Citation
Annual report of the Board of Directors of the Panama Rail Road Company to the stockholders

Material Information

Title:
Annual report of the Board of Directors of the Panama Rail Road Company to the stockholders
Alternate Title:
Report of the Panama railroad co. for the year
Portion of title:
Annual report of the Board of Directors of the Panama Railroad Company to the stockholders
Creator:
Panama Railroad Co
Place of Publication:
New York
Publisher:
Panama Rail Road Company.
Publication Date:
Frequency:
annual
regular
Language:
English
Edition:
no.91, 1940
Physical Description:
v. : ; 24 cm.

Subjects

Genre:
serial ( sobekcm )
federal government publication ( marcgt )

Notes

Numbering Peculiarities:
Fiscal year ends December 31, 1877-1904: fiscal year ends October 31, 1905; fiscal year ends June 30, 1906-1951.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida, General Storage
Rights Management:
This item is a work of the U.S. federal government and not subject to copyright pursuant to 17 U.S.C. §105.
Resource Identifier:
021902642 ( ALEPH )
07098325 ( OCLC )
Classification:
W 79.13/1: ( sudocs )

Aggregation Information

DLOC1:
Digital Library of the Caribbean
PCM:
Panama and the Canal
IUF:
University of Florida
IUFGOV:
Centers of Excellence at UF
UFPANCAN:
Documents of the Panama Canal

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NINETY-FIRST
ANNUAL, REPORT OF THE BOARD OF DIRECTORS
OF THE
PANA.MA 'RAILROAD COMPANY'
TO THE STOCKHOLDERS
FOR THE FISCAL YEAR ENDED JUNE 30,.1940




TABLE OF CONTENTS
Page
List of Board of Directors and Officers............. 4
Letter of transmittal .. .. ..........................5
Operations under the New York Office
General administration.........................................6
Panama Railroad Steamship Line..........................6
Operations on the Isthmus
Financial:
Revenues from operations on the Isthmus. .. ..............7
Capital investment................................0.0 W. 7
Reserve for depreciation,...... ..... ..........7
Railroad operations:
Revenue aftd operating expenses............ ....7
General and passenger statistics. .........................8,
Freight statistics.......................................8
Trackage........... ..................
Rolling stock........... .............8
Other operations on the Isthmus:
Harbor terminals........................................8
Coaling plants........ ........ ...... ......9
Real estate ...............................................9
Commissary...................................10
]4anuf acturing plants:. ... ..............11
Dairy farm................... ............1
Hotels.............................12
Telephones and electric clocks......................12
Interest and exchange .. .............................12
Exenditure under A. F. E. Is...... ...........12




TABLE OF CONTENTS Continued
List of Financial and Statistical Tables
Page
Financial:
Exhibit A, Statement of Income and Profritand Loss Account. 15 Exhibit B, General Balance Sheet, Assets. .16 Exhibit B, General Balance Sheet, Liabilities .......7
Table 1, Investment in Railroad, Steamships, Harbor Terminals, Real Estate and Other Properties and Equipment and related Accrued Depreciatlon 18 Table 2, Fund Appropriated for Construction of Steamers 20 Table 3, Merchandise., Material and Supplies . .. 20 Table 4, Operating Reserves ..... ... ..... 21
Table 5, Summary of Operating Revenue, Expenses, and Net
Revenue. ..... .... ...... .. .... ............22
Table 6, Railroad Operations, Revenue and Operating Expenses. ... .... .......... ... ........ ... 23
Table 7, Harbor Terminal Operations. Revenue and Expenses 24 Table 8, Steamship Line Operations, Revenue and Expenses 25
Table 9, Coal Plant Operations, Statement of Sales, Gross Profit from Sales, Expenses, and Net Operating Revenue . . .26 Table 10, Real Estate Operations, Revenue and Expenses 27
Table 11, Commissary, Statement of Sales. Expenses, and
Net Operating Revenue..... ............28
Table lla, Commissary Purchases by Commodities, Location
and Distribution of Sales. ...... ... ... .. .... .. 30
Table 12, Dairy Farm Operations, Revenue, Expenses, and Net Income..... ......
Table 13, Hotel Tivoli Operations, Revenue and Expenses. 32 Table 14, Hotel Washington Operations, Revenue and Expenses 33
Table 15, Telephone and Electric Clock Operations, Revenue
and Expenses ... . ......... 34
Table 16 Interest and Exchange 34
Statistical:
Table 17, Railroad Operations, General and Passenger Statistics... .......... ........... 35
Table 18, Railroad Operations, Freight Statistics... ....... 36 Table 19, Trackage with Additions and Removals.........37
Table 20, Statement of Locomotives and Rolling Stock in
Service........................a D a l . ....38
Table 21, Harbor Terminal Operations, Statistics and HoldOver Cargo.... ... .. .. .. ........ . .. 39
Table 22, Steamship Line Operations, Statistics.. .F..... 39 Table 23,9 Coal Plant Operations, Statistics .. .. .....40 Table 24, Dairy Farm Operations, Statistics..............40
Table 25, Statement of-Expenditures under A. F. E..' 41
Tabl&- 26,1 Statement of Principal Items of Construction,, Improvement and Equipment added to Capital Account. .. ....... ...........45




P AN A MA R AI L ROA D COM P AN Y
BOARD OF DIRECTORS
*C. S. RIDLEY WAYNE JOHNSON T. H. ROSSBOTTON B. F. BURDICK W. F. KEARNS J. L. SCHLEY GLEN E. EDGERTON JOHN W. NARTYN N. L. 'WALKER
*F. C HARR INGT ON F.BAYARD RIVES **H. H. WOODRING R.,R. ROGERS
*Resigned after'clofse of fiscal year; replaced by George R. Goethals..
*'Deceased September 30, 1940.
**Resigned after close of fiscal year; replaced by R'. A. Wheeler...
'OFFICERS
WlC. S. RIDLEY. ..President..........Balboa Heights, C'.Z.
T. H. ROSSBOTTON. Vice-President.......New York, N.Y.
GLEN E. EDGERTON. Second V7ice-President ..Balboa Heights, C.Z.
W. R. PFIZER. ..Third VFice-President and
Secretary............New-York, N.Y.'
G. R. SELKIRK ..Treasurer . New York,, N.Y.
B. F. BURDICK ..Gene ral Purchasing
Officer........Washington, D.C..
WAYNE JOHNSON ..General Counsel........New York, N.Y.
R. R. ROGERS. ..Special Counsel......New York, N.Y.
W. L. HALL. . Auditor.........New'York, N.Y.
W. J. SHERIDAN. .Commissary Purchasing
Agent.........New York, N' Y.
M. LLOYD ...Freight Traffic Manager New York, N.Y.
W. G. FITCrf Passenger Traffic
manager .. .......New York, N.Y.
W. K. B. POTTS. .Super intendent.......New York, N.Y.
J. H. C. VAN REED General Agent.......Port-au-Prince,, Haiti
C. T. LINDSAY . General Manager......Balboa Heights, C.Z.
A. L. PRATHER . Receiving and Forwarding
Agent .. ..........Cristobal,.C .Z.
R. R. WATSON. ..Chief quartermaster . -Balboa Heights, C.Z.
A. W. GOIJLET,. General Manager, Comm issary -Division......Cristobal, C.Z. F. H. WANG. Special Counsel on the
Is thmus .. .......Balboa Heights, C.Z.
J. 0. COLLINS ..Counsel on the Isthmus. Balboa Heights,, C.Z.
D. L. WEART .Assistant -Engineer of
Maintenance ........Balboa Heights,. C.Z.
A. C. GARLINGTON. Electrical Engineer .. Balboa Heights, C.Z.
E. R. NORTON. ..Mechanical Superintendent Balboa, Canal Zone
(1) Resigned after close of fiscal year; succeeded by Glen E. Edgerton, who
was replaced as Second Vice-President by R. A. Wheeler.
GENERAL OFFICES




PANAMA RAILROAD COMPANY
New York,, November 30, 1940.
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, 1940, and of its financiall condition at the. close of the fiscal year, as.disclosed by the General Balance Sheet and by the detailed statements covering the operation. and maintenance of the 'Company's properties, during the past year.
The operations of the Company resulted In a net Income of $2-,611,213.78, which is an increase '.of $1,.223,654.03, or 88.18 per cent in comparison with last year. To this income there must be 'added prof It and -loss 'credit adjustments totaling $20,169.49. This leaves a gross surplus of $2 631,383.27., less profit and los's debits of $382,027.53, making a net balance of f2l249,355.74, which is the amount Added to the.Company's surpls hsrl s aried at after meeting all costs of operationadalwnfochretoiom totaling $25.408.82 and.deprecia-' tion of rolling stock, floating and plant-equipment, aggregating $950,978.14.1
This very large increas'e.in the net income resulted from the substantial in-: crease In activity caused by the construction projects being undertaken, on the Isthmus by the United States Government in connection with national defense. By far the greatest increase in earnings was made by the RailroaldProper; this unit had a net revenue of $806.,359.49 for. the past year which is over four times as great as the net revenue of $193,323.50 earned by the Railroad Proper in the preceding fiscal year. There were also substantial increases in the net revenues of the Commissary Division and of the Harbor Terminals,while the Steamship Line showa prof it of $114,y953.36 during the past year as compared t o a deficit of '$87,$005.35 In the preceding year. The great amount of transportation required on account of the national defense projects is reflected in the-earnings of the Steamship Line, the Harbor Terminals and the-Railroad Proper while, the attendant general increase In employment and activity on the Isthmus has caused the increase in Commissary earnings.
it has been.,and will continue to be, necessaryto, make numerous additions to plant facilities and equipment on the Isthmus to handle efficiently the great incre6Lse in the volume of business which will take place during the next few years. In this connection, all possible steps are now being takento, avoid any recurrence of the circumstances with which-the Company was confronted twenty years ago. At that tine, shortly after the World War and the completion of construction of the Canal, there was a sharp drop in'local activity,, and it became necessary for the Company to recognize that certain parts of 'its plant constituted excess capacity
no longer required for the scale of operations then prevailing and, inconsequence, to make corresponding reductions in capital and surplus accounts. Capital expenditures are now being held to the minimum essential to permit the Com~pany to meet the obligations of Its business requirements, and every such' expenditure to pro -I vide additional plant or equipment for which a continued permanent need cannot be 1 definitely foreseen, is being amortized within the period of this Increased activity Instead of being depreciated over the longer period which the normal useful life would justify.
During the past year the Company contracted for the purchase of f ive new steam locomotives, five new diesel-electric locomotives, and fifty new freight cars. These are for replacement of equipment that Is over thirty years old. At the end of the year the five new steam locomotives were undergoing final test runs on the Isthmu~s,, while the remainder of this new equipment was scheduled to arrive during the early part of the fiscal year 1941. It is also being found necessary to purchase additional facilities for cargo handling on the docks, for handling and storing food and other supplies by the Commissary and for th~e additional telephone outlets required in the new and expanded townsites in the Canal Zone.
Under a fundamental policy based on conservative principles of management, the Company has accumulated and set aside from annual earnings substantial reserves for replacements which are expected to be necessary in the future. The policy of building up and maintaining these reserves so that the future operating needs of the Company will be adequately provided for is being continued. The wisdom of adhering to this conservative policy Is being emphasized forcefully,. as it becomes increasingly necessary to expand the Company's facilities to serve the needs of national defense.
At a meeting held on November 13, 1940, the Board of Dir ,ecto ,rs ,accepted Brgaie Gnral R31Iey'sQ "n resran a s Preside QQn of the Compa ~y Tny 1r'n-iaar an elete




6 PANAMIA RAILROAD COMPANY
OPERATIONS OF NEW YORK OFFICE
GENERAL ADMINISTRATION
The Directors regret it Is their sad duty to report the death onmarch 20, 1940, of Director H.A.A. Smith; and the death on September 30, 1940, of Director F.C. Harrington.
On April 15,1 1940,2 Hr. John W. Hartyn was elected a Director In place of Mr. Frederick H. Osborn, resigned; and Hr. B.F. Burdick in place of Hr. H.A.A. Smith, deceased. On June 18, 1940, Hr. W.F. Kearns was elected a Director in place of Hr. Roy R. Watson, resigned. On November 13, 1940,4 Colonel R.A. Wheeler was elected a Direct 'or in plac.e of Hon. H.H. Woodring, resigned; and Major George R. Goethals in place of General C.S. Ridley, resigned.
Since the Government of the United States secured controlof the capital stock of the Company in l9Y* dividends aggregating l88 % have been declared by the Board of Directors up to June 30, 14,and payments 'of same, amounting to $13,194,905.00 have been made to the Government.
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 as of date of June 30, 1940; examined the general books and accounts that are kept in New York. They also made an examination of all accounts of the Conpany on the Isthmus of Panama, accepting however, the report of the Comptroller of The Panama Canal in the Canal Zone of his verification, at the close of business on June 30, 1940, of the Company's cashat the Isthmus held by the Collector and Paymaster of The Panama Canal.
Physical inventories of the Company's merchandise, materials and supplies in the Canal Zone were taken as of date of June 30, 1940, under the ,supervision and direction of the Comptroller of The Panama Canal. Haskins & Sells state in their report to the Board of Directors of the Company that while this Inventory was not observed by their representatives at the time it was taken as of date of June 30, 1940, they satisfied themselves as to the existence of the Inventories at the time of their visit to the Canal Zone in October 1940, In connection with their examination of the Company's accounts.
Haskins & Sells certificate as to the examination they made of the Company's operations for the fiscal year is included as part of this year's annual report.4
-The "Lake" type steamships "Buenaventura" and "Guayaquil", for which the Company had no further use, were sold December 6,, 1939.
PANAMA RAILROAD STEAMSHIP LINE
The gross operating revenue of the Steamship Line from the transportation of freight, passengers and mail during the fiscal year ended June 30, 1940, was $3,141,294.04, as compared with $1.,734,694.28 during the previous year. There was an increase of 106,413 tons In the cargo carried; an increase in freight revenue of $1,000,653.84; an Increase of 5,696 in the number of-passengers carried; an increase in passenger revenue of $376,888.00; an increase in mail revenue of $18,108.27. The total increase in revenue was $1,406,599.76.
Operating expenses, which Include depreciation charges of $508,981.97, amounted to $3,026,340.68, as compared with $1,821,699.63 during the previous year, an increase of $1,204,641.05. This resulted in a net operating profit of $114,953.36, as compared with a deficit of $87,005.35 the previous year.
F reight traff ic of the Panama Canal, and other Departments of the United States. Government, was carried at a reduction of 25% from established tariff rates.,Passenger traffic for account of these Government Departments,, including Panama Canal employes and their families, was carried at reductions from established tariff rates ranging from 25% to 72%. These reductions on freight traffic amonte ton $3 (13,4 53;A Z andA n passngrraffi ton $587,881.60, aM




PANAMNA RAILROAD COMPANY 7
OPERATIONS ON THlE ISTHMUS
Revenues from Operations on the Isthmus
The gross receipts from sales and services furnished during the fiscal year 1940 amounted to $19,145,419.14. The cost of sales, Including operating expenses amounted to $16,652,728.58, leaving a net revenue of $2,492,690.56. Adding thereto interest and exchange amounting to $4,3 82.14,9
results in a net income of $2,497,072.70 for the year, as compared with $1,474,695.90 last year,' an increase of $1,022,376.80,, which is accounted for by an Increase In the net revenue from the railroad proper, harbor terminal, commissary, real estate, coal, hotel and telephone operations. There was a decrease in the net revenue from dairy operations. Report of the gross revenue, operating expenses and net revenue of the operating units on the Isthmus is shown In Tables Nos. 5 and 16.
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 $32,162,770.23, as compared with $31,937,994.80 In 1939, an Increase of $224,775.43, for the year. The total additional expenditures made during the fiscal year for completed capital items amounted to approximately $472,800.00 of which the largest items were $65 800.00 struction ofPer 3, Colon',* $20,900.00 for tractor and i
Tareisfor harbor e 6 ilroad motorcar and trailer; $22,900.00 for general office building' $15.,300.00 for railroad station at Pedro Miguel; $4,600. 00 f or tracks and 4,,000 .00 f or equipment for the railroad; $8,100.00 for extension to telephone system' $25,700.00 for municipal Improvements and filling Colon and Panama lots; 1l2,100.00 for addition to La Boca Commissary* $230,600.00 for miscellaneous equipment for the Commissary Division and K9900.00 for hotel equipment. The reductions made during the year amounted to approximately $248,000,00, of which the largest Items were $44,300.00 demolition of old Pier No. 3, Colon* '$ll 600.00 reduction in 'y-'1
rlH ngF w'ci 0 Disu TU =clng-- Te -1 "I Mu0 f or track removals; $162,200.00 various equipment retirements; and $25,200.00 covering sales of lots in Panama City. Details of the various items are shown in Tables Nos.
1 and 26.
The investment of the Panama Railroad and its various business Interests on the Isthmus In material, stock, coal and supplies at the close' of the f iscal year amounted to $2,420,727.46, as compared with $1,624,173.24 in 1939, an increase-of $796,554.22 for the year. There were Increases of $537,400.00 in commissary and hotel supplies; $15 650.00 in dairy stock and
work animals; $58,300.00 in railroad material and .191, 100.00 in coal stock; there were decreases of $3,100.00 in coal plant material and $2.,800.00 dairy farm supplies. A summary of the material and supplies on hand is shown in Table No. 3.
Reserves for Depreciation
The total reserve for depreciation set aside for plants, buildings, and equipment on the Isthmus amounted to $9,359 825.57 at the close of the fiscal year en 'ded June 30, 1940, as compared with f9,l48,724.0l for the previous fiscal year, an increase of $211,101.56. Itemized statement will be found in Table No. 1.
RAILROAD OPERATIONS




8 PANAMA RAILROAD COMPANY'
The gross revenue per mile of road operated increased $11,849.06, compared with 1939, and operating expenses per mile of road decreased $1,027.14, resulting In an Increase of $12,876.20 in net revenue per mile of road. Revenue train mileage Increased 50,957 miles as compared with 1939, and locomotive mileage increased 59,097 miles.
Classification of operating revenue and expenses is presented In Table No. 6, and statistics In Table No. 17.
Passenger.Statistics
The gross revenue from passenger operations, Including baggage, mail, express, special trains, motor cars, etc., amounted to $617,248.96. Passenger operating expenses based on pro rata of train and locomotive mileage were charged at $560,4'9.09, leaving a net revenue of $56,769.87, as compared with a deficit of $92,571.23 for the fiscal year 1939.
There were 446,992 passengers transported during the fiscal year, compared with 367,259 in 1939, an increase of 79,733 passengers for the year. The detail of passenger traffic is shown in Table No. 17.
Freight Statistics
The gross revenue from freight operations', Including switching, demurrage, storage, etc., during the fiscal year amounted to $1,535,586.33. Freight operating expenses based on pro rata of train and locomotive mileage, were Charged at $786,562.96, leaving a net revenue of $749,023.37, as compared with $282,515.37 for the previous year, an increase of $466,508.00 for the year.
The revenue freight tonnage transported during the fiscal year amounted to 600,877 tons, as compared with 323,233 tons during 1939, an increase of 277,644 tons. The revenue ton miles increased 7,848,503 tons as compared with 1939 tonnage. Itemized classification of freight movement is presented In Table No. 18.
Trackage
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 136.964 miles, as compared with 132.708 miles the previous year, an increase of 4.256 for the year. The data on track maintenance are givefi in Table No. 19.
Rolling Stock
At the close of the fiscal year there were 8 road locomotives, 9 yard locomotives, 47 passenger cars, 700 freight cars, 4 motor cars, and 5 pieces of miscellaneous equipment In service. In October 1939 contracts were let
-for five steam and five diesel-electric locomotives. At the close of the fiscal year the five steam locomotives, which are a modernized type of our present roa d locomotives, were undergoing their final test. On June 10, 1940, a contract was awarded to the Nagor Car Corporation for the furnishing of 30 box and 20 flat cars. Table No. 20 shows rolling stock as of June 30, 1940.
OTHER OPERATIONS ON THE ISTHMUS
Harbor Termina Operations.
neti revneo 57 3.8 ascompared with $463,480.49 in 939, an increase of$0,516 o he y ear. The gross tonnage ofcroseeoehndled and transfeed duing the fiscal year mounted to 2,859,376 tons, :as




PANAM4 RAILROAD COIPANY 9
compared with 21,196,389 tons the previous year, an increase of 662,987 tons.. Cargo, stevedored amounted, to 797,356 tons, during the fiscal year,- as compared with 615,530 tons the-previous year, an increase of 181,826.tons..
During the year "Hold for orders" Cargo 'amounting, to 1,146 tons, was received and 910 tons were f orwarded, as- compared with 638 tons received and 502 {ons f orwarded -in 1939. The. revenue for storage and handling amounted to $4,893 .26, as compared with $3,528.82 In 19,39, an Increase of $1,,364.44 for the year.
During the year 4,187,cargo ships and 1,2.73 banana schooners were Phandled as compared with 4,898 cargo ships and 1,.211 schooners last year. Agency services were furnished 85 vessels, as compared with 89 in 1939.
Summaries of harbor terminal operations are presented In Tables Nos. 7 and 21.
Coali ng Plants
The total revenue from the sale of coal, and charges for extra handling during the f fiscal year, amounted to $92.8,024.12. The cost of sales, Iincluding operat Ing expenses was $784,735.81, resultingin ma net prof It of $143,288.31, as compared w~ith a prof It of 1$6,9 782.47 in .1939, an, increase of $73,505.84 for the year. During the year 148,024' tons of coal were purchased and 118,219 tons were sold.
Summaries of the coaling pldnt':operations are presented In Tables Nos.
9 and 23.
Real Estate Operations
Rental of land and buildings for the year 1940, after deferring $14,344.71 representing outstanding items for prior years excluded from current revenue, amounted to $357.,457.24. Operating expenses were $66,526.44, leaving a net revenue -of $290,930.80, as compared with $259,054.50last year, an increase of $31,876.30 for the year. At the close of the fiscal year 1.,596 leases and 15 licenses, covering the use of Panama Railroad properties in the cities of Panama and Colon were In effect.
During the fiscal year the Railroad allowed a discount of 10,/ on rental accounts forproperties leased at rentals based on valuations under the ap.praisal made by the.Board appointed pursuant'to Joint Resolution (H.J. Res.
41) approved July 10, 1937, provided the accounts were paid within the f first f ive working days of the month. A discount of 10% was also allowed on all rental accounts based on the commercial valuation of properties in effect prior to the appraisal referred to above, provided the accounts were paid
within the period for which the'bills were rendered. Those properties rented at low rates under old leases were not given the-reduction. The total discount allowed amounted to $30,387.72.
On April 13, 1940 a disastrous fire took place in Colon, involving an area of twenty-four city blocks, thirteen of which were completely destroyed and the improvements on eleven more partially destroyed. The fire affected 207 lots or parts of lots owned by the company,, on which 270 buildings were destroyed by fire or so badly damaged either, by fire or dynamiting as to require rebuilding. The monthly rent on the lots In the burned area amounts to $3,385.53 without the discount and it is In the interest of the-company that the buildings within this area be replaced at the earliest date.
In -order to encourage early construct Ion of buildings within the burned area, rent will be. re.mittepd fro-m Apri 1, Il94Oton.eptember 30, 1940 for all




10 PANAMA, RAILROAD COMPANY
commissary operations
The net receipts from'sales and services during the fiscal year 1940 amounted to $12,291,266'.22. The total cost. of sales 'and services was $11,575,221.40,. leaving a gross profit of $716,044.82. Deducting therefrom
proport ion of unabsorbed depreciation on equipment, applicable to prior years amounting to $44,461.00 anda charge of $80,000.00 representing-an adjustment of gratuity reserves to a figure equivalent to the 'value of earned leave, pay actually due employees of the Comissary Division, all 'of which Items,
totalling $124,461.00,. were charged off to Comissary Profit and Loss, leaves a net prof it of $591, 583.82 'for the year, as compared with $454,663.25 In 1939,. an increase of $136,920.57 for the year.
The volume' of *business transacted during the year averaged. $11,024,272.18 per month, as compared with $741,443.08 per month in 1939, an increase of $282,829.10. Total sales to steamships amounted to $609,678.36, Including sales 'to United States Naval vessels amounting to $294,895.68. The average, stock turnover was once every 1.827 months.
The distribution of sales for the past four'years is presented in the following tabulations:
1940 .1939 1938 1-937
United States
Government
Army and
Navy.. .$ 2,4890,767.70 $1,450,0O32.-34 $1,286,236.82 -$1,9053,9629.58
The Panama
Canal 0 Q 0 11 1222,454.72 839,952.81 823,936.03 "795,226.95
The Panama
Railroad.. 358,216.79: 262,352 23139.05 37809
Individuals
adCompanies. .. 351,360.99 353,0O47.72 270,259.58- 265,590.03
Commercial
Ships .. 297,1477,96 307,3 42 .16 327,943.72 354,341.59
Employees. ,,8 30 6,2,3.3 604100.02 5,827,402.26
Gross revenue from
sales ...$13,9144,541.25 $9,434,500.76 $9,0O35,615.22 $8,604,0O01.31
Less discounts and
refunds 853,V275.*03 53,8.0 517,372.96 490,890.61
Net sales. 1,2126.2 8897,316.96 $8,5918-,42.26 $8,113,110.70




PANAMAIt RAILROAD COMPANY I
Manufacturing Plants
Following are comparative Istatements of the output of the man 'ufacturing plants (principal items) for-the fiscal years 1937 to 1940 Inclusive:
1940 1939 1938 193T
Laundry*
Pieces handled. . 10,049,7122 7,243,060 6,578,616 5,575,.016 Gross value of output $334,849.24 $243,121.65 $230,.204.21 $211,619.84
Bakery:
Bread, loaves,. 5.,699,.038 4,703,381 4,459,850 4,370,515' Rolls, each.........2,064,9071 2,023,465 1,917,.888 1,844,p279 Crackers', pounds. 423,147 367,416 423,000 434,181 Cakes, pounds .96,9556 56,532 51j,457 42,.346 Gross value of output $397,959.35 $319.,523.30 $317,402.40 $310,389.01
Coffee Roasting Plant:,
Coffee,, pounds:
Army, green 635,122 514,661 508,337 456,375 Commissary, roasted 356,.682 288,885 268,451 253,849
Corn and cornmeal,
pounds.,...........29,229 25,743 18,973 .22,391
Peanuts, -pounds ..7,.797 9,878 5,9820, 6,9253 Gross value of output $605,8.04 $69,846.03 $ 68,.454.80 $61,'839.-69
Ice, Manufacturing
Plant:
Ice'Nanufactured, tons 2 8,199 21,872 22,.660 17,894 Gross ,value of output $141,708.'92 $118,.850.57 $125,584.09 $130,790.54
Ice 'Creean and Milk
Bottling'Plants:
Ice creem manufactured4 gallons. 181,881- 148,.142 133,225 132,043
Milk bottled, quarts. 1,820,9436 1,17,:318, 14787,,5,3
Cream bottled, quarts- 30,.248 29,312 33,.284 23,.437 Gross value. of.,output $522,536.84 $434,697.04 $406,0O91.20 $353,936.13
Sausage Factory:'
Gross value of output $136,585.94 $110,658.12 $103,301.33 $9,8.26
Industrial Laboratory:
Gross value of output ,$368,379.05 $303,314.09 $315,472.52 $284p731-09
Abattoir:
Cattle killed, head .5,393 4,9416, 4,313 4,.266 Gross value of output $332,769.77 $268,453.52 $248,716.35 $244,287.86
Total of values above .$2,320,847.15 $1,868,.464.32 $1,815,9226.90 $1,690,882.42
The total value of the output during the four years shows an increase in value of $629,P964.73 or 37.3 per cent.'
The established policy of making purchases In the United States whenever practicable was continued,. but there are certain items which the patrons, demand which. cannot 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 j the American product in making purchases for the conmiiary stock.
Statements of sales and expenses, purchases by class and location, and
distribution--A of sale ar prsete in L Tale No.1 n 1A.




12 PANAMA RAILROAD COTIPANY
plicable to prior years,, resulting ma net prof it of $14,503 .56 f or-the year ., as compared with $19,787.56 for 19,39, a decrease of $5,284.00.
At the beginning of-the year there were.1,077 head of cattle on hand; 122 calves were born during the year; 154 head were purchased; 95 head were,
sold to the, Commissary Division f or slaughter; 1 head was Sold to outside Individuals; 57 head died; leaving 1,200 head on hand at the close of the year. Milk in the amount of 445,656 gallons was produced, of which 441,996
gallons. were sold 'to the Commissary Divisi-on, and 3,660 gallons were fed to calves.-Details of .the revenue and expenses are presented in Tables Nos. 12 and 24.
Hotel Operations
HOTEL TIVOLI: The gross. receipts from operations during the fiscal year amounted d to $207 688.17; operating expenses wr$19673,resulting in
a net profit of -fl8,020.87, as compared with a loss of $16,267.,56 for the previous year. The detail of revenue and expenses is-shown in table No. 13.
The operations of the Hotel Tivoli bythe Panama Railroad during the past eleven years show a gross difference of.expenses over, revenue of 1$227,628.03. However,, included In the charges to expenses for this p eriod is $12,1,255.93 paid to the Panama''Canal for amortization of the building and equipment and* a total of $23,834.47 In unexpended reserves., leaving in the possession of the Government a total of $145,090.40 of the expenses charged,, resulting in an actual deficit of but $82,537.63 -for the eleven years'- operations'.'
HOYTEL WASHINGTON:, The, gros' receipts from operations during the f fiscal year amounted to,$187,457.90. The operating expenses were $186,276,'24,resulting in an operating profit of $1,161.66. There was charged off to operations the sum of $12,023.16 representing unabsorbed depreciation on, equipment applicable to prior years, resulting in a net loss of $10,861.50 for the year, as compared with a loss of $35,420.95 for 1939. The operating expenses include a charge of $18,372.71 for replacement of building and equipment, as compared, with $18,Y382,.87 charged last year. Statement of revenue and expenses is presented in Table No. 14.
The hotels are considered essential adjuncts to the Canal and Railroad In affording suitable accommodations to people having business with the Canal or Railroad, visiting Government-officials and others. Their continued operation under the present policy is justified..
Telephone and El1ectri-c Clock Operation's
The gross receipts from telephone and electric clock' operations, including the rental from telegraph printing machines, amounted to $257,554.30. Operat Ing expenses were $189, 321.27, resulting mna net profit of $68,233.03, as compared with a profit of $63,451.99 in the previous year.
During the year, 1,)948 telephones were reconnected or installed and 1,608 were discontinued or removed, resulting Ina net increase of 340 telephones. At the close of the fiscal year there. were 31,608 telephones, 50 electric clocks, and 24 automatic printing telegraph typeWriters in service: Statement of revenue and expenses is shown in Table No. 15.
Interest and Exchange
The revenue from Interest and exchange in connection with fiscal opera-. tions on the Isthmus amounted to $4,382.14, as compared with $2, 840.65 in 1939. Detail Is shown In Table No. 16.




PANA.MA, RAILROAD COMPANY 13
Construction, Improvement and Equipment
Acquisition in Progress
At the close of the fiscal year construction work, improvement projects, and equipment acquisitions, estimated to cost!$1,559,331.10 were in progress. The principal items are-construct and equip new Ancon silver commissary, five steam and fLive diesel locomotives, thirty box and twenty flat cars, hydraulic fill Colon land, new railroad station, municipal improvements Panama lands, cargo trucks and trailors, addition to Ancon laundry, switchboards and telephone equipment, mezzanine floor in coffee and packing
section of commissary building at Mt. Hope, equipment of new commissaries at Fort Kobbe, Sherman and Diablo Helghts and various miscellaneous equipment. A detailed list of the several items is presented in Table No. 27.




14
1 HAS K INS,& SELLS
Certified Pulblic Accountants
67 Broad Street
New York
ACCOUNTANTS,' CERT IF ICATE
Panama Railroad.Company:
We have made an examination of the balance sheet of the Panama Railroad Company 'as of June 30, 1940,9 and of the summaries 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 reconcilement of cash on -deposit with confirmations obtained by us from the depositaries; count of the securities on hand; and confirmationfromdepositary, Guaranty Trust-Company of New York, of securities held for'account of the' Clompany. The cash on hand on the Isthmus, hield by the Paymaster-and Collector of The Panama Canal,1 was niot verified by us" but was certified to us by the Comptroller of The Panama Canal on the basis of a count made by auditors of his department as of Juine 30, 1940. As to Inventories, the records were examined, the related procedure was reviewed, and the prices' and computations were -tested; the scope of the examination did not Include physical tests of quantities. We Also made a general review of the operating and 'income accounts for the year.
In our opinion, based on such examination, the accompanying balance sheet and related summaries of income and prof it and. loss present the Company's financial position at June 30, 1940, 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 accounting principles.
HASKINS & SELLS




PANAMA RAILROAD COHiPANY 15
EXHIBIT A
Summary of Income and Profit and Loss Account for the Fiscal Years"
Ended June 301 1940 an-d 1939, and Comparison
INCOME ACCOUNT
1940 j 1939 j Comparison
NET OPERATING.REVENUJE (including interdepartmental transactions):
Railroad.- Table No. 6 . . $806,.359.49 $ 193,323.50 $613,035:.99 Inc.'
Harbor Terminals Table No.7. 570,632.18 463,9480.49, 107,151.69 Inc.
Steamship Line.- Table No. 8 114,953.36 (87,005.35) 201,958.71 Inc.
Coal Plants -Table No. 9. . 143,288.31 69,782.47 73,505..84 Inc.
Real Estate Table No. 10 - 290,930.80 259,054.50 31,876.30 Inc.
Commissary -,Table No'. 11. .. 591,583.82 454, 663.25 136,v'920.57 Inc.
Dairy Farm.- Table No. 12. 14,503,.56 19,787.56 5,284.00 Dec.
Hotel Tivoli Table No.. 13. 18,020. 87 (16,267.56) 34,288.43 Inc.
Hotel Washington Table No.14 (10,861.50) (35,420.95 24,559.45 Inc.
Telephone and Electric
Clocks Table No. 15. . 68,233,.03 63,451.99, 4,9781.04 Inc.
Total................$2,607,1643.92 $1384,849.90 $1,.222,794.02 Inc.
OTHER INCOME CREDITS:
Interest and Exchange -Table
No. 16.................28,978.68 27,667.18 1,311.50 Inc.
Gross Income for 'the Fiscal'
Year'............$2,636,622.60 $1,9412,517.08 $1,224,105.52 Inc.
INCOME CHARGES:
Contribution to Pension Fund 25,408.82 24,957.33 451.49 Inc. Net Income for the Fiscal Year. $2,611,213.78 $1.,387,559.75 $1,223,654.03 Inc.
*()Denotes a Def icit.
PROFIT AND LOSS ACCOUNT
CREDITS:
Net Income for the Fiscal Year, as above . . $2,611,213.78
Net Profit from Sale of S/S Buenaventura and
S/S Guayaquil...................20,p169.49
Total. Credits.....................$ 2, ...631,1383.o27
DEBITS:
Loss on Track Removals. .. ......... $, 1,017.33,
Remaining Capital Value of Improvements on S/S
Ancon and S/S Cristobal, red-ellvered to the
Panama Canal............. .............381,010.20




16 PANAMA RAILROAD COMPANY
(Incorporated in New York)
EXHIBIT B
Balance Sheet, June 30, 1940 and 1939, and Comparison
ASSETS 1940 1939 Comparison
Investment in Railroad, Steamships,
Harbor Terminals, Real Estate,and Other Properties and Equipment
Table No. 1..... .............$45,852,726.49 $47,OO3,539.88 $1,150,813.39 Dec.
Investment In Miscellaneous Bonds:
State of New York Highway Improvement
4% Bonds, 1961 (valuation based on
market quotations, June 30, 1940,
$14,410.00) at cost .... ........ 1185.00 11,385.00
Nominal Value of Contract of Concession
from the Republic of New Grenada, dated
1850, modified by contract with the
United States of Colombia. in 1867,
confirmed by the Republic of Panama in
1903 and expiring in 1966.... .. O0 $ 1.00 Fund appropriated for Construction of
Steamers Table No 2:
Securities owned (valuation based on
market quotations, June 30, 1940, $287,712.50) at valuation written
down to market quotations at
June 30, 1938.. . ..$ 284,116.25 $ 284,116.25
Cash on Deposit... ....15,387.36 91,679.79 76,292.43 Dec.,
Accrued interest on securities owned 5,037.49 5,037.49
Total fund appropriated for construction of steamers.... $ 304,541.10 $ 380,833.53 $ 76,292.43 Dec. Funds Appropriated for Replacement of
Obsolete and Worn-out Property and
Equipment -Cash on Deposit: Inc.
Steamer depreciation reserve ,fund . $ 442,844.44 $ 442,844.44 Ic
Isthmus depreciation reserve fund. 4.0343612,*64 -4.04.612.64 Inc.
Total funds appropriated, etc... $ 4,477,457.08 _$4,477,457.08 Inc.
Special Deposits,:
Fund deposited under escrow agreement
in connection with membership in the
Associated Latin American Freight
Conferences.. ........ .. ..... .. 20,000.00 $ 10,000.00 1 ,000.00 Inc.
Current Assets:
Cash:
New York- On Deposit...............79Q $ 5909245.W $2,819, Dec.
In Transit it........... .. 1 00000.0, 168,500.00 Dec.
Isthmus:
On hand............. .....$ 965,545.14 $ 1,645,303.55 $ 679,758.41 Dec.
On deposit........ . .... 0864755.41 952342.34 134.413.07 Inc.
Total Isthmus. 2... 052.. 300.55 6 5 6545.34534 Dec.
Total Cash ........ .$5,152,180.05 $8,685,391.42 $3,533,21.37 Dec.
Due from Agents and Conductors 129,653.35 79,087.39 50,565.96 Inc. Accounts Receivable:
United States Government. .. ... 48,403.10 462,032.45 386,370.65 Inc.
Other Carriers- Traffic Balances.. 2,269.40 1,062.32 1,207.08 Inc.
Miscellaneous. &.*...............198,157.90 116,154.40 82,0.50 Inc.
Accrued Interest on.Securities DNned 146.66 146.66Merchandise, Material and Supplies (Company's Inventories) --Table No. 3
Merchandise Inventory (at cost).. 2,138,557.51 1,370,578.74 767,978.77 Ino.
Railroad and other Material and
Supplies (book value)'. ,... 712,452.36 433,948.22 278,504.14 Inc.
Dairy Cattle and other Livestock
(book value).110680.49 95,048.13 15,632.36 Inc.
Total Current-Assets....... $ 9,292,500.82 $11,243,449.73 $1,850,948.91 Dec.
Deferred Assets:
Working Funds. .,..... ..... . $ 22,950.00,$ 20,814.33 $ 2,135.67 Inc.
Other........ ..... ...... 111.511.53 1282930.92 17,419.39 Dec.
Total Deferred Assets. ... $. 134,461.53 149,745.25 15,283.72 Dec.
Deferred Debit Items:
Retad nuance Paid in Advance . .$ 9,545.94$ 12,036.55 $ 2,490.61-Dec. Itm fCommssary, Hotel, Dairy Farm, ... .. and Telephone Eqtipent on Isthmus. ... costing less than $250.00 per item,
and totaling $301, 322.02, removed from capital account, being charged to .. operating expenses over a period of . five years.................. ...115,974.36 176,847.43 60,:673.07 Dec.
Ote....... ...........7 0.7 121,058.60 _152.742.87 Inc.
Total Deferred Debit Items.,.. 9 32.7 3095742.58 Inc.
Total ...............$60,492,394.79 $59,108i,696.97 $1,383,697 .82 Inc.




PANAMA RAILROAD COMPANY 17 (Incorporated in New York)
EXHIBIT B
Balance Sheet, June 30, 1940 and 1939, and Comparlson
LIABILITIES 1940 1939 Comparison
Capital Stock 70,000 Shares of $100.00
Each........ ,..$.. ....$ 7,0, $ 000,000.00
Current Liabilities:
Vouchers Payable...... .. .. .$ 809,618.20 621,879.78 $ 187,738.42 Inc.
Salaries and Wages .... . 183,635.52 135,073,01 4 Inc.
Due to Other Carriers Tra fic
Balanes...................... 42,881.55 8,715.17 34,166.38 Inc.
Miscellaneous Accounts Payable.. 1961925 17,497.25 2,122.00 Inc.
Total Current Liabilities. ... .055,754.52 $ 783,165.21 $ 272,589.31 Inc. Deferred Credit Items 0..0. it.... 347,276'.5 $ 255,776.50 $ 91,499.75 Inc.
Reserves:
Accrued Depreciation of Property .
Equipment Table No. 1.. .. ....... $ 9,900,802.57. $11,220,142.57 $1,319,340.00 Dec.
Operating Reserves -*Table No. 4 41 1 169,236.16 89,593.02 Inc.
Total Reserves. ....... $10,159,631.75 $11,389,378.73 $1,229,746.98 Dec.
Surplus, per EMlib.it A $41,929,732.27 $39,680,376.53 $2,249,355.74 Inc.
Totalu, .................................$6,9234.9$5,0 ,696 ,83,69.82.Inc.




TABLE. NO. I
I-nvestment in Railroad, Steamships, Harbor Terminals, Reai Estate end Other Properties and Equipment, and Related Accrued Depreciation for the Fiscal Year Ended June 30, 1940
PROPERTY ACC0UNM8 ACUD EPREC IATION
ISHU aac etirenents Balance' Balance Creist eevs Carges to aac ISTMUSBalnce Additions and Jue3,90 Jl ,99Charged to Reserves July 1,1939 Transfers Opeaton 30..940 ulyent93 Retirements Jn3014
Railroad and Appurtenances:
Roadway and Track .. .. ...$ 8,1259,9126.70 $ 4,602.21 $ -1,026.84 $ 8,262,.702.07
Stations, Roundhouses and
igals............. 1132,9902.89 3,8.5 3,800.00 1,67283.3 $ 402,613.49 $ 19,302.06 $ 3,.800.0C 48158
Road Equipment. .. .. .....1,556,990.73 52,682.86 16,430'.s5a 1,593,230 1,240, 885.36 34,772.28 16,601.7 129067
Miscellaneous Equipment. 16,9693.88 _____ (4,J066.82) 20,0760.70 8,S57.17 1,277.4010245
Total Railroad and
Appurtenances.......$10,965,714.20 $ 95,465.52 $ 17190.52 $11,043,989.20 $ 1,.652,456.02 $55,351.74 $ 20,401.5 167461
Docks, Piers and Appurtenances:
Docks and Piers.. .. .. ... 4,781,907.38 $ 41,236.21 $ 19,672.61b $ 4,803,470.98 $2,0884,t990.07 $ 92,454.59 $ 55,009.0$,24346 '
Buildings. .. .. ........287,560.97 287,$560.97 156,626.09 .6,224.28 12803
Roadway, Walks and Fences. 63,087.47 63, 087.47 2,900.66 275.28 3159 Equipment. .. ... .......401,309.31 20,873.60 1,144.75 421,038.26 279,701.93 30',769.14 1,144.5 39262
Total Docks, Piers and
Appurtenances .. .. ... 5,533,1865.13 $ 62,109.81 $ 20,817.36,$ 5,575,157.58 $.3324,218.75 $129,.723.29 $ 56,4153.9 337780
Coal Plants:
Structures... .. .. ..... 825,234.90 $ .825,234.90 $ 377,589.86 $16,504.68 $34045
Equipment. .. .. ........130,422.49 $ 4,9595.57 1L25,026.92 85,3,64013 6,354.60 $ 4,595.5 7131
Total Coal Plants. .. ... 955,2657.39 $ 4,595.57 $ 951,?061.82 $ 462,943.99 $ 22,859.28 $ 4,595.7$4l070
Telephone System:
Telephone Plants......$ 902,231.91 $ 7,0.50.,81 $ (1j,341.13) $ 910,625.85 $- 581,042.86 $ 30,631.91 $ (7.020)-$ 61617
Duct Lines. .. .........'250,260.61 ,257.79' 250,002.82 149,224.77 6,9250.62 7.02c,15483
Equipment. .. .. ...... .,924.91 5,824.91 3,379.56 2,845.35 5949
Buildings.................84,214.33 2____ '269936, 1, 704 .72 ___Total Telephone System $1,4242,631.76 $ 7,0O50.81 $ (1,1083.34) $1,250,785.91 $ 755,346.55,$ 41,1321.60 -$ 76491
Real Estate:
Buildings:
Gold Quarters.. .. .. ... 815,642.49 $ 815,642.49 $ 55,P058.09 $.16,505.84$ 71533
Silver Quarters .. .. .....942,9126.75 942,126.75 783,281.81, 31,011.2784-230
Other Buildings................9500.00 9,500.00 4,506.20 410.04,4962
Printing Plant. .. .....161,000.00 161,9000.00 30,731.55, 3$,19.963,915
Total Buildings .. .. ... 1,928,269.24 $1,928,289.24 $ 873,577.65 $ 51,146.91 $ 94745
Colon Lands .. .. .......4,613,372.64 $ 9,1717.65 4,623,090.29
Panaa Lands..........1624,985.81 16,011.54 $ 25,239.11 1,.615,758 .04
Total Real Est ate. .. ...$ 8,166,9627.49 $ 251729.19 $ 25,239.11 $8,167,117.57 $ 873,577.65 $ 51,146.91 $94746




Hotel Washirngtonx:
Buil din gs. ... ... $ 724,9160.28 $ 733.71 $ 724,I893.99 $ 261,218.24 $ 16,311.93 $ 27501
Equipment .... 36..207N~37 1,027.29 37.9234.66 16,373.82 _2,060.78184.6
Total Hotel Washington ..$ 760,367.65 $ 1,761.00 $ 762,128.65 $ 277,892.06 $ 18,372.71 $ 25947
Hotel Tivoli:
Equipment... .. .. .. .... 10,1519.43 $ 6.13 $ (8,9124.99)1 18,t650.56 7,977.83 *1,002.90 $ 8907
Commissary:
Plants .. .. . $ 1,806,610.31 $ (815.18) $ 1,807,425.49 $ 614,0 60.76 $28,075.76 $ 642,136.52
Retail Stores. .........1,127,051.50 $ 12,098.54 1,160.00 1.,137,990.04 308,#503.95 24,593.37 $ 304.96' 32723
Equipment . . . .......1,246538.82 98,348.37 18,814.89d. i326,072.30 828,438'.73 64,353.81 149,-438.56 743,3
Total Commissary......$ 4,P180;200.63 $110,446.91 $ 19,159 .71 $ 4,271,487.83 $ 1,751,003.44 $117,022.94.$ 149,P743.52$1782.6
Dairy Farm:
Pastures. . . 25,000.00 $ 25,000.00 l i92,746_.3 43,199.88 $ 5;,)062.68$ .56 Equipment...... -P664.49 4,664.49 407.84 321.12
Total Dairy Farm. .... 122,9411.12 $ 122,.411.12 $ 43,607.72 $ 5,383.80$ 48915
Completed InvestmentIsthmus.7.4.7.8....... $31,937,994.80 302,569.37 77,793.94 $32,162,770.23 $ 91148,724.01 $441,996.17 $ 230,894.61 $9,359,82.57
Uncompleted Construction
and Improvements .172,771.53 465,291.91 172,,771-.53e 465,291.91 ______,
Total Isthmus. . .. $32,110,766.33 $ 767,861.28$ 250,565.47 $32,,628,062.14 $ 9,148,724.01 $441,996.17 $ 230,894.61 :9e359,825.57
NEW YORK
Floating Equipment:
8... Ancon (new)-.$ 4,400,000.00 $ 4,400,000.00 $ 5,133.33 $180,,583.258 $4,583.33* $ 181,133.28
8.S. Cristobal (new) ) $(4$400,000.00) 4,400,00000 150898.38 4 284.35,182.7 .8. Panama (new) 4,400,000.00 4,400,000.00 28,661.10 170,316.58 5,653.34
8.8. Ancon ........928,211.41 346,65 928,558.06 .748,868.91 7,153.76 2,492.87* $0751,559.80.
8.8. Cristobal . 1312,882.73 ,312,882.73 1,108,210.79 1,108,210.79 S.S. Buenaventura....... 128,342.14 5,488.79 133,830.93 .101,916.21 101,916.21
8.8. Guayaquil .. 105,140.01 1,454.00 106,594.01 '80,628.22 80;628.22
Total Floating Equipment .$11,274,576.29 $ 7,289.44 $(1$9182134.27) $13,200,000.00 $..2.,071,418.56 $508,981.97 $2,891.49 $2,042,315.02 $ 640,97.00
Uncompleted ConstructionNew Steamers . . . . 3,618,197.26 806,467.09 4,400,000.00 24,664.35 _Total New York. .. $14,892,773.55 $ 813,756.53 $ 2,481,865.73 $13,224,664.35 $ 2,071,418.56 $508,981.97 $2,891.49 $2,,04,315.02 $ 548,97.00
Total.... ......4003,539.88$1,581617.81 $ 2,732,431.20 $45,852,726.49 $111220,142.57 $950,97814 $291.49 $22732063$9,900,802.
Denotes an increase.
Denotes a decrease.
a -Includes $171.07 transferred from construction.
b.-Includes $24..579.27 transferred from construction.
c- Inter-account transfer.
d Includes $131,461.11 transferred from construction.
e ..Includ ..s $2,469.75 charged to other than property accounts.
.... . . .. .. . ( 0




20 PANAMA RAILROAD COMPANY
TABLE NO. 2
Fund Appropriated for Construction of Steamers, June 30, 1940
Net Book Value
(valuation of
Cot securities i
Cot based-on market
quo 'tations at
June 30, 1938)
Securities:
Chicago, Milwaukee & St.Paul Railway Co.
General 4-j% Bonds, 1989,(par value,
$100,000.00)..................5.0
Delaware & Hudson Co. First & Refunding 4% .$l3387 5150
Bonds, 1943 (par value,$200,OOO.OO) .. .. ....192,9562.50 82,750.00
Illinois Central Railroad Co. Refunding 4%
Bonds, 1955 (par value, $100.000.00)........96,187.50 44,000.00
New York Central Railroad Co. Refunding &
Improvement 5% Bonds, 2013 (par value,
$183,000.00)-.......... *a .* 9.'1.5 17712
Southern Pacific Co., Oregon Lines, First 4j% 17637 17712
Bonds, 1977 (par value, $50,000.00).........50,350 24,500.00
Total Securities..... . .. .. .. .. ... 640,077.50 $. 264,116.25
Cash on Deposit. .. .........................15,387.36
Accrued Interest on Securities Owned 5,037.49
Total .. ....... .............. .........$ 304,541.10
Note: The above fund is in the charge of the Comittee of Securities of the
Board of Directors.
TABLE NO. 3
Merchandise, Material and Supplies, June 30, 1940
ISTHMUS
RAILROAD AND APPURTENANCES:
Maintenance of Way Material $ 177,978.67 COAL PLANTS:
Coal Stock..... .... .. .. .. ... 324,830.92
Material .. .. ................6,062.11 370,.893'.03
COMMISSARY:
Merchandise. .. ..........$1,663,740.38
Other Material and Supplies........82,299.53 1,746,099 DAIRY FARK:
Cattle .. .. ..............$ 108,072.00
Work Animals .. .. ...............2,608.49
Supplies. .. ....... ....... .855.51 1172,536.00
HOTEL TIVOLI:
Supplies .. .. .................... .855.70
HOTEL WASHINGTON:
Supplies .. .. ....................2y'424.15
Total Merchandi-se, Material and
Supplies Isthmus $2,420,727.46
NEW YORK
FLOATING EQUIPMENT:
Fuel Oil .. .. .............$ 18,852.61
Spare Parts. .. .............7,9813.22
Material Storeroom. .. ..........8,418.39
Mineral Water Stock .. ...........2,395.69
Stationery Stock. .. ...... .....1,586.23
Containers .... .. .............633.53
Postage. .. ..................1.26 $ 39,700.93
IN TRANSIT:




TABLE NO. 4
Operat~rr Reser~es for the Fiscal Year Ended June 30, 1940
Credits to Reserves -gs oRsre
Balance Through Chiarges to rgst eevsBalnc Jul 1,939 Operating Other Items Covered- Other Jue3,14 Expenses Accounts in Provision Accounts COMIlfSSARY:
Reserve for Repairs and Alterations. $108.,382.4& 85,200.00 $146,505.89. $ 47,765 Reserve for Salaries -Employees'
Accrued Leave...............38,471.70 *164,1655.49 $ 656.45 69,176.51 134,671
Reserve for Westinghouse Refrigerator Guarantees . . .1,657.67, 1,898.68 1,780.69 1756 HOTEL TIVOLI:
Reserve for Repairs................. .,650,.04 13,499.71 8,298.01 14,837
Reserve for Salar~les Employees-"
Accrued Leave........ 6 ,040.40 1,233-58 1,521.35 $506.04 5265
HOTEL WASHINGTON:
Reserve f or Repairs........... 370.19 5,623.26 2 ,514.66 3487
Reserve for Salaries Employees'
Accrued Leave.".............. ..4663.71 747.46 506.04 2488 3483
DOCK AND PIERS -E-XTRAORDINARY REPAIRS: Harbor Terminals .. 34,639.44 11,060.62 337.7345323 Coal Plants................. 2,940.00 _____ _____ ____2900
Total..............$189,236.16 $308.,538.94 $ 14,121.79 $232,581.67 $506.04 $258,291
*Includes special provision of $80,2000.00 to- bring rese-rve u to full estimated requirements.




TABLE NO. 5
Summary of Operating Revenue, Expenses, and Net Revenue (Including Interdepartmental Transactions) for the Fiscal Years Enided June 30, 1940 and 1939, and Comparison
1940 1939
Operat ions GROSS NtGROSS NtIces
Revenue Expenses Rvne Revenue Expenses Renu
ISTHIIUS.
Railroad -Table No.6. .$ 2)165,938.34 $1,359,578.85 $806,359.49 $1,601,804.23 $1,408,480.73 $193,323.50 $63059 Harbor TerminalsTable No. 7. .. . ...2508)748,85 1,938,116.67 570,632.18 1,936,016.04 1,472,535.55 463,480.49 17116
Coal Plants Table No.9 928,024.12 784,735.81 143,288.31 557,921.29 488,138.82 69,782.47 735.8 Real Estate Table
No. 10. .. ........357,457.24 66.,526.44 290,930.80 332,422.93 73,368.43 259,054.50 31860
Commissary Table NO-11 12,291,266.22 11,699,682.40 591,583.82 8,898,405.86 8,44,742.61 454,663.25 16905 Dairy Farm Table No.12 241,304.00 .226,800.44 14.,503.56 235,569.39 215,781.83 19, 787.56 5,8.0
Hotel Tivoli -Table
No. 13. ..............207,688J17 189,667.30 18,020.87 159,188.60 175,456.16 (16,267.56) 3,284
Hotel'Washington
Table No. 14. .. .....187,437.90 198,299.40 (10,861.50) 149,210.13 184,631.08 (35,420.95) 2,5.4
Telephone and Electric
Clocks Table No. 15. 257,554.30 189,321.27 68,233.03 248,632.65 185,180.66 63,451.99 4710
Total Operating
Revenue, Expenses and Net RevenueI stbmus.......$19,145,419.14 $16,652,728.58 $2,492,690.56 $14,119,0171.12 $12,f647,315.87 $1,471,855.25.$,2,853
NEW YORK:
Steamship Line Operations -Table No.8. .3,141,294.04 3,026,340.68 114,9953.36 1,9734, 694.28 1,821,699.63 (87,00O5.35) 21987
Total Operating
Revenue, Expenses,
and Net Revenue . $22,286,713.18 $19,679,069.26, $2, 607,643.92 $15, 853,865.40 $14,469,015.50 $1,384,849.90$12,740
(Denotes a Deficit.
*Denotes a Decrease.




PANAMA RAILROAD COMPANY 23'
TABLE NO'. 6
Railroad Operatilons
Statement of Operating-Revenue, Operating Expenses and Net Operating Revenue
(including interdepartmental Transactions) for the Fiscal Years Ended.June-3O, 1940 and*i939, and Comparison
1940 1939 Increase,
REVENUE FROM TPJ&~PORTATION:
Fre ight Revenue:
Through............... 448,256.79'$ 316,.702.92 $131,.553.87
Local.................841,985.40 542,550.47, 299,434.93
Total........................$1,290,24.19 $ 859,253.39 $430,988.80
Passenger Revenue.:
Local Passengers................0 475,422.98 $ 433,9349.51 $ 42 073.47
Baggage................. .,537.00 1,732:87 Ul95.87)
Express,, Mail, etc............61,523.37 61,177.8O 346.07
Parlor, and Chair Car............4,p308.60 4,461.00 (152.40)
Special Cars'and Trains.........20303.03 38,267.16 (17,964.13)
Motor Trains,..............18,,976.44 18,976.44
Motor-Ca'rs................17,367.40 4,0.1 (25,541.71)
Micelaeos..................,916.84 ______ 2,916.84
Total.,..............$ 602,355.66 $ 581,896.95 $ 20,458.71
Miscellaneous Revenue:Switching. .. ...... ......$ .83,636.00 $ 42,460.00 $ 41,176.00
Locomotive'Service............106,458.00' 51,671.50 54,786.50
Baggage- Transfer .. .. .. ........13,103.05 13,592.70 (489.85)
Total .. .. ...........$ 203,197.05 $ 107,72.4.20 $ 95,472.85
OTHER THAN TRANSPORTATION REVENUE:
Storage Freight .. ...... .. ....$ 18,q895.20 $ 20,205.56 $ (1.,310.36)
Storage Baggage .. .............295.58 341.20 (45.62)
Demurrage.. .......... . 13,049.65 9440 3,555.65
Telegraph. .................1,946.30 1918.78 27.52
Rental of Buildings et.........10,896.50 11,110)(1.0
Miscellaneous................25,060.21 9-1859.15 15,9201.06
Total. .............. 70,143.44 $ .52,929.69 $ 17,213.75
Total Operating Revenue.......$2,165,938.34 $1,601,804.23, $584,134.11
OPERATING EXPENSES:
Maintenance of Way and Structures:
Repairs...... ... ... .. .. .. .... 202,777.62 $ 340,894.68 $(138,117.06)
Depreciation...............19,222.38 18,749.76 472.62
Maintenance of Equipment:
Repairs, Retirements, etc........292,111.89 294,.71,1.83 .(2,599.94)
Depreciation...............36,129.36 36,225.54 (96.18)
Transportation .. .. .............702,886.00 1622,683.,89, 80,202.11
Proportion of Silver Quarters
Operations ... .. .... .........5,236.78 51964.60 (727.82)
General Expenses. .. ..... ......101,214.82 _89,250.43 11,964.39




TABLE NO. 7
FKarbor Termi nal Operat~onas
Statement 01! Operate ng Revenue, Operatlin Expenses and Net Operating Revenue. (Including Interdepartm~ental Transactins
for the F~sca1, Years Ended, June 30,! L940 ond [939, and Comparlsavr
1940 1939 INCREASE
At. a1 nt acf Atlantic Pacifctani ermials Total Atatc PcfC Total Aln~ aii
OPERATING REVENUE-:
Wharfage . .. 25900.1$ 0,019 54038.08 247,143.50 $ 197,829.55 $49,P313.95 8,936.51 $4,1212.3$$1 ,241
Rent and Storage 51,1299.36: 44S.,21.41' 7,177.95, 22,163.82 19,758.44 2,9407.38 29,Jq133.54 24 ,362.97 4,705 Steveorig. 221,93 7,94, 183,47.,81 38,401 14 64.7 11456.89 23,192.88 57,288 .17 427040O.92 1,272
Hadigand Trans-,'
f err-Ing .. .,1802,35 .48; 1.683J589.0&; 2190;292.41 1,0446,*080.27' 1,306,295.33 139,784.94 456,801.19 377,*293.71 7 074
0ther Revenue. 64,7- 89 51,057 1386.1 74&.68 32761 3962.52 18 151.2 839 25. Colon- Stable Revenue 11,8507.18 11,650.1I81 9,228.00 9J228.00 2.,9221 2.042.9:1 I
Total Operating
Revenue .. 42Y150,074885 $2,175.9946.15 $332,,802.. $1,9368,016,.04 $1,707,354~t.37 $228,661.87 $572,732,81 $4688517 $044.3
OPERATING EXPENSES::03042 Stevedoring. .... 16,%481.55 $ 141,8"15.141$- 24,946.4 1 $ 119,585.97 $101,210.77 $18,375.20 $46,875.58 $4,0.7$6512
Kaxidlng T rs 1.,083,915.08 955,858,.57 1281,055.51 725,41.68, 646,1659.83 78,1750.85 358,*504.40 309,198.74 4,3"6
entals. 079,.. 12~ 69,444.97: 42,625.03; 870-0 54600.01 32,45.9 2,0.0 14849p0150 Repairs Docks anid
Bilings 93:. 9,90.35 84,0328.64 29',651.71 83,1344.88 63,'544.57 19,800.31 10,845.47 784.(0 ,814 Depreciation. Docks
and BUIldings . g&O3a.51, 95,y792,18 240.365 95,685.84 95,448.48 240.36 346.67 348.67 Depreciation.Eqipment . . 30,768.14 30,769:.14; 28,515.47 28,9515.47' 2,253.67 2,253.67
Colon Stable,
Etpenses:
Depreciation 2 9 ,21.64, 2916 ,2 4 2916
Other Expenses Y81.48: 8, 185.46 7,423.91 7,423.91. 762.55 762.55 Proportion ofSilver,
Quarters Operation 15171G,.84, 15,710.164: 11893.92- 17,893.92, (2,8.) (2,8.8 Adainistrativse andGeneral Expenses. 3200.059.30 285,,347.66 41,711.,64 304,683.24, 264,313.04; 40,370.20 23,376.06 22,1034.62 1314
Total OperatingExpnse $,93,11 67$1,70,78.I $5 ,4.& 1,7,53 55 $1282,528.64:$190,006.81 $65,581.12 .$388,346.37$2 7,347
Nfet operating, Revenue. 57G,632.28. 508,171.14 .$ 6858 51.04 463,4480.49 $ 424,825.73 $ 38,654.78 $107,151.69 $80,245.41 6962
0Denotes a Decresee.
Note.- For the purpose: of couipar Ison, the 1938- flgtsres have. been revised to conform to 1940 classificoation,




PANAMA RAILROAD COMPANY 25
TABLE NO. 8
Steamship Line Operations
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue
(including Interdepartmental Transactions) for the Fiscal Years
Ended June 30, 1940 and 1939, and Comparison
1940 1939 Increase
OPERATING REVENUE:
F-reight 4... ...... $ 397,3652 $1,3990221.37$ 998,14385
Passenger ..... 671,047.50 295,764.19 375p283.31 cess Baggage. .. .. ,687.86 2,083.17 1,604.69 Mail. ......... .......2498.23 7,9389.96 18,108.27
Treasure. .....50999
Miscellaneous:
Profit from Sale of Beverages . 18,393.01 902819 111.42 Steamer Chair Service .5... . 5,642.50 4,663.50 979.00 Other TransportatioP Revenue. 16,153.18 15,293.95 859.23
Total operating Revenue . $3,141,294.04 $1,734,694.28 $1,4060599.76
OPERlATING EXPENSM~i
Haintoneanoe of Ships, .. $ 188,176.64 $ 59,809608 68,374.61 Provision for Depreciation.......508,9981.97 146.4658.36 362.9323.61
operation of Shipslo 1,708,9717.01 1$152996.01 55,721.00 Agency Expenses . . . 6 . 54,750.54 343,9704.82 203,045.,72
General 1 xpetses.6.............1 133,1714652 11038.41 15,170.11
Total Operating Expenses $8,0960340668 $1,521,699463 $10204p641-06
Net Operating R~evenue . . $ 114),53.36 $(87006.35)$ 201,956.71
Denotes a Deficit.
Note: Effective Jully 10 1939, the rate of depreciation on new steamers was in-~
creasedi from 24% to0 4%pranm




26 PANAMA RAILROAD. COMiPANY
TABLE NO. 9
coal Plant Operations
Statement of Sales, Gross, Profit from Sales, Expenses'and Net Operating Revenue includingg Interdepartmental Transactions) for the Fiscal Years Ended June 306 1940 and 1939, and Comparison
1940 1939 Increase
REVENUE:
Sales:
Commercial Steamships.........$881,649.37 $506,222.81 $375,426.56
Army...................13,.907.41 9,287.56 4,619.85
Panamfa.Canal and Railroad...........,231.63 4,617.91 2,1613.72
Local...................... ..321.30 4,822.95 (501.65)
Total Sales............$907,109.71 $524,951.23 $382,.158.48
Cost of.Sales:
Inventory at Beginning of the Year. ..$133,740.36 $243,936.54 $(ll0,196.18) Purchases................820.,536.49 262,205.11 558,p331.38
Total...............$954,276.85 $506,141.65 $448,135.20
Less Inventory at End of the Year. 324,830.92 133,740.36 191,090.56
Remainder -Cost of Sales .. ....$629,445.93 $372,401.29 $257,044.64 Gross Profit from Sales.......$277,P663.78 $152,549.94 $125,113.84
Other Operating Revenue:
Handling Navy Coal.................$ 21,011.25 $(21,011.25)
Trimming and Miscellaneous. .. .....$ 20,914.41 11,958.81 8,955.60
Total. .. ..............$ 20,914.41 $ 32,970.06 $(121055.65)
Total Operating Revenue.......$298,578.19 $185,520.00 $113,058.19 OPERAT ING EXPENSES:
Unloading and Storing...........$ 29,189.05 $ 20,203.20 $ 8,985.85
Reclaiming and Delivering .. .. .......34,848.08 16,939.43 17,908.65
Depreciation .. ..... ..........22,859.28 22,679.48 179.80
General...................68,393.47 55,915.42 12,478.05
Total Operating Expenses. .. ....$155,289.88 $115,737.53 $ 39.4552.35
Net Operating Revenue. .. ..........$143,288.31 $ 69,782.47 $ 73,505.84
Denotes a" Decrease.




PANAMA RAILROAD COMPANY .1 TABLE, NO. 10,
Real Estate Operations
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue
(Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1940 and 19391, and Comparison
19401939 Increase
OPERAT ING REVENUE:
Rental of Lands. .. ........ 323,683.19 $299,047.14 $ 24,636.05
Rental of Buildings............33,774.05 33,375.79 398.26
Total Operating Revenue....... 357,457,.24'$, 332422.93 $ 25..WO33
OPERATING EXPENSES:
Depreciation of Buildings....... .. 19,2p1992 $ 19,219.92 Administrative and IClerical Expenses 32,746.84 3.5,516.66 $ (2_.769.82) Repairs to Buildings .e*0.51 7.98 (7.4r6 Supplies and Services. .. .... ....149559.17 18,9623.87 (4,064.70)
Total Operating Expenses $ 66,526.44 $ 73,9368.43 $ (6,841.99) Net Operating Revenue...... .......$ 290,#930.80 $ 259,054.50 $ 31,876.30
Denotes a Decrease.




28 PANAMA RAILROAD) COMPANY
TABLE NO. 11
COMMISSARY
Statement of Sales, Expenses and Net Operating Reysnue (including Interdepartmental
Transactions) for the Fiscal Years Ended June 30, 1940 and 1939, and Comparison
1940 1939 Increase
SALES:
U.S1. Government:
Army. . 16 ..,* 4P- 0.0......0 $ 2,344,9172.67 $ 901,9877.16 $1,442,295.51
Navy.............................546,595.03 547,*624.18 (1,029.15)
Panama Canal. ....................1222,9434.72 839,4952.81 582,481.91
Departments of Panama Railroad. . 358,216.79 262,Jq926.20 95,*290.69 Individuals and Companies... ....351,1362.99 353,047.72 (1,684.73) Commercial Steamships ...........297,477.96 307,342.16 (9,864.20)
Coupons, .Paid Orders., etc 8 02;8.9622894 1,801,461.66
Gross Sales,............$13,144,9541.25 $9,V435,P589.66 $3,#708,0951.59
Less Discounts, Refunds, etc.6 . 853-,275.03 537 3162091.2
Net Sale.. a d.....$12,291,266.22 $8,898,458 $3,392,860.36
COST OF S=LS:
Inventory at Beginning of the Year. $ 1,137,049.88 $1,0O79,9298.37 $ 57,751.51 Purchases .. ...... .......8,284,793.30 5,234,4725.29 3,050,068.01
Cost of Merchandise Manufactured:
Material and Supplies Used In
.Manufacture ........ & 1,1434,562.60 .127.0 274,587.30
Manufacturing Expenses Transf err- 110155
ed from Operating Expenses. 715,9W.34 602,453.35 _1254*-'.
Total. w a 0 0 a 0 .. $11,9571,9454.12 $8,076,652.31 $3,494,801.81
Less Inventory at End of the Year 1y663,740.38 1,9137,049.88 526,690.50
Cost of Sales. .. ........$ 9,F9071713,74 $6,939,802.45 $2,968.,111.31
Gross Profit from Sales. 0 $ 2,583,Jq552.48 $1,958,9803.43 $ 424,Jq749.05
OPMIATING EXPENSES:.
Salaries, Wages, etc,. o....$ 1,568,817.92 $1,9179,453.49 $ i89,564.43 Services by Panama Canal. .,. 62,060.03 59,9701.04 2,5358.99 Printing and Handling Coupons . 74,586,06 60,950.51 13,455.55
Supplies:
Fr'om Stock (including supplies
used in service pant operations) a o a... .............185,086.20 14,28.44'809
From Panama Canal .. 46,#366.43 39,015.72 7,1350i,71
Transportation:
Freight................99,0766.54 91,5383.85 82382.69
Locomotive and Car. . . 12,944.00 10,788.00 21156.00
Passenger (railroad. and ;temmsship) & 0 0 0 0 0 4 4,290.28 3,#788.44 501.84
Tug and Launch........ a 3,2742.50 3,1797.50 (55.00)
Power and Light........ 0 71,918.92 62,439.66 9,479.26
Wate . ... ... 12,11.56 10682.41 2,029.17
Telephone, Radio and Cables. 12,4219.38 12,102.65 116.73 Cleaning and PrIessing 0 a # 15,521.09 11,336.854 3,984.55
Off Ice Expenses:
Accounting Department 4 84,P249.13 78,134.60 6,114.55 HIew York Office....................63,9988.87 54,000.00 9,988.87
Executive Office.............. 22,800.00 22,1800.00 1UChief Quartermaster's Office. .. 4,P980.00 4,0980.00 4
Loss and Damage...........44,9492.58 38,567.49 6,925.09
Stock Adjustents . ... . 2,866.35 2,0872.63 13.72 Hospitalization a a a 39,798.28 31,-11.01 8,685. A -27




PANAM1A RAILROAD~ COMPANY 29
TABLE NO. 11 -Concluded
COMM ISSARY
Statement of Sales, Expenses and Net Operating Revenue (including Interdepartmentalr
Transactions) for the Fiscal Years Ended June 30, 1940 and 1939, and Comparfison
1940 1939 Increase Less Amounts Capitalized or Charged
to Other Than Expense Accounts. $ 91,194.21$ 85,704 5 5473.81
Operating Expenses........ .2382,556.00 $2,062,132.53 $ 320,423,47
Less Mianufacturing Expenses Transferred to Cost of Merchandise
IManui-7actured, as shown above. . 715,048.34 602,453.35 .1122594.99
Wholesale and Retail Expenses. $ 1,667,507.66 $1,459,679.18 $ 207,828.48
Net Operating Revenue before
Charges Applying to Prior Years .$ 716,044.82 $_499,124..25.$ 216,920.57
Less:
Amort izat ion o f Ujnabsorbed Depreciation Applicable to
Prior Years (current year's
proportion) .. .......... 44,461.00 $ 44,461.00
Adjustment of Reserve for Salaries* Enployees' Accrued$ 80 00
Leave................80,000 $______ 80___Total............... 124 461.00 $ 44, 461.00 $ 80,000.00
Net Operating Revenue .. ...... 591)583.82 $ 454,663.25 $ 136,920.57
CDenotes a Decrease.
Note: Actual repairs charged to the reserve f or repairs and alterations for the
year ended June 30,. 1940J. amounted to $146,505.891 or $61.,305.89 more
than the provision f or such expenses.




30 PANAMA RAILROAD COMPANY
TABLE NO. 11-A
Commissary Operations Statement of Purchases by Commodities,.Location and
Distribution of Sales During the Fiscal Years Ended June 3D, 1940 and 1939, and Comparison
'PURCHASE BY CLASSES
1940 1939 increase
Groceries. .......................$ 2,809,510.59 $1,893,471.93 $96086
Candies and Tobacco.......... 441,1293.11 357,942.65 83,350.46
Housewares .. ..............544,146.74 365,358.63 178,788.11
Dry Goods.. .. ............ ..1255,191.53 911,704.34 343,t487.19
Shoes .. .. ................372,t400.40 248,1127.32 .124,273.08
Cold Storage. .. ............2,057,721.88 1.188,344.'37 869,.377*.51
Raw Material ..... .. ...........680,201.14 490,287.58 189,913.56
Cattle and Hogs. .. ...... ......281,233.67 220,202.36 61,031.31
Milk and Cream. .. ..............273,413.96 236,9844.31 36,.569.65
Dairy Products ... .. ............1,1089.73 645,367.'38 463,722.35
Total. .. ... .. ........$ 9,824,q202.75 $6,557,650.87 $3,266,551.88
LOCATION OF PURCHASES'
1940 199 Increase
United States...... .. .. .. .. ... 8,.326,0034.64 $5,269,412.54 $3,056,622.10
Euitope and Orient .. .. ..........526,887.67 483,660.18 45,227.49
Central and South America.........232,211.20 156,554.88 75,656.32
Local....................389,9961.17 319,791.09 70,170.08
Panama Canal 0 4!o 0 . .108,*793.41 94,038.64' 145,54.77 Cattle Industry .. .. ...........240,314.66 .234,.193.54 6,121.12
Total.............$ 9,824,202.75 $6.,557,.650.87 $3,266,551.88
DISTRIBUTION OF MERCHANDISE
1940 1939 Increase
Sales:
U.S. Government:
Army. .. .... .........$ 2,344,*172.67 $901,877.16 $1,442,295.51
Navy. .. .... ...........546,595.03 547.,624.18 (1,029.15)
Panama Canal. .. .............1222,434.72 839,952.81 382,481.91
Panama Railroad .. .. ...........358,216.79 262,1926.20 95,290.59
Individuals and Companies.........351,360.99 353,047.72 (1,686.73)
Commercial Steamships...........297,477.96 307,342.16 (9,864.20)
Coupons, Paid Orders, etc .. .. .....,,8 30 6,2,1. 1801,436
Gross Receipts from Sales .$13,144',541.25 $9,4355,589.66 $3,708,951.59 Less: Discounts, Refunds, etc........8533275.03 ,537,183.80 316,091.23
Net Sales............$12,.291,266.22 $8,898,405.86 $3,392,860.36
Charged to Expenses at Cost:
Retail Commissaries.and Warehouses $ 69,9712.33 $ 58,277.78 $ 11,434.55 'General .................. 0......3,972.40 6,788.50 (2,816.10)
Pla9-nt....-.-.-.-.- ..-.-.........7,105.-75 3649&16A. 9 20,688.83P-r




PANAMIA RAILROAD COMPANY 31
TABLE NOS' 12
DAIRY FARM OPERATIONS.
Statement of Operating Revenue, Operating Expenses and Net Income- (Including'
Interdepartmental Transactions),for the Fiscal Years Ended June 30, 11940 and 1939, 'and, Comparison
1940 1939 Increase
OPERATING REVENUE:7
Milk Sales................$238,9677.47 $231,135.54 $7541.93
Other Revenues .. ...............190.01 118.00 72.01
Total Operating Revenue.........$238,867.48 $231,253 .154 $7,613.94
OPERATING EXPENSES:
Miilking, Feeding,and Refrigeration
Plant Operations............$176,808.'15 $151,301.03 $25,507.12
Pasture Operations...............6,708.07 5,5033 1457,.74
Repairs........................6,838.16. 10,.5 (3,821.39)
Depreciation................5338 5,373.64 10.16
General.....................24,.079.88 26,,680,.25 (2,600.37)
Total Operating Expenses. ...... ..$219,818.06 $199,264.80 $ 20,553.26
Net Ope rating Revenue'.'............. 19,049.42 $31,988.74 $(121939.32)
INCOME OR LOSS. ARISING FROM CHANGES IN
DAIRY HERD:
Sales of Cattle.. .. ...........$ 2,436.52 $ 4,315.85 $ (1,879.33)
Inventory Value of Cattle Sold . . 8,645.76 13,9g50.22 (5,304z.46)
Loss from Sale of Cattle.........$ 6,209.24 $ 9,634.37 $ (3,425.13)
Inventory Value of Cattle Lost by Death. 5,133.42 3,762.92 1,.370.50
Loss Arising from Adjustment of Inventory
Value of Herd.................1.61 (1.73) 3.34
Total .. . . $11,344.27 $ 13,395.56 $ (2,051.29)
Less Credit Arising from Value Allocated
to Calves Born at Dairy,..........10,987.32 5,061.02 5,926.30
Net Loss Arising from Changes In Dairy
Herd. .. ...... ............$ 356.95 $ 8,334.54 $ (7,977.59)
Net Income before Annual Amortization of
Unabsorbed Depreciation Applying to
Prior Years................$ 18,692.47 $ 23,654.20 $ (4,961.73)
Less Amortization of Unabsorbed Depreciation
Applicable to Priolr Years (current year's
proportion).................4,2188.91 3,866.64 322.27
Net Income..................$ 14,503.56 $ 19,787.56 $ (5,284.00)
Denotes a Decrease.




32 PANAMA RAILROAD COMPANY
TABLE NO. 13
Hotel Tivoli Operations
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue
(including interdepartmental Transactions) for the*Fiscai Years Ended June 30, 1940 and 1939, and Comparison
. .40 1939 Increase
OPERATING REVENUE:
Rental of Rooms. a 0... ..... ... $101,816.52 67,492o60 $ 34,323.92
Restaurant Service.. ..8327760 73,034.60 10 243-00 Cigar and News Stand... ........ ......7714.24 8,102.41 I3880. 7)
Laundry and Valet Service.. ..... ...... 10169.92 6,855.12 3,314.80
Telephone.. ... ..... ,. .2,411.95 1,551.95 860.00
Niscellaneous.-................. ,.2,297.94 2,151.92 146.02
Total Operating Revenue.'. ........ $207,688.17 $159,188.60 48,499.57
OPERATING EXPENSES:
Operation:
Salaries and Wages.... ..$ 66,850.79 $63805.68 3,045.11 Subsistence Supplies. 50,370.62 43,349.80 7,020.82 Other Supplies...... ................. 13,128.25 12,172.29 955.96
Laundry Hotel........ .. 9,603.45 7,999.10 1,604.35
Laundry Guests......... ......7,048.34 4,723.80 2,324,54
Electricity, Ice, Fuel and Water . o 10,326.25 9,817.89 508.36 Miscellaneous'..a........... ... .5859.32 6,838.56 (979.24)
Total.................$163,187.02 $148,707.12 $14,479.90
Maintenance:
Depreciation- Equipment... $ 1,002.90 293.52 $ 709.38 Replacement -Equipment. ..4,217.4$ 6,530.16 (2,312.73) Provisions for Repairs Equipment 4,153.74 3,741.10 412.64 Provisions for Repairs Buildlugs .. 9,345.97 7,959.4 1,386.53
Total.. ......... ...$ 18,720.04 $ 18,524.22 $ 195.82
General:
Administrative, Supervision and
Accounting. ...... .. o .........$ 4,660.00 $ 4,645.00 $ 185.00
Niscellaneous.... .... .... ..... 3,100.24 3379.82 (9.58
Total. ......... ......$ 7,760.24 $ 8,224.82 $ (464.58)
Total Operating Expenses ... $180,667.30 $175,456.16 $ 14,211.14
Net Operating Revenue.......$ 18,020.87$16.267o56$ 34,288.43
Denotes a Decrease.
.Denotes a Deficit.
Note: Actual repairs for the year ended June 30, 19,40, which werechre1tRse. rve for Repairs, amutdto $8,296.01 or $5,203.70 less than tepo
vision for such expenses,.... ......




PANAMA RAILROAD CON1PANY 33
TABLE NO..14
Hotel Washington Operations
statement of Operating Rkevenue, Operating Expenses and Net Operating Loss.
(including.Interdepartmental Transactions) for the Fiscal Years
Ended June 30, 1940 and" 1939, and Comparison
1940 1939 Increase
OPERATING REVENUE:,
Rental of Rooms.............. 87,844.790 69,436.65 $18,1408.14
Restaurant Service........... 76,525.95 60,0D99.00 16,9426.95
Cigar and News Stand.............8,p625.60 7,232.00 1,393.60
Laundry and Valet Service. ..............6,773.96 5,736.48 1,.037.48
Telephone............................1,235.75 .1,000.35 235.40
Swimming pool."................5,0825,.30 5,218.70 606.60
NiscellaneouS6.. .................606.55 48.5 119.60
Total Operating Revenue .. .. .....$187,437.90 $149,.210.13 $38,227.77
OPERATINGEXVENSES:
Operation:
Salaries. and'Wages..........$ 58,059.18 $56,362 1,1.91
Subsistence Supplies...........46,420.31 40,716.70, 5,703.61
Other Supplies..............11,584.17 10P,37. 85 846.32
Laundry Hotel. ..............8,087.14 7,00O8.14 1,.079.00
Laundry,- Guests .. ............5,097.53 4,304.03 793.50
Electricity, Ice, Fuel a Water- .11,9627.86 11, 842.7 (214.90 Miscellaneous ............... .5723.67 6,995.88 (1,272.21)
Total. .. .................. ...$146,599.86 $137,951.63 $ 8,648.23
Maintenance:
Repairs Sea Wall. .. .........$ 4,667.98 $ 4,667.98
Depreciation Buildings.........16,311.93 $.16,293.60 18.33
Depreciation Equipment,.........2,060. 78 2,089.27 (28.49)
Replacement Equipment.............. ..231.34 2,1695.92 535.42
Provision for Repairs Buildings. . 2,811.63 3,029.39 (217.76) Provision for Repairs Equipment .. . 2,9811.63 2,238.15 573.48
Total............................$ 31,895.29 $ 26,346.33 $ 5,548.96
General:
Administrative, Supervision and
Accounting . .. .. .. $ 41660.00 $ 4,845.00 $ (185.00
Miscellaneous................3,121.09 3,464.96 (343.87)
Total.................$ 7,781.09 $ 8,30O9.96 $ (5282.87)
Total Operating Expenses........$186,276.24 $172,607.92 $13,668.32Net Operating Revenue before Annual
Amortization of Unabsorbed Depreciation
Applying 'to Prior Years..........$ 1,161.66 $ 23,397.79* $24,.559.45
Amortization of Unabsorbed Depreciation
Applicable to Prior Years (current year's
proportion)................................12,023.16 12,023.16
Net Operating Lonsa .. ............. 10,861I .50 $ 3,;S-420.95 $(PA,59.45)




34 PANAMA RAILROAD COJIPANY
TABLE NO. 15
Telephone and'Electric Clock Operations
Statement of Operating Revenue, Operating.Expenses and Net Operating Revenue
(Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1940 and 1939, and Comparison
1940 1939- Increase
OPERATING REVENUE:
Rent of Instruments............. 11,597,78 $176,051.50 &05,46.28
Rent of Trunk Lines,..............30,006 8753 1,9305.34
Leased Circuits and Ducts.'...........34,1964..25 33,048-.52 1,915.73
Changing Telephones, etc.,..............469.60 415.30 54.30
Electric Clocks..........................0.,812.00 1,844.00 '(32.00)
Electric Printing Typewriters,........8,640.00 8,508.00 132.,00
Total Operating Revenue........ $257,554.30 $248,632.65 $'8,921.65
OPERATING EXPENSES:
Operation and Maintenance................ $139,384.81 $128,216.94 $'11,.167.87
Depreciation of Buildings and Equipment. 41,966.81 41,877.22 89.59 Supplies and Services. 9 .1,.309.65 1,.125.50 184.15
Administrative and.Clerical Expne 0 0 0 6,6.0 66001
Total Operating Expenses.........$189-,321.27-$177,879.,66 $11,441.61
Net Operating-Revenue before Unabsorbed'
Depreciation applying to P 'rior Years,,. 60,233.03 $70,752.9 (2,519.96) Unabsorbed Depreciation applicable to
Prior Years............. ..... 7,30 1.00 (,0.0
Net Operating Revenue.. .........$ 68,233-.03 $ 63'1451.99 $4,781.04
Denotes a Decrease.
TABLE NO.s 16
Interest and Exchange Revenue for the Fiscal Years Ended June 30, 1940 and 1939, and Comparison
1940 1939 Increase
I sthmu s...................$ 4,382.14 $ 2,840.65 $ 1,541.49
New York. .. .... .............24,596.54 24,826.153 (229.99)
Total Revenue .. ..... .......... 28,978.68 $ 27,667.18 $ 1,311.50




PANAMA, RAILROAD CON1PANY 35
TABLE NO.,17
Railroad Operations -General and Passenger Statistics for the Fiscal Years Ended June 30g 1940'and 1939
1 9 40 1 9 39
GENERAL STATISTICS:
Average Milies of Road Operated................47.61 47.61
Gross Operating-Revenue............. ...........$,2,165,938.34 $1,601,804.23
Operating Expenses..................1,359,578.85 1,408,480.73
Net Operating Revenue ..... .. ......... .....806,359.49 193,-323.50
Per Cent of Expenses to Revenue................27 87i.93
Gross Revenue per Nile of Road................ 45,493.-34 $~33,644.28
operating Expenses per Nile of Road. .. ...............28,9556.58 29,593.72
Net Revenue per-Mile of.Road .....................16,.936.76 4,.060.56
Total Revenue Train Mileage,...............254,.395 203,438
Railroad Revenue per Train Mile-,..........$ 8.51 $ 7.87
Railroad Operating Expenses per Revenue Train Nile .5.34 6.92 Net Railroad Revenue per Revenue Train' Nile. -3.,17 1.95 Freight, Passenger and Switch Loconotive Nileage .. 380,951 321,854 Work Train, Mileage,.................. ..4204 6,9043
PASSENhGER STATISTICS:
Gross Revenue (Including 'Baggage, Express, Nail and
Treasure).......................$ 617,248.96 $ 587,.600.85
Passenger Train Nile (Including Nixed Trains),......149,644 132,9324
Passenger Trains per Day per Nile of Road............7.18 7.61
Coach Nileage.....................796,186 695,395
Baggage, Express and Nail Car Mileage..............190,216 187,4,55
Totl Passenger-Car Mileage................986,402 882,850
Passengers Carried. .. .......... ....... .....446,992 367,259
Passengers Carried One Nile.'.............1,7 3 15,759,368
Average Distance Each Passenger Carried. .. .. ........42.44 42.91
Passengers In Each Train. .. ...... ..........151.99 125.58
Passengers in Each Passenger Car (Including Baggage,
Nail and Express) .. .. ....... ............19.23 18.46
Revenue per Passenger Train Nile .. .... ......$ 4.41 $ 4.08
Revenue per Passenger Car flile (Including Baggage, Nail and Express),......................0..626 0.666
Cars In Each Passenger Train (Including Baggage,
Nail and Express)......................7.21 6.14
Revenue per Passenger .. .. ...... .......$ 1.06 $ 1.18
Revenue per Passenger per Nile. .. ...............0.0250 0.0275'
Passengers One Nile per Nile of Road...........398,4 75 331,009
Revenue per Nile of Road. ..............$ 12,964.69 $ 12,9341.96
Number of First Class Passengers Carried.........152,909 159,9911 Revenue from First Class PassengersCarried.. .... 20,578.69 $ 217,979.34 Number of Second Class-Passengers Carried..............294,083 207,348




36 PANAA RAILROAD COMPANY
TABLE NO. 18
Railroad Operations- Freight Statistics for the Fiscal Years
Ended June 30, 1940 and 1939.
1940 1 93 9
lGross Freight Revenue $ 1,290242.19 $ 859,253.39 Freight Train Mileage (Including Mixed Trains) 104,751 71,114 Freight Trains per Day per Nile of Road 6, 1,2 02 4,09 Loaded Freight Car Mileage................. .1128,801 805,724
Empty Freight Car Mileage ....... 640,641 427,329 Caboose Ca Nileage . 103,619 73,891 Total Freight Car Mileage (Including Caboose) 1,873,061 1,306,944 Per Cent Loaded Car Mileage to Total Car
Mileage (Including Caboose)...... 60.26 61.64 Loaded Freight Cars per Train... 10.77 11 .33 Loaded and Empty Freight Cars per Train 17.88 17.34 Tons Through Commercial Freight ... . ..122,402 .82,543 Tons of Local Commercial Freight. 3......13,897 69,754 Tons of Local Army Freight........... 24,359 6,045
Tons of Local Panama Canal Freight,. .. 2,681 116,810 Tons of Local Commissary Freight.', .. . 59,538 48,081 Tons of Company Freight 8,771 48,760 Tons of Revenue and Company Freight Carried 609,648- 371,993 Tons of Through Commercial Freight Carried
One Nile......... ..5 .....680
Tons of Local Commercial Freight Carried One
Nile... ...... .... ........... 4313163 2,621,020
Tons of Local Army Freight Carried One Nile 655,930 167,690 Tons of Local Panama Canal Frelght Carried
One Nile.. 6,901,903 3,660,941 Tons of Local Commissary Freight Carried One
Nile. .... .. ....... 2463544
Tons of Company Freight Carried One Nile. 257,196 1,674,656 Tons of Revenue and Company Freight Carried'',
One Nile. a & . 20,433,761 14,002,718
Tons in Each Loaded Car (Including Company) 18.0 17.38 Tons in Each Loaded and Empty Car (Including
Company).......................15 11.37
Tons -in Each Train... ......... 195.06 19690
Revenue per Freight Car Nile ..... .$ 0.6888 $ 0.6574 Average Nile Each Ton of Revenue. Freight
Carried 33.,58 38.14 Revenue per Freight Train Nile. 14.65 $12.08 Revenue per Ton of Revenue Freight.' 2.14 2.66 Revenue per Ton Nile...... ... .0.064 0.070
Tons of Revenue Freight Carried One Nile per
Nile of Road........ 423,788 259,938
Freight Revenueper Nile of Road. 27,100.23 18,047.75 Estimated Loaded Cars in Each Train (EstimtIng 2 Empties or 2 Cabooses as1 Loaded Car) 15.15 14.85 Revenue Freight Engine Nileage, .108,938 .73,770 Estimated Loaded Cars Handled per Revenue
Freight Engine. 14.57 14.31 Tons Handled per Revenue Freight Engine 187.57 189.81




PANAMIA RAILROAD COMANSY 37
TABLE NO. 19
Panama Railroad, Panama Canal, and U.S. Army and-Navy Trackage,, Additions and
'Removals for The Fiscal Year Ended June 30, 1940
LENGTH
Miles 'Total
PANAM4A RAILROAD TRACKS:
Mamn Line, Colon-Panama..........................47o610
Atlantic Terminal Tracks .........................20.432
Intermediate Tracks,...................................3.421
Passing, Tracks...........................6,144
Pacific Terminal Tracks........................14.923
Total Panama Railroad Tracks,..................92.5W0
PANAMiA CANAL TRACKS:
Atlantic. Terminal Tracks.............................4.784
Intermediate Tracks,................. ..15.249
Pacific Terminal Tracks......................... .. 5,
Total Panama Canal: Tracks........... ...................35.927
U.S. ARIIY'AND NAVY TRACKS:
Atlantic Terminal Tracks ..................5,439
Intermediate Tracks................................30.068
Total U.S. Army and Navy Tracks..................8.597
Total Tracks Maintained by Panama Railroad. .... 136.964
TRACKS ADDED DURING FISCAL YEAR:.
Panama Railroad Tracks....................273
Pamama Canal Tracks...................4,272
U.S. Army and Navy Tracks,.....................712
Total Tracks Added During Fiscal Year................5o257
TRACKS TAKEN UP DURING'FISCAL YEAR:
Panama Railroad Tracks...................062
Panama Canal Tracks.....................435
U.S. Army and Navy Tracks...........................*5O4
Total Tracks Taken up During-Fiscal Year 000 01.001
RICROSS ,AND SWITCH TES AND BALLAST USED.DURING THE FISCAL YEAR,
Cross Ties -New...................................*....14,490
Switch Ties -New*....................................10,233 Lineal Feet,
Rail 100 lb. -New....................................650 Net Tons
Rail 100 lb. -S S.E........................................650,Net Tons
Rail 90 lb. S.He...................................* 316.725 Net Tons
Rail 90 lb.e No. 3........................................16.845 Net Tons
Rail 70 lb., S.E.............................6.666 Net Tons.
Rail 70 lb. No., 3................................5.250 Net Tons
Ballast Crushed'Rock..................5, 027 Cubic Yards
AMOUNTS EJGPENDED ON WORK PEPPOR~vED, FOR OTHER DIVISIONS, AND ON RAILROAD A oF .E.' S Maintenance 'Panama Canal Tr-acks .. ........................ ._[$19,614.99
nai-ntenganc U.S.TT Army~ nd Na Tftv rcs..................3563.90




CO D CD Co ~0 Cfl C 0i 0 C CD 0 CA C 1FJ
0
I-An
0:) 0:) Cab os 04
Co co Switch Enie5(
H H Gondolas
0
CD co Box
0
CD co Stock0
0
H H .-I
en n Flats, Steel
CD
0) ) Ballast
-11 Cn Oliver Dump -12 Yard 0
CCo Oliver Dump-l19 YardM 0) 0, 0) 0) Work Cars
0 0>
--Q Oil TanksCA HA Bana
H H Automobile
H H Garbage CA CA C
H) C 'Motor Cars (D
CA CA Parlor Cars0 co W
H H First Class C
H H Second Class
-.12 Baggage and Nail
H H Hospital Cars
H H 'Pile Drivers




PANAMA RAILROAD COMPANY 39
TABLE NO. 21
Harbor Terminal Operations statistics for the Fiscal Years Ended June 30,-1940 and 1939
1940 1939 Ices
Total Harbor Terminal Revenue. .$2,508,748.85 $1,936,016.04 $572,732.81 Total Operating Expenses.......1,938,116.67 1,9472,95355 465,581.12 Total Net Revenue.'...........570,632.18 465,480.49 107,151.69
Per Cent of Expenses to Revenue., 77.25 76.06 1.19 Tons of Cargo Stevedored.........797,356 615,53 181,826 Revenue per Ton Stevedored...... 0.27831$ 0.2675 $ 0.0108 Cost per Ton S tevedored.0.2430239.12 Tons of Cargo .Handled and Transferred 2,4062, 0 24 13 0.2239 08.19 Revenue per-Ton Handled. ........$ 0.9228 $ 0.9147 $ 0.0081
Cost per Ton Handled..................0.9a 0.'7772 0.0168
Tons of General Cargo Received . 13947960,P486 388,941 ~Tons of General Cargo Dispatched 6911631 611,986 79 Number of Ships Handled'at.Cristobal 2,903 3,916326 Number of Ships Handled at Balboa. 1,284 1,73545
Total Number of Ships Furnished Agents 85 894
Denotes a DecreaseeHOLD OVER CARGO ("CANAL ZONE FOR ORDERS")
1940 1939 Increase
Tons Revenue Tons Revenue Tons Revenue
Tons on Hand Beginning of Year 415 279 136 Tons Received During Year*. 1,9146 $1,P146.00 638 $, 638.00 508 $ 508.00
Total...........14561 917 644
Tons Ref orwarded During Year 910 1.9032.09 502 603.12 408 428.97 Tons Delivered Locally. - -- Tonnage Adjustment 0...........232 232
Tons on Hand at End of Year. 419 415 4
Total .................a.1561 917 644
Received from Storage During
Year .....................0 2,9715.17 2,287.70 427.47
Total Revenue...........$4,893..26 $3,9528.82 $1,9364.44
*Tonnage on Inbound automobiles overstated, having been erroneously calculated on measurement Instead of weight basis.,
TABLE NO. 22
Statement of Steamship Line -Statistics for the Fiscal Years Ended June 30, 1940 and 1939
1940 1939 Increase
Steamships...................3 6 3*
Total Operating Revenue .. .......$3,141,294.04 $1,734,694.28 $1,406,599.76
Total Operating Expenses.........3,026,340.68 1.,821,699.63 1.,204,641.05
Net Operating Revenue ..... ........14,953,36 (87,005.35) 201,958.71'
Freight Carried, Tons...................317,141 210,728. 106,413
Freight r--- t -m-- N t Reeu (Icudn Theaure r7$2,400,871.76 $l40"21.9 $ln 1,000,653.84 O




40 PANAMIA RAILROAD -C0NPANY
TABLE NO. 23
Coal Plant Operations--Statistics for the Fiscal Years Ended June 30, 1940 and 1939
1940 1939 Increase
Coal on Hand Beginning of Period, Tons 25,9092 45,681 (20,589) Cost per Ton............... 5.33 $ 5.34 $ (0.01)
Cost of Coal Beginning of Period . . 133,740.36 243,936.54 (110,196.18) Gross Receipts from Sales and Services 928,024.12 557,921.29 370,102.83 Cost of Sales and Services. .. .......784,735.81 488,138.82 296,596.99Net Profit for the Year. .. ..... ...143,288.31 69,782.47 73,505.84
Tons of Coal Received During the Year. 148,024 49,199 98,825 Recovered on Inventory ... .. .,412 699 2,713 Tons of Coal Sold During the Year. 118,V219 70,487 47,732 Average Tons of Coal Received per Month. 12,335 4,100 8,235 Average Tons of Coal Sold per M~onth .. 9,t852 5,.874 3,978 Coal on Hand End of Period, Tons ... 58,309 25,0092 33,217 Cost per Ton...............$ 5.57 $ 5.33 $ 0.24
Cost of Coal at End of Period. .. .. ...324,830.92 133,740.36 191,090.56
Denotes a Decrease.
TABLE NO. 24
Dairy Farm Operations Stat'istics for the Fiscal Years Ended June 30, 1940 and 1939
1940 1939 Increase
Cattle on Hand at Beginning of Period. 1,077 1,075 2 Value of Cattle on Hand..........$ 92,385.06 $ 89,762.50 $ 2,622.56
Purchases .. .. ........... .....154 150 4
Cost of Purchases .. .. ..........$ 18,480.41 $ 15,272.95 $ 3,207.46
Calves, Born.................122 59 63
Sale of Cattle .. ...... .........96 163 (67)
Proceeds from Cattle Sold. .. .. ... $ 2,436.52 $ 4,315.85 $,(1,879.33)
Sale of Milk and Cream .. .... .....238,677.47 231,135.54 7519
Sale of Niscell aneous Products 190.01 118.00 72.01 Operating Exbpenses................ 229,140.39 206,894.36 22,246.03
Deaths .. ...... ..............57 44 13
Loss from Deaths.............$ 5,133.42 $ 3,762.92 $ 1,370.50
Net Profit for the Year .. .. .. .......14,503.56 19,787.56 (,5.284.00)




PANAMA RAILROAD COMPA'~NY 41
TABLE NO. 25
Statement of Expenditures Under Authority for Expenditures During
the Fiscal Year Ended June 30, 1940
A.,.DESCRIPTION This Year To Date No.
2260 Reballast the Panama Railroad .. .. ........$ ,5,'022.46 $189,348.29
2377 Refrigerating system for Vegetable Room.........(21.15) 10,085.21
2384 New equipment for Milk Bottling and Ice Cream
Plants .. ...... ............ . (1,9761.50) 32,755.91
2386 Alterations In Milk Bottling and Ice Cream Plants. 298.10 34,9367.12 2394 Replace spalled concrete of Pier No. 6 .. .. . 255.41 255.41 2412 Alterations In Refrigerating Plant, Mt. Hope 1,1426,.33 3,824.40 S 2415 Two-car motor train for Transportation Department. 52,682.86 52.91853.93 2418 New refrigerating system for Hotel Tivoli,.........520.22 7,476.55
2424 Seven compressors for Refrigerating Plant, Mt.
Hope. .......................1457.92 61,370.38
2425 Sluicing earth slidesat N~ie*Post 38..........929.89 11,938.80
2440 New vacuum system for Baking Plant....... 173.04 1,610.97 2441 Alterations in engine room of Refrigerating Plant,
Balboa .. .....................372.21 1,684.01
2451 Retube brine coolerNo. 1 in kfg.*Plant, Mt. Hope: 313.10 1,585.89 2452 Dishwashing machine for Hotel Tivoli . ... 6.13 1,186.88 2461 Electrical Improvements In Refrigerating Plant,.
Balboa.......................(150.53) 6,184.36
2473 Two dairy refrigeratorsfor0Ancon Commissary 532.19 4,184.27 2474 Nine pressing machines for Ancon Laundry .. ......(329.09) 3,279.78 2475 Cold diffuser for Sausage Factory............149.24 402.53
2477 Electric motor 40 HP, for Refrigerating Plant,
Mt. Hope. .. ........... ......... ..(7.17) 1,1181.13 1
2480 Reconstruct Pier No. 3, Colon.............1,2236.21 651815.4
2481 Demolish Pier No .. 3, Colon........... 59951.,56 1917-.
2482 Demolish and remove Pier No. 2,Colon..........337.73 337.7 j,4 7
2484 Six fender floats for Atlantic Piers a Docks 1,9055.06 1,141 .33 k 2485 Replace 42 fender piles at Pier No. 7 .. .. .....3,946.41 4,329.17
2488 Replace spalled concrete under Pier No. 7.. .. ...1,560.64 1,560.64 2492 Replace five fender piles at Pier No. 16... .... 361.23 361.234 2493 Four fender floats for Coal Plant, Cristobal . 292.59 398.16 2495 Replace eight fender piles at Dock No. 6...... .1075.24 1,9075.24 2496 Four fender floats for Dock No. 6.,......1,049.33 1,049.33 2497 Replace two fender piles at Dock No. 7..........529.01 529.01
2488 Three fender floats for Dock No. 7 .. ..... ....783.67 783.67
2500 Replace spalled concrete under Dock No. 16 426.22 1,1592.39
251Replace spalled concrete under Pier No. 18 .. 1,9621'86 1,1622.80 2509 Retube brine cooler No. 2 in Rfg. Plant, Mt. Hope. 304.91 1,P760.66
2510 Ice Cream cabinet for Ancon Commissary .........7.77 485.91
2512 Ice Cream cabinet for Red Tank Commissary. .. ......33.39, 501.04
2513 Ice Cream cabinet for Pedro Miguel Commissary. 11.30 434.35 2515 Platform scale for Ice Cream Plant. .. .........22.69 384.21
2516, Hack saw for Mchine Shop, Mt. Hope.. ..... 449.21 449.21 2517 Ammonial compressor for Ancon.Commissary. . (185.86) 1,332.70 2518 Syruper.-filer-crowner for Industrial Laboratory (2.36) 2,977.93 2,521 Repair platform roof of Cold Storage Plant . 115.14 '2,606.37 2523 Storage battery for Telephtone Exchange, Balboa39.8 1965
Heights........ .... .. .. .. .. .. .....1365 1,365
2524 Eight oil burners for Baking Plant ...........995.46 2,9534.73
2525 Air compressor for Ice Cream Plant, Mt. Hope 360.02 2,?820.26 2526 Two cold diffusers for the Egg Room. .. .... ....494.57 975.29
2528 Telephone extensions in Ancon .. .. ...........16.10 627.54
2529 Duplicating machine for Commissary Division.. 8.96 363.43 2530 Shipping cases (1500). for Commissary Division. 175.74 1,9206.48 2533 Locating material for filling land In Colon. . 494.07 1,500.00 2535 Paint secondhand third floors of Baking Plant. 807.12 807.12




42 PANAMA RAILROAD COMPANY
TABLE NO. 25-- Continued
Statement of Expenditures Under Authority for Expenditures During the Fiscal Year Ended June 30, 1940
A.F.E. Description This Year To Date No.
2548 Steam kettle for Industrial Laboratory........$ 494.86 $ 494.86
2549 Four trucks and five batteries for Commissary
Division. .. ..... ................10,930.55 10,P930.55
2550 Ozone generator for Vegetable Room........... .1254.38 1,9254.38
2551 Steam kettle for Sausage Factory............ .1020.67 1,P020.67
2552 Condensing unit for Pedro Miguel Commissary.......2,403.97 2,9403.97 2553 Construct lean-to on La Boca Commissary....... 12,098.54 12,098.54 2554 Two unit coolers for Balboa Commissary......... .191.78 1,P191.78
2555 Four transformers for Refrigerating Power Plant i 18,959.51 19,9519.17 2556 Alterations and equipment for Balboa Commissary . 22,044.38 22,044.39 2557 Handkerchief Ironer for Ancon Laundry............390.40 390.40
2558 Remove brine lines in Refrigerating Pow&~ Plant 715.81 715.81 2559 Extend telephone system In Gatun .. .. ..........438.17 438.17
2560 Extend telephone system In Cristobal...........473.23 473.23
2561 Extend telephone system in Balboa . . .730.44 730.44 2562 Paint exterior of Cristobal Commissary....... .....915.74 915.74
2563 Starch cooker for Ancon Laundry. .. .......... 306.00 306.00
2564 Show case for Pedro Miguel Commissary .. ..............400.65 400.65
2565 Dish washing lay-out for Hotel Tivoli. .. .......2,9334.42 2,9334.42
2566 Retube boiler No. 507 of the Commissary Division. . 4,1435.25 4,9435.25 2567 Brine pump for Refrigerating Power Plant .. ..... 720.72 720.72 2568 Repair roof of freight house, Panama......... 931.19 931.19
2569 Refinish Interior trim of Cristobal Commissary. o 618.68 618.68 2570 Slicing machine for La Boca Commissary..........307.22 307.22
2571 Railroad station at Pedro Miguel*.............15,9252.59 15,252.59
2572 Repair and paintrPile Driver No. 200.............29.22 829.22
2573 Gasoline tractor for Harbor Terminals......... 694.50 694.50
2574 Renew smoke flue of boiler No. 507.............,22.87 1,122.87
2575 Button-sewing machine for Ancon Laundry. .. .......305.21 305.21
2576 Extension to track No. 45-1., Balb.oa Yard.. .. ......971.40 971.40
2577 Reinstall two brine pumps In Cold Storage Plant . 487.20 487.20 2578 Replace six fender piles at Pier No. 7..... ......684.20 684.20
2579 Extend telephone system to Diablo Heights. .. .... .5155.03 5,9155.03 2580 Make 200 bread baskets for the Bakery ,..............438.03 1,9438.03
2581 Insulate brine lines in Refrigerating Power Plant . 876.69 876.69 2582 Repair and paint Pile Driver No, 201................* .409.92 1,9489.92
2583 Core pump for Ice Plant., Mt. Hope. .. ..........320.58 320.&8
2584 Paint Interior of Balboa Commissary. .. .........894.98 894.98
2585 Three coupon counting machines for Commissary Division .. .. ......... . ... .. .2,301.94 2,301.94
-2586 General office building at Balboa Heigh~ts.......22,927.86 22,.1927.86
2587 Make 500 shipping cases for Packing Department .. 595.43 595.43 2588 Dialed water meter for the Baking Plant..........449.21 449.21
2589 Blower type cooler for.Industrial Laboratory........409.62 409.62
2590 Milking equipment for Mmndi Dairy Fain........ 5,255.87 5,9255.87 2591 Line switches, 100, for telephone exchange, Balboa. 0 3,259.61 3Y259.61 2592 Extend telephone system In Mocon.. .. .........3,396.55 3,9396.55
2593 Extend telephone system In Balboa .. ...... ... .1506.44 1,506.44
2594 Municipal Improvements In Block 34, Colon .. .....9,717.65 9,717.65 2595 Repair damage to track and embankments at Gamboa. . 1,294.41 1,294.41 2596 Three hundred bread baskets for the Baking Plant . 2,I093.33 2,9093.33 2597 Unit conditioner for the Vegetable Room...........644.63 644.6~3
2598 Electric motor, 15 HP, for Ancon Commissary o 458.58 458.58 2599 Alterations on third floor of Cold Storage Plant., 14,9187.01 14,187.01 260 Two br^ pump for the _-f-- 0- I m 1-1 4 Ice- Plnt Mt Hope...........1,284.86 1 ,84.86




PANAMA RAILROAD CONiPANY 4
TABLE NO. 25 Continued
Statement of Expenditures Under Authority for Expenditures During the Fiscal Year Ended June 30, 1940
AF.E. Description This Year To Date No.
2607 Five steam locomotives for the Transportation Dept. $205,367.71 $205,367.71 2609 Enclose space on back platform of Balboa Commissary 547.70 547.70 2610 Two ice cream cabinets for Silver City Commissary 538.30 538.30 2611 Pump and electric motor for Industrial Laboratory 422.51 422.51 2612 Mieat cutting band saw for Balboa Commissary . . 903.84 903.84 2613 Storage battery for Refrigerating Power Plant . 613.93 613.93 2614 Install amber colored glass in windows of Baking
Plant.. .. 3.20 3.20 2615 Loaf molding machine for the Baking Plant .. . 2,9147.76 2,147.76 2617 Two drying tumblers for Ancom Laundry . . . 59578.32 5,578.32 2618 Shell and tube condensor for Hotel Washington . 394.49 394.49 2619 Construct and equip cold room In Balboa Rfg. Plant. 3,366.55 3,1366.55 2620 Construct labor train track In Panama Yard... . 3,9311.11 3,9311.11 2622 Extend telephone system to new Corundu Commissary 451.62 451.62 2623 Renewal of ceiling lighting, Pedro Miguel Comissary 781.15 781.15 2624 Ammonia compressor for Rfg. Power Plant. .. .....6,257.64 6,257.64
2625 Two refrigerated fronts for Gatun Commissary . . 1,0085.06 1,9085.06 2626 Replace part of roof of Dry Storage Warehouse 9 937.17 937.17 2629 Forty storage batteries for Harbor Terminals. . 13,404.70 13,1404.70 2630 Two platform scales for Wholesale Meats. .. .......796.00 796.00
2631 Reversion wall to enclose oil tanks at Mit. Hope . 974.44 974.44 2633 Concrete plot in front of Silver City Commissary. 747.83 747.83 2634 Fence to enclose labor train track In Panama Yard 1,748.53 1,748.53 2635 Extend platform of freight house, Cristobal . . 774.20 774.20 2637 Four crossing gates for Calidonia crossing.. .. ...2,150.50 2,150.50 2638 Seven doors for Cold Storage Warehouse, Balboa. . 1,453.87 1,4453.87 2640 Cyclone fence between Shaler St.* and.Hotel Washington. ........... .... ... 733.71 733.71
2641 Baby grand piano for Hotel Washington...... 311.46 311.46 2642 Extend house track, Pedro Miguel .. .. ... ......319.70 319.70
2643 Apply Barrett roofing to Balboa Commissary.......267.33 267.33 2644 Repair roof and plaster of Cold Storage Warehiouse 274.29 274.29 2645 Remove obsolete equipment from Soap Plant 36.65 36.65 2646 Extend track No. 12 south end lit. Hope Yard . . 1,732.77 1,732.77 2647 Install four large lights in Panama-Yard .. .. .....552.05 552.05
2648 Scale and weighing bucket for Coffee Roasting Plant 633.17 631 2649 Municipal Improvements in Santa Cruz area, Panam 16,011.54 16.9011.54 2650 Six bread racks and trucks for Baking Plant . 530.39 530.39 2651 Replace 48 fender piles at Pier No. 6..... ....804.08 804.08
2652 Replace pile cluster and fender floats, Pier No. 6. 792.32 792.32 2655 Replace spelled concrete under Pier No. 7...... .1,047.17 1,047.17 2657 Replace pile cluster and fender floats, Pier No. 8. 250.39 250.39 2662 Replace fender piles and floats at Dock No. 7,
-Balboa...*.................................0...8.26 8.26
2665 Two-ton cooler for Sausage Factory. .. .. .......598.95 598.95
2666 Resurface parts of floor, Ancon Laundry. .. .......845.76 845.76
2667 Electric bake oven for Baking Plant. .. ..... . 1,413.70 1,9413.70
2668 Extend the cyclone fence at Panama Yard........969.12 969.12 2669 Miultiple lift truck for Wholesale Groceries . . 5,558.57 5,9558.57 2670 Repair washed out places on Cristobal mole.-. .....4,986.88 4,986.88 2671 Eight bovsom-.body presses for Ancon Laundry........a .4293.99 4,293.99
2674 Portable gasoline crane for Harbor Terminals . . 5,1404.48 5,404.48 2675 Repair and paint P.R.R. barge No. .15. .. .. ......632.24 632.24
2676 Repair and paint P.R.R. lighter No. 205 .... 727.36 727.36 2677 Repair and paint P.R.R. lighter No. 206 .. .. .. 527.33 527.33
267B Revolving oven for Sausage Factory. .. .. ......1,1609.47 1,609.47
2679 Three garment presses for Ancon Laundry. .. ......1,218.47 1,1218.47
2680 Six metal coffee bins for Coffee Roasting Plant .. 277.85 277.85 2681 Food storage case for Cristobal Commissary.......341.4-8 341.48 2682 Twenty4-ve cashregisters for va"riu reti-l




44. PANAMA RAILROAD COMPANY
TABLE NO. 25 -Concluded
Statement of Expenditures Under Authority for Expenditures During the Fiscal Year Ended June 30, 1940
A.F.E. Description This Year To Date No.
2691 Twenty-oheck-out counters for Commissary Division,$ 1,108.-58 $ 1,108.58 2692 Repair boilers No. 480 and 481, Balboa Coal Plant 9,11.400 911.00 2693 New railroad station at Gamboa .. .. ...... 9,585.13 9,585.13
2694 Municipal Inprovenents in Santa Cruz area, Panama 7,180.97 7,180.97 2695 Survey relocation of Railroad, Mit. Hope to Quebrancha .. .. ................3,994.21 3,P994.21
2696 Alterat Ions In baggage ron at Cristobal*Docks. 1,786.58 1,786.58 2697 Telephone cables between Balboa and Iiiraflores. 20,354.28 20,354.28 2698 Addition to Ancon Laundry Building...... ...10,162.24 10,162.24
2699 Alterations in retail Cold Storage Section, lit.
Hope. .. ..... ..................726.12 726.12
2702 Construct steel stairs in Coffee Roasting Plant 469.42 469.42 2707 Repair the ammonia compressor at La Boca Connissary....... ..... . . .. .. .. .. .......380 358.09
2709 Extend the annex on north side of Ancon Commissary............ ..... 668.45 668.45
2710 Repairs and painting In Ancon Laundry . .994.77 994.77 2711 Dialed water neter for Baking Plant..........391.79 391.79
2712 Extend telephone system In Pedro Miguel........665.04 665.04 2713 Extend telephone system in Gatun. .. ..... ...1,9577.28 1,577.28
2714 Alterations for self-service in Pedro MiiguelJ Commissary.,,...................857.31 857.31'
2715 Ten sections of shelving in Pedro Miguel Commissary. .. ......................568.68 568.68
2717 Extend telephone system In Diablo Heights; 242.42 242.42
-2718 Three-phase transformer In Refrigerating Power
Plant. .. ................ 729.53 729.53
2725 Paint roomas on first and second floors, Termina~l Building. 522.44 522.44 2726 Install drain under l ik*Bttling a Ice Cream
Plants.......................483.62 483.62
2729 Extend south en deof passing track atCaimio. 5. 5064.55 5,064.55 2732 Repair and paint rooms 51 to 57 of Hotel Tivoli 61.87 61.87 2737 liezzanine floor In Housewares and Coffee
Sections .. ................. 370.81 370.81
2742 Baby grand piano for Hotel Wa shington.... ....321.34 321.34 2752 Road from the automobile ramp to yard office
Balboa...... .. .. .. ... 12.70 12.70
2755 Alteratltons and additions to buildings of Colion
Stables i 09&000. 0. 42.40 42.40 2760 Line switches, 145, various telephone
exchanges . .... .. . ... 4,185.65 4,185.65
2769 Construct parking space adjacent t9 Balboa*.
Commissary' ................. 17.47 17.47
TOTALS . ... .. .. .. .. .. $908,214.65 $1,7333,P272.70




PANAMA RAILROAD COMPANY 45
TABLE NO. 26
Statement Showing Items of Construction, Improvement and Equipment Added to
and Removed from Capital, Accounts During Fiscai Year Ended June 30, 1940
ITEM1S ADDED TO CAPITAL ACCOUNT:
Miscellaneous equipment for Commissary Division.............$230,624.66
Addition of lean-to and platform to La Boca Commissary .. .. ......12,*098.54
Sixty electric storage batteries for Harbor Terminals...... 20,P179.10 Gasoline tractor, No. 739, for Harbor Terminals .. ...... ......694.50
Pier, No. 3, ColonJ reconstructed....................65.9815.48--,43
Refrigerating equipment for Hotel Tivoli.. .......... 6,4944.24
Dishwashing machine for Hotel Tivoli.........................1,186.88
Two baby grand pianos- for Hotel Washington............ 632.80
Ammonia condenser for Hotel Washington...................394.49
Cyclone fence between Shaler Street and Hotel Washington ... . 733.71 Extensions to Panama Railroad trackage.......................4,9602.21
Pile driving hammer for Roadmaster. .4 ,. . . 4,066.82 Motor car No. 6 and trailer No. 6-a...... ... . .. .. .. .. ... )85.9
General office buildi ng at Balboa Heights................22,99 27. 86
Railroad station building at Pedro Miguel. .. .............15,252.59
Municipal improvements in Block 34, Colon. ..............9,717.65
Municipal Improvements In Santa Cruz, Panama .. .. ...........16,011.54
Extensions to telephone systems In various towns............ .3045.38
Two storage batteries for Telephone system. .. ...... ....... .829.16
One hundred line switches for telephone exchange, Balboa. .... 3,259.61
TOTAL ... .. .. .. .. .. .. .. .. $4-72,871.15
ITEMS REMOVED FROM CAPITAL ACCOUNT:*
Launch "Gertrude" from Coal Plant ....1,932.43 Gasoline truck, No. 834, from Coal Plant. .. ....... ..... 2,663.14
Miscellaneous equipment from Commissary Plants and Stores . . . 151,436.00 Gasoline tractor, No. 710, from Docks, Piers, and Appurtenances .1,144.75 Old Pier No. 3, Colon, from DokPiers,. and Appurtenances . . 44, 25l.884 Eleven freight cars from Railroad and Appurtenances. .. ........11,601.48
Tie boring machine from Railroad and Appurtenances .. .. ........ .000.09
Old Pedro Miguel station from Railroad and.Appurtenances .... 3,800.00 Miscellaneous trackage from Railroad and Appurtenances...... 1,?026.84 Panama land sold from Real Estate .. ....... ...........25,239.11
TOTAL. .. ..... .............. .........$248,9095.72




46 PANAMA RAILROAD COMPANY
TABLE NO. 27
Construction Work in Progress at Close of Fiscal Year Ended June 30, 1940
A.F.E. -DESCRIPTION Estimate No.
26.Extend telephone distribution system In Balboa...........$ 500.00
2579 Extend telephone distribution system to Camp Diablo.........5,600.00 2592 Extend telephone distribution system to Ancon............4,600.00
2589 Unit cooler for Industrial Laboratory................229.00
2605 Five ammonia condensers for Ref g. Power Plant .. .. ........20, '000.00
266Construct and equip new Ancon Silver Commissary..........245,-200.00
)2607 Five steam locomotives f or Transportation Department........222,000.00 2608 Five diesel locomotives for Transportation Department .. .. ...439,000.,00 2610 Two ice cream cabinets for Silver City Commissary .. .. ... 700.00 2616 Bottle washer and filler for Milk Bottling Plant.. ........ .9222.20
2619 Cold Storage room and equipment for Balboa Plant. .. ...... .225.00
2621 Three rendering cookers for the Soap Plant. .. ..........24,9052.00
2622 Telephone system extension to new Silver Commissary In Ancon 450.00 2624 Ammonia compressor, 40-ton for Refg. Power Plant, Balboa -. 6,9700.00 2628 Wye track at Cristobal-Roundhouse. ................... 0 6,9400.00
2636 Two switchboards for Balboa Telephone Exchange. .. ........13,000.00
2637 Four gates for Calidonia Crossing, Panama .. .. ........... .1200.00
2646 Extend track No. 12 in Mt.. Hope yard. .. ............ .2000.00
2668 Extend cyclone fence In Panama Yard .. .. ....... .......1,200.00
2671 Eight bosom-body presses, Ancon Laundry. .. .............5,428.50
2672 Five electric cargo trucks, Harbor Terminal. ............13,500.00
2673 Twenty-five trailer trucks, Harbor Terminal.. ............ .150.00
2674 Portable crane, Harbor Terminal.. .. ...............5,000.00
2678 Revolving oven In Sausage Factory. ...... .. . . .686.00
2680 Six coffee bins Coffee Roasting Plant .. ...... ........550.00
263Equipment for DiboHeights Commissary. .. ..... ..... 6,4585.00
2693 Construct new Railroad Station, Gamboa. .. ............15,000.00
-264 Mnicipal Improvement in Santa Cruz, Panama.. ............12,200.00
2697 Cables for telephone service between Balboa & Miraflores . 20,000.00 2698 Addition~to Andon Laundry .. .. ..................7,000.00
2703 Bread wrapping machine for Bakery.................5,740.00
2704 Three teletypes for rental to Pan-American Airways .. ......2,325.40
2705 Mixing tank for Industrial Laboratory. ...........................553.00
2708 One teletype for rental to Pam-American Airways. ..........800.00
2711 Water meter, dialed, for Baking Plant .. .. ....... ......553.00
2712 Extend telephone distribution system In Pedro Miguel 1,800.00 2713 Extend telephone-distribution system In Gatun........... .$100.00
2716 Wire stitching machine for Wholesale Meats .. ...... .......994.00
2717 Extend telephone'distribution system In Diablo Heights 0 9 1Y500.00 2720 Electric slicing machine for Balboa Commissaryo. ....... 574.00 2721 Ice hoist, 1-ton for Ice Plant.. ..................466.00
2724 Floor scale for local freight house Cristobal .. ..........900.00
2729 Extend passing track at Caimito, 1260 feet. .. .......... .000.00
2730 Kerosene oil pump for'La Boca Commissary .. ....... ......655.00
2731 Kerosene oil pump for Cristobal Commissary .. ....... .....708.00
2733 Neat grinding machine for Sausage Factory. .. ...... .....1,316.00
2734 Packaging scale for Packing Section .. .. .............4333.00
2735 Freezing system for Ice Tank No. 1. .. ................149000.00
2736 Ammonia compressor for Rfg. Power Plant .. .. ...........18,9000.00
/ 2737 Mezzamine floors in Coffee & packing sections.. .. ........36,9800.00
2738 Refrigerating equipment for Pedro Miguel Commissary.........1,972.00 2741 Five electric hoists for Harbor Terminals.. ........ 2,p500.00
2743 Two gasoline tractors for Harbor Terminals .. ...........2,800.00
274 Equipment for new commissaries at Forts Kobbee and Sherman 12P500.00
2745 Elevator, bucket, for Coffee Roasting Plant. ... o . . 1,$461.00 2746 Exten. telephone system to Gatun Silvertown. .. ...............1,500.00
2747 Ice Cream hardening room In Cold Storage Plant ...........6,100.00
2748 Ice Cream freezer machine for Ice Cream Plant. 5,930.000 2749 Refrigerated displaycase for Pedro M-iguel Commissary. 95).00










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