The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1914-07-09
JONES TELLS SENATE
OF JOB WITH TRUST
Asserts He Joined Harvester Firm
to Please Its Head.
APPROVED ACTS OF CONCERN
Proposed Governor Of Federal Reserve
Board Says He Approved Acts OF
Company Despite Govern
ment's Objections.

Washington, July Thomas ID
Jones of Chicago, the presidents per
sonal choice" for the federal reserve
board and understood to be his selec
tioh for governor Of the board, ap
peared before the senate committee
on banking and currency.
The committee, which Is considering
his nomination, had called him to ex
plain his connection with the har
vester trust and the zinc trust.
In view of President Wilson's writ
ten statement 20 the committee thai
Mr.. Jones went on the board OF di
rectors OF the harvester trust for the
purpose of effecting certain reforms
Mr.. Jones was asked to tell the com
mittee how he became connected with
the trust.
Jones Tells Trust Connections.
In reply he made the following state,
ments concerning his connection with
the two trusts
The Harvester Trust.
He became a director OF the trust to
oblige its president, Cyrus II. McCor,
mick. He was a personal friend OF
Mr.. Mccormick He was elected by
the voting trust, consisting Of George
w. Perkins of j. p. Morgan d Co, Mr.
Mccormick and Mr.. Deering. In the
affairs of the company he voted with
Mr.. Mccormick. He fully approved
the acts of the harvester trust since
becoming a member of the board OF
directors. He was in complete accord
with the policy of the harvester trust
When former Attorney General Wick
ersham was willing to consent to a
peaceable dissolution Of the harvester
trust, instead OF bitter fight through
the courts, Mr.. Jones cast his vote
against it. When the courts of Mis-
souri, decided for the custer of the har
vester trust from the state, Mr.. Jones
voted against compliance with the
courts order.
The Zinc Trust.
Mr.. Jones Is president of zinc com
pany at Mineral Point Wis. He is a
director IN the New Jersey Zinc com
pany, known as the zinc trust. In
1897 he sold the Mineral Point Zinc
company to the trust for 100000. The
trust is capitalized at $l0,000,0 900 Last
year it's dividends were 100000.
At the conclusion Of Mr.. Jones ties
timony the committee adjourned with
out taking action on his name.
When his session before the commit
tee was at an end Mr.. Jones returned
to the White House, where he is the
guest of the president.
Members Of Board Confirmed.
The senate confirmed Charles S
Hamlin of Massachusetts, A. c. Miller
Of California and w. +. G. Harding OF
Alabama, as members of the board
Secretary of the Treasury McAdoo and
Comptroller of the Currency John
Shelton Williams are members ex
otiicio, and the board is now able tc
organize.
The only other nomination for the
board that has been held up is that OF
Paul NJ. Warburg of New York. The
banking and currency committee asked
Mr.. Warburg to appear before 1t Thurs
day,
Hits Nicaraguan Treaty.
Characterizing the proposed Mica
raguan treaty as the tool OF
tyranny, oppression, corruption and
fraud" Senator Borah OF Idaho intro
duced a resolution In the senate de-
handing publicity for al discussion
Of the Nicaraguan and Colombian
treaties.
The Introduction Of the resolution
was followed by q sharp tilt between
Senator Borah and Senator Stone OF
Missouri. the debate finally becoming
so acrimonious that Senator Williams
of Mississippi moved the postpone
mpnt of further discussion until to-