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fair to determine whisch -Star shall represent Lakce Michigan at the Internationals. and also to determine the. Lake Michigan contender in the Great Lake series.' Haity Ny.' Wins Harry Nye. in bis, new Gale VI with \Tested crewing carried the 'Sheridan .Shore colors Ito 'first place and won the right to sali in the Internatio6nals at Roch ester, N. Y., in September. Harry sailed a consistent series witb tNvo firsts, two seconds and a third. This.,third:on Suindayafternoon was within inches of a second as Bee and >Gale VI finlished evenly with a.-swell throwing Bee across by a -narrow mtargin. Woody. Pirie in bisý Twin Star piashed Nye from the start of, the series and: finishbed only two points behind him for géecond:place and the righit to represent Lake Michigan at St. Joseph, Mic1i,, in ... gist. Woody also s'kipped an excellent series, taking a third, second, fourth, and winin:iig both races on Sunday. The Waage-Knight Star Skipit fiîished in third place with 99 point s, wvith Max Hayford and Gordon Jones' Twvinkle Ditto in fourth place wi th 90 points. Skipit was closely Fre MrtAotg&ge Real ttaeLoes............ Thse Associàtion 0w,,: morigage Joans oit North Shore Homnes. Equal, monthly payments are nmade by the borrowers until tise roferty os debt free. races Sheridan Shore finshed one, two, thiree with the single exception of the last race in which Williams sailed, Bee, into' asecond place.- H-e also'crossedthe line first in tbe Saturday. morning, race but was disquâlified for fouling Ka.tydid IL. Iti was in this same race that Sam Pire lost secondplace by beating the gain at the start thereby being disquaàlified., Althougb a stiff breeze coming f romI the north and east held during the series,'kicking up a chop, there were enlytwo casualties.. Ali Baba sinapped a mast and was towed in by the Sheridan. Shore Committee boat, Chance.. Galatea, Bill Faurot's Chicago ýYacht Club Star, broke, a rudder in the Sunday afternoon race, I and Norm Norse wasagain *on hiand 1 in the Chance for a tow-in. Wor.a's Snnday Race Satur day, july 11, the first race of the "B" series will be sailed off WVilmette and on Sunday,_ july 12, the first ladies' race is causing ail feminine skippers to familiarize themselves with main sheets and back; stays again. Star elimnation races at BeIniont' ,l-arbor:, r ,n.1 Tal. Shai» Stck.ii Peerai Hen.Losa Batik .1Cliaua T7einptorary Mans to shareholders, sectired by. qssignment of shares, twhich inay ot exceed 1501 of the amount of tise shareholder' accouait. ......... Losts.......... .. .1.. . . . . ... . . .. 754» This reserz'e banking system makes such long and short terni credit avaiable to the Association a>s reqaores in."occordancetith thse Proviits business$ sions -oftise Pederal Home Loat Bank Act. Rceiabl..................... ........ Intree 3.5. This itemi repres.ents interest'on mortqo,.e louais and share blans earned but ot collectible itiE July, -1936. .......... ........... CIr .... 1.................ZLU Tise Associatio)i's cash, balance et June 30, , 1936, consisted o« the-follboiig: on haud ... office ftànd..............$S0 On DePosit: W"lantt. Stat. Baik ............... 2M76.I .. .. ... .. ... ... T otal 4.79 Defemul Charges ............... IiisuraiicePremniums Paid in advance. T otal ... ... ....... LIABILITIES Sharéholder'm Interest....................... -- ý->--. .. In.taâmn~t Thrift Shates This representstlie payments and credited dividends of 260 shareholders zuho constitute tise Association. . . . .1477.65 .. . .$ 20,812.85 These shcsres re/resent systematic savinqs. Optional Saving Skares..... Prepaid Skares ....... 6,738.10 128.70 This item represents savings made with less .regikzrity. umi»minvest.ehzntson Inn 211d 1 4th 2 5th . Place Po 1 il q .... ...... which dividends adI 12 o.ny 1..i'&.J ricy Lee, [el,, Johni ng It, A rkler, E -. 'ury boods rd, s............ 9 ine ..... .....D Ni 8 12 .7 13. 15 14 14 17 15 16 16 DSQ DNN$F 19 DSQ DiNF DNF DNS DNS DNI! 13 17 18 16 19 15 DNS UNS DNS DNF DNF 12. DNS 14 lt il DNS 15 1-4 DNS UNS DlKS 16 10 12 il 14 15 16 17 18. 19C 20 21 22 Total......... ......... ... ... $9,7.S Mortgag. Loatis in .Proces........ ... The Association has made lotas to build, re pair, reiiaance or buy homes on which these funàis-Ihave not yet been disbursed. Iiornings at tise rate 4%lc per annuna declared by tise Directors and payable to Shareholders July 1, 1936. ..... Divideuads Dediared ................. Aulvauce Froan Federal Homae Losa 'Banik. 23,87S.00 The Association lias a ine of credit with this vof its assets, tht fund reserve institution of 35% t theAss.ociationn a ten 'ear iale ei~nh n gramn according to-charter re4uireme>ts. -as ___ Unidstaiuted Net lncorne....... ..... ?.JMA$ &srniaigs oi the~Association remaming free surplus. acourse S'sioph"blmology. rival, in, this ý SStry. irvimmscuty Total . .. . TOTL................. .. . .. . . . . $ ,785.86 .. __ PU M