Study of the Hegemony of Parasitism - michaeljgoodnight.com

'Morgan group'. The National Bank of Commerce has
also been identified with Morgan interests."
J.P. Morgan's longtime associate, George Fisher Baker,
was one of the founders of First National Bank,
purchasing 30 shares in 1863 for $3000. He also was
cashier, and later became president. Sheridan A.
Logan's book, "George F. Baker and his Bank" (privately
printed, 1981), noted that:
"...a European syndicate headed by N.M. Rothschild was represented in New
York by August Belmont and First National Bank to refund the Government
debt. Baker wrote a letter Aug. 29, 1876, 'I have to advise you that our
negotiations with the Treasury Dept. resulted in a contract between Messrs.
N.M. Rothschild & Sons and others and the Secretary of the Treasury for the
purpose of forty million dollars of U.S. 4 1/2 per cents of 1891, with an option
on the remainder, $260 million. In this contract the bank participated to the
extent of 10%, $4 million.'"
Logan also states that:
"In 1901 Baker sold to J.P. Morgan $23 million stock in Central Railroad of
New Jersey. The mutual confidence and respect which developed between
Mr. Baker and Mr. Morgan cemented their increasingly close relationship and
the First National Bank became more and more the unswerving ally and
valuable source of mobile funds for the work of J.P. Morgan & Co."
In 1901, Baker increased the stock of First National Bank
from $500,000 to $10 million by a 1900% stock dividend.
He organized First Security Co., a holding company, with
this dividend. During the 1929 boom, Baker's personal
fortune reached the $500 million mark. His son, George
Jr. pleaded with him to pay off the $29 million owed on
stocks in First Security's $80 million portfolio. Baker, then
89 years old, had not been informed of the planned