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

Material Information

Title:
Annual report of the Board of Directors of the Panama Rail Road Company to the stockholders
Alternate Title:
Report of the Panama railroad co. for the year
Portion of title:
Annual report of the Board of Directors of the Panama Railroad Company to the stockholders
Creator:
Panama Railroad Co
Place of Publication:
New York
Publisher:
Panama Rail Road Company.
Frequency:
annual
regular
Language:
English
Edition:
1852-1876
Physical Description:
v. : ; 24 cm.

Subjects

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

Notes

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

Record Information

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

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STATEMENT FOR THE YEAR ENDING DECEMBER 31st, 1856.

BALANCE to credit INCOME AccouNT," December 31st, 1855,- - - - -
Amount of earnings received to Credit same, to December 31st, 1856, - - United States Post Office Department-Mail Service for quarter ending Dec. 30th,
Earnings in December, for which returns have not been received, and uncollected freight on Royal Mail Steam Packet Company-freight on Foreign Treasure not yet adjusted,
Deduct-INTEREST ON STERLING BONDS' (450,000) including Exchange and Commission, 155,540
" oN CONVERTIBLE'BONDS 1st July, $283,000-31 per cent., $9,905 18655 1st Jan. $250,000 8,750
RUNNING EXPENSES-per Returns Chief Engineer and Superintendent, 323,788 OFFICE EXPENSES,---- - - - - - - - 22,266
NEW GRANADIAN GOVERNMENT,-proportion Mail Receipts, - - 10,000
DIVIDEND No. 8,-paid July 1st, - - - - - $283,020
New Granadian Government on do., 3 pr. ct., - -- 8,490 291,510

Balance to Cr. Income Acc't,

- - 98,784 7
- - 1,284,639
- - 42,204
the Isthmus, 27,500
- - 6,398
$1,459,525
/g5

/ 9

Dec. 3 ist, 1856,

DIVIDEND NO. 9,-declared Jan. 5th, on $4,750,000, at 6 per cent., $285,000
New Granadian Government,-proportion, 3 per cent., - - 8,550
Balance to Cr. Income Account, after dividend, -

821,759
- $637,766 293,550
- $.*344,216

JOS. F. JOY, Secretary.

NEW YORK, January 13, 1857.




STATEMENT FOR THE YEAR ENDING DECEMBER 31st, 1857.
BALANCE to credit INCOME ACCOUNT," after Dividend, January 5, 1857, - - - - - $378,394.42
RECEIPTs-from December 31st, 1 856, to December 31st, 1857, viz.:
From Passengers, --- --- - - - -.. ... $698,250.18
Freight, -------------------- 354,437.78
" Do.-Treasure, - --- - - - .--- - - 122,076.60
" Mails,-------- -- --- ----- -------- 112,058.12
" Baggage,-- - ----- ------------------ 16,591.03
" Miscellaneous, ------- -- ---- -- --2,405.89 $1,305,819.60
0 $1,684,214.02
DDt1CT-INTE1MtST ON FIRST MORTGAGE STERLING BONDS, (450,000), with Exch. anid Com. $155,5 0
" SECOND (56,250),for6 mos. 9,720
" CONVERTIBLE BONDS, 1st July, $223,000 at 31 per et. - $7,805 13,405
" 1st Jan., $160,000, '" - 5,500 )
RUNNING EXPENS!S, - ------ 48)387
ESTIMATED DEPitECIATION IN IRON, TIES, &c., - - - - - 40,000
LOss ON STEAMERS COLUMBUS AND PANAMAt - - - - -* 50,000
OFFICE EXPENSES, -. .. ..------------ --- 22,250
NEW GRANADIAN GOVERNMENT-Proportion Mail Receipts, - - - 10,000
1OVIDEND, No. 10, July 6th, on $4,777,000-6 per cent, - $286,620 00
44 r/ 295,218.00, 944,520.60
New Granadian Gov't proportion do. -3 - 59- ,960 295,218.0 944,52060
Balance to Credit Income Account, December 31st, 1857, - $739,693.42 IVIDEND, NO. 11, January 4th, on $4,140,000-6 per cent,, - $290,400 $29,112
New Granadian Gov't proportion do. -3 - 8,712
AMOUNT APPROPRIATED TO SIKINO FUND, - - - - -- - 50,000 349,112.00
Balance to Credit Income Acc't after Dividends, $- - 390,581.42 J'OS. P. JOY, Secretary.
NEW YORK, January 13, 1858.




STATEMENT FOR THE YEAR ENDING DECEMBER 31st, 1858,
BALANCE to Credit "INCOME ACCOUNT," after Dividend, January 4th, 1858,,-. ----- $392,855.91

RECEIPTS-from December 31st, 1857, to December 31st, 1858:
From Passengers, - ---- - -------" Freight,-Merchandise, - -
" Treasure, -
" Mail Transportation,
" Baggage,------ .-" Miscellaneous, Wharfage, Light Money, &c. - - -
Earnings in December, for which returns have not been received,-Estimated,

DEDUCT-INTEREST ON FIRST MORTGAGE BONDS, (450,000,) with Exch.
" SECOND (129,375,) "
" CONVERTIBLE BONDS, July 1st, $77,000 at 31 per ct.
" Jan. 1st, $33,000 "

RUNNING EXPENSES, - EQUIPMENT ACCOUNT, - DEPRECIATION IN IRON, TIES, &C., -
OFFICE EXPENSES, - NEW GRANADIAN GOVERNMENT-Proportion Mail Receipts,

and Com.,
$2695 $2695"

$743,574.27
43245th'3 1 8~,8 10080o,00 18,509.76 ),683.73
60,000.00-'-$1,506,076.27
$ &,98,932.18 $153,860.88 /74074{ 7
28,470.28

1155- 3,850.00 - -, 386,234,39
13,523.13
- 40,000.00
- 22,750.00
- 10,000.00

DIVIDEND, No. 12, June 30th, on $4,923,000, at 6: per cent, $295,380.00 NEW GRANADIAN GOY'T, Proportion, 3 per cent., 8,861.40 APPROPRIATED TO SINKING FUND, June 30th,. ---- 50,000.00Balance to Credit Income Account, December 31st, 1858, - -

DIVIDEND, No. 13, Jan. 3d, 1859, NEW GRANADIAN GOVERNMENT, APPROPRIATED TO SINKING FUND

354,241.40-$1,012,930,08
S $886,002.10

on $4,967,000, at 6 per cent. . . $298,020.00 Proportion, 3 per cent., .....- --- .-- 8,940.60
, January 3d, 1859,---- - - - - 50,000.00Balance to Credit Income Account, after Dividends,

THE CONSTRUCTION ACCOUNT, NOW CLOSED, AMOUNTS TO . .
Which is represented by
CAPITAL STOCK, - -
CONVERTIBLE BONDS, - -
FIRST MORTGAGE STERLING BONDS, Due Dec. 1st, 1859, =
a April 10, 1865, =
SECOND MORTGAGE STERLING BONDS, Due Feb. 20th, 1872,

$356,960.60 $529,041.50

*.. .... $8,000,000.00
- $4,967,000,00
- - 33,000.00 750,000
1,250,000-2,000,000
- $1,000,000 $8,000,000

Of the latter, 425 Bonds, equal at par to $425,000, are still in the hands of the Company unissued. THE SINKING FUND INVESTED now amounts to $153,395.83. The Company has no Floating Debt.
NEW-YORK, Jan.-6, 1859.
JOS. P. 30JY, Seoretary.

- -




STATEMENT FOR THE YEAR ENDING DECEMBER 31ST, 1859.
BALANCE to Credit "INCOME ACCOUNT," after Dividend, .nuary 6th, 1859, per Statement, $529,041 50 ADD-Excess of Receipts over Estimate for portion of December, 1858, 6,068.13- $535,109.63
RECEIPTS-from December 31st, 1858, to Dece. her 31st,1859:
For Passengers, . ........ .. ............ $1,068,832.17" Freight (Merchandise), . . .. ............. 537,689.01
" (Treasure), 153,876.98
" Mail Transportation . . . . . . . . 100,000,00
" Baggage .. . . . ..................... . 18,951.65
" Miscellaneous, W harfage, Light Money, &c. . . . . . 6,094.76
Earnings for the latter part of December, not yet received-Estimated at 40,000.00-$1,925,444.57 $2,460,554.20
DEDUCT-INTEREST ON FIRST MORTGAGE BONDS (450,000), with Exch. and Com., $150,694.37
" SECOND (225,000), 77,770.00
" CONVERTIBLE BONDS, July 1st, $33,000 at 3j per ct., $1,155.00
" Jan. 1st, $27,000 i" 945.00- 2,100.00
RUNNING EXPENSES, . . . ................. 416,818.76
PREMIUM OF EXCHANGE on Remittances to meet Bonds, paid in London, Dec. 1st. 73,157.78 OFFICE EXPENSES 25,207.43
APPROPRIATED to cover DEPRECIATION in Iron, Ties, Buildings, &c., 40,000.00
NEW GRANADIAN GOVERNMENT-Proportionll Mail Receipts, ..... 10,000.00- $795,748.34
$1,664,805.86
DIVIDEND, No. 14, paid July 1st, on $4,967,000, 6 per cent . . . . $298,020.00
" 15, payable Jan. 3d, 186W, on $4,973,000, 6 per cent., . . . 298,380.00
NEW GRANADIAN GOVERNMENT, Proportion, 3 per cent., on Ditto, .......... 17,892 00
APPROPRIATED TO SINKING FUND, . . . . . ..... 100,000.00- $714,292.00
Surplus Income after Dividend, Jan. 3d, 1860 . .... ........... $950,513.86
BALANCE, as above, ..... . . . . . . . . . $950,513.86
SINKING FUND AND ACCUMULATIONS, .. . . . . 260,962.21
$1,211,476.07
Out of which the Company have paid during 1859For STOCK NORTH ATLANTIC STEAMSHIP COMPANY, . . . . $500,000.00
SSTEAMER "GUATEMALA," . .... ............... 150,00000
ON ACCOUNT OF BONDS, Due Dec. 1st, ... .. ............. 550,000.00
$1,200,000.00
All the Company's interest in Steamers is covered by Marine Insurance, excepting
the Columbus," valued at $25,000.
THE COST OF THE ROAD, per Construction Account, closed January, 1859, is .. ........ $8,000,000.00
Against which there areCAPITAL STOCK, . .. . . $4,973,000.00
CONVERTIBLE BONDS, **. ............. 27,000.00
STERIING BONDS, Due 18;G5,. .. .......1,250,000.00
S 1872, . .. . . 1,150,000.00
$7,400,000.00

JOS. F. JOY, Secretary.

NEw-YoRK, Decemher 31t, 1,59




STATEMENT FOR THE YEAR ENDING DECEMBER 31ST, 1860.
BALANCE to Credit "INcoME ACCOUNT," after Dividend, January 3C, 1860, per Statement,.............. $950,518 86
ADD-Excess of Receipts over Estimate for portion of December, 1859, ........................... 10,227 55
$960,746 41
DEDUCT-Payment for portion of Sterling Bonds, retired in December, 1859, the balance having been paid
from the Sinking Fund ................................ ....................... $442,830 13
surpluss after Dividends of 1859,............................$517,916 28
RECETPTS-from December 31st, 1859, to December 31st, 1860:
For Passengers,.............................. ....................$688,378 74
" Freight, Merchandise, (including Baggage).......................... 618,578 04
S Treasure,.............................................. 128,946 38
" Mail Transportation,........................................... 50,000 00
" Miscellaneous, Wharfage, Light Money, Interest, &c.,................. 14,972 66
" Earnings uncollected, or for which returns have not been received, estimated, 50,000 00-$1,550,875 82 $2,068,792 10
1)EDUCT-INTEREST ON STERLING BONDs, (540,000) with Exchange and Commission,...$186,468 (45 CONVERTIBLE BONDS, $24,000, at 7 per cent.,.................. 1,680 00
RUNNING EXPENSES, including Materials, Repairs, Subsistences, Labor, &c.,.... 406,050 55
EQUIPMENT AccOUNT-New Cars, &c., ....................... 17,019 32
PERMANENT IMPROVEMENTS, (paid fior out-of Income Account, Construction being closed.)
NEw W HARVES, ........................................... 20,072 13
W ATER W ORKS,........................ .. ............. 15,204 16
DREDGING MACHINE,.......... ............ . .. ............... 18,489 96
STONE BREAKERS AND ENGINES,........................... 5,040 00-75785 57
OFFICE EXPENSES,............................................................ 22,904 73
NEw GRENADIAN GOVERNMENT-Proportion Mail Receipts,......................... .10,000 00- $702,889 30
$1,365,902 80
DIVIDEND, No. 16, paid July 2d, 1860, on $4,976,000, 6 per cent.,....................$298,560 00
" 17, payable January 2d, 186,1, .................. 298,560 00
Ntkw GRENADIAN GOVERNMENT, Proportion of do., 3 per cent.............. .......... I17,9t3 60
PAi TRUSTEES Sinking Fund, July, 1860, ...........................50,000 00
APPROPRIATED to ." Dec., 1860, ...........................50,000 00-100,000 00 $715,093 -60
Surplus ofter, Dividends of 1860,.................. .....$ 650,809 20
GENERAL STATEMENT.
ASSETS'-CNSTRUCTION AccouNT,............ ...................................... .....$8,000,000 00
CASI IN BANK ............. .................................................... 204,920 52
LOANS ON DEMAND, ................ ............................................. 127,455 75
AMOUNTS DUE from Agents and others .......... ...... ............................. 93,093 52
CAVAN BROTHERS & Co., London .................................................... 49,557 31
SINKING FUND,................................................................. 50,369 06
RE.AL ESTATE, on the Isthmus and Islands in the Bay of Panama,....................... 69,431 97
STOCK NORTH ATLANTIC STEAMSHIP Ob ,........................................ 500,000 00
STEAMER GAUTEMALA, (cost $155,000) valued at.... ............. .............. 130,000 00
" COLcUMBUS, (cost $50,500) .. ................... ........... 25,000 00
STEAM TUGS AND LAUNCHES in Bay of Panama, (cost $50,500) valuhied at .................. 25,000 00
INTEREST IN SAILING VESSELS, (cost $41,000) valued at............................. 28,000 00
$9,302 828 13
IAABILITIES.-CArTALr. STocK ,.....................................,.......$4,976,000 00
STERLING BONDS, with Exchange,. .......... ............... 2,466,237".78
CONVERTIBLE BONDS,.......................................... 24;000 00
BooK ACCOUNTS ........ .................................... 44,900 60
I)IVIDEND declared and payable 2d Jan., with N. G. Govt. proportion, 307,546 80 TRUSTEES Sinking Fund, appropriation not invested, .............. 50,000 00'
UtNDIVIDED EARNINGS FRO. ROAD,. ........................... 650,809 20
S OF STEAMERS, SAILING VESSELS, TUGS, LAUNCHES, (after deducting depreciation),. ...... .............. 183,333 75
130N11 Redeemed........ .............. ................... 600,000 00-$9,302,828 13
JOS. F. JOY, Seoretary.
N I:w-YORK, DeCmbe, 3t, 180.




STATEMENT FOR THE YEAR ENDING DECEMBER 31st, 1861.
BALANCE to Credit "INCOME ACCOUNT," after Dividend, January 2d, 1861, per Statement. ............ $650,809 20
ADD-Excess of Receipts over estimate for part of December .................................... 35,615 31
$686,424 51
LEss-Amount Carried to Credit "Undivided Earnings" Account,............................... 690,809 20
35,615 31.
REOEIP~s-from December 31st, 1860, to December 31st, 1861
For Passengers .................................... ............ $694,414 36
Freight, Mbrchandise............................ ........... 630,996 32
" Treasure .......................................... 134,144 26
M ails ................................... ..................... 11,515 47
Interest, Wharfage, Light Money,' &c............................... 23,789 28
Earnings for a portion of December, estimated...................... 45,000 00-$;,539,859 69
$1,575,475 00
DEDUCT-INTEREST ON STERLING BONDS, 540,000 with Exchange and Commission,... $180,951 08
" CONVERTIBLE BONDS .......................................... ,505 00
WORKING EXPENSES, including Materials, Repairs, Subsistence, Labor and
Salaries, &c....................................... 396,192 14
OFFICE EXPENSES, .................................................... 23,014 89
NEW GRANADIAN GOVERNMENT-Proportion of Mail Receipts,................. 10,000 00- 611,663 11
Net Earnings for the Year .................... $963,811 89
DIVIDEND, No. 18, paid July 2d, on $4,976,000, 6 per cent......................$298,560 00
cc "t 19, payable Jan. 2d, on $4,981,000, 6 per cent....................... 298,860 00
NEW GRANADIAN GOVERNMENT, Proportion 3 per cent.............................. 17,922 60
PAID TRUSTEES- Sinking Fund, July, 1861............................... $50,000 Iq"
APPROPRIATED to Dec., 1861,.... ........................... 50,000-100,000 00- $715,342 60
Surplus after -Dividends of 1861, to Credit Undivided Earnings, .................. $248,469 29
GENERAL STATEMENT.
DR.- CONSTRUCTION ACCOUNT .................... ......................................... $8,000,000 00
CASH- IN BANK .................................................................... 250,966 77
LOANS ON DEMAND .................................................................... 261,942 10
CAVAN, LUBBOCK & Co.,.London, ..... ............................................... 102,774 14
INVESTMENT IN U. S. 7.30 per cent. TREASURY NOTES .................................... 100,580 00
.. COMPANY'S STERLING BONDS, 18.65, ..................................... 34 369 15
NORTH ATLANTIC STEAMSHIP COMPANY, representing five ninths Steamers Baltic 'and Atlantic, .... 277,777 78 SINKING FUND, .invested ........................................................... 150,369 86
AMOUNTS ,IUE from Agents and others .................................................... 72,981 08
STEAMER GUATEMALA, valued ........................................ .................. 115,000 00
NEW STEAMER SALVADOR, Payments on account, ........................................ 80,580 54
STEAMER COLUMBUS, valued ........................................................... 20,000 00
INTEREST IN SAILING VESSELS, valued .................................... ................... 24,000 00
STEAM TUG AND LAUNCHES in Bay of Panama, valued ................................... 35,000 00
REAL ESTATE, on the Isthmus and Islands in the Bay of Panama, cost ............................ 68,446 99
COAL ACCOUNT, amount on hand, ............................... ............................. 8,742 02
$9,603,530 43
CR.- CAPITAL STOCK................ ......................... $4,981,000 00
CONVERTIBLE BONDS, still out ............................ 19,000 00-$5,000,000 00
STERLING BONDS, amount originally issued for Construction ..... 3,000,000 00 LEss-Amount matured in 1859, paid and held by the dompany,. 600,000 00 2,400,000 00
EXCHANGE .......................... 66,237 78- 2,466,237 78
BOOK ACCOUNTS ............................................. 60,054 40
DIVIDEND declared, payable Jan. 2d, 1862, with New Granadian
Government proportion ........................... 307,825 80
APPROPRIATION to Sinking Fund, Dec. 24, 1861 .............. 50,000 00
BONDS REDEEMED and held by the Company, as above ......... 600,000 00
UNDIVIDED EARNINGS FROM ROAD ......................... $899,278 49
It i" FROM SAILING VESSELS, STEAMERS, Tucq,
LAUNCHES, &C ....................... 220,133 96-$1,119,412 45-$9,603,530 43
JOS. F. JOY, Seoretary.
NEw-YORE, .December 31st, 1861.




STATEMENT FOR THE YEAR ENDING DECEMBER 31st, 1862.
BALANCE to Credit ".INcoME ACCOUNT," after Dividend, January 2d, 1862 ........................ $279,482 35
Lxss-Amount carried to Credit "Undivided Earnings" Account, per Statement Dec. 31st, 1861 ......... 248,469 29
SHOWING Excess of RECEIPTS over ESTIMATES, for 1861 ......................................... $31,013 06
RncEIPTs-From December 31st, 1861, to Decembei 31st, 1862:
For Passengers ..................................................... $619,013 42
Freight, Merchandise ........................................... 756,897 38
Treasure ............................................. 147,036 56
" Mail Transportation ............................................. 26,041 66
" Premium on Gold receipts....................................... 59,915 75
Interest-Wharfage-Light Dues--&c ............................. 28,376 44
Earnings for portion of December, estimated ........................ 75,000 00-$1,712,281 21
Gross Earnings ........................................ 1,743,294 27
DEDUCT-INTEREST ON OUTSTANDING STERLING BONDS. 540,000, with Exchange and Commission ............................. $211,722 54
t it CONVERTIBLE BONDS. ....................................... 630 00
WORKING EXPENSES, including Materials, Repairs, Subsistence, Labor,
Salaries, New Cars, &c....... ....... ........ 483,801 31
OFFICE EXPENSES, ................................................... 23,695 90
NEW GRANADIAN GOVERNMENT-Proportion of Mail Receipts .............. 10,000 00- $729,849 75
Net Earnings for the Year............................ *1,013,444 52
DIVIDEND No. 20, paid April 5th, 1862, $4,990,000 at 3 per cent ..................... $149,700 00
21, July 5th, 1862, .................... 149,700 00
22, Oct. 5th 1862, .................... 149,700 00
23, payable Jan. 5th, 1863,'$4,992,000 ". ....... 149,0 00
NEW GRANADIAN GOVERNMENT-Proportion 3 per cent................................
PAID to Sinking Fund ..................... *.................................. 100,000 00- $716,825 80
Surplus of 1862 (after Dividends), to Credit Undivided Earnings ................ $296,618 72
GENERAL STATEMENT.
ASSETS- CONSTRUCTION ACCOUNT .......................................................... $8,000,000 00
CASH- IN BANK .................................................................. 334,608 25
LOANS ON DEMAND .............................................................. 204,721 03
INVESTMENT IN U. S. 7.30 per cent. TREASURY NOTES ................................. 100,000 00
U. S. GOVERMMENT CERTIFICATES.................................... 110,000 00
CAVAN, LUBBOCK & Co., London-balahce in their hands-42,317 11 2, at $5 ........... 211,587 77
NORTH ATLANTIC STEAMSHIP COMPANY, representing Xive ninths Steamers Atlantic and Baltic 194,444 40
SINKING FUND-invested... .....................................$300,369 86
i "t Sterling Bonds redeemed and Cancelled, 135,000, at $5 to 675 000 00- 975,369 86
STEAMER GUATEMALA, valued at ......................................................... 105,000 00
" SALVADOR, t ................................................... 175,000 00
STEAM TUG AND LAUNCHES, valued at ................................................... 30,000 00
INTEREST IN SAILING VESSELS " ................. 28,000 00
REAL ESTATE, on the Isthmus and Islands in the Bay of Panama, cost ....................... 67,694 34
AMOUNTS DUE FROM AGENTS AND OTHERS ............................................... 197,367 41
COAL ACCOUNT, amount on hand, at cost .................................................. 14,410 86
PANAMA GRIDIRON, Cost ........................................................... .15,519 11
10,763,723 03
LIABILITIES--CAPITAL STOCK .............................. $4,992,000 00
CONVERTIBLE BONDS ............................ 8,000 00-$5,000,000 00
STERLING BONDS, issued for Construction, 675,000, at $5........... 3,375,000 00
DIVIDEND DECLARED, payable Jan. 5th, 1863 .................... 199,680 00
BOOK ACCOUNTS.. ......................................... 92,712 73
*TRUSTEFS OF SINKING FUND ................................ 975,369 86
UNDIVIDED EARNINGS FROM ROAD ................ $1,195,897 21
LEss-Exchange Account for Premium on Sterling
Bonds, &c .............. 312,222 43- 883,674 78
Undivided Earnings from Steamers, Sailing Vessels,
Tug and Launches ...... $414,896 53
Less Dividends ...................... $149,720 00
" Loss ON STEAMER COLUMBUS .... 27,890 87- 177,610 87- 237,285 66-- $10,763,723 03
* SINKING FUND.-IN HAIDS OF TRUSTEES. Amount Invested .................................................................... $300,369 86
Company's Sterling Bonds Redeemed 135,000 at $5 ............................................. 675,000 00
$975,369 86

3OS. F. JOY, Seoretary.

NEW-YORE, Detembe.r 31st. 1-862.




STATEMENT FOR THE YEAR ENDING DECEMBER 31st, 1863,
BALANCE to Credit INCOME AccouNT after Dividend, January 5th, 1863 ........................ $355,621 17
LESS-Amount carried to Credit "Undivided Earnings" Account, per Statement Dec. 31st, 1862,........ 296,618 72 EXCESS of RECEIPTS over ESTIMATES for 1862............................................... $59,002 45
RECEIPTS-From December 31st, 1862, to December 31st, 1863:
For Passengers,............ ........................................$696,034 67
" Freight, Merchandise,...........................................1,006,433 38
" Treasure, ............................................ 158,403 33
" M ail Transportation,............................................ 37,500 00
" Interest-Premium on Gold-Wharfage-Light Money, &c ............ 49,066 72
Earnings for portions November and December-Estimated ................ 80,000 00-$2,027,438 10
Gross Earnings ........................................... $2,086,440 55
DEDUCT-INTEREST ON STERLING BONDS, 540,000, with Exchange and Commission... $188,232 93
WORKING EXPENSES, including Materials, Repairs, Subsistence, Labor.
and Salaries, New Cars, &c.,..................... 602,374 36
OFFICE EXPENSES,.................................................... 29,139 91
NEW GRANADIAN GOVERNMENT-Proportion of Mail Receipts, ............. .10,000 00- $829,747 20
Net Earnings for the Year,................................. $1,256,693 35
DIVIDEND NO. 24, paid April 5th, $4,999,000 at 3 per cent.......................... $149,970 00
4 25, July 5th, ....................... 149,970 00
" 26, Oct. 5th, ', ................. ...... 149,970 00
S 27, payable Jan. 5. 1864, $5000,000 at 4 per cent., ................ 200,000 00
NEW GRANADIAN GOVERNMENT-Proportion 3 per cent............................ ,497 30
PAID to Sinking Fund,....................................................... 100,000 00- $769,407 30
Surplus of 1863 (after Dividends) to Credit Undivided Earnings,". .................. $487;286 05
JOS. F. JOY, secretary.
NEw-YORK, December 31st, 1863.




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*Offir of Ite rn'ama Nai-'sab 4tonrpally.
A'ew- 2York, Sept. 24th. 1870.
AT a regular meeting of the Board of Directors of this Company, held this day, a Resolution was adopted to the effect that it is considered ex-. pedient to.,return to the system of semi-annual dividends which existed prior to the year 1862, and in explanation of such action, the undersigned was directed to present the following statement to the Stockholders.
During the last eighteen months the revenue of the Company has materially diminished. The causes of this are well understood, and are as follows:
1. The diversion of the most profitable part of the passenger and specie
traffic from the Isthmus route, consequent upon the opening of' the
Pacific Rail Road.
2. The establishment of a Steamship Line between England and the
west coast of South America, through the Straits of Magellan.
3. The reduction in rates for passengers and freight, rendered necessary
by this competition.
4. The temporary and exceptional increase in the per centage of working
expenses upon gross earnings, due to the impossibility of curtailing
the former as fast as the latter fell off.
5. The decline in the premium on gold, in which the greater part of the
Company's receipts consist.
Against these adverse influences, the full effect of which it is believed may now be appreciated; is to be put, with reference to the future:
1. The results to be derived from a rigidly economical administration-to
which matter the attention of the Directors was given at an early day, with results which are already apparent and highly satisfactory.




2. Th& effect of the reduction in rates for passengers and freight in increasing business and net earnings, which the receipts of the last three months, as compared with the four months preceding, justify the
Directors in hoping will be more and more apparent.
3. The demonstration afforded by experience that transportation of freight
between New York and San Francisco via the Isthmus of Panama can be satisfactorily carried on in competition with the Pacific Rail Road, both in respect to rates and time, and even at rates below
those now charged by the latter.
4. The organization, independently of this Company, of new enterprises for
the development of traffic for the Panama route, in connection with Steamship Lines between German and other Ports and the Isthmus, some of which will soon be put in operation with the certain result of
increasing the business of the Rail Road.
5. The subject, which the Directors have under consideration, of the establishment, in co-operation with other companies interested in the
Isthmus trade, of new and important Steamship lines on the Pacific.
6. The condition of the Company's Central American trade, which is now
in its hands exclusively, under contracts with'the Republics of Costa Rica, Nicaragua, Salvador, Honduras and Guatemala, from all which Governments important advantages are enjoyed, with cash subsidies
from four of the number.
The gross earnings of the Road for the nine months
ending Sept. 30th, 1870, were-Collected, $955,218 92
Parts of August and Sept., for which returns are not
received-Estimated, .150,000 06
$1,105,218 92

From which deductSubsidy to Colombian
interest on Bonds,
Working Expenses,*
Office Expenses,

Government,

"$187,500
162,828 388,870
25,138

Net, for nine months,

00
74 66 67- 764,358 07
$340,860 85

The Present condition of the Company is as follows: Cost of the Rail Road, including payments for extended
Contract, $9,500,000 00
Cash Assets, viz:
Ain't in Bank, and Loans on demand, $455,563 92 United States 6s, 1881, at par, 100,000 00 In hands of Bankers and Agents, 191,905 00
Four Steamers in the Central American trade, and ain't
paid on an additional one now building, 550,000 00
Steam Tugs and Iron Launches in Bay of Panama,
Sailing Vessels, &c., 250,000 00
Real.Estate in the City of Panama, and one-half-ownership of Islands in the Bay, at cost, 73,140 00
Vacant Lands on the Isthmus, amounting to about 300,000 acres, the
value of which it is difficult to estimate.
The Capital Stock is $7,000,000.
There is no floating Debt,
The Bonded Indebtedness of the Company is as follows:Payable in 1872-152,775 at $4.85, $740,958 75
1875- 19,350 93,847 50
1897- 597,800 2,899,330 00
769,925 $3,734,136 25
To meet this a Sinking Fund has been provided, which is invested as follows":$100,000 U. S 6s, 1865, at 112, $112,000 00
$100,000 1867, 110.50, 110,500 00
$200,000 Consolidated Bonds of the Ohio & Mississippi R. R. Co., at 87J, 175,000 00
1500 Shares Panama R. R. Co., at 77J, 116,250 00
Loans on Collaterals-Cash in Trust Company, and
Accrued Interest, 675,654 00
$1,189,404 00
Which, with accumulations, will retire the Bonds at maturity.
DAVID HOADLEY,
Preedet.

Corresponding period of 1869-$784,071.

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To the Stockholders of the PANAMA RAILROAD CO.:

The Directors take pleasure in reporting that the Net Earnings of the Road, since the was declared (January 1st, 1871), have been as follows:

For the Year ending January Ist, 1872,
" Quarter April 1st, "
Out of these Earnings a Dividend of 5 per cent. has been
The Cash Assets of the Company amount to
From which deduct-Dividend, payable April 8th, Interest, due April 10th. Due Government of Colombia, for Subsidies,

. $245,661 65
175,561 74
$421,223 39 declared, payable April 8th.
S $850,023 00
$350,000 0 100,000 00
105,000 00- '555,000 00
295,023 00

In addition the Company own Five Steamers, in the Central American
trade-with Steam Tugs, Launch, &c., in Panama, .worth, at a
moderate valuation, .
Real Estate in the City of Panama, and one-half of Islands in the Bay
of Panama, cost, .
Vacant Lands on the Isthmus-about 300,000 acres-of uncertain
value.

last dividend

$900,000 00 '73,000 00

The Road is in good order, and fully equipped.
The Directors congratulate the Stockholders on the improvement in the business and prospects of the Company. From the opening of the Overland, Railroad, our receipts declined rapidly, until the latter part of 1870 and commencement of 1871, when they were barely sufficient to cover the working expenses, subsidy and interest. The -loss was almost entirely on the California branch of our business. There was a moderate loss caused by the opening of the Magellan Line, which was about balanced by a gain in the Central American trade.
To meet the loss on California business referred to, special efforts were made to divert shipments from sailing Vessels, especially from England and the Continent, going around Cape Horn-reduced tariffs of through rates were adopted, and new agents appointed. As a result, our receipts have gradually increased; so that the first three months of 1872 amount in gross to $427,286.00, against $271,000 for the corresponding months of 1871-and this without very great help from the diversion of California goods to the Isthmus, caused by the "snow blockade" on the Union Pacific Road. This result would have been still more favorable, had not the China trade, which was. beq0ming important, been cut off in the Fall of 1870, by the arrangement of the Pacific Mail Steam Ship Company, under which all these shipments were turned to the Overland Road. In the matter of diverting goods from sailing vessels by the Horn route there is still a wide field for effort.
There are at the present time a larger number of connecting lines running to the Isthmus ports than ever before. They comprise the following:

AT ASPINWALL-North German Lloyd, from Bremen,
Hamburgh-American Company, from Hamburgh,
Compagnie Gn6rale Transatlantique, from St. Nazaire,
Royal Mail Company, from..Southamptoiin,
W. I. & Pacific Company, from Liverpool,
Pacific Mail Steam Ship Company, from New York, .
AT PAMAn-Pacific Steam Navigation Company, from Valparaiso
and intermediate Ports,
Compagnie Gn6rale Transatlantique, from Valparaiso
and intermediate Ports, ..
Central American Ports, .
Pacific Mail Steam Ship Company, from San Francisco,

Steamer each month.
It Is$

4 Steamers each month.

" parts of the year, 4.

Some of the lines propose adding to their service during the coming year.




To encourage emigration to California, and other ports on the Pacific, low rates .of. fare for steerage passengers have been adopted, in connection with the various Steamer Lines.
Arrangements have recently been made to extend the Central American Line (which is owned by the Company) to five ports in Mexican States north of- Guatemala, the Mexican Government having granted the Company a favorable contract, with subsidy $30,000. per annum.
During the past Winter the Trustees of the Sinking Fund have paid out of their Fund, Sterling Bonds to the amount of $958,875.
The amount of Bonds now outstanding is 578,150, or $2,890,750, none maturing earlier than 1897, excepting the small amount of 19,350, which falls due in 1875. The Trustees of the Sinking Fund still hold securities to the value of $325,000, which, with accumulations and moderate annual appropriations, will retire all the Bonds at maturity.
Although, from causes beyond their control, the Stock of the Company has, within the past three years undergone a severe and painful revulsion, yet the Directors (some of whom were connected with the inception of the enterprise) cannot but look back with pride and pleasure to the fact, that since the organization of the Company in 1849, $20,000,000 have been returned in Dividends to the Stockholders. While no such exceptionally profitable results can now be looked forward to, yet the Directors cannot but hope that there is still a future of fair remuneration to those interested.
JOSEPH F. JOY,
President.
New York, April 1st, 1872.




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X Inoludes Lighterage,

Vroam Fright and PassengLlers <
* Rets, !Sallast. Ac.
Interest on sterliat ltue. Donda
*~~~~ 1.6, iMn
Wrking Exenars yri:
Supplies, lare,~~es Charges, ., & .
Lighterage on ThrlouUg Frehlt
Drawb4o onl Colombtsa 'rouo
last & amgd right
wi pmznt
Sub a*d to Col o ia
NIot Eara

4,04, 691. 5a

511, 969.00 128, 68.02
28, 418. 2 18,974.70
1 228.4o
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$218, 68u.60

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P A A14 A AAL ROA C0A Y.
taement r Lm year E1di% Decoe17

pI am retetsa ad Passrs X.
* Interest & xchange Iterest on1 SterliDB ##48468~ Deoads Viorkin xpess, V&3; aiback to Colobien. oc

214 ,,,,t .
10, 4.75 ~16, a41. O 100 G* 1 5U, 47 8. Ed 2,t000.00 u

Not ---

160 .2
!840.0
- 740,714:... .1

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AWAMA R AIL ROAD CO-MP, AIys
Statement for the yeacr Endinre ec.31stzlRIO
Receit vts
From Freights and Passengesra $1 ,57,995. 66
* Rents, ballast, &o. ?,0497
* Interest & Exchange 62,088.86 1, 05,117.49

Dipburseaents.
Interest on Sterlin ,, MAnortqae ponds Wor'kinr, xpenss, vis Supplies, Salaries, her-es, &,0. Lir tterage on Through reiight DPrawbao on Colom.Man Produee Lost & Damge.e r reicht Office Expenses N.Y.
Subsidy to Colombie
Net E

210, 242.14

554, 651.98 '77, Sl.7 10,7P?.98 4 178. 0
50, 000.00
ar'ninrs -

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Includes Light erae.
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