Evening star., 1945-01-28


$4,000 to organize the South Texas Lumber able
the strength of his earlier prompt repaymen
Mighty Oak From Acorn
And from that small business grew Jones financial
empire OF todaan empire based vast real estate holdings
in Houston Dallas and New York. several strong
of the Southwest leading newspapers the Houston
Chronicle.
wo head of the $40 900 RFC for more
than decade has undoubtedly loaned money
in history had inauspicious start in fe Born in
Robertson County, Tenn April 1874 he the of
William H. Jones, a competent but smal-scale farmer
When Jones was 10 the elder Jones died leaving mort
gagged farm to his three daughters and $4,000 each to jesse
then 49, and his brother John The decided
their cash inheritance their sisters rid the
and to strike out on their
An uncle, M Dallas gave fnancier
his first job worker in lumber yard Although scantly
stocked with book learning Jesse Jones mind this
immature stage, appears to have had natural toward
business and finance Within he had become supern
tendent of the Dallas yard Two years later he
of the lumber firm which owned other yards in North
Texas
Opened Yard in 1902
time that Mr. Jones made the expert
men in building synthetic credit rating which related
above and in 1902 he opened his lumber yard Houston
During the three decades between the youthful Jesses
entrance into the lumber business under his
1892 when he Washington member of the RFC
Board his life story linked with his constantly expanding
business empire There setbacks be sure
of his business adventures markedly
AS his lumber business grew, he branched out into bank
ing
He also cleaned up" tremendously in Houston real estate
putting great faith the growth of now
Texas leading seaport and most populous city,
Met King With Shoes Of.
Mr. Jones took time from his business career during
the World to high official of the American
Red Cross in Europe-and thereby hangs tale. While
this assignment Mr. Jones taken by President Wilson to
Buckingham Palace. The Texan waited in while
the President and King George talked in the next The
day and cold and Mr. JONES' removing his Shoes
deposited his big frame in chair before roaring
fire and fell asleep.
Suddenly he was aroused from his sumbers by His
Britannia Majesty George " and the President who
waiting present Mr. He to be presented in
his stocking feet 1t related that the punctiou Wilson
was extremely embarrassed but that King George laughed
heartily.
Appointed by Hoover.
Mr.. Jones first to Washington 1882 when he was
by President the board the RFC
and succeeded to the chamansp originally held by Charles
c. Dawes the following year when the replaced
the Republicans in The country in the hroes
of depression and the Houston banker found himself facing
task calling for the utmost of his financial sagacity
and skill.
weapon against the depression the RFC had been
provided with capital of s50OO000O0 Congressional
authorization to loan general purposes and
$1.80o0oooOO additional for specific projects Railroads
banks mining firms farm co-operatves. exporters State
governments all came to the great Government bank seek
ing to refnance their obligations maintain employ
ment and launch new enterprises.
In 1899 the old RFC ntegrated into the Federal
Loan Agency along with the Bank the
Owners Loan Corp the Federal Housing Administration and
the Federal Home Loan Bank system In the following
Mr. Jones entered the cabinet for the time
coming Secretary of Commerce and the lending
were placed under the Commerce Departmnt.
With the advent of the RFC became, in effect,
great governmental bank for financing the effort.
Through its subsidiaries such the Defense Plants Corp
Metals Reserve Corp Rubber Development Corp ceter
has marshaed the financial behind
war effort And although the multiplicity of tasks
Mr. Jones to leave details to subordnaes kept
In personal touch with the vast network of sprawng
ernment agencies necessitated by the war program
In his letter requesting Mr. Jones resignation make
way for Mr. Wallace, the President told him had done
warmly agree.