George Foster Peabody facts for kids
Quick facts for kids
George Foster Peabody
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George Foster Peabody (1907)
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| Born | July 27, 1852 |
| Died | March 4, 1938 (aged 85) |
| Occupation | Banker, Philanthropist |
| Known for | Namesake of the Peabody Awards |
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| Political party | Democratic |
George Foster Peabody (born July 27, 1852 – died March 4, 1938) was an important American banker. He was also a great philanthropist, meaning he used his wealth to help others.
Contents
Early Life and Education
George Foster Peabody was born in Columbus, Georgia. His parents, George Henry and Elvira Peabody, came from old New England families. His father ran a successful general store. Young George went to private school in Columbus. He also spent a few months at Deer Hill Institute in Danbury, Connecticut.
However, the American Civil War made his family poor. In 1866, they moved to Brooklyn, New York. George, still young, started working as an errand boy to help his family.
Business Career
In the evenings, Peabody spent a lot of time reading at the YMCA library in Brooklyn. He later called it his "alma mater," which means a place that taught him a lot. He also became friends with a young investment banker named Spencer Trask at church.
Starting a Banking Firm
On May 2, 1881, Peabody became a partner in a new company called Spencer Trask & Company. This company helped fund many new businesses. They invested in electric lighting companies, sugar production, and building railroads. These railroads were built in the western United States and Mexico. Peabody was in charge of most of the railroad investments. He worked closely with William Jackson Palmer.
Joining General Electric
Peabody and his partners made a lot of money from the Edison Electric Company. Spencer Trask was the president of Edison Electric Illuminating. In 1892, J. P. Morgan merged many electric companies into the General Electric Company. George Foster Peabody then became a director on the board of General Electric.
Investments in Mexico
Peabody also invested in Mexico, especially in railroads. He was a director of the Mexican National Railroad. He also had investments in Yucatán, where he was involved in exporting henequen. This plant fiber was used to make twine. He also helped fund mining companies.
Helping Society
Peabody retired from business in 1906. He wanted to spend his time helping society. He believed in many progressive ideas.
Supporting Important Causes
- He supported the idea of a single tax, which was promoted by Henry George.
- He believed in free trade between countries.
- He was a strong supporter of women's suffrage, which meant women getting the right to vote.
- He thought the government should own railroads.
- He was also active in the movement against war.
Focus on Education
Peabody was very interested in education, especially in the Southern United States. He cared deeply about education for African-Americans.
- He helped start and manage the General Education Board.
- He also co-founded and managed the Southern Education Board.
- He helped create the Anna T. Jeanes Foundation.
- He served on the board of trustees for several important schools. These included the American Church Institute for Negroes, Hampton University, Tuskegee University, the University of Georgia, and the Brooklyn Polytechnic Institute.
Political Involvement
From a young age, Peabody was interested in politics, especially the Democratic Party.
- In the 1880s, he helped organize the Young Men's Democratic Club of Brooklyn.
- He supported Grover Cleveland in the 1892 presidential election.
- From 1904 to 1906, he was the treasurer for the Democratic National Committee.
- He did not want to run for political office himself. He even turned down an offer from President Wilson to join the Federal Trade Commission.
- However, he was an important advisor to many government officials.
- From 1914 to 1921, he served on the board of directors for the Federal Reserve Bank in New York.
- In 1932, Franklin D. Roosevelt, who was then the Governor of New York, visited Peabody. Roosevelt wanted his advice and support for running for President of the United States.
Philanthropic Gifts
George Foster Peabody made many generous donations throughout his life.
- From 1884 to 1930, he was a trustee at Hampton University. This is a historically black university in Virginia. He created the Peabody Collection there, which is one of the largest collections of materials on African-American history in the U.S.
- In 1901, he gave land for Peabody Park at the University of North Carolina at Greensboro.
- He also funded the YMCA of Metropolitan Columbus in Georgia. This building, built in 1903, is believed to be the only marble YMCA building in the United States.
Warm Springs, Georgia
Peabody often visited the estate of his partner, Spencer Trask, in Saratoga Springs, New York. After Trask's death, Peabody took over as chairman of the state commission. This commission was set up to buy and protect the famous spa there.
In 1923, Peabody bought property at Warm Springs, Georgia. This was near his childhood home. In 1924, he invited his friend Franklin D. Roosevelt to visit the warm springs. Roosevelt had recently become ill and had trouble moving. The 90-degree Fahrenheit springs helped him. Roosevelt eventually bought the property. He turned it into the Little White House and the Roosevelt Warm Springs Institute for Rehabilitation. This center helped many people with physical challenges.
Honorary Degrees
Even though Peabody did not go to college, he received many honors.
- In 1903, he received honorary degrees from Harvard and Washington and Lee University.
- In 1906, he received an honorary degree from the University of Georgia.
- He gave a lot of money to the University of Georgia. He helped build a fireproof library building. He also donated land to help start the State College of Agriculture. He founded the university's School of Forestry.
Personal Life
George Foster Peabody was a tall man. In his later years, he had a full head of white hair, a mustache, and a pointed beard. He was known for his polite and formal manner. He had a large home in Brooklyn where he hosted many parties. He also bought a summer home called Abenia at Lake George, New York. He spent most of the year there.
He was often a guest at Yaddo, the estate of Spencer Trask and his wife, Katrina Trask. From these places, he met many important people. These included writers, church leaders, business people, and government officials. They all enjoyed his kind hospitality.
Peabody was a bachelor for a long time. In 1921, he married Katrina Trask, Spencer Trask's widow. They lived at Yaddo until her death in 1922. After Katrina's death, Yaddo became a famous retreat for artists. Peabody continued to live there. In 1926, he adopted a daughter, Mrs. Marjorie P. Waite. She helped him with his community and charity work.
George Foster Peabody died in 1938 at his home in Warm Springs, Georgia. He is buried at Yaddo.
George Foster Peabody Awards
The George Foster Peabody Awards were created by the National Association of Broadcasters. These awards have been given out every year since 1941. They honor excellent work in radio and, since 1948, television broadcasting. In the late 1990s, they also started honoring content on the World Wide Web. The University of Georgia manages the award. It is named after George Foster Peabody because he was a generous supporter of the university.
