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Paul Moritz Warburg

1911 Encyclopedia Britannica

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"PAUL MORITZ WARBURG (1868-), American banker, was born in Hamburg, Aug. 10 1868. After graduating from the Realgymnasium in 1886 he entered a banking house. From 1889 to 1892 he studied banking in England and France; then for the next ten years was engaged in the banking business in Hamburg. In 1902 he went to New York, where he became a member of the banking house of Kuhn, Loeb & Co. He was naturalized in 1911. He was an early advocate of a centralized banking system in the United States and in 1914 was appointed by President Wilson one of the original members of the Federal Reserve Board. In 1916 he was appointed vice-governor of this board, succeeding Frederick A. Delano, and in 1917 was reappointed. In 1918, at the end of the period of his appointment, he retired, wishing to relieve the Administration of any embarrassment that might follow his renomination. Considerable opposition to his holding the place had arisen after America's entrance into the World War, because of his German birth. On accepting the Government office he had resigned from Kuhn, Loeb & Co., as well as from numerous directorates, including the National Bank of Commerce, the U.S. Mortgage & Trust Co., Wells, Fargo & Co., the Westinghouse Electric & Manufacturing Co., the B. & O. R.R. Co., the National Railways of Mexico, and the Rockefeller Foundation. He was the author of Essays on Banking Reform in the United States (1914) .