The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-07-11
RESERVE BANK BOARD.
SENATE CONFIRMS THREE
BOARD MEMBERS, ENOUGH
IND BEGIN WITH.
Warburg. IL Is Said, VIII Ask That
His Name He Withdrawn-Joncs
Appears Before Committees and
Tells Of Trust Connections.

Washington. July 6.--The nominal
tions by President Wilson Of three
Of the five members of the federal re-
serve board-Charles 8. Hamlin. W.
p. q. Harding and A. C. Miller-were
confirmed late today by TIE senate.
The nominations Of Paul M. War
burg Of New York and Thomas d.
Jones Of Chicago have not been acted
upon by the banking and currency
committee and probably will\not be
before the end Of the week. It was
stated tonight that Mr.. warburg
would ask the president to withdraw
his nomination. but Acting Chairman
Hitchcock Of the banking committee
tonight telegraphed an invitation for
him to appear Thursday and sub
init to the committees questions. 1t
was suggested. however. that Mr..
Warburg probably would decline ths
invitation and that this would be fol-
lowed by an announcement from the
White House that the nomination had
been withdrawn.
Mr.. Hamlin. Mr.. Miller and Mr.
Harding will take the oath of office
within a few days and the work Of
setting in motion the new federal
banking system can begin at once. The
secretary Of the treasury and the
comptroller Of the currency are ex-
of'icio members Of tho board. which
consists Of seven members. The five
will constitute quorum to do prac-
tically all preliminary business.
Mr.. Jones was before the committee
for nearly four hours today to toll
about his relations with the Inter.
national Harvester company. and the
New Jersey Zinc company. both So
ro61ted trusts. re was questioned ar
length by the members. No proposal
was made to vote on report to the
senate on his nomination. but 1t Is
regarded as probable that IL n con-
firmation Is given. 1t will be by a close
vote. Senator Hitchcock was directed
to give out information secured from
Mr.. Jones. His report in substance
was:
Mr.. Jones, asked about his relations
to two large business enterprises. said
he became a director Of the lnterna-
tional Harvester company In April,
1909. purchasing one share to quail
fy. at tho request Of Cyrus III. Nc
Cormick, an old friend. He said ne
fully approved all the actions Of the
company since nc became a director
and believed that they were proper
and within the law. Mr.. Jones also
announced he II In accord with the
company's policy and said he had
nothing to lose or gain by the deci-
sions OF the courts in the antitrust
suit In the Harvester case.
Prior to 1897. Mr.. Jones told the
committee. he owned and was presi-
dent Of zinc company at Mineral
Point. Wis. capitalized at 100000.
which came to him and his brother In
satisfaction Of a debt. This company
was taken over by tho New Jersey
Zinc company then capitalized at $4,-
100000. and the Jones brothers were
given 100000 In stock Of the New
Jersey company for their $4OO. 900 in
the Winconsin company. The New
Jersey company acquired other prop
critics and Increased its capital to $1O,-
100000. 1t now produces 90 per cent
or the spelter of the United States, 3
per cent OF the sulphuric acid and So
Der cent OF tho oxido 10 1inc