New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-08
Sends Him Telegram After
He Asks That His Name
Be Withdrawn.
NEW YORK BANKERS
EXPRESS REGRET
See Great Loss to Federal Re-
serve BOard-Protecting
Kuhn, Loeb & Co.
lrrom The Trlbune Burcau. J

Washington. July Ready TO back
him with all the administrations in
fucnce, the President sent a telegram
to-day TO Paul NJ Warburg. of the
banking firm of Kuhn, Loeb & Co., of
New York, urging him TO reconsider his
declination of the appointment TO
the Federal Reserve Board and also
told him in a conversation over the
telephone that he had the utmost con-
fdcncc IN him despite the disposition
Of certain Senator'S to question the wis
dom OF the nomination.
Mr.. Warburg was in communication
with the White House over the tele-
phone twice to-day once with the Pres
:dent and a second time with Secretary
Tumultv. He seemed TO be insistent on
having his name withdrawn by the
President, frankly saying that he did
not wish to be subjected to the at
,acks OF Senators and others who are
orposing his appointment Just what
renlv he gave the President regarding
the request 10 reconsider his declina-
ton is not known, but it is understood
that he will fully outline his attitude
ty letter.
President Wilson is nettled over the
action Of certain Senators in attempt
inr to block confirmation of the nomi-
nation Of Mr.. Warburg and Thomas d.
Jones. OF Chicago. another nominee for
the Reserve Board. He has made it
clear that he will support the two men
and is eager for Mr.. Warburg to stay
in the fight.
Warburg Explains Position.
Mr. Warburg's decision was COM
municsted 10 the Senate Banking and
Currency Committee IN telegram to
the acting chairman. Senator Hitchcock.
The message was a reply to the COM
rittee's invitation TO him TO appear be-
fore It on Thursday.
~ acknowledge the receipt of your
telegram Of Yesterday" he said, "invlt-
inc me TO appear before your commit
tcc. cannot comply with this request
because feeling that the action Of the
committee last Thursday in withhold
irc action regarding my name while
fayorably reporting the names OF three
n the nominees created a situation
which might impair my usefulness as
member of the Federal Reserve Board
/ wrote the President on Friday, re
spectfully requesting the withdrawal OF
ny nomination.
Furthermore. while ! should have
been glad TO appear before your com
mittee. II it had deemed conference
with all Of the nominees necessary to
cui6e its action, | feel that l should
not DO so after one other nominee ana
myself had been singled out for eX-
animation, inasmuch as my Willingness
~ serve upon the Federal Reserve
Board was based upon the hope that
the Senate would appreciate my mo-
tives in accepting the Office and would
,nreservedly extend 70 me that full
support and confidence which should be
onioved By all the members Of the
board If 1t is TO effectively fulfil It's
mission"
Rehind the determination Of Mr..
Warburg 20 withdraw his name from
consideration as member Of the Fed
eral Reserve Board was the feeling, SAID
friends Of his yesterday, that he had
no right to place himself in a position
vhere transactions Of Kuhn, Loeb g.
Co. might be exploited for political
purposes.
Frank A. Vanderlip, president Of the
National City Bank, said he regarded
Mr.. Warburg's loss TO the Federal Re
serve Board a. a calamity. Other opln-
IONS expressed b. New York bankers
follow:
Lewis l.. Clarke Surprised
81 cannot understand how our legis-
lstors can question in any way man
~ Paul ". Warburg's ability and quail
fcations 70 I'm d position on the red
orsl Reserve Board. BY Their action
thev NAV lose the services Of man
VINO. - a member Of that board, can
be of inestimablc value 20 the financial
world His ability and personality
would certainly inject strength IN our
financial structure" Lewis l.. CLARKE,
president American Exchange National
Bank
"The country has lost the oppor-
'unity Of obtaining the services OF 4
81 600 900 man for $4,000. However,
Mr. Warburg's refusal 70 serve on the
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