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Merchants and Newark Trust Company
Newark, New J e r s e y

J.S. R I P P E L
Chairman of Board
and President

T v»


l Q ^ D

Hon. Marriner S. Eccles,
Chairman of the Board of Governors,
Federal Reserve System,
Washington, D. C,
Dear Mr, Eccles
I wish to congratulate you on the
good work which you have done in connection with
standardizing the appraisal of bank assets, and
successfully inducing some of the other agencies
to take your view, particularly in respect to
valuation of Bonds,

In the printed newspapers

I did not see any mention of the treatment that
was to be made of real estate, bonds or mortgages,
or commercial paper•
I take it that probably this is the
first step, and that, no doubt, other regulations
will follow which will be brought to the attention
of the examiners.
Yours very truly,

^ M E M B E R ^