New Britain herald., 1914-07-07
SENATE CONFIRMS RESERVE MEMBERS
Nominations Of namin, Harding
 and Miller Approved.

Washington, July 7.-Three of the five members of the federal reserve board nominated by President Will son-Charles s. Hamlin, w. P. G. Harding and A. c. Miller-were con- firmed late yesterday by the senate.
 The nominations of Paul M War; burg, of New York, and Thomas D. Jones of Chicago, have not been act ed upon by the banking and currency committee; and probably will not be before the end of the week.
 Will Take Oath.
 MT. Hamlin, MT. Miller and MT. Harding take the oath of office with in few days and the work of setting in motion the new federal banking system can begin at once. The secre- tary of the treasury and the comp troller of the treasury are ex-ofhcio members of the board, which con- sists of seven members. The five will constitute quorum to do practically all preliminary business.
 MT. Jones was before the commit tee for nearly four hours yesterday to tell about his relations with the Inter- national Harvester company and tho New Jersey Zinc company, both so- called trusts. He was questioned at 
 was made to vote on a report to the senate on his nomination, but it is regarded as possible that if approval is given it will be by a close vote.
 Senator Hitchcock's Report.
 Senator Hitchcock was authorized to give out the information obtained from MT. Jones. His report in SUD- stance was:
 MT. Jones appeared in answer to the invitation of the committee and was asked questions about his rela- tions to two large business enter prises, one of which was the Interna- tional Harvester company, now be- ing prosecuted by the government as trust. MT. Jones said he became director of that company in April, 1900, purchasing one share: to qualify as a director. He became a director at the request of Cyrus H. McCor- mick, an old friend. He said he full ly approved of all the actions of tho company since he became directon and believed that they were proper and legal. MT. Jones announced that he was in accord with the policy of the Harvester company at present and said that there was no difference of opinion among the directors. He re- ceived no compensation, he said, oth- CT than the nominal directors fee.
 When elected he received the votes of the voting trust which controlled the company, George w. Perkins, Cy- rus Mccormick and William Deering. This voting trust has since been dis solved. MT. Jones said he had noth- ing to lose or gain by the decision of the courts in the antitrust suit in tho Harvester case.
 Owned Zinc Company.
 Prior to 1897, MT. Jones told the committee, he owned and was presi- dent of the zinc company at Mineral Point, Wis, capitalized at $400,00o, which came to him and his brother in satisfaction of debt. This com pany was taken over by the New Jer- sey Zinc company, which at the time was capitalized at $4,000,000 and the Jones brothers were given $90O,0O in stock of the New Jersey company for their $40O,00O in the Wisconsin conn., pany. The New Jersey company ac- quired other properties and increased it's capital to $10,0OO,oO0. It now produces 20 per cent of the spelter of the United States, 3 per cent of the sulphuric acid and 85 per cent. of the oxide of zinc. As result of vari- ous considerat tons the dividends of the New Jersey company last year were $5,5OO,0OO and the year before l s4.o00, 900.