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The Lehman Heritage

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The Lehman Heritage The Lehman Heritage „Every loss is a chance“ - wise words. Wit- family, but also other persons like Jerome J. Bank he was delegated to London in 1888. hout doubt the Lehman Brothers bankruptcy Hanauer and Benjamin Buttenwieser. After Being a British citizen he went to New York was a big loss in 2008. Not only for investors, World War II the rapidly changing invest- five years later. There he married Adelaide but especially for the whole financial system. ment banking industry caused a declining „Addie“ Wolff, daughter of Abraham Wolff, Soon afterwards whole industries and eco- influence of the company, which finally mer- a partner of Kuhn, Loeb & Co. After first nomies felt into a deep crisis. The effects and gend with Lehman Brothers in 1977. Every- being engaged in „Speyer and Company“ results can be seen in different media ñ day body knows the end of the story in 2008. it was obvious that he soon would join the by day. More pleasant are the new perspecti- company his father-in-law was working for. ves for the Scripophily market: The Lehman The acting persons Kahn was very successful with financing archive was a real treasure. We are proud to American railroad companies and became present it in this separate category (Lot 76 to Salomon (Solomon) Loeb (1828-1903) chairman of different companies, e.g. of 116). Use this unique chance! Union Pacific Railroad und Equitable Trust. Born as son of a Jewish family in Worms, Lot 76 VF-F Germany, Salomon Loeb emigrated to the In 1917 Kahn became an US citizen. Oheka Financiers and Philanthropists USA in 1849. Together with Abraham Kuhn Castle - Kahns residence on Long Island - relatives of his mother had become mer- was finished in 1919, being the second largest They are „lovers of humanity“: Using the chants in textiles in Cincinnati. The com- private residence in the United States at that profit they have made by hard work and pany prospered by deliveries to the Union time. Beside this luxus he was a well known clever tactics during their whole life, philan- Army during the American Civil War. Being philanthropist. It is said that Kahn once told thropists are supporters in various ways. Itís familiar with finances Kuhn and Loeb foun- a New York City mayor that a piano in every not surprising that these important people ded their investment bank Kuhn, Loeb & apartment would do more to prevent crime most often are managers and/or have another Co. in 1867. Loeb took his assets of $600,000 than a policeman on every corner. In fact he connection to the financial industry. as their start-up capital. was a patron of the New York Metropolitan Opera and several other operas. He spent a Using the example of bank company Kuhn, Jakob (Jacob) Heinrich Schiff (1847-1920) lot of money for theatre and ballet, further Loeb & Co. this collection of 62 certifica- he supported poets like Hart Crane. One of tes shows these relations in an ideal way. Born in a Jewish family in Frankfurt, Schiff Cranes‘ lyrics („The Bridge“) seems to com- It should be a certainly unique assortment made a first attempt to be successful in pare Otto Kahn with Kublai Khan, the fifth with many certificates not seen in the mar- the USA in 1865. Unfortunately his broker Great Khan of the Mongol Empire (from ket before. Looking unimpressive at first company „Budge, Schiff & Company“ failed 1260 to 1294). Finally Kahn acted as a film view, a lot of these will have some exciting and Schiff, meanwhile a US citizen, went producer as a internet based movie databa- details and curiosities. Others will let the back to Germany in 1872. But, maybe his se connects him with different films in the imagination run free. In its entirety a most marriage with Therese Loeb (daughter of 1930s. In this context a guy named „Kenneth recommended collection! Solomon Loeb) in 1875 supported his career. Outwater“ is mentioned. As he is also named Perhaps his most famous financial action on several stock certificates he doesn‘t seem The Lehman Heritage Please find more details about the acting was extending a large amount of Japanese to be a fictive person only. persons and the certificates listed below. State Loans. During the Russo-Japanese War (1904 to 1905) the amount of $200 million Kuhn, Loeb & Co. should help to defeat the anti-Semitic Tsarist regime. Kuhn, Loeb & Co. was founded by Abraham Kuhn and Solomon Loeb in 1867. Under the leadership of Jacob H. Schiff it beca- me one of the most influential investment banks around the turn of the century. It was Signature Kenneth Outwater financing America‘s expanding railways and growth companies, e.g. the bank supported Kenneth Outwater Edward Henry Harriman to assume control of the Union Pacific Railroad. Over the years Signature Otto Hermann Kahn Even after intensive research Kenneth Out- Kuhn, Loeb & Co. became the principal rival water remains a mystery. Most likely he of J.P. Morgan & Co. and after Schiff‘s death belonged to Kuhn, Loeb & Co. anyway. Otto Kahn and Felix Warburg continued Otto Hermann Kahn (1867-1934) Further he seems to have been the exten- with leading the successful business. Finally sion of Otto H. Kahn - most probably there have been a lot of further considerable Kahn was born in a Jewish bankers family in Kahn assigned several investments to him or partners of the Kahn, Schiff and Warburg Mannheim, Germany. Working at Deutsche instructed him to become involved. Finally it Partners at Kuhn, Loeb & Co. Salomon Loeb Abraham Kuhn Jacob Heinrich Schiff Otto Herrmann Kahn Felix Moritz Warburg Mortimer Loeb Schiff Jerome J. Hanauer Frederick Marcus Warburg Gilbert Wolff Kahn John Mortimer Schiff Benjamin J. Buttenwieser Time in the company 1867 1870 1875 1880 1885 1890 1895 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945 1949 is curious that most of the certificates issued a lawyer mainly supporting the rights of at Baltimore & Ohio, Illinois Central, Union to Outwater were signed in blank without women and children. Even if it was of a Pacific and Central Pacific. Over the fol- being sold to another person. private nature, Buttenwieser connected to lowing years he lost the battle with James the Lehman family very early - of course Hill for the Northern Pacific. Harriman is Felix Moritz Warburg (1871-1937) unknowing what would happen a few deca- considered the last big railroad tycoon in des later. Like his father (and later his son) US history. Felix M. Warburg was grandson of Moses he was engaged in the „Federation of Jewish Marcus Warburg, co-founder of the German Philanthropies of New York“, predecessor „Three sons of partners became partners“ private bank M. M. Warburg & Co (Ham- of the today‘s „United Jewish Appeal-Feder- burg, 1798). He emigrated to New York in ation of Jewish Philanthropies of New York“ This quote of TIME Magazine describes the 1894 and became partner of Kuhn, Loeb & (UJA). Further he was a member of the situation in 1931: At the same time the sons Co., further he married Frieda Schiff, daugh- „American Jewish Committee“. Speaking of three notable persons became new part- ter of senior partner Jacob H. Schiff. Being German fluently, Buttenwieser became ners of Kuhn, Loeb & Co.: Frederick Marcus an US citizen since 1907, Warburg acted very representative of the U.S. High Commissio- Warburg (1897-1973, Son of Felix Moritz much for the American Jewish community. ner for Germany (John McCloy) in 1949. In Warburg) graduated from Harvard in 1919, He was a leading member of the American this position he felt compelled to criticize the then worked for American International Jewish Joint Distribution Committee, having economic policy of the Federal Government Corp., M. M. Warburg & Co. and Lehman a focus on the support of ailing Jews in Euro- many times. Brothers ñ right that tradition-rich company pe after World War I. Sponsoring several once everything will end with. Gilbert Wolff universities (e.g. Harvard, Jerusalem) seems Kahn (1903-1975, Son of Otto Herman to have been as important as being a mentor Kahn) graduated from Princeton University, for several other social projects, which could which he finally donated his fathers corre- be discerned by having a look to his stock spondence in 1951. He worked for Equitable puchases. His house („Felix M. Warburg Trust Co. and in several foreign banks. John House“) in New York‘s Upper East side Mortimer Schiff (1904-1987, Son of Mor- was finished in 1908, since 1947 it houses the Signatur Charles C. Tegethoff timer Loeb Schiff) graduated from Yale in Jewish Museum. 1925. His career first led him to Oxford, after that he worked for Bankers Trust Co. Mortimer Loeb Schiff (1877-1931) Charles C. Tegethoff (1872-1936) and Missouri Pacific Railroad. Finally this change of generations obviously kept the Mortimer L. Schiff was son von Jacob H. Tegethoff was Second Vice-President of power and was a real masterstroke. Schiff and his wife Therese. The banker was the Southern Pacific Railway and Secretary partner of Kuhn, Loeb & Co. from 1900 to of the Railway Securities Company. When Further persons 1931. Beside his job he was very engaged in Edward Henry Harriman died Tegethoff the Scout Movement. Therefore in May 1931 became „Harriman Estate Manager“. Morris Loeb (1863-1912) was a well-known he became President of „Boy Scouts of Ame- chemist. He was son of Solomon Loeb and rica“, one of the largest youth organizations Betty Gallenberg, further stepbrother of in the USA. Unfortunately he died just one Jacob H.
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