The Birmingham age-herald., 1914-07-16
Bitter Fight Waged in the Senate Over Reserve
 Board Appointee
PUBLISH TESTIMONY
 MADE AT HEARING
Mppointee's Connection With Harves- ter Trust Brought Out by Con- mittee-Wilson Leaders Still
 Confident of Success

Washington, July 15.-After another days fight over the nomination of Thomas ID. Jones of Chicago as member of the ! Federal reserve board. opponents of con firmation tonight claimed that eight and possibly ten democratic senators would vote against the Presidents choice. Champions of MT Jones, however, still were hopeful and were exerting every ef- fort to line up votes necessary to over ride on the floor of the Senate tomorrow the banking committee majority's ad- verse report.
 Both sides professed to see added strength for their positions in the publi- cation of MT. Jones testimony before the committee at its inqury into his rela- tions with the International Harvester company and the New Jersey Zinc com pany. This testimony was made public by unanimous vote late today MT. Jones had telegraphed that he welcomed publi- cation of his statement
 In the course of his examination the record slowed. while defending the har- vestnc company and the actions of its board of directors since he became member in 1909, MT. Jones said he was thoroughly in accord with what he be- lieved to be President Wilson's policy in destroying monopoly.
 Bitterness Reaches Climax
 Bitterness which has characterized the fight reached climax early in the day pt secret meeting of the committee The democratic minority, it is reported charged that the majority excluded from the report certain portions of MT. Jones testimony which put him in favorable light and, that the report was of slanderous nature. Majority senators are said to have replied that attention could be called in the minority report to mat ters that the majority might have failed to neition.
 In the record testimony taken by the con.inittee with regard to MT Jones' election as 8 director of the harvester company, which Is under indictment by the government a monopoly in restraint of trade, the following appears: Senator Hitchcock: Would you like to state tc the committee your reasons for going into the directorate of this company Rithout having any financial interest in it?
 Mr. Jones: Certainly. had been on terms of close intimacy with the McCor mick family for 30 years. In the early 1art Of 1909, they asked me to become director of the harvester company. I told them what they knew already, that l had no interest whatever in the stock of the concern, and had no plans con tempatng an investment and they said they knew that, and that 1t was not an investor in stocks that they were look ing for, it was somebody who could ar- ford to give the time demanded as a director oc the company; and they asked men as a personal favor to consent to do so.''
 Senator Hitchcock: Not for any compensation?"
 No Consideration
 MT. Jones' Not the slightest, nor the promise of any or the expectation Of any"
 Senator Pomerene: When you say they will you please state the names?'
 MT. Jones' MT. cyrus II. McCormick was the man who asked me, but he told me that he was speaking on be- half of the family
 MT. Jones reviewed the scope of the harvester concerns organization, ex- plaining the segregation of domestic and foreign companies at the time At torney General Wickersham began pro ceedings to dissolve the American com bination.
 Later in the examination this ap. peared
 Senator Reed: You accorded witt the general policies of the company while you were in it?'
 Mr. Jones: After my election, yes
 Senator Reed: And you did not malx, any effort 10 stop its practices ol Change its policies?'
 MT Jones: T know of practice in the company after I became a di rector that I thought in any way il contravention of law"
 Senator Reed: "Or good morals?"
 MT. Jones: "Or good morals"
 Senator Hollis: You satisfied your self as to whether the selling contracts are unfair?"
 {. Mir Jones: q have satisfied mysel that believe they are entirely fair.
 Inquiry into Mr Jones' affiliatior with the New Jersey Zinc company al stockholder and director was not ex tended. He explained that although tn, consolidated companies controlled 8! Der cent of the oxide of zinc trade O the country, there had been no com bination in restraint of trade.
 Near the conclusion of the examina ton the record shows the following:
 Senator Hitchcock: "One of the pur poses in creating the new banking ant currency system is to decentralize tn, banking power in the United States"
 MT Jones: "Yes, sir."'
 Senator Hitchcock: "The committe tet was curious to know whether you views on monopoly were in harmon, with the opinion of the country, whicf is strongly opposed to anything tend ing to centralize or monopolize busi ness"
 MT. Jones' 'I have not the slightes hesitation in answering any question, along that line that may be asked al to whay my views may be as to genera policy. I am thoroughly in accord witl Nr-1. ha1i fn ho ont sons policy in destroying monopoly.
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