Chairman Lasker handed to President Harding his formal resignation from the Shipping Board with a letter stating what he had accomplished and what he recommended for his successor, Edward P. Farley.
He prefaced his recommendation by declaring that the effort to sell the Government fleet to private owners was apparently a failure. "Developments thus far indicate that . . . most of the bids will be inadequate, and in the main the Government will be forced to maintain in some way the routes now being operated at its expense."
He then recommended: