The Washington times., 1932-05-30

W liz IhC PASSSAO
Georgetown was laid out in
1751. and had grown to be a
thriving town by the time, 4O
years later, it was decided to
establish the Federal City on
the banks of the Potomac. The
principal reason for the organiza'
ton of the Bank of Columbia
was to handle the paper of the
lot buyers and land spectators
who hoped to be made rich by
the enhancement in land values
Of the projected new city. George
washington and his commission
ers met at the famous Suffers
Tavern in Georgetown in 1871 to
discuss the important question
Of securing from the owners the
land required for the Federal
seat.
BY the year 1900, when formal
transfer of the seat of Govern
ment from Philadelphia to Wash
ington had taken place, the new
city, from accounts of the day
was little more than a wilderness
Began in 18O1-1811
Returning to the early banks
O few scattered institutions be
gan operations between 1901 and
1871 in Georgetown, and the
rivalry between the cities OF
Georgetown and Washington re
suited in comparatively few dis
counts being extended to Wash
tngton citizens.
A group of citizens on Capitol
Hill, therefore. organized in 1905
the Bank of Washington, which
still in existence today as the
National Bank Of Washington, is
the Oldest bank in the city.
Five years later, in 1914, two
banks, destined to become a part
Of our present-day banking sys
tenn, were organized, the Bank
Of the Metropolis, now the Ma
tional Metropolitan Bank, and
the Farmers and Mechanics Bank
of Georgetown, absorbed by the
Riggs National Bank just ia
years later. ...
The year 1886 saw the begin.
ming of the career Of Washing.
tons largest and most widely
known banking institution, the
Riggs National Bank.
CorcOran g. Riggs
Starting as a private broker.
age and exchange business OF
william W. Corcoran and later
becoming the private bankino
house of Corcoran g. Riggs
when George w. Riggs entered
partnership with Mr.. Corcoran
the bank rendered conspicuous
service to the nation as well as
the city. So successful had the
firm become that a publication
Of the times referred to the firm
as "the private banking house
Of our American RothSchilds,
Corcoran & Riggs.
Mr.. Corcoran. a wealthy man
retired in 1884 to devote his time
to philanthropy and the city OF
Washington owes him a debt OF
gratitude for his many contribu
tions to its beauty and cultural
improvement, notable among
which are Oak Hill Cemetery, the
Louise Home and the Corcoran
Gallery of Art.
Riggs and Company, as the
firm became known after Mr.
Corcoran's retirement, passed sue
cessfully through the civil wal
and, in 1866, the man who was
to dominate the Riggs firm fo1
more than half a century en-
tered its employ.
Reference, Of course, is made
to Mr.. Charles C. Glover, that
genius of finance, who has. per.
haps. done more for the city he
loved than any other living man.
The Zoo Park, Rock Greek
Park, Potomac Park and Glover
Park are largely the result of
Mr.. Glover's unceaSing efforts. as
well as the Protestant Episcopal
Cathedral, one of the most beau,
tiful structures of its kind in
the country.
NatiOnalized in 1895
Riggs and Company, growing
stronger with the passing years,
was nationalized in 1895 as the
Riggs National Bank with Mr..
Glover as its first president. He
continued in office until 1921,
when, after SIS years of active
service, he turned over the presi.
dency to Milton E. Allies, then a
vice president of the bank.
Mr.. Allies perpetuated the
policies Of Mr.. Glover for the
expansion and betterment of the
bank and during his brief tenure
OF office accomplished the &C.
QUESTION of four of the present
branches of the bank, at Seventh
and Eye Streets. Fourteenth
Street and Park Road, Dupont
Circle and Eighteenth and Co
1umbia Road.
His untimely death on october
80, 1925, before he could enjoy
the fruition of his efforts on be
half of the bank and the city
came as great sorrow to his
many friends and banking aSso
ciates. He was a lovable char
acter and his friends in every
walk of life were legion.
Thus, with the passing of nearly
. century, we come to the chap.
ter Of Riggs history now being
written. Robert V. Fleming was
elected president on November
9, 1925. Mr.. Fleming, then only
IS years of age, thus became one
of the youngest high. banking
executives IN the United States,
.I;,,an SviVAa a brilliant raraAr Iaa,