The University has received from Mr. George Fisher Baker of New York a gift of $5,000,000 as a permanent foundation for the Graduate School of Business Administration. The gift was made on April 23 but was only announced yesterday by Bishop Lawrence, chairman of the committee in charge of the present drive for $10,000,000.

Mr. Baker's gift, the second largest lump sum which the University has ever received, is unique in the annals of American education. Never before has a gift even a fraction as large been made to any institution to be used in its work of business training. As far as is known, the donor has not been in Cambridge recently and has never inspected the present facilities of the Business School.

Son Is Harvard Graduate

Mr. Baker is not a college graduate himself but his son, George Fisher Baker Jr. '99, will celebrate his twenty-fifth anniversary at the Harvard commencement this month. Mr. Baker, senior, was born in Troy, New York, in 1840 and at a young age rapidly rose to a place of prominence in the New York financial world, soon becoming president of the First National Bank, a position now held by his son. He also has been a director of over a dozen of the country's leading railroads. He has been a patron of the fine arts and in 1916 presented Regnault's famous painting "Salome" to the Metropolitan Museum. Columbia University has also benefitted by several of his large gifts.

Benefactor Avoids Publicity

An interesting human interest sidelight of the gift which is typical of Mr. Baker's character is the fact that he desired to avoid all possible publicity by minimizing the announcement of his gift. He insisted that merely his letter containing the statement of the gift should be given out, and he purposely had the announcement date postponed until he would be on his way to Europe. He sailed last Saturday afternoon.

The $5,000,000, as the vote of the Corporation below explains, will be used to build the new Business School plant across the Charles River. All of the buildings so built will be identified as the "George F. Baker Foundation". Inasmuch as $5,000,000 was the minimum quota for the Business School in the present drive; an attempt is being made by those in charge to have all of the other Business School gifts received in the drive to date shifted to the departments of Chemistry and Fine Arts.

Corporation Votes Appreciation

The letter of acceptance of the Corporation reads as follows:

"Dear Mr. Baker:

"Bishop Lawrence submitted formally to the Corporation at its meeting on Monday afternoon your letter and that of your son; and it is a pleasure to transmit to you the following votes which were adopted in accepting your great gift:

"Voted that the President and Fellows place on record their deep appreciation of this noble gift which will continue for generations in the Business School the influence of one who for more than half a century has been a distinguished example of honor and ability in business life.

"Voted that the President and Fellows gratefully accept the gift; that they execute in such form as the President may approve an agreement to construct and equip an administration building, a library building, and such other buildings described in the official statement, a copy of which has been handed by Bishop Lawrence to the giver, as in the judgment of the Corporation are required for the present needs of the School and its needs in the immediate future; and that all such buildings be identified as the George F. Baker Foundation.  "Very truly yours,  "(Signed) A. LAWRENCE LOWELL."

Only Gordon McKay Gift Is Greater

The Baker gift is exceeded only by the Gordon McKay funds, given to the University by the will of Gordon McKay in 1903. In the latter bequest the University only receives at present the income, but when the last annuitant dies, the University will receive the principal as well. It is estimated that the total of all the payments will amount to $20,000,000