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Hcvcaber a Bo r d o f Governors t 1935. Traneaa®ric& Corrorctloa A p p l i c a t i o n Tor general votlnf p w d t . C. TM O g l e The p r i n c i p a l rrohlene I n t h i s group r e l a t e t o the f o l l o w i n g sa&tters t?tticfa h ve been covered i n such sore d e t a i l l a previous nenoranda t o the Board on t h i s otise (dat& t Jcen f r o a l a t e s t examination r e p o r t , as o f Febru r y 11, 19J5, « a i / o r J«*rtuiry 51, 1955) 3 I. of ggagSjftfll W figtelt 1=0 fefl* a r i s i n g out o f leasee, depreciation and c r i t i c i s e d assets r e u i r e d t o bo reserved from the b*uakt June 26, 1951 Deo. 51, 1951 Feb. 15, 195? 115,000,000 10,000,000 ipt QQ9 TOTAL $55,3*14,000 Rate o f i n t e r e s t 65t, not j e t s t a r t e d . Balance, 9/1B/55 Balance, 2/11/5S $S?,941,000* g8,550,000«M» This i t e n w&s not shorn i n the a f f i l i a t e r e p o r t bo published. * Reduced $5,£00,000 i n January 19?5, r e s u l t i n g f r o a a corresponding reduction o f c a p i t a l stock o f Bank o f America (State) i n connection w i t h the t r a n s f e r o f 60-odd branches t o Bank o f Aaerloa S.T. ft 8 4 . ••Subse-mently reduced t o l?5,550 t 000 o f f s e t by a w r i t e - u p o f Government bonds on the books o f the bank. When the a p p l i c a t i o n f o r v o t i n g p e r * i t was f i l e d by Trnnsamerioa Corpor a t i o n ^ a l l dividends being paid by the beak were supposed t o bo a p p l i e d t o a reduction of t h i s obligation* ttr. C l a r y , v i c e p r e s i d e n t , disouseed t h i s • * - p o l i c y with members o f t h i s d i v i s i o n and I s f t a c l o u r ua ierstaading t h a t tho p o l i c y of applying a l l dividend* received f r o a tho ban* on r e f a c t i o n o f the o b l i g e t i o a would bo continued, The bank resumed dividend »ayeents i n J u l y 1955 and apparently applied some o f the dividends t o the reduction o f t h i a i ten i n 1955. Since the e a r l y p a r t o f 1954 the n a t i o n a l examiners reported t h a t d i v i d t o d s paid by the bank hnve not been applied on the r e duction o f t h i s o b l i g a t i o n , although the bsak h i * since increased i t * dend r a t e t w i c e , i t now t>eing •here. divi- conta o r 100 on the p«*r value o f The annual d i v i d e d no?- amounts t o 15,000*000* vides f o r i n t e r e s t a t the r a t e o f per The contract p r o - f r o a the a a t u r i t y date. I t has been the p r a c t i c e t o renew the contract s h o r t l y before m a t u r i t y l a December o f each y e a r , w i t h the r e s u l t th-.t i a t e r e s t has not y e t begun t o r u n . Tho c o l l a t e r a l securing t h i a o b l i g a t i o n as o f Febraajy 11, 1955, i s i n d i c a t e d i n the l i s t attacked a t tho end o f t h i s nemorandun, froa which i t asy bo noted t h a t apparently the current c o l l a t e r a l does not consist o f stay o f tho items o r i g i n a l l y Involved i a the charge o f f l a 1951* II* frfrabmty of f o r T u t y r i spd fypysr haifr <frV9T*Moyi V? B&qfr of fricr}^ on a c o n t a c t which o r i g i n a t e d on October 1 , 1951, i a the amount o f $9,15S,000i Balance, 9/18/58 Balance, 2 / U / S 5 17,865,000 5,97?,000 This i t e n was not shown i n the a f f i l i a t e r e p o r t r e q u i r e d t o be published. Rate o f i a t e r e s t I S pef» annua. These p r o p e r t i e s were • s o l d * t o C a p i t a l Coapaay by i t s parent, Transamerioa Corporation, under a s p e c i a l c o n t r a c t * Tho honk, on September 15, • 5 1954, a r b i t r a r i l y donated #1,000,000 t o Transasierioa Corporation becanso o f the excess p r i c e a t which these properties were o r i g i n a l l y aaericr- Corporation. t o Trane- The o f f s e t t i n g e n t r y on the books o f the bank was t o "depreciation" account* The examiner reported t h s t o f the t o t a l reductions t o date, only $356,000 was through proceeds o f a c t u a l sales o f these properties* This o b l i g a t i o n I s said t o have boon secured by the r e a l estate cowered by the contract*, in* *f c^itai fo fogpw I f 4ft»rt?*« (» iQQft m M M t m Pvwmna* contract, renewed or extended fron t i n e t o t i n e , f o r other r e a l estate ( c i t y properties) reeoved f r o n the assets o f the beakt Balance, 9/18/55 Balance, t/XX/U Hi,US,000 St,SOS,000 Bate o f i n t e r e s t l £ , under the t e r n s o f the contract the bank being r e r u i r e d t o pay taxes and r e t a i n s t i t l e * Average r a t e o f l o s s on sales based upon these c a r r y i n g values, 19% f o r 1958) f!X% f o r 1984* (The r e a l i s e d losses on sales and the estlaated p o t e n t i a l losses on f u t u r e sales, o f course, were net included i a the losses estimated f o r Bank o f America.) The Board r u l e d t h a t t h i s company i s a c t aa a f f i l i a t e and therefore no i n f o r m a t i o n r e l a t i v e t o t h i s l t s n i s r e o u i r e d t o be published. IT* iMahjBitar f f Wrtflwntf* OyyporaUffn) ^ frffft P=»Q« (» w W W r t B t t M • » * ccntract, renewed or extended fron t i n s to t i n s , for other r e a l estate ( r u r a l properties) renewed froa the banks Balance, 8/18/55 Balance, ?Al/U I T,678,000 14,?41,000 Bate e f Interest 1%, under tho terns ef the eontract the beak being required to pay tamos and retains t i t l e . • 4 Average r a t e o f losses on sales b^sed upon these c a r r y i n g values, 18* f o r 1935 j f o r 1954. (The r e a l i s e d losses on sales and the estimated p o t e n t i a l losses on f u t u r e sales, o f course, wore not Included I n the losses estimated f o r Bank o f Aaerioa.) The Board r u l e d thftt t h i s company i s not sn a f f i l i a t e and therefore no Information r e l a t i v p t o t h i s item i s required t o be published. The foregoing items, numbered I t o I T , aggregated over 170,000,000 as o f February 11, 1958, o r about 90* o f the bank 1 * c a p i t a l and surplus. These items r e a l l y c o n s t i t u t e d other r e a l estate and/or losses, y e t they were c r r i e d by the bank i n "loams and d i s c o u n t s " , thus /rreatly Improving the appearance o f the b&nk'n published statements. I d i l l i <» * x * « of Bank of America* Balance, 9/18/88 Balance, 2/11/88 $10,068,000 11,81?,000 This does not include any o f the items l i s t e d above. 71. P o t e n t i a l Other Heal gst&te. estimated by n a t i o n a l examiners as o f February 11, 1955, t o bo approximately 1*9,000,000, I n c l u d i n g 14,500,000 held as loans where t i t l e has been acquired and $9,800,000 i n process o f foreclosure. This aggregate does not include any o f the anoints described under items I to • above. TO. Investment i n Stock o f Merchants Rational Realty C o r r o r A i o n (100* owned br Bank e f America) represents bank premises and/or other r e a l estate but c a r r i e d i n tho published statenants o f the bank as Investments, T o t a l , 9/18/58 Total, T/VL/U $5,580,000 6,€97,000 . Dividends received by bank on ooonen stock * none, the bank being assessed a s u f f i c i e n t l y large mount i n the f o r * e f "rental** to meet fined charges ef ths corporation. - s • mx. i n n v t i t o f * ttfl a g f B M b « th» book* o f Bank o f Aaerlcat B&lance, 9 / l B / t t Balance* f / \ l / M 1^8,600,000 400,000 The r e faction apparently resulted from t r a n s f e r o f o e r t a l n bank premises t o Merchants n a t i o n a l Realty Corporation* The t o t a l o f the foregoing items o f slow o r f i x e d assets (not i n cluding i t e a 71, P o t e n t i a l Other Real Estate) amounted t o over $1^5,000,000, o r 1S7% o f the bank's c a p i t a l and surplus* I n a d d i t i o n , the bank had r e a l estate loans o f over 1*00,000,000, o f which aaount approximately $59,000,000 was estimated by the n a t i o n a l bank examiner t o be p o t e n t i a l other r e a l estate* - 6 - II. Dividend P o l i c y Dividendg declared by Bank o f America. N.T. & £.A, 1950 1951 193£ 1935 June Sept. Dec. $6,000,000.00 7,800,000.00 -0a a a — a e e e a e 1934 H e r , June 12 Sept.11 Dec. 11 1955 Mar. June Sept. (Dec. 5 7 ^ per share, par value $£5, or 6 * • - - - a a a a a a 6*J# « • a a a a a a a a a a a a a e a a a a » a a a a a a a a a a • a a a s a a a a n a • 6% a n a a a • " 10% a a a a a a a m a — - | 750,000 750,000 750,090 £,£50,000.00 750,000 • - - 1,000,000 1,000,000 ^.,000,000 5,750,000.00 1,250,000 1,250,000 — 1,250,000 1 , 2 5 0 , 0 0 ^ » 5,000,000.00* - •Announced p o l i c y - £,000,000 shares, par r a l u e $£5, outstanding* Pivifccnde Declared by Trftneaayrlca Cyrpora^ipfi 1950 1951 1952 1955 1954 Jan, July 1955 Jan. July So i n f o r n a t i o n i n the f i l e s 0 * n u n _ _ • per chare ( s t a t e d value $1,00) « • s • • a a e* so w a n s * * ( D e f i n i t e f a c t s not reported t o t h i s d i v i s i o n . The Wall S t r e e t Journal o f J u l y 5 , 1955, stated the r a t e had been increased t o 1&# per share, which w i l l amount t o approximately $7,066,000 per year on approximately 25,6££,000 shares outstanding.) 7 t None • $2,954,678,97 2,955,556,10 5,910,215,07 2,946,628,12 - 7 • TP/vNSAIfrRIC* COHPOFATIOS PiTi-ienda Received - 193* Froa* T m i f i a t r l o f t Bank Holding Company Tr&asameriea General Holding Company B&nkdnerloa Company I n t e r - C o n t i n e n t a l Company &,882,778.it 269,846.24 -0- Tranoaaarijen Service Corporation TOTAL *r,4T5,5TT.49 Trnnaaaeriea Bank Holding Company Traneaeeriea General Holding Company BankaaerlC2 Co'apany I n t e r - C o n t l n e n t & l Company Tranaaaeriom Service Corporation TOTAL 12,700,790.50 988.11 • ( E r a a t *nd Ernst - "Amonnt t r a n s f e r r e d t o T.A.C.*) p ^ l ^ d a RyooW Trout BjUbH front i m t e i IW* 100,000*00 1,558,598.88 $8,715,175.27 - Tr&neameriea B?nk Holding Coapany Transaaerlo;- General Holding Company Bankamorioa Company TOTAL 14,588,477.81 1,478,796.55 t«,oir,r74.54 • 8 T3A8SAMBB1CA BANK HOLDIHQ CQiSPASX piTjdffldp F e e z e d - j952 From; Hation&l C i t y Bank o f low York F i r s t n a t i o n a l Bank o f Portland Second Sowing* and Trust Company, Portland Bank o f Lake S c r t h e m Bank o f C a l i f o r n i a Sowings Other sources not shown i n r e p o r t TOTAL $1,179,990.00 45,727.50 10,552.50 £,729.60 f,69f.00 II,?49,949.97 a ^ d c n d f BfoplTffl - 1?S? Front PiTi Froai $2,245,575.00 Bank e f Aserioa R.T. ft S.A. F i r s t n a t i o n a l Bank o f Portland ) N,IOS.OO Second Sowings and Trust Company, Portland) V e i l sJo Commercial n a t i o n a l Bcink 59£,500.00 l a t l o n a l C i t y Bank of Bow York -0Corporation o f America F i r s t Stations! Bank o f Portland - »B» Other sources not shown i n r e p o r t LHaMixUi TOTAL ?% 680,554.58 faft - Wi Bank of America H.T. ft S.A. Bank o f America (St*<te) F i r s t n a t i o n a l Bank of Portland F i r s t Jlatieaal Bank i n Bonn Other sources net shorn i n report 15,756,467.88 100,820.81 58,?65.00 14,826,786.88 - 9 - I t i e obvious t h a t the payment o f dividend* by Transaaerica Corporation been dependent l a r g e l y upon the dividend p o l i c y of Bank of America H*T* & 5«A« I n v i e v of the large amount due to B&nk of America !?,?« & £»A*, and t o Bsnk of America (State) by Tr&nsaaerica Corporation and i t a s u b s i d i a r i e s and the nature o f a l a r g e amount o f the other assets i n the beaks, i t appears t h r t a l l earnings o f the banks should be uced t o w r i t e down the c r i t i c ! s o c obligations* However, i a view o f the type o f p u b l i c i t y whioh hi s been given to the alleged earnings o t the bank since i t r*suiasd dividend payments i n 195? and the f a c t t h a t no o b j e c t i o n seems t o have been o f f e r e d to the divioend anr p u b l i c i t y p o l i c y o f Transaaerica Corporation and Sank of America, a sharp reduction i n dividend payments s t t h i s time would aost probably r e s u l t I n unfavorable r e a c t i o n * I n any event, I n a l l p r o b a b i l i t y such a reduction would have a noticeable e f f e c t upon the quoted prices o f 'Iran saaer ice Corporation stock, which has shown recent r a p i d r i s e s , anc would tend t o d i s c r e d i t the management i n the eyes o f shareholders, i f not i n the eyes of the depositors o f the bank also* I t i s believed t h a t i f the Board should deny a general v o t i n g permit i n t h i s case, on the grounds o f u n s a t i s f a c t o r y f i n a n c i a l c o n d i t i o n , the p o l i c i e s o f the aan*£ement, e t c * , no unfavorable p u b l i c r e a c t i o n would r e s u l t f r o a such a c t i o n by the Board* Ob the other hand, i t i s believed t h a t the g r a n t i n g of a general v o t i n g permit would be regsrded by the p u b l i c as an approval by the Board o f the p o l i c i e s o f the group — past, present and f u t u r e — e s p e c i a l l y i f Transamerica Corporation should advertise i n i t s annual r e p o r t s and other media t h a t i t had received the Board's stamp o f approval i a the form o f a general v o t i n g p e r m i t , the Board being r e q u i r e d by law t o consider the f i n a n c i a l - 10 - c o n d i t i o n , the management, and the e f f e c t o f the r e l a t i o n e upon the member hanks* According t o a recent prospectus on the earnings of the group, o s t e n s i b l y prepared by s brokerage f i r a , and a c l i p p i n g forwarded t o the Board which was taken f r o n the Oakland ( C a l i f o r n i a ) Tribune o f Boversber 15, 1955, I t I s claimed t h a t earnings of the group f o r 1955 are expected to exceed the 1954 earnings to a very great e x t a n t , f r o n a l l o f which i t nay be expected t h a t f u r t h e r increased dividends nay bf forthcoming, Should the s a i l i n g p r i e e of Tran&aaerice Corporation shares continue t o r i e e , presumably as a. r e s u l t o f tho a d v e r t i s i n g r e l a t i v e t o large earni n g s , e t c , , i t might be s t a t e d t h a t the bank would receive some d i r e c t b e n e f i t inasmuch as i t holds 804,596 shares o f Trsnsamerica Corporation stock as the sole c o l l a t e r a l t o loans aggregating #5,964,000 and holds 684,794 shares as p a r t i a l c o l l a t e r a l t o other loans o f which amount $4,49*0,000 i s dependent upon such s t o c k . Furthermore, should t h e p r i c e o f the stock be caused t o r i s e t o some f i g u r e , say $25 or $50 per share, the c o r p o r a t i o n would be i n a p o s i t i o n t o s o i l a d d i t i o n a l shares f o r cash and use the proceeds t h e r e o f t o r e t i r e some o f the o b l i g a t i o n s o f the h o l d i n g company t o the subsidi a r y bank. The low cuoted p r i c e f o r the stock f o r 1955 eas s l i g h t l y under $5,00 per share as compared w i t h the present high o f over 115,00 per share, there having been narked r i s e s w i t h i n the pest fee days, 2* Expansion Programt Since Trensanerica Corporation f i l e d i t s a p p l i c a t i o n f o r a v o t i n g p e r m i t , i t has obtained v i r t u a l c o n t r o l o f the banking business i n Nevada through the F i r s t n a t i o n a l Bank i n Bono* Present i n d i c a t i o n s are t h a t the System nay be spread more f u l l y i n Oregon and t o Washington and Arisona. Such expansion could change the group set-up a p p r e c i a b l y . - 11 • find A t t i t u d e of tftq i a i y ^ e ^ f t V the subsidiary The adtoinifltratioa of F i r s t Sational Bank o f Portland r e s t * t o a s i g n i f i c a n t degree i n the hrncg of l o c a l d i r e c t o r s * 111 other bueks i n tfe* group are daeidadly under th^ domination o f the n » | f w i t o f the holding pany a f f i l i a t e — * h i c h i a l a r g e l y Mr. Ci&nniai, eho h*s not i n the past been re? d i l y aacnsble to the requests of supervisory a u t h o r i t i e s , e s p e c i a l l y i n the n a t t e r of curtailment of dividenda and reduction of o b l i g a t i o n s o f a f f i l i a t e d organisations, the various other matters. fciiainttion of losees, and li - The f o l l o w i n g a d d i t i o n a l f a c t e are submitted f o r convenient reference i n connection w i t h the consideration o f the foregoing problemss Transsneric* Cor:oocrfi\l<HI P r o f i t a^e Lye? $8,017,000* Met p r o f i t t r a n s f e r r e d Lee at Dividends declared i 115,000 • I n c l u d e s dividends received f r o n t Traneeaerica Bank Holding Co. Transsnerica General Holding Co. Bankenerica Company Pygftt 14,586,000 1,474,000 $6,012,000 Loap Income f r o n dividends Income f r o n i n t e r e s t S e c u r i t y t r a n s i t i o n s (Het) Beooveries |4fS£l|000M 146,000 4,000 - Snpenoe* Het f o r the year 1954 Balance a t beginning 14,493,000 Lesai Dividends paid t o T.A.C, Balance 14,568,000 4,^6,003 -0- 14,565,000 Includes dividends received fromt Bank o f America H.T. & S.A. Bank o f America (State) F i r s t K e t l o n a l Bank o f P o r t l a n d F i r s t B a t i o n a l Bank i n Kane •5,756,000 Other (apparently B a t . C i t y Bank) #5,866,000 101,000 56,000 I 14,526,000 • is - mSSAjCTICA COBPOfUTIOB January Sl 9 1955 M M TrtJUfr. . Investments l a Capital Stock o f wholly owned subsidiaries! Transaaeriea Bank Holding Co. Transaaeriea General Holding Co. I n t e r - C o n t i n e n t a l Corporation Transaaeriea Service Corporation Banksmerics Company Sub-total till,904,152.50 56,559.649*08 1,998,100.82 US,048.85 800,000.00 151,155,950.75 (?) Contract on sale o f l / S (acquired f r o n bank) t o Capital Company Due froa a f f i l i a t e s t Tr&nsamerica General Holding Co. Trsneamerica Service Corp. P e t t y Cash - Scrip Completions Goodwill TOTAL ASSETS 5,9?$,981.15 9,664,£91.86 5,498,015.77 1,101.64 1.00 $168,247,540.18 mamin (1) I / I Purchased en Contract t r m Bank o f America, H.T. A 8 . 1 . Due t o A f f i l i a t e d Transaaeriea Bank Holding Co. I n t a r - C o n t i n e n t a l Corporation C a p i t a l Company Corporation o f America Bane* d'Amerie o d» I t a l i a Accounts Payable Reaerre f o r Federal Income Taxes, P r i o r Fears General Reserves Dividends Payable C a p i t a l Stock - 28,821,98? shares outstanding Paid-in Surplus P r o f i t end Loss Surplus TOTAL LIABILITIES $ 5,978.875.28 14,585,^51.97 824,594.81 400,000.00 88,944.58 1,819.82 58,589.58 5,788,548.08 1,780,000.00 2,486,128.12 25,621,982.00 107,886,758.66 8,888,200.06 1168,247,540.18 - 14 - M d H .flMttI wmmak mi mum bmm (Ownership 100% by Transaaeriea Corporation) January 51, 1958 AaSEIS anaamp Bonk o f America, 8.T.&3.A. Bank o f America (State) Corporation o f America F i r s t B a t i o n a l Bk* o f ftcncr F i r s t B a t ' l Corp. o f Portland F i r s t B/B o f Portland Satioual City of I . I . Sharoy 1,992,800.47 59,870 1,996.57 2,450 15,120*8* b,040 5£4,440» T o t a l Invcetasnte. Book Value $105, 916,054.68 5,878,816.00 146,154*58 691,000.00 1.00 1,706,729.88 4150, 599, £>65*42 $180,899,565*42 sm am Aixmfttt* t F i r s t H U Corp o f P o r t l a n d Transamerioa Corp. T o t a l Due f r o a A f f i l i a t e s Bea nefie cia el I n t e r e s t s 17,770,6* MnMUtfLg $14, 56 6,022* 66 urn To t a l c uuuum Accrued C a p i t o l Stocs Tax Due t o Book o f Aaerioa, S . T S . A . Under contracts Reserved For Aaaeta aoqulrod f r o a A m e r l t e l l a Corp For Aaaeta o f Misoollsnoous Banks Capital 10,000 shares - no par value I n i t i a l surplus F a i d - i n Surplus 5,000*00 26,584,£76.9? 50,000.00 7,667*88 1,000,000.00 8*5, k?0.44 a t , 472,578.02 $144,782,590.08 • 39,028.4 a d d i t i o n a l shares osned by e t h e r a f f i l i a t e * o r g a n i s a t i o n s . 15 fttflft W f r f f B M t ft foAt # ^ l/ll/Sfi Reel estate loans Loans to a f f i l i a t e s o f f*A«C« Loans on T«A«C. Stock Loans a l l other $£53,150,000 54,405,000 8,475,000 Bonds - C i r c u l a t i o n • • - Pledged • • - Unpledged Other bonds $ 46,056,000 508,216,000 t o t a l Assets IMIHBrfB "iliffliifigfifiit f i k W i M t r I k f l g L'aasnd deposits t i n o deposits Postal Savings deposits A l l other deposits C e r t i f i e d checks $£47,017,000(&)( b) 890,596,000(a) 67,866,000 57,504,000 Circulation C a p i t a l stock * Coaaon Surplus Undivided p r o f i t s Reserve a f o r d e p r e d a t i o n and losses total $ $ 60,000,000 50,000,000 50 11 £ (a)Public deposits $125,934,000 (b) Bank deposits 29,30^,000 M m retts* wife Slow Doubtful Lone Sloe Doubtful Lose $176,644,000 $170 a8,061,000 * £5 f 514,000 179,788,000 171 «6,089,000 J2,1.71,900 * • * enareciaiifln i n s e o u r i t l o s $11,2*9,000 a f t e r s r l t i n g bonds I ? 15,000,000. up a.S, OovernSssnt Although the beak had c a p i t a l s t r u c t u r e o f 10$ o f d e p o s i t * , tho c o n d i t i o n o f tho assets, even with a l a r g o aaount o f aaviage deposits, and the t r u s t business necessitate a auoh b e t t e r r a t i o . Bet opart t i n g Recoveries Least Lessee f i t loss Dividends paid T o t a l decrease f 7,£16,000 SalW«9W I 9,915,000 1^,662^009 1 £,657,000 (Bed) S,7fi9i9W t Reported earnings f o r the f i r s t s i x souths o f 1955, a f t e r p r o v i d i n g f o r c l a s s i f i e d l o s s e s , exceeded dividends paid. For tho p a s t too yeare various newspapers have on occasions c a r r i e d a r t f u l l y prepared a r t i c l e s r e l a t i v e t o l a r g e earnings o f I n k o f America (M) sad Transaaeriea Corporation. Apparently such f i g u r e s as were s t a t e d were based upon a l l items o f inooae, i n c l u d i n g p r o f i t s oa sale e f s e c u r i t i e s and other aaaeta even i f previously w r i t t e n down, l e e s a c t u a l operating expenses, but a c t i n c l u d i n g lessee a c t u a l l y charged o f f o r c l a s s i f i e d by exaataere. - 17 - 9f m\m ( s ^ ) (Froa tho State Examination Report a* o f March 21, 1955) C a p i t a l stock Surplus Undivided p r o f i t s Reserves $1,530,300 530,000 565,000 Miffi $£,446,000 C l a s s i f i c a t i o n o f Assetsi Sloe Doubtful Loss $5,194,000 542,000 704,000* e $406,000 i n Other Real Estate contracts sold to C a p i t a l Company and C a l i f o r n i a Lands, I n c . T o t a l Deposits $19,152,000 W t t Operating Income Operating Expense Hecoverios on bonds, e t c . Less* Losses Hot Loss Dividends Paid Wgg - MM $5,275,000 LMLMQ 741,500 6^,1.J00 1,452,000 I ZQ8.XK jtiS 131.CK3Q Jli.Ti. a''• 18 - TBA88C8XPT OT COLLATERAL SBOmXtfG T K ^ ' ^ ^ C A BASK H O l ^ G Cp - Q ^ C ? ^ § ir.ir.'i i i ii F i r s t R a t i o n a l Corp - Portland " 3 " C a l i f o r n i a J o i n t Stock Laud Bank n a t i o n a l C i t y Bank o f He* York Bank o f Lake, Lakeport, C a l i f o r n i a C a p i t a l Company B$ak o f Aaador County Bank o f Davis Sank o f A Levy & Co* C a l i f o r n i a Lands, l a c * Horthem C a l i f o r n i a Bank o f Savings General t o t a l s Corporation ^snkaacrica A g r i c u l t u r a l C r e d i t Corp F i r s t S a t i o n a l Bank Portland Bank o f Aaerica - State Banca d«Aaerica c d « I t a l i a Baacaaorlea-Blalr Corporation C a l i f o r n i a ffiae Association I s l a n d O i l & Transport Co* Miscellaneous Foreign Soc. Mote o f A C 1tewart (Secured by 10,000 shares P a c i f i c Coast Mortgage Co) N a t i o n a l C i t y Baak* Haw York TOTALS PKICJi <M no 179 12 9 155 n 00 42 550 541.2 267 00 5 000 1 555 55 71 577 30 51 154 M 416 86 40 85 751 72 67 1 859 526 03 85 352 7 64 45 42 10 000 4 845 194 70 49 920 51 88 2 50 955 207 5 00 630 000 * 500 • 1 500 _ J 353 a m _ — "f.^f-ifcT ftifof' 1 889 925 90 956 100 00 87 888 33 6 767 742 74 26 4 16 6 248 £97 524 454 942 1 590 2 568 767 170 674 003 676 771 218 921 451 017 00 74 40 30 33 56 98 50 20 53 1980 '300 00 279 629 97 1 700 000 30 60 750 22 00 bW m tt 4252 600 30 25 T 5 T 552 29 4 t i t 600 30 T o t a l appraised c o l l a t e r a l value Deficiency i n c o l l a t e r a l SOTSi Current narkot q u o t a t i o n o f l i s t e d stocks ( l l / t 0 / » ) £7 491 152 29 659 S6E 64 IT 6S7 600 00
@FedFRASER