Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1914-08-19
PAUL M. WARBURG.

Paul NJ. Warburg. the New York
banker and lnancier, who has been
the storm center OF a heated politi-
I cal controversy since his appointment
| last May as a member of the United
States federal reserve board, is a ma
tive of Germany, and was 46 years
old Tuesday. Although a compare
lively young man, Mr.. Warburg is
one Of the supreme powers Of finan-
cial America, and. since the death OF
the elder J. p. Morgan. he has often
/ been described as Wall streets ar
bitter. Undertaking magazine writer's
90 farther, and ascribe to Mr.. War
burg such powers as render him the
real ruler of the United States" The
editor OF Parsons magazine recent
" expressed this view of Mr.. War
burg's activities:
at is announced from Berlin that
one of the most famous OF the Ger
man periodicals is about to send its
cleverest writer to Washington to
view the government and president
Of the United States.
Washington? Why Washington?
He will find Paul NJ. Warburg at
Kuhn, Loeb & Co.'S Office in New
York every weekday from 10 to g."
This socialistic editor probably
overestimates Mr. Warburg's omni-
potence, for lately the eminent bank
er lamented. 81 cannot help what the
papers have printed"
Like many other distinguished
financiers. Mr.. Warburg has never
sought publicity, and to have it thrust
upon him in such large quantities has
rendered him somewhat peevish. I'm
til the recent controversy the general
public knew little or nothing of the
personality of the man who is credited
with such vast powers.
Paul Moritz Warburg is his full
name. and he was born in Hamburg,
Germany, Aug. 10, 1868. He was edu-
Gated in his native land and gradu-
ated from the University of Hamburg
at the age of IS. His business career
was commenced in the Office of
commission firm in his native city,
and at 90 he entered his fathers
banking house.
The firm of NJ ". Warburg & Co.
is one of the oldest and most cele-
brated of German banking houses. II
was established in 1898 by the great
grandfather of Paul NJ Warburg, and
was continued by his sons and grand
sons. Paul Warburg served but a
brief apprenticeship there, and then
proceeded to England, where he spent
year studying London financial
methods and practices. In 1891 he
carried on similar studies in France,
and then made a tour of the earth,
paving his first visit to the United
States.
Having completed his education,
Mr.. Warburg became a partner in
the family banking house, and also
served for a time as a member of
the municipal council of his native
city.
It was in 1903 that Mr.. Warburg
landed in New York and became u
partner in the great banking house
of Kuhn. Loeb g Co. He has since
become the most influential member
of that firm, and one of the powers
of the financial world In 1906 he
published Defects and Needs of Our
Banking System" and similar essays
followed and were widely read and /.
discussed. For many years he has
been a leader IN the campaign for |
banking and currency reform through .
a concentration OF reserves, and the /
creation OF discount markets.
He helped to found the National Child .
Labor committee, and other philan-
us interest Last year he was the
OF the Order OF the Crown
rom the kaiser.