~oad A.F.ES 1 27.767.27
TABLE NO. 21
Statement of Locomotive and Ro Iing Stock in Service June 30g 1937
Freight Cars Passanger Cars miscellaneous tiRes
-H HH
Trnsere to -1 Trnfre from -q C C -q C
1D r I Mc 1 ': V-H a) AV dI H - C-1d 3 T
Jn -q 1 0 8 90 1a 96 6 7 0 0 1 13 4 -) (1 14 0 4 71
t wh b un we e a n -P r in h 0api0al
Acut of tb P Rai .roa C d ing the4 pas> y r .
cd 0 0 U r S 0 0 d 6 0 S f MS1 0 X US Q H 0- 0- 50 M 4 a4 rM4 M P4 M a4 P0 0
Stock on Hand
Juy 1136..6 -9638433312 154 6 12 96 6 7 4 40 16 1 3 32 1 1 4877 1 1 1 Received During
Destroyed.~.. 412 - 4 Transferred to
Another Class .-------------------------------------8
Transferred f ron
Another Class, B
Stock on Hand
June3,1937.8 96,38 1430G 10 154 1212 96 67 040 1613 4 3 21 140 71 1121
*Two loooutiyes. whico had been, surveyed and written out of the accounts In 1935j were overhauled and reinstated in theCaia
Accounts of the Panana Railroad Comopany during the past year.-
PANAIA RAILROAD COMANY 39
TABLE NO. 22
Harbor Terinl Operations -StatIstIcs for the Fiscal Years' Ended June 30, 1937 and 1936
1937 1936 Increase
Total Harbor Terminal Revenue . $10812,959,32 $1,662,460.88 $150,498.44 Total Operating Expenses -. . 1,394,787.45 1,322,306.15 72,481.30 Total Net Revbnue 418,171.87 340,154.73 70,017.14 Per Cent of Expenses to Revenue 76,93 79.54 (2.61) Tone of Cargo Stevedored. ..... 581,533 483,381 98,152 Revenue per Ton Stevedored... . $ 0.2712 $ 0,2752 $ (0.0040) Cost per Ton Stevedored 0.2340 0.2405 (0.0065) Tons of Cargo Handled and Transferred . 1,446,818 1,373,179 73,639 Revenue per Ton Handled ........$ 0.9214 $ 0.8921 $ 0.0253
Cost per Ton Handled . . . .0.7957 0.7837 0.0120
Tons of General Cargo Received. 883,032 837,706 45,326 Tons of General Cargo 'Dispathed. 552,281 520,363 31,918 Number of Ships Handled at Cristobal...................... 3,041 3,122 (81)
Number of Ships Handled at Balboa 1,548 1,462 86 Total Number of Ships Furnished
Agents........... ......... 164 161 3
HOLD 0VER CARGO ("CANAL ZONE FOR ODRS")
1937 1936 Decrease
Tons Revenue Tons Revenue Tons Revenue
Tons on Hand Beginning of Year. .3,790 3,806 16 Tons Received During Year .. .. 642 $ 642.00 1,082 $1,082.00 440 $ 440.00
Total 4,432 4 456
Tons Reforwarded Puring Year. 692 811.68 793 940.66 101 128.98 Tons Delivered Locally. . . . 35 35.35 305 305.25 270 269.90 Tons on Hand at End of Year . . 3,705 3,790 85
Total 4,432 4,888 450
Rebeived from Storage During Year 2,580.51 2,959.27 378.76
Total Revenue $4,069.54 $5,287.18 $1,217.64,
Denotes a Decrease.
TABLE NO. 23
Statement of Steamship Line Statistics for the Fiscal Years Ended June 30, 1937 and 1936
1937 1936 Increase
Steamships........ ..F 4 4
Total Operating Revenue $1,391,323.52 $1201,829.78 $189,493.74 Total Operating Expenses..... $1 603,530.42 $1 570,308.40 $ 33,224.02 Net Operating Revenue ,..... $ (212,206.90) $ (368,476.62) $156,269.72 Freight Carrie Tons . .. 178, 999 159,37 19, 628 Freight Revenue (Inchding Treasure) $1,113,325.75 $ 965,779.21 $t47,546.54 Average Freight Rate.................6,22 6.06 .16
Passengers Carried, ,7 ,3 938 Passenger Revenue (Including~- 7,756,3 css 8aggage)..... .. .. ....$ 249,082.75 $ 208,602.97 $ 40,479.78
Average Rate Per Paseenger. 34.24 32.93 1.31
()Denotes a Loss,
40 PANAMA RAILROAD COMPANY
TABLE NO. 24
Coal Plant Operations Statistics for the Fiscal Years Ended June 30, 1937 and 1936
1937 1936 Increase
Coal on Hand Beginning of Period, Tons. 33,771 19,182 14,589 Cost per Ton. ............$5.13 $5.36 $(.23)
Cost of Coal Beginning of Period. ..... $173s245.23 $102,815.52 ;$70,429.71 Gross Receipts from Sales and Services. 552,139.51 333,498.82 218,640.69 Cost of Sales and Services. ........ 476,848.63 278,726.13 198,122.50
Net Profit for the Year . . . . . 75,290.88 54,772.69 20,518.19
Tons of Coal Received During the Year . 59,944 54,925 5,019 Recovered on Inventory. .l....... ..1,958 1,477 481
Tons of Coal Sold During the Year ..... 71,861 41;813 30,048 Average Tons of Coal Received per Month 4,995 4,577 418 Average Tons of Coal Sold per Month . 5,988 3,484, 2,504 Coal on Hand End of Period, Tons. ..... 23,812 33,771 (9,959) Cost per Ton. I...... . . . . $5.52 $5.13 $.39
Cost of Coal at End of Period .... $131,442.24 $173,245.23 $(41,802.99)
Denotes a Decrease.
TABLE NO. 25
Dairy Farm Operations Statistics for the Fiscal Years Ended June 30, 1937 and 1936
1937 1936 Increase
Cattle on Hand at Beginning of Period . 942 896 46 Value of Cattle on Hand . . . . .$ 74,418.00 $ 69,529.60 $ 4,888.40
Purchases .. .... ... ......... 304 107 197
Cost of Purchases.. . $29,240.66 $ 9,681.14 $19,559.52 Calves, Born. . . . . . . . 101 55 46
Sale of Cattle.................. ..... 37 83 (46)
Proceeds from Cattle Sold ......... $ 1,283.13 $ 1,933.25 $( 650.12)
Sale of Milk and Cream . . . ....171,808.36 152,078.82 19,729.54
Sale of Milscellaneous Products. . . . 189.25 133.45 55.80 Operating Expenses. 175,242.74 146,084.96 29,157.78 Deaths........... . 52 33 19
Loss from Deaths. . $ 4,121.50 $ 2,583.20 $ 1,538.30 Npt Profit for the Year .. 3,543.84 5,851.02 (2,307.18) Cattle on Hand at the End of Period .. 1,258 942 316 Value of Catte on Hand $105, 043.00 $ 74, 418. 00 $, 625. 00
41
PANAMA RAILROAD COMPANY
TABLE NO. 26
Statement of Expenditures Under Authority for Expenditures During the Fiscal Year Ended June 30, 1937
A.F.E. Description This Year To Date No.
1724 Repair Cristobal Hole ... ...... .... $ 630.34 $ 28336.98
2072 Reroof Dock No. 9, Cristobal . . ... . 413.88 33776.77
2129 Reroof Cristobal Commissary .... .0. .. . . (.04) 12,168.75
2138 Insulate refrigeration cases in Refrigerating
Plant, Mount Hope.. .. . .. .. ... 950.39 7,644.43
2145 Reroof the freight house at Panama. . . .. . (107.80) 22,867.80
2146 Repair concrete of the Cold Storage Plant, Mount Hope.................. ................. 2,656.42 4,701.92
2154 Install telephone system at Gamboa.. . ... 11 792.07 18,687.08 2181 Repair floor of Ancon Laundry .. ... . . .131.47 8,492.07
2184 Repair and paint exterior of Hotel Tivoli . . 851.14 22,436.08 2186 Erect cyclone fence at Panama Yard. .. .. 735.96 88,080.24 2187 Install six relays in Cristobal Coal Plant. . 66.98 876.36 2196 Repair telephone system of the Hotel Tivoli . 396.30 475.52 2198 Replace 42 fender piles and blocks at Pier No. 6, Cristobal. . .............17.50 3,460.72
2199 Replace 28 fender piles and blocks at Pier No. 7, Cristobal....... ........ ...... 2,041.10 2,041.10
2200 Replace spalled conrete under Pier 7, Cristobal. 85.77 85.77 2201 Replace 26 fender piles and blocks at, Pier No. 8, 1 Cristobal........ ........... 292.538 1,803.39
2202 Replace spalled concrete at Pier No. 8, Cristobal. ............. 1,884.71 22,747.01
2203 Replace 15 fender piles at Pier No. 8, Cristobal. 933.56 9336 2204 Replace spalled concrete under Dock No. 9, Cristobal. .... ...... . .. ..... .. 633.96 633.96
2209 Replace 9 fender piles and blocks at Pier No. 6, S Balboa ... .......... 877.81 877.81
2210 Replace 12 fender piles and blocks at Dock No. 7, Balboa . . .. ..... ....... ... .. 1,264.53 1,264.53
2211 Replace 4 fender piles and one float at Dock No.
16, Balboa . .. ............ 818.71 818.71
2212 Replace 19 fender piles and raise 8 piles at Pier No. 18, Balboa.. ............. 2 416.63 2,416.63
2216 Install drinking water system at Ancon Laundry. 1330.81) 2217 Construct a spray pond at Cristobal Comissary. 330.81 1l114,12 2219 Repair Motor Car No. 3.. .48.41 1,826.70 2224 Construct a spray pond at Ancon Laundry... .151.14 922.84 2225 Construct a spray pond at Ancon Market. .....245.93 899.64 2227 Construct a spray pond at Pedro Miguel Commissary 289.16 995o69 2228 Construct a spray pond at Red Tank Commissary . 251.02 1,144.20 2229 Construct a spray pond at Paraiso Commissary. . 599.17 914.80 2230 Construct a spray pond at La Boca Commissary. . 238.05 1,140.00 2232 Repair and paint Cristobal Commissary.......684.35 1,381.91 2233 Repair roof of platform at Balboa Commissary. . 2.30 245.00 2234 Track changes at Cristobal Docks.. . .. 11,005,22 11,005.22 2235 Erect cyclone fence at Cristobal Docks...... 1,461.71 2,352.83 2237 Clean and paint Dry Storage Warehouse at Mount Hope...................................... 1,373.33 1,619.50
2238 Repair roof and walls of Dry Storage Warehouse at Mount Hope. . ... . .. .. 572.56 1,:196.39
242 Miscellaneous repairs to Hotel Washington . . 148.70 2,212.75 2243 Clean and, paint second floor of Baking Plant, Mount Hope... ..974.30 974.30 2244 Install bottle filing machine in Milk Bottling Plant, Mount Hope . . . .. .. ...15,03 1 680.11
2245 Repair and paint Building No. 726, Mount Hope . 626.60 665.03 2253 Repair and paint the cattle Abattoir, Mount Hope. 77.00 1,43.76 2255 Install 20 brine coolers in Cold Storage Plant, Mount Hope................................ 10,648.61 10,671.88
2256 Install 19 cash registers in units of the Comnmsy.
Division ... ...... .. .. .. .. .. .... 6,025.39 6,025.39
2257 Purchase 6 ballast cars f or Transportation 228 Division................. 23,914.80 24s051.42
228Purchase 1 motor car f or Transportation Division. 21,371.59 21,371.89 2259 Rerail 500 feet at Cold Storage Plant, Mount Hope.. . . .. . . 1,290.35 2,437.03
42 PANAMA RAILROAD COMPANY
TABLE NO. 26 Continued.
Statement of Expenditures Under Authority for Expenditures During the
Fiscal Year Ended June 30, 1937
A sE. Description This Year To Date
2260 Reballast the Panama Railroad with rock ballast $ 45,790.23 $ 47,358.19 2262 Add two garage stalls to Building No. 7034, Mount Hope . .. ..... ...... ... a.. ... 622.25 622.25
2264 Install one unit cooler in Cristobal Commissary 636.09 636.09 2265 Install one unit cooler in Cold Storage Plant, Balboa .. .... .................... 508.80 508.80
2266 Install troughs and downspouts on Cristobal Commissary . . . ....... ...922.03 922.03
2267 Install glass in windows of Balboa Commissary 996 .97 995.97 2268 Install new front on cold storage box at Red Tank Commsy . . . . . . . .. 806.46 806.46
2269 Repair and paint Pedro Miguel Commissary. . . 902.34 902.34 2270 Renew approach to Piler No. 7, Cristobal . 6,899.70 6,899.70 2271 Renew approach to Pier No. 8, Cristobal .. .. 6,668.09 6,568.09 2272 Install signal at Foster's Railroad Crbssing. 391.81 391.81 2273 Install new doors in Cold Storage Plant, Balboa 205.39 205.39 2274 Make 754 coupon bags for Commissary Division. . 2.59 2.59 2275 Repair Cristobal Mole . . . ...... . 8,221.78 8,221.78
2277 Install coffee mill in Coffee Roasting Plant, Mount.Hope . ........ .. .. 337.56 337.56
2278 Install floor scale in Banana Room, Mount. Hope. 366.88 366.85 2279 Grade lots in Block 32, Colon .... ... .. 966.72 966.72
2280 Install generator set in Battery Charging Plant, IHount Hope. .......... ........ ., 2,671.95 2,671.95
2281 Construct check-in shed at Pier No. 18, Balboa. 9,P344.88 9,344.88 2282 Construct display tables for Balboa Commissary. 2,638.35 2,638 835 283 Install water pump in Boiler Room, Mount Hope . 441.76 441.76 2284 Install two unit coolers in Pedro Miguel Commissar y.....1 1.. ............... 1,108.15 1,108.15
2285 Install oian meat chopper in Sausage Factory, Mount Hope .................. 981.98 981.98
2286 Install one ice cream cabinet in Cristobal Commissary.................... 536.18 536.18
2287 Relocate automatic signals Nos. 4583 and 4584 499.68 499.68 2288 Clean and paint hull of Pile Driver No. 201 .. 1,412.42 1,412.42 2289 Make dies for arch bars of freight cars ..... 2,418.94 2,418.94 2290 Repair the kitchen at Mindi Dairy Farm. .... 813.79 813.79 2291 Construct building and purchase equipment for Gamboa Commsy..... . . . . 125, 918.52 -125, 918.52
2292 Relay 12 miles of track with 100-lb. rail . 85186.29 85,186.29 2293 Construct a bar at the Hotel Tivoli .. .. 1,477.30 1,477.30 2294 Construct a cow barn at Mindi Dairy Farm. ....a 16;,838.82 16,838.82 2295 Insta 11 refrigerated case line-up in Cristobal
Commissary ......... . ..... . .4,825.20 4, 825.20
2296 Install five washing machines in Ancon Laundry. 14,879.17 14,879.17 2297 Install 25 cash registers in retail units of Commsy. Division ..a. . ....9. ..... 7,927.12 7.927.12
2298 Install two unit coolers in Pickling Room, Hount Hope.... .............. 1s028.36 1,028.36
2299 Install one meat cutter in Balboa Commissary. 581.51 581.51 2300 Improve 7 lots in Block 55, Colon... ..... 7,287.75 7,287.75 2301 Repair the old English Wharf, Panama. ......96.58 96.58 2302 Install one unit cooler in Cold Storage Plant, Balboa. .... .... .. 8.. . ..... ... ;711.07 711.07
2303 Replace 14 fender piles and blocks at Pier No. 6, Ci'istobal. .. ..... ... 1605.36 1s605.36
2304 Replace 9 fender piles and blocks at Pier No. 7, Cristobal. .. ... . . .. ... . .. 887.75 887.75
2306 Repair the dolphins at Pier No. 8, Cristobal. . 672.68 672.068 2308 Replace.5 fender piles and, blocks at Dock No. 9, Cristobal... ... .. .. 442.47 442.47
2309 ,Construct- 8 fender floats for general use .L 12.21 112.21 2310 Scale and paint the Coal Plant Bridge, Cristobal. 1,216.68 1,216.68 2311 Replace 7 render piles-and other repairs at Dock No. 6, Balboa. 556.00 556.00 2312 .Rplhoe 11 fend er piles and repair floats at Dock No. 7, Balboa. .. .... .. ... . 432.34 432.34
2313 Replace 3 fender piles an one float at Dock No.
15,.Balba....................1.....80.59 ~ 180.59
PANAMA RAILROAD COMPANY 43
TABLE NO. 26 Concluded.
Statement of Expenditures Under Authority for Expenditures During the Fiscal Year Ended June 30, 1937
A.F.-E.-De
No. Description This Year To Date
2314 Replace 3 fender piles and repair concrete at Dock l6, Balboa.... ........ .....$ 30.15 $ 30.15
2315 Replace 12 fender piles and 2 floats at Pier No.
18, Balboa.................. 861.24 861.24
2316 Install two unit coolers in the Abattoir, Mount Hope ..................... 718.44 718.44
2317 Scrape and paint Ice Tank No. 2, Mount Hope . 4004.87 4,004,87 2318 Purchase five electric cargo trucks for Commsy.
Division ... . ........... 16,416.50 16,416.50
2319 Purchase twenty storage batteries for Commsy.
Division .. .. ............. 6,377.00 6,377.00
2320 Reconstruct the Cooper Shed at Mount Hope . . 1,498.85 1,498.85 2321 Improve 7 lots in Blocks 33 and 34, Colon . 5,798.08 5.798.08 2322 Construct a concrete railroad bridge at Hindi 8,622.80 8,622.80 2323 Install freezing system in Ice Tank No. 2, Mount Hope....... ................... . 9,382.08 9,382.08
2325 Extend loading platform at Balboa Commissary. . 6,274.35 6,274.35 2326 Install vacuum cleaning machine in Ancon Laundry. 900.35 900.35 2327 Install Toledo scale in Retail Cold Storage 251.78 251.78 2328 Construct five cow sheds and yards at Mindi Dairy Farm......................8,957.96 8,957.96
2329 Paint the roof of Pier No. 7, Cristobal ..... 801.27 801.27 2330 Construct quarters for Agent at Frijoles. . 5,748.95 5,748.95 2331 Construct new track, No. 64-32, in Panama Yard. 3,116.81 3,116.8l 2333 Rebuild track No. I in Mount Hope Yard. . . 2048.56 2,048.56 2334 Scrape and paint the Dry Storage Warehouse, Mount Hope ........... ...... ... 166.00 166.00
2335 Install air and water lines in Coach Yard, Mount Hope..... ......................... 1$021.98 1,021.98
2339 Install two cash registers in Hotel Tivoli. .. 1,267.51 1,267.51 2340 Install piano in Hotel Tivoli .. .........671.35 671.35
2343 Repair exterior and interior parts of the Hotel Tivoli .................... 917.64 917.64
2344 Repair kitchen floor of the Hotel Washington. 62.84 62.84 2346 Repair platform and floor beams of Balboa Commissary.................... 1,770.5'/ 1,770.57
2351 Alter packing and waste rooms at Balboa Commissary.. ...... . ....... 250.87 250.87
2363 Install saw-filing in Carpenter Shop., mount Hope. 245.76 245.76 2355 Paint the interior of Ancon Laundry 912.68 912.68
Totals. . .... ... . . $564,772.24 $735,453.00
( ) Denotes a decrease.
44
PANAMA RAILROAD COMPANY
TABLE NO. 27
Statement Sho ing Items of Construction, Improvelent and Equipment Added to
Capital Account during Fiscal Year Ended June 30, 1937
Spray pond and equipment for Cristobal Commissary .. ........$1,114.12
Spray pond and equipment for Silver City Commissary.... .... 1,046.83 Spray pond and equipment for Gatun Commissary .... .....829.87
Bottle filling machine for the Miik Bottling Plant.-......... 1s.680.11
Cash registers (44) for the Commissary Division....... .... 13,952.51
Locomotives Nos. 655 and 659 returned to Transportation Division. 25,674.30 Improvements to Local Freight House, Panama .... .. .... '31,715.39
Cyclone fence for Panama Yard .. ... ........... ...8,080.24
Cyclone fence for Cristobal Docks .2. .. . ... *.*..2352.83
Fordson tractor for Harbor Terminals. . . . . . . . 577.50
Telephone extension lines for New Gatun . . ....... .3,057.47
Charging equipment and batteries for Gatun Telephone Exchange . 929.18 Charging equipment and batteries for Pedro Miguel Telephone
Exchange................... .. ....... 929.18
Municipal improvements for Colon Lands. ... ... ... ... .. 19,194.89
Spray pond and equipment for Red Tank Commissary.. . . . . 1,144.20
Spray pond and equipment for La Boca Commissary.......... 1,140.00
Spray pond and equipment for Ancon Market . .. .. .. .. 899.64
Spray pond and equipment for Pedro Higuel Commissary....... 995.69 Spray pond and equipment for Ancon Commissary-..... ...... .922.84
Spray pond and equipment for Paraiso Commissary .. ......914.80 Addition to Building No. 7034 Mount Hope.. ...........622.85
Troughs and downspouts for Cristobal Commissary .... .....922.03 Feed pump for Boiler Room, Hount Hope ... .. ... .....441.76
Ballast cars (6) for Transportation Division. . 24051.42 diotbr Car No. 5, for Transportation Division. . 21,371.59 Signal for Foster's Railroad Crossing . . . . . 391.81
Unit coolers (5) for Commissary Division. . . 2,382.89 Electric cargo trucks (5) for Harbor Terminals . . 13,228.00 Electric storage batteries (30) for Harbor Terminals. . . . 9,565.50 Scales (2) for the Cold Storage Plant . . . . . 618.63
Coffee mill for the Coffee Roasting PlantL. .. . 337.56 Meat Chopper for the Sausage Factory. . . . . . . . 981.98
Ice Cream cabinet for Cristobal Commissary. . . 536.18 Cash Registers (2) for Hotel Tivoli .. . . 1,267.51 Piano for the Hotel Tivoli. .. a .. .. . .. .. .. .. .... 671.35
Track additions to the Panama Railroad. . ........ 5,165.37
Total.. .... ......... $199,707.42
ITEMB REMOVED FROM CAPITAL ACCOUNT:
,Coal Plant machinery and tools written off .. ..... .. .$597.96
Ice making machinery, electric agitators, motors pumps, frames
etc............................. 7,239.58
Motor generator set retired from service ......... 200.00
Railroad ears, box and stock (47), retired from service... .... 46,008.37 Water tank, wooden, retired from service . . . .....2,500.00
Panama land sold . . . .. . . . . . . . . 26, 258.40
Telephone and electric clock equipment written down . . . 3,915.84 Milk bottling machine retired from service ,, ....... 840.00 Platform scale and cooking range retired from service. .....280.00
Louvers removed from around spray pond at Refrigerating Plant,
Mt. Hope.............................................. 800.00
Electric cargo truck, No. 197, retired from service. . . . 2,342.56 Compressor, No. 31819, retired from service. .. .. . . .1,043.28
Dumb waiter transferred to material account.A. .. .. .. .. .. 732.00
Brine spray ducts (3) retired from service ... .... .. ... 1,800.00
Brine coils retired from service......... .. ..... .. .......800.00
Gasoline tractor No. 715, retired from service..... ... .. ......901.13
Railroad track retired from service........... .. ... .....31,350.78
Total.. .. ...... .. .... . $127,609.90
45
PANAMA RAILROAD COMPANY
TABLE NO. 28
Construction Work in Progres at Close of Fiscal Year Ended June 308 1937
AoE. Description Estimate
2154 Telephone distribution systel-for New Townsite at Gamboa . 21,080.00 2255 Twenty (20) brine unit coolers for Cold Storage Warehouse of Commissary Division...................... .. 11,382.00
2263 Two (2) unit coolers for the Ice Cream Plant of the Commissary Division . . . . . . .. . ... . 943.00
2265 One (1) unit cooler for Balboa Refrigerating Plant . . o...96.00 2280 Generator set for Battery Charging Plant of the Commissary Division. ........ ................ ,800.00
2281 Construct checking-in shed at Pier No. 18, Balboa. ...... 10000.00 2284 Two unit coolers for Pedro Higuel Commissary .........917.00 2291 Construct and equip Commissary Building at Gamboa. ....... .209,809.00 2294 Construct a cow barn at Hindi Dairy Farm ... ........ 16,26.00
2295 Refrigerated display cases for Cristobal. Commissary. .. . 4$949.00 2296 Washing machines (5) for Ancon Laundry.. ........... 15,230.99
2299 Meat slicing machine for Balboa Commissary . . .....543.o24
2302 One unit cooler for Cold Storage Plant, Balboa ...a. .... ... 650 00
2320 Reconstruction of Building 7026, Cooper Shed, at Mount Hope. 1610.00 2322 Construct concrete bridge with ballasted deck at Mindi . 28,000.00 2323 Install "York' freezing system in Ice Tank No. 2 of the Commissary Division ... . . . . .. . . 14.945..00.
2324 One coffee cleaning machine for the Coffee Roasting Plant of the Commissary Division .. .&. .0. ... .. ...... 1,793.00
2325 Construct extension to platform at Balboa Commissary ..... 15,460.00 2326 One vacuum cleaning machine for Ancon Laundry.-. .......993.00
2328 Construct 5 cow sheds and yards at Hindi Dairy Farm. .... ..8,003.00 2330 Construct family quarters for Station Agent at Frijoles. . 6,039.00 2336 Two fuel oil heaters for Commissary Boiler Room, Mount Hope. 498.00 2337 Toledo scale for Retail Cold Storage of the Commissary Division............. .......................... 265.00
2338 Two ice hoists for the Ice Plant of the Commissary Division. 918.00 2341 One tractor, Fordson, for Receiving & Forwarding Agency. . 861.00 2342 Toledo scale for Vegetable Room of the Commissary Division 914.95 2345 Dairy refrigerator for Hotel Washington. . .. . .. 2,128.70
2348 Air compressor for Ancon Laundry .. ............ 1,239.00
2349 Improvements to Commissary Building No. 349-X in Panama Yard. 1,700.00 2350 Purchase four electric cargo trucks and batteries for Commissary Division.................... 10,800.00
2352 Install flashing light signals at "D' street crossing, Gamboa 400.00 2353 Saw filing machine for Carpenter Shop of the Commissary Division. ............... .................. 233.00
2354 Twenty storage batter ies for Harbor Terminals .. .... .....6,400.00
2356 Three storage batteries for use ,in trucks of the Commidsary Division........... ............................ 945.00
2358 Milk can washing machine for Mil1k Bottling Plant of the Commissary Division.. .. ........... .. ... ......978.80
Total. . . . $400.286.68
x
i ~
K"
2
", )4;' r $ 'r ., -- '&, .1- 1 -l. 1-ir "
Nl ,, 7 1 "I , i ,"o ,
i ,
, -"
- 9 PIM -,
a 1 F, 1 V 1 -, 71
t-$41 1 VIW 1.
I ,-, J,
! I k UvIt U, I I
," fl
' -"
11 A I -1 ,, I
'-'I 'f4
"," ""'- I- 3fp I
I 0 1 M4
.. ) qp X", ,t:- Ir ,
4W. "Ill ,- T.- -'. w N, ,
, M t 41 I- jf, i 1,114,
, ;k, ': ah "', - I -V
--- -", W I i W7 ,,, 'i- C-1-1 , I'T
-l *')-' i -T -,
. -, I '
-1-V I I ; G ,
r;", I 11 v vo ir 7, 1
,I ;4k 1-41 111 1 , 7 ,
T ,L ,T -, W-L I ',-Y4 71 -W tl r 1-1, ,, 7, 11
11 I I -'N 'l 1, kig I-A AM )", q ,,,- "*71 1, W, I i% 'A 1-1 ,- 7, ,, '- Y l , Tl : 4
,, ,v 1 , -.
l ,, , jgP7, "N , ': I : 171y l
p4' 1 q,' A ,, g --, W
-Ov , " I y, --- -'- ln ' J ', , f 1 R I!, 'm t ; ,, "', ': 'T
- ,; "-7, -f J ; ,; t,,-',' 4
-t W- ( ** ,
, R 1% , , , 1) I I , ,
"' 'N 00 11W ; -- 'A ,
- I. M F ',-'-', Y, e, -,, 1441 N , 1 "I'll
11 '. I V *,.: I INW l
.1-1 I , ,,ly , 7 y t I mv & 10, !, ll l kl t lz
I A A -, I - ', 4- .V P1, im t
, ,
, 4!- k' l ,
W? ,-
'-! l 7, ," I I 4-131,*l V%4? i 1, l -4 ,I -11
,;, 'A% L 4- -Qj "- ;( ,- ',
l ,T i ". l )V, ,,, 47 1; , ?!t, 6" t ,%, ,, ,4 I 1 1 -, ',- "I --- ;W. ,,K, J, -- -:6 ; ,. -,- n 'l- I I tl 1 T, ,q t1l "I, A t -, P4 Z T -) -. -,: f - 1 kl; '
-I-4N(-,l T L N' f k 7 m ill N ', .
!, -, .n7 I-ft 11"i -, 1, ,4 l 2 R ., "' , -, I- T -, . . t"", " 14X'114 w Fr.: Tll ,O J;,V#4'1" 1 1, -:, ", '-',
-4 -,, I , )I -,- - I
-';,e L "' B ; lll : ,, ,fn 1 7 io P ,,, ,, M 41 7---7", I ,; 1'11., lllii l I, ?. V/, ',,'A 4 Y*T lp -ll , ,0,44 'Z -T ,fq ,4L', Mx
""' 6! I'll, + I A M '11 4-- P "tl , , 'W --?':' ,
1: ,- , K , --, 'i"', - V 6
i -, q 6 t , j ,, 4 ; k, t t"; i ,,, ,
XkCl l- 't Ilj- t ,e ,
-t, 12' 1 -11 I I"i I I k i
- 'N i, ., el
11 1 N v -_, 1-1 e- I , 'Y
- I'l Y J- ll 1' 51 A-Y "r,
14 ", I ; ,f Li ";
-.?, A I Al M wi't
it -- .,:, I , r a fj
' ,"%,.-. ,,7, ., , I V
, ? ,,_ .
1* 6 V 11,% 11 -, ,
7, , ;- W 11
-, : ,-W ', ,,, 'i! -, "I -- #
'r, k "-,
1 I- '! -,v i 1 , ll ., ,, 7 W ,g,- ,;X,I 'l 1
_lr I I ,;,,C N -, 11- "1 7 1A. ", 1, It' a"' ,- ,11 0 I T
.11 -
-,
-- ', 161 -- 'i 11
't '-i ,V A "' I PT , 1, K l, ,
j," , z 4 ? n-v,;Iv,-'ll 'Jg, ,, I I & )' 119 11 l , Ll
r X K- ,, %4. IV--,
, PW I '4 -0, .:, L 1"IF!, I'll V"; , ,1, Kll
- I 11 I lk I ", -'
t "; --, ye , ,
ij #,,, " I .7 -1-11, I I ; d, ,- 1--i 1, I 0--., ,, -1,
11 ,, - ," -' :i i; '- N , 1 ,
I -l 1 11.jVll - 'g
, i vi
, -f 4t, 'c 40 I - , ,,X "' 11 1, Xk1l 1! .
!111 Ll" yj lkZ L ', , I i ,4 ;, I P,.j ,;,
ol' i , T, 4K
. AM 14 1'1 I .r
'f I ,,A , "L
-It? -V ,, z X ,-, ",fl',, I V -1 z -4-11, , , , 'I t ,,, ,
, L 'K ,
14 1' l I ,,; i, -- ; rl l s -Ml t , ',
- 't ', IF; !", A ,,t-, ir
,-- R - , ", 'L-, I 1, 4 ,4" ,,",M X % Y"
" , -, I ', , -- R'l ,, v 11 4 'A,81 '14'i ; ll p F, -"
,' Nj)c- :i",-i .44", , -,7' , f F L lh
ll, jir"f, I 1 r, pl, 't'll, ", y 'X 77.
- I -,_f, '-,?,VA v "I
i l j -T, "'L' !-71- p )t"J" # 24 ,.--4'i' , ", Iti-, I'll lW,,';,'?l "k ,
i I q ,,,, 4, -,' 0-1/ tl' ? I I , V 14'1'1 oftl ,
---- , i A ,
f" f Ll -' ," 1 lj A ), -1 n- ,--, "
r 1 1 I j -VVkIZ461 . -11 A- -4-, 11,11, I 1111 ill ?, ,t, I..
- ,, --T x
1 411 IV 1, -K -, 'W , -;l, -*,
ll z )i Al W 11 i Y'l 7.14N 11Z Ll l 'A" ,, i,
- .,,, t -- -",p ., ,,$4S -,,, ,eVv I-t llll,, 'fl , 7 0( ,'$, ; '-' ,,- ; -, A -." ."', af; -, ,ljoA I
I'll" ,' p,,. '- A'4iF -,, '-j ,,,"T, -,, ', ,
-- j ;,, L .t, 1 i'll 1^ufd'w -i l l 0 v ,
,V-,e 'g
41; 1 , ", ) ,,A I , '. ,
I , , ,
_; l -",- ',, -,, ,e_ -,*f -, , z -- i It y ,
- ( -, g I l1r, M ,
, 1 .;;, ,, 1, ,, ,4- 11 -,- fl,^
-' ., ,Y Nv- ', ,,, I!, ,, ; ?V l Lllll l 7'', I 3
pvl L, 1, ., J"", t- g ,- '-;T&,T
_V"O"', ) L,, 1 k,
1 2 e, ,, -,; Zi 'Nl f, ': *' 'v W 111 3,; q r, -,, aiir, ? t -r -, W Jll, Al--,- l
,, n ,4-, 1 '
1 -, '- "-,,K , l p ,
"'Y"', ,-1'11131v V.",
% r k 11 I g, f - Y'A .,-T - 4,46"Vi "-, 1, .,, .
, -- , ', ,O 1 "i ', C I r _, ,t M z,, _J 4 44 jo, *- r-,- W-,',4', l "Y , ,, ""', 0 ,2 C3 q,-, Ill, ), I p F, ". ,Vx , I it -11:lr ,, , 'r r, , ',
, ,-, -, At , ;I , 1 1111
- lX( i ki ,T O
' *"T Y XL, I
V- I k C 1'1, 1 ;
- I
,,,, 4P ,,, 'N!l- ; -,
t' , 'WN14- P, ,-W,'Y( ,;,! L, , ,-3;LXI I -1 11 111M
, -
I P5, -, 'r X Itt. -'l I fm l-'
, ,O , I ".1
j ,QW ,, L,_, ',
-, r " '-),, -,,,
,,, -, -_ I ,, - -11, 9 1 16
_4 'L -,:' -- ,q , ,
- -, ;,-S"'! - -? ,, -- 1. 1-'-Y'1" I
", "', 5;,- ,x, i,,l -- %, 11
I" ,i -1 .,
4 11(' , (, ,,, 'r 4 ,, L, Nz
I ,t T,,,,,,
U" Jr '1 ,- 'J ,J- ,J," ,, filB q ,-, ', '14. 11 y "I",
","!"", ,-Z ,", ".';.t" "" v, ,jp -,-,, -'t "",
- , "
o OO
-4 !zlo
(oi
L/' '' "
|