Word: kuhne
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Dates: during 1930-1939
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Pugilists go into training before fights, and wise bankers go into training (of mind and memory) before being haled before an inquisitive committee of Congress. Last week Kuhn, Loeb partners were brushing up for an ordeal before the Senate Banking and Currency Committee, brushing up, packing their records and their clothes for an extended stay in Washington...
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...
...great many private bankers this forced choice caused little or no worry. Kuhn, Loeb & Co.-according to the testimony of Partner Otto Kahn at a hearing a year and a half ago-are primarily wholesalers of securities. It requires no great stretch of the imagination to picture Kuhn. Loeb's senior partner, Felix Warburg, presiding at a meeting at which the firm decides without any heartburnings to give up its banking business. A like amount of imagination would serve for Goldman. Sachs. And it requires no imagination whatever to picture Dillon. Read and Lehman Brothers renouncing the banking business...
...full purpose of the inquiry is to get at the roots of the 1929 crash and devise legislation to prevent its recurrence. Under scrutiny are the many fields of commercial and investment banking, stock exchange operations, security salesmanship. Slated next for examination by Lawyer Pecora and the Senators are Kuhn, Loeb; Dillon, Read. Most prominent victim to date is Charles Edwin Mitchell, now on trial for trying to escape income taxes as a result of testimony he gave the Senate last winter. Under President Hoover the Senate's inquiry was given a twist against Wall Street "bears" whom...
Died. James Loeb, 65, banker and philanthropist, son of the founder of Manhattan's famed Kuhn, Loeb & Co.; of pneumonia; in Murnau, Germany. After retiring from partnership in his father's firm in 1901, he went abroad to live, devoted his wealth to literature and music. Best known Loeb benefactions: Manhattan's Institute of Musical Art, the Loeb Classical Library, the Psychiatric Experimental Institute in Munich...