The Washington times., 1906-12-30

The Riggs National Bank, which oc-
cupies the magnificent large building on
Pennsylvania avenue, facing the United
States Treasury, vas incorporated as a
national bank IN 1886. The institution
had been founded sixty years before this
date as a banking business. under tho
frm name or COrcOran d Riggs.
The head OF the house and the founder
Of the business was the late William
w. Corcoran, the wealthy capitalist,
man OF affairs and philauJhropist. and
with him was associated George ".
Riggs. William W COrcoran viii be
longest remembered and held high in
the public estimation, as the donor of
tho stately and beautiful gallery OF fne
arts which bears his name. The valu-
able property at the northwest corner
of Fifteenth street and Pennsylvania
avenue, for so many years used as a
banking house, was originally owned
and occupied by the United States Bank
When the charter OF the United States
Bank failed. all OF its assets were sold
and the banking house in Washington
was purchased Jointly by Mr., CorcoEaR
and Mr.. Riggs for the office Of Corco-
ran & Riggs. The joint ownership con-
tlnued until Mr.. Riggs death in 1881.
Took Mexican War Loan.
In 1876, during the war with Mexico
this bank took the entire loan of So
OO0,O00. outbidding all rival Institutions
or individuals. A large bonus was re-
allied from this transaction. Eveu at
that early date in its history, the bank
was a power IN the nations financial
world.
The concern was organized as a ma
tiOnal bank in July. 1886 The following
are the present officers of the bank:
Charles c. Glover. president. Thomas
Hyde and Milton +. Allies. vice presi-
dents: Arthur T. Brice. cashier. and
William J. FlatheT. and Il. II. FIather,
assistant cashiers.
The board of directors Is composed OF
the following prominent men. Charles c.
Glover, Thomas Hyde. James NJ. John
ston. Arthur T. Brice, William J. FIath-
er. r. Ross Perry. Thomas F. Walsh,
Henry Hurt, John r. Mclean. James
Stillman. Frank A. Vanderslip and Nil
ton f. Allies.
The two following statements, the one
showing the condition of the bank on
July Is. 1886. a few days after the in
stituton became a national bank. and
the other showing the condition OK the
bank at the close Of business. NOvem-
ber II, 1906. Will reveal better than can
any words the remarkable growth and
prosperity Of the bank under its pres
ent capable and efficient management.
Compare Conditions.
On July Il. 1906. the resources of the
bank were as follows: Loans, discounts,
and investments, 81, 627, ,7SS.7O; due from
banks mot reserve agents., S403, ,s36. IS;
cash and reserve. 81, ,797. .453.73; total So
S29, ,179.0l. The liabilities on the same
date were: Capital stock, 100000; net
profits. $2Ss.03; deposits QndividuaD, S3,-
267.163.S6; bank. SCI, 72762; total. $685.
1901.
On November Il. 1906. the bank showed
the following resources and liabilities:
The resources were; Loans. discounts
and investments. S7,171, $3.50; bonds for
United States deposits, $1.99S, ,I44l0s
bonds for circulation, 81, ,O00, ,0O6; banking
house, $341. .O96.55; due from banks (not
reserve agents., $724, ,OS9. SO; cash and re-
serve. A,759,SOi S5; 8 per cent redemption
fund, $4,000. The liabilities on the same
date were: Capital stock 81, 900. 900; sur
plus and net profits. 81, ,4I2, ,O9695: reserve
for taxes. $7.S89.9O; circulation, 1891. .s97. so:
bonds borrowed, $1,000, 900; deposits.
amounts 10 S1s,O4AZ2O52.
Glover Is Power.
Charles c. Glover, president Of the
bank, TO whose strong individuality,
rare tact and comprehensive and far
seeing insight into business methods the
present remarkable size and prosperity
OF the bank is largely due. has been
connected with the institution since 1865
Mr.. Glover was born in Macon county.
n. c., November "a 1876. and came TO
Washington to live when eight years of
age. His grandfather, for whom he was
named, was one OF Washington's most
distinguished and highly esteemed citi-
zens, an honored guest at the reception
given to General Lafayette by the Presi-
dent of the United States. and one OF
the largest land owners IN Washington
at that time.
Charles Carroll Glover was educated
at Rittenhouse Academy, the famous
school conducted by O. c. Wight. At
the age Of sixteen he entered the book
store of Franck Taylor. but after three
years resigned his position there TO en-
ter the employ of Riggs & Co in a
clerical capacity. He had not been with
the company many years before his
hoIity' integrity and popularity won for
him place as a member Of the firm.
he remained member of the firm until
the large volume OF business made it
advisable 10 merge the banking house
into national bank. This important
step was taken on July 1, 1896. when Mr.
Glover was elected president.
Banks Business Grew.
The business grew "a -f,7f,- ,,,,,7,y- f.fz
successful management, and a few
years ago the present elegant and ca
paeious home OF the bank. one of the
finest Of the many modern banking
buildings. was built 10 provide quarters
large enough 70 accommodate the con-
stanGy increasing business.
on January 10. 1873. Mr.. Glover mar
ried Miss Annie Cunningham Poor.
daughter of the late Rear Admiral Poor.
Two children Elizabeth and Charles