Message to the Congress Transmitting the Sixty-third Annual Report of the Board of Directors of the Panama Railroad for Fiscal Year Ending June 30, 1912

To the Senate and House of Representatives:

I transmit herewith, for the information of Congress, the Sixty-third Annual Report of the Board of Directors of the Panama Railroad Co. for the fiscal year ending June 30, 1912.

WM. H. TAFT.

The White House, January 22, 1913.

Sixty-third Annual Report of the Panama Railroad Co, June 30, 1912.

Panama Railroad Co,
New York, N. Y., November 1, 1912.

To the stockholders of the Panama Railroad Co.:

I respectfully submit for your consideration a report of the company's financial condition and operations for the 12 months from July I, 1911, to June 30, 1912.

The sums heretofore advanced by the United States Government, amounting to $4,185,047.03, were not decreased by payments during the fiscal period ending June 30, 1912; the total payments previously made on account amounted to $937,714.92. leaving a total balance due of $3,247,332.11.

Congressional enactment (sec. 2 of the sundry civil service act, approved March 4, 1911), by which this company was released from further payments on account of principal or interest upon its indebtedness to the United States Government until further action by Congress, is still in effect.

The company's operations for the period covered by this report, after meeting the total cost of operation, together with fixed charges aggregating $39,954.12, and charges for depreciation of rolling stock, floating and plant equipment, amounting to $232,489.20, resulted in net income of $1,762,049.22.

Of net income, as above stated, $1,385,568.25 was applied to additions and betterments of plant and equipment

Geo. W. Goethals,
President.

Board of Directors—George W. Goethals, F. C. Boggs, C. A. Devol, E. A. Drake, Clarence R. Edwards, Oswald H. Ernst, Mordecai T. Endicott, D. DuB. Gaillard, H. F. Hodges, H. H. Rousseau, Richard Reid Rogers, W. L. Sibert E. T. Wilson.

Officers—George W. Goethals, president; E. A. Drake, vice president; H. F. Hodges, second vice president; J. A. Smith, general superintendent; Sylvester Deming, treasurer; T. H. Rossbottom, assistant to vice president, and secretary; V. M. Newton, auditor; R. W. Hart, local auditor, F. C. Boggs, general purchasing officer, Eugene T. Wilson, commissary; Wendell L. Simpson, commissary purchasing agent; Roland Allwork, superintending engineer; F. Mears, chief engineer; H. I. Bawden, terminal superintendent; Richard Reid Rogers, general counsel. General offices.—No. 24 State Street, New York.