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The relations of the two departments of the business are fixed by the provisions of the charter. The entire surplus in the Insurance Department accumulates for the benefit of the Policyholders. The only advantage, direct or indirect, which the stockholders of this company can at any time have from the union of the two features of their business results from the fact that the management of Trusts, from which they derive their profits, is done for them without charge. The accounts of the Insurance and Trust Departments are kept entirely distinct and separate.
INCORPORATED BY THE STATE OF PENNSYLVANIA,
Third Month 22, 1865. Empowered by Law to insure Lives and grant Annuities; to execute Trusts; to act as Executor or Administrator, Assignee, Guardian of Minor Children, and in other Fiduciary Capacities. SAMUEL R. SHIPLEY, President.
T. WISTAR BROWN, Vice-President.
J. ROBERTS FOULKE, Trust Officer.
J. BARTON TOWNSEND, Assistant Trust Officer. DR. THOMAS WISTAR, Chief Medical Examiner.
PHILIP C. GARRETT,
JUSTUS C. STRAWBRIDGE,
JAMES V. WATSON,
EDWARD H. OGDEN,
As customary at this period, the Directors of The Provident Life and Trust Company of Philadelphia present herewith their Thirty-third Annual Report.
The Company has issued 4,938 policies during the past year, insuring $13,477,838.00.
The premiums received, including old as well as new business, amount to $4,434,534.36.
Twenty-two annuities have been sold, the annual payments upon which will be $11,209.14.