GEORGE F. BAKER (1840-1931). Banker; Philanthropist. Starting as a clerk in New York State's banking department in 1856, the clever and industrious Baker quickly came to the notice of many of the state's prominent bankers. By 1863, he had been lured from state employment, and was one of the founders of the First National Bank of New York, a bank that would become the most prominent of all banks under the new national banking system. During the Panic of 1873, he was largely responsible for keeping the bank afloat, and it was during this period that the bank began to more fully adopt Baker's philosophy and become a "banker's bank." Baker became the bank's second president in 1877, and aggressively continued the bank's policy of developing connections with great business corporations, both in the U.S. and overseas. A man of boundless energy, Baker sat on the boards of many corporations in a wide variety of industries, at one point sitting on some 87 boards simultaneously. At its height, his fortune was estimated at some $200 million but, at his death, after many years of donations to schools, libraries, museums, hospitals, churches, etc. his estate was valued at a mere $73.5 million. 1877, Minnesota. Stock certificate for 72 shares of the St. Paul & Duluth Railroad Co. Black. Attractive triple vignette at top center of a steam locomotive flanked by side wheel steam ships. Issued to the First National Bank of New York and signed on verso as president of the Bank by George F. Baker. Also signed by Baker on the attached Irrevocable Stock Power again as President of the Bank. Hole, cut and pen cancelled. Baker's signature on the stock power is uncancelled, his signature on the verso of the stock is pen cancelled. Overall, fine. |
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