Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-27
DEAN OF BANKERS
AVOIDS PUBLICITY
George F. Baker, 81, Has
Been Business Leader in
Three Generations.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, March 27.-George F.
Baker, the dean of American bankers,
is 81 years old today.
Mr.. Baker was successful business
man when Abraham Lincoln was Presi-
dent Of the United States, and he Is the
last of Americas big business leaders
of the generation which included the
elder Morgan, James J. Hill and E. H.
Hartman.
Holds Policy of Silence.
According to the latest reports, ne Is
the largest individual Stockholder OF the
First National Bank Of New York, the
American Telephone & Telegraph GO.
and the United States Steel Corpora
ton. A..
In an age when so much time and
effort is spent in building up business
renutations through we'll known pub
Iicity channels, Mr.. Baker still holds TO
the policy of silence. He gives no drect
interviews. although at the beginning Oh
this wear he was quoted indirectly as
being mildly optimistic.
Mr.. Baker has survived 10 panlcS;
He Is the father of the Harvard Scnool
of Business, having given millions 70
make it successful. When IN new for1
"
rather MISUNDERSTANDING First Nation
al Bank Building, directly across the
street from the new 50-story irving
Trust Co. Building. :.
Vet the First National Bank stock Is
the nrize stock of the city, for 1t pays
dividends at a higher rate than any
other wall Street institution, and Is
worth now over $4,000 share.
Machinery in Industry.
archaeological unemployment! How
often has this expression been used In
recent months? Many times have
been asked If it is as large a factor
in the unemployment situation as many
give it credit for being. Well, 1 should
say far larger.
Think of one man today, with a
modern machine, doing the work OF
AZ men formerly in open-neartn Iur-
naces.
a day in 1914. Now one man turns
out SO 900 blades a day--5OO times as
A few years ago, man could make
$50 bricks a day. Now. with pricK
machine, he makes 10000 bricks dally;
Twelve months ago it required 40
workers to turn out $50 radio tubes an
hour Now three workers turn out
And so it goes-that's what techno-
logical unemployment means: the as
placing of workers because machines
can do it faster and quicker.
In 1925 one man was doing on
the average what 81 men did IN 1914.
in the last decade the United
states produced rs. per cent more tnan
it consumed" says Michael b. Schaier
Of Philadelphia, an authority on tne
fv1aFaoCpn
T)er cent. though there was reouc-
fIon of Z per cent--or 585, 900 in TIE
number of men and women engaged
Mr.. Schaler. therefore. believes that
4I,a remedies for unemployment lie IN
the following directions: Higher wages.
shorter hours, legislation In behalf Oh
unemployed and measures against un-
employment by industrial and social
agencies. --,.s
States be able to make prosperity
reality again, says Mr.. Scnaler.
unemployment Insurance.
The problem of unemployment in
surance continues to interest business
executives everywhere. A number OF
labor unions already have in operation
some very successful unemployment IN
surance lines.
II was in 1928 that Sidney Hillman,
the general president Of the Amalga-
mated Clothing Workers of America,
introduced into that industry an unem-
Ioloyment insurance fund. Four and
one-half per cent of the total wage
bill is laid aside to take care OF the
workers in times Of unemployment.
I'VE have paid out to the $4,000 work.
ers in the City of Chicago close to
So 600 900 in unemployment benefits
during the last six years" said Mr..
Hillman at the meeting Of the American
Academy Of Political and Social Science
in Philadelphia recently. This year we
are distributing close to million dol
lars In unemployment insurance in Chi
cago. and at least in that city the cloth
ing industry is not going to ask the
charitable institutions to take care OF
its workers"
But is unemployment insurance prac-
teal for all industries?" he was asked.
II believe it Is. Industry ought to lay
aside per cent of the total wage bill
for unemployment insurance. I should
like to see this done by the industries
themselves, by means of trusteeship
where employers and workers carry on
through their representatives. II, how
ever, industry has not the enlightened
leadership to provide unemployment in
surance. then the public at large ought
10 insist that it shall be done by the
agencies Of Government through CO.
ercion," continued Mr.. Hillman. I'VE
cannot simply say to the totally unem-
ployed, We are sorry for you, but we
have nothing to offer you but bread
line consider unemployment insur-
ance a legitimate charge on industry
and I believe that there is enough lead
ership in industry to provide it."
Copyright. 1881. by the North American
Newspaper Aliance.)