Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-07-07
Disguised With Attitude Of
Senate Committee Country
May Lose Services Of Most
Experienced Banking Expert
THREE RESERVE BOARD
MEMBERS CONFIRMED
Jones Of Chicago Is Severely
Questioned as to Connection
With Harvester and Zinc
Trust Concerns,


Washington. july G-Three of the
members Of the federal reserve board
nominated by President wilson
charles H. llamlin, W. +. q. Harding
and A. G. Mlller--were confirmed
late today by the senate
The nominations of Paul NJ. War
burg OF New York. and Thomas n.
Jones of Chicago, have not been act
ed upon by the banking and currency
committee and probably VIII not be
before the end OF the week II was
stated u high official circles tonight
that Mr. Warburg would ask the
president To Withdraw his nomi-
nation
Members of the banking commit
tee thought Mr. Warhurgs eommun-
icatans to officials here several
weeks aeo Indicated desire to have
his name withdrawn, but Acting
Chairman Hitchcock tonight tele-
graphed an ihviialion for him to app
pear Thursday and submit TO the
committees questions. II was sug-
gested. however that Mr. Warburg
probably would decline the invitation
and that this would he followed by
an announcement from the White
House that the nomination had been
withdrawn.
Work to Begin ~ Once.
Mr. Hamlin Mr. Miller and Mr..
Harding take the oath OF office with
Ia a few daNs and the work of setting
IN motion the new federal banking
system can begin at once. The Sec
rctarS uf the treasury and the comp
trollef Of the currency are rx-officio
members ot the board which con
sists of seven members The five will
constitute quorum 10 do practically
all preliminary business
Mr.. Jones was before the commit
tee for nearly four hours today to
tell abont his relations With the In
teruatlonal Harvester company and
the New Jersey Zinc company both
so-ealled trusts
lie WAS questioned at length By the
members No proposal was made 10
vote on q report to the senate on his
nomination. but II "a regarded as
probable that II approval Is given 1t
will be by a close vote
Senator Hitchcock was authorized
TO give out the information secured
from Mr. Jones His report In sub
stance was
What Jones stated
MIR. Jones appeared IN answer to
tue INV llAAlRi Ui Aiit AHtliltiAtf anu
was asked questions about his rela
lions TO two large business enter
prises one of which WAS the lnterna-
tional Harvester company now being
prosecuted hN the government as
trust Mr. Jones said he became q
director Of that company IN April,
1908, purchasing one share To quail
~ as a director He became dlrec-
tor at the request of Cyrus II Nc
Cormick, an old friend. tIe said he
fully approved an the actions of the
since he became a director
aud believed that they were proper.
legal and within the law Mr. Jones
that he Is IN accord with
The policy OF the Harvester company
AZ the present time and said that
there Is no difference OF opinion
imung the directors He receives no
compensation, he said. other than
he nominal directors Zee
Elected by Voting Trust.
When elected be received the
votes Of the voting trust which con
rolled the company. George w. Per-
1ins, cyrus II Mccormick and VIII
lam Deerng This voting trust has
iince been dissolved Mr. Jones said
ie had nothing la lose or gain by
i-trust suit in the Harvester case.
prior 10 1897 Mr. Jones told the
he owned aud was presi-
lent OF zinc company at Mineral
Point, Wis. capitalized at 100000,
which came TO him and his brother
n satisfaction of debt This COM
amy was taken over hy the New
orsey Zinc company which at that
ime was capitalized at si,000000 and
he Jones brothers were given S400,-
90 In stock Of the New Jersey com-
amy for their 100000 in The Wis
onsin company The New Jersey
ompanN acquired other properties
nd increased its capital 10 100000,
90 u now produces 20 per cent OF
he spelter of the United states three
er cent of the sulphnrie acid and so
cr cent uf the oxide Of zine as re-
llt Of various consultations The
iyidends of the New Jersey eom-
any last year were S5Oo0,000 and
he year before 5000, goo.