Word: warburgs
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Last week, however, one U. S. banker did speak his mind on speculation, flayed not only the Market but also the newly organized investment trusts, which he called "incorporated stock pools." This banker was Paul Warburg, Board Chairman of International Acceptance, which recently (TIME, Dec. 31) merged with Bank of the Manhattan Co. One of the formulators of the Federal Reserve System, a member of the Federal Reserve Board from 1914 to 1918, Mr. Warburg was eminently qualified to discuss stocks and money...
...Federal Reserve Board, said Mr. Warburg (in the course of his annual report to International Acceptance Stockholders) has lost control of the money situation by failure to take decisive action before inflation reached its present strength...
...central banking system may safely permit its facilities to expand unless it is certain of its determination and ability to bring about contraction when circumstances require," argued Mr. Warburg. He blamed "structural defects" of the Federal Reserve System, rather than the System's personnel. Action of the System, he said, cannot be prompt or decisive when it depends upon 120 men in twelve separate boards working with a central board of eight men "who may be wide apart in their views and bewildered by political influence...
...very soon appeared that this informal group was the inner banking circle of the committee-for with Mr. Morgan and Lord Revelstoke sit Dr. Carl Melchior, partner in Germany's great house of Warburg, Belgian Tycoon Emile Francqui, and Economist Antonio Suvitch, personal representative of Benito Mussolini...
...week, they played what was to be, save for a supplementary benefit to be given March 17, their farewell concert in Manhattan. Two of the players will join a new Stradivarius Quartet, (socalled because they all own Stradivarius instruments) in which Wolfe Wolfinsohn is to be violinist, Gerald Felix Warburg, son of Banker Felix M. Warburg, the 'cellist. The remaining two announced no plans. But their work as a unit is done and, last week, their story was reviewed, their achievement attested...