The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-05
OBJ 4 II u A R ".
Death of the Millionaire Philanthro-
pist-A Sketch of His Career,
with an Account of His
Princely Bene-
factions.

Ncaln VI SeOlRe IedDOuy, Jne prince OF merchants
and phianthropists, whose fame Ike his beneyo-
lence has become the common property Of two
hemispheres.
The Peabody Family.
The Paybodyswere an ancient LecCstershre family,
one member Of which, Francis Paybody in the year
1885, at the age OF twenty-one, embarked at London
for New England, and finally settled at Topshed, in
Massachusetts, where he erected mansion house.
and built mill, both of which are still standing
Francis Paybody was prominent in Topshed on ae
count both OF his wealth and his usefulness. BY his
wife Mary, daughter of Reginald Foster, he had
fourteen children. His eldest son was ancestor,
in the fifth generation, OF the millionaire philanhro-
pist.
George PenbOdy's Early Life.
George Peabody was born in the town of Danvers,
in Massachusetts, on the 18th Of February, 1896 At
that time, the period devoted to education among
thOse destined to an active business life was not
generally long it is in the present day and this
was the case even in families placed in more anluent
circumstances than were the parents of George Pea
body. Hence, at the age of eleven, he
found himself established as clerk TO Mr..
Proctor, grocer in his native town,
and man OF sterling worth. At the age OF fifteen
he left Danvers to seek wider and more congenial
sphere for the business talents that already began to
show themselves But the unsettled nature of the
times had cast gloom over the commercial world,
and the prospect was not very inviting to the youth
full adventurer. After living year with his grand
father, Mr.. Dodge, in Thetford Vermont, he went,
in the spring of 1911, to Newburyport to be clerk to
his brother, David Peabody who had just opened
there Diapers shop. This service, however, was
not Of long duration Soon after his settlement
fire Since known as the great fire of NewburyporD
destroyed his brothers premises and property, along
with considerable portion of the business part of
the town.
In Business al Georgetown, ID. G..
Left thus again without employment George Pea
iOinpd WI IN EnN sp
sufferer by the disaster in Newburyport, where he
had for years been an extensive shlp-owner) now
established himself in Georgetown in the District of
Columbia, with the hope OF rebuilding his shattered
fortune. This took place in 1912. Though still lonly in
his seventeenth year, the management of the busi-
mainly devolved upon the nephew in whose
name it was conducted; and during the two years OF
this association, he gave still clearer proofs than
before of his adaptation to commercial pursuits
Brief Career Soldier.
During the earlier portion of his residence in
Georgetown, Mr. Peabody responded promptly to the
call Of his country. The threatened war with Great
Britain was then inevitable for the British fleet had
ascended the Potomac and was menacing the ma
tional capital The patriotism OF the young mer-
chant was aroused, and although he had not yet
reached the age at which military service could be
imposed, he joined volunteer company of artillery
and soon found himself on duty at Fort WarburtOn,
which commanded the river approach to Washing
ton. The expected attack was not however, made !;
and Mr.. Peabody returned to the peaceful, and to
him more congenial, avocations OF business For
this service, together with previous short service
at Newburyport, Mr. Peabody, a short time previous
to his DEATH received one of the grants Of one hun
dred acres Of land bestowed under certain cond-
tons by act OF Congress- upon the defenders of the
republic at this perous time.
In Business at Baltimore.
The affairs of the partnership with his uncle did
not prosper as the ambitious young merchant de.
sired, and he soon that if he remained in it, he
would become responsible for debts that he had not
contracted. At the end OF two years. therefore, he
withdrew from the concern and formed a business
association which destined to lay the foundation
of his prncey fortune. He entered into partnership
with Mr.. Elisha RiggS, in the wholesale dry goods
business, the capital being furnished by Mr.. Riggs,
while MIR. Peabody assumed the active management
OF the affairs of the concern. The new enterprise
proved successful from the start, and in 1915 the
firm removed IRON Georgetown to Baltimore. In a
few years the business had assumed such proper
tons that in 1922 branch establishments were opened
in Philadelphia and New York city, In the year 1929
Mr.. Riggs retired from the partnership aud Mr..
Peabody became the nominal as well as the actual
head OF the business. Mr. Riggs, in his retirement
took up his residence in New York city, where he
died in 1858, leaving a name highly respected and
honored
It was In 1921 that Mr.. Peabody made his first Jour
ney TO Europe, whittier he went for the purpose o
purchasing goods. On the retirement OF Mr.. Riggs
from the nrIn, IL became necessary IOf nn 10 MAKE
annual visits TO the Old World, and frequently hC
was entrusted by the State OF Maryland with fmpor
tant financial negotiations on its behalf, all of which
were conducted by him in an emnently successful
ana satisfactory manner.
Becomes II Resident of London.
Early in 1887 he removed to England, but still
maintained his association with the firm Of Peabody
Riggs a Co., until the year 1S43 when the partner
ship was dissolved
The character OF the business in which Mr. Pea
body entered on his withdrawal from the firm o
Peabody, Riggs Co., has been generally known il
this country as that Of a banker, but, according t,
the classification used in English commercial anC
financial circles, this is erroneous. He never trans
acted regular banking business according to tn,
English acceptation of the term. Although the tW,
countries speak the same language, the designation
of the various classes OF business in England anC
the United States differ The merchant mere is th
warehouseman in England, and the merchant ther
is the banker here. We have no tradesmen as
class, and yet in England every dealer in goods be
low the rank OF warehouseman-that is, one VIII
sells goods by WHOLESALERS designated tradesman
In the common aeceptaton of Engllshmen tn
various kinds of business transacted in the metropC
lis and other large towns rank in the followin
order, viz. bankers, merchants, brewers, MANI
facturers wareh0usemen, and tradesmen. In a
leases, writs, suits at law, and other legal docr
ments, Mr.. Peabody, like every member of the firm
of Rothschds or Barings, would be styled me-
chant-that is, one who deals in invoices, bills
ladlng, bills OF exchange stocks, bonds govern
ment loans, and ether securities. From this it wi
he seen that his business was OF the most compr,
bensiye character ana by its multfOrm ramihcatioI
his colossal fortune was rapidly accumulated.