Carl M. Loeb
| Carl M. Loeb | |
|---|---|
| Born |
Carl Morris Loeb September 28, 1875 Frankfurt, Germany |
| Died | January 4, 1955 (age 79) New York City, New York |
| Nationality | United States |
| Education | B.A. |
| Known for | President of the American Metal Company Founder of Carl M. Loeb & Co |
| Spouse(s) | Adeline Moses |
| Parent(s) | Minna Cohn Loeb Adolph Loeb |
Carl Morris Loeb was a German-born American businessman who served as the president of the American Metal Company and the founder of Carl M. Loeb & Co, which became Loeb, Rhoades & Co. in 1938.
Carl Morris Loeb was born to a middle-class Jewish family on September 28, 1875 in Frankfurt, Germany, the son of Minna (née Cohn) and Adolph Loeb. His parents were dry goods merchants and he had one older brother, Julius, and one younger sister, Ella.
In 1893, Loeb graduated from the Gymnasium and moved to New York City to work with his brother at the American Metal Company (AMCO), a lead and zinc trader and subsidiary of Metallgesellschaft AG (founded by Wilhelm Ralph Merton, Leo Ellinger, and Zacharias Hochschild). In 1893, he moved to St. Louis to assist at a branch office (and also met his future wife) and was promoted to branch manager after convincing then AMCO president Jacob Langeloth that he could handle the responsibility despite being only 21. In 1898, he became a US Citizen. Loeb vertically integrated the company by expanding into the ownership of smelting and refining facilities while securing his supply of raw materials by signing exclusive contracts with large mines to purchase their entire output; and then processing them at AMCO-owned facilities. He also expanded AMCO's activities into Mexico with investments in lead, silver and zinc mining first as an agent for its parent Metallgesellschaft and later as a direct investor during World War I. In 1917, AMCO refined 250 million pounds of copper, 547 million pounds of zinc, and 168 million pounds of lead. Loeb became president of AMCO after Longeloth died in 1914.
Before the United States entered World War I in October 1917, Metallgesellschaft (then led by Richard Merton, the son of Wilhelm Ralph Merton), transferred its 51% ownership in AMCO to several American citizens who were also AMCO managers. Once the US entered the war, the US passed the Trading with the Enemy Act 1914 which required that German-owned business assets be held by the Office of Alien Property Custodian. Despite Merton's efforts to hide Metallgesellschaft's ownership, Loeb reported to the agency that the assets were in reality still owned by their German parent and the stock was then transferred into a trust which was supervised by Henry Morgenthau Sr., Berthold Hochschild, and Joseph F. Guffey.
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