New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-07
New York Banker Dis
posed to Decline Place
Offered by President.
ZONES. WILSON'S
MAN, FOR TRUSTS
Presidents Nominee DisavoWS
Claim That He Sought to Re-
form Harvester co.

Washington. July 6. Thomas d.
,ores. Of Chicago, ;he Presidents per
,,rsl nominee for membership on the
,.dcral Reserve Board. disavowed be
t,ro the Senate Banking and Currency
committee to-day the claim made for
him bv his distinguished sponsor that
10 entered the directorate Of the In
,s,nstional Harvester Company to re-
forn that organization.
Mr. Jones. instead Of presenting him
..f IN the role OF 2 reformer. SAID
40. he became member Of the board
-. the harvester trust al the solicita-
80, Of CYRUS Mccormick in 1909 and
cha, he approved Of all Of the acts OF
,b, corpo~ation since he became a d.
.,c,or some OF the acts in question
ere referred to in the governments
bu of particulars in the suit 10 dis
,oIvs the harvester trust. When ne
80. o-rc.sd 10 the board he received
~, votes Of George W. Perkins ana
o,ho-s q the ccmpany's voung trust
which existed a. the time. -,
Vr loves also said that he had solo
nj, interest i'm a zinc company at Mn
.rsl Point. Wis. valued at S4OO'oOV'
- he New Jersey Zinc Company
vbich paid therefor 100000 in stock.
The New Jersey company produces ~
nov cen. Of The spcltcr and IS per cent
= .to OXIDE OF ZINC produced in the
i,,ed states. Il paid dividends Of
kt; 0OO AOo last wear on capltallZatoh
Vorhcrs or the Senate committee
,-ers rcr-con'mittal to-day az the con-
,ln.ion of the hearing Of Mr.. Jones
Sn, .rero is row much doubt that hi,
ANIMATION will be favorably reported
n snito of the 'act that tho President
regards him his personal selection a
-sforr1cr and Jealous worker Tor the
esuse Of Democracy.
To Examine Mr. Warburg.
The ovamination or Mr.. Jones by the
,,r,,i,.ec consumed several hours
Sprirr which phases OF the activities
- 10 International Harvester Com
,arv in the country a. large and IN the
c.s.e o. Missouri. from which Il was
onstsd wore scrutinited. A similar
svsrira..on = in store for Paul NJ.
Wsrbvrc. Of New York. whom the com
ri.t,e has invited to appear before u
reyt Thursday.
hoard nominated by the President
Chsrles :. Hsmlin. W. T &. Hardlng
AID 4 G.. Miller were confirmed late
fo.dav bv The Senate. They Will take
,be oath Of Office within few days
and tho work Of setting in motion the
rew federal banking system can oegih
:. orco The Secretary Of the Treasury
and tho Controller Of the Currency arc
~ ogc,o members Of the board. whlcn
,onsis.s Of seven members. ne hVe
will constitute quorum 70 do practi-
t,llv an preliminary business.
In v;ow Of tho opposition that has
arisen I'm the senate Banking and Cur
rercy Committee 20 his appointment Dy
President Wilson 20 Membership on the
Federal Reserve Board. Paul VI. war
lurg. Of the banking firm OF huhr,
Deb e. Co. may now refuse 70 serve,
even should the Senate committee with
oraw is objections. This was the re-
port in the financial district yesterday
.ard which Mr. Warburg's friends were
'inclircd 20 believe.
Those close 20 the banker have
known for some time that ne has been
ofafng under me humiliating publicity
10 which he has been subjected since
President Wilson presented his name
for confirmation b. the Senate. and no
surprise would be felt 4 he should
notify tic President Of his determlns-
ton to continue in private life.
Nr. Wsrburc's appointment 70 the
Federal Reserve BOARD was heralded all
over thc country as one Of the best
acts Of the present administration. He
is banker of international reputation
End would materially aid in placing the
rev currency law on an equality with
LIZ I'LL L.,rnrcar Inning sVsfpms