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- new loans in excess of $200,000 had f been accepted. Mr. Wilson stated § . that the Company held an excellent ' <‘. lot Of investments, and that their * ~ -2‘1 value was considerably in x= cess of the book value. The totat y y mortgages held by the 00-”"‘ amounted to $1,176,000, consisting of 6« + â€" 406 separate loans which had been. Py carefully selected and valued. The . Company‘s Urban loans averaged losa i than 505 Of the valustions, the E !. _ The total inÂ¥estments in Govern L. Bauman, Jacob 8 Snider, Menno Mr. Wilson After the reading of the Directors‘ Peport, the President called upon Mr. P. V. Wilson, Managing Direcâ€" tor, to deal <~with the Financial Statement. Mr. Wilson referred to the change in character of the Company‘s busiâ€" mness and change of name made durâ€" ing the year, ‘The ‘change in the Company‘s status from a Loan to a Trust Company was a very imporâ€" tant step in its history. The results of this change had apparently been closely observed by ‘other financial lustitutions, as already two or three of the older loan companies contemâ€" plated making applications to the Ontario Government for a similar change. ‘The elevation to Trust Company rank has placed the Comâ€" pany on a much more fmportant, footing and considerably widgened its scope for public service. That the change made by the Company had been regarded as a desirable one was evidenced by the increasing volâ€" ume of business coming under its adâ€" ministratiom The net profits of the Company amounting to $6€,952.78, representing an increase of ovyer $7,300 for the year. From this amount # ofclock ‘pim. tollowing:â€" > . Thos Hilliard, 8. B. Bricker, Erast During the past year, several important steps have been taken in comnection with the Company‘s business. iR ‘The investments of the and are in good shape. ‘The Directors of The Waterloo Trust and SBavings Company have pleasure in submitting berewith to the Shareholders their Tenth Annual Report, showing the result of the Company‘s operations for the past year, accompanied by the Balance Sheet to December 31st, 1922. # ® . ~ After providing for interest on deposits and other moneys recelved trom the Public, and defraying the expenses of management, the balance available for distribution is as follows: 1 froth The Waterloo County bocn and s"'lngn Company to ‘The Waterloo Trust and Savings Company. The Company has established an office in the City of Galt, and progâ€" pects for considerable business at that point are promising. ‘ The new Mortgage Loans made year have been confined. almost ex. ‘The books and vouchers at the imonthiy, and the Auditors‘ certificat 10 the regular audit, the Securities and verified by a Committee of the Acting upon the authority granted at the Special Meeting of Shareâ€" holders, held in December, 1921, steps were taken to bring about the change of Registry from that of a Loan Company to a Trust Company. This change considerably widened the scope of the Company‘s activities, and your Directors feel that the growing practice of having a Trust Company undertake the work of Administering Estates and other imporâ€" tant Trustee work, will result in a fair measure of this work being placed with our own Company. â€" All of which ‘is respectfully submitted Waterloo, Ontario, January 23rd, 1923. had been paid the two n.u-yéufl, dividenda at the rate of 6%%, the Government income Tax, and Trust Company reâ€"incorporation expenses. $15,000B was added to the Reserve Funds, making this amount $150,000. ‘The new Mortgage Investments for the year were confined entirely to Waterioo County. Applications for held by the Company in its different departments at the and of the year were $1,401,1724. These represented a conkiderably below the present mar ‘This change in the Company‘s status involved the change of name ‘Two halfâ€"yearly Dividends, Nos. 17 and 18 at the rate of 6%4 per cent per ammum ..........................$0> Dominion Government Income Tax .................. Written of for Trust Comp‘y Reâ€"organization Expenses Written off Office pFBMMBO® ....+:1..00;00.ssiss0c2res ‘Transferred to Reserve Account .................... Transferred to Contingent Account .................. Balance carried fOrWard ..................2..2.22.22. Premium on Stock ... ...... Net Profits for the year ...... This amount has bheen disposed of as follows: lot of securities and many rtgage Loans made by the Company during the past confined, almost exclusively, to Waterloo County. Directors‘ Report certificate is attached herewith. In addmor; rities of the Con of the Directors. at the different offices Company hlve‘ received careful attention at Bims, KC>.J.M. Scully, H Wagner, L."L. Lang, H. M. Moyer, Kitchener: Walter _ Benwick, J, J. Shaw, Hesâ€" Waterioo; Martin Huenergard, "H. J. lard, read the following report:â€" 1921 Mr. Wilson dealt in some detail with the Special Security of Deposiâ€" tors and other clients of Trust Comâ€" panies. Possibly ro type of financial institution in Canada had a cleaner record to show. No Depositor or Guaranteed iuvestor had ever lost a dollar with a Canadian Trust Comâ€" pany; such a thing would be Y difficult, as the Government Inspecâ€" tion and Supervision was very rigid and the investments of all Trust funds wore confined by Law to Trusâ€" tee Securities the same as permitted to Executors or Administrators of Estates. A list of all investments ;lld to be submitted to the Governâ€" ment quarterly, and the very closest of attention was given to the superâ€" vision of Trust Companies. The in dications for a siderable Estates business were ising. _ Already the Company is administering a number of estates and Special Trusts and Wills are constantiy being filed in which the Compaby has been ap~ pointed as Executor. 4 |. Mr. Mitl e Chas, McKenzie, Galt. A. J.; Kimmel, Cobourg always carried on the books of the Comphny at the purchase prices, and no advantage had been taken to inâ€" crease the profits of the Company by writing up the increased market value of such securities. After the Managing Director had dealt with the: statemen ’;nfl- dent, Mr. ‘Thomas Hil moved the adoption of the and, in so doing, hgain the exâ€" cellent fnancial condit! of the Company. It was his opinion that Some Outstanding Points of Waterioo Trust Co. The increase in Assets is over $300,000. Security to the Public shown by reports of business of the Company. The increase in Public De posits is over $181,000. Mortgage Loans for Waterloo County. > * THOS. HILLIARD, President. Company have been inspected have been audited $ 44,986.95 3,943.10 _ 4,000.00 1,337.50 15,000.00 5,410.67 3,821.42 $ 9,011.86 2,535.00 66,952.18 $ 78,499.64 $78,499.64 sablsfactory report that is placed be fore us today. ‘When we consider I might gay in first place that uuegmhbhx-uuuum very substantial increase in business people doing business with the Comâ€" pany, it shows the confidence the people . of this community have in Company, The Company has not exâ€" perienced: a mushroom growth, it gecond, Safety. The people of: this ment during the last ten years, and is on a particularly safe basis. Dealing with the features of Trust Company work, there are two special poluts that might be mentionedâ€" you have Continuity of Service, and private Rxecutor may be very capâ€" able, but he may be here today and gone tomorrow. .\ Itâ€" is the general experience of lawyers that a great deal of work is undértaken in winding up Estates that have not been looked after proâ€" perly by private executors. ‘The question of safety is also very important. Trust Companies can only invest the money of Estates in Trusâ€" tee Securities. They must not invest them in any other form unless, of course, special provision has been made in the #ill The Government supervision of Trust Companies is very strict. The Trust Company business has developed enormously in Canada, and there should be no reason why the Waterico Trust and Savings Company should not, in time, build up a large Estates busiâ€" in this neighborhood. Some people object to the idea of a Trust Com pany being appointed as their exeâ€" cutor, thinking the cost too great. I might state, howeyer, that we are not allowed to collect, for our fees, any more than the Courts will allow a private individual acting as exeâ€" cutor. Frequently the. cost is less., The .Waterloo Trust, and Savings Company, being a local institution, with its Head Office in our midet and with branches already establishâ€" ¢d in Waterloo, Kitchener and Gait, should be ablé to provide a most satisfactory service to our people, and continue on the satisfactory deâ€" velopmentâ€" which has marked its progress during the last few years. more the advantages to be gained by appointing Trust Companies to undertakeâ€" Estate work. The life of Mr. Walter Renwick and Mr. J. J. Shaw of Hespeler. f Directors Reâ€"elected The following shareholders were elected Directora for the current year,â€" Mr. Scully â€" Mr. J. M. Scully of Kitchener, one of the Company‘s Directors, spoke of the progress of the Company, and gave it as his opinion that the marâ€" ket value of the Company‘s Office premises and Debenture Securities was considrably in excess of tht book amounts. He predicted conâ€" siderable development in the Comâ€" pauy‘s Truatee work. Other Speakers Short addresses were also given by. the following:â€" Thos. Hilliard, F. 8. Kumpf, Geo. D. F.rbes, Fred Ialsterg, U:. A Dobbie, E. F. Seagram, 8. B. Bricker, A. J. Kimmel, W. L. Hilliard, P. V. Wilson,‘ J. M. Scully, H. J. Sims, K. C., J. H. Gundy, Louls L. Lang. J. P. Jaffray and C. ‘McKenzie of Galt; At a subsequent meeting of the Directors, . Thomas â€" Hilliard was etected President,â€" and Mr. K. F. Seagram, Viceâ€"President. Mr. Joseph H. Lobsinger and Urbâ€" an Helm of Kitchener spent the week end with thair respective parâ€" Mr. Lealic Meyer is holidaying a tow ‘days with his parents, Quite a number from here attendâ€" ed the conmcert given by the jumior talents of 8t. Mary‘s Parish, Lin Mr. Geo. Rosenblatt was a busiâ€" ness visitor in Hamiiton on Monâ€" day. spent Sunday with Misa Frieda Mr. August Willte spent Saturday evening in Kitcheper. « the sick list. i Mre. Jno. Forwell is stricken with 8T. CLEMENTsS ~ The Waterloo Trust and â€" | _ _ Mortgages ... ... . 9,100.00 Bonds ........... _ 750.00 Cash on Hand .... 10395 Provincial Government Bonds .. ... $316,810.98 Municipal School and Teleâ€" phone Bonds : $29,570.71 â€" Bonds Gugranteed by Dominion or Prov. inclal Govts. . 118,5184.49 Interest on Trust Deposits Commissions in comnection with _ Mortgage Investâ€" mentey G4G: °.. /.+:s...4 General Expenses, includâ€" ing Provincial and Munâ€" Domirlon Govt. Income Tax Written off for Trust Comâ€" pany Reâ€"organization Exâ€" Principal ... .. .. .$548,388.97 Interest due: and Ace‘d l......... 10,934.66 Written off for Office Equipâ€" ment Account ......... Transferred to Contingent AssET3 CAPITAL ACCOUNT Office Premises, Waterloo and Kitchener including Sate_Deposit Vaults, Ofâ€" fice Equipment, etc.....$84,000.00 Other Real Estate ....... 45,507.00 Dividends Nos. 17 and 18.. Balance, Profit and Loss _ x â€"â€"â€"â€"1,264,894.18 Cash on Hand and in banks 126,644.52 Transferred â€" to Reserve Loarms on Stocks, Bonds, etc. Loans on Company‘s own Bonds issued by the Doâ€" minion of Canada and Provinces of Canada .. Municipal and School Deâ€" stock C....... $11,2538.75 Loans on other securities ..... 40,889.71 bentures =..............107,1M41.24 Other Bonds and Debenâ€" Other Assets .. Cash in Banks Cash on Hand . GUARANTEED TRU&T account Inventory value ofâ€" Unrealized Restates Mortgages Principal Interest . ESTATES, TRVSTS AND AGENâ€" CIES ACCOUNT. Financial Statement to December 3l1st, 1922 > vertising, ete. (for the 8 Assets ‘That we haye examined the annexed statement and that it agrees with the books of the corporation. ‘That after dua consideration wa have formed am ipdependent opinion gunfl;nfihdmm That with our independent opinion so formed and according to the best of our information and the "expianations ¢iven us, we certify tnat in our opinion the statemrent sets forth fairly and trulys the state Â¥ affairs of the corporation. | That all transactions of the corporation that have come within our notice have been within the powers of the corporation. k We beg to report that we have audited the books of account of your corporation for the year eAding 3ist of Dacember, 1923, and have verified the| cash, bank balances and securities of the corporation. To the Directors and Sharghoiders of The Waterice Trust and Savings Cc. GRNTLEMEN.â€" ASSETS AND LIABILITIES PROFIT AND ‘LOSS ACCOUNT ... 10,934.66 â€"â€"â€"â€"$559,323.63 n snn + + + » + $70,114.17 anse =...... 828147 $628,243.1€ 40,912.58 . $3,694.02 President. $3,084,1982.73 $2,000,694.44 .. 53,361.37 20 173229 $215,124.81 $949,850.32 $669,165.74 39,959.92 15,000.00 44,986.95 $,821.42 52,143.46 35,728.89 13,6191 9,919.41 4,000.00 6,410.67 1,337.50 1,849.09 dbg6. o .lllll ui. .. 204177.98¢ Balance Brought Forward $ 9,011.86 CAPITAL ACCOUNT Capital paid up ........$707,920.00 Reserve Account ....... 1250,000.00 Contingent Account ..... 10,000.00 Dividends declared and unâ€" _~ paid (due Jan. ist, 1923) â€" 22,889.10 Amount provided for aeo‘d. Sundry Loans .......... GUARANTEED TRUST ACCOUNT Guarantneed Trust Funds $ 697,129.37 Trust Deposits .........1,363,565.07 ESTATE8, TRUVUSTS AND AGENâ€" ciks ACCcOUNT Trast Funds for Invit... 2,953.95 Inventory value of Unâ€" realized Estates Assets 63,694.02 LIABILITIES * Managing Director. $2,060,894.44 $3,084,192.73 $215,724.81 $949,850.32 $73,641.97 5,219.80 50,000.00 3,821.42 Eimira Defests Goderich. . tWiat place by a score of 4 closely contested gamé in a the C. P. R. stock yards Wednesday, A Stratford man employed in one > of the local factories was taken in umx\.uw.m_.lnfl' ce 4 Rubpol had ‘his middle finger of bils". _ left hand amputated owing to blood â€" _ poisoning having set in, last Â¥riâ€" # day, 4 Promising Life Closed: ts P A promising young life was cloned when Amasa Strohm, a popular citfâ€" f zen Oof Rimira, passed away ons Â¥Friâ€" @ survived by his mother, four sisters and two brothers, Mrs, Jacob Com rad of Eimire, Mrs. K. G. Schierholts of Kitchener, Mrs. Orie Hollinger of Eimira and Miss Permilda andâ€"Cecil at home and Clarence of Detroit. The funeral which was held on of pueumonia. His death came as & Sunday was largely attended. The* service was conducted by Rev. Mr. Strempfer at the St. James Lutheran Church, after which interment took place in the St. James cemetery. The pall bearers were.â€"Floyd ©Moyer, Rueben Cleghorn, Oscar Wahi, Waiâ€" tor Hollinger, Alvin Brubacher and Albért Kehl The I. O. O.F. memâ€" bers attended the service in a body. Numerous‘ floral offeringe were reâ€" Ceived from friends, â€" _ 24 Seriouly H1. . /* ~ Reeve M. Allgeier is in Laondon at the bedside of his son Herbert, who is seriously i}l at the, London Miliâ€" tary Hospital. 5 Eimira Farmers Win. . : The Junior Farmers hockey team of Kimira for the third consecutive time defeated the Waterlco Junior Farmer team in a well played game at Eimira by a store of 4 to 0; The players of both teams put up a splenâ€" Gid exhibition and the game proved interesting despite of the fact that the visitors were held scoreless. The lineâ€"up follows; Waterloo Eimira Bricker Goal Mansfeld Snider R. def. . _ Letson Roberts L. def. JOKA! Sweitzer centre infleld Hentages _ L. Wing Sheriffs Bowman R. Wing ‘ Shants Snider Sub. Boehner Snider Sub. Miller Sold 100 Acre Farm. Another farm changed hands reâ€" cently when August Voisin disposed of his 100 acre farm on the 4th line of Peel, to Frank Schill, who takes possession shortly. "It is in the interest of the serâ€" vice to all our subscribers;" stated Manager Routiey to the press reâ€" presentative when asked the reason for the company‘s annonncement, explained that the practice of askâ€" ing ‘centrad‘ for the time has grown to the point where over 140,000 such cally are made daily over our aystem in Ontario and Quebec. Such a load is bound to be detrif@eb.al ~‘The Bell Telephone Company anâ€" nounces in another columm that on to a service where speed ‘and acâ€" curacy are of first importance, as the operators‘ time occupled in givâ€" ing this information must of course, be taken from the time rightly .beâ€" longing to the handling of legit!â€" mate calle." In the first déolsion, the Board postponed further action in the cases of seventeen rafliways and nfme subsidiaries which sought reduction operators will discontinue the pracâ€" tic of giving theâ€"‘time of day.‘ "We feel confident that our sub« scribers, when they know the facta will realize that our action is in the interest of their own service and Preservation of existing wages and working rules for train, yard and engine service employees on all the railways of the United States for another year was assured by two decisions of the United States Railâ€" ‘central‘ for the time," sald Mr. rules until "some date subsequent to October 1, 1923." TELEPHONE OPERATORS To DI8CONTINUE aiving TIME. SAME WAGES ON RAILWAYS TO OCTOBER, 1923 at C +4