THE PRESIDENT said:
"Secretary of Commerce Robert P. Lamont has found it necessary to resign in order to reenter private business.
"Mr. Lamont has remained in his position at great sacrifice for several months at my request. I regret extremely his loss from the Cabinet as his abilities and service have commanded the respect and confidence of the entire country.
"I am pleased to announce the appointment of Mr. Roy D. Chapin of Detroit, as Mr. Lamont's successor."