New York (Jan. 24)
Mr. Paul M. Warburg, the famous banker who was the initiator of the American Federal Bank System, and was a brother of Mr. Felix M. Warburg and of Herr Max M. Warburg, died to-day following pneumonia.
Mr. Warburg’s illness, which took a grave turn about a fortnight ago (as reported in the J.T.A. Bulletin of the 15th. inst.), was attributed to over-exertion in the past year, in connection with the European economic crisis, in which he urged America to abandon its isolation theory and take courageous action to help the world to emerge from the present state of stagnation.
It was suggested by Professor Seligman of Columbia University, at one time that Mr. Warburg’s work in the introduction of the Currency Reform in the United States, which culminated in the Federal Reserve System, should have earned him a title of distinction if Americans were in the habit of conferring such on creative thinkers. Mr. Warburg also organised the International Acceptance Bank and the International Acceptance Trust, and was Chairman on the Boards of both these organisations.
About a month ago, Mr. Warburg, who was 63 years of age, suffered a slight stroke, which was attributed to his generally weakened condition.
Mr. Felix M. Warburg, who was about two years younger than his brother Paul, celebrated his 61st. birthday last week.