The Washington times., 1922-06-04
FINANCE
BUsiNEss| III
BY b. O. FORBES.

has sailed for a holiday In Europe.
Mr.. Baker is the financial worlds
man OF mystery" The early part
Of his life is unknown to anyone.
And although his power in the finun-
cial world for many, many years,
was second only to that Of ]. p.
Morgan. he still Is a stranger to '-.s
American public.
Behind the scenes, this octo6en.
arian exercises tremendous influence
not only In banking, but In indus
trial and railroad corporations. the
extent Of his influence is not due
wholly to the extent of his monoy
power - although. as a matter OF
fact, he Is believed by Wall Street
to be perhaps the second richest
man In America. Those who are
associated with Mr.. Baker on i'm.
judgment, his vision, his ability are
almost uncanny.
Until recent years Mr.. Baker
didn't realize the fun to be derived
from giving away millions. once
wrote a character skercn OF him,
which referred to the fast that his
benetactions, SO far as known, were
lamentably out Of line win his bank
account. But shortly aftcrward he
began to give away money quite
freely. The first big gift was 81.
000, 900 to the Red Cross, and he
followed this up with q second mil
lion in the following year. He re-
Gently gave 100000 for providing
an athletic field for Columbiai Uni
versity, New York. And now he has
given the Metropolitan Museum OF
Arts 1000, 900.
His only son, George y. Baker. tr..
Is like his father. on the job every
day in tho Baker financial institu.
ton, the First National Bank OF
New York. Young George is u par
ticularly democratic fellow. and,
while industrious, Is noted for his
skill as yachtsman. I rather think
the giving away Of money by his
father is heartily indorsed by George
F, jr. He hasn't the reputation OF
being a skinflint.
Don't become too sure that rail-
way employees will not 60 t. the mat
over wage reductions. Personally, I
don't quite like the clouds that are
gathering.
Come down with your capital and
your brainy men and help US to de-
Velop our resources"
Richard Schuster. partner OF the
international banking house of Speyer
Co., who has just returned II ON a
trip Of investigation in South Amer.
lea, remarked yesterday that that
was the invitation constantly ex.
tended to Americans. Mr.. Schuster
found things distinctly on The mend,
particularly In the Argentine, in
Brazil and in Chile.
There are two fundamental rea-
sons. however, why American capital
and American business men do not
seek foreign fields more freely, Mr..
Schuster points out. In Old World
countries, such as Britain, France,
Germany and Holland, the oppor-
tunities for pioneering or other de-
velopment work are relatively few.
As consequence. both capital and
ambitious men turn to possibilities IN
other parts Of the world. In the
United States. however. opportunities
for pioneer and development work
are far more numerous; also, the
chances for making fortunes are also
greater IN this young, vigorous pro-
gresslve country than in the fully
developed countries OF Europe. 80
that fewer enterprising fellows fc.
the necessity for leaving their own
country 70 take up permanent resi-.
dence abroad.
gl eat deal OF logic IN this, ism I there?
DO you find less pessimism among
business men In this country than
you did on your last visit?" this
week asked Lord Leverhuime, one
n fOrAn1naf M
largest employers in Britain, who
also has important business interests
in this country.
"Pessimism!" exclaimed Lord
Leverhulme. There isn't any room
for that word in this wonderful coun.
try of yours. The man who IS pes
simistic about business In America
is a plain fool. There Is only one
way America can go-forward.'
Re.enters James b. Duke as the
principal tobacco king in the world.
The latest $150,000, 900 merger ap-
parently places Mr.. Duke in the
towering position he occupied before
the Government ordered the dissolu.
ton Of the American Tobacco Com
pany.
Mr.. Duke was not only the domi.
mating tobacco figure in America,
but he became kingpin Of the tobacco
business in Europe. There is no
more characteristically American
business drama than that by which
Mr.. Duke conquered the tremen.
dously powerful tobacco giants
across the Atlantic. The historic In
ternational tobacco war was precipi-
tated by the invasion Of American
Tobacco Company territory by Eng
lish manufacturers, who began play
liz havoc with the export business
Of the American trust" What fol-
lowed was this:
Mr.. Duke packed trunk,
stepped on board a steamer lin 1901
and landed in London. His mission
was merely to lick the English
manufacturers to a frazzle in their
own country!
"Just how did you go about your
famous fight?" I asked him.
IT went to our London office"
replied Mr.. Duke, after indicating
that there was nothing remarkable