Evening star., 1920-01-04

in'ru cnapter last Sunday by saving
that he hopes before closing this
series TO follow Mr. Corcoran into
mat period Of life when he became
a rich man. and TO tell something of
tne beautiful story of the Louise
Home and to touch on the inception
and distinguished DEVELOPMENT Of the
Corcoran Gallery of Art" Quoting
MT. Corcoran's own story of his
business career. it was written last
sunday that in 1897 he removed
from Georgetown to Washington and
opened brokerage Office in a small
storeroom on the north side of Penn
sylVania avenue near 18th street. The
site Of that store and number of
other lots became The site of the
CorcOran building. which for many
years was perhaps the largest Office
building in the city. The site of the
building is now occupied by the WASH
ington Hotel. Mr.. Corcoran tells in
his memoir, "A GrandfatherS Leg
acy,' that his brokerage business in
the little stora was eminently sue
cessful and that in 1899 he removed
to the Bank of the Metropolis build
ing. northeast corner of 18th and +
streets. and that in 1910 he took into
partnership George w. Riggs, con-
tinuing the business under the firm
name of Corcoran d Riggs.
In 1S45 this firm purchased the old
United States Bank, at the north
west corner of 18th street and Penn
sylvania avenue, together with all its
property and effects uncollected."
The character of the business of the
firm had gradually changed. ami while
in 1897 Mr.. Corcoran had been known
as a broker, he SOON came to be
known rs a banker. and in 1910 the
firm of Corcoran & Riggs was "A bank
ing rather than q broke firm.
One narrative goes that about lS47
the firm, on its own account, took
nearly all the loans made by The
United States
In 1S4S George ". Riggs retired
from the 1irm and was succeeded by
his younger brother, Elisha. During
that year the firm had on hand about
$1c,000,OOO Of the per cent United
States bonds of 1S4S. and the demand
for them falling off in the United
States, Mr.. Corcoran sailed for Europe
to endeavor TO place the bonds there.
After much encouragement he sue
ceeded in placing S5.a00.0oe with Bar
ing Bros. & Co; George Peabody.
Overend, Gurney & Co.: Denison 4
CO., Samuel Jones Lloyd and James
Morrison, this being the first sale OF
American government securities made
in Europe since 1897. The success of
the operation gradually advanced the
bonds to 11eis. thus securing very
handsome profit for the firm of Cor
coran e. Riggs. On April l. 1854. Mr..
Corcoran withdrew from the firm ana
the business was continued under the
name of Riggs 4 Co. which name was
changed in 1896. In that year the
banking house of Riggs & Co. be-
came the Riggs National Bank.
The foregoing facts were gathered
from a sketch of Mr.. Corcoran pup
lisieti in 1897 in the report OF
"ietut select committee to Investigate
the. charities and reformatory iRsti-
tutions in the District of Columbia,
The man who wrote that sketch Tor
incorporation in the report ebtaihed
some of the facts from "A Grand
fathers Legacy" which Mr.. Cofcofhn
wrote and dedicated to his grand
children In 1873. On the Gay OF the
death of Mr.. Corcoran. Friday. Feb
ruary "a, 1883. The Evening Star pub
lished a biography OF Mr.. Cercoran
many facts not given in
TIE report referred to, and il also
contained a number of statements at
variance with statements in the con-
rressional report. From internal
evidence and from bits OF inforina-
ton " h ich have csfsle 10 the HANDLER
and facts OF his own know Hedge. he
believes that The Stars sketch of Mr..
CorcorAn was accurate. Turning TO
the Ale Of The Star for iSSS. the
Rambler reprOduces parts Of that
biography OF Ar. CoreorAn:
Mr.. coccosaa's escetle~f xsaiiacst;es~ for
Massn. pr~sidsst q: esse Back sf s;sssuesSwp.
sna after the fAiius~ r~ferrsA to 'tAe DRY
goeda as~, ~f ". ~. CsrcSsus 4 t~-. 10
GeorxetGwn, IN 1&ssl}. >;es. Mssea gAsv h;ss Q
place In i,s hask ~ .itFk. Afser tkree yeass
there Mr.. tiercorass catered ti.< serricr of tie
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