| Show INSIDE STUFF ON POLITICS FINANCE President Busy Fixing Up Compromise Plank on Prohibition WASHINGTON By PAUL MALLON ALLON The president is privately trying to fix up a compromise prohibition plank for Cor the platform Without publicity he recently called in Bishop McDowell of the Methodist church for that purpose The bishop is arranging for some of ot the he more moderate leaders of the league to drop in casually later Radical drys are arc not wanted Mr Hoover apparently desires to know how far Car the moderates will go goin goin goin in meeting the new prohibition lion sit sil His Ills discussions thus far have indicated they are willing to permit limited concessions The president knows what the wets want They arc are shouting in his car ear every day The Ohio Pennsylvania and Indiana primary results were deafening The president is desirous of oC preventing pre pre- venting enting an m open prohibition contest in the Chicago convention I If he ever gets the drys and wets together he will be doing more than anyone else has been able to do so far His view has always been that no change could be made in the existing exist ing fag system without consent of the drys drs He personally thinks no permanent permanent perma nent solution is possible without cooperation coop of the church people Unquestionably the final wording of the platform will grow out of oC these conferences t A shakeup is expected shortly Inthe inthe Inthe in the Republican national committee There are strong indications a new publicity director ma may be sought for forthe forthe the campaign James L. L West former A. A P. P man has done his work well but he has found Cound from a publicity standpoint that it is easier to attack than to de de- fend lend Colonel Frank Knox Chicago publisher pub lisher Usher may direct campaign publicity if he does docs not get the chairmanship What will happen to Assistant Director Director Director tor Lucas is not clear The old idea of ot grooming him for the chairmanship has been definitely dropped He may handle the young folks folks' ol s' s end of the campaign Fess of course is definitely outa out a It a s 0 Walter Waller Brown and Ray Benjamin are handling practically all politics for the president now Neither is officially connected with the national committee They are the presidents president's only important political advisers o 0 OCA C 0 ft A Collapse of ot league domination domination dom dom- in Ohio was more serious than was as apparent on the surface It put the league in bad straits nation nation- ally To be effective politically a promotion promotion promo promo- tion organization must be able to throw fear into the hearts of The lea league e can no longer do that In congress you find its wishes being consulted le less s and less Its po no- political defeat in its home state de dc deprived it of power in its last foothold above the Mason-Dixon Mason line The whole national organization was built by Wayne B. B Wheeler on the political domination of Ohio exercised exercised exercised exer exer- by the league long before fed federal eral prohibition cral-prohibition prohibition e eo e e Walter Brown Brower helped the defeat along alone by br cracking the whip for In Ingalls alls in Toledo The league has had no particular love for Brown Bro even though he sits at the right hand of the president Once pe kie ic appointed a per cent wet to the election board in Cleveland They remember that They forced him to rescind his action I He remembers that e The Pennsylvania and Ohio primary primary mar mary results arc are playing a big part partin in influencing Republican leaders on ona a referendum plank The wet wel movement movement move ment appears to have spread into smaller cities in those states Rural communities appear to be the only drys left Thc They ar are arc a a minority P The While White House has received reports reports reports re re- re- re ports indicating it may expect great political things from the normally Independent Independent In In- dependent northwest Minnesota Minnesota Minnesota Minne Minne- sota Committeeman Stern and others report North Dakota Minnesota and Wisconsin have definitely gone conservative conservative con con- Nobody can tell until until until un un- til election time 1 Banks Not Nol OL Buying g Bonds Fearing Crazy Laws May l Be Passed NEW YORK By JAMES JAl l The federal reserve credit expansion expansion sion program is acting like a dog chasing its tail The pro program ram Is not getting rapid results because banks are arc not buying bonds Bank are not buying bonds because they are afraid congress ma may indulge in crazy legislation Congress may indulge in crazy legislation because because be be- I be-I cause the program is not getting rapid results The Federal Reserve bank of or New NewYork NewYork NewYork York is bearing the brunt of or the campaign campaign campaign cam cam- to date There are arc varying degrees degrees degrees de de- grees of enthusiasm for it on the part of other regional banks Purchasing for the whole system is pouring through the New York funnel All buying orders have been placed through h the New York bank The government needs will be betaken betaken taken laken care of or Banks have been given additional funds with which to absorb Curt further her necessary issues These w will willbe willbe Jl be coming in heavy volume Foreseen Foreseen Foreseen Fore Fore- seen government requirements were cause for the urgent adoption of the program and the Glass bill There is little danger that foreign gold withdrawals would be large enough to affect the plan Foreign balances are small at present In order order order or or- der to replenish them it would be necessary necessary necessary essary for foreign security holders to sell American stocks and bonds at a ai heavy loss This is unlikely unless a crisis arises Private advices Indicate that the large European central banks are arc sympathetic to the policy There is a chance that the Bank of ot England may follow ollow suit before long 4 i Clearing house banks in New York have reduced the rate of interest paid to depositors One of the motives was to induce out of town banks to cooperate more actively with the federal fed federal eral reserve policy A lower return here may induce them to take their money home and loan it locally or buy bonds with it Deposits of the twenty-one twenty clearing clearinghouse clearinghouse clearinghouse house banks have hwe increased more than in the past six weeks This gain ain offsets nearly one one- third of the loss in the preceding six months The Chase bank deposits have increased increased increased in in- creased b by in the week six-week period Bankers Trust was the sec sec- second second ond and largest gainer with The Bank of Manhattan Trust company com corn pan pang pany was third with Only three of oC the twenty one banks showed I losses in deposits os u I I |
