Word: firming
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Dates: during 1930-1939
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...That Otto Kahn and three other unnamed partners control the firm...
Only a few Kuhn, Loeb partners were, however, able to brush up their memories. For the first noteworthy fact about Kuhn, Loeb today is that of its eleven partners only two were members of the firm prior to 1928: Felix Warburg, elected 1896, now active only in an advisory capacity, whose chief concern today is with the long tier of filing cabinets containing the desiers of his numberless charities which stand behind his desk in the K. L. office; Otto Kahn, elected 1897, diplomat of the firm, whose numerous public and private appearances, not to mention ill health, have...
...house survives in something more than name for it has always been a family firm. The House of Morgan until, very recent times selected practically all its partners from outside its family. Kuhn, Loeb pursued just the reverse policy. Felix Warburg was son-in-law of Jacob Schiff. Otto Kahn was son-in-law of the late Abraham Wolff (one of the early partners). Since 1931 Felix Warburg's wisecracking Son Frederick, Otto Kahn's twice-married Son Gilbert, have been members of the firm. And Jacob Schiff's Grandson John, only 26 years old, became...
These young men, still in their twenties and early thirties, can do little to carry on the continuity of the firm's experience. Today that continuity rests more upon non-family members. One of them is Sir William Wiseman (loth scion of a Baronetcy founded in 1628) who came to the U. S. as chief of the British Military Intelligence during the War, became intimate with Col. House, served as British adviser at Versailles. He has been with K. L. since 1921 although only made a partner four years ago. Another is George Wallace Bovenizer (a partner since...
Partner Kahn asserted that his firm never actively sought new business, but waited, as befitted the banking house second only to J. P. Morgan & Co., for clients to come to it. Denouncing cut throat competition for bond issues, he declared that once "in those mad years [1926-28]'' 15 U. S. bankers were in Belgrade. Jugoslavia, participating in "an undignified scramble'' for an issue. "There were times," he said, "when a dozen were in Central . . . and Latin American states outbidding each other in a foolish, reckless search for business." "Was your bank represented at Belgrade?" asked...