St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-25

II, II. ELNCG1pL.v
not in the personal services rendered,
or i'll the specific objects which he has
chosen toipromote, yet in the aggregate
amount Of means bestowed by him for
public and private advantage, was born
in the District Of Columbia. in George
town. now a part of Washington, Dec.
q, 1913. On the paternal side
he was of Irish descent: on his
maternal of purely American. The
father, Thomas Corcoran, came
to the United States in 1888,
from Limerick county, Ireland, married
in IT'S Hannah Lennon, of Baltimore,
and Immediately settled in Georgetown.
Here he became public man-post-
master, Judge, military captain, real
estate broker. and, though prominent
EpiScopalian. one of the founders and a
trustee of Baptist college; bringing
up TO maturity six of twelve children,
three SONS and three daughters: dying
prosperous man and honored in 1880.
The son. W. ". COrcoran, received
good common education. and to some
extent classical one. His school days
began in 1s03, and were continued until
1915. in various schools in the District
of Columbia, and for one year in
Georgetown college.
HIS BUSINESS LIFE
was commenced by his connecting him
self with his two brothers. older than
himself. in the dry goods business in
the district. This was in 1915. In 1917
these two brothers established him in a
to nn Of
W. COrcoran Il Co., while they further
extended their enterprise by adding
the wholesale auction and commission
business. Herein he continued until
1928, when the firm, once prosperous,
failed IL the commercial crisis of that
year, compromising with their creditors
by paving them 80 cents on the dollars.
Indebtedness. and receiving full legal
discharge. Mr.. CorcOran now COM
menced business more On his own ac-
count. AT first, and for some years, he
took the oversight of his fathers real
estate concern. he being advanced in
years and of failing health. In 1928 he
took charge of the extensive real estate
and the collection of the debts of the
old L nited States band the Bank of Co
lumbia. To these interests he was de-
voted about eight years. During most
of this time, following in the
FOOTSTEPS OF HIS FATHER
and two brothers, he was military Off
Ger of the district, receiving appoint
ment first from President Monroe, and
afterwards being promoted by PreSi-
dents Monroe and jackson. 1t 1885 Mr..
COTcoran married Miss Louise Amory
Morris, daughter of Commodore Charles
Morris, famous in the naval history of
the United States. She was young,
beautiful and accomplished, but of deli
cate health. Three children were the
Issue of this marriage, twoOf whom died
In infancy. One survived, daughter,
who was subsequently married to Hon.
George EuStis, Jr., of Louisiana, men,
Der of congress, and subsequently sec
Rotary Of legation with Mason and Sill
dell. Mrs. CorcOran died in 1910, at the
early age of tWenty-One. Mrs. EuStis
died i'll 1861 at Cannes, France, aged
only twenty-nine. leaving three chill
dren. Mr.. EuStiS himself deceased
four years later leaving these children
in care of their grandfather Corcoran.
The mother and daughter were both
buried iii Oak Hill cemetery, George
town.
TIE HUSBAND AND FATHER
has since remained widower, tenderly
cheriShing the memory of his departed
ones, as witnessed by two of his more
prominent acts of benevolence, and his
care for his grandchildren. Mr.. CorcO-
ran entered upon the chief business of
his life-that in which he achieved his
greatest SucceSS-in the accumulation of
property. in 1887. He now became a
broker and banker. About this time
George Peabody came from Massachu-
sets to Washington. These two men
may be said to have started together,
each running remarkable and in some
eli LOT
ing the other in activity, and latterly in
acts OF benevOlence. Mr.. Peabody
shortly afterward located in London,
accommodating slowly in the beginning,
but in the end amaSsing a colossal for
tune. The two all through life remained
closest friends. In 1910 Mr.. Corcoran
associated with himself as partner the
late George W. Riggs. In 1915 their
business had so enlarged that they took
and occupied for it the old United States
Bank building. In 1S41 Mr. COrcoran
discharged the debt Of the old firm. con-
siSting Of his two brothers and himself.
from which they had been legally alb
solved, by paying
BOTH PRINCIPAL AND INTEREST,
amounting TO $4,000. In 1S4S George
W. Riggs retired from the firm, and a
younger brother, Elisha Riggs, took his
place. During the Mexican war the
firm had taken upon themselves very
heavy financial responsibilities. They
were the brokers for the government.
The bOldnesS of Mr.. Corcoran's opera
tons somewhat alarmed the elder Mr..
Riggs. Thirty millions of the national
loans was upon their shoulders. The
bulk of this had been placed; but in
1913 there was still on hand $4,000, 900,
with little demand at home and none
abroad, and the market for these bonds
per cent below par. In this dilemma
Mr.. COrcoran determined to visit Lon
don in person. Mr.. Peabody discOur-
aged his attempt when he arrived. But
week later Mr.. Barring, returning
from the continent, encouraged him
with large subscription. Other large
houses followed, and soon $1,000, 600
was taken. With this start the bonds
soon acquired premium, selling ulti-
mately, for l19]z per cent. This sue
csSSful dealing not only increased Mr..
CorcOran's financial reputation, but
greatly augmented his wealth. In 1854
Mr. CorcOran retired from the banking