NEW YORK (May. 31)
The United Press reported from Hamburg today that the private banking house of M.M. Warburg and Co., founded in 1797, will be converted to a limited company whose stock will be held chiefly by banks and industrial corporations.
According to the dispatch, four partners of the old firm resigned. They were: Max M. Warburg and Fritz M. Warburg, brothers of the late Felix M. Warburg of New York; Erich M. Warburg, son of Max; and Ernst Spiegelberg. The following firms, it was stated, will hold major interest in the new company: Siemens and Halske; the Bank Fuer Deutsche Industrie-Obligationen; the Berliner Handels-Gesellschaft, Gute Hoffnungshuette, and Siemens Schuckert.
The Amsterdam branch of the Warburg bank, it was declared, will not be affected by the change, continuing the property of the Warburg family.
Frederick M. Warburg, eldest son of the late philanthropist, who is connected with Kuhn, Loeb and Co. declined to comment on the reported change in the Hamburg concern.