65

Chinese opium trade, and Frederick Delano was born in Hong Kong in 

1863.

In The Money Power of Europe, Paul Emden writes that "The Warburgs 

reached their outstanding eminence during the last twenty years of 

the past century, simultaneously with the growth of Kuhn, Loeb 

Company in New York, with whom they stood in a personal union and 

family relationship. Paul Warburg with magnificent success carried 

through in 1913 the reorganization of the American banking system, at 

which he had with Senator Aldrich been working since 1911, and thus 

most thoroughly consolidated the currency and finances of the United 

States."28

__________________________

27 Charles Seymour, The Intimate Papers of Col. House, 4 v. 1926-1928, 

Houghton Mifflin Co.

28 Paul Emden, The Money Power of Europe in the 19th and 20th 

Century, S. Low, Marston Co., London, 1937

36 

The New York Times* had noted on May 6, 1914 that Paul Warburg had 

"retired" from Kuhn, Loeb Company in order to serve on the Federal 

Reserve Board, although he had not resigned his directorships of 

American Surety Company, Baltimore and Ohio Railroad, National 

Railways of Mexico, Wells Fargo, or Westinghouse Electric Corporation, 

but would continue to serve on these boards of directors. "Who’s Who" 

listed him as holding these directorships and in addition, American I.G. 

Chemical Company (branch of I.G. Farben), Agfa Ansco Corporation, 

Westinghouse Acceptance Company, Warburg Company of