The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-23
Says Statement That Jones Re-
formed Harvester Co.
Is Untrue.
IMPuTATION IS RESENTED
Board a Unit. He Asserts, In Be
lievihg Themselves
Within the Law.


ton OF President Wilson that Thomas d.
Jones. one OF the men designated by the
President for place on the Federal
Reserve Board, became "a director OF tn,
Harvester company In order to reform
the company Mr.. Perkins accuses Pres
ident Wilson OF constructing theory
which does not square with the facts,
and says that when MIR. Jones was elected
director there was no suggestion from
him OF any one that he was going 10 as
sist In this reformation.
on the contrary. Mr.. Perkins says the
board. including Mr.. Jones, has been 4
unit In believing the companys methods
fair and honorable. as well rs legal, AMI
the best proof OF this Is that there has
been no revolution in the methods or
conduct OF the company since Mr. Jones
was elected a director. Mr.. Perkins con-
graduates President Wilson upon getting
so able n man as Mr. Jones, but he says
he resents any attempt to secure MIR.
Jones's confirmation by rejecting upon
the regulations OF other men. Mr.. Per-
kinss statement follows:
an President Wilson's letter to Senator
owen regarding the confirmation OF M.
Thomas d. Jones as a member OF the
Federal Reserve Board. he says:
His (Mr. Jones) connection with
the Harvester company in this lie
owns one share. and only one share
of stock in the company. which he
purchased 10 qualify as a director.
He went into the board OF the Har-
vester company for the purpose OF
IN tIfh 10
control which had led 1t into IN, acts
and practices which have brought 1t
under the criticism Of the law Of
hcers OF the Government and has
! been very effective In that capacity.
! His connection with those acts and
! practices is absolutely nil. His con-
! nection with II was public service.
not a private interest. and he has
! won additional credit and admiration
/ for his courage in that matter.
In the above statement MIR. Wilson han
/ construed theory which in no way
squares itself with the actual facts. From
the above statement she average reader
4 can gather but one impression. viz. thai
Mr.. Jones, as a public spirited citizen
acquired one share of stock in the Har
vester company 40 that he could ente
its board of directors TO assist other mel
on that board to withdraw the compan!
from a control that was perniclous AM
to correct acts and practices that wer
wrong and which have been condemne
by the law officers of the Government
that by exercising great courage he ha
effected these changes and has won ad
ditlonal credit and admiration for hi
course.
Notwithstanding that the Presiden
says in his letter to Senator owen:
venture to write you this letter to tell 20
, what / know, and fortunately / can sa
that l do really know it, the follown
, are the facts: A vacancy occurred o
. the Harvester board several years ago an
, Cyrus II. Mccormick. the president OF III
e company. suggested Mr.. Jones, an oil
Q college mate and personal friend to n
, the vacancy. The other directors hearth
approved of Mr.. McCormick's suggestion
for they all were pleased to secure II
services OF a man so highly regarded. !
the time Mr.. Jones entered the board thei
was absolutely no division in the boar
on the subject of the company's practice
a so that Mr.. Jones could not have entere
a. Il to Join any particular faction col
cerned over the company's practices ar
I looking for help to bring about reform
" There was no suggestion by Mr.. Jones
e any one else that he should come on Il
k board to assist In reforming the compan
h Indeed he came on the board at the Inv
tation and through the votes OF the vel
u men who were responsible for the cor
% pany's organization and subsequent ma
10 agement There has been no revolutit
n In the methods or conduct OF the cor
10 pany since Mr.. Jones became a directc
q We have without exception been a unit
believing that the companys metho
!" have been not only legal but honorab
and fair.
a "T am not the president OF the Ha
- vester company, consequently not
b. spokesman nor responsible for the deta
IL Of Its management but In President w
Al sons statement. there Is direct refecti
70 on the men who organized the compa
A. and who have been responsible for Its ge
& eral policy toward the public. | am @
OF those men.
* This IL not the first time that an ofiit
10 high i'm governmental circles has,
IN rcctly or indirectly, assailed me for
o. part In the organization OF the compa
a. and its general policy toward the publ
10 | have never knowingly allowed such
A. reflection to 20 unchallenged, because l
az not believe that during my entire CO
s. nection with the Harvester company. bS
In as an organizer and n director. ! Ia
d. ever done anything that has been 1
Of proper, Illegal. or against the public
terest and | am unwilling to rest unt
M any such imputation
in 1T congratulate Mr.. Wilson on securi
m so honorable and able man as Mr. Jol
az as a member of the Reserve Board bu
I'm resent his attempt to secure conflrmat
ed by rejecting on the regulations OF otl
20 men and by making public stateme
r. that are in no way warranted by
H. facts"
oe WASHINGTON, June 2e-An opportun
err to explain his connection with the Int
Il. national Harvester Company to the 81
,ir ate Banking and Currency Commit
nd which IL considering his nomination as
meirIber OF the Federal Reserve Boa
he will probably be given TO Thomas
nd Jones OF Chicago as a result OF the Pre-
in dents letter indorsing Jones.
he An Informal meeting OF the commit
go was held to-day Most OF the time "
s's spent In discussing the nominations
II Paul NJ. warburg and Mr., Jones. oppo
ton to their appointments being expires,
he by Senators Bristow OF Kansas and N
son OF Minnesota.
=. Harvard or OxfOrd--the latest gold or 81
Is. round eyeglassa spencer's. J Maiden ~
y" --Adp. 1890 ..... -