Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-02

sense of service SO respond to public
interest"
Meyers Letter of Resignation.
Mr. Meyers letter read
Nearly two years ago accepted ap-
pointment as member of the Federal
Farm Loan Board and was designated
as farm loan commissioner. 1 under
took the work as you know, at the re-
quest of President Coolidge and Secre-
tary Mellon in connection with the re-
organization of the Farm Loan Board
to meet the situation which then con-
fronted the Farm Loan System. One
Of the largest joint stock land banks had
just been placed in the hands of re-
ceiver, and receiverships for two other
joint stock land banks were impending
a number of Federal and joint stock
land banks were faced with difficult
situations; public confidence was i'm
paired; and the Farm Loan Bureau had
not been adequately organized to meet
its problems.
Since that time the various units OF
the Farm Loan Bureau. including the
appraisal, examining and legal divisions
have been virtually reconstructed, and
a trained and competent organization
has been developed to enable the board
properly to discharge the responsibilities
devolving upon it. Examinations of the
banks and national farm loan associa-
tons are being conducted in thorough
and efficient manner; improper and r-
regular practices that had grown ur
in some of the banks have been elm
mated; sound accounting methods are
being followed, and the published state
mentS of the condition of the banks
are more accurate than ever before; the
management of banks faced with diff
f1cult1eS has been strengthened and re-
organized in cooperation with their
boards of directors and they are now in
a position to deal effectively with their
problems: and the Farm Loan Boards
supervision of the system has been made
vital and effective force.
Public Confidence Improved.
"The progress that has been made in
these directions is outlined in detail in
the annual report of the board for 1928
which was submitted to Congress on
March 2, 1929. While, of course, much
remains to be done. as always will be
the case in system of this magnitude
I think am entirely correct in saying
that the task of reconstruction has been
accomplished or is actively under way
public confidence has greatly improved
and the situation in all its details is
well in hand. The reorganized board
has worked harmoniously and assidu-
ously to bring about these results, and
it has had the cooperation not only OF
the banks Of the system generally, but
also of large number of public spirited
men in various sections of the country
I hope and believe that what has been
done during the past two wears has
materially strengthened the system and
will prove to be of permanent value to
the agricultural interests which it was
created by the Congress to serve.
Il have felt it incumbent upon me to
continue with the work until the essell-
tial requirements of the situation had
been effectively met That point now
having been reached, I feel that I am
justified in asking that you relieve me
OF the duties as member of the board
and farm loan commissioner in the near
future, and I, therefore, tender my res
ignation to take effect on May 10, 1929,
when shall have completed two years
of service in this capacity"