New-York tribune., 1920-09-26
Head of Kuhn, Loeb & Co.
Succunnbs to Heart Dis
ease at 5th Ave. Home:
Family at His Bedside
Gifts to Charity
Ran Into Millions
Coming to New York at
Age of l8, He Began
Career as a Bank Clerk


Jacob H. Schiff, internationally known
banker and philanthropist and senior
member Of the firm Of Kuhn, Loeb G.
Co., bankers with Offices at 81 William
Street, died at $3.50 o'clock last night
at his home 965 Fifth Avenue: Mr..
Schiff's death was caused by heart
disease, from which he had suffered
for the last six months.
Mr.. Schiff and his wife spent part
of the summer at Dixville Notch, in the
White Mountains, and returned to Sea-
bright, N. j., only a few weeks ago.
While at Seabright Mr.. Schiff came to
New York twice a week to attend to
his business affairs.
Although he had been under treat
ment throughout the summer, he re-
manned active in business until last
Thursday, when upon the advice of his
physicians, DR.. Leo Kessel, of IL West
Fifty-ffth Street, and DR.. Charles C.
Taylor, he returned to the city and was
confined to his bed until his death.
At Mr.. Schifs bedside when he died
were HIS wife, mis- daughter, Mrs. Felix
M, Warburg, and his son, Mortimer
Schiff. Besides his wife and two chill
dren he is survived by two brothers,
Frankfort-on-the Nain, Germany, and
nephew, who is in the banking business
in Europe. A sister, who lived in Ger
many, died several years ago.
Came to u. s. When Eighteen
Like many other prominent financiers,
of the Jewish race, he was native
of the city which was lons the fiscal
capital of Europe and therefore of
the world. He was born in Frankfort
on-Main January 10, 1847, the son of
a prosperous banker, and received in
local schools Enthusiastically thor
ough German education. AT the age
Of eighteen he came to the United
States to engage in banking in New
York. For three years he was employed
as q bank clerk, and then, on attaining
his majority, became the junior part
ner of the firm Of Bulge, Schiff g. Co.,
bankers and brokers.
He took at the food the tide which
was to lead him on to fortune when,
in 1875, he married Miss Therese Loeb.
daughter of Solomon Loeb, senior part
ner of the firm of Kuhn, Loeb & Co.,
and was made partner in that banking
house. which already was rising to
foremost place in the financial district
Of New York.
Ten years later Mr. Loeb retired and
Mr.. Schlff succeeded him as the head
OF the firm. Under his direction Kuhn,
Loeb q Co. for many years participated
In some of the largest financial oper-
the reorganization of the Union Pacific
Railroad by the late E. H. Hartman,
IN 1897, the transfer of control of the
Southern Pacific and other railroad sys-
TENS and the floating of the Japanese
loan IN this country during the Russo
Japanese War;
Mr.. Schiff also was intimately con-
nected with the Equitable Life Assur-
ance Society, from which connection he
retired during the memorable investi-
cation of its affairs in 1905 The next
year ne and all his associates in the
firm of Kuhn, Loeb & Co. retired from
their numerous and important railroad
dlrectorates. He retained his connec-
tlon, however, with large number OF
financial corporations.
Director of Western Union
He was a director of the National
City Bank until the passage of law
! which forbade private bankers to be
officers Of national banks. But he re-
mained director Of the Central Trust
Company, the Western Union Tele-
graph Company, the Wells Fargo Com
pany and many other financial corpora
tions.
Besides figuring conspicuously as a
witness in the insurance investigation,
| conducted by the Legislature with
Charles Even Hughes as counsel, he
gave important testimony before the
Pujo Congressional investigating COM
| mittee regarding the alleged money
trust" and before the Industrial Re-
lations Commission, to which body he
spoke strongly on the Importance of
solving the problem Of unemployment.
Continued. on paae slxtssn>