Show CIVIC LEADERS HEAR PLANS TO 10 END HOARDING Pledge Support to Cam Car After Address Addre by President m By fly Associated Pres WASHINGTON Feb Behind 6 the closed doors door o of his hi cabinet roo room President roo Hoover In an speech today outlined to toa half halfa a hundred civic leaders his ls hi plait plan haf fo for oj creating an machine mache He lIe was flanked by Acting See tary Mills of the Mis an and treasury G. G Dawes president of tie Inc te r Chale J lion tion ton finance corporation White officials promised a Joint stated after aCer the closed cosed meeting President Hoover obtained a pledge from two score ual national civic organizations to join in a 5 fled campaign to stop slop money hoard hoad ul ing n that stifles business bord ton tion busies 5 The chief executive in his address to the leaders of more than h two S national organizations re steed thai the American monetary system d de t upon mobile de and moble nd currency that the l he mafa i hoarded has caused a credit cre i tion of approximately def I GOLD BACKING RISES The President had figures to show hw that partially because ol of hoarding S and ad partially because of depressed values the gold backing re- re r of df 1 currency by the federal federa reserve backi ai ys- ys tern has risen SIS from the ter legal lega 40 49 pcr cent to between pr 75 and 80 per cent 1 Mr Hoover sat in his custo cent cabinet chair with a small smal table be 1 I fore lore him The remainder of the b room however was stripped of ot Its rom Cus custo mary furniture furniture Cabinet chairs It cwt were moved into an adjoining halway hallway and i the he long ong cabinet table was placed fa in the lobby of the executive offices i tAs As the meeting a assembled Daw circulated about the crowd smoking his familiar pipe pipe sok 1 William Green president of the American Federation of Labor and te Henry L. L Stevens ad national co com g. mander of the American Legion were 1 early arrivals They have been working work work- we in ing together for 11 weeks week in i preparation preparation prepa prepa- ration raton for an Intensive drive against unemployment designed to put one million men back to work ROOM ROOf CROWDED The cabinet room was wa crowded crowde t to ta the doors by a throng apparently greater than had been expected The man who will wi head the te organization organ organ- orga however was absent abent He ij is i Colonel Frank Knox Kox publisher of the Chiago Chicago Dally Daily Daly News named name to t his new position yesterday b by b the te president president He is not expected in in 1 the the- capital before Monda Monday I |