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44
ONE HUNDRED-SECOND
ANNUAL REPORT OF THE BOARD OF DIRECTORS
OF THE
PANAMA. RAILROAD COMPANY
TO THE STOCKHOLDER FOR THE FISCAL YEAR ENDED JUNE 30, 1951
John S. Swift Co.
New York
2
TABLE OF CONTENTS
Page
List of Board of Directors and Officers. 5 Letter of Transmittal ......... ..................... 6
Operations of the New York Office General Administration 7.................... 7
Operations on the Isthmus
Financial:
Income from operations on the Isthmus 9.......... 9
Capital investment Fixed Property and Equipment and
Related Accrued Depreciation .......... ........... 9
Cash. a0..... . .................. 9
Merchandise,; Materials and Supplies o.... ..... 10 Operating and Special Reserves ................... 10
Railroad Operations:
General operations. 0,.4........................10
Passenger statistics.. ...................... 10
Freight statistics ...................... 11
Real estate ........ ............... 11
Locomotive and Motor Car statistics. ...............1
Trackage ......................... 11
Rolling Stock o.o.......................... .....
Other Operations on the Isthmus:
Harbor terminals, .. ................................. 12
Coal and Oil plants .......... ....... 12
Commissary. a............................... ..... 12Manufacturing plants* ............................ 13
Hotels. ........................... 13
Printing plant. ..... .................... .. 14
Telephone system...... ...... .. ................. 14
Interest and exchange 0.. .. 14 Expenditures under A.F.E,'s ...........14
Construction improvement and equipment acquisitions in
progress.............. ................... 14
Freight claims................................ 14
Auditors' Opinion, General Accounting Office............. 15
3
TABLE OF CONTENTS Continued
List of Financial Tables
Page
Exhibit 1, Balance Sheet, Assets. .................16
Exhibit 1, Balance Sheet, Liabilities. ........ ... 17
Exhibit 2,. 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
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 ....... .......... 25
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 and Oil Plants Operations, Statement of Sales,
Gross Profit from Sales, Expenses, and Net
Operating Revenue....... .. .. 29
Table 10, Commissary, Statement of Sales, Expenses and
Net Operating Revenue.. 0............ 30
Table lOa, 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, Printing Plant Operations, Revenue and Expenses.. 35 Table 14, Telephone System Operations Revenue and Expenses. 36 Table 15, Steamship Line Operations, Revenue and Expenses,. 37 Table- 16, Interest and Exchange, Revenue................. 37
4
TABLE OF CONTENTS Concluded
List of Statistical Tables
Page
Table 17, Railroad Operations, General and Passenger
Statistics .................... 38
Table 18, Railroad Operations, Freight Statistics........ . 39 Table 19, Locomotive and Motor Car Statistics... ...... 40 Table 20, Trackage with Additions and Removals .. ........41
Table 21, Statement of Locomotives and Rolling Stock
in Service ............. 42
Table 22, Harbor Terminal Operations, Statistics and
Hold-Over Cargo. .... ........ ......... 43
Table 23, Coal'and Oil Plants Operations, Statistics ......44 Table 24, Steamship Line Operations, Statistics-. ....... 45 Table 25, Statement of Expenditures under A.F.E.'s ...... 46
Table 26, Statement Showing Items of Construction, Improvement
and Equipment added to and removed from Capital
Accounts ...........49
Table 27, Construction Work in Progress at Close of
Fiscal Year. ..................... 52
PANAMA RAILROAD COMPANY 5
BOARD OF DIRECTORS
T. C. ANDREWS GORDON GRAY F. C. PACE, JR.
K. R. BENDETSEN JOHN W. MARTYN W. R. PFIZER B. F. BURDICK E. D. McKIM J. L. SCHLEY G. E. EDGERTON F. K. NEWCOMER D. E. TAYLOR R. A. WHEELER
OFFICERS
F.K. NEWCOMER. .0. 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. Secretary... ........... New York, N.Y.
W.L. HALL. ..... Treasurer, ........... .. .New York, N.Y.
B.F. BURDICK .... General Purchasing Officer .... Washington, D.C.
P. DE STEFANO. . Auditor ..... ......... New York, N.Y.
W.M. LLOYD ...... Freight Traffic Manager........ New York, N.Y.
V.J. CLARKE. .... Commissary Purchasing Agent.... New York, N.Y.
J.P. SUTHERLAND*.. Passenger Agent... .... .......New York, N.Y.
W.G. GRACE 0. Port Engineer ...........'New York, N.Y.
*E.N. STOKES. ... Railroad and Terminals Director.. Cristobal, C.Z.
**ARN1OD BRUCKNER... Director of Finance... .Balboa Heights, C.Z.
E.S. MACSPARRAN... Superintendent Terminals Division. Cristobal, C.Z.
***L.B. MOORE. ...... Supply and Service Director. ... Balboa Heights, C.Z.
R.L. SULLIVAN. ... General Manager, Commissary
Division .............. Cristobal, C.Z.
P.A. BENTZ .....Counsel on the Isthmus Balboa Heights, C.Z.
G.K. WITHERS .... Engineering and Construction
Director 0........ ... Balboa Heights, C.Z.
A.C. GARLINGTON. .. Electrical Engineer........... Balboa Heights, C.Z.
* ~Replaced A.L. Prather, retired July 31, 1950.
*Retired October 1951.
*** Replaced L.W. Lewis, retired Oct. 31, 1950.
6 PANAMA RAILROAD COMPANY
October 16, 1951
TO THE STOCKHOLDER:
1. I submit for your information and consideration a report for the Panama Railroad Company's business operations for the twelve-month period ended June 30, 1951, and of its financial condition 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. This report covers the final year of operations under the corporate name of the Panama Railroad Company, which was renamed the Panama Canal Company on July 1, 1951, in accordance with the provisions of Public Law 841, 81st Congress.
2. The net income of the Company before charges amounted to $493,511.09 as compared with $851,434.29 for the previous year, a decrease of $357,923.20. There was charged against the year's income a total of $480,806.30, representing contribution to Civil ServiceRetirement Fund, Federal Insurance Contribution Act payment, employees' injury and death compensation payments, adjustment of depreciation on quarters for prior years, settlement of injury and damage claims, refund of ocean freight charges for prior years and expenses in connection with the reorganization of the Company, which left a balance of $12,704.79 transferred to surplus. After making full provision for employees' accrued leave, an additional amount of $845,426.68, and the addition to surplus of capital assets consisting of property and equipment transferred from The Panama Canal by Executive Order 10,102 of January 31, 1950, $3,015,582.34, there was a net increase of surplus amounting to $2,182,860.45.
3. Gross revenues from operation of the Railroad proper continued to decline, dropping from $1,627,920 in 1950 to $1,548,846 in 1951. Control of expenses, however, reduced the loss from $165,346 in 1950 to $128 998-in 1951. Harbor Terminal operations showed an increase in gross revenues of $685,271 over 1950 but increased wages were instrumental in causing proportionately higher expenses, resulting in a net profit of $225,923 in 1951 compared to $305,496 in 1950. The Hotel Tivoli-was converted into al 'Guest House" during January and was operated in the latter capacity for approximately the last five months of the fiscal year withcorrespondingly lower revenues. Washington Hotel expenses were rigidly'curtailed. Continued reduction in the dollar volume of Commissary sales and services resulted in a net income of $372,798 in 1951compared with $435,846 the previous year. Transferof former Panama Canal oil handling and sales functions to the Company, at the beginning of the year, had the effect of increasing the "Coal and Oil Handling" profits by $205,737 over 1950 level when coal only was handled.
Respectfully,
F. K. NEWCOMER,
Pr es id en t
PANAMA RAILROAD COMPANY 7
Operations of the New York Office
General Administration
Mr. D. E. Taylor appointed Director July 6, 1950.
Mr. E. D. McKim appointed Director December 28, 1950.
Mr. T. C. Andrews appointed Director December 28, 1950, replacing E. P. Kohl.
Mr. K. R. Bendetsen appointed Director February 15, 1951, replacing Colonel H. D. Vogel.
PANAMA LINE
Under the provisions of Public Law 734, 81st Congress approved August 28, 1950 Social Security benefits were extended effective January 1, 1951 to all steamer, pier and office employees under the New York Office not covered by the Civil Service Retirement Act.
In accordance with agreement between American Steamship Owners and Operators and the National Maritime Union establishing a welfare and pension ..plan for unlicensed steamer personnel on American flag steamers similar coverage was extended, effective January 1, 1951, to the unlicensed personnel on the Company's steamers not presently eligible for benefits of the Civil Service Retirement Fund.
The steamship line incurred a net operating loss of $212,681.91 as compared with a net operating profit of $90,962.63 for the previous year, due to increased expenses for wages, fuel, repairs and supplies, continuance of the policy of furnishing transportation to U.S. Government employees and their families stationed on the Canal Zone at greatly reduced rates and a decrease in the number of tariff passengers carried.
Gross operating revenue from the transportation of freight, passengers, mail, etc. during the fiscal year ended June 30, 1951 was $4,917,752.57. The totalof cargo carried amounted to 198,929 tons with a corresponding freight revenue of $3,796,635.80. There was a total of 12,004 passengers carried and the passenger revenue amounted to $949,681.76. Mail revenue totaled $132,477.19.
Operating expenses, which include depreciation charges of $475,537.86 amounted to$5,130,434.48. This resulted in a net operating loss of $212,681.91.
8 PANAMAA RAILROAD .COMPANY
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 $825,900.
The number of passengers carried on Government account was:
Adults Children Infants
Government Transportation Requests. ......1,136 217 81 Employees and families traveling at
personal expense:
Panama Canal & Panama Railroad. .....4,388 841 215 U. S. Army ............... 941 189 67
U. s.Navy a....... .. ..... 254 63 10
Other Government Departments ...... 160 45 12 6,879 1,355 385
Details of steamship line operations are presented in Tables Nos. 15 and 24.
PANAMA RAILROAD COMPANY 9
OPERATIONS ON THE ISTHMUS
Fiscal Year 1951
INCOME FROM OPERATIONS ON THE ISTHMUS
The total revenues from sales of goods and services during the fiscal year amounted to $29,061,552.24. The cost of sales, including operating expenses, amounted to $28,355,760.46, leaving an operating revenue of $705,791:78, to which is added interest and exchange amounting to $120.00, resulting in a net income of $705,911.78 for the year, as compared with $760,071.66 last year, a decrease of $54,159.88. There were increases in the net revenues of the Coal and Oil Handling Plants and the Printing Plant, and the losses in the Railroad proper and the Hotel-Washington were reduced. There were decreases in the net revenues of the Commissary Division, Harbor Terminals, the Hotel Tivoli, and the Telephone System.
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 16.
CAPITAL INVESTMENT FIXED PROPERTY AND EQUIPMENT AND RELATED 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 $38,279,'029.17, as compared with $31,285,715.10 last year, an increasel of $6,993,314.07. The additions made during the fiscal year for completed capital items amounted to $7,373,411.22, which includes $7,128,836.63 for property and equipment transferred from The Panama Canal by Executive Order 10,102, January 31, 1950; $149,640.08 for construction of local rate quarters; $49.,990.06 for Telephone switchboards and equipment for the Telephone System; $26,622.24 for electric winches and cargo conveyors for HarborTerminals; and $18,322.21 for miscellaneous equipment for the Commissary Division.
The values of capital items retired from service during the year amounted to $380,097.15, which includes $119,677.00 for U.S. rate quarters and $17,000.00 for local rate quarters; $1,547.50 for railroad track removed and $50,241.10 for freight cars and other equipment from the Railroad proper; $68,722.92'for unloader towers from the Coal Plant; $87,344.09 for a warehouse and equipment from the.Commissary Division; $29,822..98 for printing presses-and other equipment from the Printing Plant; $4,.218.23 for cargo truck and winch from Harbor Terminals, and$1,523.33 for duct lines from the Telephone System.
The reserves for depreciation (accrued depreciation)of property and equipment on the Isthmus totaled $20,182,064.17 at the close of the fiscal year, as compared with $15,462,763.61last year, an increase of $4,719,300.56, which includes $4,114,402.10 on property and equipment transferred from The Panama Canal.
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 26.
CASH
The total cash on hand and on deposit on the Isthmus at the close of the fiscal year amounted to $3,518,924.84, as compared with $1,141,329.69 last year, an increase of $2,377,595.15.
A detail of cash on hand and on deposit is presented in Table No. 2.
10 PANAMA RAILROAD COMPANY
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 $5,363,029.88, as compared with $4,641,538.14 last year, an increase of $721,491.74. There were increases of $462,675.31 in commissary supplies; $75,539.82 in coal stock, and $238,017.84 in printing supplies. There were decreases of $34,795.16 in railroad material; $10,883.64 in dairy herd and $9,062.43 in-hotel supplies.
A detail of merchandise, coal, dairy herd, material and supplies on hand is presented in Table No. 4.
OPERATING AND SPECIAL RESERVES
At the beginning of the fiscal year, the operating reserves on the Isthmus totaled $352,316.76. The total credit to the reserves during the year amounted to $1,033,440.95 of which $244,062.30 was charged to operations and $789,378.65 to other accounts. The charges to the reserves for purposes for which they were provided amounted to $266,340.56, resulting in a balance at the close of the fiscal year of $1,119,417.15. At the beginning of the fiscal year, the special reserve for obsolescence of the roadway and track totaled $7,028,141.63. Charges during the year, resulting from track removals, amounted to $1,547.50, leaving a balance in the reserve at the close of the fiscal year of $7,026,594.13.
The special reserve for rehabilitation of the Commissary Plant was not disturbed during the year, and remained at $750,000.00 on June 30, 1951.
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 $1,548,846.39; operating expenses were $1,677,844.68, resulting in a net loss of $128,998.29, as compared with a net loss of $165,345.66 last year, a decreased loss of $36,347.37.
The gross revenue per mile of road operated decreased $1,572.29, as compared with last year, and operating expenses per mile of road decreased $2,266.35, resulting in an increased $694.06 in net revenue per mile of road. Revenue train mileage increased 29,709 miles, as compared with last year, and locomotive mileage increased 47,193 miles.
Details of operating revenues, expenses and general statistics are presented in Tables Nos. 7 and 17.
PASSENGER'STATISTICS
The total revenue from passenger operations during the fiscal year, including baggagemail, express, special trains, motor cars, etc., was $347,804.16; operating expenses, based on pro rata of train and locomotive mileage, were charged at $841,317.23, resulting mnanet loss of $493,513.07, as compared with a loss of $523,123.15 last year, a decreased loss of $29,610.08.
There were 446,412 passengers transported during the fiscal year, as compared with 317,530 last year, am increase of 128,882 passengers.
Details of passenger operations are presented in Tables Nos. 7 and 17.
PANAMA RAILROAD COMPANY 11
FREIGHT STATISTICS
The total revenue from freight operations during the fiscal year, including switching, demurrage, storage, etc.,was $1,153,932.40; operating expenses based on-pro rata of train and locomotive mileage, were charged at $800,707.98, resulting in a net revenue of $353,224.42 as compared with $345,769.82 last year, an increase of $7,454.60.
The revenue freight tonnage transported during the fiscal year amounted to 230,112 tons, as compared with 219,541 tons last year, an increase of 10,571 tons. The revenue ton miles increased 473,178 as compared with tonnage for last year.
Details of freight operations are presented in Tables Nos. 7 and 18.
REAL ESTATE OPERATIONS
The total revenue from rental of buildings and lands not used in the operation of the railroad was $47,109.83; operating expenses were $35,819.47, resulting in a net revenue of $11,290.36 as compared with $12,007.67 last year, a decrease of $717.31,
The revenue and expense figures in connection with the rental of buildings and lands not used in the operation of the railroad are presented in Table No. 7, as part of Railroad Operations.
LOCOMOTIVE ANDMOTOR CAR STATISTICS
The total locomotive mileage during the fiscal-year amounted to 342,492 as compared with 295,299 miles last year, an increase of 47,193 miles. Steam locomotive mileage decreased 9,470 miles, diesel locomotive mileage increased 58,165 miles, and motor car mileage decreased 1,502 miles.
The cost of maintaining and servicing locomotives during the year, including fuel consumed, amounted to $241,641.30, as compared with $278,818.98 last year, a decrease of $37,177.68. The corresponding cost for motor cars was $3,762.72, as compared with $6,269.56 last year, a decrease of $2,506.84.
Details of locomotive and motor car statistics are presented in Tables Nos. 17 and 19.
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 156.017 miles, as compared with 157.757 miles last year, a decrease of
1.740 miles.
A detail of trackage, additions thereto and removals therefrom, construction and maintenance data is presented in Table No. 20.
ROLLING:STOCK
At the close of the fiscal year there were 13 steam and 5 diesel electric locomotives, 45 passenger cars, 700 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. 21.
12 PANAMA RAILROAD COMPANY
OTHER OPERATIONS ON THE ISTHMUS
HARBOR TERMINAL OPERATIONS
The total revenue from harbor terminal operations during the fiscal year was $3,179,245.64; operating expenses were $2,953,322.34, resulting in a net revenue of $225,923.30, as compared with $305,496.44 last year, a decrease of $79,573.14. The gross tonnage of cargo stevedored, handled and transferred during the fiscal year amounted to 2,670,518 tons, as compared with 1,808,188 tons last year, an increase of 862,330 tons. Cargo stevedored amounted to 1,338,255 tons during the fiscal year, as compared with 792,474 tons last year, an increase of 545,781 tons.
During the year "Hold for Orders" cargo amounting to 779 tons was-received and 799 tons. were forwarded, as compared with 519 tons received and 425 tons forwarded last year. The revenue for storage and handling amounted to $12,302.56, as compared with $6,705.50 last year, an increase of $5,597.06.
During the year 2,442 cargo ships were handled as compared with 1,755 last year. Agency services were furnished 26 vessels, as compared with 29 last year.
Details of harbor terminal operations are presented in Tables Nos.8 and 22.
COAL AND OIL PLANTS OPERATIONS
Effective July 1, 1950, the Company took over the operation of handling petroleum products previously conducted by The Panama Canal, and this activity was consolidated with coaling plant operations.
The total revenue from the sale of coal, oil handling and from other operations during the fiscal year was $873,933.78. Operating expenses including the cost of coal sold were $658,078.47, resulting in anet revenue of $215,855.31, as compared with $10,118.77 last year, an increase of $205,736.54. During the year 9,493 tons of coal were purchased and 3,814 tons were sold, as compared with 8,089 tons purchased and 11,860 tons sold last year. The gross profit on coal sales amounted to $33,632.30 as compared with $100,221.31last year, a decrease of $66,589.01. The gross revenue from oil handling operations amounted to $715,309.46, representing 14,208,682 barrels of petroleum products handled.
Details of coal-and oil plants operations are presented in Tables Nos. 9 and.23.
COMMISSARY OPERATIONS
The revenue from sales and services during the fiscal year amounted to $22,015,043.00. The cost of sales, including operating expenses was $21,642,244.95, resulting in a net revenue of $372,798.05, as compared with $435,845.66 last year, a decrease of $63,047.61.
The volume of business transacted during the fiscal year averaged $1,834,586.92 a month as compared with $2,083,210.28 a month last year, a decrease of $248,623.36. Total sales to steamships, including $263,131.05 sales to U. S. Navy, amounted to $804,190,37. The average monthly inventory was $5,357,800.22 and the average stock turnover was approximately once in 12.66 weeks.
The distribution of sales for the past four years is presented in the following tabulation:
1951 1950 1949 1948
U.S. Army and Navy.......$ 700,397.45 $ 1,654,425.03 .$ 2,182,867.96 $ 1,685,068.07
The Panama Canal. .......3,051,304.63 3,158,531.10 3-772,976.07 3,490,455.12
The Panama Railroad .... 217,790.00 263,268.87 503,501.15 553,073,13 Individuals and Companles 658,199.61 689,575.90 1,195,550.31 1,199,868.43 coamercial Ships........... 541,059.32 *561,784.17 1,029,969.91 1,244,759.26
Employees ............17,.635,215.35 19,562,560.31 25,102,829.87 25,820,816.05
Gross revenue from
sales.............. $22,803,966.36 $25,890,145.38 $33,787,695.27 $33,994,040.06
Less discounts and
refunds. ............ 788,923.36 891,621.97 945,930.42 853,194.24
Net sales .. . ..$22,015,043.00 $24,998,523.41 $32,841,764.85 $33,140,845.82
PANAMA RAILROAD COMPANY 13
MANUFACTURING PLANTS
Following are comparative statements of the output of the manufacturing plants (principal items) for the fiscal years 1948 to 1951 inclusive;
1951 1950 1949 1948
LAUNDRY:
Pieces handled . ... 5,684,671 6,931,681 7,995,738 9,085,712
Gross value of output . $ 345,728.59 $ 419,409.48 $ 439,145.81 $ 482,771.00
BAKERY:
Bread, loaves ..... 3-,956,233 5,981,043 8,524,664 8,886,992 Rolls, each . . . 3,025,957 2,914,257 3,060,135 3,471,539 Cakes, pounds,..... 121,517 114,033 155,261 200,323
Gross value of output . $ 656,511.68 $ 776,709.-86 $ 952,939.16 $ 947,170.96
COFFEE ROASTING PLANT:
Coffee, pounds:
Army, green ...... 596,870 514,460 637,503 615,338 Commissary, roasted 376,991 577,824- 747,283 910,717
Corn, cornmeal and
peanuts, pounds .... 12,045 2,935 900
Gross value of output $ 321,691.53 $ 356,412.36 $ 364,134.64 $ 389,924.19
INDUSTRIAL LABORATORY:
Gross value of output . $ 400,883.49 $ 467,133.10 $ 586,509.33 $ 510,110.17
MINDI DAIRY FARM, MILK
BOTTLING PLANT AND ICE
CREAM PLANT:
Raw milk, gallons .... 546,976 563,943 603,861 533,686 Milk bottled, quarts. 1,932,668 1,943,143 2,693,310 2,530,500 Ice cream manufactured,
gallons ..... .. 213,509 269,286 439,380 499,435
Gross value of output $ 1,429,311.97 $ 1,655,848.33 $ 2,223,744.54 $ 2,197,123.01
ABATTOIR:
Cattle killed, head . 2,907 3,495 5,501 4,653
Gross value of output . $ 532,541.61 $ 624,308.56 $ 879,838.61 598,906.43
SAUSAGE FACTORY:
Gross value of output . $ 244,792.13,$ 390,422.88 $ 514,334.79 $ 458,896.26
ICE MANUFACTURING PLANT:
Ice manufactured, tons. 11,816 15,021 19,107 20,983
Ice purchased from
Army, tons. '....... 6,537 7,812 8,998 11,173
Gross value of output. $ 104,669.76 $ 123,919.40'$ 141,811.21 $ 145,068.25
TOTAL OF VALUES ABOVE . $ 4,036,130.70 $ 4,808,163.97 $ 6,102,458.09 $ 5,729,970.27
Details of commissary operations are presented in Tables Nos. 10 and 10-A.
HOTEL OPERATIONS
HOTEL TIVOLI: The total revenue from operations during the fiscal year was $440,265.27; operating expenses were $386,292.97, resulting in anet revenue of $53,972.30, as compared-with $93,476.29 last year, a decrease of $39,503.99.
A detail of Hotel Tivoli operations is presented in Table No. 11.
HOTEL WASHINGTON: The total: revenue from operations during the fiscal year was $227,241.90; operating expenses were $267,270.65, resulting in a net loss of $40,028&75, as compared with a met loss of $84,169.28 last year, a reduced loss of $44,140.53.
A detail of Hotel Washington operations is presented in Table No. 12.
14 PANAMA RAILROAD COMPANY
PRINTING PLANT OPERATIONS
Printing Plant operations previously conducted by The Panama Canal were taken over by the Company, effective July 1, 1950.
The total revenue from sales of printed material, coupon book manufacture and other operations during the fiscal year was $412,356.27. The-cost of sales including operating expenses, was $400,428.09, resulting in a net revenue of $11,928.18.
A detail of printing plant-operations is presented in Table.No. 13.
TELEPHONE SYSTEM OPERATIONS
The total revenue from telephone and other operations during the fiscal year was $364,619.99; operating expenses were $370,278.31, resulting in a net loss of $5,658.32, as compared with a net revenue of $10,179.44 last year, a decrease of $15,837.76.
During the fiscal year-1,892 telephones were installed or reconnected, and 1,795 were discontinued or removed, resulting in a net increase of 97 telephones. At the close of the fiscal year there were 6,184 telephones, 41 electric clocks, and 28 automatic printing telegraph typewriters in service.
A detail of telephone system operations is presented in Table No. 14.
INTEREST AND EXCHANGE
The total receipts from interest and exchange in connection with operations on the Isthmus during the fiscal year amounted to $120.00, as compared with $180.00 last year, a decrease of $60.00.
A detail of interest and exchange is presented in Table No. 16.
EXPENDITURES UNDER. F. E.'s
Expenditure of $650,899.49 was made under 138 authorities during the fiscal year, bringing the total expenditure under these authorities to $933,819.77.
A detail of expenditures under A. F. E.'s is presented in Table No. 25.
CONSTRUCTION, IMPROVEMENT AND EQUIPMENT ACQUISITIONS IN PROGRESS
At the close of the fiscal year construction work, improvement projects, and equipment acquisitions, estimated to cost $4,924,113.55, were in progress. The principal .items are: $3,500,000.00 for replacement of Mount Hope cold storage warehouse and $179,408.55 for miscellaneous machinery and equipment, for the Commissary-Division; $500,000.00 for Diesel-electric locomotives and $24,000.00 'for electric crossing gates for the Railroad; $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, and $91,500.00 for telephone cables and miscellaneous equipment for the Telephone System; $267,500.00 for cargo trucks, $17,500.00 for electric cargo winches and $19,650.00 for conveyors and tractors for Harbor Terminals; and $9,055.00 for a press for the Printing Plant.
A detail of construction, improvement, and equipment acquisitions in progress at the end of the year is presented in Table No. 27.
FREIGHT CLAIMS
During the fiscal year ended June 30, 1951, there were 4,556 new loss and damage railroad. and steamship claims received and investigated by the Claim Officer, involving a total of approximately $297,000.00. This is an increase of 286 in number and an increase of $6,000.00 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
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
*1951 4,556 297,000.00 20,124.06
15
COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON 25
January. 24, 1952
The Board*of Directors,
Panama Railroad Company,
24 State Street, New York 4, N.Y.
Gentlemen:
An audit of Panama Railroad Company for the fiscal year ended June 30, 1951, 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 Companyts annual report, .statements of financial position and operations, together with explanatory notes, and the auditors' opinion of the financial statements and of compliance with Federal laws, all 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, 1951, 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 inthe circumstances and appropriate in view of the effectiveness of the system of internal control.
In our opinion, the accompanying balance sheet (exhibit 1) and statement of income and accumulated income retained (exhibit 2) present fairly the financial position of Panama Railroad Company at June 30, 1951, 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, except the establishment at June 30, 1951, of the full liability for employees annual leave, which we approve, and in conformity with applicable Federal laws, except as stated in the following paragraphs:
During our examination we observed no program, expenditure, or other financial transaction or undertaking which, in our opinion, was carried on or made without authority of law, except as follows:
1. Exceeding administrative expense limitation. Panama Railroad Company engaged consultants, in conjunction with-the reorganization, to review the valuation-of properties of the Panama Canal, the allocation of costs between activities, and the adequacy of the accounting system for rate-making purposes. The Company has'not classified this cost as an administrative expense. Nor has the Company classified as an administrative expense certain expenses incurred by a committee of the board of directors in visiting the Canal Zone. The consultant and committee costs properly are subject to the administrative expense limitation, the former being so required by the specific language of section 1206, chapter XII, General Appropriation Act, 1951 (64 Stat. 764). The total administrative expenses, including the items involved, are $840,176, or $20,176 in excess of the administrative expense limitation of $820,000 imposed by the General Appropriation-Act, 1951 (64 Stat. 729). It follows that there also was a violation of section 1211 of the General Appropriation Act, 1951, which the Corporation is required to report to the President and to the Congress (64 Stat. 765).
2. Failing to comply with the act of June 25, 1948 (18 U.S.C. 4124), pertaining to procurements from Federal Prison Industries, Inc. The statute requires that Government agencies, including corporations, purchase items from the FPI when such items are not for resaleby the agencies, Although various items sold by the FPI are regularly, consumed by the steamship line, it has not purchased them from FPI.
Director
Corporation Audits Division
January 10, 1952 General Accounting Office
16 PANAMA RAILROAD COMPANY
(A federally chartered, wholly owned Government corporation)
EXHIBIT 1
BALANCE SHEET--JUNE 30, 1951
ASSETS
CURRENT ASSETS:
Cash:
In U.S. Treasury.$ 5,800,000
In commercial banks and on hand. ... 8,632,089 $14,432,089
Accounts receivable:
U.S. Government agencies ..470,326
Other .................. 657,944 1,128,270
Inventories:
Merchandise, at lower of cost
or market j.............. 4,255,579
Raw materials and supplies,
at cost, ....... 1,754,365 6,009,944
Total current assets., 21,570,303
EMERGENCY FUND DEPOSIT 10,000,000
LAND, BUILDINGS, AND EQUIPMENT (note 1):
Land owned in Colon, Republic of
Panama. .................. 1,552,500
Buildings and equipment:
Railroad' .............. $14,206,521
Steamships'. ............. 13,597,500
Harbor terminals 10,093,747 Coal and oil handling plants . 6,649,883 Commissary .5)............ 5,962,234
Other. ................3,807,506
- 54,317,391
Less accumulated depreciation
and obsolescence .. ...... 38,162,601 16,154,790 17,707,290
SUNDRY ASSETS 43,149
CONCESSIONARY CONTRACT RIGHTS. i
$49, 320,743
The notes fOllowing exhibit 2 are an integral part of this statement.
PANAMA RAILROAD COMPANY 17
(A federally chartered, wholly owned Government corporation)
EXHIBIT 1
BALANCE SHEET--JUNE 30, 1951
LIABILITIES
CURRENT LIABILITIES:
Accounts payable:
U.S. Government agencies $ 287,527
Other. ...............889,197 $ 1,176,724
Accrued liabilities:
Salaries and wages 338,908
Employees' annual leave (note 2) 1,163,342 1,502,250
Unredeemed commissary coupons and
advance steamship ticket sales
and deposits ..... ... 146,400
Advance collections, guarantees, and
sundry liabilities .29,088
Total current liabilities. 2,854,462
CONTINGENT LIABILITIES (note 3)
EXCESS OF REVENUE.OVER EXPENSES ON
VOYAGES IN PROGRESS 87,352
RESERVE FOR COMMISSARY PLANT
REHABILITATION 750,000
EQUITY OF UNITED STATES GOVERNMENT:
Ownership receipt, held by the
Secretary of the Treasury 1
Accumulated income retained
(exhibit 2):.
Accumulated income (note 4) ...... $71,136,026
Deduct dividends'paid to U.S. Treasury and other repayments to the
Government less $10,247,763 applied to the Government's direct
investment ............ 25,507,098 45,628,928 45,628,929
$49,320,743
The notes following exhibit 2 are an integral part of this statement.
18 PANAMA RAILROAD COMPANY
(A federally chartered, wholly owned Government corporation)
EXHIBIT 2
STATEMENT OF INCOME AND ACCUMULATED INCOME RETAINED
FOR THE YEAR ENDED JUNE 30, 1951
(Including interdivisional transactions)
Total
revenue Income
DIVISIONAL INCOME (-LOSS):
Commissary . ..................... $ 22,015,208 $ 379,039
Steamship line ...... ....... ..... 4,917,752 -212,682
Harbor terminals ............................ 4,303,060 225,923
Railroad,,', ....... 0..................... . ..1,496,929 -141,616
Coal and oil handling plants 0.... ... ....... 887,330 215,855
Hotels* a.. ........................ 0 ...667,507 13,944
Printing plants. .......... .... ... .... 407,007 11,928
Telephone system .................... 364,620 -5,658
Total, ...................$ 35,059,413 486,733
Less civil service retirement fund and social
security contributions and injury and death
compensation payments not distributed to
divisions. ...................... 265,406
NET DIVISIONAL INCOME. ........ ....... 221,327
OTHER INCOME:
Income from real estate............... 12,618
Interest earned.. .. ........ ...... .a401
234,346
OTHER EXPENSES:
Consultant's fees and other expenses incident
to reorganization. ........ ......$ 45,169
Steamship claim settlements. ...23,565
Loss from fire ...... ............. 6,241 74,975
NET INCOME FOR YEAR .................. 159,371
ACCUMULATED INCOME RETAINED AT JULY 1950.. .43,446,067
Add:
Portion of accumulated dividends applied to
value of assets transferred during the year from the Panama Canal, pursuant to section
246 of the Canal Zone Code (note 1)9 3,015,582
46,621,020
Deduct:
Accrual of liability for employees' annual
leave, substantially earned in prior years 845,426
Adjustment of accumulated depreciation
on U.S. and local rate housing ......... 146,666 992,092
ACCUMULATED INCOME STAINED AT JUNE 30. 1951
(exhibit 1) $ 45,628,928
The notes following exhibit 2 are an integral part of this statement,
PANAMA RAILROAD COMPANY 19
NOTES TO FINANCIAL STATEMENTS
JUNE 30, -1951
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. The transfer of certain wharves and piers operated by the harbor terminals division, oil handling facilities, investments in coal handling facilities (partially jointly owned, but operated by the Company), printing'plant equipment, and other properties, having an aggregate value to the Company of $3,015,582, was effected as of July 1, 1950; the railroad roundhouse and car shop were transferred as of February 1, 1950. With the exception of certain wharves and piers and coal handling properties, the values of the transferred properties taken into the accounts of the Company were the Canal's recorded costs less depreciation accumulated to the date of transfer.
Fully depreciated buildings and equipment in use at June 30, 1951, amounted to $13,435,103 or 24.73 percent of the total asset values.
2. At June 30, 1951, the Company established in its accounts the full liability for accrued employees' annual leave at that date. Heretofore only the liability pertaining to U. S. rate employees in the commissary and hotel divisions had been recorded, The total additional liability recorded at June 30, 1951, was provided out of accumulated income retained. The portion properly applicable to operations for 1951, normally representing the change in the total liability during the year, was not readily determinable.
3. The Company was contingently liable at June 30, 1951, under pending lawsuits arising from' personal injuries aboard its steamships and from cargo loss and damage involving claims aggregating approximately $1,115,000. The Company's counsel is of the opinion that settlements of these claims will not exceed $174,000.
4. This item represents the retained income at date of acquisition by the United States (May 7, 1904) plus the reported income, less dividends, since that date and the excess ($7,092,977) of market value over the cost of land conveyed by the United States to the Republic of Panama on December 16, 1943.
5. Pursuant to Executive Order 10263, approved June 29, 1951, by the President of the United States, the canal waterway and its appurtenances and the other business properties and their operation were transferred, effective July 1, 1951, from the Panama Canal to the Company. Thus the provisions of the act of September 26, 1950 (64 Stat. 1038), became operative on the date of transfer; the board of directors became respdnsible for the management of the whole canal enterprise, the Company (renamed Panama Canal Company) became financially responsible for the operation of Canal Zone Government functions, and the net assets of the Company were increased from $45,628,929 at June 30, 1951, to approximately $440,000,000 at July 1, 1951.
6. Depreciation in the amount of $1,228,294 is included in expenses in arriving at divisional income for the year.
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, 1951
PROPERTY ACCOUNT ACCRUED DEPRECIATION ISTHI S ) Credits to Reserves Chreto
ISTHMUS Balance Retirements Balance Balance chargedto t o Baance Jul 115 Additions and crd Reserves aJufly e, 1950 June 30, 1951 July 1, 1950 Retirements 30, 1951 Trasfes Operations Adjustments
RAILROAD AND APPURTENANCES:
Roadway and track . $ 7,892,336.83 $ 1,547.50 $ 7,890,789.33
Tunnel, bridges and
culverts .. .... 1,079,248.05 1,079,248.05 $ 576,965.88 $ 14,389.92 $ 591,355.80
Stations, roundhouses a 0. ......1,144,461.67 $ 87,467.00 ( 193,874.15 ( 1,038,054.52 593,682.70 25,676.04 87,467005
(127,955.52)3
Telegraph and signals 279,740.73 279,740.73 206,804.86 2,403.48 209,208.34 Road equipment ... 2,751,299.45 36,995.93 2,714,303.52 2,284,820.90 86,565.89 $ 36,995.93 2,334,390.86
Miscellaneous eqUipment. ......... 44,948.03 72,928.61 () 13,245.17 104,631.47 24,152.56 3,295.62 72,928.6.1 () 13,245.17 87,131.62
Other buildings:
U.S.R.Quarters.. 801,000.00 119,677.00 681,323.00 224999.44 19,999.92 156 ,520.96 ( 60,643.08 340,877.24
L.R.Quarters. 1,186,869.34 149,640.08 17,000.00 1,319 509.42 1,044,369.52 27,371.30 (9:854.78)V 17,000.00 1,044,886.04
Printing plant. 246,405.53 34,45 3 85,243.47 (85,243.47Vk
Other Lands:
Colon lands . 1,552,500.00 _ 1,552,500.00 (j) _______Total railroad
and appurtenances . $16,978,809.63 $ 310,035.69 $ 628,745.28 $16,660,100.04 $ 5,041,039.33 $ 179,702.17 $ 93,862.80, $127,1
Less donations and'
grants ($864,195.20 applicable to roadway and track and'
$36,883.72 to signal
system).... 901,078.92 9
Net railroad and
appurtenances... $16,077,730.71 $ 310,035.69 $ 628,745.28 $15,759,021.12 $ 5,041,039.33 $ 179,702.17 $ 93,862.80 $127,1 $ 5,186,720.12
DOCKS, PIERS AND
APPURTENANCES:
Docks and piers $ 4,735,544.44 $3,943,566.03 $ 8,679,110.47 $ 3,903,145.84 $ 173,276.76 $2,326,338.85 $ 6,402,761.45
Buildings 196,949.65 103,000.00 1$(93,874.15) 493,823.80 146,233.26 6,063.84 45,536.16
127,955.52 325,788.78
Roads and walks. . 56,780.59 56,780.59 56,580.64 199.95 56,780.59
Equipment ........ 842,108.02 26,622.24 4,698.48 () 864,031.78 426,834.87 64,118.13 (468.25) $4 486,266.52
Total docks, piers
and appurtenances. $ 5,831,382.70 $4,073,188.27 $(189,175.67) $10,093,746.64 $ 4,532,794.61 $ 243,658.68 $2,499,362.28 $$ 7,27,97.34
*COAL AND OIL PLANTS:
Coal structures . $ 533,279.40 $ 68,722.92 $ 464,556.48 $ 361,217.20 $ 10,665.60 $$ 323,95.44 Oil plants ............ $ 173,015.38 173,015.38 4,240.33 $ 164,565.63 168,805.96
Docks and piers . 691,960.25 691,960.25 13,733.88 439,757.02 453,490.90 Equipment ...... 2,853.81 1,761,839.28 1,764,693.09 2,140.20 63,005.95 811,722.61 876,868.76
Total coal and oil
plants ...... $ 536,133.21 $2,626,814.91 $ 68,722.92 $ 3,094,225.20 $ 363,357.40 $ 91,645.76 $1,416,045.26 47, $ 1,823,121.06
TELEPHONE SYSTEM:
Telephone plants., $1,820,243.76 $ 49,990.06 $ (4,992.84)(1 $ 1,875,226.66 $ 1,435,395.43 $ 49,425.25 $ 1,484,820.68 Duct lines..... o e 248,192.92 6,516.17 241,676.75 212,058.22 6,076.87 $ 1216,827.29
Buildings.............. 84,214.33 84,214.33 40,451.28 1,704.72 42,156.00
Total telephone
system . . $ 2,152,651.01 49,990.06 $ 1,523.33 $ 2,201,117.74 $ 1,687,904.93 $ 57,206.84 $ 1. $ 1,743,803.97
HOTEL WASHINGTON:
Buildings ....... $ 724,160.28 $ 724,160.28 $ 440,447.84 $ 16,293.60 $ 456,741.44
Equipment ....... 32,189.05. 32,189.05 23,982.58 1,092.25 25,074.83
Total Hotel
Washington ... $ 756,349.33 $ 756,349.33 $ 464,430.42 $ 17,385.85 $ 481,816.27 PRINTING PLANT:
Buildings .. .$(246,405.53V $ 246,405.53 $ 5,466.12 $ 85,243.47 $ 90,709.59
Equipment $ 141,608.46 (54,143.59X 165,929.07 7,585.44 22,785.60
29,822 98 105,098.13 $ 27,437.22 108,031.95
Total printing
plant. $ 141,608.46 $(270,726.14) $ 412,334.60 $. 13,051.56 $ 213,127.20 $ 27,437.22 198,741.54 COMMISSARY PLANTS AND
STORES:
Plants...... $ 2,241,388.62 $ 56,527.20 $ 2,184,861.42 $ 1,168,701.59 $ 41,202.01 $ 56,527.20 $ 1,153,376.40
Retail stores . 1,885,979.79 $ 53,4.621486.88
Equipment ... ... ...1,804,099.73 18,322.21 53,663-34 j,341. 1,
,____________ 30,816.89 1,737,941.71 1,335,713.22 66,091.37 (22,317.35) 1,351,590.39
Total commissary. $ 5,931,468.14 $ 171,773.83 $ 141,007.43 $ 5,962,234.54 $ 3,373,236.92 $ 148,780.265$ 38,670.74 $ 84,424.05 $ 3,476.263.87
COMPLETED INVESTMENT
ISTHMUS. .........$31,285,715.10 $7,373,411.22 $380,097.15 $38,279,029.17 $15,462,763.61 $ 751,431.12 $ 4,261,068.28 $293,198.84 $20,182,064.17
UNCOMPLETED IMPROVEMENT
AND CONSTRUCTION 23lp437.96 437,703.88 231,437.96 437,703.88 Total Isthmus $31,517,153.06 $7,811,115.10 $ 611,535.11 $38,716,733.05 $15,462,763.61 $ 751,431.12 $ 4,261,068.28 $293,198.84 $20,182,064.17
NEW YORK
STEAMSHIPS:
88 ANCON. $ 4,532,500.00 $ 4,532,500.00 $ 2,307,074.97 $ 158,954.16 $ 2,466,029.13
S PANAMA ...... 4,532,500.00 4 532,500.00 2,340,686.09 158,954.16
SS CRISTOBAL.. .. 4,532,500.00 4, 532, 500.00 2,273,660.99 158,954.16 2,432,615.15
Total New York... $13,597,500.00 $13,597,500.00 $ 6,921,422.05 $ 476,862.489 $ 7,398,284.53 GRAND TOTAL ... $45,114,653.06 $7,811,115.10 $ 611,535.11 $52,314,233.05 $22,384,185.66 $1,228,293.60 $ 4,261,068.28 $293,198.84 $27,580,348.70
Transferred from The Panama Canal. Property and equipment$7,128,836.63, The Balance Sheet prepared by the G.A.O. reflects an adjustment increasing the
Accrued Depreciation $4,114,402.10, Net-$3,014,434.53 (Equipment included in assets and accrued depreciation accounts of the Coal and Oil Plants by
Margarita Gas Sta.transferred under construction value at $1,147.81, not $3,555,658.10 covering the following assets previously carried on the accounts capitalized) of the Panama Canal which were transferred to the Panama Railroad Company July
Interaccount transfer to Docks, Piers and Appurtenances 1, 1950 but not recorded on its accounts at June 30, 1951: Covered by Reserve for Obsolesence $7,026,594.13 and Donations and Grants COAL AND OIL PLANTS:
$864,195.20 Coal Structures at Cristobal:
Excludes $36,883.72 Dunations and Grants Structures and machinery (less unloader
Charged to Company surplus towers). ... ....$ 639,7
* ,Credited to Company surplus Storage area. . . 8 4 ("Interaccount transfer to Printing Plant Boat landing.. ............. .... 1,370.80 $1,498,417.55
Includes $480.25 interaccount transfer to Commissary Plants and Stores Ducks and piers:
Interdivision transfer oan pier Cs toa 13
*Indicated on G.A.O. Balance Sheet as separate item. Oil dock 6 Balboa ..... .......... 31,99.20
Includes $13,246.18 depreciation charged to uncompleted steamship voyages Oil dock 7 Balboa .... ............ 31,71.25
expenses. Total. ...... ..... ...... $355565810
22 PANAMA RAILROAD COMPANY TABLE NO. 2
CASH
June 30, 1951 and 1950, and Comparison
1951 1950 Increase
(Decrease)
NEW YORK:
*On deposit . ..... . $10,890,313.97 $13,225,016.19 $(2,334,702,22)
Working funds. ........ 22,850.00 19,750.00 3,100.00
Total cash, New York . $10,913,163.97 -$131244766.19 $(2g331,602.22) ISTHMUS:
On hand-Treasurer's office $ 448,203.50 $ 678,146.22 $ (229,942.72) On deposit-Treasurer's balance 2,928,300.62 389,609.31 2,538,691.31 Due from agents and conductors 142,420.72 73,574.16 68,846.56
Total cash, Isthmus.. .. $ 3,518,924.84 $-1,141,329.69 $ 2,377,595.15
TOTAL CASH.......... $14,432,088.81 $14,386,095.88 $ 45,992.93
* $5,500,000.00 in United States Treasury. for 1950.
$5,800,000.00 in United States Treasury for 1951.
PANAMA RAILROAD COMPANY 23
TABLE NO. 3
ACCOUNTS WITH UNITED STATES GOVERNMENT DEPARTMENTS
For the Fiscal Year Ended June 30, 1951 and 1950, and Comparison
Increase
1951, 1950 Increase
(Decrease)
ACCOUNTS RECEIVABLE:
U.S. Army. ... ...... $ 80,602.71 $239,566.29 $(158,963.58)
U.S. Navy............... .. 102,909.72 40,022.34 62,887.38
Panama Canal ...... 264,642.42 127,483.71 137,158.71 U.S. Post Office e.. .. .. .a a 15,283.35 25,075.04 (9,791.69)
Bureau of Public Roads.... 788.55 459.44 329.11 Institute of Inter-American Affairs, .480.00 240.00 240.00 Department of Commerce 903.75 903.75 General Accounting Office.*..... .. 367.25 360.00 7.25
Federal Security Agency. ,.240.00 240.00 Smithsonian Institute,. ...... 499.77 499.77 U.S. Marshall Canal Zone ..178.80 178.80 Civil Aeronautics Administration 1,883.25 179.11 1,704.14 Veterans Administration. ....33.25 38.25 (5.00) Department of Agriculture., ...... 24.40 473.05 (448.65) Canal Zone Biological Area.. ..434.77 313.70 121.07 U.S. District Court Canal Zone 210.91 210.91 American Embassy Panama. .... . 285.43 3.25 282.18
American Consulate Panama. 5..... 571 5.71 Bureau of Entomology .-0 0 15.02 9.15 5.87 Gorgas Memorial Laboratory ....... 121.56 121.56 Collector of Customs ...46,78 79.46 (32.68) Collector of Internal Revenue. . 38.20 21.60 16.60 Department of State., ... 0 ........ 330.14 785.00 (454,86)
Federal Works Agency . 122.70 (122.70) Reconstruction Finance Corporation 120.00 (120.00)
TOTAL ... 0 ..... .$470,325.74 $435,592.09 $ 34,733.65
ACCOUNTS PAYABLE:
Civil Service Commission ...$231,870.01 $218,315.48 $ 13,554.53 Collector of Internal Revenue.. 47,184.89 7,009.28 40,175.61 Federal Reserve Board. ... .. 6,712.50 6,712.50 U.S. Army, o................... 1,143.53 3,055.37 (1,911.84)
Department of Agriculture,. .... 294.25 328.91 (34.66) Collector of Customs.. ........ 238.60 267.76 (29.16)
Government Printing Office ..... .82.70 5.84 76.86 Alien Property Custodian......- 489.37 (489.37) '',General Accounting Office,.. .... . 36,940.20 -(36,940.20)
Postmaster, Balboa Heights, C.Z 47.00 (47.00)
TOTAL .............2648 $266,4592 $ 21,067.27
24 PANAMA RAILROAD COMPANY
TABLE NO. 4
MERCHANDISE, MATERIAL AND SUPPLIES
June 30, 1951 and 1950, and Comparison
Increase
1951 1950
..... (Decrease)
ISTHMUS
RAILROAD AND APPURTENANCES:
Fuel and diesel oil..,....... $ 3,611.81 $ 9,284.66 $ (5,672.85)
Maintenance of equipment material 134,965.05 137,444.31 (2,479.26) Maintenance of way material .... 75,976.24 102,840.29 (26,864,05) Coal held by station agents . 1,169.07 948.07 221.00
Total,.....$ 215,722.17 $ 250,517.33 $(34,795.16)
COAL AND OIL PLANT:
Coal stock.. .... $ 171,368.40 $ 95,828.58 $ 75,539.82
COMMISSARY:
Merchandise, ... $3,994,678.03 $3,493,216.38 $501,461.65 Other Aaterial and supplies 332,391.17 373,669.98 (41,278.81) Dairy herd.. .... ....". 355,111.04 365,994.68 (10,883.64)
Dairy herd supplies .... ..41,231.02: 36,735.60 4,495.42
Merchandise, material and
supplies in transit .... .. 288.85 2,291.80 (2,002.95)
Total........ a......$4,723,700.1 $4,271,908.44 $451,791.67
HOTEL TIVOLI:
Supplies .. . 9s799.39 $ 18.875.41 $ (9,076.02)
HOTEL WASHINGTON:
Supplies.- .. $ 4,421.97 $ 4,408.38 $ 13.59
PRINTING PLANT:
Supplies,.. .... ... ....$ 226,010w65 $ $226,010.65
Work in progress. 12,007.19 12,007.19
Total.. .. .... ..$ 238,017.84 $ $238,017.84
Total merchandise, material
and supplies-Isthmus .. 9$5363,029.88 $4,641,538.14 $721,491 74
NEW YORK
FLOATING EQUIPMENT:
Material and supplies .... .. $ 88,051.08 $ 78,132.41 $ 9,918.67
IN TRANSIT:
Merchandise, material and supplies. $ 55 ,863.34 $ 523,680.27 $ 35,183.07
Total merchandise, material
and supplies-New York. .. $ 646,914.42 $ 601,812.68 $ 45,101.74
Total of: all merchandise,
material and supplies. . $6,009,944.30 $5,243,350.82 $766,593.48
TABLE NO. 5
OPERATING AND SPECIAL RESERVES FOR THE FISCAL YEAR ENDED JUNE 30, 1951
Credits to Reserves
through Charges to Charges to Reserves Balance Balance July 1, 1950 Items Credited June 30, 1951 Opeatig Oher Covered in to Other Expenses Accounts
SProvision Accounts
ISTHMUS
OPERATING RESERVES:
Reserve for salaries-employees' accrued
leave:
Commissary Division ..... .......... $ 318,395.85 $227,423.04 $174,506.23 $242,386.34 $ 477,938.78
Hotels'..... ............ 21,286.16 11,540.71 13,048.22 18,725.79 27,149.30
Railroad Division....-- -- 228,047.50 -- 228,047.50
Terminals Division,. . . . .. 296,758.15 -- 296,758.15
Telephone System.......-- 43,572.96 -- 43,572.96
Printing Plant... -- 33,445.59 ... 33,445.59
$ 339,682.01 $238,963.75 $789,378.65 $261,112.13 $1,106,912.28"
Reserve for Westinghouse refrigerator
guarantee-Commissary Division. .0. . 12,634.75 5,098.55 5,228.43 12,504.87*
Sub-total operating reserves. $ 352,316.76 $244,062.30 $789,378.65 $266,340.56 $1,119,417.15
SPECIAL RESERVES:
Rehabilitation commissary plant . 750,000.00 -- .... ..750,000.00
Reserve for obsolescenceroadway and track*. .. 7,028,141.63 -- -. $ 1,547.50 7,026,594.13"**
Total Isthmus. . .... $8,130,458.39 $244,062.30 $789,378.65 $266,340.56 $ 1,547.50 $8,896,011.28
NEW YORK OFFICE:
Reserve for salaries-employees'
accrued leave.. . ..... .... .. '56429,0 -- .5)56,429.90*
GRAND TOTAL. ..... $8,130,458.39 $244,062.30 $845,808.55$266,340.56 $ 1,547.50 $8,952,441.18
* Indicated under Accrued Liabilities on Balance Sheet.
** Included in Advance collections, guarantees, and sundry liabilities on Balance Sheet.
*** This item of $7,026,594.13 plus $31,136,006.80 Accrued Depreciation, a total of $38,162,600.93 is indicated as a deduction from Buildings and Equipment on the Balance Sheet.
TABLE NO. 6
SUMMARY OF OPERATING REVENUE, EXPENSES, AND NET REVENUE (INCLUDING INTERDEPARTMENTAL TRANSACTIONS) FOR THE FISCAL YES ENDED JUNE 30, 1951 AND 1950, AND COMPARISON
1951 1950 ..... i .. .. .. Increase
Operations GROSS Net GROSS Net (Decrease)
Revenue Expenses Revenue Revenue Expenses Reenue
ISTHMUS:
Railroad Table
No. 7. ..... ..$ 1,548,846.39 $ 1,677,844.68 $(128,998.29)** $ 1,627,919.96 $ 1,793,265.62 $(165,345.66) $
Harbor Terminals .
Table No. 8 .. 3,179,245.64 2,953,322.34 225,923.30 2,493,974.31 2,188,477.87 305,496.44 (79,573.14)
Coal and Oil
Plants Table
No. 9.. .... 873,933.78 -658,078.47 215,855.31 294,329.97 284,211.20 10,118.77 205,736.54
Commissary Table
No. 10. .... 22,015,043.00 21,642,244.95* 372,798.05 24,998,523.41 24,562,677.75 435,845.66 (63,047.61)
Hotel Tivoli
Table No. 11. o 0 440,265.27 386,292.97 53,972.30 631,582.12 538,105.83 93,476.29 (39,503.99) Hotel Washington- o Table No. 12. 227,241.90 267,270.65 (40,028.75) 226,415.94 310,585.22 (84,169.28) 44,140.53
Tabl No 2274797.530552 PrintingPlant.Table No. 13... 412,356.27 400,428.09 111,928.18 .. .. 11,928.18 2
Telephone SystemTable No. 14. 364,619.99 370,278.31 (5,658.32) 368,360.04 3589180.60 10,1.79.44 (15,837.76)
TOTAL OPERATING.
REVENUE, EXPENSES
AND NET REVENUE
ISTHMUS. 4 $29,061,552.24 $28,355,760.46 $ 705,791.78 $30,641,105.75 $30,035,504.09 $ 605,601,66 $ 100,190.12
NEW YORK:
Steamship Line
OperationsTable No. 15.. $ 4,917,752.57$ 5,130,434.48 $(212,681.91) 4p989,304.11 $ 4,898,341.48 $ 90,962.63 $(303,644.54)
TOTAL OPERATING
REVENUE, EXPENSES,
AND NET REVENUE. $33,979,304.81 $33,486,194.94 ;$ 493,109.87 $35,630.409.86 $34,933,845.57 $ 696,564.29 $(203,454.42)
Includes Commissary La Boca Fire Loss of $6,241.07. This item is included on the G.A.O. Statement of Income under Other
Expenses.
** Income from Real Estate amounting to $12,617.21 is indicated on G.A.O. Statement of Income under .Other Income.
PANAMA RAILROAD COMPANY 27
TABLE NO. 7
RAILROAD OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue
(Including Interdepartmental Transactions) for the Fiscal Years
Ended June 30, 1951 and 1950, and Comparison
1Increase
1951 1950+ (Decrease)
REVENUE FROM TRANSPORTATION:*
Freight revenue:
Through, .. ..$ 619,553.55 $ 665,133.56 $ (45,580.01) Local.. ".381,735.27 451,955.96 (70,22069)
Total- $..... $1001,288.82 $1,117,089.52 $(115,800.70
Passenger revenue:.
Local* passenger.. .. .$ 299,250.23 $ 249,851.13 $ 49,399.10 Baggage, ...........549.54 750.57 (201.03)
Express, mail, etc ,.. . 31,731.01 31,537.2-5 193.76 Special cars and trains. 5,514.06 14,592.26 (9,078.20) Motor trains .... . .290.00 806.75 (516.75)
Motor cars ............2,485.00 2,740.00 (255.00)
Total.. .$ 339,819.84 $ 300,277.96 $ 39,541,88
Miscellaneous revenue:
Switching...$ 64,447.50 $ 66,945.00 $ (2,497.50) Locomotive service. .......10,227.50 10,023.50 204.00
Total . ..... ..$ 74,675.00 $ 76,968.50 $ (2p293.50)
OTHER THAN TRANSPORTATION REVENUE:
Storage -,freight..,,. .. $ 48,927.33 $ 55,605.27 $ (6,677.94) Storage .- baggage..,. ... . 71.25 57.05 14.20
Demurrage.. ... 11,905.00 7,146.00 4,759.00 Telegraph.. ...... .....1,800.00 1,801.34 (1.34)
Rental of bldgs, used in opera-
tions of Railroad. . 10,713.00 10,731.00 (18.00)
Rental of bldgs, not used in
operation of Railroad. ..... 47,109.83 39,514,68, 7,595.15
Miscellaneous.... ...... 12,536.32 18,728.64 (6,192.32)
Total. ..... .$ 133,062.73 $ 133,583.98 $ (521.25)
Total operating revenue $1,548,846.39 $1,627,919.96 $ (79,073.57)
OPERATING EXPENSES:
Maintenance of way and
structures:
Repairs, ............$ 208,422.47 $ 201,523.18 $ 6,899.29
Depreciation ........30,721.08 32,315.52 (1,594.44)
Maintenance of equipment:
Repairs, retirements, etc. 358,989.33 370,445.58 (11,456.25) Depreciation .. .............101,609.87 106,621.70 (5,011.83)
Fuel, lubricants, etc, .... . 88,315.26 87,125.45 1,189.81 Transportation. ...... 695,690.53 793,618.80 (97,928.27)
Buildings and lands not used in
operation of Railroad:
Depreciation ......35,679.47, 25,874.49 9,804.98 Other expenses ..140.00 1,632.52 (1 492.52)
Administrative expenses.... 89,706.16 102,784.16 (13,078.00)
General expenses,.... A.... 68,570.51 71,324.22 (2 753.71)
Total+ operating expenses. $1,677,844.68 $1,793,265.62 $(115,420.94)
NET OPERATING REVENUE (LOSS) ... $*(128,998.29) $ (165,345.66) $ 36,347.37
* Income from Real Estate amounting to $12,617.21 is indicated on GAO Statement of Income under Other Income.
TABLE NO. 8
HARBOR TERMINAL OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue (Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 1951 and 1950, and Comparison
1951 1950 Increase (Decrease)
Total Atlantic Pacific Total Atlantic Pacific Total Atlantic Pacific Terminal. Terminal Terminal Terminal Terminal Terminal
OPERATING REVENUE:,
Wharfag .. ....$ 290,422.63 $ 249,418.21 $ 41,004.42 $ 285,816.29 $ 210,182.88 $ 75,633.41 $ 4,606.34 $ 39,235.33 $(34,628.99
Rent and storage. ... .. 38,930.32 32,515.66 6,414.66 43,735.88 34,240.17_ 9,495.71 (4,805.56) (1,724.51) (3,081.O5
Stevedoring.. ........ ....669,594.78 568,982.14 100,612.64 9 395,252.87 295,655.17 99,597.70 274,341.91 273,326.97 1,014.94
Handling & transferring 2,086,071.82 1,711,757.65 374,314.17 i,679,092.86 1,282,725,39 396,367.47 406,978.96 429,032.26 (22,053.30 Other revenue .. 94,226.09 72,331.64 21,894.45 90,076.41 70,042,88 20,033.53 4,149.68 .2,288.76 1,860.92
Total operating revenue $3,179,245.64 $2,635,005.30 $544,240.34 $2,493,974.31 $1,892,846.49 $601,127.82 $685,271.33 $742,158.81 $(56,887.48)
OPERATING, EXPENSES:
Stevedoring 517,611.55 $, 453,784.65 $ 63,226.90 $ 257,567.16 197,409.11 $ 60,158.05 $259,444.39 $256,375.54 $ 3,068.85
Handling & transferring . 1314,380.26 1,166,040.12 148,340.14 910,029.179. 764,144.88 145,884.91- 404,350.47 401,895.24 2452
Rentals ..7,920.00 7,920.00 -- 73,947,.02 31,533.27 42,413.75 (66,027.02) (23,613.27) (42135)
Repairs-docks bldgs . 91,711.65 74,816.95 16,894.70 73,268.67 40,245.23 33,023.44 18,442.98 34,571.72 (16,128.74
Depr'n.-docks & bldgs . 179,473.91 151,297.55 28,176.36 9.7,988.52 97,748.16 240.36 81,485.39 53,549.39 27,936.00
Depr, n.-equipment . . 64,184.77 49,112.83 15,071.94 66,522.91 50,510.55 16,012.36 (2,338.14) (1,397.72) (940.42
Proportion of local rate (9... 4 (601.
quarters operations. 7 .02 7,015.02 7 916.46(901.44) (901.44)
Administrative expenses . 156,582.47 118,102.99 38,479.48 137,718.15 104,459.95 33,258.20 18,864.32 13,643.04 5,221.28
General expenses. . 615,042.71 468,402.01 146,640.70 563,519.19 406,311.74 157,207.45, 51,523.52 62,090.27 (10,566.75
Total operating expenses. $2,958322.34 ,496,492.12 $456,830.22 $2,188,477.87 $1,700,279.35 $488,198.52 $764,844.47 $796,212.77 $(31,368.30
NET OPERATING
REVENUE$ 225,923.30 $ 138,513.'8 $ 87,410.12 $ 305,49644 192,567.14 $112,929.30 $(79,573.14) $(54,053.96)$(25,519.18
PANAMA RAILROAD COMPANY 29
TABLE NO. 9
COAL AND OIL PLANTS OPERATIONS
Statement of Sales, Gross Profit from Sales, Expenses and Net Operating Revenue
(Including Interdepartmental Transactions) for the Fiscal Years ended June 30, 1951 and 1950, and Comparison
'Increase
5 (Decrease)
REVENUE FROM OIL HANDLING $ 715,309.46 $715,309.46 REVENUE FROM COAL SALES . . 86,760.88 $ 2679305.35 (180.5
Total revenue ....... $ 802,070.34 $ 267,305.35 $ 534,764.99
Cost of Sales:
Inventory at beginning of
the year, 9........$ 9828.58 $152,52979 (56,701.21)
Purchases ......128,668.40 110,382.83 189285.57
Total coal available... $ 224,496.98 '$ 262,912.62 $ (38,415.64)
Less inventory at end of these
year, a............... 171,368.40' 95,08.58 75,539.82
Cost of coal sales.... $ 53,128..58 $ 167,084.04 $ (113,955.46)
Gross profit from coal
sales ... ........ 3 632.30 $ 100,221.31 $ (66,589.01)
OPERATING EXPENSES:
Salaries and wages...$ 326,940.77 $ 72,368.13 $ .254,572.64 Supplies and services ... 153,083.43 22,654.64, 130,428.79 Maintenance ..........14,036.06 7,394.17 6,641.89
Depreciation. ..91,645.76 10,950.96 8,94.80 Administrative expenses " 19,243.87 3,759.26 15,484.61
Total operating expenses. $ 604,949.89 $ 117,127.16. $ 487,822.73
'Cost of coal sales.53,128.58 167,084.04 (113,955.46)
Total .$.6........ 658,078.47 $ 284,211.20 $ 373,867.27
Net profit or (loss) on
coal sales and oil
handling)......... 143,991.87 $ (16,905.85) $ 160,897.72
REVENUE FROM OTHER OPERATIONS:
Wharfage.. ....-.......$ 58,747.58 $ 16,741.90 42,005.68
Miscellaneous-.. 13,115.86 10,282.72 2,833.14
Total revenue from other
operationS...... ..$ 71834 $ 27,024.62 $ 44,838.82
NET0OPERATING REVENUE ......$ 215,855.31 $ 10,118.77 $ 205:736.54
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, 1951'and 1950, and Comparison
.1951 1950 Increase 1(Decrease)
SALES:
U.S. Government:(0 3,
Army............. 437,266.40 1,146,398.39 $ (709,131. 99)
Navy. ...................$...263,131.05 508,026.64 (244,895.59)
Panama Canal: . 3,051,304.63 3,158,531.10 .(107,226.47)
Departments of Panama
Railroad, 0.......... 217,790.00 263,268.87 (45,478.87)
Individuals and companies . 658,199.61 689,575.90 (31,376.29) Commercial steamships ... 0 541,059.32 561,784.17 (20,724.85) Coupons, paid orders, etc o 17,635,215.35 19,562,560.31 (1,927,344.96)
Gross sales $2........ 2,803966.36 $25,890,145.385 (3,086,179.02)
Less discounts, refunds, etc. 788,923.36 891t621097 (102.698,61)
Net sales.. $22,015,043.00 $24,998,523.4,1 $ (2,983,480.41)
COST OF SALES:
Inventory at beginning of yea $ 3,498,632.76 $ 5,538,041.46 $ (2,039,408.70) Purchases ........ 13,797,605.33 13,074,769.95 722,835.38
Cost of merchandise manufactured:
Material and 'supplies.
used in manufacture 2,664,879.72 3,058,80563 393925.91)
Manufacturing expenses
transferred from operating expenses .. ..1 1969,674.71 (91i 93.18)
Total..' . V.. 21, 838,799.34 $23,641,291.75 $ (1,802,492.41)
Less inventory at end of year 3,979,177.05 3,498,632.76 480,544.29
Cost of sales .... ...$17, 8599622.29 $20,142,658.99 (2 (,283,036.70)
Gross profit from,
sales. ...... 4,55,420.71 855864.42 (7 44.71)
OPERATING EXPENSES:
Salaries, wages, etc. ..... $ 3,233,357.88 $ 3,660,920.88 $ (427,5613.00)
Services by Panaria Canal:
Policing. 519061.56 59,823.00 (8p761.44) Other services by Panama 5 (
Canal .................... ..36,752.93 53 736.08 (16,983.15)
Auto and truck. .. 137,307.36 112630. 24,677.20
Printing and handling.
* coupons .............. 158,537.95 220,778.94 (62,240.99)
SUpplies:
From stock (including supplies
used in service plant,
operations and dairy farm) 618,166.73 634,113.30 (15,946.57)
From Panama Canal ....96,384..29 94,546.41 1,837.88 Transportation: Freight,. ...............112,349.39 172,954.92 (60,605.5B3)
Locomotive, car and launch. 22,999.49 27,612.00 (4,612.51)
Passenger (railroad and .....
isteamship). ... 20,433.47 24,254.69. (3,821.22) Power and light. ...... ... ..... 95,840.72 110,621.24 (14,780.52)
Water i.................1,7 19,617.06 (1,440.04)
( FORWARD) -.....____________________
PANAMA RAILROAD COMPANY 31
TABLE NO. 10 -'Concluded
COMMISSARY
Statement of Sales, Expenses and Net 'Operating Revenue (Including Interdepartmental Transactions) for the Fiscal Years Ended June 30, 195.1 and 1950, and Comparison
1951 1950 Increase
'(Decrease)
Gross profit from sales
- (Forward) $4,155,420.71 $ 4,855,864.42 $ (700,443.71)
OPERATING EXPENSES: (Continued)"
Telephone, radio and cables $ 14,744.12 $ 13,325.84 $ 1,418.28 Administrative expense... 291,908.50 363,411.06' (71,502.56) New York Office'. 0 1.. . 147,480.00 133,150.00 14,330.00
Loss and damage..,. ...... 177,616.22 193,271.28 (15,655.06)
*Commissary La Boca fire
loss......, .............. .6,241.07 69,073.75 (62,832.68)
Stock adjustments. .... 20,357.99 32,720.81 (12,362.82) Hospitalization a ....... 53,693.83 61,516.69 (7,822.86)
Retirement of employees.. 42,383.79 34,537.31 7,846.48
Provision for depreciation, 148,615.67 142,699.58 5,916.09
Proportion of local rate
quarters' operation .' 4,676.73 5,277.67 (600.94) Repairsand alterations . 125,314.87, 133,311.33 (7,996.46) Equipment costing $250.00.
or more per item but less than $1,000.00 (See Note
(a))............19,825.16 28,497.72 (8,672.56)
Miscellaneous.... ...... .. .42,94.99 36,162.36 69332.63
Total, expenses........ 5,696,.721.73 $6,438,564.08 $ (741,842.35)
Less.amounts'capitalized or
charged, to other than
expense accounts.......... 36,417.54 48,870.61 1
Operating expenses. $ 5,660,304.19 $ 6,389,693.47 $ (729,389.28)
Less manufacturing expenses
transferred to cost of merchandise manufactured, as
shown above 1,877681.53 1, 969,674.71 (91,993.18)
Wholesale and retail
expenses.............. 3,782,622.66 $4,420,018.76 $ (637,396.10)
NET OPERATING REVENUE,... $ 372,798.05 $ 435,845.66 $ (63,047.61)
Note (a): Items costing less, than $250.00 were charged to expense account
"Supplies".
* -On GAO Statement of Income this item is treated as a charge -against
the total income of the Company which has the effect of increasing
the Commissary net revenue by this amount.
32 PANAMA RAILROAD COMPANY
TABLE NO. 10-A
COMMISSARY
Statement of Purchases by Commodities, Location and Distribution of Sales
During the Fiscal Years Ended June 30, 1951 and 1950, and Comparison
PURCHASES BY COMMODITIES
1951 1950 Increase
1(Decrease)
Groceries .5.. ........$ 5,592,614.25 $ 5,907,798.96 $ (315,184.71)
Candies and tobacco ....... 826,875.60 925,404.64 (98,529.04) Housewares. ... 1, 653,093.77 1,070,503.83 582,589.94 Drygoods. 29...... ....2,752,816.62 2,429,161.91 323,654.71
Shoes... .... 884,298.50 798,098.73 86,199.77 Cold storage. . ... 1,886,259.49 2,409,428.78 (523,169.29) Raw material... ........ ... .1,186,072.95 1,187,560.35 (1,487.40)
Beef cattle.. ... ...348,699.09 438,894.69 (90,195.60)
Milk and cream. . .. 19,784.50 68,870.32 (49,085.82) Dairy products............ .1 ,248,288.41 1,482,537.03 (234,248.62)
Dairy farm herd. ...... 52,988.58 (52,988.58) Gasoline and oil. ....... 7779472.53 777,472,53'
Total............$17,176,275.71 $16,771,247.82 $ 405,027.89
LOCATION OF PURCHASES.
-Increase
1951.1950(Decrease)
United -States. .... $14,120,223.36 r$14,121,943.49 $ (1,720,13) Europe and Orient..... . 547,906.40 382,019.24' 165,887.16 Central and South America . 835,091.02 1,108,824.23 (273,733.21) Local. ......... ,....714,758.29 982,292.11 (267,533.82)
Panama Canal.:... ......... .941,240.43 162,941.84 778,298.59*
Panama Railroad ... ........ 17,056.21 13,226.91 3,829.30
Total ...... $17,176,275.71 $16,771,247.82 $ 405,027.89
DISTRIBUTION OF SALES
1951 1950 Increase
(Decre ase)
United States Army.... .....$ 437,266.40 $ 1,146,398.39 $ (709,131.99)
United States Navy. 263,131,05 508,026.64 (244,895.59) Panama Canal. 3,051,304.63 3,158,531.10 (107,226.47) Panama Railroad .......... 217,790.00 263,268.87 (45,478.87)
Individuals and companies 658,199,61 689,575.90 (31,376.29) commercial Lteamships .. .....541,059.32 561,784.17 (20,724.85) Cash, coupons, paid orders, etc 17 6351215.35 19,562,560.31 (1,927,344.96)
Gross receipts from sales $22,803,966.36 $25,890,145.38 $ (3,086,179.02) Less discounts, refunds etc-. 788,923.36 891,621.97 (102,698.61)
Net sales . . $22,015,043.00 $24,998,523.41 $ (2,983,480.41) Supplies charged to expense:,
Retail commissaries and .
warehouses, ,....... 180,842.07 173,297.37 7,544.70 General 3. .. 3,644.51 3549.55 94.96 Plants and gasoline service
stations.... .... ..... 43148865 455,423.83 (23,935.18)
Loss by condemnation, pilfer- .
age, shrinkage, etc . ...: 192,997.97 219,701.77 (26, 703 .80)
Toa..,..............$ 808,973.20 $ 851,972.52 $ (42,999,32)
Grand Total......... $22,824,016.20 $25,850,495.93 $ (3,026,479.73)
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, 1951 and 1950, and Comparison
T Increase
1951 1950 (Dcrease ~(Decrease)
OPERATING REVENUE:
Rental of rooms...... .. $ 182,377.35 $ 301,746.86 $ (119,369.51)
Restaurant service.-,, 0 ..206,541.19 258,682.35 (52,141.16) Cigar and news stand.. 22,848.28 29,664.62 (6,816.34) Laundry and valet service 14,898.81 21,738.96 (6,840.15) Telephone ............ 11,045.03 17,997.25 (6,952.22)
Miscellaneous... 2', 554.61 1,752.08 802,53.
Total operating revenue $ 440,265.27 $ 631,582.12 $ (191,316.85)
OPERATING EXPENSES:
Operation:
Salaries and wages.....$ 159,496.94 $ 199,600.07 $ (40,103.13) Subsistence supplies... 104,715.07 136,078.49 (31,363.42) Other supplies.. 28,064.12 36,318.42 (8,254.30) Laundry hotel ...... 11,811.07. 20,157.57 (8,346.50)
Laundry guests. ....... 9,538.94 13,845.74 (4,306.80)
Electricity, ice, fuel and
water .... .......10,915.83 13,946.82 (3,030.99)
Miscellaneous .... 17,163.17 33,196.47 (16,033.30)
Total ...341705.1 $ 453,143.58 $ (111,438.44)
Maintenance:
Replacement equipment . $ 2,892.05 $ 19,642.49 $ (16,750.44)
Repairs buildings and,
equipment 9856.78 28,725.44 (18,868.66) N
Total ..........$ 12748.83$ 48,367. 93 $ (35,619.10)
General,:Rental of buildings . $ 12.00 $ 12.00
Administrative expenses 15,711.26 19,330.76 $ (3,619.50) Miscellaneous A6.... 16,115.74 173251.56 (1,135.82)
Total. ..... $ 31,839.00 $ 36,594.32 $ (4,755.32)
Total operating.
expenses. .......$ 386,292.97 $ 538,105.83 $ (151,812.86)
NET OPERATING REVENUE...... $ 53,972.30 $ 93,476.29 $ (39,503.99)
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, 1951 and 1950, and Comparison
S 1951 1 1950Increase 1951, 1950 (Decrease)
OPERATING REVENUE:
Rental of rooms ........... 925 $ 65,206.20 $ (4,014.05)
Restaurant service. .... 140,737.30 137,157.58 3,579.72 Cigar and news stand. ...... 12,480.61 11,149.90 1,330.71 Laundry and valet service .. 2,908.06 2,788.65 119.41 Telephone 3p......... .3,282.98 3,084.27 198.71
Swimming pool.. 5.. 5,331.55 5,518.85 (187.30) Miscellaneous.. .. 1,309.25 1,510.49 (201.24)
Total operating revenue $ 227,241.90 $ 226,415.94 $ 825.96
OPERATING EXPENSES:
Operation:
Salaries and. wages..... o 107,224.29 $ 112,680.80 $ (5,456.51) Subsistence supplies. 71,606.44 68,303.11 3,303.33 Other supplies.. 1036.07 20,744.09 (5,708.02) Laundry -hotel. ,. .4,921.13 6,804.28 (1,883.15) Laundry guests. ... .... .....2,041.41 1,955.00 86.41
Electricity, ice, fuel and
water, .. 8,882.78 9,315.29 .(432.51)
Miscellaneous.... 1.09..., .. 10 730.27 149649.74 (3,919.47)
Total.. 220,442.39 234,452.31 $ (14,009.92)
Maintenance:
Depreciation -buildings $ 16,293.60 $ 16,293.60
Depreciation,- equipment. 1,092.25 1,279.36 $ (187.11) Replacement equipment 3,240.76 16,530.72 -(13,289.96)
'Repairs buildings and
equipment 4.. ..4,978.30 17,124.46 (12,146.16)
Total.. ............ $ 251604.91 $ 51,228-.14 $ (25,623.23)
General:
,Administrative expenses $ 4110.41 $ 13,901.85 $ 208.56 Miscellaneous ............ ...11294 11,002.92 (3.889.98)
Total ,... ...$ 21,223.35 24,904.77 $ (3,681.42)
Total operating expenses 267,270.65 310,585.22 (43,314,57)
NET OPERATING RVNE... .. *(4O,028.7 ) (84,169,28)$ 44, 140.5 3
PANAMA RA ILROAD COMPANY 35
TABLE NO. 13
.PRINTING PLANT OPERATIONS
Statement of Sales, Gross Profit from Sales, Expenses and Net Operating Revenue
(Including Interdepartmental Transactions) for the Fiscal Years
Ended June 30, -1951 and 1950, and Comparison
1951 1950 Increase
(Decrease)
REVENUE FROM OPERATIONS:,
Sale of printed material... $ -329,113.39 $ 329,113.39 Coupon book manufacture . 67,509.51 67,509.51 Miscellaneous,. ....... 15,733.37 15,733.37
Total revenue . 412356.27 $ 4123 27
Cost of sales:
Inventory beginning of the
year.... 177 6.99 177,736.99
Purchases -0 '" 0 0 . 0. 160,051.17 1609051.17
$ 337,1788.16 $ 337,788.16 Less inventory at end of
the year............238,017.-84 -238"',017. 84,
Materials used and sold $ 99,770.32 99,770.32
Labor'used in manufacture !6419.73 166,419,.73
Cost of goods sold. .$ 266,190.05 $ 266,190.05
Gross profit on sales, 146,166.22 $ 146.166.22
OPERATING EXPENSES:
Salaries and wages. $ 69,290.28 $ 69,290.28 Supplies And services 34069.51 34,069.51 Maintenance.............2,410.46 -2,410.46
Depreciation.,. .. ....13,051.56 13,051.56 Administrative expenses.. 15,416.,23 15,416.23
Total operating expenses. $ 134,238.04 $ 134,238.04
NET OPERATING REVENUE. . 11,928 S 11,928.18
36 PANAMA RAILROAD COMPANY
TABLE NO. 14
TELEPHONE SYSTEM OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue (Including Interdepartmental Transactions) for the Fiscal Years
Ended June 30, 1951 and 1950, and Comparison
Increase
1951 .1950 (Decrease)
OPERATING REVENUE:
Rent of instruments . . $ 248,003.13 $ 250,116.50 $ (2,113.37) Rent of trunk lines 44,217.33 46,714.33 (2,497.00) Pay station collections 7,244.43 6,569.14 675.29 Rent of circuits and ducts. 51,426.35 51,903.07 ( 476.72) Changing telephones 1,208.75 366.00 842.75 Miscellaneous. ..1,622.0 64.00 1,558.00
Total telephone system'. $ 353,721.-99 $ 355,733.04 $ (2,011.05)
Rent of electric clocks 927.00 1,311.00 ( 384.00) Rent of teletype machines 9,971,00 -11316,00 (1.345.00)
Total operating revenue. $ 364,619.99 $ 368,360.04 $ (3,740.05)
OPERATING EXPENSES:
General:
Proportion of main office $ 14,400.00 $ 12,320.00 $ 2,080.00 Salaries and wages. .. 55,022.19 53,228.55 1,793.64 Telephone directory . 13,024.78 660.46 12,364.32 Other supplies and services 10,325.73 8,648.56 1,677.17 Depreciation.. . ..57,206.84 55,302.67 1,904.17 Administrative expenses 26,674.08 23 340.23 3,333.85
Totalgeneral. .... 176,653.62 153,500.47$ 232153.15
Operation and Maintenance:'
Automatic service.. 137,323.79 $ 144,082.52 (6,758.73) Local plant ..... ,... .....40,140.09 38,938.43 1-201.66
Trans Isthmian Plant:''
Cable No. 1 ,.4,229.50 4,691.82 ( 462.32) Cable No. 2. ......... ..... 8,247.37 11,756.61 ( 3,509.24)
Electric clocks 252.47 308.63 ( 56.16) Teletypemchines .3,431.47 4902.1 ( 1.470.65)
Total operation and
maintenance.. .. ..$ 193,624.69 $ 204,680.13 (11,055.44)
Total operating expenses. $ 370,278.31 $ 358,180.60 $ 12,097.71
NET OPERATING REVENUE .... $ (5,658.32 $ 10,179.44 $ (15,837.76)
PANAMA RAILROAD COMPANY 37
TABLE NO. 15
STEAMSHIP LINE OPERATIONS
Statement of Operating Revenue, Operating Expenses and Net Operating Revenue (Including Interdepartmental Transactions) For the Fiscal Years*Ended June 30, 1951 and 1950, and Comparison
Increase
1951 1950 (Decrease
.. (Decrease)
OPERATING REVENUE:
Freight... ..... ...$ 3,796,635.80 $ 3,721,321.12 $ 75,314.68
Passenger.... 949,681.76 1,054,288.50 (104,606.74) Excess baggage...........2,382.15 2,134.50 247.65
Mail ... .. 132,477.19 174,426.,54 (41,949.35)
Miscellaneous:
Prof it from sale of
beverages. o....24,700.62 26,504.55 (1,803.93)
Steamer chair service .. 7,232.00 7,926.00 (694.00)
Other transportation
r evenue ransportat.on..... 4, 643.05 2,702.90 01940.15
Total operating revenue $ 4,917,752.57 $ 4,989,304.11 (71,5515)
OPERATING EXPENSES:
Maintenance of ships... $ 219,629.23 $ 204,228.07 $ 151401.16 Provision for depreciation. 475,537.86 475,537.86
Operation of ships and expenses incident thereto 3,602,181.90 3,387,874.88 214,307.02
Overhead expenses...667,731.22 672,619.60 (4,888.38) Administrative expenses 165,354.27 158 07 ,20
Total operating expenses.,. $ 5,130,434.48 $ 4,898,341.48 $ 232,093.00
NET OPERATING REVENUE $ (212,681,9 90,962.63 $ (303,644.54)
TABLE NO. 16
Interest and Exchange Revenue for the Fiscal Years Ended June 30, 1951 and 1950, and Comparison
Increase
1951 1950
(Decrease)
ISTHMUS .o 120.00 180.00( 60.00) NEW YORK ......... 281.22 400.00 (118.78)
TOA EEU......... $ 401.22$ 58 .00 $ (178.78)
38 PANAMA RAILROAD COMPANY
TABLE NO. 17
Railroad Operations General and Passenger Statistics for the Fiscal Years Ended June 30, 1951 and 1950
1951- 1950
GENERAL STATISTICS:
Average miles of road operated. .. 50.928 ..50.928
Gross operating revenue. ....... $ 1,548,846.39 $ 1,627,919.96
Operating expenses. ..... 1,677,844.68 1,793,265.62 Net operating revenue .......... (128,998.29) $ (165,345.66)
Per cent of expenses to revenue ... 108.33 110.16 Gross revenue per mile of road. 30,412.47 $ 31,984.76 Operating expenses per mile of road : 32,945.43 35,211.78 Net revenue per mile of road ...... (2,532.96) $ (3,227.02)
Total revenue train mileage ...... 211,131 181,422
Railroad revenue per train mile . $ 7.336 $ 8.973
Railroad operating expenses per
revenue train mile ,...........$ 7.947 $ 9.884
Net railroad revenue per revenue
train mile. .. ..............$ (0..611) (0.9114)
Freight, passenger and switch locomotive mileage... .......... 341,264 292,656
Work train mileage... ........ 1,228 2,643
Total of alllocomotive mileage .... 342,492 295,299
PASSENGER STATISTICS:
Operating revenue(including special
trains and motor cars, baggage,
express, mail, etc.).... ......$ 339,819.84 $ 3009277.96
Gross revenue (including above and
proportion of revenue from other
than transportation services) .... $ 347,804.16 $ 307,519.25
Passenger train miles (including
mixed trains) ............. 167,485 132,247
Passenger trains'per day per mile
of road .................. 9.01 7.11
Coach mileage. ..... . 845,525 650,651 Baggage, express and mail car mileage- 196,169 155,224 Total passenger car mileage. ...... 649,356- 471,046 Passengers carried, ............ 446,412 317,530
Passengers carried'one mile. .... 19,835,042 13,222,979
Average distance each passenger carried 44.43 41.64
Passengers in each train, 153 103
Passengers in each passenger car(including baggage, mail and express).. 25 23
Revenue per passenger train mile. $ 2.029 $ 2,271 Revenue per passenger car mile (including baggage, mail andexpress).... $ 0.4019 $ 0.4615
Cars in each passenger train (including
baggage, mail and express).!. 5.9 4.4
Revenue per passenger. ......... $ 0.689 $ 0.843
Revenue per passenger per mile. .$ 0.0155 $ 0.0203
Passengersone mile per mile of road. 389,472 259,641
Revenue per mile of road, .......$ 6,672.55 $ 5,896.13
Number of first class passengers
carried ........... 120,771 96,738
Revenue from first class passengers
carried................. ..... $ 116,951.64 $ 108,239.88
Number of second class passengers....
carried................. ...... 325,641 220,792
Revenue from second class passengers
carried....................$ 190,464.45 $ 159,532.49
PANAMA RAILROAD COMPANY 39
TABLE NO. 18
Railroad Operations -.Freight Statistics for the Fiscal Years Ended June 30, 1951 and 1950
1951 1950
Revenue from through and local freight. $ 1,001,288.82 $ 1,117,089.52 Gross freight revenue (Including above
and proportion of revenue from other
than freight transportation). .....$ 1,153,932.40 $ 1,280,886.03 Freight train mileage (including mixed
trains) .... .. . ... .. 47,463 49,175
Freight trains per day per mile of road a 2.55 2.65 Loaded freight car mileage, ......... 548,429 557,874 Empty freight car mileage . ... 264,643 247,741 Caboose car mileage 47,693 49,636 Total freight car mileage (including4
caboose). ............... 860,765 855,251
Percent loaded car mileage to total car\
mileage (including caboose) 63.72 65.23 Loaded freight cars per train 12 11 Loaded and empty freight cars per train .18.1 17, Tons through commercial freight ... 110,684 94,690 Tons of local commercial freight ..... 14,645 12,784 Tons of local Army and Navy freight . 9,295 18,518 Tons of local Panama Canal freight.. 58,311 47,055 Tons of local commissary freight..... 37,177 46,494 Tons of revenue freight carried ..... 230,112 219,541 Tons of company freight ..... .... .3,945 3,327 Tons of revenue and company freight
carried. ...........234057 868
Tons of through commercial freight
carried one mile .. . &s2590778 4,5161833 Tons of local Army and.Navy freight
carried one mile. ......... 326,700 759,966
Tons of lbcal commercial freight
carried one mile ..569,935 Tons of local Panama Canal freight
carried one mile.. 2..........2,090,320 1,636,335
Tons of local commissary freight
carried one mile ............... 1,516,505 1,919,162
Tons of revenue freight carried one mile, 9,875,409 9,402,231 Tons of company freight carried onemile* 102,281 99,044 Tons of revenue and company freight'
carried-one mile... :.......... 9,977,690 9,501,275
Tons in each loaded car (including
company),, 15.08 Tons in each loaded and empt; car (including company)..,. .. ...... 10.18 10.01
Tons in each'train. .............. 189.2 165.9
Revenue per freight car mile.... .. .. $ 1.163 $ 1.306 Average mile each ton of revenue freight
carried .a a' 42,92 42.83 Revenue per freight train mile. .... $ 21.207 $ 22.716 Revenue per ton of revenue freight.. 4.351 5.088 Revenue per ton mile.. ......... 0.101 0.119
Tons of revenue freight carried one mile
per mile of road...... ......... .. 193,909 184,618
Freight revenue per mile of road ..... $ 19,660.87 $ 21,934.47 Estimated loaded cars in each train (estimating 2 empties or 2 cabooses as 1
loaded car) . . . .15.36 14.98 Revenue freight engine mileage...........43,646 49,175
Estimated loaded cars handled per
revenue freight engine... . ,15.27 14.98 Tons handled per revenue freight engine .210.22 193.21
40 PANAMA RAILROAD COMPANY
TABLE NO. 19
Railroad Operations Locomotive and Motor Car Statistics for the Fiscal Years Ended June 30, 1951 and 1950
1951 1950
Steam Diesel Steam Diesel Locomotives Locomotives Locomotives Locomotives
LOCOMOTIVES:.
Mileage:'
Freight '0 45,792 1,671 48,901 422 Passenger. .21,703 165,764 20,898 112,514 Yard and work 21,900 78,793 29,066. 75,127
Total 89,395 246,228 98,865 188,063
EXPENSES:
Repairs.. $ 38,006.10 $ 71,959.04 $ 66,277.40 $ 67,551.67
Cost per mile .4251 .2922 .6704 .3592
Fuel...... a. 54,492.68 16,896.16 59,580.91 12,850.01
Cost per mile .6096 .0686 6026 .0683
Water, lubricating oil,etc. 5,700.51 9,984.10 6,923.06 7,240.14
Cost per mile .0638 .0406 .0700 0385
Hostling. 14,919.61 ..29,683.10 31,193.20 27,202.59
Cost per mile .1669 .1206 .3155 .1446
Total ex-.
penses. 113,118.90 128,522.40 $ 163,974.57 $ 114,844,41
Cost per mile 1.2654 .5220 1.6585 .6106
Fuel oil prices
(per barrel
of 42 gallons)
Average.. 2..52 287
MOTOR CABS:
Mileage -.., 6,869 8,371.
EXPENSES:
Repairs 3.p. 3,379.82 $ 5738.23 Gasoline.. 358.40 420.78 Lubricants,., 24.50 35.45 Supplies.. 75.10
Total 3.762.72 $ 6,269.56
PANAMA RAILROAD COMPANY 41
TABLE NO. 20
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, 1951
LENGTH
Miles Total
PANAMA RAILROAD TRACKS:Main Line, Colon-Panama 50.928 Atlantic terminal tracks. . ... G 0. W 4 a ...20.063
Intermediate tracks ..... .... 3.526 Passing tracks... ...... .......... .. 5.890
Pacific terminal tracks. ................. 14.347
Total Panama Railroad tracks .o. ... ........... 94.754
PANAMA CANAL TRACKS:
Atlantic terminal tracks .... ............. 5.472
Intermediate tracks ........ .. ....... ..... 16.124
Pacific terminal tracks. ................. 16.395
Total Panama Canal tracks,...... ... .. 37.991
U.S. ARMY, NAVY, AND AIR CORPS TRACKS:. Atlantic terminal tracks. ................. 4.683
Intermediate tracks ....... 7.896 Pacific terminal tracks .......... 8.673
Total U.S. Army, Navy and Air Corps tracks a 21.252
PRIVATELY OWNED TRACKS:
Atlantic terminal tracks. ....... 1.739 Pacific terminal tracks ..... .......... .281
Total privately-owned tracks ............... 2.020
Total tracks maintained by Panama Railroad 156.017TRACKS ADDED DURING FISCAL-YEAR:
Panama Railroad tracks... ........... ...... .053
Panama Canal tracks. .................... 0.000
U.S. Army, Navy and Air Corps tracks ." ..... ... 0.000
Privately owned tracks. ........ 0.000
Total tracks added during fiscal year., 053
TRACKS TAKEN UP DURING FISCAL YEAR:
Panama Railroad tracks .... .... ....... .......... .098
Panama Canal-tracks ........... ..... ...... ..340
U.S. Army, Navy and Air Corps tracks, . 1.355' Privately owned tracks. ...................0.000
Total tracks taken up during fiscal year .......1.793
RAIL, CROSS AND SWITCH TIES, AND BALLAST USED DURING FISCAL YEAR
Cross ties-' new... .... .................. 3,655 IEach
..Switch ties new . ....... . .W 4,192 Linear feet
Rail"-90 lb.- S.H. . . ... . a (none) Linear feet
Ballast crushed-rock... 2,548 'Cubic yards AMOUNT EXPENDEDONWORKPERFORMEDFOR OTHER DIVISIONS AND ON RAILROAD A.F.E 's
Maintenance and construction Panama Canal tracks........... $ 4,904.73
Maintenance and construction U.S. Army, Navy and Air Corps tracks............................. ........... .12,291.68
* Miscellaneous work requests Panama Canal and others.......... 37,803.44
Railroad A.F.E.'s.................. ........ ............ .70,982.45
_______________________________- $125,982.30
TABLE NO. 21
STATEMENT OF LOCOMOTIVES AND ROLLING STOCK IN SERVICE JUNE 30, 1951
Loco-MiemotvesFreight Cars Passenger Car'slaeu
motive
CU C
CU
Uo I d r-4
0 2 W 00 bo 1- W 4 (D. 05 00 $4.0CS2,k E4. () C U U)r -f W0 4 Q P 0, > > k ~ 010M 0 U U 0 o0
(10)rq 0 K ra CS 1 9 0 r4 I~ 0, &4' +-) k CUo .H ~ ~~~~ ~~ ~ ~ ~ ~ ~ 4-)- CCC 3 r4 c l r - 1 O () '-40 CA 0. +0 00U C U0 C C 0 CU StockCUC on hand, Juy 1, 1 0 5 13 6 2 3 6 14 4 17 9. 43 CU + CU 22 14 7
Stock on hand ,June 1, 195.1 5 13 6 2 315 6 184' 4 175 3 7 5 95 43 8 5' 3 22 14 7 1 1 1 1
*Inventory adjustment
PANAMA RAILROAD COMPANY 43
TABLE NO. 22
HARBOR TERMINAL OPERATIONS STATISTICS FOR THE FISCAL YEARS ENDED JUNE 30, 1951 AND 1950, AND COMPARISON
1951 1950, Increase (Decrease)
Total harbor terminal revenue. $, 3,179,245.64 $ 2,493,974.31 $ 685,271.33 total operating expenses. 2,953,322.34 $. 2,188,477.87 $ 764,844.47 Total net revenue....... .. 225,923.30 ..$ 305,496.44 $ (79,573.14)
Per. cent of expenses to
revenue.,..... 9289 87.75 5.14 Tons of cargo stevedored 1,338,255 792,474- 545,781 Revenue per ton stevedored $ 0.500 $ 0.499 $ 0.001 Cost per ton stevedored. $ 0.386 0.325 0.061 Tons of cargo handled and
transfered..... 1,332,263 1,015,714 316,549
Revenue per ton handled. $ 1.566 $ 1.653 $ (0.087) Cost per ton handled..... 0.9865 $ 0.8959 $ 0.0906 Tons of general cargo
received". ... ....804,569 625,845 178,724 Tons of general cargo
dispatched ...513,487 377,453 136,034 Tons of general cargo
.rehandled. 14,207 12,416 1,791 .Number of ships handled at
Cristobal..... 1,830 1,402 428 Number of ships handled at
Balboa 612 353 259 Number of ships furnished
agency service ...........26 29 (3)
HOLD OVER CARGO ("CANAL ZONE FOR, ORDERS"f)
1951 195 0 Increase .. ._.... ... ..._ (Decrease)
Tons Revenue Tons Revenue Tons Revenue
Tons on hand beginning of
year.... .... 542 448 94
Tons received during year 0 779 $ 1635 90 5191 1089.90 26 546.00
Total.... .1.321 967 354
Tons forwarded during year.,o 799 $ 1,830.62 425 $ 909,28 374. $ 921.34 Tons on hand at end of-year 522 542 (20)
Total ... ,321 967 354 Received from storage during
year...... 8,836.04 $ 41706.32 $ 4,129.72
Total revn. ....... ..... ........$1230.5 $ 6,705.5 $ 5,597.06 ...:...
44 PANAMA RAILROAD COMPANY
TABLE NO. 23
COAL AND OIL PLANTS OPERATIONS STATISTICS FOR THE FISCAL YEARS, ENDED JUNE 30, 1951 AND 1950, AND COMPARISON
Increase
1951 1950 (Decrease)
OIL HANDLING OPERATIONS:
Revenue from oil handling,......$ 715,309.46 $ 715,309.46 Barrels of oil, etc. handled in. 7,284,262.32 7,284,262.32 Barrels of oil, etc. handled out 6,924,419.77 6,924,419.77 Total barrels of oil, etc. handled 14,208,682.09 14,208,682.09
Revenue per barrel of oil,,'
etc. handled . . $ .0503 $ .0503
COAL PLANT.OPERATIONS:.
Coal on hand beginning of period,
tons. .. ... ...........6,739 10,327 (3,588):
Cost per ton'. .. ...... Is. . $ 14.22 $ 14,77 $ (0.55)
Cost of coal beginning of period $ 95,828.58 $152,529.79$ (56,701,21) Gross receipts from coal sales .. $ 186,760.88 $267,305.35 $ (180,544.47) Cost of coal sales.............. $ 53,128.58 $167,084.04 $ (113,955.46)
Gross profit from coal sales .-. 33,632.30 $100,221.31 $ (66,589.01)
Tons of coal received during the
year .. .. ,. . 9,493 8,089 1,404
Tons of coal recovered on inventory,- 183 (183) Tons of coal sold during the year, 3,814 11860 (8,046)
Average tons of coal received
per month. ..791 674 117
Average tons of coal sold per month, 318- 988 (670) Coal on hand, end of period!, tons, 12,418 6,739 5,679
Cost per ton ... ... 13.80 $ 14.22 $ (0,42) Cost of coal at end of period... $1 71,368.40 $ 95,828.58 $ 75,539.82
PANAMA RAILROAD COMPANY 45
TABLE NO. 24
STATEMENT OF STEAMSHIP LINE STATISTICS FOR THE FISCAL YEARS ENDED JUNE 30, 1951 AND 1950, AND COMPARISON
Increase
1951 1950 (Decrease)
Steamships'.... ... .3 3
Completed Voyages . ..... .. .. 52 52Total Operating Revenue .. .. .... $4,9i7,752.57 $4,989,304.11 $ (71,551.54)
Total Operating Expenses, $5,130,434.48 $4,898,341.48 $ 232,093.00 Net Operating Profit, ....$ (212,681.91) $ 90,962.63 $(303,644.54) Freight Carried Tons... .. .......198,929 195,683 3,246
Freight Revenue (Including
Treasure) .. .6. ........ $3,796,635.80 $3,721,321.12 $ 75,314.68
Average Freight Rate ........ $ 19 $ 19.02 $ .07 Passengers Carried., ........ ,. 12,004 12,966 (962) Passenger Revenue (Including
Excess Baggage) ..... ..... 952,063.91 $1,056,423.00 $(104,359.09)
Average rate per Passenger... $ 79.31 $ 81.48,$ (2.17)
9[
46 PANAMA RAILROAD COMPANY
TABLE NO. 25
Statement of Expenditures Under Authority for Expenditures During
the Fiscal Year Ended June 30, 1951
A.F.E.
AF. Description This Year To Date ,No.
4220 Designs and estimates for tel.exch.bldg., Cocoli........ ... . ....... $ 21,437.53 $ 23,834.88
4230 Purchase 3 100-line switchboards,Cristobal exchange.......,...............230.53 230.53
4232 Purchase 1 100"line switchboard, Gamboa exchange ..... ......14,947.31 14,947.31
4234 Make extensions to underground tel.sys.Cocoli exch.......... ........ .1,900.00 1,900.00
4235 Purchase 5 switchboards,100-line,Balboa Hts. "
tel.ekch, .. 691.60 691.60 4274 Construct ice cream,milk bottling and cold' stgoplts..... .................... 278,817.26 347,923.55
4303 Purchase & install 50 repeatersBalboa Hts."
tel.exch..... .. ........ .. 5,275.73 5,275.73
4366 Plans for optical shop- Ancon.... ..... ....7.28 481.52
4385 Replace spalled concrete under dock 16,Balboa 104.24 735.28 4414 Purchase 500 shipping boxes for bakery...... ..155.13 4,205.77 4416 Purchase & install 43 groups 20 switchbanksBal.Hts.Ex. .... ................... .1,137.88 25,942.88
4417 Purchase & install 27 groups 20 switchbanksCrist.exch.. .... .. .... 355.39 15,653.74
4439 Replace spalled concrete under Pier 18,Balboa 1,718.42 1,718.42 4441 Clean and paint unloader frames,Pier 18,Balboa. 1,818.37 2,817.63 4442 Replace spalled concrete under Pier 8, Cristobal ......... .... ... .... .... 44.64 651.24
4458 Paint Panama RR coach" No.109..... .......1,584.22 1,584.22
4476 Repair ammonia suc.line,Refrig.Plant,Mt.Hope. 611.41 1,327.18 4478 Paint !Panama RR coach No.111. ...... ...... 1,464.18 1,464.18
4480 Purchase and install flour packing equip.
Mt.Hope 4,004.47 4,962.94 4482 Construct quarters-at Mindi Dairy .. ,. 4,208.07 108,953.17 4484 Paint Panama RR coach No.206... .........1,405.70 1,405.70
4487 Refinish and relocate fixtures,Balboa comsy 1,270.83 19,440.49 4490 Convert fastenerss on shipping cases to padlock type. ... ...... 752.19 1,007.54
4493 Repair fire damage- La Boca commissary .... 5,488.17 40,570.22 4498 Renew piles,Pier 9,Cristobal.... 1,027.60 1,027.60 4509 Install new shelving La Boca commissary . 289.30 3,605.84 4513 Repairs to boiler No.516 at Hotel Tivoli.. ,. 1,718.04 1,718.04 4516 Purchase and install cash registerCommissary Div....... 1,155.14 1,155.14 4518 Purchase and install2. refrig.,produce stands-Balboa. ,. .. .. ... 3,560.13 3,560.13
4519 Purchase and install 1 butter print machine ,2,712.69 2,712.69 4520 Purchase and install I loaf moulder 3,107.63 3,107.63 4521 Rearrange shelving and partitions,MtHope ...... 523.41 1,021.65 4525 Purchase 2 portable cargo conveyorsCristobal. 5,951.90 5,951.90 4523 Purchase and install 5 storage batteries. . 3,082.03 3,082.03 4526 Purchase 2.portable coffee conveyors, Cristobal 7,204.99 7,204.99 4528 Maintain float fastenings,Pier i8,Balboa. '500.68 500.68 4529 Extension to underground telephone system, Gatun ... .. .... ... 3,120.71 3,120.71
4531 Replace spalled concrete under dock 18,Balboa.. 828.47 828.47 4532 Repair edge of dockspier 18,Balboa.. ...... 566.65 566.65
4533 Renew filler blocks,pier 18,Balboa..... ... 526.21 526.21
4534 Repair spalled concrete,dock 16,Balboa.. ... .. 748.38 748.38 4535* Repair spalled concretedock 15,Balboa. .. . .755.14 755.14 4537 Remove floats,clean and paint,all docks, Cristobal ., a 17.92 17.92 4538 Repair concrete under pier 8,Cristobal . . 505.11 505.11 4539 Remove spalled concrete,pier 7,Cristobal. 535.62 535.62 4540 Renew pile,pier 7,Cristobal. ....488.70 488.70 4541 Relash cl-ter,pier 6, CristobalC ^ . 56975 569.75 4542 Puchase and install 6 electric crossing
gates. .................. ......23,125.94i 23,335,26
4543 Touch up paint- Hotel Tivoli ..............369.411 970.42
4S44 Clean,prime and flush all expansion dock 10, ..
... CriStobal. ..702.04 702.04 455Renew fender ples,pier 6,Cristobal ... 7,296.71 7,296.71 456Renew fender piles,pier 7,Cristobal..........3,297.39 3,297.39
4547 Remove spall!ed concrete, pier 8Cristobal..,......,547.83 1,547.83
'PANAMA RAILROAD COMPANY 47
TABLE NO. 25 Continued
Statement of Expenditures Under -Authority for Expenditures During
the Fiscal Year Ended June 30, 1951
A. FE.
Ao. Description This Year To Date No.
4548 Renew fender pilesdock 9,Cristobal. .. .....$ 1,232.57 $ 1,232.57 4549 Renew fender piles,pier 16,Cristobal. 0. .. 2,700.51 2,700.51 4550 Renew fender pilespier 8,Cristobal .2. ...2,478.07 2,478.07 4551 Clean and paint interior,pier 3,Colon. o 3,566.45 3,566.45 4552 Repair toilet,pier 6,Cristobal... .. 1,566.12 .1,566.12 4553 Repair and renew toilet fixtures,*pier 7, Cristobal. ..... .... .....,..2,011.74 2,011.74
4554 Repair' roofpier 7,Cristobal.. 8,583.55 8583.55 4555 Clean and paint steel workpier 7,Cristobal... 5,123.22 5,123.22 4556 Replace down spouts,pier 8,Cristobal... 4,515.90 4,515.90 4557 Repair roof,Building 1012,Cristobal ..... 3,111.03 3,111.03 4558 Rewire lights,docks 6 and 7,Balboa... ...... 1,530.58 1,530.58
4559 Renew piles,pier 18,Balboa... *.... .. .. 5,100.,46 5,100.46
4560 Repairs to Building 7061,Mount Hope., ,. ....3,676.45 3,676.45 4561 Repair refrigerator trailer .... ...472.31 472.31 4562 Construct local rate houses,Camp Coiner.... 40,686.91 40,686.91 4563 Purchase and install finishing rolls, Coffee Plt............... 1,699.87 1,699.87
4564 Repairs to shoe section,Mount Hope............ 4,980.80: 4,980.80.
4565 Purchase and install cheese vat ..213.72 4566 Install timber stringers,Cristobal freight 1 .3 house.., 0. e... .. ..... 860.93 -860.93
4567 Construct gasoline station Margarita.. 1....... 1,562.24, 1,562.24
4568 Rebuild cattle chutes,Mount Hope,.... ... 957.31' 957,31 456 Repairs to refrigerator power plantMount Hope. 444.97- 444.97 4570 Replace cork insulation,Balboa... l. ... 1,201.43 1,201.43 4 Improve toilet facilitiesTivoli commissary 3,340.45 3,340.45 4572 Replace telephone switchboard- Hotel Tivoli. 11,275.64 1,275.64 4573 Repair ceiling,Balboa commissary. . .658.36 658.36 4574 Purchase two electric adding machines, G.M.O.Crist . .. 538.04 538.04 4575 Renew fire bricks,incinerator,Mount Hope. ..... ...2,793.47 2,793.47
4578 Repair elevator dry storage warehouse,Mt.Hope 851.67 851.67 4579 Clean and paint Panama R freight house ... 2,140.69 2,140.69 4580 Construct balconySilver City commissary.t. .. 622.94 622.94 4581 Repair conveyor track,Cristobal .. . .. .;. 495.87 495.87
4582 Repair boiler'Balboa Oil Handling plant 4,970.87 4,970.87 4583 Purchase and install tool grinder,Mt.Hope.. . 1,46.28 1 4584 Repaint Balboa gasoline station . 592.96 4585 Purchase and install fish and bone cutting 5 59.
machMtHope..... .... .. .2,928.33 2,928.33
4586 Purchase-4 prepackaging scales,Mt.Hope. .... 1,543.47 1,543.47 4588 Repair and paint package room,Ancon laundry . 463.30 463.30 4589 Clean and paint incinerator bldg.,Tivoli comsy. 580.39 580.39 4590 Replace retaining wallDiablo Hts.comsy. ... .....1,193.40 1.,193.40
4591 Clean and paint roof,Balboa comsy . ... 600.92 600.92 4592 Repair termite damage -.Gatun comsy . ..426.18 426.18 4593 Repair and paint roofs,Mindi dairy ...... ....1,747.90 1,747.90
4594 Purchase and install lathe,Mount Hope .. ....... 650.14 650.14
4596 Replace power and light panels,Print.plt.
Mt. Hope........... . ... 1,353.87 1,353.87
4597 Prepare pasture area,Juan Callegas Island 3,010.29 3,010.29 4604 Widen Roosevelt Avenue,Cristobal. 4,735.39- .4,735.39 4605 Install wheels on elec.cargo winches,Cristobal. 596.47 596.47 4606 Purchase and install bevel edger,Optical shopAncon. ............d..p.a" ..ases, .676.88 676.88
4610 Purchase and install 5 refrigidisplay cases, comsy .. .. ..... ......... 6,517.36 6,517.36
4611 Purchase and install 5 refrigdisplay cases, comsy .. ... 10,640.38 10,640.38 4614 Replace glass and paint sash,Mt.Hope warehouse. 2,687.69 2,687.69 4615 Paint exterior,Cocoli commissary.... 969.12 969.12 4616 Repair incinerator smoke stack,Mt.Hope. .. ..... 777.20 777.20
17Construct new ext,Ancon commissary.. 4,990.07 4,990.07 468Purchase and install elec~meat moUlder, .. ..
Mt.Hope.......................1,085.65 1,085.6
,4619 Paint eXterior walls, Ancon commissary. ......1,067.74 1,067.74
462 Purchase offset press and plate whirler-i ..
Diablo press.............. ........9,496.56 9,496.56
462 Frnish 2 automatic gasoline pumps,Cocoli
and Crist ., . 1,844.82 1,844.82
48 PANAMA RAILROAD COMPANY
TABLE NO. 25 -.Concluded
Statement of Expenditures Under Authority for Expenditures During
the Fiscal Year Ended June 30, 1951
A.FE..
No Description This Year To Date
4623 Rebuild beams under loading platform,Balboa $ 259.62 259.62 4624 Manufacture 2 dip tanks,Mt.Hope ..... .. . 402.31 402.31
4628. 'Purchase and install coil on ammonia econ.
CoMy1.............1,102.10 1,102.10
4629. Electrical workMount Hope. . 616.09 616.09 4630 Repair roadway approach,Balboa gas station. . 419.33 419.33 4631 Paint exterior wallsAncon commissary .... ..... 616.97 616.97
4632 Construct 25 wooden display shelvesAncon
comy...... . ...... .. .. .. 2,718.35 2,718.35
4634 Purchase 600 shipping boxes,Mount Hope:. .. ,. 5,210.46 5,210.46 4635 Purchase and install piston for curb press-Comsy.Div . a ..0. 0 574.36 574,36 4636 Improvement of pastures,Mindi dairy .. . 949.95 949.95 4637 Prepare dwgs.for additional toilet facil.
Silver City.... .............. ..... .. 1,591.65 1,591.65
4638 Perform work In accordance with security survey. ....... ..... .......... ... 754.46 -754.46
4655 Furnish and install fan sections,Balboa comsy. 1128.08 1,128.08 4656 Construct 3 tables for shipping room,Mt.Hope. 502.34 502.34 4657 'Repair-roofMount Hope cold storage, .. .. 626.68 626.68 4658 Repair celotex ceilingsCamp Bierd. . .... 3,577.25- 3,577.25
4659 Furnish labor to handle cargoCristobal ..; 1,149.07 1,149.07 4661 Purchase 6 calculators,Mount Hope .. ......418.50 418.50 4662 Purchase and install 14" piston,curb press, Mt.Hope........ .... ...... .. ..... 589.33 589.33
4664 Reinsulate brine cooler,Mt.Hope ...,. .....485.19 485.19
4666 Rewind 100 h.p.motorMt.Hope. .. . .... 234.35- 234.35
4667 Manufacture 1000 pallets,Cristobal..... .... .. 19,212,93 19,212.93
4668 Alterations to electrical system,Balboa..,..... 1,797.78 1,797.78 4669 Repair cattle pensMouDt Hope...... 507.33 507.33 4670 Concrete breakout-grade improvements, Railroad.. .......... .. .. .......374.66 374.66
4671 Repair road,rear entranceHotel Tivoi. . 526.38 526.38
.$650,899.49 $933,819.77
PANAMA RAILROAD COMPANY 49 TABLE NO. 26
Statement showing items of Construction, Improvement and Equipment added to and
removed from Capital Account during Fiscal Year ended June 30, 1951
ITEMS ADDED TO CAPITAL ACCOUNT:
RAILROAD AND APPURTENANCES
*Railroad roundhouses and car shops $ 160,395.61
Four (4) 4-family quarters and one (1) 8-room bachelor
quarters at Mmndi Dairy........ ...... ..... .. 108,953.17
Three (3) 2-apartment quarters at Camp Coiner....... 40,686.91
Total.'........ ......... ,..........$ 310,035.69
COAL AND OIL-PLANTS
*Oil plant equipment -Balboa...... .. .... .$ 889,732.95
*Oil plant equipment.- Cristobal, ... ......... .. 872,106.33
*Pier 16, Cristobal .. ......660.02 *Dock 6, Balboa.... . ....... ...... 195,949.60
*Dock 7, Balboa . .... . .. . .. . 159,350.63
.*Pumping plant, Cristobal ..87,525.22 *Pumping plant, Balboa,,'............ .... .85,490.16
Total.,. a..................... .. ..$ 2,626,814.91
DOCKS, PIERS AND APPURTENANCES
*Pier 6, Cristobal...... .
*Pier 18, Balboa., ..... ....1,396,822.74
*Mindi Dock, Cristobal.... 214,193.05 *Combination storehouse, Cristobal,..... ......... .. 103,000.00
Two (2) electric winches... . .13,465.35.
Four (4),cargo conveyors . . & a .... .... 13,156.89
Total.. .0. ..... . . ".... 4073,188.27
PRINTING PLANT*Miscellaneous equipment............................$ 141,608.46
Total... ................... . ... . ....$ 141,608.46
TELEPHONE SYSTEM
Forty-three (43) groups switchbanks-Balboa Heights
exchange. ... ..... . $ 25,94 2.88
Twenty-seven (27) groups switchbanks-Cristobal exchange.. 15,653.74
;One (1) unit 50 repeaters-Balboa Heights exchange.........5,272.73
Extension toi underground system-Gatun............ 3,120.71
TOtal............ ..... .......... .. ........... 49 ..990.06'
* Transferred from The Panama Canal. ... ....... .
50' PANAMA RAILROAD COMPANY
TABLE NO, 26 Continued
Statement showing items of Construction, Improvement and Equipment added to and
removed from Capital Account during Fiscal Year ended June 30, 1951
ITEMS ADDED TO CAPITAL ACCOUNT -Continued
COMMISSARY PLANTS AND STORES
*Diablo commissary. building .Of, 9.... $ 50,797.46 *Ancon commissary annex building. 23,000.00 *Cristobal gasoline station.. .... ... 18,102.89 *Cocoli gasoline station. ................16,900.00
*Margarita gasoline station.. 14,273.47
*Gamboa gasoline station. ......... . .. ...... 8,756.54
* *Balboa gasoline station.. 0.0.... . . 8,081.14
*Gatun gasoline station . ...5,622.46 *Gatun gasoline station... .... .0...... .....4,853.96
*Pedro Miguel gasoline station.' 32.... .....3,063.70
One (1) unit of flour packing equipment, 'wholesale
groceries,........ . ........ 4,818.01
Two (2) refrigerated produce stands, Balboa commissary 3,560.13.
One (1)drumloamoulder forbakery. .. .. . 3,107.63 One (1) butter print machine........... 2,712.69
One (1) refrigerated display case,,Cristobal commissary.'. i771.55 One (1) cheese vat,. milk bottling plant. e.............1,205.92
One (1) tool grinder for machine shop. .. .... .... 1,146.28
Total.. .... ... .. .... ......... .... ....... .. $ 171,773.83
T T.A L............................ 7,373,411.22
ITEMS REMOVED FROM CAPITAL ACCOUNT:
RAILROAD AND APPURTENANCES
Twelve (12) U.S. Rate quarters, Quarantine area, Ft.Amador $ 119,677.00 Local Rate quarters, Building No. 6034, Silver City.. .10,000.00 Local Rate quarters, Building No. 13, Miraflores........ 7,000.00
Thirty-seven (37) freight cars ............ ...... ....... 36,995.93
Miscellaneous equipment, ....7,160.73 Two (2) lat hes... .... 6,084.44 Track removals.. .... ..... 50
Total, ................... ..............$ 188,465.60
COAL AND OIL PLANTS
Unloader towers Nos. 1 and2 Cristobal ... .$ 68,722.92
Total.. ...........$ 68,722.92
DOCKS, PIERS AND APPURTE1RANCES
One (1) electric cargo truck. . .... 274.40 One.(1) electric winch......................2,043.83
Toal................................ .... ,1.2
* raserred from TePanama Canal1 :: : ..
'PANAMA RAILROAD COMPANY 51
TABLE NO. 26- Concluded
Statement showing items of Construction, Improvement and Equipment.added to and
removed from Capital Account during Fiscal Year ended June 30, 1951
ITEMS REMOVED FROM CAPITAL ACCOUNT Continued
PRINTING PLANT
Miscellaneous equipment .. 0..$ 13,730.78 Two (2).presses, printing, simplex .....6,353.22 Two (2) presses, printing, C and P . . .....4,576.00 One (1) press, printing, whitlock. ...... ....... .2,425.00
One (1) machine, ruling, 38"'2,737.98
Total..,. .. .... . . .. ., ..........$ 29,822.98
TELEPHONE SYSTEM
Duct lines, 849' Ancon laundry to Panama frt.: and
pass., stations .,...................................$ 1,202,44
Duct lines, 389' Corozal to Mount Hope ......................320.89
Total... . . . ......... .. 1,523.33
COMMISSARY PLANTS-AND SMhIES,
BuildingNo..7039, 'Mount Hope......................... 55,027.20
Seven.(7) cold storage counters, various commissaries, .. 13,422.59 Two (2) refrigerated vegetable racks . .....,12500 One (1) metal refrigerator I.... ...... 1,660.34
Six.(6) oil burners, 'bakery.' a .4...... ... ..1,901.05
Two (2) oil burners, Ancon laundry..... 1,257.78 One (1) kerosene tank, Balboa commissary ............ 1,323.15
One (1) kerosene tank, Pedro Miguel commissary ...... 1,163.69 One (1) loaf moulder, bakery,,'',. ..... .. 2,146.78 One (1) safety dough brake (cracker machine)'. ..1,970.32 One (1) carton machine.......... 00 ..... ...... 1,574.30,
Two (2) electric Cargo trucks'. .... ............... 2,271.89
one (1) cattle dip, Mndi Dairy. .. . .1,500.00
Total...... ..... ...... .... $ 87,344.09
.TTAL 0 T ..... ... .... $ 380,097.15
52 PANAMA RAILROAD COMPANY TABLE NO. 27
Construction Work in Progress at Close of Fiscal Year Ended June 30, 1951
A.FoE. Description Estimate No,
COMMISSARY DIVISION:
4274 Rev.Rep lacement of Mt.Hope cold storage-warehouse .. $3,500,000.00 4607 One (1)steam generator,boiler room,Mt.Hope ......30,750.00 4608 Four (4) washers,end-loading,Ancon laundry. ....... 18,452.00 4609 One (1) high speed dough mixer, bakery. 14,915.00
4610 Five (5) open-type refrigodairy products display cases,
Balboa comsy... ..9,436.55
4611 Five (5) open-type refrigedisplay cases,Margarita
commissary ...... ................. 10,000.00
4626 Prepackaging equipment,w'sale meats and groceries,
Mt.Hope ................. .. .29,467.00
4639 Two (2) refrigoproduce stands,Cristobal commissary . 5,000.00
4640 One (1) open-type refrig.dairy products display case,
Diablo comsy. ..2,250.00
4641 Two (2) refrig.show casesAncon commissary... 0. .......... 4,500.00
4642 Seven (7) refrig.show casesAncon and Balboa
commissaries... ................... 17,500.00
4643 One (1) steel surface mix cooler,ice cream plant,Mt.Hope. 3,447.00 4644 One (1) coffee roaster,coffee roasting plant,Mt.Hope. .. 13,251.00
4645 One (1) automatic flavor printing machire,ice cream
plant 1,940.00
4663 Two (2) 10-ton refrigerator semi-trailers 18,500.00
Total .. ............. ....$3,679,408.55
HARBOR TERMINALS:
4524 Two (2) stationary electric cargo winches,3-ton. .....$ 17,50.0.00 4527 Two (2) Yale and Towne flat trucks,2-ton. ......... 7,500.00
4646 Thirty (30) Yale and Towne fork trucks, ......... 260,000.00 4647 Two (2) banana conveyors.... .............. 5,750.00
4648 Two (2) towmotor gasoline tractors. . ...... ..... 8,000.00
4649 Two (2) conveyor stackers ... . .. 5,900.00
Total... .... ............... $ 304,650.00
PRINTING PLANT:
4621 One (1) off-set press and plant whirler. ...........$ 9,055.00
RAILROAD:
4542 Six (6) individual (3-pair) automatic elec.crossing
gates...............$ 24,000.00
4627 Three (3) diesel-electric locomotives 500...........00
Total ...... ................. $ 524,000.00
TELEPHONE SYSTEM:
4220 Telephone exchange building, Cocoli. 30,500.00 4230 Three (3) switchboards,100-lineCristobal exchange. 510500.00 4231 Switchboard,100-line,Gatun exchange ........ ....... 16,500.00
4232 Switchboard, l00-line,Gamboa exchange., 18,500.00 4233 Switchboard and equipment for 300-line exchangeCocoli. -' 100,000.00 4234 Underground system,Cocoli e .4,000.00 4235 Five (5) switchboards,i00-line,Balboa Heights exchange, 95,000.00 4598 One (1) 200-pair,19 gauge cable,Cristobal to Margarita.. 32,000.00
4599 Rev. Six (6) motor generator sets,Balboa,Crist,,Ped.
Miguel,Gatun.. .... 21s000,00
4650 One (1) 200-pair telephone' cablePedro Miguel to. .
Paraiso ".. .... 18,500.00
4651 one (1) 200-pair telephone cable,Mt.Hope to Silver City. i3,A00.00
4652 One (1) 150-pair telephone cable, Gamboa to LR emp.
quarters area.............................. .6,500.00
Total ................... ........ .$ 407,000.00
T 0 T A L . . ... ..$4,924,113.55
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