The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-07
WILSON'S PLEAS VAIN
Jones of Chicago, Denying
Reform Role, Has Poor
Chance to BE Confirmed.
UPHOLDS HARVESTER ACTS
Testimony to Committee Far
From Apologctic and Not
What President Predicted.

vAsmiNGroS. July 6.--information that
Paul VI. warburg OF Kuhn. Loeb & Co. OF
New York. President Wilson's nominee for
the Federal Reserve Board. contemplates
withdrawing from the fight for his con-
/nrmation in the senate has reached the
I White House.
Mr. warburG has not formally COM
muncatcd to tho President his intention
10 withdraw, but he has informed some
o. his friends Of his attitude. and this
Information has come indirectly to the
iyh,c House.
So Jar IS the White House knows d.
rctly, Nj Warburs ha. not definitely
decided upon the course he Will pursue
The impression is strong among his friends
here though that he will not tolerate any
badccrlns 10y the Senate Committee on
Banking and Currency which has held up
his nomination and summoned him TO APP
pear and explain certain OF the financial
transactions in which Kuhn. Loeb & Co.
: have been concerned.
( II the fight against him continues. a.
now seems certain. IL would not surprise
NJ Warburs's friends here il nc sends in
his formal dcclination at any minute.
Mr.. Warhurg has been regarded as the
s0lcst banker named for this important
now organization and his selection. more
than anv other has tended to create con
ndence in the board. Mr.. Wnrburg ac-
copied the appointment at a great sacri-
nce and the fight that has been made
against him from the beginning has been
dstastcfpl TO him.
-
Il : Jones Defiant ON the stand.
But Mr.. Warburg's is not the only place
on the board which President Wilson may
have 10 refill Statements made before
the Committee on Banking and Currency
to-day by Thomas ID. Jones of Chicago
are likely to prevent his confirmation
Ne Pre- dent may be asked to withdraw
<Nf. lones's name. II he does not comply
/sWtn this request the President will invite
fight In the Senate on the nomination
that would be long and in which some
Democrats will assume a hostile attitude.
- Mr.. Jones, whn is a guest ut the White
to-day In response to an invitation to
explain his connection with the Interna.
uonai Harvester Company as II director
and shareholder. lie not only declined e
assume the role Of n reformer of the
Harvester trust, TO which the President
hid assigned him to a letter addressed
70 the Senate Committee on Banking on
Jun, IS, but came to the defence Of the
harvester company. asserting that It's
practices were lawful and that the d.
fectors Of that company had never dis
agreed as To its practices while he wa:
member OF the board.
Mr.. Jones told the members OF Tn,
committee in effect that he and George W
= Perkins had worked hand In hand II
v promoting the affairs OF the international
Harvester Company. and Mr.. Jones tool
the stand to-day that George w. Per
nns has maintained all along that tn,
International Harvester Company ha,
Conducted It's business in a perfectly law
'uI manner in short, that It Is not guilt!
" offending against the Sherman law
WIDER which 1t is now being prosecute,
.! the Government.
Jones Fiusters the Democrats.
I NIA!s statement disturbed the Demo
I crate members of the committee. for the!
" had before them the Presidents letter aid
dressed 10 Chairman owen OF tho com
mteH on Jun" IS, In which the Presiden
SAG among other things
" His Mr. Joncs'sl connection with Tn
| "ANester company is this lie owns on
i s"ai' and only one share OF stock n tn
""r'uy' which he purchased TO qualit,
director He went into the board o
we Harvester company for the purpose o
assisting ~ withdraw it from the con,ro
'"'eA mad led II into the acts and prac
"'e' WnIcl have brought &. uader tn
N'"csnl OF the Law officers OF The Gov
'"neAt and has beer effective IN tina
capacity HIS conn elton with thos
acts and practices SO absolutely NJ. HI
connection with IL was public Sc,
wee nor private interest. ana he h.
w" additional credit and admiration 70
as courage In this matter"
i" concluding his testimonial 70 III
| '''"n the President said of MIR. Jones
Y 30 Is ;ho one man Of the whole mum
NJ WHO Mas In "a personal sense m
sfcc
~ Jones told the committee that !,
"au o"'a director Of the iuterna;!ona
harvester Company since 1903 lie sa!
'""' ne purchased one share OF stock I
N-"''" as director and went INTO IN
'P"h} to "bi,A- rSlus NrCoE,ieh. VIII
"" an Old friend OF his lie sa!a tina
fguI,n,,xI