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A L E X A N D E R F I T Z - HUGH PRESIDENT B E N T. F I T Z - H U G H VICE-PRESIDENT W. H . F I T Z - H U G H , JR., VICE-PRESIDENT JACKSON,MISS. P.P.WILLIAMS COMPANY LOCATIONS : V I C K S B U R G J A C K S O N , , M I S M I S H O L L A X D A L E , M I S S TICKSBURG,MIS SIS SIPPI S . May 13* 1946 S Governor Marrlner S. Secies* CHAIRMAN Board of Governors Federal Reserve System #ashington* D. C. Bear Mr# Eeeles: WE GIVE NO W A R R A N T Y , E X P R E S S OR I M P L I E D , AS TO PURITY, D E S C R I P T I O N , Q U A L I T Y , P R O D U C T I V E N E S S OR ANY OTHER M A T T E R OF ANY S E E D WE S E L L , AND W I L L NOT BE IN ANY WAY R E S P O N S I B L E FOR THE CROP. In the premises I wish to apologize f o r again Intruding upon your time and attention with a brief communication; however* I t s substance seems t o me to be Justified. In recent correspondence you appeared to take exception to the fact that I did not go as f a r as you In the endorsement of Sir» Chester Bowles and the OPA. I have been reading the monthly report of MAY of the National City Bank of Mew York* and I respectfully commend to you the paragraphs on Pages (52) and (53) entitled: "A Sample of 1 Industry Profits 1 1 In a communication to the Hew York Times of March 24th Mr. Bowles made the statement that compared with prewar (1936-39) earnings* meat packers1 profits were up 566 per cent. As stated In the National City 3ankfs circular* business men know that such figures distort the true profit showing, but the general public may be misled» I t Is further stated that •'While the assertion by a government o f f i c i a l that meat packing •profits*increased by 566 per cent I s startling to the public mind* I t i s hardly as Informative as would be a statement that net return rose from a depressed 1936-39 average of 3*1 per cent t o per cent In 1941* but has slnee declined eseh year, despite a greatly expanded volume of sales* t o 5*4 per cent In 1945** A similar analysis of Mr. Bowles1 statement with reference to cotton t e x t i l e mill p r o f i t s shows how grossly misleading i s Mr. Bowles* statements* both with reference to meat packers* p r o f i t s and with cotton t e x t i l e mill profits* The National City Bank*s statement concludes very aptly as follows: ^People have a right to expect from government o f f i c i a l s * as from a l l responsible persons* f a i r statements ef faots* and figures which represent situations in their true light** w . G. BEERS SECR ETARY Governor Marrîner S. Eccles May 13, 1946 In conclusion, I t seems to me that the everlaslng truth of the profound statement of Jesus of lazrareth I s particularly pertinent *&né ye shall know the truth, and the truth shall make you f r e e , * ALEXANDER FITS HUGH May 1946. Mr. Alexander Fitz-Hugh, P. P. Mlliams Company, Vicksburg, Mississippi. Dear Mr. Fitz-Hugh: This i s to acknowledge your l e t t e r of May 13, with further reference t o the Price Control Act. I think my general view of the QPik was summed up in the statement made under questioning by the Senate Committee to the e f f e c t that, bad as i t i s , the OPA i s better than no price control. Of course, I am f u l l y aware as you are that the administrative problem i s t e r r i f i c and by no means flawless. I. agree that no public o f f i c i a l should knowingly use misleading figures or statements; however, 1 do have admiration f o r and confidence in Chester Bowles in one of the toughest jobs imaginable. Sincerely yours, M. S. Sccles, Chairman. BT:mw