James Loeb: Blending Banking and Philanthropy

James Loeb was an American banker and philanthropist. His father, Solomon, was also a banker who became the founding partner of Kuhn Loeb & Company, a banking firm. His mother, Betty, was a musician. She instilled the interest in music to her children and held evening concerts at home.

Loeb was born in New York City on August 6, 1867. He focused in Latin and Greek when he joined Harvard College in 1884. His mother’s influence in music helped him in college. In fact, Loeb became the vice president of Harvard’s music club and orchestra, Pierian Sodality.

On his graduation day, Loeb was offered to go to London and Paris to study Egyptology. He turned down the offer. Instead, he fulfilled his father’s wish to join Kuhn Loeb & Company. By 1894, Loeb was a partner in the firm. In New York, Loeb’s business acumen was enhanced. He was also involved in a number of civic actions.

In 1891, Loeb became very ill. It was known what caused his illness; possibly because of depression. He was forced to give up business. He spent his time traveling to Scandinavia. On January 1, 1902, Loeb tried to return to banking but was hampered by renewed health problems. Loeb retired from banking. His most recent health attack was attributed to overwork.

Loeb retired to his farm in Shrewsbury, New Jersey. In 1905, Loeb moved to Germany and stayed there for good, except during the World War I. Loeb died in 1933.

Loeb’s philanthropic efforts which he started shortly before his retirement continued even after his death. His involvement in arts and classics were demonstrated in the Loeb Classical Library. Loeb also left an endowment to the Harvard Classics Department. Before his retirement, Loeb also became a trustee in the American School of Classical Studies in Athens. Loeb was also a contributor in the founding of the American Institute of Musical Art in New York.