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.