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August 16, 1955


Governor Eccles

SUBJECT: Suggestions re meeting


J. M. Da&ger

with Mr* Coolidge and Mr* Grimm

I would suggest that you include Mr. Tom K* Smith as well
as myself in the conversation with Mr* Coolidge and Mr. Grimm in regard to the participating-certificate proposal* I had dinner with
Mr. Smith last evening, and he fully agrees with me that Mr* Coolidge
and Mr. Grimm, in their respective memoranda, are far afield both in
their assumptions and in their conclusions*
}fy memorandum was written at night and after a day of tedious
work on an FHA matter having to do with the low-cost housing program
that I am trying to help Coleanfs division to work out* The attached
memorandum is necessarily, therefore, somewhat jerky*
I would point out, however, that it is futile for Mr. Grimmfs
lawyer (who I understand is the author of the memorandum in reply to
yours) to attempt to dispose, in the offhand manner of an exchange of
memoranda, of banking and mortgage problems that have many ramifications and that have been exhaustively considered over the past year
and a half or two years by many persons of wholly competent judgment
and wide ptractical experience*
More of Mr* Grimm's lawyer when you talk with Tom Smith or
McDoaald or myself *