New-York tribune., 1905-04-18
PANAMA COMPANY MEETS.
ELECTION OF OFFICERS.
Harmony Bet-.cen Railroad and
Canal Commission assured.

CU"tt ( COMMISSION ASSUICUs
The annual meeting OF the Panama Railroad
company was held yesterday in the offices of the
company at No. p State-st William H. Taft,
secretary Of War was present. representing the
holdings OF the Omitted States government Of the
stock OF the company. A complete reOrganiza-
uon was effected. by which perfect unity of
action is assured in the operation of the road
and the work OF the Canal Commission. The
purchase of the canal brought with it 6S.SOO of
the 1OOOO shares representing the entire issue.
and as the remaining shares had since been
secured Secretary Taft cast the only stock
holder vote. The following directors were
elected:
Theodore p shonts. president of the Canal
Commission; John F. Wallace, chief engineer
OF the canal: Charles f. Magoon. Governor OF
the canal zone: Admiral Mordecai T. Endicott,
General Peter c. Hams Major B. NJ. Harrod.
General Oswald H. Ernst. William Nelson Crom-
we'll. William Barclay Parsons, Colonel Clarence
R. Edwards chief OF the Pureau Of Insular
Affairs J. r. de Obaldia, Panaman Minister to
the United States; Roger l. Farnham and Ed
ward A Drake. OF these named the only abb
sentees We're General Ernst and Minister de
Obalda
J. Edward Simmons. the president of the
company, opened the meeting with the annual
report showing that the gross earnings of the
road for 1904 were $3, ,267, so 80, an increase
over 1903 of S6O3, sos 33. The operating expenses
for the year We're S2,O24.1SO 81, an increase of
S2U,492 81 showing the net earnings over
operating expenses to be s., ,243 67S 81 The net
earnings above outlay tor repairs, betterments
and fixed charges were $i10S94 80, or more than
10 per cent the capital stock. It was also
shown that the increased business of the steam
ship line had compelled the chartering Of both
passenger and cargo steamers at a cost of
100000
Following the annual meeting. meeting of
the directors was held at which the following
officers We're chosen: Theodore p Shonts, presi-
dent; John F. Wallace, vice president and gem
eral manager: Edward A. Drake. secretary and
treasurer: Sylvester Deming, assistant treas
urer; Thomas H. Rossbottom. assistant secre-
tary: R. l. Walker. traffic manager; John
Adams auditor. and H. G. Prescott superin-
tendent on the isthmus. The executive COM
mittee appointed consists of Theodore P. Shonts.
chairman; John F. Wallace. Charles z. Ma
COON, William Nelson Cromwell and Clarence
r. Edwards. William Nelson Cromwell was
also designated as counsel Of the company.
The directors Immediately after completing
an organization adopted a resolution under
which the payment of salaries to the president
and the vlce-president and general manager
will be discontinued and fees will no longer be
Of the board. Expenses will be allowed only
to directors coming a distance to be present.
The question OF double tracking the road across
the isthrnus and providing some items OF equip
ment, involving outlay Of $1250OO0. which
had been previously decided upon, was ratified
by the vote OF the board.
The composition Of the executive committee
indicates. it is declared. the care exercised in
perfecting an organization that will be in COM
plete harmony with the Canal Commission.
The future policy OF the Panama Railroad in
its relation to transcontinentaI traffic is a sub
ject that neither President Shonts nor other
members OF the executive committee would dis
cuss. They point to the fact that notice has
been given TO the Pacific Mail Steamship Com
psny terminating its exclusive control on July
l.. and say that when that time arrives the
matter Of readJusting the rates the Panama
Railroad viii be taken up. All announcements
of the policy of the present management in ad-
vance Of that time will therefore be unauthor-
lied.
Secretary Taft said just before his departure
for Washington yesterday afternoon:
The discontinuance Of the exclusive control
with the Pacific Mail Steamship Company points
TO the end Of discrimination in carrying charges
across the isthnus Undoubtedly, the present
commission will make a fiat rate. 1t will study
the problem and will take the necessary action
Discussing railroad construction in the Philip
pines. the Secretary said: "We shall have COM
pleted a prospectus within month that will
indicate the railroad needs of the country, and
those who are interested will then have some
thing definite upon which to base their PROPOSE
tions."
James Speyer and J. G. Milburn called on the
| Secretary. who said that it was in reference
to Philippine railroad matters; that both in
New-York and Washington he talked freely
with all who manifested a disposition to help
| along the plan for railroads in the islands.