Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-18
PANAMA COMMISSION
OFFICERS OF THE NEWLY ORGAN
lied RAILWAY BOARD.
Important Matters Disposed of at First
Meeting in New York Yester-
day-Future Plans.

|
| diately upon its election to organize after
| The Stars report closed yesterday after
noon. Secretary Taft left the conference
! about that time, stating his intentions to
return Immediately to Washington. The
/ following officers were elected:
| President, Theodore p. Shonts; vice pres
| ident and general manager, John f. Wal
| lace; secretary and treasurer, E. A. Drake:
| assistant treasurer Sylvester Demng; as
| sistant secretary. Thomas H. Rosbottom;
| general counsel Sullivan & CROMWELL traf-
| fc manager, r. l.. Walker; auditor, John
| Adams; superintendent on the isthmus, II.
| G. Prescott; executive committee President
| Shonts, Vice President Wallace. Charles E.
| Magoon, William Nelson Cromwell and c.
| r. Edwards.
The directors and officers held a pro-
tracted session, after which President
| Shonts made an informal statement. He
| said that the matter of rates had not been
| considered.
Salary Resolution Adopted.
The directors adopted a resolution to the
effect that the president, vice president and
general manager of the railroad shall draw
no salaries except those to which they are
entitled as officers of the commission. The
directors will draw no fees for attending
meetings OF the board. All travelling ex-
penses incurred in connection with the
work of the commission or railroad com
pany will be paid.
r. L. Farnham of the Railway directory
is an employe of Sullivan & Cromwelrs
office William Nelson Cromwell is the
counsel for the Panama railroad. William
Barclay Parsons is an expert engineer re-
tanned by the company. Edward A. Drake
is the former vice president of the COM
pany. j. r. de Obaldia is the Panama min
lister at Washington Clarence r. Edwards
is colonel in the United States army and
is chief of the bureau of insular affairs.
There will probably be many fat jobs to
be given out by the directors and political
wires are already being pulled.
The pamphlet report of the Panama Rail-
road Company prepared by j. Edward Sim
mons, the retiring president, shows that
the company's gross earnings for the year
increased $Go3SO9, while the net earnings
increased 226,316. The surplus for the year
showed an increase of $3U9,s21.
President Simmons Report
In his report President Simmons called at
tention to the fact that the result of the
company's operations for the calendar year
of 1904 was exceedingly favorable, as, after
the payment of all fixed charges and the
cost of operation. there remained net earn
ings of S71OS95. or more than 10 per cent
on the capital stock. Out of the net earn
ings accumulated to April l, 1904, a divi-
dend of 212 per cent was declared, and out
of the net earnings up to January l, 1905
a dividend of per cent was declared and
paid February /, 1905.
President Simmons further points out that
the increased business on the steamship
line during the year necessitated the char
tering of extra steamers at an expense of \
over 100000.
Arrangements are in progress to increase
the company's wharfage facilities at Colon.
The board ordered the double tracking
and re-equipment of the railroad and made
an appropriation of 81 10000 for that pur-
pose. President Shonts said that he was |
not prepared to give any details regarding
the re-euuipment of the railroad, and he |
added that nothing has yet been done with |
regard TO increasing the efficiency of the |
steamer service to the lsthmus. Before |
leaving for Washington Secretary Taft
said:
Secretary Taft's Views.
with Mr.. Shonts at the head of the |
Panama Railroad Company, it is certain |
that its affairs will be conducted most sat
isfactorily. His experience as a practical |
railroad man will enable him to operate |
this railroad just the Panama commits |
sion may desire while the work of construc- |
ton IS in progress. The entire official board |
of the company will be comprised of either |
members of the Panama commission of |
men who are interested in the work of |
constructing the canal. l expect that the |
canal commission will have concluded their |
investigation of conditions and we will be |
able to report our plans and recommended |
tons to Congress in December
Secretary Taft added: 1T is the intention |
of the government to cause to be built a |
number of new steamships to add to those |
of the Panama Steamship Company, so as |
to give a five-day service
In regard to the canal he said he believed |
between $50 600 900 and $4,000 900 would |
have to be added to the old estimate