6 THE PENNSYLVANIA RAILROAD COMPANY. Qeneral Office, Broad Street Station, Philadelphia, February 25th, 1914. The Board of Directors submit herewith to the Stockholders of The Pennsyl vania Railroad Company a synopsis of their Annual Report for the year 1913: — Bail operations—Revenues $185,400,825.37 Hall operations—Expenses 137,987,400.85 Net revenue—Rail operations $47,413,424.52 Wkuxtllary operations—deficit 1,904,281.08 Nat Railway operating revenue ... - $45,509,143.44 Railway tax accruals 7,326,660.27 Hallway operating income . $38,182,483.17 Other Income: laootne from securities, accounts and sinking and other reserve funds $16,934,160.61 Rent income, etc 2,596,254.88 19,530,415.49 Oross Income ',, $57,712,898 66 Deductions from gross income ' 16.792,065.87 Net Income $41,920,832.79 Disposition of net income: Appropriations to sinking and other reserve funds, $1,882,775.06 Cash dividends 28,394.247.75 Appropriations for Additions and Betterments... !i,'2T!7,582.30 Construction expenditures on branch roads 1,815,624.61 $41,350,229.78 Balance transferred to credit of Profit and toss $540,603.01 CONDENSED GENERAL BALANCE SHEET^ December 31st, 1913. Assets. Property Investment: Road $301,864,185.35 Equipment - 180.272.345.06 _ , $482,136,533.41 Reserve for accrued depreciation—Cr 15,426,512.87 $466,710,020.54 Securities owned 533,960,824.59 Becurltles under lease of U. N. J. R. R. & C. Co 2,559,658.25 Miscellaneous investments 2,088,351.70 fash 30,267,604.93 Materials and supplies 17,701,769.64 Cash and securities in sinking. Insurance and other reserve funds 33,989,309.91 Cash and securities in provident funds 7,917,069.67 Other assets 44.977,101.38 $940,171,710.63 Liabilities. Capital Stock $499,233,850.00 Stock Allotment, 1913, Receipts Full Payment 31,895.00 Premium realized on Capital Stock from January Ist, 1909..,.-.. 7,196.676.75 Funded Debt of The Pennsylvania Railroad Company 142,658,100.00 funded Debt of Companies whose properties have been acquired by The Pennsylvania Railroad Company 68.889,500.00 Guaranteed stock trust certificates. Philadelphia. Wilmington and Baltimore Railroad and New York, Philadelphia and Norfolk Railroad Companies 1 4,347,230.00 Equipment trust obligations 29,534,908.80 Mortgages and ground rents payable 3,352,443.28 Securities received with the lease of the U. N. J. R. R. & C. Co. 2,359,658.25 Liability on account of provident funds . . . . : 7,917,069.67 Other liabilities 40,098,974.62 Additions to property since June 30th, 1907. through income.... 66i137.056.06 /Reserves from income or surplus: Invested in sinking, redemption and other reserve funds... 35.104.515.55 Reserve for additions and betterments and car trust principal charged out In advance 3 962 301.99 Profit and Loss . 29!027,180^66 $940,171,710.63 By order of the Board. SAMUEL REA. President. TST ,-^r >C r 1 ,V H ?!-LV r:nS MAY OBTAIN COPIES OF THE ANNUAL REPORT COM PLETE, BY APPLYING TO OR ADDRESSING LEWIS NEILSON, SECRETARY, BROAD STREET STATION, PHILADELPHIA. PA. The number of tons of freight moved on tho five general divisions east of Pittsburgh and Erie in 1913 was 152.- 603,355, an increase of 9,022,924, or 6.29 per cent.: the number of passengers was 77,968.204, an increase of 5,515,317, or 7.C1 per cent. The number of tons of freight moved on the lines west of Pitsburgh was 174,797.62 it. an increase of 9.347.835. The number of passengers carried was 35,- 6i.>,648, an increase of 1,267,267. The operating revenue of all lines east and west of Pittsburgh for the year 1913 was $392.454.210.11, operating expenses, $321.500,590.28, and operating Income, $70,983,619.83, an increase in operating revenue, compared with 1912 of $18,388,030.19, and a decrease In op erating Income of $11.245.181.28. There were 504.860,705 tons of freight moved on the entire system, being an increase of 29,076, 819 tons, and 190.572,041 pas sengers carried, an increase of 11,509,- 476. GENERAL REMARKS. The mileage of the lines directly op erated was increased 12.03 miles, due chiefly to the construction of various branch lines to obtain additional traf fic, and the changes in the mileage owned and operated under lease or as agent are due to the absorption of the Cambria and Clearfield Railway. The total revenues from rail opera tions exceed those of any previous year in tlie history of the Company, being 6.1S per cent, greater than the revenues In 1912, but a downward tendency oc curred in the last two months of the year. While the revenues increased 6.1S per. cent, the total expanses of Kail Operations show an increase of 8.96 per cent, compared with the previous year. The operating results of the year 1913 like those of 1912 were affected by legislature such as the Extra Crew. Laws and other expensive measures, and by wage increases granted us the result of arbitration umk-r the Erdman Act. The Extra Crew Laws alone in volved an expenditure by the Pennsyl vania Railroad System East of Pitts burgh and Erie of $850,001) in round llgures, and this will convey some con ception of the extent of the needless expenditures that have been placed upon all of tile railroads in this terri tory. During 1913 the conductors and trainmen on forty-one of the railroads in Eastern territory comprising about 100,000 men, submitted a request to the various carriers for an increase in wages, In which your Company and others could not acquiesce. The mat ter was finally submitted to arbitra tion. being the first wage controversy to be settled under the new Federal Law known as the Neewlands Act, with the result that working conditions were further restricted, and an increase in wages was granted approximating for all railroads concerned, about $6,000,000 per annum or 7 per cent. This award was made November 10th, 1913, effec tive October Ist, 1913, but the increased wages have not yet been .paid as fur ther interpretations of the award are now being made and settlement will follow. The expenses for the year 1914 will be increased approximately $730,- 000, as the result of this award. It Is evident therefore that the abil ity to regulate wages and working con ditions, and other heavy operating ex penses has, as the result of Federal and State Legislation, largely passed from the control of your Management, as has also the power of your Com pany and other railroads, to charge rea sonable rates for the public transpor tation service rendered. The gravity of the situation is indicated in the fol lowing quotation from the recent award of the Board of Arbitration In the mat ter of conductors' and trainmen's wages. "This Board has no authority to de termine the passenger and freight rates to be paid In the Eastern Territory; neither is it in a position to deter mine whether such an Increase Is Jus tified, as a matter of fact, by all of the circumstances. This Board, however, believes that It must make its finding as to what is a proper rate of pay to be awarded to the conductors and trainmen as a result of this arbitration, without an reference to the dilemma in which the railroads are evidently placed by the laws which make it im possible for them to increase passenger and freight rates without the authority of the Interstate Commerce Commission or of the Railroad Commissions of the various States. To take any other view of the question would be to decide that no Increase of pay while the laws remain as they are, can ever be made except voluntarily by the railroads. Such a decision would render arbitration like this, valueless; and it would be in effect to hold that railroad service in the Eastern Territory must continue to be rendered at existing rates of pay, even though this were to condemn the em ployes of the railroad to work for rates of pay which have been deter mined by the most careful Inquiry to be Inadequate. At the present time a ton of freight is moved In the Eastern Territory more than three miles for the value of a two-cent postage stamp. This Is the cheapest railroad service to the shipper to be found on the face of the globe. In the face of such a fact. It would be unjust to say that railroad employes must continue to be satisfied only with what can be paid from freight rates as low as this. The Inter state Commerce Commission, und not this Arbitration Board, has the duty of determining whether tile railroads can earn In addition to their other charges, without an increase of freight rates, the rates of pay that this Board be lieves to be due at the present time to the conductors and trainmen, which rates nro embodied in the Award fol lowing." It is difficult to escape the coni lusion that some way must be fooud wherebv the serious but divided responsibilitv of Governmental regulation of rates,wages and other railway matters shall either lie concentrated under one * i -*"!', ' SATURDAY EVENING, RARRISBURG TELEGRAPH FEBRUARY 28. 1914. The Railroad Companies east of Pittsburgh and Erie in which your Company is interested show satisfac tory results. Detailed statements of their operations will be found in their respective annual reports, as well as in ' the full report of your Company. There were expended during the past year for construction, equipment, and i real estate on the Lines AVest of Pitts burgh $22,824,473.86. The expenditures were principally for ; the elevation of tracks in Cleveland, l'"ort Wayne, and Chicago, the construc i tion of additional main tracks on the ! Pittsburgh, Fort Wayne and Chicago Hallway, the Cleveland and Pittsburgh Railroad, the Toledo, Columbus and i Ohio River Railroad, and the Pitts i burgh, Cincinnati, Chicago and St. | Louis Railway, increase in yard and station facilities at various points, and jtor additions to and improvement of | the equipment. . th e branch of the Government, or the (results of Legislative Acts, orders of | Commissions, and awards of Arbitra- I tion Boards shall be recognized by Rate Regulatory Commissions, so that [regulation of wages, rates and other matters may continue without working a manifest injustice to the railroads, I and those who have invested in their I securities. I<■ increase in the total expenses , for Lull Operations was for the fore going reasons in greater ratio than the increase in revenue, so that the Net i Revenue from Rail Operations, de creased $556,229, notwithstanding the I increased efficiency and the larger in- I VO iSA me ii' f V r Railroad and Equipment. I The rset Railway Operating Revenue, as a whole, decreased 2.80 per cent, and adding thereto the increase in Railway Taxes of $198,125, the Railway Operat ig Income decreased $1,510,650, or 3.51 I per cent, as compared with the pervious l year. Dlvidend Income increased due prin- ! y t ,° a ''lsher return on the Cap itcil Stock of the Southern Pacific Com puny, than on your holdings of Balti more anil Ohio Railroad Company Com mon and Preferred Stocks, which were exchanged therefor, and to which refer ences is hereafter made; also to the larger income received from your hold ing\< ut Norfolk and Western icailway Company securities. Income from Sink- L"*f. an . (1 Other Reserve Funds increased which is explained by the fact that only six months' income was in cluded in this item in 1912, under the Interstate Commerce Commission elas silication which became effective Julv 1, 1912, while 1913 contains a full vear's income*. "Hire of Equipment (credit 'balance) shows: a decrease of $802,683 compared with the previous year, due to the use of an increased number of foreign freight cars and the higher per diem rate charged therefor. Deductions for Lease of Other Roads decreased $1,31*6,486, due to lower Net learnings of roads operated on that basis, including the Cambria and Clear field Railway, to March 31, 191.1, when it was acquired by your Company. .!r Net '"come for 1913 was $41.- lu 33 ,'n?» De i' rease of *233,131 compared with 1912, from which appropriations were made to the Sinking and other Reserve funds; Additions and Better ments were provided for Lines owned, leased and operated; cash dividends t0 Eix P® l ' cent, were paid; $2,000,000 was transferred to the Re serve for future Additions and Better ments and $540,603 credited to Profit and Loss. In view of the steady increase in ex penses, tuxes, and other necessurv out lays which has caused a continued de crease in the return on its investment ... t P e . Rallr °ad and Equipment pro vided for public service so that the re turn is inadequate, your Company and other Eastern Railroads, in May, 1913 petitioned the Interstate Commerce Commission to grant permission to ad vance freight rates on the basis of five per cent, with reasonable minima and with the modifications necessary to preserve existing differential relations between communities, thereby supple menting the petition made in 1910 for an increase in freight rates which the Commission decided not to grant, but upon the understanding that "If actual results should demonstrate that their forecast of the future proved iricorrect there might be ground for asking a further consideration of the subject." The Commission has instituted pro ceedings on its own initiative to de termine whether the present rates of transportation yield adequate revenues to the common carriers affected, and If not. what general course the carriers may pursue to meet the situation. In order to develop the whole situation your Company has In. co-operation with other carriers, submitted exten sive data relating to the investment in railroad and equipment, earnings, cost of operation, Income, etc., for the last sixteen years, In addition to which the officials of your Company are prepared to submit further evidence in support of the general exhibits which will em phasize the necessity for your Com pany to obtain higher rates. The Com mission has also ordered the carriers to furnish extensive information relating to various features of operation and traffic and the relation of the carriers and its employes and officials with re spect to contracts for purchase of ma terial and other arrangements, and prompt compliance is being made to this request. While there is no objec tion to furnishing tile additional infor mation desired, beyond tlie great delay and expense involved, the serious as pect of the situation »t the present time is, that no Immediate decision may be expected If all the features in volved in the Commission's inquiries are to be considered und determined before action 1» taken upon the impor tant question at issue, and meanwhile railroad revenues are rapidly declining If,- however, these inquiries xnd the information furnished In response thereto can be made a matter of subse .quent Investigation, and earlier deter jmlnatlon of tlie entire question is pos sible; in fact as the Commission, through the uniform accounting sys tem in effect since 1907. supplemented by special Investigations and the work I of its own examiners, lias full Informa tion as to the inadequate return earned by the ralroads on the capital invested in railway lines and equipment, there [would seem to be 110 substantial uui ;rier against Immediately granting the very small measure of relief sought In the application and so urgently needed. The Capital fitock was increased over I the previous year by $45,355,900, under I authority given by Stockholders on ; March 24, 1911. The issue of stock was I made on the basis of granting to Stock holders of record May 6, 1913, the privi lege of subscribing at par to the extent of 10 per cent, of their holdings. On February 1, 1914, over 89,000 Stockholders were recorded on the books of your Company, and the aver age holding was 112 shares each. The Funded Debt and Equipment Trust Obligations were reduced as fol lows: By redemptions through Sinking Funds $327,840.00 By Payments at Matur ity 14,920,419.16 By Purchase and Cancel lation 113,179.08 Total $15,361,438.24 The railway, property and franchises of the Cam bria & Clearfield Kail way Company were ac quired under authority granted by the stock- , holders, subject to the outstanding funded debt of $4,555,000.00 Equipment Trust Obliga tions on account of Pennsylvania R. R. Co. were issued amounting to 12,851,500.23 Total $17,406,500.23 Net Increase 2,045,602.01 The total issues of Equipment Trust Securities during the year for all lines consisted of $19,700,000 of Pennsylvania General Freight Equipment Trust Cer- Itiflcates of 1913, of which the Pennsyl vania Railroad Company's proportion was $12,851,500.25. During the year final payments were made under twelve series of equip ment trusts, the original issue of which amounted to $12,000,000. On July Ist, 1913, the bonds of the Harrlsburg, Portsmouth, Mt. Joy and Lancaster Railroad Company, of which your Company is the lessee under a 999 year lease, having matured, were ex tended for an additional period of thirty years, bearing interest at the rate of four per cent, per annum, the principal and interest being guaran teed by your Company In accordance with the terms of the lease. In order that the Company may have a broad basis for future financing, the stockholders will be asked to ap prove of the creation by the Board of Directors of a Mortgage under which bonds may be issued in sucli amounts and at such times as may be required to refund or pay oft at or before tnn turlty any obligations of tho Com pany, or obligations of companies whose properties were acquired sub ject thereto; to provide for necessary additions, betterments and improve ments to the ratlroad lines, equipment, property and facilities, and for any and all other lawful and proper corporate purposes, but no bonds shall be issued for any purpose without the prior con sent of the stockholders and the aggre gate amount of bonds that may bo is sued and outstanding thereunder at any time shall not exceed the then out standing Capital Stock. The Company has no large necessities requiring im mediate financing, but desires to be in a position to provide for its future refunding and capital requirements either by the Issue of bonds under the proposed new Mortgage, or under its Consolidated Mortgage, or through the issue and sale of Capital Stock, or by such other form of financing as at the time your Board of Directors shall deem most advantageous to the Com pany in view of the monetary condi tions then prevailing. The work is satisfactorily progress ing on the eastern section of the six track system for the New York Divi sion between Colonia, N. J., and Wa verly, N. J., including the elimination of fifteen grade crossings by the eleva tion of the four existing main tracks and the construction of two elevated tracks. Two eastboun'd tracks are now in operation, and grading and ma sonry for two more tracks will shortly be completed and tho additional tracks placed in service The two remaining tracks, It is expected, will be finished by the end of 1914, thus completing the work between Colonia and Elizabeth. The passenger facilities in and around Philadelphia have been im proved during the year as follows: The concourse in Broad Street Station was enlarged; on the Connecting Railway two tracks of the new bridge over the Schuylkill River and approaches there to, at Glrard Avenue, Fairmount Park, were placed in operation during the year. The old bridge is being removed and masonry for three additional tracks will be completed during 1914, thus making a live track reinforced concrete and stone arch bridge at this point. The enlargement of the North Philadelphia Passenger Station is progressing,* the platforms and shelters on the part of the station used for the Chestnut Hill Branch, and the Inbound New York Di vision high level island platforms, with the adjoining trucks now being in op eration. For the expenditures made as lessee, on the Connecting Kailway for this and other work your Compafiy has been repaid by the issue of the stocks and bonds of the Connecting Railway Company guaranteed by your Com pany. To relieve congestion by increasing the yard and track capacity at Broad Street Station, Philadelphia, the electri fiatlon of the Main Line to Paoli, for suburban passenger trains, is under way, and will be followed by the electrifica tion of the New York Division to North Philadelphia and thence to Chestnut Hill. About one mile of overhead con struction on the Main Line has been completed between Radnor and St. Davids which will enable the Company to decide by actual tests the type of overhead construction best adapted to Its train service. The work of improving the grades and alignment and tracking be tween Pittsburgh and Buffalo, via the Allegheny Division and the Western New York and Pennsylvania Railwuy, is proceeding satisfactorily, and it is expected that the three tunnels at GAL THREE N East Brady, Wood Hill and Kennerdell, which are being constructed as part of this improvement, will be completed in 1914. The changes of alignment and grades between Junction and Freeport on the Conemaugh Division, Including a double track bridge over the Allegheny River are under way. The changes of grades and elimina tion of grade crossings at Homewood Avenue, Pittsburgh, and in Borough of Wilkinsburg, are in progress, and the grade crossing elimination work In the Borough of Braddock was completed during the year. The aggregate expenditures for con tructiou and equipment during the year upon the owned and leased lines of this company was $41,434,415.06, for which the* Company has been reimbursed by leased lines to the extent of $1,661,- 074.08. The sum of $1,815,624.61 was expended on the Western New York and Pennsylvania Railway and other branch roads and charged against In come. The expenditures on the lines owned including $2,369,687.70 on the leased lines, viz., Harrisburg, Ports mouth, Mt. Joy and Lancaster Railroad and the lines of the United New Jersey Railroad and Canal Company, compris ing the main line system between New York and Pittsburgh amounted to $37,957,716.37 which has been disposed of as follows:— Charged to Income $6,387,325.11 Charged to Reserve for Additions and Better- merits 6,047,432.83 Charged to Capital Ac count 25,222,958.63 In keeping with the policy of your Company to promote efficiency and economy In operations, the Manage ment has been considering the advis ability of electrifying that portion of the Main Line between Altoona at the foot of the eastern slope, and Cone maugh on the western slope of the Al legheny Mountains, a distance of about thirty-live miles, where there la a fre quent and heavy train movement over heavy grades. From preliminary esti mates it would appear that a saving could be elTectod which would compen sate the Company for making the ex penditure. but the .subject must still recclvo much further examination, and is also largely dependent upon an im provement In the revenues of the Com pany to warrant raising the new cap ital required for this prolect. in tho City of Philadelphia the greater portion of your lines aro con structed above or below the streets, ex cept in the southern section of the City, between the Delaware and Schuylkill Rivers. The necessity for the develop ment of several square mlies in this section of the City, Including the im provement of conditions along the river ■ roilt, caused the municipal authorities to decide upon the elimination ot nearly all existing grade crossings of your railroad, and of the lines ot the Phila delphia, Baltimore and Washington Railroad and of the Baltimore and Ohio Railroad Companies, and in asking the railroads to co-operate, the City lias agreed to bear an equitable share of the large expenditures. Under this ar rangement this Company will bo re quired to elevate and relocate tlio pres ent running tracks, yards and facili ties on the portion of the Delaware Ex tension, with Its Glrard Point and Schuylkill River Branches, from the Arsenal Bridge over the Schuylkill River to Delaware Avenue and Queen Street, and use in lieu thereof the new tracks of the Delaware Extension when elevated between the Arsenal Bridge over the Schuylkill River and Twenty, lifth and McKean Streets, and a new two-track elevaoed line extending gen erally along Point Breeze Avenue, Twenty-ninth Street, and the Back Channel north of the League Island Navy Yard to a terminal yard to be lo cated between Broad Street and the Delaware River, from which point the line will remain at grade along the north side of said yard and on Dela ware Avenue to Bigler Street, and the present tracks and facilities on that Avenue will be relocated as far north as Queen Street. The Baltimore & Ohio Railroad Company, which will likewise relocate and elevate Its present tracks in that section of the City, will occupy a new location adjoining the relocated tracks of your Company, from Pass yunk Avenue to and along Delaware Avenud This portion of the line will be operated as a joint four-track rail road, with provision for its use as a belt line. Under this agreement the tracks and facilities of the Philadelphia, Baltimore and Washington Railroad Company along Washington Avenue will also be elevated as a three-track roalroad to Broad Street, and as a double-track line east thereof. It is expected that this important project will be completed in live years, as and when the City and the Railroad Com panies provide the funds requisite therefor. The construction of the New York Connecting Railroad, owned jointly by this Company and the New York, New Haven and Hartford Railroad Com pany. and fully described in previous annual reports, is satisfactorily pro gressing-, and It is expected will be completed by the Summer of 1916. The increasing traffic on the Chau tauqua Branch between Buffalo and Oil City on the line of the Western New York and Pennsylvania Railway, has, in connection with similar improve ments on your Allegheny Division, necessitated the rovlsion of grades, and alignment and longer passing sidings. During the year $1,602,038.12, was ad vanced to the Western New York and Pennsylvania Railway by this Company to meet Its Construction and Equip ment expenditures, which sum was charged against the net income of the Lessee Company. It has been deemed advisable to ab sorb the Hollldaysburg, Bedford and Cumberland Railroad Company, which is owned and operated by this Com pany in connection with Its main line. The necessity for maintaining that Company as a separate corporation no longer exists, and the agreement pro viding for its acquisition will, in ac cordance with the notice given to the stockholders, be submitted for approval at the annual meeting. During the year your Company made advances to the Long Island Railroad Company aggregating $4,500,000, for the Improvement of its railroad and facilities, and the construction of new lines and equipment, for which it will receive securities of that Company. In accordance with the policy hereto fore announced as to the proposed sale of this Company's security holdings in the anthracite coal companies owning properties served by its System, name ly. the Susquehanna Coal Company, Mineral Railroad and Mining Company and the Summit Branch Mining Com pany, your Board deemed it desirable to first compact the ownership of the se- Bank Statements REPORT OF THE CONDITION OF THE CITIZENS BANK, of Harrisburg No. 1301 Derry street, of Dauphin County, Pennsylvania, at the close of business February 20, 1914: RESOURCES Reserve Fund: Cash, snecie and notes $11,410 00 Due from approved reserve agents,.. 24,433 45 KTI . , , . 535,843 45 Nickels and cents 410 87 Checks and cash items, .... 1,376 25 Bills discounted: Up on two or more names $79,491 93 Time loans with collateral,. 18,'305 00 Loans on call with col lateral, 67,056 67 Loans on call upon two or more names 22,253 43 ..oans secured by bonds and mortgages 16,135 00 Bonds, Stocks, etc., Schedule Mortgages and Judgments of record, Schedule D-2, 21,313 50 Office building and lot 24,900 00 Furniture and fixtures, 1,800 00 Tola' $288,886 10 LIABILITIES Capital stock paid in $50,000 00 Surplus Fund 15.000 00 Undivided profits, less ex penses and taxes paid, ... 4 827 3° Individual deposits subject to check. $97,191 66 Time certificates of deposit 103,652 89 Deposits, Common wealth of Penn sylvania 10,000 00 Deposits, munici pal 5.000 00 Certified checks, .. 89 80 Cashier's checks outstanding 1,139 65 Due to Banks and Trust Cos., 211,074 00 etc., not reserve 1 974 79 Dividends unpaid ' 10 00 Total, . $288,886 10 State of Pennsylvania. County of Dau phin, ss: I, C. G. Miller, Cashier of the above named bank. do solemnly swear that the above statement is true to the best of my knowledge and belief. (Signed) C. G. MILLER, o , ~ _ , Cashier. Subscribed and sworn to before me this 25th day of February, 1914 (Signed) IRWIN M. CASSELL, [Notarial Sea!]. Notary Public. Correct—Attest: (Signed) CHAS. H. HOFFMAN, (Signed) SPENCER F. BARBER. (Signed) JOSEPH C. ESHLEMAN, Directors. .COMMONWEALTH TRUST COMPANY 222 Market Street, Harrisburg Pa. CONDENSED STATEMENT, FEBRUARY 20, 1914. RESOURCES LIABILITIES Cash and Cash Items, $111,898.52 Capital Stock $250,000.00 Due from Banks, ... 1196,653,24 Surplus Fund, 450 000 00 Loans and Invest- Undivided Profits, . . 52 945 72 menu, 2,035,457.27 Deposits 1,955;08«.41 Heal Kstate and Bank irue to Banks 4.682.09 Building 285,680.67 Miscellaneous, '17.709 29 Overdrafts 988.61 Miscellaneous 245.20 12,730,423.51 12,730,423,51 TRUST DEPARTMENT Trust Funds Invested 14,063 874.61 Trust Funds, uninvested (Including advances) .... 132,401,10 Corporate Trusts $10,475,000.00 Total amount of securities deposited by corpor« utlons with this Company as Trustee $3,382,400.00 OFFICERS WILLIAM JENNINGS W. M. OGELBDY W, H. MBTZOEH President Vice-President and Secretary and Treasure* Trust Officer JOHN P. SWEENEY W, GRANT RAUCII Assistant Trust Officer Assistant Secretary and Treasures DIRECTORS < Imrles E. Cover! Christian W. Lynch Harry C Huss "v^^. r ?llekok! , !vH , ' ,,,, "• Metapres Thomas W . Small*ood willlam .Irnnlng* Robert 11, MufflK 4. C'. Ntainm ,1. \\. .1 on cm V% nrnlrk 91. Oifliby .lolin Fox \% ri»» eurlties and properties ofl these cott companies Into the Susquehanna Coal Company. Therefore, there has been sold to tile Susquehanna Coal Company the Capital Stock and debt of the Sum mit Branch Mining Company, held by your Company, artd upon the transfer of its property und right to that Coal Company, the Summit Branch Mining Company will be dissolved. Your Com pany Is also the owner of one-third of the Capital Stock of the Mineral Rail road and Mining Company, the balance being owned by the Northern Central Railway Company. That Company op erated lands leased from the Northern Central Railway Company and from the Manor Real Estate and Trust Company, but being unable for many years to pay the prescribed royalties, it trans ferred its 999 year leases to the Sus quehanna Coal Company, effective January Ist, 1914, and steps have been taken looking to the dissolution of the Mineral Railroad and Mining Company. The lands of the Manor Real Estate and Trust Company, operated by the Min eral Railroad and Mining Company, have been sold to the Susquehanna Coal Company, and negotiations con cluded for the sale to It of the other lands operated by the Mineral Railroad and Mining Company for the Northern Central Railway Company subject to fixing the final price. Under the fore going arrangement payment for said lands will be made by the Susquehanna Coal Company in its Five Per Cent. Five Year Gold Bonds, which are ex changeable for its First Mortgage Bonds if and when the same are issued by that Company. The purpose of vesting: the owner ship or these properties In the Sus quehannu Coal Company is to Insure the continued operation of the unprofit able us well as the profitable mines, and thereby conserve the coal supply and so that should a purchaser be found for the securities of the Susquehanna Coal Company, held by your Company and the Northern Central Railway Com pany, the new owners will obtain pos session of the properties subject to these mining obligations. The Company has for some years de sired to sell the balance of Its holdings of Common und Preferred Stocks of the Baltimore and Ohio Rallrqad Company, consisting of 57,250 shares of the Com imon Stock and 142,730 shares of the i Preferred Stock, having a total par value of $19,998,600. The foregoing [shares represent less than one-half of your original ownership in that Com pany, and they have been retained since 1906 only as an investment await ing a favorable opportunity for their disposition. Therefore, when an offer was made to exchange them for 171,(38 shares, par value $17,143,800, of the Capital Stock of the Southern Pacific Company, on which six per cent, divi dends were being naid, it was deemed advisable to make the exchange. In con summating the transaction the stock of the Southern Pacific Company was valued at par, the Common Stock of the Baltimore and Ohio Railroad ConiDany at the same figure, while the four per cent. Preferred Stock of the latter Com pany was value at SBO per share, which was its approximate market value. This accounts for the reduction In the par value of the investment, although the Company will on the basis of the pres ent dividends receive greater returns from the ownership of the Southern Pa cific Company Stock, and also have a security that can either be sold when conditions permit, or held as an invest ment. as may be deemed the most ad vantageous to your Company. During the year the Norfolk and Western Rallwa" Company issued its Convert ible 10-25 year 4>4 per cent. Bonds and your Comnanv aS a shareholder sub scribed for its share of the allotment, amounting to $4,793,000 par value. Your Comnany acquired the capital stock of the Cornwall and Lebanon Railroad 22 miles long, which connects your Phila delphia Division at Conewago with the manufacturing town of Lebanon. Pa. The securities held by the Company, December 31st, 1913. at a valuation of $333,960,825 produced a direct income during the year of $14,940,670. Bank Statements REPORT OF THE CONDITION OF THK EAfcT END lltMi, of Harrisburg, Thirteenth and Howard streets, of Dau phin County, Pennsylvania, at the close of business February 20, 1914: RESOURCES Reserve Fund: Cash, specie and notes y. $36,392 50 *-ue from approved reserve agents,.. 51,656 17 Checks and cash items 1,020 37 Due from Banks and Trust Cos. not reserve 5,782 23 Assets held free, viz: Bills discounted: Upon one name. .$21,073 00 Bills discounted: Upon two or more names, ...158,768 40 Time loans with collateral.. 10,351 00 Loans on call with collateral, 73,453 54 Loans on call upon one name, 44,750 12 Loans on call upon two or more names 43,710 93 Loans secured by bonds and mortgages 112,8C3 92 Bonds, Stocks, etc., Sched ule D 24,972 50 Mortgages and Judgments of record, Schedule D-2 31,470 76 Office building and lot 17.000 00 Other real estate 19,400 00 Furniture and fixtures 4,450 00 Overdrafts 91 08 Miscellaneous assets 258 09 Total $657,454 91 LIABILITIES Capital stock paid in $50,000 00 Surplus Fund 40,000 00 Undivided profits, less ex penses and Taxes paid, .. 10,634 49 Individual deposits subject to check,5238,702 19 Time certificates of deposit 255,145 64 Savings Fund de posits 30,308 16 Deposits, munici pal 20,000 00 Cashier's checks outstanding, . . . 1,768 45 Bills payable on emaml 10,000 00 Miscellaneous liabilities, ... 895 98 Total $657,454 91 State of Pennsylvania, County of Dau phin, ss: I. A 1 K. Thomas. Cashier of the above named Bank, do solemnly swear that the above statement Is true to the best of my knowledge and belief. (Signed) AL K. THOMAS, Cashier. Subscribed and sworn to before me this '27 th day of February, 1914. i Signed) ,A. W. SWENGEL [Notarial Seal.] Notary Public. Correct—Attest: • [SEAL.] (Signed) E. A. HEFFELFINGER, (Signed) JOHN K. MAY, (Signed) E. M. SIBLE, Directors. LADIES' BAY AT THE BATH \ Momlajs For (lie llxcliwhc I'h' or the Women—Competent I 'runlc Attenil- ants. ' Mondays at .the Sanitary Baths, Russ Building'. 15 North Market Square, ought to be a grout attrac tion to the ladies of I larrisbtirg. Be tween 8.80 a. in. and 5 o'clock p. in., the attractive rooms are open for wo men exclusively and experienced fe malo operatives will be in attendance. The steam and hot air rooms are large and comfortable, there are three mar ble rubbing .slabs and shower, needle, electric and vapor baths. Massage by hand or electric vibrator and compe tent manicurists and chiropodists are in attendance. No other city in Penn sylvania presents such an opportunity to its women. Call and be convinced. Hell phono 3598J.—Advertisement. Constipation Biliousness-Headache Dr. Chase's Liver Tablets Mike th« liver active, bowels rexular, without pain or griping, relieve sick headacne end that bloated feeling after eating. purify the blood and clear the complexion Large box. enough to Inst • month . 25c. Dr. Chase Co., 224 N. 10th St., Philadelphia, Pa. Bank Statements REPORT OK THE CONDITION OF THUS CENTRAL TRUST COMPANY, of Harrlsburg, No. 1230 North Third Street, of Dauphin County, Pennsylvania, at tlio close ot business, February 20, 1914: RESOURCES Reserve Fund: Cash, specie and notes $48,598 SO Due from ap proved reserve agents 71,843 26 Nickels and cents, 534 81 Checks and cash items... 4.469 85 Securities pledged for Special deposits 7,000 00 Assets held free, viz: C o m ra e r c ial paper pur chased: upon one name $73,913 79 C o in m e r c ial paper pur chased: Upon two or more names 203,688 39 —.. 277,632 18 Loans upon call with col lateral 184,944 00 Time loans with collateral, 42,240 08 i-uaiij. set urea by bonds and mortgages, 126,344 85 Loans without collateral,. 104,258 85 Bonds, Stocks, etc 204,145 10 Mortgages and Judgments of record 161,589 48 Office building and 10t,.. 47,600 00 Furniture and fixtures, .. 18,500 00 Overdrafts, 9-68 LIABILITIES Capital stock paid in $125,000 00 Surplus Fund, 200,000 00 Undivided profits, less ex- penses and taxes paid,.. 30,389 05 Individual deposits subject to check (Exclusive of Trust Funds and Sav ings) 262,905 47 Time Certificates of De posit (Exclusive of Trust Funds and Savings), . . 264,065 88 Deposits, saving fund, (Exclusive of Trust;,. . 330.544 82 Deposits. Commonwealth of Pennsylvania 50,000 00 Deposits, U. S. Postal Sav ings 1,138 74 Due to Banks. Trust Cos. etc., not in reserve 30,847 16 Dividends unpaid 136 50 Tre as u rer's Certified Checks outstanding, ... 4,853 32 Total $1,299,910 91 Amount of Trust Funds invested $371,190 70 Amount of Trust Funds uninvested 11,740 54 Overdrafts 134 00 Total Trust funds $383,065 24 CORPORATE TRUSTS Total amount (1. e. face value) of Trusts under deeds of trust or mort gages executed by Cor porations to the Com pany as Trustee to se cure issues of corporate bonds, including Equip ment Trusts $1,932,500 00 State of Pennsylvania, County of Dau- jhin. ss: I, H. O Miller, Treasurer of the above named Company, do solemnly swear that the above statement Is true to the best of my knowledge and be lief. (Signed) H. O. MILLER, Treasurer. Subscribed and fc'vorn to before me this 26th day of February, 1914. (Signed) MILTON G. POTTS, [Notarial Seal] Notary Public. Correct—Attest: (Signed) W. M. DONALDSON. (Signed) P. 11. VAUGHN. (Signed) LOUIS DELLONE, Directors. Principal Items of the Statement of the Condition of the DAUPHIN DEPOSIT TRUST CO. as Called For by the State Banking Commissioner at the Close of Business, February 20, 1914 Dep05it5—52,797,690.76 The popularity and standing of a bank is largely deter mined by its volume of deposits—here is evidence in con crete form that it enjoys the widespread confidence of the community. Reserve Fund—5444,573.14 Money in the vaults or on deposit in banks subject to our check—this fund is $167,000 more than required by law, U. S. Bonds (4 Per Cent, at Par) —$150,000 The market value of these bonds is $168,000. Loans on Collateral—sßßs,Bo7.94 Loans Without C011atera1—5600,772.37 Hargc and small loans to more than 500 borrowers. Investment Securities—sl,ll2,lls.o6 Stocks and bonds which have a ready market and can be easily converted into cash, Mortgages and Judgments—s27o,473.37 Bank Building—sso,ooo Cost over SIOO,OOO. Capital, Surplus and Undivided Profits—s62o,lßs.97 The bank's working capital and safeguard for depositors. DAUPHIN DEPOSIT TRUST CO. 213 Market Street Capital, $300,000 Surplus, $300,000 Resources, $3,434,654.11 BUSINESS OPPORTUNITY The Eastern Distributor of a Na tionally advertised household device, is'upen to place an exclusive agency in Harrlsburg. The agency to handle nil of Dau phin County. For various reasons wo do not wish to name the article in this ad \ crtlsenicnt. Many thousands have already been sold, and the demand is now greater than ever. Capital and selling ability re quired^ If you are in a position.to take on the sale of an article that lias shown greater profits mill easier sales, the last two years, than any other, write now to 1,. B. BEKtaOJt •"!» Second St.. I'hlltwlclitliin, l*n. The GREATEST TRICK DECK Vou can deal any cards, tell tiny cards taken out of deck, cut any card desii; ed. do any number of trick*. IT'S IN niE CARDS. Positively requires no practice. ! iy Parcel Post. our. KOYKI.TV COMPANY. Dept. H, o2 Llnilenwood street. Philadelphia. Pa. Bank Statements I ™. RE .??l rr °. I '' THK CONDITION OF The HARItISHPHU TRUST COMPANY. lof Harrlsburg, No. io South Second Street, of Dauphin County, Pennsylva nia, at the close of business, February RESOURCES Reserve Fund: Cash, specie and notes $71,469 U0 Due from ap proved reserve agents 510,372 57 ... , , , $581,541 67 Nickels and cents t2B 6:'. Checks and cash items. . . . 3,560 6i! Duo from Banks and Trust Cos. not in reserve, .... 29,186 72 Securities pledged for spec ial deposits 10,000 ol> Assets held free, vis:: C o m m ore ial paper pur chased: Upon one name, .. . $9,100 00 C o m m e r c ial paper pur chased: Upon two or more names 573.348 21 I r 882,418 21 Loans upon call with col lateral 651,691 72 rime loans with collat , teral 280,313 20 Loans secured by bonds and mortgages 15.800 00 Loans without collateral,. 2,102 50 Bonds, Stocks, etc 216,310 00 Mortgages and Judg ments of record 22,837 43 Other real estate 147,800 00 Overdrafts, 1,918 01 Total, $2,848,943 68 LIABILITIES Capital stock paid in $400,000 00 Surplus Fund 400,000 00 Undivided profits, less expenses and taxes paid 42,678 30 Individual deposits sub ject to check (Exclu sive of Trust Funds I and Savings) 816,252 57 Time certilicateß of de posit (Exclusive of Trust Funds and Savings), ... 630,945 59 Deposits, Commonwealth of Pennsylvania 389,318 39 Deposits, U. S. Postal Savings 4,736 78 i Due to Banks. Trust Cos., I etc., not in reserve, 133,865 29 Dividends unpaid • 121 uo Treasurer's and certified checks outstanding 692 76 Total $2,848,943 68 Amount of Trust Funds invested $2,982,743 95 Amount of Trust Funds Uninvested 288,285 31 Total Trust funds, $3,271,029 21/ CORPORATE TRUSTS Total amount (1. e. face value) of Trusts under deeds of trust or mort gages executed by Cor porations to the Com pany as Trustee to se cure Issues of corporate bonds, including Equip ment Trusts $21,432,000 00 Total amount of . S deposited by Corpora ] tions with the Company ! as Trustee to secure is sues of Collateral Trust Bonds, 167,000 00 State of Pennsylvania, County of Dau phin, ss: I, Geo. G. Carl, Treasurer of the abo. a named Company, do solemnly swear that the above statement is true to the best of my knowledge and lc lief. (Signed) GEO. G. CARL, Treasurer. Subscribed and sworn to before me this 25th day of February, 1914. (Signed) CLINTON M. HERSHBY. [Notarial Seal.] Notary Public. Correct—Attest: (Signed) EDWARD BAILEY. (Signed) A. FORTENBAUGII, •(Signed) G. W. REILY, Directors. jTry Telegraph Want Ads.
Significant historical Pennsylvania newspapers