Evening star., 1944-08-13
BY John Clagett Proctor.

Last Sunday the writer referred in
these columns, to the early homes Of
Dumbarton Oaks and Montrose on
Georgetown Heights, and the prominent
persons whose names were associated
with these old estates. But, naturally,
those mentioned represented only a
very few, indeed, of the early outstand-
ing residents of this Colonial city. taken
in as \ part of the District of Colum-
bia when Washington became the site
of the Federal Capital.
OF the noted financiers who made
their fortunes in Georgetown. or began
their careers there. it is hard to judge
to whom to give first place, w. w.
Corcoran or George Peabody. Both of
them amassed great fortunes in their
day, but since Corcoran was born in
Georgetown and Peabody in Massachu-
sets, local sentiment might justify
mentioning the former first and also
because of the location here of a greater
number of his worthwhile benefactions
w. w. Corcoran
AS a fnancier, Mr.. Corcoran was
eminently successful, and his word and
judgment were depended upon even
by foreign bankers. demonstration of
the faith held in him occurred in 1843,
when, finding his bank-then located
at the northeast corner of Fifteenth and
F streets-with about IL millions of
United States per cent bonds on hand,
and the demand for them in this coun-
try being poor, they being at that time
l per cent below the price at which
Corcoran & Riggs took them, he de-
termined to try the European markets,
and, after one days reflection, en-
barked for London, where, on arrival,
he was told by Mr.. Bates of the house of
Barring Bros g. Co. and George Peabody
that no sale could be made of these
securities and no money could be raised
by hypothecation thereof. He was fur
ther told that he should have written to
them on the subject before coming over
In reply, Mr.. Corcoran said he was
not surprised at their views, but that
he had felt confident that he could con-
vince them of the expediency of taking
an interest in the securities, and that
the very fact that London bankers had
taken them would make them successful
Less than fortnight after his first
interview, Thomas Barring returned from
the continent. Mr. Corcoran's appeal to
him was more successful, and transfer
of IS ,000,0 ,0o0 III bonds was made to six
of the most substantial banking houses
in London, it being the first sale of
American securities made in Europe
since 1887. In 1854 he withdrew from the
firm of Riggs g. Co., but always main
tanned cordial relations there.
Probably the best known OF Mr. Cor
coran's donations is the Corcoran Gal
ICAy Va <alU az ACNCllVClllll SGtCCt dltl
New York avenue, which has occupied
this site since 1898, and is noted as one
Of the handsomest buildings in Wash
ington. Originally large part Of this
collection was housed in the building at
the northeast corner Of Pennsylvania
avenue and Seventeenth street, opposite
the State, War and Navy Building
ali ol,; l..
pied by the Court of Claims, was begun
by Mr., Corcoran in 1857 and was opened
to the public in 1872. and inaugurated
on Washingtons birthday anniversary
by grand ball for the benefit of the
Washington Monument 1t was COM
pleted and would have been occupied
sooner as an art gallery had it not been
taken over by the Government curing
the Civil War and used as the quarter
master generals office.
The Louise Home, another of his gen.
erous gifts, which perpetuates the name
Louise, borne by both his wife and his
daughter, was erected shortly after the
close of the Civil War 1t is situated on
the south side of Massachusetts avenue
between Fifteenth and Sixteenth streets
Northwest. This building and ne
grounds cost 100000, which the donor
endowed with a further gift of $3.50 ,0O0
The home is for women Of refinement
and culture who have become reduced
in circumstances in their old ape As
stated, it is named after Mr.. Corcorans
wife and daughter, and is a testimonial
ito their devoted concern tor the p1or
and unfortunate
Widespread Philenthropies
But his gifts were not confined to
Washington alone, but included num-
Der of outside places
To Washington and Lee University he
gave library of 5000 volumes, and as
sisted William and Mary College and
made generous gifts to the University of
Virginia and the Virginia Military In
stitute.
One of the most kindly and senti-
mental acts of Mr.. Corcoran was the
bringing to Georgetown, in 1888. of the
body of John Howard Payne, author of
Home, Sweet Home and in having it
inferred in Oak Hill Cemetery and hav-
ing monument placed over the grave.
Payne died in Tunis, April 9. 1852, where
he was serving at the time as United
States consul. Mr.. Corcoran died in
1888, and his body and the remains of
his wife and children are also inferred