anaheim-gazette 1941-01-09

Anaheim, Calif., Jan. 9, 1941 Classified Starts on Preceding Page MISC. FOR SALE CURRAN'S Auto Wrecking Reconditioned, Salvaged - Batteries - Parts - Used Motors - Tires - Tanks - Signs - Valves - Pipe - Fittings - New and Used Scrap Iron - Electric Acetylene Welding 1194 N. Los Angeles Street ANAHEIM 3101 NEWSPAPERS ANAHEIM GAZETTE— (Since 1870) - Accurate - Dependable 100% Coverage—99% Local News Want Ads 25c 259 E. Center St., Anaheim PHONE ANAHEIM 2414 OPTOMETRIST NELSON, HOMER A. Opt. Dr. Optometrist 114 N. Lemon St., Anaheim PHONE ANAHEIM 3104 3 LINES PHYSICIANS - SURGEONS OSHER, J. C. DR. Physician & Surgeon Eye, Ear, Nose and Throat Dentist Oculist—Glasses Fitted Phone 3212 Open Evenings Sunday by Appointment 1224 West Center Street anaheim, California TRUXAW, J. W. M. D. PHYSICIAN & SURGEON Office Phone 3213 Residence 887 So. Los Angeles Residence Phone 2610 Hours 11 - 12: 2 - 4; 7 - 8 Golden State Bank Bldg. Cor. Center and Los Angeles anaheim, California POTTERY COLONIAL SHOP—20 Pieces Pottery, $2.95 up; Gifts. North of Manchester on L. A. St., anaheim 4729. PRINTERS ANAHEIM GAZETTE Publishers - Printers Marriage Announcements Booklets, Circulars RENTALS APARTMENTS $10-$15 MO.—Rest home. Room, bath, kitchen; Innerspring mattresses Maid service. Wt. pd. 113 Emily. $16.50 MO.—2 room, newly redecorated, well furnished, apartment. Close in. Olive Apts. 117 N. Olive. 2902. $22.50 MO—Gimmel Apartments. Under New Management. Now being redecorated. 325 S. Claudina. $27.50—Lovely, new apartment. Modern furn. New Refrig.; Wt. pd. Laundry Rm. Gar. 119 E. Alberta. BUNGALOW $20 MO.—3 room furn. bungalow; Garage. Wt. pd. Quiet neighborhood Inquire 1114 Pearl St. HOUSES MODERN Spanish Bungalow; beautiful fully furn. Elec. refrig. Garage Adults only. 722 N. Clementine. $16.50 MO.—4 room, partly furn. house Plenty of yard space. Garage Children accepted. 808 N. Paulina. $20.00 MO—Small house in rear. Nicely furnished, very clean. Garage Adults. 410½ S. Melrose. REST HOMES HAVEN OF REST HOME — Clean beds; plenty of good food; 24 hour service. Nurse's care. 758 N Claudina, Phone Anaheim 4218. SERVICE STATIONS ANAHEIM SUPER SERVICE — Manhattan Chester & Lincoln, Anaheim, 4088 CENTER & HELENA SERVICE E. Lambert Jones, Prop. AUTO LAUNDRY—BATTERIES RENTED, RECHARGED— OPTOMETRIST NELSON, HOMER A. Opt. Dr. Optometrist 114 N. Lemon St., Anaheim PHONE ANAHEIM 3104 PATTERSON, C. O. DR. Dr.C.O.Patterson Optometrist 109 S.LOS ANGELES ST. ANAHEIM,CAL. PIANO TUNING BROWER, OSCAR N.—Plano tuning, repairing and refinishing. 508 N. Claudina. Anaheim 4685. ORCHARD EQUIPMENT DAVIES, H. R.—Orchard heaters, new, used. Cypress Rd., Anaheim 4860. OSTEOPATHIC PHYSICIAN ADAMS, W. W. DR. Osteopathic Physician and Surgeon GENERAL PRACTICE Short Wave D-I-A-T-H-E-R-M-Y Office Hours 9 - 12; 1 - 6 312 North Lemon Street ANAHEIM 4322 Send in a News “Tip”—Win a Prize. POTTERY COLONIAL SHOP—20 Pieces Pottery, $2.95 up; Gifts. North of Manchester on L. A. St., Anaheim 4729. PRINTERS ANAHEIM GAZETTE Publishers - Printers ■ Marriage Announcements ■ Booklets, Circulars ■ Club and Commercial ■ Labels ■ Office Forms ■ Social Printing, Etc. 259 E. Center St., Anaheim PHONE ANAHEIM 2414 PROTECTIVE SERVICE YOUNGKEIT, Herman—Call Police Station, 2131—For Information. PUBLIC SERVICE POLICE DEPARTMENT — 204 East Center Street, Anaheim 2131. REAL ESTATE FOR SALE HOUSES FOR SALE $1200—4-room furn. house, $200 cash. Balance like rent. 6-room frame, close in, good condition. '$2000. As low as $250 cash. Bal. to be arranged. NEW 5-room. So. west location. Lowest price and easy terms. NICE corner lot. Close in on West Broadway. Will sac. for $750. W. L. MORRIS REALTY CO. 111 North Los Angeles, Anaheim SPECIAL BARGAIN—new 5-room home $3550.00—easy terms. MUST have offer—6-room fur. home—this is an estate. Listings wanted—all kinds. Phone 3119 — See JOE WAGNER OFFICE 114 S.L. A. St. Highly Improved ACRE 2 Bedroom house, 2 car garage, wants residence. Well located 2 bedroom, 4-room house. Only $1850. Here is something Good! 2 Bedroom House now rented. Income $18 per month. Full price Only $1300. TOBIN, 412 North Los Angeles 400 ACRE RANCH—In Colorado for property in So. California. To arrange trade, call Anaheim 2414. HAVEN OF REST HOME — Clean beds; plenty of good food; 24 hour service. Nurse's care. 758 N. Claudina, Phone Anaheim 4218. SERVICE STATIONS ANAHEIM SUPER SERVICE — Manchester & Lincoln, Anaheim, 4080 CENTER & HELENA SERVICE E. Lambert Jones, Prop. AUTO LAUNDRY—BATTERIES RENTED, RECHARGED—MOBILGAS—MOBILUBRICATION—U.S. TIRES—345 W. Center St., Anaheim 2910 SHOE REPAIRING HOFFMAN'S Shoe Rebuilding, Dylan Shining. 217 W. Center St. TAXI SERVICE PICKWICK CAB — 182 W. Center & Phone Anaheim 4822. TRANSPORTATION PRIVATE OWNERS OF New '41 Cars Going to all points East furnishing best references, desire parties share expenses. Make arrangements thru Lawrence Rakes, 1702 E. Florence, Los Angeles. PHONE LU-1196 WANTED—MISC. Anaheim Scrap Iron and Metal Co. (THE ONLY LICENSED JUNK YARD IN ANAHEIM) Open Mon. thru Sat. 8 A.M.-5 P.M. Highest Market Prices Paid on Aluminum Autos (Junk cars) Auto Parts Old Pipe Paper Rags Rubber Scrap Iron & Metals Such as: Brass Copper Send in a News "Tip"—Win a Prize. Here is something Good! 2 Bedroom House now rented. Income $18 per month. Full price Only $1300. TOBIN, 412 North Los Angeles 400 ACRE RANCH—In Colorado for property in So. California. To arrange trade, call Anaheim 2414. THE POCKETBOOK OF KNOWLEDGE BY TOPPS MORE FISH ARE USED IN THE UNITED STATES EACH YEAR FOR INDUSTRIAL PROCESSING THAN FOR FOOD OOF! THE EARTH WEIGHS 6,660,000,000,000,000 - 000,000 TONS (SIX SEXTILLION, SIX HUNDRED AND Sixty Quintillion TONS) SOUTH AMERICA GREAT COUNTRY. GREAT INDUSTRIES—THE CHEMICAL CONSUMPTION OF ONE NEW ENGLAND MILL TOWN IS ESTIMATED GREATER THAN ALL SOUTH AMERICA'S IN RECENT YEARS, SUBSIDIARY GOVERNMENT AGENCIES IN THIS COUNTRY HAVE BEEN SET UP AT THE RATE OF 185 A YEAR INDUSTRY CHECKS CAREFULLY—DURING PRODUCTION, THE AVERAGE U.S. AUTO IS OBJECT TO AT LEAST 2,000 APPROVALS BEFORE FINAL 'O.K.* Night School Work Proves Beneficiary Approximately 50 men are attending the adult night classes machine work and welding when meet each Wednesday and Thursday evenings at Anaheim unhigh school. Each man plans own course and the results have been so successful that many them have been able to obtain employment in southern California production plants. That few men have the problem is shown by the work number of them have done. Some have started with no previous experience, while others take work for a long enough period time to serve as a "refresh course." The facilities of the shop available to any local person community effort on the part the high school district. ANAHEIM GAZETTE NES 25C For any classified advertisement in these pages, the equivalent of 7 days running for the price of one exchange, buy something; hire help, recover lost arrears inexpensive Gazette Want Ad. Phone Betty Brown, MENTS —Rest home. Room, bath; —Innerspring mattresses service. Wt. pd. 113 Emily. —2 room, newly redecorated; —Furnished, apartment. Close live Apts. 117 N. Olive. 2902. —Gimmel Apartments, Unnew Management. Now being operated. 325 S. Claudina. —Lively, new apartment. Modern furn. New Refrig.; Wt. pd. Dry Rm. Gar. 119 E. Alberta. ALOW —3 room furn. bungalow. —Wt. pd. Quiet neighbor. —Inquire 1114 Pearl St. SES —Spanish Bungalow; beautiful furn. Elec. refrig. Gar. only. 722 N. Clementine. —4 room, partly furn. house. —of yard space. Garage. been accepted. 808 N. Paulina. —Small house in rear. Nice-knitted, very clean. Garage. —410½ S. Melrose. HOMES OF REST HOME — Clean plenty of good food; 24 hour nurse's care. 758 N. Ana, Phone Anaheim 4218. STATIONS M SUPER SERVICE — Maner & Lincoln, Anaheim, 4080. ER & HELENA SERVICE Lambert Jones, Prop. LAUNDRY—TERIES RENTED, CHARGED— Three Sentenced For Crimes Here Gough, Cummings and Caples Receive Terms in Jail for Burgiaries Three Anaheim men, each charged with burglary, pleaded guilty in superior court last Friday and received sentences from Superior Judge Harry C. Westover. A fourth Anaheim man, charged with grand theft, pleaded not guilty and demanded a jury trial. Harold W. Gough, who confessed to burglarizing Henry Brothers drug store, was sentenced to nine months in the county jail. Judge Westover found Gough's crime to be second degree burglery, but rejected a possible prison sentence. Clyde Cummings was sentenced to one year in jail for his part in burglarizing the home of Bose Russ of East Anaheim district. Cummings was also placed on probation for five years and ordered to make restitution for a $115 sewing machine stolen. Clyde Caples, implicated in the same crime, drew a sentence of six months as part of five years' probation; may be released if he obtains a job. He also must make restitution. Rudolph Romero, charged with theft of Charles Barnhart's motorcycle, pleaded not guilty. Jury trial was set for January 30. Legal Notice Sportopix by RUSS McCOMB Orange county, as far as football is concerned, did itself proud this fall, getting no less than seven of the 24 positions on the All-Southern California high school football teams selected by the Helms Athletic foundation of Los Angeles. These were first team selections only, with five others from the county landing on the 12-man second jaysee team. Leading the pack, of course, was Anaheim Hi's Bill Lewis, whose selection as quarterback on the high school all-star team makes Bill one of the most sought after prep gridder in the southland. Lewis had previously been named quarterback on the all-star selection that did not include Los Angeles high school players. Joining Lewis on the all-star high school club were Jim Strangland, ace Huntington Beach end, and George Donohue, small but potent guard from Garden Grove. Santa Ana Jaysee had a stranglehold on the jaysee team selections, winning three berths on the first team and four on the second. Named as top men in their positions were Bob Schildmeyer, end; Paul Sedar, tackle, and Hal Lilly, back. Second string selections were Bill Noble, guard; Les McKnight, center; Bob Bryant, back and Frank Minini, blocking back. Fullerton's Hornets, runners-up to the Dons for the eastern conPopulation Increase of Per Cent Recorded Past Decade Advance notice of final census returns received here late last week reveals that official population Orange county at present 130,760 persons. The information came in advance copy of the final report from the 1940 census of position for California, by counsel forwarded by General Manager James Mussatti of the Californi State Chamber of Commerce information will be released published form by the United States bureau of census in a time Mussatti said. The 130,760 population figure Orange county represents over per cent increase over the figure of 118,647, it was announced. It was pointed out that figures are as of April 1 in instances. During the period from 1940 Orange county enjoys growth in population of 93 percent, the report showed. Los Angeles and San Francisco surpassed this record Angeles with 135.8 per cent increase, and San Mateo with per cent. However, the 10.2 per cent increase in Orange county's population during the past 10 years. TO make restitution for a $115 sewing machine stolen. Clyde Caples, implicated in the same crime, drew a sentence of six months as part of five years' probation; may be released if he obtains a job. He also must make restitution. Rudolph Romero, charged with theft of Charles Barnhart's motorcycle, pleaded not guilty. Jury trial was set for January 30. Legal Notice NOTICE OF COMMISSIONER'S SALE IN THE SUPERIOR COURT OF THE STATE OF CALIFORNIA IN AND FOR THE COUNTY OF ORANGE. No. 38825 E. R. ABBEY, as Administrator with the Will Annexed of the Estate of Theodore Diedrichs, Deceased, Plaintiff, vs. LUZELLA M. FALBE, formerly Luzella M. Gibson, as Executrix of the Last Will and Testament of Joseph P. Gibson, also known as J. P. Gibson, also known as Joseph Presidio Gibson, deceased, Defendant. Under and by virtue of a Judgment of Foreclosure and Order of Sale, issued out of the Superior Court of the State of California, in and for the County of Orange, in the above entitled action on the 2nd day of December, 1940, wherein the above named plaintiff obtained a judgment of foreclosure against the above named defendants on the said 2nd day of December, 1940, for the sum of $1181.23, which judgment and decree was on the 11th day of December, 1940, recorded in Judgment Book 39 of said Court, at page 234, I am commanded to sell at public auction, in the manner prescribed by law, all that certain real property situated in the County of Orange, State of California, and more particularly described as follows, to-wit: Lot Nine (9) of the "Estate of Mary Strobel," as shown on a Map recorded in Book 3, pages 76 and 77 of Miscellaneous Records of Los Angeles, County, California. Reserving therefrom the Easterly 6½ feet of said land as conveyed to the City of Anaheim for sidewalk purposes by deed recorded April 13th, 1906 in Book 131, page 118 of Deeds, Records of Orange County, The complete jaysee all-star team includes Nowling, Long Beach, and Schildmeyer, ends; Sedar and Sanchez, Los Angeles, tackles; De Meglio, Compton, and Walker, guards; Wakefield, Bakersfield, center; Leicht, Pasadena, quarter; Lilly, Bugbee, Comptom, and Fellows, Los Angeles, backs, and Sheller, Long Beach, blocking back. The high school all-star team includes Strangeland and Fears, Manual Arts of Los Angeles, ends; Leavengood, Hoover of Glendale, and Attig, Hoover of San Diego, tackles; Freedman, Beverly Hills, and Donohue, guards; Rasier, Los Angeles, center; Lewis, Anaheim, quarter; Hoisch, Los Angeles, Slayton, Garfield of Los Angeles, and Nulty, Long Beach, backs, and Zucco, Santa Barbara, blocking back. Rites Are Held for Dorothy M. Jordan Funeral services for Mrs. Dorothy M. Jordan, 43, were conducted Saturday afternoon from the Backs, Campbell & Kaulbars chapel with Rev. Myron C. Cole of Orange officiating. Burial was made in Fairhaven cemetery. A resident of Orange county for 11 years and of Anaheim for two years, Mrs. Jordan died Thursday night at St. Joseph hospital. She was born at Llano, Texas. Mrs. Jordan is survived by her husband, Orman Jordan; one son, Lloyd; four daughters, Lois Mae, Marcella, Joan and Patsy Ruth; her father, Lee J. Conner of Texas, six brothers and two sisters. The family home is 703 North Lemon street. Market Has Special Sugar Offer Friday Bank of America Cash in Vault U.S. Government State Counties Other Banks Loans and Bank Premises Customers' All Other Actions Lot Nine (9) of the "Estate of Mary Strobel," as shown on a Map recorded in Book 3, pages 76 and 77 of Miscellaneous Records of Los Angeles, County, California. Reserving therefrom the Easterly 6½ feet of said land as conveyed to the City of Anaheim for sidewalk purposes by deed recorded April 13th, 1906 in Book 131, page 118 of Deeds, Records of Orange County, California. Public notice is hereby given that on the 1st day of February 1941, at 9:30 A.M., at the South door of the Court House in the City of Santa Ana, Orange County, California, in obedience to said Order of Sale and Judgment of Foreclosure, I will sell the above described property to the highest bidder for cash, in lawful money of the United States. Dated: December 19th, 1940. H. MEL HEAD, Commissioner appointed by said Court. 1-2/9/16-1941 Legal Notice NOTICE OF STOCKHOLDERS MEETING Notice is hereby given that the Annual meeting of the Stockholders of the Anaheim Eucalyptus Water Company will be held Tuesday, January 21, 1941, at the hour of 1:30 P.M., at the company's office, Route No. 3, Anaheim, California, for the purpose of electing a Board of five directors to serve for the coming year and to transact any other business which may come before the meeting. BOARD OF DIRECTORS, By Walter A. Kempin, Secretary. 1-2/9/16-41 Cats claw at trees to rid their claws of ragged toenails. Market Has Special Sugar Offer Friday Prices on both cane and beat sugar are scheduled for an advance this week. Anaheim Gazette learned yesterday. The newspaper was also informed that fore-sight on the part of Alexander Zinda, owner and operator of the Stop 'n Shop market grocery department, enabled him to purchase a large shipment of both beet and cane sugar which he will be able to offer this week end at the former price. While the market's supply is large, Zinda urges all housewives who desire to take advantage of the low price to make their purchases as quickly as possible. ILLINOIS PICNIC The annual winter picnic reunion of the Illinois Association of Southern California will be held in Sycamore Grove park, Los Angeles, all day Saturday, January 18. Attorney Lin Price, president of the association, will be in charge of the affair. 1940's queerest accidents. The steel executive who was "Picked Up" by a locomotive that barged right into his office, the lady who ran over herself, the man who inflated his own arm, and other strange mishaps. Read about them in The American Weekly, the magazine distributed with next week's LOS ANGELES EXAMINER.—Adv. 10,760 Persons Reside in County Population Increase of 10.2 Per Cent Recorded in Past Decade Advance notice of final census returns received here late last week reveals that official population of Orange county at present is 1760 persons. The information came in an advance copy of the final returns on the 1940 census of population for California, by counties, awarded by General Manager James Mussatti of the California State Chamber of Commerce. This information will be released in published form by the United States bureau of census in a short release Mussatti said. The 130,760 population figure of Orange county represents a 10.2 per cent increase over the 1930 rate of 118,647, it was announced. It was pointed out that these figures are as of April 1 in bothances. During the period from 1920 to 1930 Orange county enjoyed a growth in population of 93.4 per cent, the report showed. Only Angeles and San Mateo counties surpassed this record, Los Angeles with 135.8 per cent increase, and San Mateo with 110.4 per cent. However, the 10.2 per cent increase in Orange county's population during the past 10 years is apparent in these pages. An ad here gives you pricing for the price of one. Want to rent, sell, hire help, recover lost articles? Use a powerful Phone Betty Brown, Anaheim 2414. Directs Sale T. W. STUARD J. C. Penney company will begin its annual January White Goods and Clearance sale tomorrow morning, announces Manager T. W. Stuard. Special bargains are also being offered at 9 o'clock Saturday morning, the manager said. The sale will be one of the outstanding events of the year at the Penney store. Extra help has been hired to serve the large number of customers who will be on hand to benefit from the extra bargains, Stuard said. "Business was good during 1940 and we are looking forward to an even better year in 1941," Manager Stuard declared. Seal Reminders Sent This Week Tuberculosis Association of County Seeks to Close Annual Campaign Approximately 11,867 post cards, reminding residents of Orange county that there is still time to remit for unpaid Christmas Seals, were mailed this week by the Orange County Tuberculosis & Health association. "We have always relied on late contributions to bring the seal sale up to the amount required to adequately finance the local, state and national program to fight tuberculosis," said Mrs. H. G. Ames, local Christmas Seal Chairman. "Failure to receive these late payments will seriously curtail tuberculosis work at a time when it is virtually important not only to continue local and national activities; but to expand these in the face of a threatened spread of disease as a result of the European war." Mrs. Ames said that post card reminders serve to call the attention of people to the fact that their Christmas Seals might have been mislaid in a drawer or on a desk, pointing out that many citizens respond every year to the reminders sent out by the association in January. “If errors have been made and cards are sent to persons who have already paid for their seals, these persons are asked to overlook the reminder.” Irma Fox’s Father Is Called by Death Leonard L. Goss, 77 father of During the period from 1920 to 1940 Orange county enjoyed a growth in population of 93.4 per cent, the report showed. Only Los Angeles and San Mateo counties surpassed this record. Los Angeles with 135.8 per cent increase, and San Mateo with 110.4 per cent. However, the 10.2 per cent increase in Orange county's population during the past 10 years is less than half of the state average increase, which amounts to 21.9 per cent. Population of Orange county counts to 1.06 per cent of the state total, which is given for 40 as 6,907,387. The sale will be one of the outstanding events of the year at the Penney store. Extra help has been hired to serve the large number of customers who will be on hand to benefit from the extra bargains. Stuard said. "Business was good during 1940 and we are looking forward to an even better year in 1941," Manager Stuard declared. Don't get caught short on Sugar, its going up! While it lasts. 10 lbs. for 50c—Stop & Shop Market. There are 275,300 automobiles in Argentina. Bank of America National Trust and Savings Association Condensed Statement December 31, 1940 RESOURCES Cash in Vault and Due from Banks $ 308,355,705.86 U.S. Government Securities 451,279,141.50 State, County and Municipal Bonds and Other Bonds and Securities 217,397,154.79 Loans and Discounts 778,295,100.94 Bank Premises, Furniture and Fixtures 32,089,972.62 Customers' Liability on account of Letters of Credit, etc. 16,375,801.62 All Other Assets 13,742,308.18 TOTAL RESOURCES $1,817,535,185.51 LIABILITIES Deposits $ 1,632,228,397.17 Liability for Letters of Credit, etc. 16,605,640.36 Reserve for Interest Received in Advance 9,743,168.92 Reserve for Interest, Taxes, etc. 2,620,288.04 Capital: Common (4,000,000 Shares) $50,000,000.00 Preferred (600,000 Shares)* 12,000,000.00 Surplus, Undivided Profits and Reserves 93,337,691.02 Preferred Stock Retirement Fund 1,000,000.00 Total Capital Funds 156,337,691.02 TOTAL LIABILITIES $1,817,535,185.51 *Issued at $50 ($20 Capital—$30 Surplus), Annual Dividend $2. Preferred to extent of and retirable at issue price and accrued Dividends. This statement includes the figures of the London, England, banking office. New Records Set In 1940 Bank of America Showing Surpasses All Previous New Records Set In 1940 Bank of America Showing Surpasses All Previous Attainments The year end statement of condition of Bank of America reveals the achievement of new all-time high marks in virtually all of the bank's activities. This satisfactory result is attributed by L. M. Giannini, president, to expansion of business in the territory served and increasing public acceptance and use of the facilities and services of California's only statewide branch bank. As of December 31, 1940, Bank of America deposits totaled $1,632,228,000, an increase of $149,436,000 during the year. Total resources stood at $1,817,535,000, a gain of $188,948,000 in the same period. The aggregate of loans and discounts outstanding was $778,295,000, which is $67.240,000 more than a year ago. Cash and bonds amounted to $977,032,000, an increase of $124,497,000. CAPITAL FUNDS UP With the $30,000,000 of preferred stock subscribed by stockholders on June 10, 1940, capital funds, including capital surplus, undivided profits and reserves, now total $156,337,000, an increase of $37,384,000 during the year. This total includes the unal- LOCATED reserve of $6,900,000 which was set up on June 10, 1940, out of previously accumulated undivided profits. EARNINGS HIGH Earnings for the year were $29,007,000, the largest for any one year in the history of the bank. From this total $4,370,000 was reserved for depreciation of bank premises and amortization of bond premiums and $5,709,000 in reserves was set up and applied to the reduction of the carrying value of assets. After payment of $10,265,000 in dividends at the annual rate of $2.40 per share on the common stock and four per cent on the issue price of the preferred stock, and after $1,176,000 in profit-sharing bonus to employees, capital funds were increased from earnings for the year by $7,484,000 which amount was credited to undivided profits and other reserves. PREFERRED STOCK President Giannini announced that on January 2, 1941, the preferred stock retirement fund will be increased to $3,473,000 by a transfer from the undivided profits account and $3,000,000 of the fund will then be used for purchase and retirement of 15 per cent of the entire outstanding issue of preferred stock. Thus, in the period of approximately six months since Bank of America's preferred stock was issued the bank will have made provision for the first four full years of retirement fund requirements. The President also pointed out that taxes of $7,767,000 paid and accrued during the year, including social security and Federal Deposit Insurance Corporation assessments, were much greater than ever before. DEFENSE PROGRAM "Recent figures show California to be second among the states in value of defense contracts received. Employment here is steadily increasing; retail trade is running at a high level; volume of building of all types is increasing." Giannini said. "These basic factors of business advance are expected to expand during 1941 and spread activity into all other related lines. We have laid the groundwork for handling this great expansion of business by starting construction of our new $2,000,000 head office building." "As we enter the New Year, Bank of America again pledges itself to further the national defense program by aiding and serving all types of business, small and large through its 495 branches in 307 California communities," the banker concluded.