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this. [no directors ht-ld "no" Brit running in (his "mm The company opened Ill ttrtrt omro Arron tho ball iv this hulldllll In a short time it I” realized me Mire urn not un- nl‘lo and um huildihu can ot ttor.-- lormotly In. pull "any wan par um. I have Pun "not No, I, luv- irtq and. "no ttret depot" In (In. w» torloo Count, 11n- & Buiu- Con- _ ail time “Mr-i unu'm‘nre and with. 19.1Pr m Hw mm " \-.m ot the com- 133% [mm c. “nah-hr" IN! only would 6.1% erv haw burr. this arm! World 1.9% War hm atsur surnn Huts nt thr, most 2.3r.; "u*\'0rl' hummus: ,rp-rasziort mm or pvranIrd Iluumvr. vulh assurrd nnrnm| (inn-s ahmau l dn no! beiievo 89.3% an of (hr origmal dunno” Maury 7.1% ou thn Waterloo THIN k Sawing]: 1.8% (mummy ll1jl!)|ng tho 11yi'e.."..1iy,'l 3% prvsttiott amungsl Canadian Bmurctal 1.5% i.nl|lu|ions it dom, today. l . '_... ultimate <2: I sumvlixm .umpauv w Ill 1912 it w a _ tho at! time rAtr l'l tltrs flux! IS THE ONLY ORIGINAL DIRECTOR LEFT Inn-a'nxr-ms Compony tiitrin as ucunL hum rio. Hail-d L" "u," .I' ll rr:r'rs, . Hf» -Tritcims tol, " 1 ID] “INCH " KapPl'IAMIn) anu- ds-posits. '.A mm" "cs' :‘wwn'v, “‘21“de mn'ixmu In at acitt.. from 05min“! FORD S, KUMPF, :u‘z-<Lm'x.ll mmvm': In corttinstett-', President. , N “T WW , of r>-<vrvr acruums ")W.tt,cu'rto. Ontario. January " 1938. Reminisces of the Early Days of the Company and Points With Pride to the Splendid Progress Made; Analyzes Investments Which Show Increased Soundness. show AL a 'ha: (brim counts we an]. After providing for interest on deposits and other Trust) Funds received from tl e public. and defraying the expenses of management. the balance available for distribution is as fol-5 iowa:-- [ President Ford S. Kumpf Moves Adoption of Report The Directors of The Waterloo Trust and Savings Company have pleasure in submitting herewith to the Shareholders, their Twenty-fifth Annual Report. showing the result of the Com- pany's operations for the past year, accompanied by the Balance Sheet to December 3ist. 1937. Bil-nee brought forward from Net profita fer the year“ _ trrF Thin “noun! In; been diipoted of n; "Ito-r.-- Two halt-yearly dividends, Nos. " and 48 fat the rate THE WATERLOO TRUST AND SAVINGS COMPANY '* COMPANY INCREASES STRONG POSITION PROFITS FOR YEAR AMOUNT TO $ll7,070 GUARANTEED DEPOSIT FUNDS $10,l 12,000 Mr. Ford s. Kumpf, President, Refers to Gratifying Record of the Com- pany; Presents Annual Directors' Report Showing Sub- stantial Progress in All Departments PACat TWO Ilur. "uy'c ml rl Total Volume of Business at End of 1937 Stood at $16,787,729 29, an Increase of $381,413; All Departments of the Company's Business Show Progress for the Year of " per annum)., _.-...F-.trrm...-mmm.__-_r."'"'mm_.-em' Government Taxc, _ "m' . u . v... _..rrrir.r..mrr..tt..te-t+ Set asuie for Ccnmngmcu: and Special Reserves. Written or? for Mfice equipment---------, Balance carried forward... _ "v.. "m,....--......-.............) Twenty-Fifth Annual Report prtcd rar'ety n: .1! ma our urn-X. “an“: tn In r“ Tum ram". I nude on hahai! of the hi0 'h , Sid-117731 and t." mun! ncw no Directors' Report as! year have. d tn than of 1-" ratio of 1i- cietrit":r?s to r"ttsrory. We ths? Ci , stead hn‘v the thrs Grtar. l- l I h" Inch plum In new a. adoption " tho not. Inb- mitted to m todar, In Marin. one. more to this twentrttfth waiver-an. I would lit. to Huh nfmm to a. - lnd courteou- M numb-n with when Mr. Willo- bu “Mind-d him-OIL 2- 1:4 of age; the Waterloo Mutual I ' FLr Immanu- Company was in "ml,,) , atian GO wars; the Mutual Liter", A-sst,pttcty Lompany was orgnnhod; .1 Xt.tit", prevmusq‘; The Buouomxrq “I Mutual Fire Insurance Compaun u». Kmln-nr-r “as " yo-ars old. and i' . m lunmnmn Lite Assurance Cum- ' gun) “AS in husmuvss " years he- " .u‘l‘ thrs Trust (mummy started, " ' _ z ',t', m.» :uuluuuun on ma company ' sq,tN m tar-rc mum“) e surxouudmgs f, a,” nth! An "ica of Aa raput youth u h', {rum thuso shown in the cr;; t'.t < Hamment. Tr. F-ter-s Department exper- "H! .t _s:iticVory d-w'e'unment (, y.: '31. \rl", and a considerah'.e ~.v‘.-‘ .n, nr-w "states and tru<ts 'I" z“- tforudutittistrritt:on. New :;- Y;"".:." I: in wi.'ls in runs‘deruhle . ilr, ,r,'S haw than advised to the “unplug, and it is reasonable to ‘:;umo :hat this Department will mt'.naty to grow. The books and vouchers of the lawn?“ offices have been audftpd zmtt‘h‘y and the Auditors' Ctyrtiti, t'v is attached herewith. AU of which is respectfully Stth- ".uittod 23% w w “1an 1mm the Ioliuulnx .zvs uud ttguren: In nu ma deposits along with I.6% 1.8% “hum the company started. there} _ .. " number at financial nnstitu-; ls :Inurish'mg in the county. Ttstr, m» lesxriu Mutual Fire Insurance‘ "Lil.“l} v! Galt I33 aready 7% 1:4 of use; the Waterloo aeutusul one. Praises, Deposit Vault. out. Kitchener. Waterloo. Galt and Fromm... .. FN..___ w_i..___-9.. Other Real Eat-ta qrr.wrrrrr..r, ..r.v__ V N__.PNN _rrvv.-_ _.....-, Adm- to but... and Other Anon. _...-" _.... pal Ind other bonds and securities City and Town Mortgages in Ontario., City of Manual Hormsmm, ,. H City of Winnipeg Mortgages _ V Other Western City Mom-nahw...“ rum low in orgurio,,,,._., "'t_ one. Praises, Deposit Vault. out. Cash and Government Bonds (hired a Gutt.)....$ 2,201,690.71 Canadian Municipal Bonds ... o. _ _ .. "-_t.__e. _ o. 1,545,300.19 Corporation Bonds ...__.tt_ V.w._W.ttt.m_ T _ _...., ..t.bt... ., 798.670.37 Stocks b..m....rrWM.qT_.r..m.Tr...m_r__ .P'_.FP"'w_._W'rw_r....,w_.reqt.msm 222,074.08 Coll-tern] Loans secured by Government. Munici- Capital and Gunman“ lamina-t Andy-l- "Pumts w ', Mr (Thurman and Gentlemen: is as fol-f [In-mg ussoriated with the presi- ‘dv-ut in this motion I feel it my duty. Ira-cause of the eonttdettcty which - - many men and women have shown 4 16'108"6 i. us by pining their tlttatteial "tttrs . 117,070.98 , nu: hands. to refer to the net- F--------- ssritte-. ttrehind the tigurtm in tho $133,229.69 [ vuumom before you, _---...--) Um of the responsihilit!es our stt1p.rtly undertakas is the adminis- , 1 Man of eyit:itFhs The term "estate" tir-tt's ,sverythitta you own. real 4 50,000.00 my ma me)- stocks bonds and other . 12,000.00 . .qn-xxiqs A trust company. it ap- _ 50.99".” ., am d ae your executor and trus- . , ,'crts' tn {VF-£9??? theyy as. . 3,000.00 tr'ttt and to chaitrr.e them tor other as- 1733957 was 1shettevcr Such change seems to Nouns» s5re'ttrN" protottt'ort of prin~ '133.220.69 ' pH: um income. Our Investment - - - 1unlxc'.s' Ilamruuem makes a c'otse will} u: the many types of invest- mm in the v.»-m< that we can enter imo This any”: dt-mrrmv-m is rondurted by nent exper- V \IIEI'! men. enercmir‘ and well Unin- 'wveurpmrrnt vol Thuy are undar the sxxperrlslnn considerah'.e 7 " .umm New u! directors and son- and "mm io' .-m ..-.- wio-vt-Ad tor (hair par. mm," New ts um ntra'Uieations in trust mat- 50,000.00 12,000.00 G0,91plt.t'2 3,000.00 17.239.57 ieul :nh-wslinz and important, I mm that the 811575.329 coming ullllv“ tltat hum-ling Is invested as luLIOWI' Tho sane, sate and net-ante con- duct ot the enormous vo‘uma or “ansauions which go through the banking and trust dotrartrnertts In I t-ibute to the stat. (hr hu<3n.~<< 1s a bucirress or ser- rim- tt3rvrt can”! upon we are well Nguipped with three branches in Wa- mrloo county and a head office to duet: and Miriam Born: a locn’ tu- cmulinu we feel we have an nann- 1:20 in administrating estates. pub t mxhrly those in the County of " " r100. In th" hankinz department we Luv 2! CSO depositors with " aver- a?” tissposit ot ”04.00. We have in. sested in mortgages 3108592900. This amount is distributed anion: 2..8ftt mortzawes, or an avenu- of " 106 on per mortzazeK Thus yon will see that we have one debtor to eight crndhors the guaranteed Trust receipts Issued. amounted to 366.000. In 1917 the amount I'll 890L787. In 1927 " ruchad tSAi9.884. At thw and of last rear-tMt. lt had yawn to 'ithili.9M. Mr Chairman. I have much pleas- U?" In somnding your motion adopt- ‘n: tho report, Mr. Louis L. Lang Seconds Adoption Points With Pride to CortStHrtttq Puinc Hal Shown kn the In- stitution n Evian-med by Their 26000 Waterloo County Depositors. of Annual Report .HJ'IMIQ.“ 268.“)(10 4.537.85433 826,43t86 208,138.99 27,917.60 I73.001.23 20‘.030.39 305,155.0l 10¢.503.83 fll - l During each your of the Compatty's history we have always experienced " cottsider:tts'e increase in the num- ber ot savings “counts kept in It: several brunch“. At the end of 1987 our ordhnry deposits totalled 86.- 206330. and term deposits. or In- 'vestment trertilicates. 33,9051“. or a izrand total of t10.111,Mr--tut In- crease of 3591.000 for the year. " is dicicult to forecast at the commence \menl of a year the movement ot do posit (ands. There are always new accounts being opened, as we" as “counts bola; closed People store up their savlngs tor a great variety In pronoun; the 25th Annual t"stattm"tttt. " to but out" to "all tho fact that lut your we alloyed the presence ot Mr. Thomas Httttar6, who nu one of the ronadon ot the Company and It. President tor my years. Both he and Mr, Edward F. ‘Seagrum who passed away the day lprevious to the Annual Meeting. had been members of the small group composing the ttrat Provisional Di- rectors of the Company, To one who has had the honor of attend“); all shareholders' meetings slam the in- trpllon or the Company. tholr tttr whee Is greatly regretted. " is part at the inevitable order incidental to we life of a'l institutions that those “he have been the founders will. in time, be succeeded by others. Beet u " well. on certain occasions. to sire thought to those who have gone lofore. and to preserve. lhrouxh the over succeeding chttttReg in business. some remembrance at the early stron-" sors whose gaming hands ttrat ‘vnnchad the Company on its thttut. eat can". _ The statements which you have tttF fore you indium a satisraetory de- 2 on of progrc-ss for the year. The p'ofns are s'ighlly hizher than Ihosa s.," thrs previous ypar, and mirh de mrlmeut ot the Company shows sub- :lanlial progress The total volume or business entrusted to the Com- may, covering Capital. Guaranteed and Trust account; rxreeded at the n-nd of the year 316.700 BOO We have mason to expect that the tttture will he appreciably increased through m w business to he added in the cur- lent year. Deposits-Strong Liquid Posiiion lncreued Business for 1937 Mr. P. V. Wlhol, Hanging Director, Duh With the Plum In the Sacral Depart-eats of the Ginny’s Business Managing Director Outlines Strong Financial Position PAYS TRIBUTE TO COMPANY’S STAFF ESTATES. TRUST AND AGENCY ACCOUNT GUARANTEED TRUST ACCOUNT CAPITAL ACCOUNT Ion-m " .Nrr, "rN.V"r. _ Bonds ._,___._ .r-____ 'V__.-_.v-_t.T Sunflry This! Intettotentr Cash a hand and in hunhL. Net." .r,t. lnyentory nine of cure-lined Estate Stoeks and accrued dividends.“ Demand loans against Reeurities, Cult on [and and in banks, __.- Government Bonds F.M.9. 1,292,087.21 Dominion and Provincial Govt. Guar. Bonds P..... 370,164.42 Canadian Munkipal Bonds 1,521.27922 Other Bonds a Debentures 628,678.33 Dominion nnd Provincial Government Bonds F.MW» Dominion nnd Provineinl Normans (including Agreement. for Sula 81.56.988.28 covering mortgaged properties sold) "'Fre .....l Interest due and Beerued, Nation .r.mNr.wrrrswwrrrmmr.wrmi.mrw_N-rrmtrrrmtr VeV Due from Guaranteed Trust Account Cash on hand Ind in banks..,.......,, ... Stocks Advnnces to Estates under administra Loans on Securities (including $27,919.54 against Company's own Dominion and Provincial Government Bonds o......-.-.....),'") Canadian Municipal Bonds.. 18.021197 Other Bonds & Debentures 179,992.04 once Premises. Waterloo and kitrh, ener, including Safe Deposit Vault. etc, and Fixtures, Galt and Preston} 20:.03039 Other Real Estate........,........,......, 305.1551)! Mortgages m..-............,......))." interest due and accrued.... 3.26L64 Total FORD R. Km. Mint ASSE" Izhrdships I The Directors have ambushed a I policy nut the Company at all tunes (maintain a strong liquid mutton {through keeping a large proportion ot assets in securities ot a readily fumrkelahle‘ tum. This keep- the jompany m a position at all [lines m meet all) special needs of deposit- mxs m 1hr matter of savings with- annuals An Analysis of the Cam- wm's inu-snnpms as at the and of the year disclosed the tact that there ":9 immrdiau“; marketable securlt- we] in “wuss of 70% or the Com- naus's ordinary deposits. This rap- n-senu a strung position in <urwyinu tiw Company‘s mort- rage sztuation wth tittd that there rem new applications accepted in 1937 to thm extent ot 8682.000. Thou mans wer" confined almost entirely In- the Province of Ontario. the ms. to [ml‘t'uu or them being situated 3 .ithet :n “Rum-loo County or in the City of Ton-mu Interest rates as a ‘rlilv an» on " lnwor basis than those ‘m’ Lill‘VltHia yours, It has always been Ie,. desire or the Dirut'tors to meet as L’qu as possible. tho demand tor are “mortgages in our home field. and I [think that it can hr- stated that Tho lWairu"ostr Trust has been for many Hunt‘s on" oi' the largest mortgage , nders in the County ot'Wtiterloo. It ‘Ea not u'wars possible. or course. to (s' ttisAy demands. Therrs is a tendeney to "vervafu" tho older properties In Hr» lilzht or mow modern construe lion and runwnivnrv or layout, many of the oldt-r structurns. while sub- ;xautiully huiit. hare lost their an; Feat In pntSpH‘lH‘P buyers. and com; sequexuly have to bo appraised on al low hasis for mortgage security pub poses. Many of tho older properties do tend themsolres. however. to slight champs or additions of a more modern character. which place them in a more rcadiiy saleable position, it has been the policy of our (fear puny to be as reasonably helplul a pagan)!» to thoso mortgagers who, through no fault of their own. nor Imps. have experienced titttttteial Mortgages and Real sun: or obpcu. and it to interesting to oh _ some the ebb And now of fund- y Mulch mark the trtnucuonl ot none} 15000 "counts l, The Waterloo Trust and Savings Company Present Their TWENTY-FIFTH ANNUAL REPORT Assets and Liabilities 36.709.662.38 176,781.12 7,322.83 as a rosnh or unemploy. $16,781.72929 " 0161.91.18 86.062.399.60 'i,463.38.S.35 3,485,05919 3,7tfi,g09. " 2 l A,7trt ao 69.0781] 373,559.79 5,826,345.71] 533.094.5l 86528715 190530914 IRRJMPJ)? M7.i22.30 73,937.9t 30.56532 150.000.00 34.09230 199,326.05 129,164.M of now estates and trusts coming mm its hands tor administration. As usual " number of estates tern Hus-ml out "ntirely, tinat distribution lit-Eng made tn the interested btstteti, ciaries We have continuous err tienr" that the people of this dis trim art" hacoming mom “trust" “1:“de A record number of wills mm- med with lho Company din-In; 1937. in whip): it was appointed as Executor or trustee for future mules. There are several reasons “by this shou'd continue The work, land responsibility entailed in the ad- ministration of estates ot my size is greater. than some yarn ago. Gov- el‘nnwnt laws relating to Succession Duty, Ineome Tax and other requlrc» mums. am more compon and more Martini: Absolutely act-mun ac- Tm“. and Ethics. Our Company is not heavily inter- erted in Weattrrn Farm mortgagee "rut to the extent tint we are. we have joined with other inventlng in- slilulions in electing considerable readjustment: or Intel's-t tor those imrowers in drought ”on. where n :uccesslou of crop tnllurun hu nut. ura'ly resulted tn mommy to moot their current obligations. The spirit oi optimism still prevailn. however. and it may ho that with the improved moisture conditions now to be found in many areas previously stricken. “nuns may yet restore favorablo (tops to areas which have become srgarde as almost hopeless The Trusts and Estates Depart- mmu experienced a fairly substan- tial increase, a considerable number men! or depressed humus condi- uons. Our arrear- ot morlglse inter- obl are slightly lea-ennui. And I0 ho new that some (Idaho improve» " cut is discernlb!e in the morugse Mm There has not yet developed Ilu- mlume of new building and real man» activity which some authorl- hes expected. but the opinlon put rails that surh will gradually take place ESTATES. "U31 AND AGENCY ACCOUNT Trust Funds tor Investment... ".540157415. Adv-neon from Capital Funds . 30,565 92 Inventory Mao of nnmlind Eat-tr _ GUARANTEED TRUST ACCOUNT CAPITAL ACCOUNT Rumba m_etWrrm.t. Tryst Derits .A Adv-ncu'from Capital Fund! General Guaranteed Inn-uncut Capital (Paidoup) _.......,.......-.-,.."))) General Reserve .._W.__.e-_.Wr.m..WeemWFPttt...mrtr_', 2.00,000.00 Investment Reserve ....emttrm..mw..ttrr.rrmrr.srmt. 200,000.00 Dividend declnred (Paid Jam 3, I938) 25,000.00 vaiaion for Government Tues.....,.... 2|.I43.7R Ptotit and IAS-.....-..-.., 'F.' ”239.57 aad Savings Gummy The Waterloo Trill Fem . KUIP' P. V. WILSON. Product LIABILITIES many clients of mo various depart- meals. I beiivrt. the Company can look forward to " Mir "mast"? of sum-vs; in "ttttrss years " is nux'lumnx‘) m business to make somr t'riuittc" to special anni- vm'sanrs Tlt,. Nahum-n! before you rmul's tho quui slam-s of tho Com- iiin3"s dvvelopnn-nl It was in this I‘m-om that ths, tirst ”mammalian meet- ings took piare and more are serm- a'. ber,. today “no ..m-nded thom Sinn- tttat Iiuw many til-alums have 'aken play-a Th,. m'icinal name and ’slnlns Wert' Illullng from that or a [bun Forum"; to " Trust Corpora- tion. Smc-LH mm ottics Tht're new!» 'Lshz-d Th.s um vu- reused from one to alum) sissy "bunny-rs The per- sunnt-l m Iho- ”mud of Directors wit. u-ssml mun} l huzmvs Thu-m has al~ an,” mum-J a happy n-lmionship ln-lwm-u thes "u,itttrctte arid In!) tttetnltors m tit, rt.ttt' Thu pmmiu on! Slulldllu: .u th,, humm‘ in this community hac msnml runlinuuns mun.» cottfidencr. in tite stability of the Wampum A loyal spirit has pm railed amongst sun members. and a constant "ndoavor is made to ran- ' M'M'y posmhh- san‘h'o to the 25th Anniversary Board of Directors - Staff it is a minimum» to be able to to port mu them are distinct Il‘ll at improving madman: in may of the Ontario Municipalities which nu become lawman!) in await a to principal or iuieresl. Grad-u] do crease of tuteaur'orrnmst. And [III- proved business conditions. have In.- iurully unwind For a while it w reared that a large body ot mini clpal authorities regarded but light- ly their debenture oblignlions. mil- mg to recognize the needs ot private investing including numeral" at "tet' eorrtptttsed of widows and chit, dmn. for the interest which and: tuttuiripulit'uss had obligated than» selves to pay There hat been great Improv mum “I the supervision of tite departrneut of Municipal Altair: A disliurt douire V, mm- being ditr played on their part to have dellllt- ing rotttruunttttss urubutuking adjust» menus or "ostpono1ettts of principal. r'Imply as tlusely as possible to the original mun-st provisions " m run-um! lint by tue end ot this yam thr. must. if not all, of Liam Oman.) Muuicipaltties in trouble will have had their 'tttairs MIL ably wall ttdtustod column: mun be M u all lulu. covering I.» M ot a“. mum or mm. m to. " Ivuea by tho Coun- to Trust o-- “are. are no “on“, an mu luau-alum “9&qu the giro“. ot (In mum, ol ”panelled m use: and Admluulrnuuu o- on. p4») In lurumulo In having I mi cuttsrly wen-Lumen In! for m- our you: a via“ an the no“ “I “quantum; equipment In mm to (In: annual” ecu-la will; “no u. hands tor mtmitudtrartion, I. In! an IIM'YQISIDS number ot spool-l.- mnua In: the nuwnluou at Um Trusts Atreuctets for vuiou unr- puma, um! ulnar trance work at . div-43mm lyp“ We moo-n con-Har- abit, “muons In our tuurees for 1988. am feel that thtet Department on the whale mu exp-Hence marked " vuncemeut In the future Mama“ and other “with. 8tB.7tVi,729.29 $10.26 I .94C2tl 36.002.399.60: $1.463.3M.3.r, 33.905.113.63 6.206330.“ 150‘000.00 3.i35.059. l y