HOUR OF VICTORY.

Auckland Star, Volume LIX, Issue 266, 9 November 1928, Page 7

HOUR OF VICTORY.

HOOVER'S APPEAL.

Test Of Solemn Responsibility

Imposed.

COOLIDGE'S CONTENTMENT.

(Australian and N.Z. Press Association.)

(Received 9 a.m.)

WASHINGTON, November 8.

Mr. Calvin Coolidge has telegraphed to Mr. Hoover expressing his satisfaction at the result of the election and the endorsement of the new President's administration. "With this endorsement I can now repair from office in contentment," he added. Mr. Hoover was interviewed, after the result of the polling was made known, at his home in Palo Alto, California. He stated: "The election is the vindication of great issues and the determination of the true road to progress." He fppealed for co-operation of all the country's leaders as "the only way to succeed in that office. I can make no adequate expression of my gratitude for the overwhelming confidence of our people. The Republican party has again been entrusted with a great responsibility.

"In this hour there can be no feeling of victory or of exultation. Rather it imposes the test of a solemn responsibility and a complete dependence upon Divine guidance."

He stated that he would probably remain in California for a month resting. He would make no public addresses. He added that any report as to the determination of the personnel cf Cabinet at this time was based on theory rather than on fact.

From the wealth of editorial comment explaining Mr. Smith's defeat a leader in the "Register," published at Wheeling, West Virginia, is one of the most interesting. It says: "Mr. Hoover's smashing victory shows that the country is opposed to having a Roman Catholic as President, and favours prohibition, as if no other issues counted.

"With a wedge driven deep into the heretofore impregnable South, the future of the Democrat party is both doubtful and dark. The farmers of the West are too deeply imbued with Republicanism to give any hope of agrarian strength. The East is too self-sufficient to bother with minority parties or the possibility of a Republican party split.

"A new party, new issues, new principles constitute the outstanding hope of the dissatisfied element in the population."

A dispatch from Washington to the "New York Times" says: "The consensus of opinion in Washington seems to be that Mr. Smith's crushing defeat assures the maintenance of prohibition as a national policy for many years to come. This at least is the view expressed by the leaders of the "dry" groups, and it is shared to some extent by some of the administration officials in their private discussions of the lessons taught by Tuesday's election."

It is reported in banking circles that within ten days Mr. Smith will be offered the chairmanship of the board of directors of a newly projected Wall Street bank, which will have a capital of £11,000,000, the largest with which any bank has been organised in the United States. Mr. John Raskob, Mr. Smith's campaign manager, will probably also be connected with the bank. He is not to return to General Motor.?.

RUSH ON 'CHANGE. FACILITIES GREATLY TAXED, t _____ (Australian and N.Z. Press Association.) (Received 11.30 a.m.) NEW YORK, November 8. With the tickers running more than an hour late towards the close, the Stock Exchange facilities were taxed to the utmost to handle the tremendous volume of business from all parts of the United States. Buying was in progress after an early period with irregularity until mid-atternoon, and then call money rose to 6J per cent from the renewal rate of 6 per cent, and the usual Thursday anxiety regarding brokers' loans caused a heavy profit in trading.