Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-13
Pay for Reserve Board Head
Discussed as Change Is Made

run 70 a belated and unnecessarily
severe end. The boards failure
last year should not be attributed to
Mr.. Young, except in so far as he was
unable to persuade 1t to follow sound
policy. It is an open secret that the
board was divided within itself.
The country win hope that the board
has learned by experience the tmpor-
lance of following sound central bank
ing principles and the need for paying
due respect to decisions Of the directors
Of the regional banks"
y 4 +
According to reports rennaaks the
Chicago Daily News, Mr.. Meyer con-
sented, reluctantly, and only at the re-
quest Of President Hoover, to accept
the new summons to service In an
ONCE which recently has been subjected
TO criticism and attack from different
quarters. Some of the critics have de-
manded from the governor OF the Fed
eral Reserve Board more boldness and
initiative In curbing speculation than
Mr.. Young exhibited. t" I" Mr.. Youngs
retirement prompted the question
whether Mr.. Hoover would be able to
induce ffnancier of the requisite abil-
fly, experience and stamina to NIL the
vacancy. The appointment of Mr..
Meyer answers that question Satisfac-
torily. To him private means render
the matter of salary consideration OF
slight consequence. There are definite
reports that insurgent and radical OPP
position to Mr.. Meyers nomination will
develop in Congress. In administra-
ton circles that opposition is not
feared. Mr.. Meyers record of service
should diSarm vague suspicion and I'M
reasoned hostility"
Calling the Meyer appointment zone
of the most important acts of President
Hoover's administration, the st. Paul
Pioneer Press states that Mr.. Meyer
belongs to a section of banking thought
which has not always seen eye to eye
in recent years with the Treasury on
management of the Federal Reserve
paper, that his accession to the gov
ernorship of the board will mean a new
phase in Federal Reserve banking" Re-
ferrtng to the possible attitude of Con-
greSs, the Pioneer Press comments:
Mr.. Meyer has been accused of I'M
1rtendltness to agriculture, a charge
which his efficient administration Of
the Federal Farm Land Bank system
should soften. The Federal Reserve
Board needs a strong guiding hand.
Mr.. Meyer Is well qualified to supply
~N' SA--S - 90 AAAHOAO W
as to any other economic branch
Commencing the selection of Mr..
Meyer, the New York Evening Post
points out that "as former New YORK
banker and as an efficient head of monv
governmental boards in the past, he has
made HIS position in the highly ranKed
groups Of the financial world" and that
his closeness to Secretary Mellon will
be another asset of enormous value to
himself and to the board"
Mr.. Meyers lack of sympathy with
former Secretary Houston and the Fed
eral Reserve Board (of that tirne) in
the policy of defiation," is recalled by
the Raleigh News and Observer, with
the statement that "he held the view
OF Secretary McAdoo that the policy
was drastic and hurtful"; that "Mr.
Meyer sought to stabilize the price Of
agricultural products and opposed the
diScontinuance of the War Finance Cor
poration." The News and Observer
commends his stand In that "he was
with the cotton growers In
1920-21, and in 1926 assumed leadership
In the movement to stabilize the price
Of cotton"