The Human Side of Bernard Baruch
Title
The Human Side of Bernard Baruch
Creator
Kemp, TJ, Jr.
Identifier
WWP16753
Date
1933 January 1
Description
This article gives a brief biography of Bernard Baruch.
Source
Cary T. Grayson Papers, Woodrow Wilson Presidential Library, Staunton, Virginia
Language
English
Text
Bernard M. Baruch.
Barney Baruch, called the most influential private citizen of the United States, is a native of South Carolina. Although, as a child, he went to New York City and, in time, became a legal resident of that place, he still maintains a home in his native state.The Baruch plantation is located near Georgetown. Barney never allows a winter to go without spending several weeks there. Not far from his plantation is his game preserve, abundant in quail, where he spends much time at his favorite sport, hunting. He has been largely responsible for the development of a colony of northern capitalists near South Carolina’s eastern coast. This colony includes such well-known men, besides Baruch, as Ralph and Herbert Pulitzer, Howard S. Hadden, Eugene DuPont, Robert Goelet, and Richard E. Reeves.
______
Bernard Mannes Baruch, according to his intimates, is a “South Carolinian first, a Democrat second, and an American third.” His father, Dr. Simon Baruch, was a surgeon in the Confederate Army. A Polish Jew, born and educated in Poland, Dr. Baruch settled in South Carolina in 1853. There he wed Belle Wolfe, the daughter of a Portuguese Jew, who had settled in America in pre-Revolutionary days. To this union was born, in 1870, the son whom they named Bernard.
______
Bernard was only 15 years old when his father, impoverished as a result of the Civil War, moved to New York City to practice medicine. The boy entered the College of the City of New York, was graduated from that institution 4 years later, and, deciding that he wanted to become a financier, he entered a broker’s office in Wall Street at a salary of $3 weekly. At a night school he studied law and bookkeeping.
His progress was slow. Too slow, in fact, to suit him. At the age of 28 he was earning only $25 weekly. Wanting to marry pretty Annie Griffen, of New York City, and kept from doing so by his inability to support her as he thought his wife should be supported, he summed up his courage one morning, demanded that the boss pay him $50 weekly or he would quit. The boss refused. “But I’ll tell you what I’ll do, Barney,” he said, “I’ll give you a one-eight interest in my business. You get one-eighth of the profits.”
Barney accepted. That year, 1897, the business earned $48,000—Barney earned $6,000. Annie Griffen became Mrs. Barney Baruch.
______
Within a few years this young broker became known as one of the most clever traders on Wall Street. In 1902 his personal profits amounted to more than $900,000. He gave considerable money to his father who, in turn, used it for charitable purposes. For one thing the elder Baruch established a number of public baths in New York City for the poor people. By 1910 Barney was established as Wall Street’s largest and most highly-respected speculator. He always worked alone. Again and again he backed his careful judgment against the leading brokers of New York—and won.
In 1916 President Wilson appointed him a member of the Advisory Commission of the Council of National Defense. He soon became the most important member of this commission. Reputed to be worth more than 100 million dollars, he arranged all of his investments so that, when he entered the War, he could not earn a dollar of profit out of the War. Any doubtful dividends that he received were immediately turned over to the Red Cross.
______
As head of the War Industries Board, he became one of President Wilson’s most valuable advisors. When anything HAD to be done, Baruch could always be depended upon to do it. After the War he found many opportunities for the public service that he so enjoys. He was delegate and American economic advisor at the Peace Conference. In 1919, he was a member of Wilson’s Conference on Capital and Labor. In 1921, he headed President Harding’s Agricultural Conference. It is rather strange that, in spite of his Wall Street connections, Baruch is a friend of both labor and the farmers. In 1932, President Hoover made him a member of the National Transportation Committee.
______
Baruch was offered the post of Secretary of the Treasury under Woodrow Wilson but declined it. He is not interested in holding public office. He does not want the leisurely life that he leads interferred with to that extent. He wants to feel free to come and go as he pleases.
He is no longer interested in making money. His large New York office is operated solely for the purpose of conserving his fortune and attending to his many charities.Now 63 years old, with thick snowy-white hair, a continuous smile, and a charming personality, he looks distinguished in any company. Over 6 feet tall, with classic features and keenly-sparkling blue eyes, he is, at all times “a Southern gentleman.” While he is no orthodox Jew, he keeps the Jewish holidays because of a promise made to his mother many years ago.
The Baruchs have three children—two daughters, Belle Wilcox and Renee Wilcox, and one son, Bernard, Jr., who is following in his father’s footsteps in Wall Street.
Smiling but uncommunicative, an extremely skillful and patient negotiator, this man is more than close to President Roosevelt. Hardly a day passes but that the President does not communicate with him in some way and ask his advice on a matter of importance. It was Baruch who gave General Johnson to the President. It was Baruch who contributed more money than any other private citizen to the Democratic campaign in 1932. It is Baruch who knows, more than any person in the world, what the President’s ultimate monetary policy is expected to be.
Barney Baruch, called the most influential private citizen of the United States, is a native of South Carolina. Although, as a child, he went to New York City and, in time, became a legal resident of that place, he still maintains a home in his native state.The Baruch plantation is located near Georgetown. Barney never allows a winter to go without spending several weeks there. Not far from his plantation is his game preserve, abundant in quail, where he spends much time at his favorite sport, hunting. He has been largely responsible for the development of a colony of northern capitalists near South Carolina’s eastern coast. This colony includes such well-known men, besides Baruch, as Ralph and Herbert Pulitzer, Howard S. Hadden, Eugene DuPont, Robert Goelet, and Richard E. Reeves.
______
Bernard Mannes Baruch, according to his intimates, is a “South Carolinian first, a Democrat second, and an American third.” His father, Dr. Simon Baruch, was a surgeon in the Confederate Army. A Polish Jew, born and educated in Poland, Dr. Baruch settled in South Carolina in 1853. There he wed Belle Wolfe, the daughter of a Portuguese Jew, who had settled in America in pre-Revolutionary days. To this union was born, in 1870, the son whom they named Bernard.
______
Bernard was only 15 years old when his father, impoverished as a result of the Civil War, moved to New York City to practice medicine. The boy entered the College of the City of New York, was graduated from that institution 4 years later, and, deciding that he wanted to become a financier, he entered a broker’s office in Wall Street at a salary of $3 weekly. At a night school he studied law and bookkeeping.
His progress was slow. Too slow, in fact, to suit him. At the age of 28 he was earning only $25 weekly. Wanting to marry pretty Annie Griffen, of New York City, and kept from doing so by his inability to support her as he thought his wife should be supported, he summed up his courage one morning, demanded that the boss pay him $50 weekly or he would quit. The boss refused. “But I’ll tell you what I’ll do, Barney,” he said, “I’ll give you a one-eight interest in my business. You get one-eighth of the profits.”
Barney accepted. That year, 1897, the business earned $48,000—Barney earned $6,000. Annie Griffen became Mrs. Barney Baruch.
______
Within a few years this young broker became known as one of the most clever traders on Wall Street. In 1902 his personal profits amounted to more than $900,000. He gave considerable money to his father who, in turn, used it for charitable purposes. For one thing the elder Baruch established a number of public baths in New York City for the poor people. By 1910 Barney was established as Wall Street’s largest and most highly-respected speculator. He always worked alone. Again and again he backed his careful judgment against the leading brokers of New York—and won.
In 1916 President Wilson appointed him a member of the Advisory Commission of the Council of National Defense. He soon became the most important member of this commission. Reputed to be worth more than 100 million dollars, he arranged all of his investments so that, when he entered the War, he could not earn a dollar of profit out of the War. Any doubtful dividends that he received were immediately turned over to the Red Cross.
______
As head of the War Industries Board, he became one of President Wilson’s most valuable advisors. When anything HAD to be done, Baruch could always be depended upon to do it. After the War he found many opportunities for the public service that he so enjoys. He was delegate and American economic advisor at the Peace Conference. In 1919, he was a member of Wilson’s Conference on Capital and Labor. In 1921, he headed President Harding’s Agricultural Conference. It is rather strange that, in spite of his Wall Street connections, Baruch is a friend of both labor and the farmers. In 1932, President Hoover made him a member of the National Transportation Committee.
______
Baruch was offered the post of Secretary of the Treasury under Woodrow Wilson but declined it. He is not interested in holding public office. He does not want the leisurely life that he leads interferred with to that extent. He wants to feel free to come and go as he pleases.
He is no longer interested in making money. His large New York office is operated solely for the purpose of conserving his fortune and attending to his many charities.Now 63 years old, with thick snowy-white hair, a continuous smile, and a charming personality, he looks distinguished in any company. Over 6 feet tall, with classic features and keenly-sparkling blue eyes, he is, at all times “a Southern gentleman.” While he is no orthodox Jew, he keeps the Jewish holidays because of a promise made to his mother many years ago.
The Baruchs have three children—two daughters, Belle Wilcox and Renee Wilcox, and one son, Bernard, Jr., who is following in his father’s footsteps in Wall Street.
Smiling but uncommunicative, an extremely skillful and patient negotiator, this man is more than close to President Roosevelt. Hardly a day passes but that the President does not communicate with him in some way and ask his advice on a matter of importance. It was Baruch who gave General Johnson to the President. It was Baruch who contributed more money than any other private citizen to the Democratic campaign in 1932. It is Baruch who knows, more than any person in the world, what the President’s ultimate monetary policy is expected to be.
Files
Collection
Citation
Kemp, TJ, Jr., “The Human Side of Bernard Baruch,” 1933 January 1, WWP16753, Cary T. Grayson Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.