Lot 6: BERNARD M. BARUCH 1917 Autograph Document Signed Check
Historic Autographs, Civil War Encased Postage Stamps, Colonial, Revolutionary War, Federal Era, Coins, Currency, Medals
December 10, 2016
Rancho Santa Fe, CA, USALive Auction
BERNARD M. BARUCH.
April 20, 1917-Dated, Autograph Document Signed, "Bernard M Baruch", 7.5" x 2.75", being a National City Bank of New York check. Check is made out for the sum of ten thousand dollars to the "Baruch Bros" with bank stamp on back.
Bernard Mannes Baruch (1870 - 1965), was an American financier, stock-market speculator, statesman, and political consultant. After his success in business, he devoted his time toward advising U.S. Presidents Woodrow Wilson and Franklin D. Roosevelt on economic matters and became a philanthropist. Baruch became a broker and then a partner in A.A. Housman & Company. With his earnings and commissions, he bought a seat on the New York Stock Exchange for $18,000 ($434,000 in today's dollars). There he amassed a fortune before the age of 30 via speculation in the sugar market. By 1903 Baruch had his own brokerage firm and gained the reputation of "The Lone Wolf on Wall Street" because of his refusal to join any financial house. By 1910, he had become one of Wall Street's best-known financiers. In 1925 he endowed the Mrs. Simon Baruch University Award in memory of his mother, to support scholars who have written unpublished monographs for full-length books on Confederate history. His mother had been an early member of the United Daughters of the Confederacy (UDC) and supported their activities. In 1916, Baruch left Wall Street to advise president Woodrow Wilson on national defense. He served on the Advisory Commission to the Council of National Defense and, in 1918, became the chairman of the new War Industries Board. With his leadership, this body successfully managed the US's economic mobilization during World War I. In 1919, Wilson asked Baruch to serve as a staff member at the Paris Peace Conference. Baruch did not approve of the reparations France and Britain demanded of Germany, and supported Wilson's view that there needed to be new forms of cooperation between nations, and supporting the creation of the League of Nations. During President Roosevelt's "New Deal" program, Baruch was a member of the "Brain Trust" and helped form the National Recovery Administration (NRA). He was a true giant in the world of Finance and Business!