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SIGNATURE CHARLES MATHER
TITLE PRESIDENT
<TABLE> <S> <C>
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
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<INVESTMENTS-AT-COST> 20,705,365
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THE FINANCE COMPANY OF PENNSYLVANIA
226 WALNUT STREET
PHILADELPHIA, PENNSYLVANIA 19106
TELEPHONE: 215-351-4778
---------------------------------
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON APRIL 21, 1999
---------------------------------
NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of The
Finance Company of Pennsylvania, a Pennsylvania corporation, will be held in the
Independence Room of The Downtown Club, Public Ledger Building, 11th Floor, S.W.
Corner 6th and Chestnut Street, Philadelphia, Pennsylvania 19106, on Wednesday,
April 21, 1999 at 11:00 A.M., Local Time, for the following purposes:
1. To elect one director to hold office for a term of three years and
until his successor is duly elected and qualified.
2. To vote upon ratification of the selection of Deloitte & Touche LLP
as auditors of the Comapny for the period April 21, 1999 to April
19, 2000.
3. To transact such other business as may properly come before the
Meeting or any adjournment thereof; all as set forht in the Proxy
Statement accompanying this Notice.
The stock transfer books of the Company will not be closed but, in lieu
thereof, the Board of Directors has fixed the close of busines on February 26,
1999, as the record date for the determination of stockholders who will be
entitlted to notice of, and to vote at, the Meeting.
By order of the Board of Directors
DORANNE H. CASE
Dated: March 5, 1999 Assistant Secretary/Treasurer
---------------------------------
If you do not expect to be present at the Meeting but wish your stock to
be voted, please date, fill in and sign the enclosed form of Proxy and mail it
in the enclosed stamped envelope. It is important that Proxies be returned
promptly.
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
The Finance Company of Pennsylvania:
In planning and performing our audit of the financial statements of The Finance
Company of Pennsylvania, (the "Company") for the year ended December 31, 1999,
we considered its internal control activities, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, and not to provide assurance on the Company's
internal control.
The management of the Company is responsible for establishing and maintaining an
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
internal controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. These controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of the internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Company's internal control would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control components does not reduce to a
relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Company's internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/ Deloitte & Touche LLP
January 19, 2000
