Word: warburgs
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Dates: during 1920-1929
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...Acceptance brings together one of the oldest of U. S. banking families and one of the oldest of international banking families. The U. S. family is Baker, contemporary Baker being J. Stewart, president of the Bank of the Manhattan Co., Vice Chairman of International Acceptance. The international family is Warburg, current Warburgs being Brothers Paul & Felix. The present story, however, concerns only Brother Paul, Board Chairman of International Acceptance, Associate Chairman of Bank of the Manhattan Co., and his son, James P., who will become president of International Manhattan. Of the two families the Warburg is the older, the more...
...Warburg family derives its name from Warburg, a town in Westphalia, where Warburgs lived as long ago as 1400. At some time during the Sixteenth Century the family moved to Hamburg. Here, in 1798, was founded M. M. Warburg & Co. Since the founding of the Warburg firm-130 years ago-a son of the Warburg family has always headed the House of Warburg; no person not a Warburg has ever reached a dominant position. Comparatively, the Morgans are parvenus...
...with the U. S. branch of the Warburg family, however, that the U. S. financial world is most concerned. For it was Paul M. Warburg who organized the International Acceptance Bank in 1921. Born in Hamburg in 1868, Paul M. Warburg entered a Hamburg export house at 18, entered the House of Warburg at 20. Followed experience in English, in French banking houses, a world tour, a return to Hamburg, and, in 1896, membership in the Warburg firm. In 1894 Mr. Warburg had married Nina, daughter of Solomon Loeb of Kuhn, Loeb & Co. In 1902 he came to live...
...recognition as a financial authority. In 1908 he went with the late great Henry P. Davison and Frank A. Vander-lip and Senator Nelson Aldrich to recently-famed Jekyl Island (see National Affairs) where the U. S. currency system was thoroughly studied, scientifically revised. In 1911, Mr. Warburg became a U. S. citizen...
Bankers, financiers knew Mr. Warburg in 1908; the U. S. Senate and the U. S. public did not become thoroughly aware of him until 1914, when President Wilson appointed him a member of the first Federal Reserve Board. A Senate Committee on Banking and Currency questioned Mr. Warburg, their inquiries colored somewhat by a distorted idea of the Money Demon and Mr. Warburg as an incarnation of it. At that time a Kuhn-Loeb member, and with an income of some half a million a year, Mr. Warburg devoted himself to building up the Federal Reserve system. For four years...