View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F I R S T SECURITY TRUST COMPANY
SALT LAKE CITY, UTAH

March 19, 1945

FREDERIC E.SMITH
DBRMRIFKIT

9

Dear Marriner:
I was very glad to receive a copy of the press release,
which you so kindly had sent to me, with the statement of your
views on a capital gains tax. The press had garbled your statement so badly that I was greatly pleased to have this full statement,
which, I might add, is exactly along the lines that I think proper.
We have seen here, particularly in our Real Estate Department, fantastic prices at which medium-sized homes are selling for.
We are constantly surprised at the absurd values placed on these
homes and to find that they are snapped up just about as quickly as
they are put on the market. In some cases prices are up almost 100$.
I think one of the most telling points of your statement
is that made in the last paragraph where you refer to the reaction
of the men returning from the armed forces to civil life and the
problem that they will have to acquire a farm or home should these
prices prevail. I congratulate you on the clarity of the statement
and on its soundness.
George told me sometime ago that you were anticipating a
trip home sometime in April and I assure you it will be a pleasure
to see you at that time.
With my very best regards, I am
Very sincerely yours,
i
Fred E. Smith
P.S.
I am enclosing a statement made by Dr. Marcus Nadler
recently, which you have probably seen, but in case you have not,
it might be of interest to you as this is the first time that Dr.
Nadler has been concerned about the possibility of inflation, and
this is quite a reversal of his former position.
Mr. Marriner S. Eccles, Chairman
Federal Reserve Board
Washington, D.C.