Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1918-03-20

no banker In the country would dare
to loan II dollar
The reRl object OF tins bill is to
create a corporation financed hy the
government To take care Jf railroads
and other public scrNiu" corpora
| TONS who are at this time unable 10
secure FUNDS with which TO make
necessary and very much needed i'm
| pfoNqments. Thus they Will bs en-
| hhied 10 carry On their greatlY cN-
| banding volume OF business without
handicap In llcksOf funds. This hill
/ grants the most power ever given u
government In that II not properly
adInlnisterei, certain sections OF cor
| taln corporations could bee discTlm
mated against. meaning bankruptcy
Therefore, II is deemed highly im.
! portant that those who have to do
With the operation ~ such "A law
should be chosen with the greatest
care. and that is perhaps what Sen
htor owen haI I'm mind when he Of
rcred m amendmert placing thA pp-
pointing power with thc president
aud appoiutecs lripV required CON
frmotion 81 tho senate
bnring the few DAYS have boon
In Washington since my return. /
have heard 50 much about this bin.
and there has been So much talk
around the corriders Rud hotel lob
hies about the prospects OF Paul NJ.
Narhupg being appointed chairman
OF the, public Issues committee. and
! ham heard him discussed from
every angle In reference - Who lac
IL and ,whst hls former associations
"a a "A hnaN 1 A..l.I..V
sentleuhon up myself
3 or German Descent
Mr. Warburg Is OF German descept
and GENES from family nf Ham
burg bankers and II is said his broth
er was tho financial agent that FUR.
niShed the money for the T. 'Ishe1i ill
which nNerthrcw Eerensky His
brother In at this time one OF the hix
government financlerH OF the Ger
man empire
befofe the committee on banking
and currency OF the United States
senate, held on August !. 1914, dur
inS tho discussion over the nominn-
ton ot}Paul NJ Warburg as a mem
her OF The federal reserve bnar1, of
which be ~ now governor he
made y statement Of his experience
In banking
This meeting was secret. and the
stenographer was enJolned from Civ
Ing out any statement OF .ho dis
cussion, but have copy Of II be-
fore me "a ! am writing. and find
the following dialogue In par,
The chairman MIR War2urg,
wish you would explain to the com
mittee your experience I'm the bank
ing world--wnere YOU first hoc1n 80
study banking, what places Won went
Rttorvard. and what your experience
Ia so that the committee may have
that Information before them
Mr.. WarburE "YWs, at the age %
ls wears. | graduated from the Real
Gymnasium, ~ we call r. After
that went into the commercial bus !
mess. FIST In order 10 become "a
miliar with Hambure'S over sea |
trade, which is tho basis ~ liam ,
burg's banking nuslnNss I stayed |
there for two years
After that I went into my faith /
er's office for yeNr to learn ,he !
first rudimerts Of bnn'tine"
The Chairmau--'ls that tho bank
ing house OF NJ. VI Wnrburg & Co. |
OF Hamburg o."
Mr. warburg-"Wnrburg y War
burg. yea sir"
The chnirmen--"fiow old is thq:
house?"
Mr. wnrburg 1T was started in
Ts6, ! think, by my greasa grand |
lather
After that went 10 England. |
where stayed two Years. first In
the BACKING ana discount firm, OF
Samuel Montague a co. and after |
that took the opportunity OF stay
Ing two months In the office ot a |
stock broker In order 10 learn that |
part OF the business
After that vert 10 France.
where stayed In a French bank. so
that"
The chairman Qnterposingj go
What bank was that"
Mr. Warburg is the Jnssian
bhpAa for foreign trade. which has
an Agency in Paris.
After that went back to Ham
burg and worked there again. for q
year. ! think. Then | went around
10 Ipdia. China and Japan. and then
cStne ~ this country for tho first
lime in 1893 stayed here only "A
mort time and went back 20 Ham
burg and then became partner OF
he firm IN Hamburg"
The chnirmRn-."IIow long were
you In Hamburg then IN the banking
lusiness7"
Mr. Whrburg "Tntil 1902"
The chnirman--"l aO27'
Mr. Warburg Yes flr. and then
moved over here 20 tbs country
n order 90 bOconle a partner OF
(uhn. Leob & Co"
! .