DISTRICT OF COLUMBIA - NEWSPAPERS - The Evening Star, August 24, 1881 ----¤¤¤¤---- This file is part of the DCGenWeb Archives Project: http://www.usgwarchives.net/dc/dcfiles.htm ********************************************* http://www.usgwarchives.net/dc/dcfiles.htm http://www.usgwarchives.net/copyright.htm ********************************************* Contributed to The USGenWeb Archives Project by: Margy Bousman (mbousman7@cox.net) ------------------------------------------------------------ The Evening Star August 24, 1881 pg. 4 Death of George W. Riggs. THE WELL-KNOWN BANKER EXPIRES ABOUT THREE O'CLOCK THIS MORNING. Mr. George W. Riggs, the banker, died early this morning at his country residence, Green Hill, Montgomery county, Md. The melancholy fact was announced to the public this morning by crape on the door of the banking house at the intersection of Pennsylvania and New York avenues. Mr. Riggs' serious illness has been mentioned in THE STAR from time to time within the last two weeks. He began to complain of ill-health about three months ago. Prior to that his life, which had nearly filled out the three score years and ten allotted to man, had been almost entirely free from serious illness. During the present summer, though in falling health, he continued to personally supervise his banking business, driving back and forth from Green Hill every day. A little over a fortnight ago, however, he was attacked with hemorrhages of the stomach, which confined him to his bed. By the most careful attention he recovered from the first attack, but was left in a state of great physical exhaustion. Though he appeared to be rallying and gaining strength the physicians were apprehensive lest there should be a recurrence of the hemorrhages, which it was felt would inevitably prove fatal in Mr. Riggs' weakened condition. The dreaded symptoms returned yesterday. Last night, however, no great alarm was expressed concerning his condition. He appeared to be getting stronger until midnight. Then he was seized with hemorrhage and sank into a stupor from which he never rallied. Death occurred about three o'clock this morning. Information of his death was communicated to the officials at the bank early this morning in a note from Mr. Frank Riggs, who was in attendance at his father's deathbed. Such favorable reports had been received from the patient during several days past that the news was unexpected. SKETCH OF HIS CAREER. Peerless in the estimation of the community in which he lived, and with a world-wide reputation for commercial and private integrity, in connection with the banking house of Corcoran & Riggs, and subsequently as the head of the house of Riggs & Co., both of which enjoyed the entire confidence of the business community as far as business extended, his decease will be severely felt and deeply mourned not only for his absence from the business world, but for his unostentatious charity which he quietly dispensed with a liberal hand to the poor and needy. He entered on his active business life with W. W. Corcoran, as Corcoran & Riggs, in 1836, on F street, in Washington, and they conducted a successful business from the commencement. In 1840 they enlarged their operations by purchasing the property now occupied by Riggs & Co., formerly the old bank of the United States. The firm rendered essential aid to the government in its war with Mexico, in 1846, by taking the entire loan of 1847, $14,000,000, out of which, by the confidence thus inspired, they made a large profit, out bidding, by their usual farsightedness, the brokers of New York and elsewhere. When the loan of 1848, $14,000,000 more, was put on the market, Corcoran & Riggs, to the surprise and chagrin of the New York money men, obtained the whole, but on the 1st July of that year the subject of this notice retired from the firm to private life, and Mr. Corcoran associated with him Elisha Riggs, Mr. G. W. Riggs' half brother, himself recently deceased, so the great firm of Corcoran & Riggs continued until 1st April, 1854, when both Mr. Corcoran and Elisha Riggs retired, and Mr. Geo. W. Riggs, the subject of this notice, returned to business as the head of the present firm of Riggs & Co., that today stands high in the estimation of the business world as any house at home or abroad. Mr. Riggs was remarkable for strength of mind and for his power to grasp and fathom any subject presented to him. Mild and retiring in disposition, yet his hand was ever open to the calls of worthy necessity, and in all his transactions his judgment prompt, and his conclusions just,-the very soul of honor and of every honorable impulse being quickened, strengthened, and refined by a liberal education, and the enlightened influences with which he was surrounded. He was born in Georgetown, in the house now owned and occupied by Dr. Grafton Tyler, July 4, 1813, and the community will cherish his memory as of one whose faithfulness in all the relations of life entitled him to the affectionate consideration of those among whom he was born and reared, and in whose midst he passed away. Elisha Riggs, father of Mr. G. W. Riggs, was born in Montgomery county, Md., and for many years was engaged in the wholesale dry goods business with Mr. George Peabody, who afterwards became famous as a philanthropist. The firm name was Riggs & Peabody, and they occupied a store corner of Washington and Bridge streets. The firm afterwards sold out to Mr. Darius Clagett, the father of Mr. Wm. B. Clagett. Messrs. Riggs & Peabody then went into business in Baltimore, and subsequently Mr. Riggs went to New York. Mr. Geo. W. Riggs in early life was engaged in mercantile business with his father, and received a training which proved of great value to him. Notwithstanding the fact that he devoted himself with an energy rarely equaled to his banking business, he still took an active part in many public movements and private business enterprises. For many years he held a seat in the board of aldermen of the old corporation of Washington. Since the abolition of the elective franchise in the District he has been prominent in the various movements which ultimately resulted in placing the District on a good financial footing with the general government. As chairman of the old Committee of One Hundred, he was entitled to much of the credit of securing the "fifty per cent" contribution of the federal government towards the expenses of the District, and of securing the credit of the District by having the general government assume the responsibility of District bonds. He was one of the most active men in the Washington and Georgetown Railroad company: was one of the founders of the National Union Insurance company, and a trustee of the Corcoran Art Gallery. MR. RIGGS' ESTATE has been variously estimated. Recently it was published that he was worth $4,000,000. A member of the banking firm told a STAR reporter that he did not believe Mr. Riggs himself could have told how much wealth he possessed without sitting down and calculating the amount. "I do not believe he ever gave a thought to it," continued the same gentleman. HIS FAMILY. He leaves three daughters and two sons to mourn their loss. His eldest daughter, Madame Geoffroy, died in February last. All of his surviving children are here except Mrs. Henry Howard, who is aboard with her husband. THE BANKING HOUSE. The death of Mr. Riggs will cause no interruption in the business of the bank. The firm as now composed consists of Messrs. John Elliott, Charles C. Glover, Thomas Hyde and E. Francis Riggs, the latter being the son of Mr. Geo. W. Riggs. Mr. Elliott has charge of the branch house in New York. HE BECOMES A CATHOLIC. Mr. Riggs, it is stated, was in early life connected with the Protestant Episcopal church, but his life was closed within the pale of the Catholic church, to which the members of his family belong. During his final illness Rev. Father Lynch was in attendance upon him and administered the final rites of the Catholic church. The funeral will be held under Catholic auspices. THE FUNERAL. Mr. R. F. Harvey, the undertaker, to-day went to Green Hill to make arrangements for the funeral. It has been decided to have the funeral take place Saturday morning from St. Aloysius church.