OTHER COMMENTS: This bill is an incredibly important piece of history, from both sides of the Atlantic. George Peabody, was an exceptionally well known and well loved celebrity in both America, and in England, and was probably the most famouse Philanthropist of his time. The Banking business of George Peabody & Co was started in 1838 and lasted until 1864. He founded George Peabody & Co., London (Dec. 1, 1838-Oct. 1, 1864) and increasingly sold abroad U.S. state bonds to finance roads, canals, and railroads. He succeeded in transition from merchant to investment banker. With others he helped finance the U.S. government’s second Mexican War loan; bought, sold, and shipped European iron and later steel rails for U.S. western railroads; and was a director, investor, and financier of the Atlantic Telegraph & Cable Co. He had learned to marshal capital to finance and expand U.S. business and industrial growth. In the 1850s he became the most eminent U.S. banker in London dealing in U.S. trade and U.S. state and federal bonds. George Peabody & Co. prospered. Asked in an interview on Aug. 22, 1869, how and when he made his money, GP said, “I made pretty much of it in 20 years from 1844 to 1864. Everything I touched within that time seemed to turn to gold. I bought largely of U.S. state securities when their value was low and they advanced greatly.” Often ill and urged by business friends to take a partner, GP on Oct. 1, 1854, at age 59 took as partner Boston merchant Junius Spencer Morgan (1813-90). J.S. Morgan’s son John Pierpont Morgan (later Sr., 1837-1913), at age 19, began his banking career as NYC agent for George Peabody & Co. Increasing illness hastened GP’s retirement on Oct. 1, 1864. Unmarried, without a son, and knowing he would no longer control the firm, he asked that his name be withdrawn. George Peabody & Co. (Dec. 1838-Oct. 1, 1864) continued in London as J.S. Morgan & Co. (Oct. 1, 1864-Dec. 31, 1909), Morgan Grenfell & Co. (Jan. 1, 1910-Nov. 1918), Morgan Grenfell & Co., Ltd. (Nov. 1918-90), and Deutsche Morgan Grenfell (since June 29, 1990), a German-owned international banking firm. GP’s was thus the root of the international banking house of J.P. Morgan, a fact amply recorded yet largely forgotten and not generally known. Relieved of business burdens GP spent the last five years of his life (1864-69) looking after his philanthropic institutions, first begun in 1852. This bill has quite a few wrinkles in it, and a couple of minor tears which have been properly repaired. A few pin pricks as filed.

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