| Show i I NEM WHO WO ARE MAKING Lost Jacob H. H Wh Where re Partners Found Him at Height of Northern North- North ern ern em Pacific Panic One Im Immigrants Immigrant's s Rise From From Leslie's Weekly By B. B C. C FORBES n. n L has bas peculiarities I Ilo has never had a 3 private secre secre- J I Worn he personally attends to tofo fo 5 e- e every ery ry letter addressed to him often ing gix-ing first attention not to business communications but to chars chari charity char char- s i ity ty mail mailL bas He hris never subscribed to a press clipping bureau and hardly ever looks at articles titles printed about himself or his I 1 would like liko you to let me havo have havea a alook look Jook at data about yourself including the beat best sketches that havo have been written writ- writ ton ten about your our career 1 said to hen when I found ho he had been named as foremost one ODe of or Americas America's fifty I X havo not kept one word printed about myself and I dont don't think my son 01 or anyone elso has You dont don't need any clippings to write an article about me Inc You havo have known me very well Tor for many years you know all ail about me IDe And this And this with a a. twinkle twinkle l If you ou like lice I prorates to read what you ou print Which was not particularly helpful Mr s 's claim to a place in Americas America's Business Hall of Farao Iamo rests on n sever several 1 solid soUd foundations For or U thirty years ho baa has been head bead of one of tho the two most influential private international banking firms in the Vt Western hemisphere and In this po position position po- po has powerfully contributed to the building up of Americas America's transportation transportation tation systems which have contributed so IO o much to our n national Jonal development and enrichment IDs His house has raised capital for snores scores of ot legitimate transportation and industrial enterprises and It is a Wallstreet Wall Vall Wallstreet street saying saying one ono of Wall Vall streets street's rather few tew true ones that Kuhn Loeb k Co havo have issued morn more good Investments Investments investments Invest Invest- ments and fewer bad ont ones s than any other banking concern in America s achievements as a financier however however have havo been boon excelled by his reco record d as a no philanthropist To this wort ho has contributed not only mil mil- lions but a large largo portion of his life life life- his mind his brain his heart his days and probably not a a. few sleepless nights Calm In a n Ci Crisis js On the day the great Northern Pacific Pacific Pacific Pa Pa- panic in Wall street reached its height the partners of Kuhn Loeb Oo Co frantically tried to get bet into touch with Ho lie had not come down to his office he was not Dot at his hiB home he was not holding a a. conference with Harriman Harriman- Search disc discovered vered that he had bad gone to attend a meeting at the Montefiore home When his hla excited p partners ers pounced upon him remonstrating remon remon- he calmly replied I 1 thought the tho poor people up there seeded needed seedEd mo me more than thau you people down here His Hla fetich is not as popularly sup sup- posed Judaism but citizenship It is his creed that a a. man must first last and always 1 be 0 a good loy loyal l citizen I intensely zealous in discharging all the tho responsibilities of citizenship I With him citizenship ranks above sect I Ino lie no holds that unless a man is a a worthy citizen he cannot be either a a. II worthy Jew or a worthy Gentile k Everything is secondary to citizenship ito I AU An his public service all ali his hia givings to his continuous donations to charities his endeavors for tor the promotion pro pro- motion of 01 the best literature of his ra race 1 all all' l' l have ve been prompted d by his sens sense rot of what citizenship Demands Mother Another characteristic of or has been his 1113 loyalty to his IllS friends He lie is not nota n b bt t a fair weather friend The giants of of transportation of commerce of i fi oe of I railroading once thrown n. n with him have re- re I 1 staunch close confidential l t to the th end chiC was wad the thet financial Mt-financial t financial sponsor of r Edward dward HJames H n nan James J J. Hill became closer loser closer to him n as the years rolled oh J. J Cassatt the creator fhe Pennsylvania railroad system as York Tork knows it toda today found in i ft a a whole hearted supporter fl uel pel Rea flea Marvin Hughitt Charles iV Eliot and James Stillman are other tested and tried friends while in his later years J J. P 1 P. P Morgan although a rival val in banking came to regard 4 gas s a 8 a financier whose tremendous in- in tl could be relied upon for con con- effort eUort whenever financial tou foundations began to be shaken H 11 T attends s more funerals than any other financier in America Wherever heti j I occasion for condolences is is 18 Among the first to tender the them i. i Also h he never misses opportunity t Y tp offer congratulations on joy joy- joyous I IJ ous ou occasions t J Job ob Henry Henr is on the edge of o ot 70 But you would never suspect it Silo fro ro can still pedal a bicycle fast enough to o get him into trouble with the tho speed Maws Jaw As a a. walker Weston Veston would not find Him disappointing does not try to break records or blood veso ves- ves o on the golf links he is not a golf golf- I ter r. r He Ho attributes his sound supple physique to moderation to plenty of oC and dally daily Ie go motion f 1 He was b born rn in the on M MaIn In a a. city famous as the cradle of financiers Isis Ills parents who were f very rich nor very ery poor were In the banking business but an- an gu tJ er r branch of the family was and aC b henry was early initiated into teries enes of oC finance He was a bit fI at however howe as he grew toward and when our civil war ended the h 18 decided to come to the tho land which promised to offer limitless s. s lIre Ho Ire was IS 18 then t started Carted as as a Clerk H got sot a Job as a bank clerk derk but had hade e e and push enough not riot to stick at that cramped calling He lIe soon soone e j Junior partner of oC the brokerage Of r Budge Co He lie worked studied and prospered Young lf in to fact tact was then recognized recognize l as ase of ie-of e or the coming financiers of oC Wall Vall Street treet re 1 To broaden his experience he hent nt tto to Europe for a stay I un n returning he joined Kuhn Loeb l Co already a banking house of oC Shortly after he married Th Therese e Loeb daughter of ot Solomon Ix Loeb eb the senior partner r of oC the firm He Je e was vas then 28 29 Ten years later Loeb retired and his son-in-law son who had developed notably was the logical suc- suc c For ov over r thirty years has piloted Kuhn Loeb Co through fair lair and and- foul financial weather piloted it with a a. skill foresight and honesty that has raised it to the very foremost place among the private banking houses not only of the United States but of the world When Edward Harriman Hardman the stock exchange broker began bean to dabble in railroad properties ho he had neither experience ex experience experience ex- ex nor capital But he had al almost a- a most infallible Judgment the vision of iv e statesman the enthusiasm of an z w 1 4 t wit JACOB I IFF artist and the determination of oC a. a Spar Spar- tan Jacob H. H was one of oC the first financiers to recognize that a new railroad Napoleon was entering the arena Building Up a Railroad Union enion Pacific in those days dayn was a aI I battered bankrupt decrepit stretch of oC rust Few capitalists had faith in Its possibilities But confidence in the future of oC the United States was wasas wasas wasas as strong then as it is today and he took up the reorganization of oC Union Pacific Harriman Hamman came knocking atthe at atthe atthe the door and discerning in him a genius extended to him the prestige and resources of Kuhn Loeb Co Without this backing It is doubtful If Union Pacific or the vast territory it serves would have enjoyed so remarkable prosperity U. U P P. shares hares were then selling for a i song Both Harriman and his bankers acquired enormous quantities and I I within ten years ears the stock netted a fortune for all its large holders j In Indeed In-I In deed dee it subsequently paid aa annually a dividend di equal to the entire original cost Southern Pacific and other railroads were corralled later The Harriman Harriman- Loeb Kuhn combination became the most powerful the most aggressive and the niost Ost successful America had ever known A railroad kingdom was being created without a parallel in the history history history his his- tory of or the world Harriman made more than thap every year In the later part of oC his life Ue When he died in 1909 ho tie left upwards upwards upwards up up- wards of oC is estimated estimated estimated esti esti- mated by fellow bankers to be worth I perhaps notwithstanding his princely gifts to various causes Russia's Hussla's harsh treatment of Jews ha had ong incurred the ire of so when war ar broke out with Japan he enthusiastically e enthusiastically undertook the raiSin rating raising of loans for the czars czar's enemy Mainly through his efforts over oyer of Japanese bonds were sold sofa here As bankers for me the Pennsylvania railroad Kuhn Loeb Co have floated as much as at one time It was wai this firm that found the money necessary to enable the Pennsylvania to tunnel its way into New York and to raise that modern worlds world's wonder r the Pennsylvania railroad station had great admiration for Cashatt Cas- Cas hatt the bold dreamer reamer who m made this dreams come tru true Incidentally dur- dur dur during ing all the years years' of ot ass association be betten between between be- be tween ten the Pennsylvania railroad and Kuhn Loeb Co never once has there been even a suggestion of Improper improper improper Im im- proper profits disastrous financial ad advice advice advice ad- ad vice or questionable manipulation of securities Placed Bonds in France It was firm that placed of Pennsylvania bonds ip m in l France and had them lI listed on on- on onh the h Paris bourse a s st step tep p beset with inordinate inordinate inordinate nate difficulties but one which had mutually satisfactory results After Arter the war broke out an offer was made to repurchase these bonds and a majority majority ma ma- of them came back Kuhn Loeb Co have done heavy heavyweight heavyweight weight financing also for such railroad railroads railroads rail rail- roads road as Baltimore Ohio Chicago Northwestern Delaware Hudson Illinois Central Union Pacific Southern South South- ern Pacific et etc has been fortunate in having brainy partners n namely mely Otto II H. Kahn Paul M M. Warburg law brother now of oC the federal reserve rese board Felix M. M Warburg son-in-law son Jerome J. J Hanauer Hanauer Hanauer Han- Han auer and Mortimer L. L who Isone is isone isone one instance of an able abie son following an able father I have already tou touched hed upon philanthropies The public may be I interested rested to know that while has given away millions he frowns upon wasting one penny One of his Idiosyncrasies is his habit when he opens his mail of oC carefully preserving the front half of oC each envelope en for the for use of oC the clean inside part as a substitute substitute substitute sub sub- for pads Doubtless most young readers will find only amusement amusement amusement amuse amuse- ment in this little foible but out does it not point a moral in these extravagant days If such economy is not despised by a multi millionaire can those less well off afford to scoff at it It may maybe maybe maybe be that carefulness in saving saving- pennies has had something to do o with his ability to save millions was the first treasurer of Barnard Barnard Barnard Bar Bar- nard college e. He founded the Semitic museum at Harvard and tho the Jewish Theological seminary In New York He lIe HeIs Heis lIeis Is vice ice president of oC the Baron Daron de Hirsch and a trustee of the American rican Jewish committee lIe He is iR president of the Montefiore home for chronic in In- In Active in Politics His sense of civic responsibility Influenced in influenced influenced In- In him to a forceful member of oC the second committee of oC seventy se the committee of oC fifteen and the committee of oC nine In later years year's he has been been chosen frequently b by mayors of oC New York as a member of special mayoral committees He Ie was wasa a member of oC the board of oC education under Mayor Strong In the work of the chamber of commerce he has taken an active part as vice president andon and andon andon on committees for a gent generation ration The establishment of oC a college of oC commerce has been it a a project ver very near his heart 1 if others had come forward with offers of oC contributions as he did New York would have had bad such an institution years ears ago Colleges hospitals libraries charitable charitable charitable char char- organizations the lied HEd Cross and the chamber of oC commerce have all benefited from widely bestowed bestowed bestowed be be- stowed gifts He does not make a splash with his donations his contrIbutions contributions contributions con con- are very largely to to meet current expenses and in man many cases casts are made regularly every year ear To Commemorate com com- the fiftieth anniversary of his arrival in America he presented a building to Barnard in preference prefer I ence ence- to doing anything for one sect And now now comes comes' a a. tragic part of or the chronicle does not bell believe eve eve- that the the- Jews in America should America should seek to to- hold hold- m themselves themselves them them- I selves apart He lie condemns everything tending to foster racial separateness j I He lie urges that every Jew must be an American citizen first a a. Jew second In an impassioned speech not long Jong ago aKo replying to criticisms by his own I people he declared with feeling We WeI hold our Jewry our flag as high as I our fathers did but we recognize that wo we are Americans and we want our children to be Americans We Vve want our children to love our religion We want them to be ablo able to read in the original language our laws and our codes but hut we e also want them to think in to read in English to a adopt opt American ways was So hurt was by the Ingratitude ingratitude Ingrati ingrati- I tude tide manifested by some of or his co col coI coreligionists co- co l I religionists that he left constrained to toI announce that henceforth he would I have no part In Zionism nationalism the congress movement and Jewish politics in whatever form the the- they themay may I come up Hurt by Ingratitude How Kow deep the sta stabs s have entered Jacob heart cannot be fathomed fathomed fathomed fath fath- omed by those who do not know the theman man To find himself the object of ot Ingratitude criticism and md condemnation tion by the very people from whom he had reason to receive gratitude has wounded grievously His experience is reminiscent ol of what the late J J. J P P. Morgan underwent when he was indicted for conspiracy in the Grand Trunk-New Trunk Haven railroad railroad railroad rail rail- road case Morgan then like near 70 was heartbroken inconsolable lIe He could not leave his bed He went and from Crom an aching heart wailed To think that after all these years I have been branded by my own government a a. criminal fit tit only to be De thrown into Jail Had not Charles S. S Mellen come forward and shouldered the whole re responsIbility responsibility responsibility re- re it is doubtful if It the aged financier would have recovered One accusation Drought against has been that he was dictating to the Jews of New York what they ought to do Whether Schin with his peculiar peculiar and and to my mind not |
