60TH ANNUAL REPORT of the BOARD OF DIRECTORS of the PANAMA RAILROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDING JUNE 30 1909 JANUARY 13, 1910.-Referred to the Committee on Interstate and Foreign Commerce and ordered to be printed, with illustrations WASHINGTON GOVERNMENT PRINTING OFFICE 1910 HD-61-2-Vol 133- 4 LETTER OF TRANSMITTAL. To the Senate and House of Representatives: I transmit herewith, for the information of the Congress, the Sixtieth Annual Report of the Board of Directors of the Panama Railroad Company, for the year ended June 30, 1909. THE WHITE HOUSE, January 13, 1910. WM. H. TAFT. 3 GEORGE W. GOETHALS. E. A. DRAKE. CLARENCE R. EDWARDS. PANAMA RAILROAD COMPANY. BOARD OF DIRECTORS. OSWALD H. ERNST. GEORGE W. GOETHALS, president. H. F. HODGES, second vice-president. OFFICERS. H. H. ROUSSEAU. E. T. WILSON. HIRAM J. SLIFER, assistant to president and general manager. J. A. SMITH, Superintendent..... SYLVESTER DEMING, treasurer.. T. H. ROSSBOTTOM, assistant to vice-president and secretary. H. L. STUNTZ, local auditor.. F. C. BOGGS, general purchasing officer EUGENE T. WILSON, commissary... WENDELL L. SIMPSON, commissary purchasing agent.. ROLAND ALLWORK, inspecting engineer. P. G. BAKER, master mechanic.... R. BUDD, chief engineer... H. I. BAWDEN, terminal superintendent. RICHARD REID ROGERS, general counsel. General offices.-No. 24 State street, New York. 4 Culebra, Colon. New York. SIXTIETH ANNUAL REPORT OF BOARD OF DIRECTORS OF PANAMA RAILROAD COMPANY, 1909. PANAMA RAILROAD COMPANY, To the stockholders of the Panama Railroad Company: I respectfully submit, for your consideration, a report of the company's financial condition and operations for the twelve months from July 1, 1908, to June 30, 1909. I call attention to the accompanying exhibits, showing income and profit and loss account, general balance sheet, and statistical tables, which will give you detailed information upon the financial aspects of the company's business; and, further, to the subjoined reports of operation and maintenance of the company's property. Capital stock issue (unchanged).... $7,000,000 During the fiscal year covered by this report all of the details required to establish the record of the redemption and cancellation of the company's 4 per cent first-mortgage and 6 per cent subsidy capitalization were completed, and at present the company is indebted only for advances made by the United States Government for improvements and new construction called for to facilitate canal construction operations. The sums heretofore advanced by the United States Government were increased during the current year by $377,331.79; the total of $4,759,596.03 thus established was, however, reduced by payments on August 1, on account of advances for redemption of the company's 4 per cent first-mortgage bonds, $100,000, and on June 30 last, on account of advances for new equipment and improvements, $650,000, leaving a total balance due of $4,009,596.03, of which $1,961,378.53 bears interest at 4 per cent per annum and $2,048,217.50 at 2 per cent per annum. The company's operations for the period covered by this report resulted, after meeting the total cost of operation, together with fixed charges aggregating $493,058.11, in net earnings of $1,522,780.45. The net earnings were applied in part, as above stated, to a reduction of our indebtedness to the United States Government, and of the balance, $551,185.68 was applied to new construction, equipment, and improvements. Early in the official year it was deemed advisable to establish the commissary department of the company on the Isthmus upon a separate basis as to plant, amortization, operation, and revenue results. Maj. E. T. Wilson was appointed commissary, and the report submitted by him will be found subjoined hereto. During the year Directors Jackson Smith and W. C. Gorgas retired and were succeeded by Maj. E. T. Wilson and Capt. F. C. Boggs. In April the office of second vice-president was reestablished, and Director H. F. Hodges was elected to fill that position on the Isthmus. Respectfully submitted. GEORGE W. GOETHALS, President. 5 |