Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-02-18
lFPDRT ON PANAMA
RAILROAD COMPANY
...ot Of Condition Sent to
I uo',e Sab Committee on Inter
D wv. and Foreign Commerce
,p,D IS A PAYING CONCERN.
,,,, Interesting Matters Are Brought
'''' Dat DurIus Hearing Before
Foil Committee

,.,o,on Feb. l7,--The Panama
Na' s1 Company is capitalized at 81
Es,,S' ns gross assets are slb,SOO'OOO'
N'- ,,,h ilg $4,000 is the value OF the
r,,l estate, equipment terminals
I.'1 .,eamshlps. the balance being cash
sul ,.o.spry assets. The bonded IN
ana a Of the property Is SS'l5s'oOO
.,lcb the company owns SSS"VVV'
cross earnings Of the company
NV ,,st # months we're s2,SBl, BOY.
loy wv o6 p Of operation was Sl,S,O,94
Ias eAekkargcs which includes S25O'Ooo,
,Ssannual payment 10 ColoiIlp,,u, r,'0.
", on mortgage, $4,000, aclulSilio,' ol
s,pSs nv the company SliOuOO, leay'1 is
balance Of Sj3S,3l4 TO De appIled u
VI, NM. statement was presented today
.,tbe subcommittee Of the house COM
.ol,ise on interstate and toreiSn COM
rsree charged with am investigation
=, be affairs OF the company,
Vo,ber information developed at the
,,slrg was the fact that the mem
S. .l, NJ tbe Panama canal commission
Xxx bave been elected directors In the
.,,pany. receive the regular compen-
.sti6n Of other directors namely No
nr Tendance ON the bi-monthly board
meetings. and Commissioner Parsons
V6 for attending the semi-wecldy meet
,egs N the executive committee. Each
ana M these directors and commits
.onars 4 credited with one share of
Xxx on the company's books and
draws The dividends declared on the
stoek Admiral walker, chairman Of
me- commission Is credited with 100
shares OF the stock on the books OF the
company
Tba Investigation today was particle
mated m by the full committee, and
Director v. II Brown ana Vice Pres
dent f. a. Drake , were examined.
William Nelson Cromwell, general
counsel for the company was pres
sent. A feature Of the session was the
questioning Of Director Brown by
Chairman Hepburn Of the committee
with the declarations
u would Ike 10 see how much the
officers Of this company know about
lis business"
He began q rapid fire interroga-
ton
What is the total cost Of mainten-
ance Of the New York ofice?"
4 should say It was less than $780,
M year" replied Mr. Brown,
What arc the salaries paid?"
I do not carry details in my head.
could not answer
Can You come within $4,000 OF
n"
u don't care 10 guess"
What Is your position ."
Z am q Director
What Is your salury?"
y have no salary"
no compensation"
I 7 have q compensation OF $40 upon
attending the meetings twice week.
" me executive committee, and S25
upon attending the meetings, twice a
month Of the board Of directors"
Then there are n and 10l meetings
year 10 be attended. Are these meet
ngs pretty generally full?'
Reasonably we'll attended"
What other salaries are there ?"
The Presidents salary is 10000; the
we president has "a salary Of about
FOM There is a secretary, and an
a1'lor traffic manager. purchasing
agents and various others"
Can You tell what they aggregate?r
~ cannot"
What change has been made In tho
salaries Of these officers In recent
years"
None that 7 know or"
us Il not true that the expense ac-
count paid by the Panama Railroad
company last year in the city OF New
YORK for It's business there aggregated
about s2000Oo?"
could not answer that
Ian you approximate it?"
mo. SIR"
what percentage Of the gross re-
cents OF the Panama Railroad COM
Iany are expended for salaries Of
nge rent and similar expenses I'm the
cll Of Nov York;"
hand" N''''''' "'t-
KAN you approximate IT,"
are .ou q member Of the executive
u have been"
are :ou not now >"
Yes, SIR"
what were the gross receipts OF