The Birmingham age-herald., 1918-05-27
GEORGE F. BAKER
 AS MAN OF VISION
uy HOLLAND

| the IlfSt SuDScrlptlon made DS aH tHui- vidual to the Red Cross war fund vas for Sl,0000O0, that amount having been subscribed by George r. Baker, now chairman of the board of the First Ma tional bank, New York city. It was | characteristic of MT. Baker that he should the instant opportunity came to him, have taken action of this kind. in his long and very successful career as a banker and his association with im- portant railroads, MT. Baker never pro- | crastinated. Having made up his mind, he acted upon the instant. Presumably this contribution of a million dollars to | the Red Cross war fund in the early 1 hours os the day when the subscriptions began was made partly with the purpose | of setting an example to others, who, having large means. might be by reason of this example disposed to make greater contributions than they otherwise would have done.
 | Sometimes men of wealth who have l been asked to aid in philanthropic or
 other undertakings have stated that they would come in at the end, so to speak, and make good whatever was lacking Tn
 order to complete the needed sum. Mir.
 Bakers method Is to lead In that way
 there may be assured the completion ot
 a fund so that no one would find 1t
 necessary to come forward and make
 up deficit.
 | In other times, when dangerous finan-
 cial conditions were established and pam
 ic was ruling in the money markets it
 has seemed expedient, even necessary.
 for banks to turn to the clearing house association for the purpose of taking out certificates. which serve for liquidating 1 balances at the association.
 Many times banks have hesitated about doing this, their officers fearing that were their banks to ask for clearing 1 house certificates, the action might be | regarded by the public as indicating weakness on the part of the banks. The | First National bank was never at a time of panic in such desperate need of ald
 as to make it necessary to go to the celaring house for the purpose of getting 1 certificates. Nevertheless, MT. Baker was always one of the first to make ap
 plication of that kind, although it was
 well known that his bank was not in | need of assistance. He felt that if the
 First National bank were to ask for clearing house certificates then no other
 bank of New York city need hesitate to
 make similar application. In that view l Mir. Baker was correct
 BAKER AND MORGAN
 Since the death of J. Pierpont Morgan it has been assumed that much the
 greater part of the leadership in direct ing the affairs of the United States Steel corporation has been assumed by MT. | Ra ka~ al vya IT,
 sonal as well as businesss intimacy be- tween Mir Morgan and MT. Baker, but,
 of course, while MT. Morgan was alive,
 he was the predominating force in tho United States Steel corporation, at least
 so far as it's financial policy and other
 important policies were concerned. But those who are well informed were aware that MT. Morgan and MT. Baker were always in perfect agreement. The re- | markable financing and dividend policy
 which has been characteristic of the l Steel corporation since the European war
 began, reflects, it is believed, the coun-
 sel and influence of MT. Baker, although l no man is more careful in maintaining
 cordial tsnd sympathetic relations with his business associates than MT. Baker | has always been.
 | few oays ago report was made Tn this column of an incident associated | with the management of the Lackawana
 Railroad company. That report referred | to the purchase by the Laclkawana out | of it's surplus of a large amount of steel
 rails of the finest quality. This pur- chase was made some years ago, when | the price of steel rails was vrv low. The | rails were delivered and the manage | ment of the road waited for an oppor- l tune dime to place them on the road bed. | This was recently done. The old rails which became scrap were sold for old | iron for price the aggregate amount | of which was greatly in excess of the | price which was paid some years ago for l the steel rails. The inference has been strong that this wise and successful bus- l ness transaction reflects the Judgment | and that remarkable gift for looking | far into the future and seeing conditions which will be established in the future, | which are characteristic of MT. Baker. | He is one of the seven men who ac- l tually control and direct the affairs of | the United States Steel corporation. He 1 was at the time of the purchase Of the | steel rails a director for the Lackawana | Railroad company. He was for this req | son in position to recommend a transac- l tion which would be of value both to the Steel corpation and to the Lackawina 1 railroad.
 Mr. Baker has always been one of the l most enthusiastic of those who believed years ago in future for the Lackawana | Railroad company. The fact that today 1 the stock of this railroad commands the | highest price in the securities market re- l fleets in no small measure the Judgment and counsel of MT. Baker. Undoubtedly he has gained, as E. H. Hartman gained, personal advantage through the l appreciation of the stock. Mir. Harri- man owed the greater part of his for l tune to his purchase of Union Pacific stock when that was very low. By hi0 own efforts he brought the Union Pa- | cific up to position among the leaders in the securities market. Mir. Baker very likely has had the same experience with | the Laekawana.
 There was a time some 9 years ago or more when inc late Deacon" S. ".