The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-07-07
TWO OTHERS NAMED BY
PRESIDENT HAVE. NOT
YET ACCEPTED
JONES ON STAND
Makes Statement In Regard To
the Harvester Trust and the
Zinc Mines

Washington, July G.-The nomina-
tions of the five members Of the Fed
eral reserve board-Charles S. Ham,
lin. w. p. G. Harding and A. c. Mil
Ter, were confirmed late today.
The nominations of Paul NJ. War
burg of New York. and Thomas Jones
OF Chicago, have not been acted upon
by the banking and currency commit
tee and probably will not be bofrc the
end Of the week 1t was stated to-
night that Mr.. Warburg would ask the
president to withdraw his nomination,
but acting chairman Hitchcock, of the
banking committee, tonight telegraph
ed an invitation for him to appear on
Tliursday and submit to the commit
tees questions. 1t was suggested.
however. that MIR. Warburg probably
would decline the invitation and that
thir would be followed by an an
nouncemtnt from the White House
that the nomination had been with
drawn.
Mr. Hanlin. Mr.. Miller and Mr..
Harding take tho oath of Office within
a few days and the work of setting
in motion the new Federal banking
system can be begun a: once. The sec
rotary Of the treasury and the comp
troller Of the currency are ex-ofiicio
members OF the board, which consists
of seven members. The five will COLI
stitute pourum TO practically all the
preliminary business.
! Had Jones Talking
Mr.. Jones was before. the committee
for nearly four hours today to tell of
his relations With the. International
II Hor
sey Zinc company, both so-called
trusts. He was questioned at length
BY the members. No proposal was
made to the vote on a report to the
Senate on his nomination. but it IL re-
garded us probable that II approval is
given it will be close.
Senator Hitchcock was authorized
to give out information secured from
Mr.. Jones. His report In substance
was:
Mr.. Jones was asked about his rela-
tions to large enterprises. one of
which war the International Harves-
ter Company. Mr. Jones said he be-
came a director of that company in
April 1908. purchasing one share to
qualify, at the request of Cyrus H 1.
Mccormick, an old friend. He said he
fully approved of all actions of the
company since he became a director
and he believed that they were proper
and within the law Mr.. Jones also
announced he is in accord with the
company's policy and eaid he had
nothing to lose or gain by the decis-
ions Of the courts in the antitrust
suit In the Harvester case.
/ Owned Zinc Mine
Prior to 1897. Mr.. Jones told the
committee that he owned zinc mine
at Mlnearl Point, Wis. capitalized at
100000 which came to him and his
p, brother In satisfaction of debt. This
! cmopany was taken over by the New
Jersey Zinc company then capitalized
/ at $4.000,00O and the oJnes brothers
were given 100000 in stock of the
New Jersey company for their $780,
600 in the Wisconsin company. The
, New Jersey company acquired other
properties an diEcreased its capital
to $10.000.000. 1t now produces &c
per cent OF the smelter of the United
| States. per cent of the sulphuric
acid and 85 per cent OF the oxide of
zinc. AS q result OF the various con-
solidattons the dividends of the New
Jereey company last year were $780,
900 and the year before S4.000,000.