The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1914-07-08
|. F|RMAT|0N
Blythe SENATE
OF DIRECTORS
TWO OTHERS NAMED BY
PRESIDENT HAVE NOT
YET ACCEPTED
JONES ON STAND
Makes Statement In Regard To
the Harvester Trust and the
Zinc Mines
JONES ON STAND

ID . D., .. . i
Washington, July 6.-The nomina-
tions Of the five members of the Fed
eral reserve board Charles S. Ham
lin, W. P. G.. Harding and A. G. MIL
ler, were confirmed laLe today.
The nominations of Paul NJ. War
burg of New York, and Thomas Jones
of Chicago, have, not been acted upon
by the banking and currency commit
tee and probably will not be bofre the
end of the week. 1t was stated to.
night that Mr. Warburg would ask the
president to withdraw his nomination
but acting chairman Hitchcock, of the
banking committee, tonight telegraph
ed an invitation for him to appear on
Thursday and submit to the commit
tees questions. It was suggested
however, that Mr.. Warburg probably
would decline the invitation and that
this would be followed by an an
nouncemtnt from the White House
that the nomination had been with
drawn lzN 6Jt
Mr.. Hamlin, Mr.. Miller and Mr.
Harding take the oath of Office within
q few days and the work OF setting
lin motion the new Federal banking
system can be begun at once. The sec
retary of the treasury and the comp
troller of the currency are ex-of1cio
members of the board, which consists
Of seven members. The five will con-
stitute pourum to practically all the
preliminary business.
Had Jones Talking
Mr.. Jones was before the committee
for nearly four hours today to tell of
his relations with the international
Harvester Company and the New Jer-
sey Zinc company, both so-called
trusts. He was questioned at length
by the members. No proposal was
made to the vote on report to the
Senate on his nomination, but it is re-
garded as probable that If approval is
given 1t will be close.
Senator Hitchcock was authorized
to give out information secured from
Mr.. Jones. His report in substance
was: T#>,
Mr.. Jones was asked about his rela-
tions to large enterprises, one of
which was the International Harves-
ter Company. Mr. Jones said he be-
came director of that company in
April 1909, purchasing one share to
qualify, at the request of Cyrus H.
Nice Cormick, an old friend. He said he
fully approved of all actions of the
company since he became a director
and he believed that they were proper
and within the law. Mr.. Jones also
announced he is in accord with the
company's policy and said he had
nothing to lose or gain by the decis-
ions of the courts in the antitrust
suit in the Harvester case.
Owned Zinc Mine
Prior to, 1897, Mr.. Jones told the
committee that he owned q zinc mine
at Minearl Point, Wis, capitalized at
100000 which came to him and his
brother in satisfaction of debt. This
cmopany was taken over by the New
Jersey Zinc company then capitalized
at $4,000,000 and the oJnes brothers
were given 100000 in stock of the
New Jersey company for their $4O0,-
000 in the Wisconsin company. The
New Jersey company acquired other
properties an Increased its capital
to Si0,000,00O. 1t now produces 20
per cent of the smelter of the United
States, per, cent of the sulphurit
acid and s85 Per cent Of the oxide oil
zinc. AS result of the various con.
solicitations the dividends of the New
Jersey company last year were S5,00,.
600 and the year before S4,000,00O.