New-York tribune., 1905-02-18
PANAMA R. R. INQUIRY.
Rapid Fire Questions for Officials
ReLatlOns of Canal Commissioners.

Washington Feb. 1.-THE Panama Railroad Com
pany is capitalized S7OOOOOO Its gross assets are
S5S5oOOo. of which s1262s 900 is the value of the
ROAD real estate. equipment, terminals and steam
ships, the remainder being cash and treasury
assets The bonded debt Of the property is $3159-
O0 of which the company owns 1857 600 The gross
earnings for the last eleven months were 81 S6l
The expense of operation was 81 9S4; fixed
charges include $25O.OOO; the annual payment to
Colombia interest mortgage ss2 OcO and acquisI-
ton Of bonds by the company $4,000 leaving
$563,374 to be applied to dividends.
This statement was presented to-day to the sub
committee of the House Committee Interstate
and Foreign Commerce. charged with investiga-
ton of the affairs of this company Other nfOrma-
ton brought out was the fact that the members
Of the Panama Canal Commission, who have been
elected directors of the company, receive the reg
ular compensation of other directors, namely, s25
for attending the bi-monthly board meetings. and
Commissioner Parsons receives so for attending
the bi-weekIy meetings of the executive committee
Each Of these Observation-Disclosures is credited
with one share of the stock of the company
the books and draws the dividends declared on
the same Admiral Walker. chairman Of the com
mission IS credited with 100 shares Of the stock
on the books of the company.
Director V H Brown and Vice-Presdent z. A.
Drake were examined. William Nelson Cromwell.
general counsel for the company. was present
A feature Of the session was the questioning of
Director Brown by Chairman Hepburn. With the
declaration Il would like to how much the
officers of this company know about its business.
he began a rapid fire Interrogation.
What is the total cost of maintenance of the
New-York omce?'
81 should say it was less than 100000 year,
replied Mr. Brown.
What are the salaries paid?'
Il do not carry the details in my head. could
not answer"
can you come within $4,000 of itr'
Il don't care to guess"
What is your pOsition?'
Il a director.
What is your salaryT
Il have salary"
mo compensation"
Il have a compensation OF SO upon attending the
meetings twice a week Of the executive committee
and 80 upon attending the meetings twice month
the board of directors"
Then there are twenty-four and 1o4 meetings
year to be attended. Are these meetings pretty
generally full?'
REASONABLY well attended"
What other salaries are there?"
The presidents salary is $4,000 year. The
vice-president has salary of about 5000. Then
there is a secretarys salary an auditors, traf-
fc managers. a purchasing agents. and various
others"
Can you tell what they aggregate?"
81 cannot"
What change has been made in the salaries of
these officers in recent years."
None that know Of"
rs it not true that the expense account paid by
city of New-York for it's business there aggregated
about 500 OOO?'
Il could not answer that"
"Can you approximate it?"
mo. sir"
What percentage OF the gross receipts of the
Panama Railroad Company expended for sal
aries Office and similar expenses IN the city
Of New-YOrk?
81 cannot answer that question onhand"
"Can you approximate it?"
mo, sir
Are you a member of the executive committee?'
II have been"
Are not you now?"
yes, sir"
what were the gross receipts of the Panama
Railroad Company last year?''
Il don't carry those figures in my mind. sir. and /
II is impossible for me to answer any such ques-
tions AS I say l not one OF the managing /
officers OF the company and those who /
here suppose. prepared TO give you that informa-
ton"
What was the gross amount fees Cyou call
them fees) received by you from the Panama Rail-
road Company last year?"
Something less than about $1,000" I