Annual Report of the President and Directors to the Stockholders

00 General Mortgage 00 TOTAL 1909 Program Final ACCOUNTS PAYABLE Additional Tracks Baggage Cars Balance Sheet Betterment Account Box Cars BUILDINGS AND FIXTURES Cabin Cars CAPITAL STOCK CLEVELAND & PITTSBURGH CLEVELAND CLEVELAND CLEVELAND Cleveland:-Addition Coaches contributed by Lessee CREDITOR CULVERTS DEBTOR Decrease DIRECTORS DISBURSEMENTS Dividend Fund Dividends and Interest E. R. PERKINS EARNINGS Elevation Ended December 31st ESTATE AND RIGHT Flat Cars follows Freight FUNDED DEBT Gondola Cars Guaranteed Betterment Stock Hire of Equipment increase Interest on Funded Investment Issues June 30th Less Credit Lessee since June Locomotives Master's Office MISCELLANEOUS STRUCTURES Mortgage Bonds Operating Expenses Passenger Traffic payment Pennsylvania Railroad Company Pittsburgh RAILROAD COMPANY PRESIDENT Property contributed R. F. SMITH REAL ESTATE RECEIPTS Rental REPORT Respectfully results compare ROAD AND EQUIPMENT SCRIP Series Series D service December 31st Special Guaranteed Betterment STATION BUILDINGS Stock Cars Stockholders Surplus Terminals TOTAL EXPENDITURES TRAFFIC OPERATIONS TURNTABLES WHARVES AND LANDINGS Whiskey Yard ΤΟΤΑΙ