figure to 843,000,000 gallons by end of 1923, compared with
1,259,000,000 at the end of March.
The importance of the subject makes it necessary to issue
this booklet in two parts, of which this is the first.
In the following pages the First National Bank gives par-
ticulars of a number of companies and corporations engaged
in the oil and gas business. Others will be discussed in the
succeeding number.
PHILADELPHIA COMPANY
One of the great corporations of Pittsburgh is the Phila-
delphia Company, which was incorporated in 1871 and organ-
ized as at present in May, 1884. Philadelphia Company has
a very broad charter, which enables it (1) to act as a contractor
or as a builder, and as such to build, construct, maintain and
manage for others; (2) to act as principal, and as such to
build, construct, maintain and manage for itself; (8) to act
as a purchaser, and as such to buy, maintain or manage, in
its own name or otherwise, “any work or works, public or
private, which may tend or be designed to improve, increase,
facilitate of or develop” trade, travel, transportation and
conveyance of freight, live stock, passengers, or any other
traffic, by land or water, from or to any part of the United
States or the territories thereof.
Philadelphia Company’s major subsidiaries operate the
public utilities which serve the Greater Pittsburgh district,
having a population estimated at 1,500,000, with gas,
electric light and power, city and interurban electric
railway service. It also operates many commercial enter-
prises which augment or are closely allied with its public
utility services, including oil wells, coal mines, steam heating
plants, river towing, real estate, automobile service, steam
railroad, and stores for the sale of gas and electric appliances
and fixtures. The company’s property and security invest-
ments are conservatively valued at $250,000,000. Securities
of Philadelphia Company and affiliated corporations owned
by the public amount to $195,890,450. Dividends on Phila-
delphia Company common stock have been paid every year
since 1885, (except 1897,) at rates averaging 69,. Total
