George Foster Peabody
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George Foster Peabody (July 27, 1852 – March 4, 1938) was an American banker and philanthropist.


Early life

He was born to George Henry Peabody and Elvira Peabody (''née'' Canfield) as the first of four children. Both parents were New Englanders of colonial ancestry. George Henry Peabody, who came from a line of merchants, bankers and professional men, had moved from Connecticut to
Columbus, Georgia Columbus is a consolidated city-county located on the west-central border of the U.S. state of Georgia. Columbus lies on the Chattahoochee River directly across from Phenix City, Alabama. It is the county seat of Muscogee County, with which it ...
, where he ran a prosperous general store. After attending private school in Columbus, young Peabody spent a few months at Deer Hill Institute in
Danbury, Connecticut Danbury is a city in Fairfield County, Connecticut, United States, located approximately northeast of New York City. Danbury's population as of 2022 was 87,642. It is the seventh largest city in Connecticut. Danbury is nicknamed the "Hat City ...
. The Civil War, however, impoverished his family, and in 1866 they moved to
Brooklyn Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, be ...
, New York, and young Peabody went to work as an errand boy.


Business career

In the evenings Peabody read extensively at the library of the Brooklyn
YMCA YMCA, sometimes regionally called the Y, is a worldwide youth organization based in Geneva, Switzerland, with more than 64 million beneficiaries in 120 countries. It was founded on 6 June 1844 by George Williams in London, originally ...
, which he later called his "alma mater". He also took part in the activities of the Reformed Church in Brooklyn Heights, where he met and became good friends with young investment banker
Spencer Trask Spencer Trask (September 18, 1844 – December 31, 1909) was an American financier, philanthropist, and venture capitalist. Beginning in the 1870s, Trask began investing and supporting entrepreneurs, including Thomas Edison's invention of the ele ...
. On May 2, 1881, Peabody became a partner in the new firm of Spencer Trask & Company. During the 1880s and 1890s this investment house took a leading part in financing electric lighting corporations, beet sugar and other industrial enterprises, and railroad construction in the western United States and Mexico. Peabody himself handled most of the firm's railroad investments, working in close association with William J. Palmer. He also became a director in numerous corporations. Peabody, his brother Charles Jones Peabody and Spencer Trask amassed a great portion of their wealth from the Edison Electric Company. Trask served as president of Edison Electric Illuminating, and when
J. P. Morgan John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known ...
—protégé of New England businessman/philanthropist
George Peabody George Peabody ( ; February 18, 1795 – November 4, 1869) was an American financier and philanthropist. He is widely regarded as the father of modern philanthropy. Born into a poor family in Massachusetts, Peabody went into business in dry go ...
—financier of Edison Electric, merged all into the
General Electric Company The General Electric Company (GEC) was a major British industrial conglomerate involved in consumer and defence electronics, communications, and engineering. The company was founded in 1886, was Britain's largest private employer with over 250 ...
in 1892, George Foster Peabody became a member of the GE board of directors. Peabody had investments in Mexico, particularly in railways, along with many other U.S. financiers in the late nineteenth century. He was director of the
Mexican National Railroad Mexican may refer to: Mexico and its culture *Being related to, from, or connected to the country of Mexico, in North America ** People *** Mexicans, inhabitants of the country Mexico and their descendants *** Mexica, ancient indigenous people ...
; and had holdings in Yucatán, where he was involved in commercial
henequen Henequen (''Agave fourcroydes'') is a species of flowering plant in the family Asparagaceae, native to southern Mexico and Guatemala. It is reportedly naturalized in Italy, the Canary Islands, Costa Rica, Cuba, Hispaniola, the Cayman Islands and ...
exports, a natural twine used for binding wheat; was a director of the Intercontinental Rubber Company, founded by
Bernard Baruch Bernard Mannes Baruch (August 19, 1870 – June 20, 1965) was an American financier and statesman. After amassing a fortune on the New York Stock Exchange, he impressed President Woodrow Wilson by managing the nation's economic mobilization in ...
; and provided capital for mining enterprises.


Social activism

Peabody retired from business in 1906 to pursue a life of public service. Long interested in social causes, he supported such progressive ideas as the single tax as advocated by
Henry George Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the eco ...
in his book ''
Progress and Poverty ''Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy'' is an 1879 book by social theorist and economist Henry George. It is a treatise on the questions of why pover ...
'', free trade, women's suffrage and government ownership of railroads. He was active in the anti-war movement and also interested in education, particularly in the South and particularly for African-Americans. He was a co-founder, director and treasurer of the
General Education Board The General Education Board was a private organization which was used primarily to support higher education and medical schools in the United States, and to help rural white and black schools in the South, as well as modernize farming practices i ...
, the Southern Education Board, and the Anna T. Jeanes Foundation. He also served on the board of trustees for the
American Church Institute for Negroes American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, p ...
,
Hampton University Hampton University is a private, historically black, research university in Hampton, Virginia. Founded in 1868 as Hampton Agricultural and Industrial School, it was established by Black and White leaders of the American Missionary Association af ...
in
Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...
,
Tuskegee University Tuskegee University (Tuskegee or TU), formerly known as the Tuskegee Institute, is a private, historically black land-grant university in Tuskegee, Alabama. It was founded on Independence Day in 1881 by the state legislature. The campus was d ...
in
Alabama (We dare defend our rights) , anthem = "Alabama (state song), Alabama" , image_map = Alabama in United States.svg , seat = Montgomery, Alabama, Montgomery , LargestCity = Huntsville, Alabama, Huntsville , LargestCounty = Baldwin County, Al ...
, the
University of Georgia , mottoeng = "To teach, to serve, and to inquire into the nature of things.""To serve" was later added to the motto without changing the seal; the Latin motto directly translates as "To teach and to inquire into the nature of things." , establ ...
, and the
Brooklyn Polytechnic Institute The New York University Tandon School of Engineering (commonly referred to as Tandon) is the engineering and applied sciences school of New York University. Tandon is the second oldest private engineering and technology school in the United Sta ...
.


Political activities

From early in his life Peabody was interested in Democratic Party politics. In the early 1880s, he helped his close friend Edward M. Shepard organize the Young Men's Democratic Club of Brooklyn, took a part in the 1892 presidential campaign on behalf of
Grover Cleveland Stephen Grover Cleveland (March 18, 1837June 24, 1908) was an American lawyer and politician who served as the 22nd and 24th president of the United States from 1885 to 1889 and from 1893 to 1897. Cleveland is the only president in American ...
, supported the
Gold Democrats The National Democratic Party, also known as Gold Democrats, was a short-lived political party of Bourbon Democrats who opposed the regular party nominee William Jennings Bryan in the 1896 presidential election. The party was then a "liberal" ...
against
William Jennings Bryan William Jennings Bryan (March 19, 1860 – July 26, 1925) was an American lawyer, orator and politician. Beginning in 1896, he emerged as a dominant force in the History of the Democratic Party (United States), Democratic Party, running ...
in 1896, then switched to more moderate monetary reform as a member of the executive committee of the Indianapolis Monetary Convention in 1897. In 1904 and 1905 he served as treasurer of the
Democratic National Committee The Democratic National Committee (DNC) is the governing body of the United States Democratic Party. The committee coordinates strategy to support Democratic Party candidates throughout the country for local, state, and national office, as well a ...
. Although he declined to run for political office, and declined President Wilson's offer of a place on the
Federal Trade Commission The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction ov ...
, Peabody was an unofficial counselor to many government officials. From 1914 to 1921 he served on the board of directors of the
Federal Reserve Bank A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve A ...
in New York. In June 1932
Franklin Delano Roosevelt Franklin Delano Roosevelt (; ; January 30, 1882April 12, 1945), often referred to by his initials FDR, was an American politician and attorney who served as the 32nd president of the United States from 1933 until his death in 1945. As the ...
, then
Governor of New York The governor of New York is the head of government of the U.S. state of New York. The governor is the head of the executive branch of New York's state government and the commander-in-chief of the state's military forces. The governor has ...
, visited Peabody for advice and support in deciding to run for
President of the United States The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United Stat ...
.


Philanthropic activities

Peabody served from 1884 to 1930 as a trustee of
Hampton University Hampton University is a private, historically black, research university in Hampton, Virginia. Founded in 1868 as Hampton Agricultural and Industrial School, it was established by Black and White leaders of the American Missionary Association af ...
, one of Virginia's historically black universities, where he established in the university library the Peabody Collection of rare materials on African-American history, one of the largest collections in the United States. In 1901 Peabody donated land for Peabody Park at the
University of North Carolina at Greensboro The University of North Carolina at Greensboro (UNCG or UNC Greensboro) is a public research university in Greensboro, North Carolina. It is part of the University of North Carolina system. UNCG, like all members of the UNC system, is a stand-al ...
. He funded YMCA of Metropolitan Columbus, in Georgia, built in 1903, believed to be the only marble "Y" building in the United States. With


Warm Springs, Georgia

After years of visiting the estate of his partner Spencer Trask in
Saratoga Springs, New York Saratoga Springs is a city in Saratoga County, New York, United States. The population was 28,491 at the 2020 census. The name reflects the presence of mineral springs in the area, which has made Saratoga a popular resort destination for over 2 ...
Peabody agreed to succeed him in 1910 as chairman of the state commission set up to purchase and conserve the famous spa there, and in 1923 he acquired the property at
Warm Springs, Georgia Warm Springs is a city in Meriwether County, Georgia, United States. The population was 425 at the 2010 census. History Warm Springs, originally named Bullochville (after the Bulloch family, which began after Stephen Bullock moved to Meriwether ...
near his boyhood home. In 1924 he invited his friend
Franklin Delano Roosevelt Franklin Delano Roosevelt (; ; January 30, 1882April 12, 1945), often referred to by his initials FDR, was an American politician and attorney who served as the 32nd president of the United States from 1933 until his death in 1945. As the ...
(who had recently contracted a paralytic illness) to visit the 90 degree Fahrenheit springs there, which Roosevelt eventually purchased and turned into the
Little White House The Little White House was the personal retreat of Franklin D. Roosevelt, the 32nd President of the United States, located in the Historic District of Warm Springs, Georgia. He first came to Warm Springs (formerly known as Bullochville) in 19 ...
and the
Roosevelt Warm Springs Institute for Rehabilitation Warm Springs Historic District is a historic district in Warm Springs, Georgia, United States. It includes Franklin Delano Roosevelt's Little White House and the Roosevelt Warm Springs Institute for Rehabilitation, where Roosevelt indulged in ...
, expanding it from a limited rehab center into a full-service center.


Honorary degrees

While his formal education was limited and he had no college degree, Peabody received honorary degrees from
Harvard Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
and
Washington and Lee , mottoeng = "Not Unmindful of the Future" , established = , type = Private liberal arts university , academic_affiliations = , endowment = $2.092 billion (2021) , president = William C. Dudley , provost = Lena Hill , city = Lexington ...
Universities in 1903, and the
University of Georgia , mottoeng = "To teach, to serve, and to inquire into the nature of things.""To serve" was later added to the motto without changing the seal; the Latin motto directly translates as "To teach and to inquire into the nature of things." , establ ...
in 1906. This latter institution was the recipient of much of Peabody's philanthropy, including funds to build a fireproof building to house the university's library. He also donated land to help reorganize the State College of Agriculture, and founded the university's School of Forestry.


Personal life

A tall man, in later years he developed a mane of white hair, and wore a heavy mustache and pointed beard, becoming known for his dignified and courtly manner. He maintained a mansion in Brooklyn, where he entertained lavishly. He also purchased a summer home known as Abenia at Lake George, where he spent most of each year. He was frequently a guest at
Yaddo Yaddo is an artists' community located on a estate in Saratoga Springs, New York. Its mission is "to nurture the creative process by providing an opportunity for artists to work without interruption in a supportive environment.". On March  ...
, the Saratoga Springs estate of Spencer Trask and his wife,
Katrina Trask Katrina Trask (May 30, 1853 – January 8, 1922), also known as Kate Nichols Trask, was an American author and philanthropist. Life account She was born Kate Nichols in Brooklyn, New York to George Little Nichols and Christina Mary Cole. ...
, and from both estates he developed a wide circle of influence, including many persons from the literary world, church, business, and government, who came to enjoy his gracious hospitality. A longtime bachelor, in 1921, eleven years after Trask's death in a railroad accident, Peabody married Trask's widow
Katrina Katrina or Katrine may refer to: People * Katrina (given name) * Katrine (given name) Meteorology * List of storms named Katrina, a list of tropical cyclones designated as Katrina ** Hurricane Katrina, an exceptionally powerful Atlantic hurrican ...
, and they lived at Yaddo until her death in 1922. Thereafter Yaddo became a great retreat for artists. Peabody continued to live on the estate, and in 1926 he adopted a daughter, Mrs. Marjorie P. Waite, a young woman whom he had come to know in connection with his civic and humanitarian activities and who aided him in them. Peabody died in 1938 at his home in
Warm Springs, Georgia Warm Springs is a city in Meriwether County, Georgia, United States. The population was 425 at the 2010 census. History Warm Springs, originally named Bullochville (after the Bulloch family, which began after Stephen Bullock moved to Meriwether ...
and is buried at Yaddo.


George Foster Peabody Awards

The
George Foster Peabody Awards The George Foster Peabody Awards (or simply Peabody Awards or the Peabodys) program, named for the American businessman and philanthropist George Peabody, honor the most powerful, enlightening, and invigorating stories in television, radio, and ...
was established by the National Association of Broadcasters. It has been presented annually since 1941 for excellence in radio and, since 1948, television broadcasting, followed by
World Wide Web The World Wide Web (WWW), commonly known as the Web, is an information system enabling documents and other web resources to be accessed over the Internet. Documents and downloadable media are made available to the network through web se ...
content in the late 1990s. The award is administered by the
University of Georgia , mottoeng = "To teach, to serve, and to inquire into the nature of things.""To serve" was later added to the motto without changing the seal; the Latin motto directly translates as "To teach and to inquire into the nature of things." , establ ...
's
Henry W. Grady College of Journalism and Mass Communication The Grady College of Journalism and Mass Communication is a constituent college of the University of Georgia in Athens, Georgia, United States. Established in 1915, Grady College offers undergraduate degrees in journalism, advertising, public re ...
and was named for Peabody, a benefactor of the university."Origin of the Award", The Peabody Awards
/ref>


References


Further reading

*David T. Beito and Linda Royster Beito
"Gold Democrats and the Decline of Classical Liberalism, 1896-1900,"
Independent Review 4 (Spring 2000), 555–75. *Dorothy Orr. (1950). ''A History of Education in Georgia''. Chapel Hill: University of North Carolina Press. * *''Who Was Who in America, Volume I: 1897–1942'' (Chicago, 1942).


External links


George Foster Peabody (1852–1938) and Peabody Park at UNCG
- A biographical excerpt written by Louise Ware in the ''Dictionary of American Biography'' (23: 520–521, 1958) {{DEFAULTSORT:Peabody, George Foster 1852 births 1938 deaths American educators American manufacturing businesspeople Burials in Saratoga County, New York Georgists People from Columbus, Georgia Peabody family