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HEAL ESTATE CONTRACTS Bank of America l . T * & S. A. Fra® 3 / 3 1 / 3 9 Book C a l i f . Lands, Page 7 I n s e r t 21 C a p i t a l Co., Page 7 I n s e r t 24 10,913 29,707 ( poo o m i t t e d Appraised A p p r e c i a t i o n 10.U7 25.973 ) Depreciation 1,384 1,350 !|A12 4.6B0 2.796, 6,530* Gross Met t,3,734 i r e p o r t e d 16,490,000 a f t e r adjustments Bank o f America N a t i o n a l T r u B t & Savings Assn. I f t h e " E a r n i n g s " p u b l i s h e d a s news i t e m s i n San F r a n c i s c o m o r n i n g papers were " n e t " e a r n i n g s a v a i l a b l e f o r d i v i d e n d s i n whole o r i n p a r t , o r a d d i t i o n s t o C a p i t a l a c c o u n t s , , t h e r e s u l t s would be as f o l l o w s : Dec* 3 1 , 1933 Year 1934 C a p i t a l , Surplus, Undivided P r o f i t s , and Reserves f o r C o n t i n g e n c i e s ( p e r "Call" report) "Earnings" 104,911>000. 10,530,000. 1935 11 1936 « 22,522,000. 1937 * 19.203>000. 16,276,000. 68,531,000. 173,442,000. Xear 1934 Dividends 3,750,000. 1935 * 6,000,000. 1936 « 8,000,000. 1937 • 8,800.000. If "Earnings** were " n e t " , b a l a n c e would be Dec. 3 1 , 1937 C a p i t a l , Surplus, Undivided P r o f i t s , and Reserves f o r C o n t i n g e n c i e s were "Earnings" t o be accounted f o r 26,550*000. 146,892,003. 110•845»000» 36,047,000. INTHR-ALIERICA CORPORATION SIM Y OF CONTRACT WITH BANK OIF AMEu,JA N . T . & S . A . AMD LIQUIDATION THEREOF A s s e t s a c q u i r e d under June 26, 1931 December 3 1 , 1931 F e b r u a r y 1 3 , 1932 contract: 04,999,905.06 9,999,997.55 10,214, 000.00 $35,213,902.61 Less: Reduction from recoveries of w r i t t e n - o f f assets From p r o c e e d s o f p l e d g e d c o l l a t e r a l : Bank o f A m e r i c a S t a t e $3,200,000.00 Bank o f A m e r i c a N. A . , 100,000.00 New Y o r k F i r s t N a t i o n a l Bank i n Grass V a l l e y 47,636.10 V a l l e j o Commercial N a t i o n a l Bank From c h a r g e t o COPT Earnings $7,714,453.98(A 55 none From w r i t e - u p o f U n i t e d S t a t e s Bonds 9,000,000, 00) From c h a r g e a g a i n s t w r i t e - u p o t h e r bonds )(B) 5,007,788.34) ) From c h a r g e s a g a i n s t w r i t e - u p other assets A l l other reductions of of none none B a l a n c e o f c o n t r a c t , November 3 0 , 1936 &25.166,629.87 $10,047,272.74(0) (A) A d d i t i o n a l r e c o v e r i e s o f $ 7 4 4 , 8 9 0 * 9 2 , a p p l i e d d u r i n g December 1 9 3 6 , t h e r e b y r e d u c i n g c o n t r a c t b a l a n c e t o 19,302,381.82 at the year-end. (B) $ 5 , 6 6 7 , 4 3 6 * 5 8 o f t h e s e w r i t e - u p s have been r e a l i s e c through sales of w r i t t e n - u p s e c u r i t i e s (C) T h i s amount appears o n t h e s t a t e m e n t o f f i n a n c i a l c o n d i t i o n o f I n t e r - A m e r i c a C o r p o r a t i o n u n d e r t h e usuujLiig " R e s e r v e f o r l i a b i l i t y and p o s s i b l e l o s s u n d e r o u t standing inter-company c o n t r a c t " . When t h e a s s e t s w e r e a c q u i r e d f r o m Bank o f A m e r i c a N . T . & S . A . , P a i d - i n S u r p l u s was c h a r g e d $ 3 5 , 2 1 3 , 9 0 2 . 6 1 and a r e s e r v e s e t up i n e q u a l amount f o r l i a b i l i t y and p o s s i b l e l o s s on eventual l i q u i d a t i o n . As r e c o v e r i e s were c r e d i t e d t o t h e c o n t r a c t s S u r p l u s a c c o u n t was c r e d i t e d and t h e R e s e r v e d e b i t e d so t h a t b a l a n c e o f c o n t r a c t - $ 1 0 , 0 4 7 , 2 7 2 . 7 4 now e q u a l s t h e b a l a n c e o f " R e s e r v e f o r l i a b i l i t y and p o s s i b l e l o s s under o u t s t a n d i n g i n t e r - c o m p a n y c o n t r a c t " o n t h e books o f I n t e r - A m e r i c a C o r p o r a t i o n . Taken f r o m A p p l i c a t i o n o f I n t e r - A m e r i c a C o r p o r a t i o n f o r a V o t i n g P e r m i t , December 2 6 , 1936
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