Young Men, Old Names

Last week two young men with old names prepared to start new Wall Street jobs.

Paul Felix ("Piggy") Warburg, 35, urbane, waffle-cooking nephew of the late Paul M. Warburg, a founder of the Federal Reserve System, became a partner in the Manhattan brokerage house of wealthy, art-loving Jules S. Bache. Warburg's father, the late Felix M. Warburg, made his mark in Wall Street as the senior partner of Kuhn, Loeb & Co., in the days when that firm's worldly old Otto Kahn was guiding K-L to new heights in railroad financing and piloting the fortunes of opera stars in his spare time. Piggy Warburg announced his partnership in an official release tracing his career as a "worker in every branch of the Baltimore & Ohio," as stoker in Central Hudson Gas & Electric Co. power plant, vice president in the Bank of Manhattan Co., and philanthropist -- failed to explain his interest in brokerage.

August Belmont, 30, grave, highbrowed great-grandson of his namesake who came to the U. S. in 1837 as the Rothschilds' first American representative, was elected director and vice president of Bonbright & Co., investment banking firm. Since graduating from Harvard in 1931, Belmont passed through a Bonbright ap prenticeship in the firm's bond buying department.

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