Carthage, Watertown and Sackets Harbor R.R. Co. Issued to and Signed by George F. Baker - 1911 dated Autograph Stock Certificate

Stock issued to and signed by George F. Baker on the back.

George Fisher Baker, born on March 27, 1840, in Troy, New York, was an American financier and philanthropist renowned as the “Dean of American Banking.” Renowned for his reserved demeanor in public, Baker amassed a substantial fortune during the Reconstruction era through his investments in railroads and banking. At his passing in 1931, he was estimated to be the third wealthiest man in the United States, trailing only Henry Ford and John D. Rockefeller. Baker’s father, George Ellis Baker, was a shoe-store owner who held a seat in the New York State Assembly in 1850, elected on the Whig ticket. At the tender age of 14, George enrolled in S.S. Seward Institute in Florida, New York, where he pursued studies in geography, bookkeeping, history, and algebra. At the age of 16, he secured a position as the junior clerk in the New York State Banking Department.

Baker, despite not attending university, enlisted in the 18th Regiment of the Massachusetts Volunteers at the onset of the U.S. Civil War. He rose to the rank of first lieutenant and adjutant. In 1863, Baker, along with his mentor John Thompson and Thompson’s sons Frederick Ferris Thompson and Samuel C. Thompson, co-founded the First National Bank of the City of New York. This bank was the first national bank to be chartered in New York City under the National Currency Act of 1863. It later became a precursor to today’s Citibank N.A. At the age of 37, Baker was appointed as the President of First National on September 1, 1877. His 20,000 shares were valued at approximately $20 million in 1877, which is equivalent to around $480,187,500 today. Baker retired as the president in 1909 and assumed the role of chairman of the board. He was succeeded in the presidency by Francis L. Hine, who had previously served as the Vice President of the bank.

An avid investor, Baker held significant interests in various corporations. Notably, he was the largest stockholder in the Central Railroad of New Jersey. Additionally, he served as a director in 22 corporations, collectively comprising subsidiaries with aggregate resources of $7.27 billion. In the early 1920s, Baker owned $5,965,000 worth of U.S. Steel stock, which is equivalent to approximately $83,245,000 in 2017 dollars. According to a May 4, 1924 Time magazine article, Baker held the distinction of being the largest individual owner of U.S. Steel stock at that time.

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