He was thoroughly familiar with every
detail of his business, and never suffered his vigilance to relax,
however competent might be the subordinates in the immediate charge of
those details. In 1827 he went to England on business for his firm, and
during the next ten years made frequent voyages between New York and
London.
In 1829 Mr. Riggs withdrew from the firm, and Mr. Peabody become the
actual head of the house, the style of the firm, which had previously
been "Riggs & Peabody," being changed to "Peabody, Riggs & Co." The firm
had for some time been the financial agents of the State of Maryland,
and had managed the negotiations confided to them with great skill and
success; and every year their banking department became more important
and more profitable.
In 1836 Mr. Peabody determined to extend his business, which was already
very large, to England, and to open a branch house in London. In 1837 he
removed to that city for the purpose of taking charge of his house
there, and from that time London became his home.
The summer of this year was marked by one of the most terrible
commercial crises the United States has ever known.
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