The Birmingham age-herald., 1914-07-07
Three of Five Members of Reserve Board Ready
 to Take Office
WARBURG AND JONES
 NAMES ARE HELD UP
Reported Warburg Will Ask Name Be Withdrawn--Iones Tells Com mittee of Relations With
 Alleged Trusts

Washington. July e.--Thc nomins- tious by President Wilson of three of rhe five members of the federal serve board--Charles $. Hanlin, W. P. C. Harding and A. q. MiIler--were con- firmed late today by the. Senate.
 The nominations of Paul NJ. Warburs, of New York. and Thomas D. Jones, of Chicago, have not been acted upon by the banking and currency committee and probably will not be before the end of the week. It was stated tonight that Mir warburg would ask the President to withdraw his nomination. but Acting Chairman Hitchcock. of the banking conn mlttee tonight telegraphed an invitation for hirn to appear Thursday and submit to the committees questions. It was suggested, however, that MT. Warburg probably would decline the invitation and that this would be followed by an an- nouncement from the White House that tho nomination had been withdrawn.
 Take Office Soon
 Mir Hamlin, Mir Miller and Mir. Hard- ing take the oath of office within a few days and the work of setting in motion
 the new federal banking system can be-
 gin at once. The Secretary of the Treas
 ury and the comptroller of the currency are ex-officio members of the board.
 which consists of seven members. The five will constitute quorum to do prac- tically all preliminary business.
 MT. Jones was before the committee for nearly four hours today to tell about his relations with the 1nterna tional Har- vester company and the New Jersey Zinc
 company, both so-called trusts. lie was questioned at length by tho members No proposal was made to vote on re- | port to the Senate on his nomination, | but Is regarded as probable that if ap- | proval is given it will be by close | vote.
 1 Senator Hitchcock was authorized to l give out information secured from MT. l Jones' His report in substance was. MT. Jones was asked about his rea- l tions to two large business enterprises, ] one of which was the International liar 1 vester company. MT. Jones said he be- | came director of that company in April, l 1909. purchasing one share to qualify at the request of Cyrus II. McCormick,
 an old friend He said he fully approved 1 all the actions of the company since he became a director and believed that they were proper and within the law. MT. 1 Jones also announced he is in accord 1 with the company's policy and said he
 had nothing to lose or gain by the de- 1 cisions of the courts in the antitrust suit | in the Harvester case.
 Headed Zinc Company
 Prior to 1897, Mir Jones told the com
 mittee he owned and was president of
 zinc company at Mineral Point, Wis, | ca apitaized at S4O0,000. which came to him and his brother in satisfaction of a debt. | This company was taken over by the New Jersey Zinc company then capital | ized at $4000,0N0, and the Jones brothers
 were given s9OO.000 In stock of the New | Jersey company for their Si0O,000 in the | Wisconsin company. The New Jersey
 company acquired other properties and increased it's capital to si0,000.0o0. It now i produces 20 per cent or the Spelter of l the United States, 3 per cent of the | sulphuric acid and but per cent of the | oxide of the zine. As q result of vari- ! ous consultations the dividend of the 1 New Jersey company last year were s5,- 100000 and the year before s4,O0ooo0.