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S i n Pruneiceo, C a l i f o r n i a *ove*:ber 6 , 1939. Honorable Practon Delano, C o m p t r o l l e r o f 'the Currency , Trea-aujgr Deix*rta>*nt, Washington, D*. C. Dear 6 o » p l r a l l t r Delanoi l e h*ve j u a t r » o e i v * d c o l l a t e d appraisals froa. the jueerioan A p p r t i s ^ l Co pany o f the 125 pro e r t i e s oocu l e d aa heading prenisea by Bank of America, on wnich the Bank tonus*,ner a r b i t r a r i l y e a t i c ^ t e a a huge loss i n h i s report of ex*u* n a t i o n oovr,«nced ttarch 3 1 , 1939, and the values of which had not been previously v * e * t i u n e d . These *ppraie«ila shoe a t o t e l plant v>lue, a f t e r f u l l allowance f o r d e p r e c i b t i o n , o f 1 3 7 , 3 2 9 , 0 9 2 , which i f over £1,600,000 i n excess o f the ascunt a t which the properties were c a r r i e d on the books of the Beak on December 31, 1938, nane l y 136,239,232. Ton s i g h t be i n t e r e s t e d i n knowing t h ^ t the r e p o r t the reproduction v^lua of t h i s p l a n t as the land being valued a t present low o ^ r k e t . Since tneee app r & i * & l # oever only > r o p e r t i e s which were c r i t i c i s e d by the Xx&sdner, we c o n f i d e n t l y e x . e c t t h a t *hen the appraisals are completed f o r the remainder of the p l a n t the excess of v«lue of the t o t a l p l e a t over e * r r y v«.lue w i l l be j >roportion*tely gr&*ter. A f u l l t a b u l a t i o n o f the a p p i t i a & l * not on h* «*q i-> oein^ nade, uod I c o n t * n p l * t « takln^ i t * i t h «ben X leave f o r *>**nin*ton & h o r t l > . s i n c e r e l y your©, (Signed) A. p . Giannini Cbiirnan e f the Board.
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