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ONE HUNDRED-FIRST
ANNUAL REPORT OFTHE BOARD OF, DIRECTOR'S
'OF THE
PANAMA RAILROAD COMPANY
TO. THE STOCK HOLD ER
FOR THE FISCAL YEAR ENDED JUNE 30, 1950
John S. Swift C..
..... .....New York
2
TABLE OF CONTENTS
Page
List of Board of Directors and Officers ...... ........... 5
Letter of Transmittal. 6.................. 6
Operations of the New York Office General Administration.... ..... ........7........ 7
Operations on the Isthmus
Financial:
Income from operations on the Isthmus. ......... 9
Capital investment Fixed Property and Equipment and
Related Accrued Depreciation .... ........ 9
Cash. ............................ 9
Merchandise, Materials and Supplies, .. ..K 9 Operating and-Special Reserves. 0............... 0
Railroad Operations:
General operations ........................... ...10
Passenger statistics. ................... 10
Freight statistics ............... ... ....... 10
Real estate ........................ 10
Locomotive and Motor Car statistics. ........... 11
Trackage. .... ....... .... ...........11
Rolling Stock 11
Other Operations on the Isthmus:
Harbor terminals....................... 11
Coaling plants. .......... ............ 11
Commissary......................... 11
Manufacturing plants... ......... 12
Hote ls ............................ 13
Telephone system. .13 Interest and exchange ... 13 Expendituresunder A.F.E.'s a .. ................ ... 13
Construction improvement and equipment acquisitions in
progress..........................13
Freight claims................................... 14
Auditors' Opinion, General Accounting Office............... 15
TABLE OF CONTENTS -Continued
List of Financial Tables
Page
Exhibit 1, Comparative Balance Sheet, Assets,... .........16
Exhibit 1, Comparative Balance Sheet, Liabilities. ..... 17 Exhibit 2,-Comparative Statement of Income and Accumulated
Income Retained.. ...... : ..... 18
Notes to Financial Statements. ,... ........19
Table 1, Investment in Railroad, Steamships, Harbor Terminals, and' other Properties and Equipment and
related Accrued Depreciation .20...... .....20
Table 2, Cash. 22.. .......
Table 3, Accounts with United States Government
Departments...... ... ..23
Table. 4, Merchandise, Material and Supplies, .... .. 24 Table 5, Operating and Special Reserves. . Table 6, Summary of Operating Revenue, Expenses and'
Net Revenue,. .... .,.. 26 Table 7, Railroad Operations, Revenue and Operating.
Expenses .. .... ..... . ..... 27
Table 8, Harbor Terminal Operations,.Revenue and Expenses . 28 Table 9, Coal PlantOperations, Statement of Sales, Gross',
Profit from.Sales, Expenses, and Net Operating
Revenue,.,.29 T 10, Commissary, Statement of Sales, Expenses and Net Operating Revenue.. ... . 30 Table 10a' Commissary Purchases by Commodities, Location and
Distribution of Sales.. ...... 32 Table 11, Hotel Tivoli Operations, Revenue and Expenses. 33 Table 12, Hotel Washington Operations, Revenue and Expenses... ........ .. ,... ...34
Table 13, Telephone System Operations, Revenue and Expenses .... ....... 35
Table 14, Steamship Line Operations, Revenue and Expenses. .. 36 Table :15, Interest and Exchange, Revenue......... ......36.
4
TABLE OF CONTENTS Concluded
List of Statistical Tables
Page
Table 16, Railroad Operations, General and Passenger
Statistics ..... ... ......... .......... 37
Table 17, Railroad Operations, Freight Statistics ..... . 38 Table 18, Locomotive and Motor Car Statistics... ........ 39
Table 19, Trackage with Additions and Removals .. ..... ...40
Table 20, Statement of Locomotives and Rolling Stock
in Service .. . .. ...... ..... . . ..... 41
Table 21, Harbor Terminal Operations, Statistics and
Hold-Over Cargo..... .... .... .. .... ...... .....42
Table 22, Coal Plant Operations, Statistics.......... 43 Table 23, Steamship Line Operations, Statistics. .. .......43 Table .24, Statement of Expenditures under A.F.E.'s .. ......44
Table 25, Statement Showing Items of Construction, Improvement and, Equipment added to and removed from Capital Accounts. .... .......... . . .. 47
Table 26, Construction Work in Progress at Close of
Fiscal Year.-, . ........... . .. .... ..9
PANAMA RAILROAD COMPANY 5
BOARDOF DIRECTORS
B F. BURDICK JOHN.W. MARTIN J L. SCHLEY G.E. EDGERTON F. K. NEWCOMER H. D. VOGEL GORDON GRAY F. C. PACE, JR. R. A. WHEELER E. P. KOHL W. R. PFIZER
D.E. TAYLOR appointed Director July 6, 1950. E.D. McKIM appointed Director Dec. 28, 1950. T.C. ANDREWS appointed Director Dec. 28, 1950 replacing E.P. KOHL.
OFFICERS
F.K. NEWCOMER.. President....... ...... Balboa Heights, C.Z.
W.R. PFIZER .... . Vice President.... ................New York, N.Y.
HERBERT D. VOGEL . Second Vice President. ... .Balboa Heights, C.Z.
JAMES C. HUGHES. o. Secretary.. . ......... New York, N.Y.
W.L. HALL...... Treasurer........... . New York, N.Y.
B.F. BURDICK .. ....General Purchasing Officer . .. Washington, D.C.E.P. KOHL. .. .....General Counsel. .. .... ....New York, N.Y.
P. DE STEFANO. .. Auditor.............. New York, N.Y.
W.M. LLOYD........... Freight Traffic Manager..........New York, N.Y.
*VACANT . ... Commissary Purchasing Agent. . New York, N.Y.
J.P. SUTHERLAND . Passenger Agent. .. ..... ...New York, N.Y.
W.G. GRACE.......Port Engineer. ..................New York, N.Y.
A.L. PRATHER .. .. ..General Manager.,.. ...........Balboa Heights, C.Z.
ARNOLD BRUCKNER Director of Finance.. . .... Balboa Heights, C.Z.
E.S. MACSPARRAN ... Receiving & Forwarding Agent .. Cristobal, C.Z.
L.W. LEWIS.......Chief Quartermaster. .. .... ..Balboa Heights, C.Z.
V.J. CLARKE. .....General Manager, Commissary Division. . .... ..... Cristobal, C.Z.
P.A. BENTZ .. .....Counsel on the Isthmus .. .....Balboa Heights, C.Z.
HOWARD KER ...... ...Assistant Engineer of Maintenance. Balboa Heights, C.Z.
A.C. GARLINGTON. ...Electrical Engineer.........Balboa Heights, C.Z.
..Mr. V.J. Clarke was transferred to the New York Office on November 1, 1950
and assumed the duties of Commissary Purchasing Agent.
6 PANAMA RAILROAD COMPANY
New York, N.Y., January 2, 1951
TO THE STOCKHOLDER:
I submit for your information and consideration a report of the Company's business operations for the twelve-month period ended June 30, 1950, and of its financial 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 net income before charges amounted to $851,434.29, as compared with $453,179.88 for the previous year, an increase of $398,254.41. There was charged against- the year' s income a total of $293,655.58, representing contribution to Civil Service Retirement Fund, employees injury and death compensation payments, settlement of injury and death claims, refund of ocean freight charges for prior years and Proportionate cost of General Accounting Office audits for fiscal years 1947 and 1948, which left a balance, of $557,778.71 transferred to surplus. After payment of dividends, $1,000,000.00, and the addition to surplus of capital assets consisting of railroad roundhouses and car shops transferred from The Panama Canal by Executive Order No. 10102 of January 31, 1950, $232,181.67, there was anet reduction of surplus amounting to $210,039.62.
Gross revenues from operation of the Railroad Proper continued to decline, dropping from $2,106,283 in 1949 to $1,627,920 in 1950. Rigid controlof expenses, however, reduced the loss from $219,339 in 1949 to $165,346 in 1950. Considerable improvement in control over expenses is reflected also in two major Isthmian operations, namely Harbor Terminals and Commissary. These units produced an increase in net revenues of $159,108 and $195,857, respectively, in comparison with the previous fiscal year. This showing was made in the face of adecline in gross revenues from $2,621,919 in 1949 to $2,493,974 in 1950 in Harbor Termina,s operations and from $32,841,765 in 1949. to $24,998,523 in 1950 in Commissary operations.
Respectfully,
....K..NEWCOMER
: I submi LatPeidentom
PANAMA RAILROAD COMPANY 7
Operations of the New York Office
General Administration
At meeting of October 27, 1949, announcement Was made that the Stockholder had appointed Colonel H. D. Vogel as a director.
At the same meeting Colonel Vogel was elected Second Vice President.
General J. C. Mehaffey resigned as a director December 20, 1949.
Mr. Hargrove Bellamy resigned as a director January 19, 1950.
At meeting .of April 27, 1950, the Stockholder, Hon. Frank C. Pace, Jr., announced he' elected to serve as a director as provided by the company's by-laws.
On July 1, 1949, the company paid a dividend of $500,000. that had been declared at meeting of May 11, 1949.
At meeting of April 27, 1950, a further dividend of $500,000. was declared and paid April 28, 1950.
In accordance with the provisions of Section 302 of the Government Corporation Control Act, the company made an initial deposit with the Treasurer of the United States of $5,000,000. to establish a regular banking or checking account subject to deposits and withdrawals by the company's officers. Accounts in commercial depositaries as heretofore are being maintained to the extent deemed necessary or advisable.
PANAMA LINE
Mr. W. K. B. Potts, Superintendent, retired October-31, 1949. The position of Superintendent was abolished; the responsibilities and duties of that office were separated and vested in the newly created positions of Port' Engineer and Dock Superintendent.
Steamship.Line net operating profit declined $133,067.17 from the previous year due largely to decreased freight revenue brought about by reduced forces and activities on the Isthmus and increased wages to steamer and shore personnel-which could not be completely offset by reductions in operating expenses.
Gross operating revenue from the transportation of freight, passene year ende June 30, 195 wa $4,989,304.11.
reeu f$,2,321.12. hr eeattlo 12!,966 passengers carried an h passenger rievenue amutdt 1042850. Mal rvnetaled $174,426.54... ...
8 PANAMA RAILROAD COMPANY
Operating expenses, which include depreciation charges of $475,537.86 amounted to $4,898,341.48. This resulted in a net operating profit of $90,962.63...
Freight traffic of the Panama Canal and other departments of the U.S. Government was carried at tariff. Passenger traffic for account of these Government Departments including Panama Canal employees and their families was carried at reductions from tariff rates ranging from 25% to 75%. These reductions on passenger traffic amounted to approximately $879,200.
The number of passengers carried on Government account was:
Adults Children Infants
Government Transportation Requests.. ...... . 859 151 45 Employees and families traveling at
personal expense:
Panama Canal & Panama Railroad. .....5,115 921 232 U. Army...........817 191 70
U. S. Navy . ... . ... .......495 148 37
Other Government Departments... ..... 136 27 1 7,422 1,438' 385
Details of steamship line operations are presented in Tables Nos. 14 and 23.
PANAMA RAILROAD COMPANY, 9
OPERATIONS ON THE ISTHMUS
Fiscal Year 1950
INCOME FROM OPERATIONS ON THE ISTHMUS
The total revenues from sales of goods and services during the fiscal year amounted to $30,641,105.75. The cost of sales, including operating expenses, amounted to $30,035,504.09, leaving an operating revenue of $605,601.66,1 to which is added interest and exchange amounting to,$180.00 profitsof $111,540.00 from the sale of lands, and $42,750.00 from the write-off of unredeemed commissary coupon books., The result is a net income of $760,07.66 for the year, as compared with $228,750.08 last year, an increase of $531,321.58. There were increases in the net revenues of the Commissary Division, Harbor Terminals and the Hotel Tivoli, and the loss in the Railroad proper was reduced,-. There were decreases in the net revenues of the Coaling Plant and Telephone System and an increased loss at the Hotel Washington..
Details of the gross revenues, gross operating expenses and net revenues of the. operating units on the Isthmus, and income from interest and exchange are presented in Tables Nos. 6 and 15.
CAPITAL INVESTMENT FIXED PROPERTY ANDEQUIPMENT ANDRELATED ACCRUED DEPRECIATION
The capital, investment of the Panama Railroad Company on the Isthmus in real estate, fixed property and equipment, at the close of the fiscal year, amounted to $31,285,715.10, as compared with $31,016,619.59 last year, an increase of $269,095.51. The additions made during the fiscal year for completed
-capital items amounted to $429,416.68, which includes $232,181.67 for roundhouse and car shops transferred from The Panama Canal by Executive Order 10,102, January 31, 1950; $68,647.26 for conversion of cantonment type buildings to family quarters; $22,077.30 for telephone cables and generators for the Tele-phone System; $27,779.17 for an addition to the Battery Charging Plant Building, Mt. Hope; $23,562.57 for modernization of the Cristobal Commissary; and $55,168.71 for miscellaneous Commissary and Railroad equipment.
The values of capital items retired from service during the year amounted to $160,321.17, which includes $47,200.39 for railroad track removedand $14,464.90 for miscellaneous equipment from the Railroad proper; $39,142.41 for cargo trucks, truck cranes, and other equipment from Harbor Terminals; $21,053.47 for miscellaneous equipment from the Commissary DiVision, and $38,460.00 for the Colon Stables tract.
The reserves for depreciation (accrued depreciation) of property and equipment on the Isthmus totaled $15,462,763.61 at the close of the fiscal year, as compared with $14,959,231.06 last year, an increase of $503,532.55.
Details of fixed property and equipment, accrued depreciation, and of the various items added to and removed from the capital investment are presented in Tables Nos. 1 and 25.
CASH
The total cash on hand and on deposit on the Isthmus at the close of the fiscal year amounted to $1,141,329.69, as compared with $2,443,073.24 last year, a decrease of $1,301,743.55.
A detail of cash on hand and on deposit is presented in Table No.,2.
MERCHANDISE, MATERIAL AND SUPPLIES
The investment of the Panama Railroad Company on the Isthmus in merchandise, coal, dairy herd, material and supplies at the close of the fiscal year amounted to $4,641,538.14, as compared with $6,691,25.76 last year, a decrease of $2,049,716.62. There were decreases of $2,137,619.61 in commissary supplies; $56,i701.2 in coal stock; ad$57.linhtlsupplies. There were increases of $126 ,092.,08 in r ailodmtrilad$6089.63 in dairy herd. ...
A detail of merchandise, coal, dairy herd, material and supplies on hand is presented in Table No.... ..4...
10 PANAMA RAILROAD COMPANY
OPERATING AND SPECIAL RESERVES
At the beginning of the fiscal year, the operating reserves on the Isthmus totaled $397,536.95. The total credits to the reserves through charges to operations during the year amounted to $286,309.37. The charges to the reserves for purposes for which they were provided amounted to $331,529.56, resulting in a balance at the close of the fiscal year of $352,316.76. At the beginning of the fiscal year, the special reserve for obsolescence of the roadway and track totaled $7,075,342.02. Charges during the year, resulting from track removals, amounted to $47,200.39, leaving a balance in the reserve at the close of the fiscal year of $7,028,141.63.
The special reserve for rehabilitation of the Commissary Plant was not disturbed during the year, and remained at $750,000.00 on June 30, 1950.
A detail of the operating and special reserves is presented in Table No.5.
RAILROAD OPERATIONS
GENERAL OPERATIONS
The total revenue from the operations of the Railroad proper during the. fiscal year was $1,627,919.96; operating expenses were $1,793,265.62, resulting ina net loss of $165,345.66, as compared with a net loss of $219,338.59 last year, a decreased loss of $53,992.93.
The gross revenue per mile of road operated decreased $9,373.30, as compared with last year, and operating expenses per mile of road decreased $10,453.12, resulting in an increase of $1,079.82 in net revenue per mile of road. Revenue train mileage decreased 23,261 miles, as compared with last year, and locomotive mileage decreased 33,229 miles.
Details of operating revenues, expenses and general statistics are pre*sented in Tables Nos. 7 and 16.
PASSENGER STATISTICS
The total revenue from passenger operations during the fiscal year, including baggage,mail, express, special trains, motor cars, etc., was $307,519.25; operating expenses, based on pro rata of train and locomotive mileage, were charged at $830,642.40, resulting in a net loss of $523,123.15, as compared with a loss of $668,682.72 last year, a decreased loss of $145,559.57.
There were 317,530 passengers transported during the fiscal year, as compared with 396,762 last year, a decrease of 79,232 passengers.
Details of passenger operations are presented in Tables Nos. 7 and 16.
FREIGHT STATISTICS
The total revenue from freight operations during the fiscal year, including switching, demurrage, storage, etc., was $1,280,886.03; operating expenses based on pro rata of train and locomotive mileage, were charged at $935,116.21, resulting in a net revenue of $345,769.82 as compared with $438,996.63 last year, a decrease of $93,226.81.
The revenue freight tonnage transported during the fiscal year amounted to 219,541 tons, as compared with 291,183 tons last year, a decrease of 71,642 tons. The revenue ton miles decreased 2,704,920, as compared with tonnage for last year.
Detail of freight operations are presented in Tables Nos. 7 and 17.
REAL ESTATE OPERATIONS
The total revenue from rental of buildings and lands not used in the operainothralodws$39,514.68 operating iexpense were $27,507.01, restigianet revenUe: of $12007.67 ~ias compaed wth $10,347.i50 las year
insadlnsntusdiPh prtono h aloda erSented inTable No ,as patof Railroad O perations.
PANAMA RAILROAD COMPANY 11
LOCOMOTIVE AND MOTOR CAR STATISTICS
The total locomotive mileage during the fiscal year amounted to 295,299 as
compared with 328,528 miles last year., a decrease of 33,229 miles. Steam locomotive mileage decreased 53,642 miles, diesel locomotive mileage increased
26,138 miles, and motor car mileage decreased 5,725 miles.
The cost of maintaining and servicing locomotives during the year, including fuel consumed, amounted to $278,818.98, as compared with $355,794.28 last year, a decrease of $76,975.30. The corresponding cost for motor cars was
$6,269.56, as compared with $4,810.35 last year, an increase of $1,459.21.
Details of locomotive and motor car statistics are presented in Tables Nos.
16 and 18.
TRACKAGE
The total trackage maintained by the Company during the fiscal year, including Panama Railroad, Panama Canal, U. S. Army, Navy and Air Corps tracks, was 157.757 miles, as compared with,160.805 miles last year, a decrease of 3.048
miles.
A detail of trackage, additions thereto and removals therefrom, construction and maintenance data is presented in. Table No. 19.
ROLLING STOCK
At the close of the fiscal year there were 13 steam and 5 diesel electric
locomotives, 45 passenger cars, 731 freight cars, 3 motor cars, and 2 pieces of
miscellaneous equipment in service..
A detail of the rolling stock on hand is presented in Table No. 20.
OTHER OPERATIONS ON THE ISTHMUS
HARBOR TERMINAL OPERATIONS
The total revenue from harbor terminal operations during the fiscal year
was $2,493,974.31; operating expenses were $2,188,477.87, resulting in a net revenue of $305,496.44, as compared with $146,388.09 last year, aa increase of $159,108.35. The gross tonnage of cargo stevedored, handled and transferred during the fiscal year amounted to 1,808,188 tons, as compared with 1,741,427 tons last year, an increase of 66,761 tons. Cargo stevedored amounted'to 792,474 tons during the fiscal year, as compared with 552,161 tons last year, an increase of 240,313 tons.
During the year "Hold for Orders" cargo amounting to 519 tons was received.
and 425 tons were forwarded, as compared.. with 783 tons received and 808 tons forwarded last year. The revenue for storage and handling amounted to $6,705.50,
as compared with $9,898.27 last year, a decrease of $3,192.77.
During the year 1,755 cargo ships were handled as compared with 2,455 last
year. Agency services were furnished 29 vessels, as compared with 78 last year.
Details ofharbor terminal operations are presented in Tables Nos.8 and 21.
COALING PLANT OPERATIONS
-; The total revenue from the sale of coal and from other operations during
the fiscal year was $294,329.97. The cost of sales, including operating expenses, was $284,211.20, resulting in a net revenue of $10,118.77, as compared with $43,783.71 last year, a decrease of $33,664.94. During the year 8,089 tons of coal were purchased and 11,860 tons were sold, as compared with 19,828 tons
purchased and 16,601 tons sold last year.
Details of coaling plant operations are presented in Tables Nos. 9 and 22.
COMMISSARY OPERATIONS
The revenue from sales and services duringg the fiscal year amounted
to $241-998,523.41. The- cost of sales, including operating expenses was $24,562 ,677.75, resulting in a net revenue of $435,845.66, as compared with
1239,988.43 last year, an increase of $195,857.23.
The: ; :volume: iof ii:ii ness t:ransacted during ithe: fiScal' year :'averaed
$2,083,210.;28: a month! as co'mpared 'with $2, 736;813.74 a month last year, a !de-; creaSe of $653,603.,46., Total Sales to steamshi!ps including $508,026.64 sales toU .Nv,~muted to! $1.069,810.81. The -;average monthly inventory was $5,i443,901.73 ad ~~iithe average Stock turnover was approxmatelyi once in 11l.32
12 PANAMA RAILROAD COMPANY
The distribution of sales for the past four years is presented in the following tabulation:
1950 1949 1948 1947
U.S. Army and Navy ......... $ 1,654,425.03 $ 2,182,867.96 $ 1,685,068.07 $ 1,775,569.32
The Panama Canal. .. ..... 3,158,531.10 3,772,976.07 3,490,455.12 3,479,546.13
The Panama Railroad . 263,268.87 503,501.15 553,073.13 359,516.95 Individuals & Companies 689,575.90 1,195,550.31 1,199,868.43 1,137,668.95 Commercial Ships. ... ..... 561,784.17 1,029,969.9.1 1,244,759.26 1,221,528.51
Employees.. ............ ..19,562,560.31 25,102,829.87 25,820,816.05 25,251,772.94
Gross revenue from
sales ........ ..... ..$25,890,145.38 $33,787,695.27 $33,994,040.06 $33,225,602.80
Lcss discounts and
refunds .... .... 891,621.97 945,930.42. 853,194.24 947,139.43
Net sales... ... . . $24,998,523.41 $32,841,764.85 $33,140,845.82 $32,278,463.37
MANUFACTURING PLANTS
Following are comparative statements of the output of the manufacturing plants (principal items) for the fiscal years 1947 to.1950 inclusive:
1950 1949 1948 1947
LAUNDRY:
Pieces handled .......... ...6,931,681 7,995,738 9,085,712 -10,324,360
Gross value of output 419,409.48 $ 439,145.81 $ 482,771.00 $ 511,393.79
BAKERY:
Bread, loaves ... ... 5,981,043 8,524,664 8,886,992. 9,324,064 Rolls, each....... 2,914,257 3,060,135 3,471,539 5,982,771 Cakes, pounds .... . 114,033 155,261 200,323 383,061
Gross value of output , $ 776,709.86 $ 952,939.16 $ 947,170.96 $ 997,876.17
COFFEE ROASTING PLANT:
Coffee, pounds:
Army, green.. .. .. 514,460 637,503 615,338 610,663 Commissary, roasted 577,824 747,283 910,717 977,785
Corn, cornmeal and
peanuts, pounds . 2,935- 900 .
Gross value of output $ 350,412.36 $ 364,134.64 $ 389,924.19 $ 345,991.50
INDUSTRIAL LABORATORY:
Gross value of output . $ 467,133.10 $ 586,509.33 $ 510,110.17 $ 536,682.74
MINDI DAIRY FARM, MILK
BOTTLING PLANT AND ICE
CREAM PLANT:
Raw milk, gallons 563,943 603,861 533,686 502,109 Milk bottled, quarts. . 1,943,143 2,693,310 2,530,500 2,591,643
Ice cream manufactured,
gallons . .. ..... 269,286 439,380 499,435 .584,298
Gross value of output $ 1,655,848.33 $ 2,223,744.54 $ 2,197,123.01 $ 2034,863.74
ABATTOIR:
Cattle killed, head . 3,495 5,501 4,653 4,293
Gross value of output $ 624,308.56 $ 879,838.61 $ ;598)906.43 $ 528,897.18
SAUSAGE FACTORY:
Gross value of output . $ 390,422.88 $ 514,334.79 $ 458,896.26 $ 478,477.54
ICE MANUFACTURING PLANT:
Ice manufactured, tons; 15,021 19,107 20,983 22,515 :.Ice ipuchased ifrom : : !- :- i::!!?
c:: roSS value of :outPUtii :$i .12:3,919.40f $ 4,1.1$ 1508.25 :$" 1 56,405,:79-
PANAMA RAILROAD COMPANY 13
HOTEL OPERATIONS
HOTEL TIVOLI: The total revenue from operations during the fiscal year was $631,582.12; operating expenses were $538,105.83, resulting in anet revenue of $93,476.29, as compared with $72,527.68 last year, an increase of $20,948.61.
A detail of Hotel Tivoli operations is presented in Table No. 11.
HOTEL WASHINGTON: The total revenue from operations during the fiscal year was $226,415.94; operating expenses were $310,585.22, resulting in a net loss of $84,169.28, as compared with a net loss of $70,577.70 last year, an increased loss of $13,591.58.
A detail of Hotel Washington operations is presented in Table No. 12.
TELEPHONE SYSTEM OPERATIONS
The total revenue from telephone and other operations during the fiscal year was .$368,360.04; operating expenses were $358,180.60, resulting in a net revenue of $10,179.44, as compared with $15,738.46 last year, a decrease of $5,559.02.
During the fiscal year 1,774 telephones were installed or reconnected, and 1,803 were discontinued or removed, resulting in a net decrease of 29 telephones. At the close of the fiscal year there were 6,112 telephones, 31 electric clocks, and 35 automatic printing telegraph typewriters in service.
A detail of telephone system operations is presented in Table No. 13.
INTEREST AND EXCHANGE
The total receipts from interest and exchange in connection with operations on the Isthmus during the fiscal year amounted to $180.00, as compared with $240.00 last year, a decrease of,$60.00.
A detail of interest and exchange is presented in Table No. 15.
EXPENDITURES UNDER A. F. E. '5
Expenditure of $646,788.30 was made under 172 authorities during the fiscal year, bringing the total expenditure under these authorities to $886,654.62.
A detail of expenditures under A.F.E 's is presented in Table No. 24.
CONSTRUCTION, IMPROVEMENT AND EQUIPMENT ACQUISITIONS IN PROGRESS
At the close of the fiscal year construction work, improvement projects, and equipment acquisitions, estimated to cost $5,645,302.00, were in progress. The principal items are: $5,049,800.00 for replacement of Mt. Hope cold storage warehouse and $16,002.00 for miscellaneous machinery and equipment, for the Commissary Division; $134,500.00 for a telephone exchange building, equipment and underground system at Cocoli; $181,000.00 for switchboards for Cristobal, Gatun, Gamboa and Balboa Heights telephone exchanges, $50,000.00 for switch banks and $9,500.00 for telephone cables and miscellaneous eqUipment for the Telephone System;i $135,000.00 for construction of family quarters and bachelor bUilding at Mmndi Dairy; $28,000. 00 for electric cargo inches i and $17,500.00 for cargo trucks for Harbor Terminals; and $24,000.;00 for automatic electric crossing gates- for the Railroad. .. ..."
; Al detail o6f construction,. improvement and equipment acqUisitions! in progress at th en sf h year-is .preSented in TbeN.2
14 PANAMA RAILROAD COMPANY
FREIGHT CLAIMS
During the fiscal year ended June 30, 1950, there were 4,270 new loss and damage railroad and steamship claims received and investigated by the Claim Officer, involving a total of approximately $291,000.00. This is a decrease of 1,415 in number and a decrease of $236,000.00 in amount involved from the previous fiscal year.,
For the purpose of comparison, there is-shown below the number of claims handled, amounts involved, and amount of the Panama Railroad liability, including amounts charged to the steamship line, as settled on the Isthmus for the past five fiscal years:
Year No. of Claims Amount Involved Amount of Settlement
1946 4,200 $480,000.00 $10,969.94 1947 5,238 775,000.00 18,195.06 1948 6,668 923,000.00 58,227.04
..1949 5,685 527,000.00 59,045.66 1950 4,270 291,000.00 40,079.92
15.
COMPTROLLER GENERAL OF THE UNITED STATES
WASHINGTON 25
January 24, 1951
The Board of Directors,
Panama Railroad Company,
24 State Street, New York 4, N.Y.
Gentlemen:
An audit of the Panama Railroad Company for the fiscal year ended June 30, 1950, has been made by the General Accounting Office in compliance with the Government' Corporation Control Act (31 U.S.C. 841). At your request, there are transmitted herewith, for inclusion in the Company's annual report, statements of financial position and operations, together with explanatory notes and the auditors' opinion of the financial statements, al 'of which will be included in the audit report submitted by the Comptroller General to the Congress.
Very truly yours,
-~Comptroller General
of the United States
AUDITORS' OPINION
We have examined the balance sheet of Panama Railroad Company as of June 30, 1950, and the related statement of income and accumulated income retained for the year then ended. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances and appropriate in view of the effectiveness of the system of internal control. We did not observe the taking of physical inventories but we have satisfied ourselves as to these items by means of other auditing procedures.
In our opinion, the accompanying balance sheet (exhibit 1)
and statement of income and accumulated income retained (exhibit 2) and related explanatory notes present fairly the financial position of Panama Railroad Company at June 30, 1950, and the results of its operations for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year and with applicable Federal laws.
.During our examination we observed no program, expenditure, or other financial transaction which, in our opinion, was carried on or made without authority of law.
... ... .. ..:Corporto uis Divi ion
Jaur 2 951 :.Genera AconigOfc
16 PANAMA RAILROAD COMPANY
(A federally chartered, wholly owned Government corporation)
EXHIBIT 1
COMPARATIVE BALANCE SHEET--JUNE 30, 1950 AND 1949
ASSTS1950 1949'
CURRENT ASSETS:
Cash:
In U.S. Treasury........ 5,500,000 $
In commercial banks and-on hand..... . .......8,886,096- 12,195,638.
1436 09 12,195,y638,
Accounts receivable:
U.S. Government agencies......435,592 919,888 Other. ,a......... 457,562 4811138
893 154 1,401,026
Inventories:
Merchandise, at the lower of cost or market. 3,776,226 5:799,471 Raw materials and supplies, at cost, 1,467,125 '1,540,048 5,243,351 7,339,519
Total current assets...... .. 20,936,83 GUARANTY DEPOSITS AND SUNDRY ASSETS 52,550 102,709 LAND, BUILDINGS, AND EQUIPMENT (note 1): Land owned in Colon, Republic of Panama... .. .. 1552,500 1,590,960
Buildings and equipment:
Railroad ... .... .. .. .. ....14,525,231 14,283,793
Steamships........... . 13,597,500 13,597,500
Harbor terminals .....5,831,383 5,894,658 Commissary.......... ..5,931,468 5,824,52
Other ......... ..........3,676,571 3,448,483
43,562,153 43,048,586
Less accumulated depreciation and obsolescence 29,412,327 28,479,133
Net buildings and equipment . . .... 14,149,826 14,569,453
15,702,326 16,160,413
C ONCESSIONARY CONTRACT RIGHTS"1 1
$ 36,277,478 $o37,199,306
PANAMA RAILROAD COMPANY 17
(A federally chartered, wholly owned Government corporation)
EXHIBIT 1
COMPARATIVE BALANCE SHEET--JUNE 30, 1950 AND 1949
LIABILITIES 1950 1949
CURRENT LIABILITIES:
Accounts payable:
U.S. Government agencies. ........ $ 266,459 $ 372,388
Other ........... ............ 919,527 1,267,794
1,1185,986 1,640,182
Accrued liabilities:, 5,0
Salaries and wages ...............270,011 353,502
Employees' annual leave (note 2).. .......... 339,682 383,676
Unredeemed commissary coupons and advance
steamship ticket sales and deposits..... ..185,302 279,833
Advance collections, .guarantees, and sundry
liabilities.. .... ...... .............63,029
Total current liabilities ..... .......... 2,021,345 2,720,222
CONTINGENT LIABILITIES (note 3)
EXCESS OF REVENUE OVER EXPENSES ON VOYAGES IN
PROGRESS 60,065 72976
RESERVE FOR COMMISSARY PLANT REHABILITATION 750,000 750,000
EQUITY OF UNITED STATES GOVERNMENT:
Ownership receipt, held-by the Secretary
of the Treasury....... . ............ 1
Accumulated income retained:
Accumulated income (note 4). .,.. .... ....71,968,747 71,410,969
Deduct dividends paid to U.S. Treasury and
other repayments to the Government less
$7,232,181 at June 30, 1950, and $6,999,999
at June 30, 1949" applied to the Government's
direct investment. .. ., .. .......... 28,522,680 27,754,862
Accumulated income retained (exhibit 2). 43,446,067 43,656,107
43,446,O68 43,656,108
Less special deposit in U.S. Treasury to establish an emergency fund (note 5)......... .. ,OOO 10,000,000
Equity at end of year...., .33,446,068 33,656,108
r 36,277,4781$ 371199,306
18 PANAMA RAILROAD COMPANY
(A federally chartered, wholly owned Government corporation)
EXHIBIT 2
COMPARATIVE STATEMENT OF INCOME AND ACCUMULATED INCOME RETAINED
FOR THE YEARS ENDED JUNE 30, 1950 AND 1949
(Including interdivisional transactions)
1950 1949
DIVISIONAL INCOME. (-LOSS):
Commissary.. ... ...... ........ ....... . $ 504,920 $ 239,988
Steamship line .. ..... . . ......... 90,963 224,030
Railroad .. .... .. . ............. ..... -165,346 -219,338
Harbor terminals ... ................. ..... 305,496 146,388
Coal plant ..... ......... ...... . . . 10,119 43,784
Hotels:
Tivoli ...................... .93,476 72,528
Washington.. ....... . ....... ., . . -84,169 -70,578
Telephone system...... .. ..... ........ 10,179 15,738
765,638 452,540
Less civil service retirement fund contributions
and injury and death compensation payments . 230,521 226,085
Net divisional income . ...... .............. 535,117 226,455
OTHER INCOME:
Gain on sale of land ... . . ....... ..... 111,540
Gain on write-off of unredeemed Commissary
coupons.... .......... ... . . . 42,750
Interest earned. . ...... .......... ... ....580 640
689,987 227,095
OTHER EXPENSES:
Accelerated depreciation of trans-Isthmian cable 66,740
Fire loss, La Boca commissary. . . .. .. 69,074
Steamship claim settlements and other expenses
applicable to prior years.. ... .... 63,135
132,209 66,740
NET INCOME FOR YEAR 557,778 160,355
ACCUMULATED INCOME RETAINED AT BEGINNING OF YEAR 43,656,107 51,966,009
Add:
Portion of accumulated dividends applied to the
value of assets transferred from the Panama Canal, pursuant to section 246 of the Canal
Zone Code (note 1) 2.3. .... ............. .2 8Unused portion of reserve for rehabilitation of "
.steamships... ... ... ... .....- 82,960
Deduct: 44,446,067 52,209,324 DedUct: "- .: -: . ..
Dividends paid to U.S. Treasury ...... ..... . 1,000,000 500,000
Obsolescence of railroad roadway and track .. 7,085,159
Depreciation of certain railroad :and harbor
terminal properties applicable to prior years. -943,058
Value of dairy pastures abandoned.. .......___ ...____ 25,000
.ACCUMUATED INCOM REAINED AT EN OF YEAR.....
.(e hibit 1.) ... .. i-... $ 43,446,067 $ "365,0
'--.The notes .follOwing ehbt2aenitgrlpart of "thiS stateent:..
PANAMA RAILROAD COMPANY 19
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1950
1. Pursuant to Executive Order 10102, approved January 31, 1950, by the President of the United States, as., authorized by the act of August 12, 1949 (63 Stat. 600), certain business operations, facilities, and appurtenances were approved for transfer to Panama Railroad.Company from the.Panama Canal so that ownership Would be placed with the operator. The transfer .of the railroad' roundhouse and car shop was made February 1, 1950, and amounted to $232,182. The remaining property and equipment amounting to $3,018,497 representing the utility value at date of transfer (in most instances the book value less'accumulated depreciation) was taken into the accounts of thelCompany subsequent to June, 30, 1950,.
Fully depreciated buildings and equipment at June 30, 1950, amounted to $11,666,595..
2. The recorded liability for employees' accrued annual leave represents accrued leave for U.S. rate employees pertaining to co'missary and hotel divi sions only. At June 30, 1950, -the unrecorded liability to other U.S. rate employees was approximately $386,000, to local rate employees approximately $275, 000.
3. The Company was contingently liable at June 30, 1950, under pending lawsuits arising from personal injuries aboard its steamships and from cargo loss and damage involving claims aggregating approximately $1,109,000. The Company's counsel is of the opinion that settlements of these claims will not exceed $164,200.
4. Represents the retained income at date of acquisition by the Government (May 7, 1904) plus the reported income since that date and the excess of market value over the cost of land conveyed by the United States to the Republic of Panama on December 16, 1943 ($7,092,977).
5. Pursuant to the Panama Railroad Company Act, (48 U.S.C. 1361j), the Company in June 1948 deposited $10,000,000 with the United States Treasury to establish a fund from which it may borrow, interest free, for authorized purposes. At June 30, 1950, this fund remained intact.''
TABLE NO. 1
Investment in Railroad, Steamships, Harbor Terminals and Other Properties and Equipment and Related,
Accrued Depreciation for the FiScal Year Ended June 30, 1950
PROPERTY ACCOUNT ACCRUED DEPRECIATION
CREDITS TO RESERVES
ITH SBalance A t Retirements Balance Balance Charges to Balance yISTHMUS i, 1 ions and eCHARGED TO 0Reserv Transfers94 June 30, 1950' July 1, 1949 CHRETOesrs T f .uetirements 1 Operations Adjustments
RAILROAD AND APPURTENANCES:
Roadway And track.. ....... $ 7,939,537.22 $ 47,200.39 $ 7,892,336.83 (c)
Tunnel, bridges and culverts. 1,079,248.05 1.079,248.05 $ 562,575.96$ $ 576,965.88 Stations, roundhouses . .5 926,437.34,$218,024.3 31144,461.6 22,113.04 593,682.70
Telegraph and-signals 281,443.08 1,702.35 279,740.73 206,103.73 2,403.48 $ 1,702.35 206,804.86(d)
Road equipment... ..... ..2,764,062.00 12,762.55 2,751,299.45 2,198,726.43 98,857.02 12,762.55 2,284,820.90
Miscellaneous equipment . . 28,517.03 16,431.00, 44,948.03 21,777.06 2,375.50
Other Buildings:
U.S.R. Quarters ... .. . .. 801,000.00 801 000. 00 208,999.48 15999.96 224,999.44
L.R. Quarters .. 1,118,222.08 68,647.26 1,186,86934 1,026,766.98 17,602.54 1,044,369.52
Printing plant .. .. .. 246,405.53 246,405.53 79,777.35 5,466.12 8,4.7~
Other Lands:
Colon lands.... .. .. 90,960.00 38,460.00 1,552,,500.00(f)
Total railroad and
appurtenances.......$16,775, 832. 33 $303,102.59 $100,125.29 $16,978,809.63 $4,876,296.65 $ 179,207.158 $ 14,464.0$541393
Less donations and grants
($864,195.20 applicable to roadway and track and
$36,883.72 to signal
system). .. .. ..........901,078.92 901,078.92 ____________ ______Net railroad and appurt. $15,874,753.41 $303,102.59-$100,125.29 $16,0.7730'.7 $ 4,876,296.65 $ 179,207.58 $ 14,464 0,0
DOCKS, PIERS AND APPURTENANCES:
Decks and piers ... . . .. $ 4,735,544.44 $4,735,544.44 $ 3,809,361.04 $ 93,784.80 $ 3,903,145.84
Buildings .. . 196,949.65 196,949.65 142,229.46 4,003.80 146,233.26 Roads and walks .... 56,780.59 56,780.59 56,0380.072 199.92 ( 56,580.64 Equipment. . 905,383.59 $ 63,275.57(a) 842,10.02 422,036.90 66,522.91 (22, 426,834.87
Total docks, piers and
appurtenances. . .. .. $ 5,894,658.27 $ 63,275.57 5,831,382.70 $ 4,430,008.12 $ 164,511.43 $ (22,582.53) $ 39,142.41 $ 4,532,794.61
COAL PLANT:'
Structures ....... . ... $ 533,279.40 $ 533,279.40 $ 350,551.60 $ 10,665.60 $ 361,217.20
Equipment,.. . ....2,853.81 2,853.81 1,854.84 285.36 2,140.20
Total coal plant......... $ 536,133.21 $ 5361133.21 $ 352,406.44 $ 10,950.96 $ 363,357.40
TELEPHONE SYSTEM:
Telephone plants .... ..... .. $ 1,803,159.30 $ 17,084.46 $1,820,243.76 $ 1,387,877.52 $ 47,517.91 $ 1,435,395.43
Duct lines. .. ... ..... .243,200.08 4,992.84 248,192.92 205,978.18 6,080.04 212,058.22
Buildings .. .........84,214.33 ....84,214.33 38,746,.56 1,704.72 40,451.28
Total telephone system. ---$ 2,130,573.71 $ 22,077.,30 $2,152,651.01 1,632,602.26 $ 55,302.67 $1,687,90493
HOTEL WASHINGTON:
Buildings .. ..... ...... $ 724,160.28 $ 724,160.28 $ 424,154.24 $ 16,293.60 $ 440,447.84
Equipment .. .. ............32,189.05 32,189.05 22,703.22 1,279.3623925
Total Hotel Washington. ...$ 756,349.33 $ 756,349.33 $ 446',857.46 $ 17,572.96 $ 44404
COMMISSARY PLANTS AND STORES:
Plants...... . ... $ 2,215,998.46 $ 27,779.17 $ 2,389.01 $ 2,241U 388.62 $ i,129,579.27 $ 39,874.80 $ 752.48 $ 1,168,701.59
Retail stores 1,866,350.22 23,562.57 3,933.00 1,885,979.79 834,104.43 36,620.08 1,902.40 868,822.11
Equipment.............1,741,802.98 52,895. 05 (9,401.70) 1,804,099.73 1, 257, 376. 43 68,911.90 $ 22,.582. 52(b) 13,157.64 135732
Total commissary....... $ 5,824,151.66 $104,236.79 $ (3,079.69Xa)$ 5,931,468.14 $ 3,221,0601.13 $ 145,406.78 $ 22,582.53 $ 15,812.52$ 3,373,236.92
COMPLETED INVESTMENT-ISTHMUS. $31,016,619.59 $429,416.68 $160,321.17 $31,285,715.10 $14,959,231.06 $ 572,952.38 $ - $ 69,419.83 $15,462,763.61
UNCOMPLETED IMPROVEMENT ANDCONSTRUCTION...........$ 25,426.66 $231,437.961,$ 25,426.66 11 23,437.196 ______ ______________ ____ _____Total Isthmus. .. ... $31,042,046.25 $660,854.64, $185,747.83, $31,517,153.06 $14,959,231.06 $ 572,952.38 $ $69,419.8 $1,6,736
NEW YOR~K
STEAMSHIPS:
SS ANCON........ . .... $ 4,532,500.00$ 4532,500.00 $2,148,120.81 $ 158,954.16 $ 2,307,074.97
SS PANAMA.4,532,500.00 4,532,500.00 2,181 731.93 158,954.16 2,340,686.09
SS CRISTOBAL........... .. .. . 41,150000 4,532,500.00 2,114,706.83. 158,954.16 223609
Total Nev York. $13,597,500.00 $13,597,500.00 $ 6,444,559.57 $ 476,862.48(e) __ $ 6,921,422.05
GRAND TOTAL........... .$44,639,546.25 $660,854.64 $185,747.83 $45,114 653.06 $21,403,790.63 $1, 049,814.86 $ 69,419.83 $22 .384| 18X66
(a) Includes $24,133.16 interaccount transfer to Commissary Plants and Stores.
(b) Interaccount transfer to Commissary Plants ,and'.Stores.
(c) Covered by Reserve for Obsolescence $7,028,141.63 and Donations and Grants $864, 195.20.
(d) Excludes $36,883.72 Donations and Grants.
(e) Includes $11,921.56 depreciation charged to uncompleted steamship voyages expenses. .
(f) Indicated on G.A.O. Balance Sheet as a separate item.
22 PANAMA RAILROAD COMPANY TABLE NO. 2
CASH
June 30, 1950 and 1949 and Comparison 1950 1949" Increase (Decrease)
NEW YORK:
*On deposit ... . 1 $13,225,16.19 3,492,201.,41 Working funds'. ....... 19,750.00 17. Total.Cash -,New York., $139244,766.19 1 9,7519564.78 3,492,201.41 ISTHMUS:
On hand-Treasurer's office 678,146.22 494,600.36$ 183,545.86
On deposit-Treasurer's
balance.. .......... .........389,609.31 1,878,191.28 (1,488,581.97)
Due from Agents and Conductors 73,574.16 70,1281.60 3,292.56
Total Cash.- Isthmus 1,1411329.69:$ 2,443, 073.24 (1,301,743.55)
TOTAL CASH. $14,386,095.88 $12,195,638.02 $ 2,190,457.86
*$5,500,000.00 in United States Treasur.y
PANAMA RAILROAD COMPANY 23
TABLE NO.' 3
ACCOUNTS WITH UNITED STATES GOVERNMENT DEPARTMENTS
For the Fiscal "Year Ended June 30, 1950 and 1949, and Comparison
Increase
1950 1(Decrease)
ACCOUNTS RECEIVABLE:
U.S. Army., ......... $239,566.29 $ 183,933.36 $55;,632.93
U.S. Navy.. ... .........40,022.34 98,991.06 (58,968.72)
Panama Canal. ... 127,483.71 576,564.31 (449,080.60)
Federal Security Agency -Public
Health Service........... 2. .. 240.00.
Bureau of Public Roads... ... . 459.144 459.44
U.S.Post Office 25,075.04 51,440.14 (26,365.10) Federal Works Agency...... 122.70 304.63 (181.93) Department of State . . . 785.00 853.90 (68.90) Reconstruction Finance Corporation 120.00 120.00 General Accounting Office.... 360.00 120.00- 240.00 Institute of Inter American Affairs 240.00 240.00 Department of Agriculture ...... ..473.05 373.50 99.55
American Embassy Panama . 3.25 63.27 (60.02) Canal Zone Biological Area., ...... 313.70 311.44 2.26
Bureau of Entomology... ... 9.15 8.24 .91 Civil Aeronautics Administration.. 179,11 1,392.55, (1,213.44), (6, 31)
Veterans Administrat ion..........38.25 44.62 (.7
Collector of Customs.... ..., .79.46 138;73 (59.27)
Collector of Internal Revenue 21.60 59.70 (38.10) Department of Commerce,.. .13.00 (13.00) U.S. Coast Guard,. .. 17.60 (17.60) Bureau of Employees Compensation.- 9.00 (9.00 District Court -Canal Zone. 14.26 (14.26) U.S. Maritime Commission. . 4,412.15 (4,412.15) War Shipping Administration. i ... 822.78 (822.78)
TOTAL ............... $435,592.09 $ 919,888.24 $(484296..5)
ACCOUNTS PAYABLE:
U.S. Army....w.............. ...$ 3,055.37 $ 1,551.07 $ 1,504.30
Collector of Customs..... ..267.76 192.00 75.76 Collector of Internal Revenue . 7,009.28 12,088.37 (5,079.09) Alien Property Custodian..489.37 489.37
Civil Service Commission. 218,315.48 224,527.70 (6,212.22) Government Printing Office. 5.84 88.23 (82.39) General Accounting Office ..36940.20 22500.00 14440.20 Department of Agriculture 328.91 372.35 (43.44) Postmaster Balboa Heights, C.Z, 47.00 47.00 U.S. Navy Q .. 15.23 (15.23) Panama Canal. 20.25 (20.25) U.S. Maritime Commission..... 110,372.50 (110,372.50) U.S. Embassy -'Panama .. 2.00 (2.00)
U.S. Immigration and Naturalization
.Service.. .. 142.96 (142.96)
Bureau of Federal Supply., . 25.63 (25.,63)
TOTAL. .. .. .........$2661459.21,$ 372,y387.66 -$(105.928.45)
24 PANAMA RAILROAD COMPANY
TABLE NO. 4
MERCHANDISE, MATERIAL AND SUPPLIES, JUNE 30, 1950 and 1949, AND COMPARISON
Increase
ISTHMUS 1950 1949 (DecreaSe)
RAILROAD AND APPURTENANCES:
Fuel and diesel o il.. 9,284.66 9,284.66
Maintenance of equipment. ..
material.... ,.......... 137,444.31 137,444.31
Maintenance of way material 102,840.29 $ 122,479.07 (19,638.78) Coal held by station agents 948.07 1,946.18 (998.11)
Total .a ... $ 250,517.33 $ 124,425.25 $ 126,092.08
COAL PLANT:
Coal stock... .$ 95,828.58 $ 152,529.79 $ (56,701.21)
COMMISSARY':,
Merchandise.... ...... ,493216. 38 $5,536,765.26 $(29043,548.88)
Other material and supplies 373,669.98 463,141.41 (89,471.43) Dairy herd,... .... . 365,994.68 339,905,05 26,089.63
Dairy herd supplies . ...36,735.60 42,350.50 (5,614.90) Merchandise, material and
supplies' in transit ..2,291.80 1,276.20 1,015.60
Total............... $4,271,908.44 $6,383,438.42 $(2,11,529.98)
HOTEL TIVOLI:
Supplies.., ..........$ 18,875.41 $ 25,717.54 $ (6,842.13)
HOTEL WASHINGTON:
Supplies. ... .. 44408.38,$ 5,143.76 $ (735.38)
Total merchandise, material'
and supplies-Isthmus.. .$4,641,538.14 $6,691,254.7.6 $(2,049, 716.62)
NEW YORK
FLOATING EQUIPMENT:
Material and supplies 7 . . 1 $ 80, (2421.99)
MERCHANDISE IN WAREHOUSES ,. ....- $ 23,107.41 $ (23,107.41)
IN TRANSIT:
Merchandise, materialand supplies.......$ 523,680.27 $544,602.27 $ (20,922.00)
Total merchandise, material
a supplies-ew York $601,812.68 $ 648,264.08 $ (46.,451.40)
Total of all merchandise
material and supplies, $5,243350.82 $7,339,518.84 $(22096,168.02)
TABLE NO. 5
OPERATING AND SPECIAL RESERVES FOR THE FISCAL YEAR ENDED JUNE 30, 1950
Credits to Reserves Charges to Reserves Through Charges to
Balance Items Credited Balance Covered In to Other June 30, 1950 Expenses Accounts Provision Accounts
OPERATING 'RESERVES:
COMMISSARY
Reserve for salaries-employees' accrued
leave.- .$. .. ... 361,959.18 $268,523.23 $312,086.56 $ 318,395.85*
'Reserve for Westinghouse refrigerator
guarantee.. 13,860.69 3,335.01 4,560.95. 12,634.75*
HOTEL TIVOLI
Reserve for"salaries-employees' accrued
leave..12,261.74 8,531.12 9,550.1211
HOTEL WASHINGTON,
Reserve for salaries-employees, accrued
"leave.. 9...... ..... .... 9,455.34 .5,920.01 5,331.93 10,043.42*
Sub-total operating reserves.. 3 .!. $ 397,536.95 $286,309.37 $331,529.56 $ 352,316.76 0
SPECIAL RESERVES:
Rehabilitation commissary plant, ., .$ 750,000.00 $ 750,000.00
Reserve for obsolescence-roadway and
track..... .... .,$7,075,342.02 47,200.39 $79028,141.63*
Grand Total...... .. $8,222,878.97 $286,309.37 $331,529.56 $ 47,200.39 $8130,458.39
* Indicated under Accrued Liabilities on Balance Sheet.*Indicated under Advance collections,, guarantees, and sundry liabilities on Balance Sheet. .. This item of $7,028,141.63 plus $22,384,185.66 Accrued Depreciation, a total of $29,412,327.29 is indicated as adeduction from Property and Equipment on the Balance Sheet.
......
. .. ....'
TABLE NO.
SUMMARY OF OPERATING REVENUE, EXPENSES, AND NET REVENUE (INCLUDING INTERDEPARTMENTAL TRANSACTIONS) FOR THE FISCAL YEARS ENDED JUNE 30, 1950 AND 1949, AND COMPARISON
1950 1949 ss Increase
Operations Gross Net Gross Net (Decrease)
Revenue. Expenses Revenue Revenue Expenses Revenue
ISTHMUS:
Railroad-Table
No. 7....... 1,627,919.96 $ 1,793,265.62 $(165,345.66) $2,10t',283.43 $ 2,325,622.02 $(219,338.59)$ 53,992.93
Harbor TerminalsTable No. 8. 2,493,974.31 2,188,477.87 305,496.44 2,621,918.89 2,475,530.80 146 388.09 159,108.35
Coal Plant-Table
No. 9. 294,329.97 284,211.20 10,118.77 418,415.36 374,631.65 43,783.71
Commissary-Table
No. 10 24,998,523.41 24,562,677.75* 435,845.66 32,841,764.85 32,601,776.42 239,988.43-. 195,857.23 Hotel Tivoli-Table No. 11.. .. ...631,582.12 538,105.83 93,476.29 617,699.87 545,172.19 72,527.68 20,948.6l
Hotel WashingtonTable'No. 12 226,415.94 310,585.22 (84,Y169.28) 246,980.57 317,558.27 (70,577.70) (13,591.58) Telephone SystemTable No. 13 368,360.04 358,180.60 10,179.44 367,257.12 351,518.66 15,738.46 (
TOTAL OPERATING
REVENUE EXPENSES, AND NET REVENUEISTHMUS ...... $30,641,05.75 $30,035,504.09 605,601.66 $39,220,320.09 $38,991,810.01 228,510.08
NEW YORK:
Steamship LineTable No. 14. '. .$4,989,304.11 $4,898,341.48 $90,962.63 $5,448,011.86 $5,223t982.06 $2242029.80 (3,6.7
TOTAL OPERATING
REVENUE, EXPENSES, AND NET REVENUE . 1$35,630,409.86 $34,933,845.57 $ 696,564.29,1$44,668,331.95 $44,215,792.07 $ 452,539.88 $ 24044
*Includes Commissary La Boca Fire Loss of $69,073.75. This item is included on the'G.A.O. Statement of -Incomeune
Other Expenses
PANAMA RAILROAD COMPANY 27
TABLE NO. 7
RAILROAD OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue (Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1950 and 1949, and Comparison
1950 1949 .Increase
.950 .1949 (Decrease)
REVENUE FROM TRANSPORTATION:
Freight Revenue:
Through... .. .. .$ 665,133.56 $ 812,334.73 $(147,201.17)
Local. . . . . . 451,955.96 652,958.69 (201,002.73)
Total. ..$1,117,089.52 $1,465,293.42 $(348,203.90)
Passenger Revenue:
Local passenger .. ..... ... $ 249,851.13 $ 3321568.12 $!(82,716.99)
Baggage . ... .. ........ 750.57 689065 60.92
Express, mail, etc. ......... 31,537,25 41,472.04 (9,934.79)
Special cars and trains. ., 14,592.26 22,681.70 (8,089.44) Motor trains ... 806.75 2,430.00 (1, 623.25) Motor cars .... ...2,740.00 4,490.00 (1,750.00)
Total. . $ 300,277.96 $ 404,331.51 $(104,053.55)
Miscellaneous Revenue:
Switching .... ........ $ 66,945.00 $ 93,947.50 $ (27,002.50)
Locomotive service. ..... 10,023.50 6,831.00 3,192.50
Total.. $ 76,968.50 $ 100,778.50 $ (23,810.00)
OTHER THAN TRANSPORTATION REVENUE:
Storage Freight. . $ 55,605.27 $ 46,770.08 $ 8,835.19 Storage baggage.-. ..57.05 199.55 (142.50) Demurrage ......... . 7,146.00 13,568.70 (6,422.70)
Telegraph.. ... .. .801.34 1,812.10 (10.76)
Rental of bldgs. used in operation of0Railroad. .1,731.00 10,735.00 (4.00)
Rental of bldgs. not used in
operation of Railroad...... 39,514.68 37,589.42 1,92.26
Miscellaneous ....... .. 18,728.64 .25,20-5.15 (6y476.51)
Total. $ 133583.98 $ 135,880.00 $ (2,296.02)
Total operating revenue. $1,627,919.96 $2,106,283.43 $(478,363.47)
OPERATING EXPENSES:
Maintenance of way and
Structures:
Repa irs. ....................$ 201523.18 $ 333,633.68 $(132,110.50)
Depreciation...........32,315.52 34,130.96 (1,815.44)
Maintenance of equipment:.
Repairs, retirements, etc. 370,445.58 552,290.02 (181,844.44) Depreciation . .1061621.70 106,475.12 146.58 Fuel, lubricants, et c 87,125.45 126,321.42 (39,195.97)
Transportation........ 793,618.80 .9877491.4 4 1387.3
Buildings and lands not 'used in
operation of Railroad:
Depreciation .. .. .......25,874.49 24,1841.92 1,032.57
Other expenses . . .632.52 2,400.00 (767.48)
Administrative expenses. 99,088.61 3,695.55 General expenses .......71,324.22 58,948.86 12,375.36
TABLE NO., 8
HARBOR TERMINAL OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue (Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1950 and 1949, and Comparison
1950 1949 Increase .(Decrese
Atlantic Pacific Atlantic Pacific Alni Total Trias Trils Total Temnls Tr Il Total Alni aii Terinls Temial Trmnas erinlsTerminals emnl
OPERATING REVENUE:'
Wharfage...........$ 285,816.29 $ 210,182.88 $ 75,633.41 $ 273,642.06 $ 204,273,.216 $ 69,368.'80 $ 12',174.23 $ 5,909.62 6246
Rent and storage. .. .. ....43,735.88 34,240.17 9,495.71 38,177.53 30,938.31 7,239.22 5,558.35 3,301.84,264
Stevedoring. .. .. .......395,252.87 295,655.17 99,597.70 273,823.20 201,280.82 72,542.38 121,429.167 94,374.3 27052
Handling & transferring..' 1,679,092.86 1,282,725.39 396,367.47 1,978,478.99 15,619.41 42859.58 299,386.13) (8,9.2 1,9.1
Other revenue. .. . . .. ....90,076.41 70,042.88 20,033.53 57,797.11 42,180.38 15,616.73 32,279.30_ 27,862. 4,1. 80
Total operating revenue. $24397.3 $1, 892,846. 49 $601,127.82 $2,621,918. 89 $2,044,292.18 $577,626.71 $(127,944.58) $(151..445.6)$250.1
OPERATING EXPENSES:
Stevedoring.........$ 257,567.16 $ 197,409.11 $ 60,158.05 $ 152,988.70 $' 111,596.44 $ 41,392.26 $104,578".46 $ 85,812.67 $1,6.9~
Handling & transfering 910,029..79 764,144.88 145,884.9,1 1,189,860.18 1, 028, 357. 02, 161,503.16 (279,830.39) -'(264, 212-.1) (5682 0
Rentals...... ..73,947.02 31,533 27, 42,413.75 88,512.13 46,890.84 ,41,621.29 (14,565.11) (15,357.57) 72 46 0
Repairs-docks & bldgs 73,2681.67 40,1245.23 33,023.44 162,237,.57 108,568.58. 53,668.99 (88,'968'.90)' (68,323.3) (2,Depr'n.-docks & bldgs,.. 97,988.52 97,748.16 240.36 97,988.48 97,748.12 -240.36 .04 .44,5
Deprn. -equipment.66,522.91 50,510.55 16y012.36 56,698.48 4 9,74 1.16 9,824.43 3,553. Proportion of local rate
quarters operations .. 7,916.,46 7,P916. 46 -10,127.64 10,127.64 -(2211.18) (2,211.18 Administrative expenses 137,718.15 104,459.95 33,258.20 149,719.20 110,165.85 39,553.35 (12,001.05) (5,705.9) (,5.) General expenses.......... 406,311.74 157,207..45 .7,398.42 413,393.86 '154,004.56 (3,879.23) (7,082.12) 3,.8
Total operating
expenses. .$2,188,477.87 $1,700279.35 $488,198.52 $2475,530.80'$1,973,805.67 $501,725.13,$(87,052.93) $(273 526.
NET OPERATING
REVENUE... .....$ 305,496.44 $ 192,567.14 $112,929.30 $ 146,388.0n$c 70,486.51 75901.58 122,080.
PANAMA RAILROAD COMPANY 29
...TABLE NO. 9
COAL PLANT OPERATIONS
Statement of Sales Gross Profit from Sales, Expenses and Net Operating Revenue
(Including Interdepartmental Transactions) for the Fiscal Years ended June 30, 1950 and 1949, and Comparison
Increase
1950 1949 (Decrease) .
REVENUE FROM COAL SALES:. $ 267,305.35 $-374,349.90 (107,04.55
Cost of Sales:
Inventory at !beginning of the,
year.. ..' o .. $ 152,529.79 $ 101,716.08 $ 50,813.71
Purchases.. o. 1 110,382.83 .293,434.77 (183,051.94
Total coal available o $ 262,912.62 $-395,150.85 $ (132,238.23)
Less inventory attend of year, 95,828.58 152,529.79 569701.21)
Cost of coal sales l. o . $ 167,084.04 $ 242,621.06 75,537.02)
Gross profit from coal sales $ 100,221.31 $ 31,72884$ (31,_507.53)
OPERATING EXPENSES:
Salaries and wages o $ 72,368.13 $ 69,029.84 $ 3,338.29 Supplies and services... .... .22,654.64 44,519.09 (21,864.45)
Maintenance. ., 0 Q a 7,394.17 2,397.58 4,996.59 Depreciation ...10,950.96 10,950.96 Administrative expenses. 0 3,759.26 5,113.12 1,353.86)
Total operating expenses 117, .16 10.59 14883.43)
Cost of sales including
expenses.............._284,211.20 374)631.65 $ 90,420.45)
Net profit or (loss) on
coal sales.... .....$ (16,905.85) $ ( 281.75) $ (16624.10)
REVENUE FROM OTHER OPERATIONS:
Wharfage $ 16,741.90 $ 22,458.22 $ ( 5,716.32) Miscellaneous. ,10,282.72 21,607.24 ( 11,324.52)
Total revenue from other
operations 27,024.62 $ 44,065.46 $ 17,040.84)
NET OPERATING REVENUE. a o, 10,118.77 43,783.71 ( 33,664.94)
30 PANAMA RAILROAD COMPANY
TABLE NO. 10
COMMISSARY
Statement of Sales, Expenses and Net Operating Revenue (Including Interdepartmental Transactions) for the Fiscal Years Ended
June 30, 1950 and 1949, and Comparison
19 50 1949I Increase' 159 (Decrease)
SALES:
U.S. Government:
Army.. ..$ 1,146,398.39 $ 1,284,767.71 $ (138,369.32) Navy . 508,026.64 898,100.25- (30,073.61) Panama Canal 3,158,531.10 3,772,976.07 (614,444.97) Departments of Panaa *"
Railroad.. 263,268.87 503,501.15 (240,232.28)
Individuals and companies. .689,575.90 1,195,550.31 (505,974.41) Commercial steamships.. 561,784.17 1,029,969.91 (468,185.74) Coupons, paid orders, etc. 19,562,560.31 25,102,829.87 (5,540,269.56)
Gross sales. 252 $ 890,145.38 $33,787,695.27 $ (7,897,549.89)
Less discounts, refunds,etc. 891,621.97 945,930.42 (54,308.45)
Net sales. ,.,,. .$24,998,523.41 $32,841,764.85 $ (7,843,241.44)
COST OF SALES:
Inventory at beginning of
the year.. $ 5,538,041.46 $ 71070,126.74 $ (1,532,085.28)
Purchases. ... 13,074,769.95 192578,579.81 (6,503,809.86)
Cost of merchandise manufactured:
Material and supplies
used in manufacture. 3,058,805.63 4,374,535.01 (1,315,729.38)
Manufacturing expenses
transf erred from operating expenses . 1.969,674.71 2.258.724.50 (289,049.79)
Total. . $23,641,291.75 $33,281,966.06 $ (9,640,674.31) Less inventory at end of year 3,498,632.76 5,538,041.46 (2,039,408.70)
Cost of sales. .....$20,142,658.99 $27,743,924.60 $ (7,601,265.61)
Gross profit from sales. $.4,855,864.42 $ 5,07,840.25 $ (241,975.83)
OPERATING EXPENSES:
Salaries, wages, etc . . $ 3,660,920.88 $4,053,111.03 $ (392,190.15)
Services by Panama Canal:
Policing............ ..... .... 59,823.00 47,221.20 12,601.80
Other services by P.C. 53,736.08 .50,482.57 3,253.51 Auto and truck 112,630.16 124,573.68 (11,943.52)
Printing and handling
coupons..... ... 220,778.94 239,859.75 (19,080.81)
Supplies:
From stock (including
supplies used in service
plant operations and
dairy farm).2..........634,113.30 814,849.84 (180,736.54)
From Panama Canal. 294,546.41 115,591.44 (21,045.03)
Transportation:
Freight,.............. 112,954.92 228,460.44 (55,1505.52)
Locomotive, car and launch -27,612.00 35,840.50 (8,228.50)
Passenger (railroad and
steamship). ..............24,254.69 18,718.51 5,536.18
Power and light....... 110,621.24 106,275.94 4,345.30 Teehoe rai an cabes 13,258 14,19.7 (833.94)A O COn
PANAMA RAILROAD. COMPANY 31
TABLE NO. 1.0- Concluded
COMMISSARY
Statement of Sales, Expenses and Net Operating Revenue (Including Interdepartmental Transactions) for the Fiscal Years Ended
June 30, 1950 and 1949, and Comparison
1Increase 1950.... 1(Decrease)
Gross profit from sales
(Forward) . . . $ 4,855,864.42$ 5,097,840.25 $ (241,975,83)
OPERATING EXPENSES (Forward).
Office expenses:
Accounting department . . $ 195,629.63 $ 197,289.60 $ (1,659.97) New York office. . ... 133,150.00 126,000.00 7,150.00 Executive office.......156196.47 126,743.77 29,452.70 Chief quartermaster's office 11,584.96 9,727.39 1.857.57
Loss and damage......... 193,271.28 321,498.75 (128,227.47)
*Commissary La Boca fire loss, 69,073.75 69,073.75 Stock adjustments.. . . 32,720.81 17,802.06 14,918.75 Hospitalization.... 61,516.69 75,256.07 (13,739.38) Retirement of employees. 34,537.31 27,014.74 7,522.57 Provision for depreciation. 142,699.58 138,564.05 4,135.53
Proportion of local rate
quarters operation. . 0 5,277.67 6,751.68 (1,474.01) Repairs and alterations 133,311.33 158,734.95 (25,423.62) Equipnwnt costing $250 or
more per item but less than
$1,000 (See Note (a). 0 28,497.72 51,809.53 (23,311,81) Miscellaneous . . ....36,162.36 43,558.52 (7,396.16)
Total expenses. . $ 6438,564.08 171,971.79 $ (7339407.71)
*Less amounts capitalized or
charged to other than expense accounts. 48,870.61 55,395.47 (6,524.86)
Operating expenses. $ 613892693.47.$ 7,116,576.32$ (726.,882.85) Less manufacturing expenses
transferred to cost of
merchandise manufactured,
as shown above. Q 0 a 0 6 0 1,969,674.71 2,2580724.50 (289,049.79)
Wholesale and retail
expenses....... 41420j018.76 $ 4,857,851.82 $ (437,833.06)
NET OPERATING REVENUE ,.$ 435,845.66 $ 239,988.43 $ 195,857.23
Note (a) Items costing less than $250.00 were charged to expense account
"Supplies".
- On the GAO Comparative Statement of Income this item is treated
as a charge against the total income of the Company which has the effect of increasing the Commissary net operating revenue
b~y this !amount.
32 PANAMA RAILROAD COMPANY
TABLE NO. 10-A
COMMISSARY
Statement of Purchases by Commodities, Location, and Distribution of Sales
During the Fiscal Years Ended June 30, 1950 and 1949, and Comparison
PURCHASES BY CLASSES
Increase
1950 1949 (Decrease)
Groceries. .... .$ 5,907,798.96$ 8;770,901.84 $(2,863,102.88)
Candies and tobacco ....925,404.64 1,007,349.04 (81,944. 40) Housewares.... ........1,070,503.83 1,678,454.54 (607,950.71)
Drygoods. ..... 429,161.91 3,137,466.43 (708,304.52) Shoes...... .a a 798,098.73 848,513.14 (50,414.41)
Cold storage... ... .. 2,409,428.78 4,338,642.65 (1,929,213.87)
Raw material. .31,187,560.35 1,848,196.99 (660,636.64) Cattle. .. .... 438,894,69 665,807.36 (226,912.67) Milk and cream. 68,870.32 1.....52,26.22 (3,391.90)
Dairy products.. 1482537.03 2,406,724.93 -(924,187.90) Dairy farm herd . .. 52,988.58 135,164.02 (82,175.44)
Total .. . .. ,677124782$24,989,483.16 $(82218,235.34)
LOCATION OF PURCHASES
Increase
1950 1949 (Decrease)
United States.$14,121,943.49 $21,587,058.07 $(7,465,114.58) Europe and Orient ............9.24 472,146.57 (90,127.33)
Central and South America 1,108,824.23 1,714,704.08 (605,879.85) Local. ... .982,292.11 984.028.53_ (1,736.42) Panama Canal. . 162941.84, 228,371.26 (65,429.421 Panama Railroad .. 13,226.91 3,174.65 10,052.26
Total. .. .$16,771,247.82 $24,9891,483.16 $(8,218,235.34)
DISTRIBUTION OF SALES
.... .. . Increase
1950 1949 (Decrease)
United States Army. 1146,398.39$ 1284,767.71.$ (138,369.32) United States Navy. 508,026.64 898,100.25 (390,073.61) Panama Canal. .,. 3,158,531.10 3,772,976.07 (614,444.97) Panama Railroad. a...........263,268, 87 503,501.15 .(240,232.28
Individuals and companies . 689,575.90 1,195,550.31 (505,974.41) Commercial steamships 561784.17 1,029,969.91 (468,185,74) Coupons, paid orders, etc . 19,562,560.31 25:102 829.87 (52540,269.56)
Gross receipts from sales $25,890,145.38 $33$787,695.2T $(7,897,549,89) Less discounts, refunds, etc,. 891,621.97 945,930.42 (54,9308.45)
Net sales.$24)998523.41 $32,841,764.85 $(7;843,241.44) Supplies charged to expense:
Retail commissaries and,
warehouses... .......173,297037 263,737.48 (90,440.11)
General....... ............. 3,549.55 4,368.40 (818.85)
Plants . .. . ...... 455423.83 542,422.73 (86,998.90)
Loss by condemnation, pilferageshrinkage, etc..219,701.77 332,774.82 (113,073.05)
Total... ...........$ 819252{$ 1,143,303.43 $ (291,330. 91)
Grand Total 2,5 ,593 $33 ,985,;068. 28 $(8,134572.35)
PANAMA RAILROAD COMPANY .33
TABLE NO. 11
HOTEL TIVOLI OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Profit
(Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1950 and 1949, and Comparison
1950 1949 Increase
(Decrease)
OPERATING REVENUE:
Rental of rooms. .. ....$ 301,746.86 289819.61 $ 11,927.25 Restaurant service . .. 258,682.35 256,271.87 2,410.48 Cigar and news stand ....... 29,664.62 27,646.36 2,018.26
Laundry and valet service.* 21,738.96 24,055.46 (2,316.50) Telephone. .. . 17,997.25 18329.584 (332.33)
Miscellaneous. .a .. 1,752.08 1,576.99 175.09
* Total operating revenue $ 631,582.2 617,699.87 $ 13,882.25
OPERATING EXPENSES:.
Operation:
Salaries and wages... $ 199,600.07 $ 219,293.63 $ (19,693.56) Subsistence supplies 1 136,078.49 130,507.62 5,570.87 Other supplies ..,.. 36,318.42 36,728.72 410.30)
-Laundry" hotel. ...... 20,157.57 20,526,23 ( 368.66)
Laundry- guests 8 13,845.74 15,866.00 (2,020.26)
Electricity, ice, fuel and
water. .... .... 13,946.82 12,832.24 1 ,114.58
Miscellaneous... 33,196.47 25,444.49 7,751.98
Total ...... ...... .. $ 453,143.58 4611198.93 $ (8,055.35)
Maintenance:
Replacement equipment. . $ 19,642.49 $ 24,891.43 5,248.94)
"Repairs buildings and
eumt. 28,725.44 18,830.50 9,894.94
S Total... . .. .. $ 48,367.93 $ 43,721.93 $ 4,646.00
General:
Rental of buildings ..... $ 12.00 $ 7,507.00 (7,495.00) Administrative expenses.. 19,330.76 15,520.81 3,809.95 Miscellaneous. . 17,251.56 17, 223.52 28.04
Total. ... 36,594.32 $ 40251.33 ( 3657.01)
Total operating expenses $6538,105.83$ 545,1172.19$ (766.36)
$NET OPERATING REVENUE. . 93,476.29,$ 72,527.68 $ 20,948.61
34 PANAMA RAILROAD COMPANY
TABLE NO. 12
HOTEL WASHINGTON OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Profit
(Including Interdepartmental Transactions) for the Fiscal Years
Ended June 30, 1950 and 1949, and Comparison
1950 1949 Increase . . .... . ,v .... i . . D" crease
OPERATING REVENUE:
Rental of rooms....... $ 65,206.20 $ 75,287.93 $ (10,081.73) Restaurant service. 137,157.58 145,537.70 8,380.12) Cigar and rews stand. 11,149.90 11,491.24 341.34) Laundry and valet service 2,788.65 3,594.82 ( 806.17) Telephone ..... ....3,084.27 2,020.01 1,064.26
Swimming pool...............0 5,518.85 7,598.70 (2,079.85)
Miscellaneous . . .. . 1,510.49 1,4,50.17 60.32
Total operating revenue $ 226,415.94 $ 246,980.57 $ (20,564.63)
OPERATING EXPENSES:
Operation:
Salaries and wages..... $ 112,680.80 $ 132,953.49 $ (20,272.69) Subsistence supplies. 68,303.11 73,855.45 5,552.34) Other supplies. .... 20,744.09 16,213.77 4,530.32 Laundry hotel. .....6,804.28 8,793.03 (1,988.75) Laundry guests. . ... .. .1,955.00 2,638.73 683.73)
Electricity, ice, fuel and
water ..........9,315.29 10,566.94 (1,251.65)
Miscellaneous ....... 14,649.74 8,769.63 5,880.11
Total.. . ...... $ 234,452.31 $ 253,791.04 $ (19338.73)
Maintenance:
Depreciation buildings $ 16,293.60 $ 16,293.60 $
Depreciation equipment. 1279.36 1,212.12 67.24
Replacement equipment 16,530.72 6,688.56 9,842.16
Repairs buildings and
equipment. ..... 17,124.46 16,271.24 853.22,
Total .. .. ......$ 51,228.14 $ 40,465.52 $ 10,762.62
General:'
Administrative expenses .$ 13,901.85 $ 11,999.73 $ 1,902.12 Miscellaneous. .. .I. .... 11,002.92 11301.98 299.06)
Total $ 24,904.77 $ 23,301.71 $ 19603.06
Total operating
expenses ...... .. ...$ 310,585.22 $ 3.17,558.27 $ (6,973.05)
PANAMA RAILROAD COMPANY 35
TABLE NO. 13
TELEPHONE SYSTEM OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue
(Including Interdepartmental Transactions) for the Fiscal Years
Ended June 30, 1950 and 1949, and Comparison
Increase
1(Decrease)
OPERATING REVENUE:
Rent of instruments. $ 250,116.50 $ 242,839.57 $ 7,276.93 Rent of trunk lines. . 46,714.33 48,202.00 1,487.67) Pay station collections 6,569.14 6,218.29 350.85 Rent of circuits and ducts 51,903.07 52,836.46 933.39) Changing telephones 366.00 424.25 ( 58.25) Miscellaneous. ....... 64.00 1,682.55 1,618.55)
Total telephone system. ..$ 355,73,3.04 $ 352,203.12 $ 3,529.92 Rent of electric clocks 1,311.00 1,734.00 ( 423.00) Rent of teletype machines 11,316.00 13,320.00 2,004.00)
Total operating revenue 3 68,360.04 $ 367,257.12 $ 1,102.92
OPERATING EXPENSES:
General.:
Proportion of main office 12,320.00 $ 11,971.34 $348.66 Salaries and wages.. .5 853,228.55 43,863.49 9,365.06 Telephone directory 660.46 10,554.72 9,894.26) Other supplies and services 8,648.56 9,848.43 (1199.87) Depreciation ... ......55,302.67 53,578.08 1,724.59
Administrative expenses 23,340.23 16,716.92 6,623.31
Total general... .. .. ... 153,500.47 $ 146,532.98 $- 6,967.49
Operation and Maintenance:
Manual service. ..... .$ $ $
Automatic service . .. 144,082.52 .142,228.08 1,854.44 Local plant ...... ..38,938.43 45,330.12 (6,391.69)
Trans Isthmian Pant:
Cable No. 1. . .....4,691.82 5,337.26 645.44)
Cable No. 2. . .. 11,756.61 8,316.37 3,440.24
Electric clocks 308.63 385.23 76.60) Teletype machines 4,902.12 3,388.62 1,513.50
Total operation and
maintenance .. ..... $ 2042680.13 $ 2042985.68 $ ( 305.55)
Total operating expenses. .$ 358,180.60 $ 351,518.66 $ 6,661.94
NET OPERATING REVENUE . .$ 10,179.44 $ 15,738.146 $ (5,?559.02)
36 -PANAMA RAILROAD COMPANY
TABLE NO. 14
STEAMSHIP LINE OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue
(Including Interdepartmental Transactions)
For the Fiscal Years Ended June 30, 1950 and 1949, and Comparison
1950 1949 Increase 15 1(Decrease)'
OPERATING REVENUE:
Freight- . ... $ 3,721,321.12 $ 4,282,746.28 $ (561,425.16) Passenger 1. 054288.50 974,396.04 79,892.46 Excess baggage . ... 2,134.50 1,965.38 169.12
Mail. ... 174,426.54 152,776.82 21,649.72 Miscellaneous:
Profit from sale of
beverages ....... 26,504.55 24,162.39 2,342.16
Steamer chair service 7,926.00 8,311.00 (385.00)
Other transportation
revenue. 2,702.90 3,653.95 (951.05)
Total operating revenue $ 4,989,304.11 $ 5,448,011.86 $ (458,707.75)
OPERATING EXPENSES:
Maintenance of ships.. $ 204,228.07 $ 207,548.92 $ (3,320.85) Provision for depreciation. 475,537.86 482,765.54 (7,227.68)
Operation of ships and expenses incident thereto 3,387,874.88 3,650,883.46 (263,008.58)
Overhead expenses, 672,619.60 723,925.15 (51,305.55) Administrative expenses. 158081.07 158,858.99 (777.92)
Total operating expenses.. $ 4,898,341.4$ $ 5,223,982.06 $ (325,640.58)
NET OPERATING REVENUE . . $ 90,962.63 $ 224,029.80 $ (133,067.17)
Note: There were 52 completed voyages in 1950 compared with 50 completed
voyages in 1949.
TABLE NO. 15
Interest and Exchange Revenue for the Fiscal Years Ended June'30, 1950 and 1949, and Comparison
19501949Increase
19501949(Decrease)
ISTHMUS ........a $ a 180.00 $ 240.00 $ (60.00)
NEW YORK, .........400.00 400.00 _ __
TOA EEU . 8.0$ 6 0 6.0
PANAMA RAILROAD COMPANY 37
TABLE NO. 16
Railroad Operations- General and Passenger Statistics for the Fiscal Years
Ended June 30, 1950 and 1949
1950 1949
GENERAL STATISTICS:
Average miles of road operated, 50.928 50.928 Gross operating revenue ......... 1,627,919.96 $ 2,106,283.43
Operating expenses... ....... $ 1,793,265.62 $ 2,325,622.02
Net operating revenue ........... $ (165,345.66) $ (219,338.59)
Per cent of expenses to revenue ..110.16 110.41 Gross revenue per mile of road.. $ 31,984.76 $ 41,358.06 Operating expenses per mile of road .. $ 35,211.78 $ 45,664.90 Net revenue per mile of road. . . 0 $ (3,227.02) $ (4,306.84)
Total revenue train mileage .. .. 181,422 204,683
Railroad revenue per train mile .. $ 8.973 $ 10.2905
Railroad operating expenses per revenue
train mile..., o o o . . $ 9.884 $ 11.362
Net railroad revenue per revenue train $
mile... ....... ..... .. .$ (0.9114) $ (1.072)
Freight, passenger and switch locomotive mileage. ................ .. 292,656 324,833
Work train mileage.... . .,. . .2,643 3,695
Total of all locomotive mileage .... 295,299 328,528
PASSENGER STATISTICS:
Operating revenue (including special
,trains and motor cars, baggage,
express, mail, etc.). . ..$ 300,277.96 $ 404,331.51
Gross revenue (including above and proportion of revenue from other than
transportation services).. ..... .. $ 307,519.25 $ 414,923.15
Passenger train miles (including mixed
trains). ....... -......... 132,247 151,379
Passenger trains per day per mile of,
road. . .... ............ 7.11 8.14
Coach mileage ...... .................. 650,651 799,900
Baggage, express and *mil car milege 155,224 187,601 Total passenger car mileage. .. .... .. 471,046 612,299 Passengers carried,.. ....... . 317,530 396,762
Passengers carried one mile ..,,...13,222,979 16,400,330
Average distance each passenger carried 41.64 41,34
Passengers in each train. . . .......03 136
Passengers in each passenger car.(in: 103
cluding baggage, mail and express). 23 .24
Revenue per passenger train mile. . $ 2.271 $ 2.671
Revenue per passenger car mile (including baggage, mail and express). .. $ 0.4615 $ 0.5055
Cars in each passenger train (including
baggage, mail and express),. .,. 4.4 5.7
Revenue per passenger ... .... $ 0.843 $ 0.913 Revenue per passenger per mile. $ 0.0203 $ 0.0221
Passengers one mile per mile of road. 259,641 341,674
Revenue per mile of road......,..$ 5,896.13 $ 7,39.28
Number of first class passengers
carried a.. ..,. .... .. 96,738 126,508
Revenue from first class passengerS *
carried . a... .............. 108,239.88 154,332.32
Number ofsecond class passengers c:rid...... . ,. 22,72 .7025 Revenue li fro':.m second cliassl passengersli .. .. ...".... -...
Scarried.... .....................$ 159,532.49 $ ~ 7875
38 PANAMA RAILROAD CCIPANYTABLE NO. 17
Railroad Operations Freight Statistics for the Fiscal Years Ended June 30, 1950 and 1949
1950 1949
Revenue from through and local freight. $ 1,117,089.52 $ 1,465,293.42
Gross freight revenue (including above and
proportion of revenue from other than
freight transportation). ..........$ I, 280,886.03 $ 1,653,770.86
Freight train mileage (including mixed
trains) .......... a.... . .......... 49,175 53,304
Freight trains per day per mile of road 2.65 2.87
Loaded freight car mileage...... ,... 557,874 692,411 Empty freight car mileage . . ... . ..247,741 326,332
Caboose car mileage' 49,636 57,034 Total freight car mileage (incliuing 4 96 *1573
caboose).... .. 855,251 1,075,777
Per cent loaded Car mleage tototal car
mileage (including caboose) 65.23 64.36
Loaded freight cars per train. .....11 13
* Loaded and empty freight cars per train. 17.4 19.1
Tonsthrough commercial freight ......94,690 107,528 Tons of local commercial freight. .....12,784 22,048 Tons of local.Army and Navy freight , so 18,518 37,580 Tons of local Panama Canal freight.,.. . 47,055 73,350 Tons of local commissary freight . ....46,494 50,677.
Tons of revenue freight carried .......... 219j541 291,183 Tons of company freight.. ....... 3,327 6,828 Tons of revenue and company freight Carried 222,868 298,011
Tons of through commercial freight carried
one mile. .. ..... 4,516,833 5,151,726
Tons of local Army and Navy freight
carried one mile. ....... ..........759,966 973,668
Tons of local commercial freight carried
one mile. ....... ........... 569,935 1,337, 624
Tons of local PanamCanal freight carried
one mile... ........ .. 1,636,335 2Y570,629
Tons of local commissary freight carriedone mile....1...,... ...1,919,162 2,073,504
Tons of revenue freight carled one mile!. 9,402,231 12,107,151 Tons of company freight carried one mile. 99,044 177,457
Tons of revenue and company freight carried
one mile, . .. 9,501,275 12,284,608
Tons in eaeh loaded car (includingcompany). 15.08 15.53
Tons in each loaded and empty car (including company).. ......... ... ... ,......... 10.01 10.12
Tons in each train. .. .... .. 165.9 202.6
Revenue per freight car mile.. $ 1.306 $ 1.362
Average mile each ton of revenue freight
I carried................ 42.83 41.58
Revenue per freight train mie............*$ 22.716 $27.49
Revenue per ton of revenue freight. . 5.088 5.032 Revenue per ton mile . ...... $ 0.119 $ 0.121
Tons of revenue freight carried one mile
per mile of road..............184,618 237,731
Freight revenue per mile of road. .,.,...$ 21,934.47 $ 28,771.86
Estimated loaded cars in each train
(estimating 2 empties or 2 cabooses as 1
loaded car)..................14.98 16.5
Revenue freight engine mileage... 49,175 55,230
Estimated loaded cars handled per revenue
freight engine. . .. . . ..... ....14.9 12.54
::... Tons ,handled per revenue freight engine ,.: l 93.21 194.75.
PANAMA RAILROAD COMPANY 39
TABLE NO. 18
Railroad Operations -Locomotive and Motor Car Statistics for the Fiscal
,Years Ended June 30, 1950 and 1949
1950 1949
Steam Diesel Steam Diesel Locomotives Locomotives Locomotives Locomotives
LOCOMOTIVES:
Mileage:
Freight . 48,901 422 55,017 213 .Passenger 20,898 112,514 70,755 75,718 Yard and work 29,066 75,12 26,735 852994
Total . 98,865 188,063 152,507 161,925
EXPENSES:
Repairs 66277.40 $ 67,551.67- $ 103,308.80 $ 82,440.16
Cost per mile .6704 .3592 .6774 .5091
Fuel.. ..... 59,580.91 12,850.01 98,118.75 12,192.14,
Cost per mile .6026, .0683 .6434 .0753
Water, lubricating oiletc 6,923.06 7,240.14 9,564.31 5,519.55
Cost per mile .0700 .0385 .0626 .0341
Hosting. a 0 31,193.20 27,202.59 26,438.78 18,211.79
Cost per mile .3155. .1446 .1735 .1125
Total expenses .. $'163,974.57 114f,844.41 $ 237,430.64 $ 118,363.64
Cost per mile 1.6585 .6106 1.5569 .7310
Fuel oil prices
(per barrel of
42 gallons)
.Average . 2.87 2.84
MOTOR CARS:
Mileage o .a. 8,371 .141096
EXPENSES:
Repairs,. ., $ 5,738.23 $ 3,883.68 Gasoline. .. 420.78 593.29 Lubricants. 35.45 84.63 Supplies,. a 75.10 248.75
Total,.,. . $ 6,269.56 $ 4,810.35
40. PANAMA RAILROAD COMPANY
TABLE NO. 19
Panama Railroad, Panama Canal, U.S. Army, Navy and Air Corps, and Privately Owned
Trackage, Additions and Removals for the Fiscal Year Ended June 30, 1950
LENGTH
- Miles Total
PANAMA RAILROAD TRACKS:
Main line, Colon-Panama... ....... ...... 50.928
Atlantic terminal tracks . . .. ... ....... 20.042
Intermediate tracks . . ...... . .. 3.592
Passing tracks.. .................... 5.890
Pacific terminal tracks ............... 14.347
,Total Panama Railroad tracks . 94.799
PANAMA CANAL TRACKS:
Atlantic terminal tracks.. ,. .. .... .. 5.483
Intermediate tracks .......... ..........16. 124
Pacific terminal tracks .......... ..........16.724
Total Panama Canal tracks,....... 38.331
U.S. ARMY, NAVY AND AIR CORPS TRACKS:
Atlantic terminal tracks..... .Q ..... 6.038
Intermediate tracks ................ ...... 7.896
Pacific terminal tracks ...............8.673
Total U.S. Army, Navy and Air Corps tracks .... 22.607
PRIVATELY OWNED TRACKS:.
Atlantic terminal tracks. . . . ... .......... 1.739
Pacific terminal tracks .............. ...... .281
Total privately owned tracks .2.020
- Total tracks maintained by Panama Railroad 157.757
TRACKS ADDED DURING FISCAL YEAR:
Panama Railroad tracks.. ........ .. ..
Panama Canal tracks,.............. ........
.U.S. Army, Navy and Air Corps tracks....... ... I 0.125
Privately owned tracks... .......'....,...........__Total tracks added during fiscal year. . 0.125
TRACKS TAKEN UP DURING FISCAL YEAR:
Panama Railroad tracks. 2..... ..2.712 Panama Canal tracks .... ..... 0.200
U.S. Army, Navy and Air Corps tracks...0.261
Privately owned tracks. . ,.........0 .
Total tracks taken up during fiscal year 3.173
RAIL, CROSS AND SWITCH TIES, AND BALLAST USED DURING THE FISCAL YEAR
Cross ties new. ........... . .0a 0. a 2,632 Each
Switch-ties new .. .. ... .. ... . 4151 Linear feetRail 90 lb. S.H.. .. ... .....105 Linear feet
Ballast crushed rock. .2905 Cubic yards
AMOUNT EXPENDED ON WORK PERFORMED FOR OTHER DIVISIONS, AND ON RAILROAD A.F, E. '5
Maintenance :and construction Panama-Canal tracks..: :............$ 38,452.98
Maintenance and construction -.., Army, Nayan i Corps:, stracks. ,..... ...... .,............. .. ............16,229.:12
Miscellaneous work requests Panama Canal and others..............24,750.:39
RalodA.FE.'s ,. .. .. .,, ...... .... .... ..." 51,569.23:
TABLE NO. 20
STATEMENT OF LOCOMOTIVES AND ROLLING STOCK IN SERVICE JUNE 30, 1950 Loco-Miemotives Freight Cars Passenger Carsn neu
Vq M
0 ~ EnW
r-4 +-) En W~ $.C 0 a) S Ca CQ) C d 0 ) s- ) )C. d i- CcU l a) 0 Ena ~ C 4 bn -- 4 ~ ~ 'z ;_ bb ~ OW 0 a +-) ~ 12 0 0 Fz- 0 p '-d 0 -C2 C
Received during year .
Retired during year. 12 11 Stock on hand, June 30, 1950. 5 13 6 2 315 6 184 4 17 33 7 5 95 431 8 16 3 22 147 11 1 1
42 PANAMA RAILROAD COMPANY
TABLE NO. 21
HARBOR TERMINAL OPERATIONS STATISTICS FOR THE FISCAL YEARS ENDED JUNE 30, 1950 AND 1949
1950 1949 Increase 195 1949./ (Decrease)
Total harbor terminal revenue.$ 2 493974.31 $2621,918.89 $ (127Y944.58) Total operating expenses . $2,188,477.87 $ 2,475,530.80 $ (287,052.93) Total net revenue. .... $ 305,496.44 $ 146,388.09 $ 159,108.35 Percent of expenses to revenue 87.75 94.42 (6.67) Tons of cargo stevedored 792,474, 552,161 240,313 Revenue per ton stevedored .$ 0.499 $ 0.496 $ 0.003 Cost per ton stevedored . 0.325 $ 0.277 0$ 0048 Tons of cargo handled and
. transferred. .1).......1,015,714 1,189,266 (173,552) Revenue per ton handled. . $ 1.653 $ 1.664 $ (.011) Cost per ton handled. .$ 0.8959 $ 1.0005 $ (.1046) Tons of general cargo received 625,845 -748,691 (122,846) Tons of general cargo dispatched. .. .... .... 377,453 428,419 (50,966)
Tons of general cargo rehandled.. . .. ...... 12,416 12,156 260
Number of ships handled at
Cristobal. 1. .. ,402 2,063. (661) Number of ships handledat *
Balboa 35.3 .. ,... ....... 392 (39)
Number of ships furnished'
agency services . .. . ..29 78 (49)
HOLD OVER CARGO ("CANAL ZONE FOR ORDERS"')*
1950 .1949 Increase
.19501949(Decrease)
Tons Revenue Tons Revenue Tons Revenue
Tons on hand beginning of
year.. .. ..... ..448 473 (25)
Tons received during year . 519, $ 1,089.90 783 $ 1,644.30 (264) $ (554.40)
Total............967 1,256 (289)
Tons forwarded during year. .425 $ 909.28 808 $1,783.16 (383) $ (873.88) Tons on hand at end of year 542 .448 94
Total... .. . .. . ..967 1,256 (289)
Received from storage
during year............$ 4Y706.32 $ 6,470.81 $(1,764.49)
Total revenue........... 6,705.50 $9,898.27 $(3,192.77)
PANAMA RAILROAD COMPANY ..
TABLE NO. 22
COAL PLANT OPERATIONS -STATISTICS FOR THE FISCAL YEARS ENDED JUNE 30, 1950 AND 1949' .
... ... . 1950 194 Icrease) (Dcrease)
Coal.on hand beginning of period, tons ....10327 6,831 3,496 Cost per ton............. . 14.77 $ 14.89 $ (.12)
Cost of coal beginning of period.$ 152, 529.79 $-101716.08" 50,813.71 Gross receipts from sales and services $ 294,329.97 $ 418,415.36 $(124,085.39) Cost of sales and services ... $ 284,211.20 $ 374,631.65 $ (90,420.45) Net profit for the year. ..$ 10118.77 $ 43,783.71 $ (33,664.94) Tons of coal received during the year. . 8,089 19,828 (11,739) Tons of coal recovered on inventory. ".183 269 (86) Tons of coal sold during the year. 11,860 16,601 (4,741) Average tons of coal received per month. 674 1,652 (978) Average tons of coal sold per month. .... 988 1,3831 (395j) Coal on hand end of' period, tons. . 6,739 10,327 (3,588) Cost per ton... ... ...... .. 14.22 $ 14.77 $ (.55)
Cost of coal at end of-period.. .. $ 95,828.58 $ 152,529.79 $ (56,701.21)
TABLE NO. 23
STATEMENT OF STEAMSHIP LINE STATISTICS FOR THE FISCAL YEARS ENDED JUNE 30, 1950 AND 1949, AND COMPARISON
1950 1949 Ices
(Decrease)
Steamships.... ............. 3 3
Completed Voyages. 52 50 2 Total Operating Revenue........ ..... $4,989304.11 $5,448?0l1.86 $ (458,707.75)
Total Operating Expenses. ........$4,898,341.48 $5,223,982.06 $ (325,640.58)
Net Operating Profit. .. ........$ 90,962.63 $ 224,029.80 $ (133,067.17)
Freight Carried Tons.. ..R195,683 239,577 (43,894) Freight Revenue (Including Tr easure). $3,721,321.12 $4,2821746.2a $ (561,425.16) Average Freight Rate...........$ 19.02 $, 17.881$ 1.14
Passengers Carried............ .. .......13 868 902
Passenger Revenue (Including ExcessBaggage). . . .... ... ...$1,056,423.00 $976361.42 $ _80,061.58,
Average rate per Passenger..... 81.48 $. 70.40 $ 11.08,
44 PANAMA RAILROAD COMPANY
TABLE NO. 24
Statement of Expenditures Under Authority for Expenditures During
the Fiscal Year Ended June 30, 1950
A .F .E. ... .
No. Description This Year To Date'
3703 Ancon Laundry modernization program . .... $ 794.80 $123,532.67 4076 One 100-line PBX tel.switchbOard,Hotel Washington 2.90 3,304.40 4082 Five spare tires and tubes,refrig.trailers,Comsy. 456.20 456.20 4092 Purchase two page type teletypes,Telephone System 2,134.43 2,134.434130 Fan section,for York evap.condenser,Silver City
Comsy. . ... . (284.80)
4135 Paint shelv.and pillarsBldgs,363 and 366,Ancon Comsy ..... ..... .... 642.04 2,346.62
4137 One viscolizer for Ice Cream and Milk Bottling plant., ....245.82 4,490.06 4144 200-pair telephone cableBalboa Hts.exch.-to Ancon 3,706.30 8,989.93 4208 Air compressor with 100 h.p.motor, Ice Plt.Comsy.
Division. 2.................2,135.04 11,542.21
4220 Designs and est.for new tel.exch.bldg.,Cocoli.. 2,341.76 2397.35 4246 Paint unloader,bldg,1007,pier 7,Cristobal .... 1,644.47, 10,507.91 4255 Thirteen trouser and slack racks,retail commissaries . ... .-... 1,836.45 1,875.49
4258 New equipment for laundry, commissary division. (684.62) 2,071.84 4259 Designs and est.ventilating sys.mach.shop,Mt.Hope 684.62 1,606.30 4274 Replacement of C.S.Warehouse, Mt. Hope-... 53,565.79 69,106.29 4279 Rewire ceiling light fixturesCristobal commissary ........ . 63.12 343.43
4292 Estimate for improvements, Cristobal commissary 24,849.75 26,514.80 4295 One elec.baling machine,Coupon Accounting Bureau. 55.22 1,790.86 4297 -Purchase 1,200 pallets,harbor terminalsCristobal 20,039.30 20,039.30 4298 Paint ceiling,walls and trim,Cocoli commigsary. 509.43 2,206.95 4301 Est.f or improvements to bat,charg.sta.,comsy.div. 34,748.37 37,757.89 4305 Brine spray cold diffuserwholesale meat, 436 commissary., 562.97 4,034.43 4306 Telephone switchboard,gen.mgr. off. ,comsy~div. 3,542.42 :3,542.42 4311 One Toledo floor scaleCristobal freighthouse 874.14 2,273.66 4318 Six elec.water coolers for commissary division. 6.54 1,942.89 4320 Paint and repair bldgs.363 and 366,Ancon commissary. e .. ...Ai 10 a138.29 910.32 4324 Painting,etc.,groceries and c.s.whse.,Balboa comsy ,...... ..35.08 3,348.37 4327 Repairs, indust.lab.bldg.,commissary division... 252.00 729.55 4329 -Paint ,interior and ext.sash,d.s.whse. ,comsy.div 565.35 2,784.59 4334 Replace exterior Walls of kefrigerator,Margarita comsy....................................... 2,780.50 2,926.73
4336 Twenty'five cash registers for commissary, division. ... ....7,188.14 7,242.78
4338 Repairs to building, Hotel Tivoli .. 428.14 5,291.05 4339 Electric water coolers, for railroad stations-. 383.75 3,017.04. 4341 Two elec.water coolers,harbor terminals, Cristobal 290.21 1,192.56 4342 Two elec.water coolers,Cristobal local agency 1,517.97 1,517.97 4348 Three stainless steel mix.tanks,indus.lab.-.,comsy, 1,465.31 1,524.19 4349 Repair trailer U.S.#464,commissary division. (245.76) 1,575.94 4350 Eight units bakery display casesCristobal comsy 29.75 3,960.49 4351 Remove kerosene tank and improve groundsold Ancon mkt., ....1,612.62 1,612.62 4354 Two elec.storage batteriescharging sta.,comsy. !
division.......... .. ........ 2,765.33 2,769.44
4359 High pressure beef carcass washing unit,abattoir 155.04 604.99 4360 600-gal.brine pump with 40 h.p.motor,refrig.plt., comsy..... .... .. . 4,302.43 4,302.43
4361 Relocate Deming pumprefrig.plt.,comsy.,Mt. ope 4018.89 4,018.89 4363 Four show cases for Cristobal commissary . 258.03 1,631.51 4366 Estimate for new optical process.shop,Ancon comsy 6.92 474.24 4369 Replace spalled concrete, pier 3, Colon . ..453.95 465.34 4370 Renew 34 fendei-piles, pier 6, Cristobal ..... 11.64 8,115.92 4372 Renew 26 fender piles, pier 8, Cristobal. . 232.61 5,233.46 4374 Repairs to struct-steel girders, pier 8,Cristobal 645.20 645.20 4375 Renew 21 fender piles and 64 ft.wale timber,dock
9, CriSt........................7.37 2321.05
4377 ee hokbok and fastenings, dock 16, coal ..
plant ., . .. .. ... 974.50 1,631.75
4378 Renew 12 fender piles, dock 6, Balboa ........1,143.48 3,935.64 439Renew 16 pile Cluster, dock 6, Balboa.... ......1111.28 14,866.18
4383 Replace sple oncrete, dock 15, Balboa .. 1,442.04 1,442.04 4385 Replace spalled concrete, dock 16, BalbOa . 631.04 631.04 48 Mananfloat fastenings,pier 18, Balboa. 42. 36 499.36 49 Onbeeaecooler for Balboa commissary .77.08 496.97
PANAMA RAILROAD COMPANY 45
TABLE NO. 24- Continued
Statement of Expenditures Under Authority for Expenditures During
the Fiscal Year Ended June 30, 1950
A.F.E. Description. This Year To Date No.,
4392 Final plans for toilet facilitiesAncon comsy.. 1,105.95 $ 2,536.57 4395 Repairs to float.piledriver 201,Railroad, 0 . 3,459.85 3,459.85 4399 Repairs to condenser,Balboa refrig.plt.,comsy.
div .... 1111.51 1,111.51 4400 One motor generatorBalboa" exchange, tel.sys 31. .971.89 3,971.89 4401 One motor generator,Cristobal exchange, tel.sys. o 4,122.64 4,122.64 4402 .Repair toilet doors and replace windows,pier 18,
Balboa. 0 ....1............... 436.47 785.53
4406 Refrigerated show cases, Cristobal commissary 7,683.56 7,683.56 4407 Refrigerated show cases, Margarita commissary, 3,809.32 3,809.32 4408 Two 8-ft.refrig.show cases, Gatun commissary.. 2,389.75 2,389.75 4409 Refrigerated produce stand,Margarita commissary 2,133.05 2,133.05 4410 Refrigerated produce standGatun commissary .. 1,953.26 1,953.26 4411 300-gal.per hr.'capacity milk cooler,Mindi dairy. 1,883.82 1,883.82 4412 Can washing machinemilk bott.plt.,comsy.div.. 2,952.61 2,952.61 4413 Renovate toilet facilitiescomsy.serv.shops,
I Balboa .... .. .. .... 2,820.78 3,224.25
4414 500 slatted shipping boxes, bakery........... 4,050.64 4,050.64
4415 One automatic meat slicing machinecommissary div. 986*76 986.76 4416 43 groups of 20 switch banks,Balboa Hts.exchange, 24,805.00 24,805.00 4417 27 groups of 20 switch banksCristobal exchange .15,298.35 15,298.35 4418 Convert cantonment type bldgs.,,Silver City & La Boca , .. 68,647.26 68,647.26 4419 Tables and display cases,Curundu commissary 2,302.60 2,302.60 4420 Re-tube and install air condenser,Mt.Hope ice
plant ........... ... 2.52 735.71
4421 One-inch wire mesh partition,Ancon laundry. 538.64 538.64 4423 Gondola-type display shelving,Balboa annex. 544.51 544.51 4424 Five battery boxes for indust.cargo truckscomsy. 598.00 598.00 4425 Repair asphalt driveway at Camp Bierd commissary 616.81 616.81 4426. Five storage batteries for cargo trucks,.
commissary. . . . . ......... 6,690.58 6,690.58
4427 Construct checking and storage roomsCamp Bierd comsy .. .. . 579.16 579.16 4428 Two stationary elec.cargo winches,harbor terminals........... .1 2,908.16 12,908.16
4429 Repair ceiling of freeze room,U.S.rate comsy., Cocoli. ,. .672.15 672.15 4430 Five storage batteries for cargo trucks consy.div 3,076.46 3,076.46 4431 Repair comsy.launch delivery elevator,pier 19, Balboa. 0, a 0 1,016.36 1,016.36 4432 Purchase 500 hardwood pallets harbor terminals. 5,328.60 5,328.60 4433 Renew fender piles, pier 7, Cristobal. .... 5,369.94 5,369.94 4434 Replace spalled concrete, pier 7, Cristobal . 781.06 781.06 4435 Renew fender pilespier 8, Cristobal. . . 4,634.11 4,634.11 4436 Renew pile cluster, pier 8, Cristobal ...... 2,365.85 2,365.85 4437 Renew fender piles, pier 18, Balboa .. 3,573.58 3,573,58 4438 Renew wale timber, pier 18, Balboa,.... ..... 636.12 )636.12
4440 Construct five floats for all docks and piers, Balboa...o . .... .... .. .. 2,650.53 2,650.53
4441 Clean,paint and repairs pier 18, Balboa .. 999.26 999.,26 4442 Replace spalled concrete, pier 8, Cristobal 606.60 606.60 4443 Replace broken and worn railpier 8,Cristobal . 457.40 457,.40 4444 Renew fender piles, dock 9, Cristobal,.. . .....1,401.96 1,401.96
4445 Renew fender piles, dock 16,coaling plant a a 2,187.29 2,187.29 4446 Renew chock blocks and fastenings, dock 16... 997.86 997.86 4447 Replace spalled concrete, dock 16 . 875.06 875.06 4448 Construct three floats, Cristobal docks and piersi 1,619.60 1,619.60 4449, Renew fender piles, dock. 6, 'Balboa. .'. 4,461.53 4,461.53 4450 Renew wale timber, dock 6, Balboa . 0 . 1,023.84 1,023.84 4451. Apply no-ox-id to structural steel beams,dock 6, Balboa. 762.98 762.98 4452 Relash pile cluster, docks 6 and 7, Balboa.. 636.87 636.87 4453 Renew fender piles dock 7, Balboa.W .... 3,747.40. 3,747.40 4454 Renew-wale timber,dock 7, Balboa. ,.o... ,..1,070.45- 1,070.45
4455 Renew fender pile and remove sunken floats,Mindi .
dock....... ....... .. ,....... ... . 362.10 362.10
4456 Overhaul Thompson loaf molder, bakery . . 528.57 528.57 4457 Repair concrete loading platform, Red Tak consy, 1029.05 1,029.05 4459 Nw a commissary.......419.52 41952
4460 Repair roofing, Ancon commissary and annex. ... 273.2730 4461 VariouS repairs to Ancon laundry.. ......... ... 572..88 528
4462 New toilets facilities, Ancon laundry. ..... .. 3,116.74 3,116.74
46 PANAMA RAILROAD COMPANY
TABLE NO. 24- Concluded
Statement of Expenditures under Authority for Expenditures During the Fiscal Year Ended June 30, 1950
A.F.E. Description This Year To Date No.
4463 Repairs to roof,rear load.platform,Gamboa comsy, $1,507.79 $ 1,507.79 4464 Repairs to La Boca commissary .. ......896.02 896.02
4465 Stop leaks and paint exterior trim,Cristobal comsy.. ...... . .. 1,722.72 1,722.72
4466 Sanitary viscolizermilk bott.& ice cream plant 1,010.02. 1,010.02 4467 Paint ext.walls and wire meshCamp Bierd commissary.. . . 1,307.71 1,307.71 4468 Alterations to chill room,Silver City commissary, 719.47 719.47 4469 Paint wood trim, etc. ,gen.mgr.'officecommissary. 519.48 519.48 4470 Corrugated roofing,check-in-shed,commissary div 1,151.96 1,151.96 4471 Upkeep of boiler 4nd stack,Hotel Tivoli . . 1,472.92 1,472.92 4472 Construct new fumigating room,Mt.Hope warehouse 631.07 631.07 4473 Enlarge cashier's cage,Silver City commissary 581.54 581.54 4474 Bakery products display cases,Balboa commissary 4,519.50 4,519.50 4475 Exten~to underground tel.sys. Gorgas hospital 4,992.84 4,992.84 4476 Repairs to ammonia suction line,refrig.plt.
MtoHope . . .. ... .... .... 715.77 715.77
4477 Repairs to boilers 570 and 571,Ancon laundry. 1,533.44 "1,533.44 4479 Six germicidal lampsice cream & milk bott plt. 676.66 676.66 4480 Flour packaging equipment,commissary division 958.47 958.47 4481 Repairs to five indust.trucks,commissary, division 474.97 474.97 4482 Construction of living quartersMindi dairy. 104,745.10 104,745.10 4483 Repair termite damage, Hotel Tivoli,. 631.97, 631.97 4485 Nine germicidal lamps,ice cream and m.b.plt . 638.17 638.17 4486 Transfer toilet articles section, Mt.Hope . 823.29 823.29 4487 Refinish and relocate fixtures, Balboa commissary 18,169.66 18,169.66 4488 Improvement of experimental floor area, dairy 534.98 534.98 4489 Paint ext. and roof, Pedro Miguel commissary. . 763.46 763.46 4490 Convert fasteners on 240 shipping cases,comsy.div 255.35 255.35 4491 One Underwood typewriter;one ditto machineharbor terminal. . .7...4. .7. 714.67 4492 Resurface driveway at bldg.1014l ristobaliharbor.
terminal ... ........ ... 0 0..... . 254.39 254.39
4493 Restoration of bldg. and equipment,La Boca comsy, 35,082.05 35,082.05 4494 One cream separator, m.b.plant. 696.13 696.13 4496 Straighten boom and ventilators on SS.BIO BIO, harbor terminal ............... .... .636.43 636.43
4497 Convert bathouses,Hotel Washington swimming pool. 969.56 969.56 4499 Carpentry repairs and patch painting,Hotel Tivoli 3,575.70 3,575.70 4500 Paint porch railings and floors, Hotel Tivoli 5,299.98 5,299.98 4501 Repair flooring, third floor porch, Tivoli. . 740.05 740.05 4502 Paint public toilets and dining room porch, Washington .......... . 925.25 925.25
4503 Renew plants and grassHotel Washington gronds 1,047.37 1,047.37 4504 Paint interior and finish bar, Hotel Tivoli.. 744.46 744.46 4505 Minor interior repairs, Hotel Tivoli. 508.47 508.47 506 Miscellaneous minor repairs, Hotel Washington 796.80 796.80 4507 Clean concrete at Balboa Hts. HR station.. 399.22 399.22 4508 Re-arrangp'shelvingwholesale drygoods, Mt. Hope. 974.47 974.47 4509 New shelving and alterations, La Boca commissary. 3316.54, 3,316.54 4510 Minor paint work, Hotel Tivoli....... ... . 988'89 988.89
4511 Interior paintingmain buildingBalboa commissary 1,499.91 1,499.91 4512 Purchase used 12-ton refrig.semi-trailer, commissary. .............. .... 2,552.00 2,552.004513 Repairs to boiler.516, Hotel Tivoli.. ..... 1,718.04 1,718.04
4514 Repair plumbing in four guest roomsHotel Washington........ ........... ........ .1,170.13 11,170.13
4515 Plant shrubbery edge of groundsHotel Washington 850.00 850.00 4517 Touch up painting in rooms, Hotel Tivoli.. 959.51 959.51 4521 Re-arrange shelving,ready-to-wear section,,Mt.Hope 498.24 498.24 4522 Interior painting, Balboa commissary,. -........... 77.23 877.23
4530 Improvements to refrig~system, Hotel Washington. 992.06 992.06 452Three pairs automatic crossing gateSi Balboa. 209.22 209.22! 4543 Touch .up painting, Hotel Tivoli.. .........601. 01 .. 601. 01
~$646,788.30 $886,654.62
PANAMA RAILROAD COMPANY 47
TABLE NO. 25
Statement showing items of Construction, Improvement and Equipment Added to and
Removed from Capital Account during Fiscal Year ended June 30, 1950
ITEMS ADDED TO CAPITAL ACCOUNT:
RAILROAD AND APPURTENANCES
Railroad roundhouses and car shops...$ 232181.67
Convert. eighteen (18), cantonmentt type" buildings to
6-family quarters at Silver.City.66,218.42
Convert one (1) ."cantonment type" building to 3-family
.quarters at La Boca. ... .. .. ..2428.84
one (1) Toledo floor 'scale for Cristobal freight house ... 2236
Total. 303,102.59
TELEPHONE SYSTEM
One (1) telephone cable, 200 pair, Balboa Heights to Ancon .$ 8,989.93
Extension 'of underground telephone system, vicinity Gorgas
Hospital............................4,992.84
One (1) motor generator set, Cristobal exchange. ......2.64 One (1) motor generator set, Balboa Heights exchange.. 3,971.89
Total. quarters$ 22,077.30
COMMISSARY PLANTS AND STORES
Concrete addition-battery charging plant, Mt. Hope ....$ 27,779.17 Modernization of the second floor, Cristobal commissary. 23,562.57 Eleven (11) refrigerated display cases-various retail stores 17,691.48 One (1) air compressor for ice plant, Mt. Hope. .. .......11,537.61
One (1) 500-gallon viscolizer for ice cream plant. .. 4490.06
One (1) double suction brine pump for refrigerating power
plant, Mt. Hope. . .... ... .... ..... 4 302.43
One (1) brine spray cold diffuser for cold storage
warehouse, Mt.Hope.......... ......4,034.43
One (1) telephone switchboard for General Managerts Office,
Mt. Hope....... ............... 3,459.22
One (1) can washing machine for milk bottling plant.,',.. ..2,944.00
One (1) 12-ton refrigeratedtrailer............... ..
One (1) milk cooler 0for dairy-farm, M89di.. 83
Total. genera... 1s... 4,236.79
Tota..... ..... ................ ........................... ... $ 429,416,6
48 PANAMA RAILROAD COMPANY TABLE NO. 25-- Concluded
Statement showing items of Construction, Improvement and Equipment Added to and
Removed.from Capital Account during Fiscal Year ended June 30, 1950
ITEMS REMOVED FROM CAPITAL ACCOUNT:
RAILROAD AND APPURTENANCES
Track removals ... . .. .. .$ 47,200.39
Colon stables tract. ... ......... o o .... 38,460,00
Twelve,(12) wood box cars, .. ... ..11,655.48 One (1) Oliver dump car.e.. ........ . ....... . 568.47
One (1) 50-ton steel flat car. ... . ..538.60
Crossing gates and signals................. .. 1,702.35
Total..... ................... $ 100,125.29
DOCKS, PIERS AND APPURTENANCES
Six (6) electric cargo trucks,..... ....,. a. $ 398.00
One (1) Lorain crane truck ..... ..10,000.00 Two (2) electric winches,... ... .........3,744.41
Total.. ........... .............$ 39,142.41
COMMISSARY PLANTS AND STORES
One (1) automatic weighing-machine, wholesale groceries
packing department, Mt. Hope. 0 .' . .... $ 5, 155.14
Doors and wall, second floor, Cristobal commissary .. 3,933.00 Two (2) dough mixing machines, bakery. a..........s 3,625.34
Lean-to type addition to battery charging plant, Mt. Hope. 1 2,389.01
One (1) viscolizer, ice cream and milk bottling plant,
Mt. Hope. ... .. ...... .... .... ...... 2,293.19
One (1) telephone switchboard, General Manager's office. ... 1,674.99 One (1) rotary can washer, ice cream and milk bottling plant 1,165.65 One (1) milk cooler, dairy farm, Mindi . .. ....... 817.15
Total.... 0...... 21,053.47
Total. ... . . a 0 .. .. .... $ 160,321.17
PANAMA RAILROAD COMPANY 49
TABLE NO. .26
Construction Work in Progress at Close of Fiscal Year Ended June 30, 1950 AF.E. Description Estimate No.,
COMMISSARY DIVISION:
4274 Rev. Replacement of Mt. Hope cold storage warehouse. $5,049 ,800.00 4466 Sanitary viscolizer for ice cream plant, Mto Hope'. . 1,252.00 4480 Flour packaging equipment for wholesale groceries department.. .... . 4,500.00
4516 One (1) 2-total electric cash register.. a0 0 1,300.00 4518 Two (2) refrigerated produce stands, Balboa commissary . 3,900.00 4519 One (1) butter print machine . . 2,250.00 4520 One (1).drum loaf moulder, commissary bakery. ............ 2,800.00
Total 9 a .. ... $5,065,802.00
HARBOR TERMINALS:
4428 Two (2) electric stationary 3-ton cargo winches. 14.,000.00 4524 TWo (2) stationary electric cargo winches, 3-ton.. ... 14,000.00 4525 Two (2) portable cargo conveyors. 4.... 4,000.00 4526, Two (2) portable conveyorsi coffee stacking 7...... .7500.00 4527 Two (2) Yale and Towne flat trucks, 2-ton .. ... 6,000.00
Total. a.. ..... ....... $ 45,500.00
RAILROAD:,
4482 Construct fQur (4) 4-family quarters and one (1)'8-room
bachelor building, 'Mindi dairy........ .. ,. $ 135,000.00
4542 Six (6) (3 pair) automatic electric crossing gates... ....... 24,000.00
Total' a .. 6.. .. . .. . .. .$ 159,000.00
TELEPHONE SYSTEM:
4220 Telephone exchange building, Cocoli a.. ... $ 30,500.00 4230 Three (3) switchboardslOO-line, for Cristobal exchange 51,000.00 4231 Switchboard, 100-line, for Gatun exchange .a 0 16,500.00 4232 Switchboard, 100-line, for Gamboa exchange.. .. ., .18,500.00 4233 Equipment for 300-line exchange, Cocoli....... .............100,000.00
4234 Underground system, Cocoli. 0 . . .....4,000.00
4235 Five (5) switchboards,100-lineBalboa Heights exchange.,. 95,000.00 4303 Fifty (50) repeaters for Balboa Heights exchange..,. 6,500.00
4416 Forty-three (43) groups of'switch banks.Balboa Heights
exchange... ............ 31000.00
447 Twenty-seven (27)grusof switch banks,Cristobal exchange: 19,000. 00 42 Exeso underground telephone distribut ion system,Gatun 3,000.0 Ttl ..... .. .. . $ 7,000
T .................565320
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