"This was the first sale of American securities made in Europe since 1837; and on his return to New York he was greeted by every one with marked expressions of satisfaction, his success being a great relief to the money market by securing that amount of exchange in favor of the United States. On his success being announced, the stock gradually advanced until it reached one hundred and nineteen and one-half, thus securing by his prompt and successful action a handsome profit which would otherwise have resulted in a serious loss." On April 1, 1854, Mr. Corcoran withdrew from the banking-firm, and devoted himself to the management of his property and to his benevolent projects. In 1859 he began, at the northeast corner of Pennsylvania Avenue and Seventeenth Street, a building for the encouragement of the Fine Arts. The structure was used during the Civil War for military purposes. In 1869 Mr. Corcoran deeded this property to trustees. "I shall ask you to receive," he wrote the trustees, "as a nucleus, my own gallery of art, which has been collected at no inconsiderable pains; and I have assurances from friends in other cities, whose tastes and liberality have taken this direction, that they will contribute fine works of art from their respective collections.... I venture to hope that with your kind co-operation and judicious management we shall have provided, at no distant day, not only a pure and refined pleasure for residents and visitors of the national metropolis, but have accomplished something useful in the development of American genius." In 1869 Mr. Corcoran also deeded to trustees the Louise Home, erected in memory of his wife and daughter, as a home for refined and educated gentlewomen who had "become reduced by misfortune." The deed specified that "there shall be no discrimination or distinction on account of religious creed or sectarian opinions, in respect to the trustees, directresses, officers, or inmates of the said establishment; but all proper facilities that may be possible in the judgment of the trustees shall be allowed and furnished to the inmates for the worship of Almighty God, according to each one's conscientious belief." The building and grounds of the Louise Home in 1869 were estimated at $200,000, and are now worth probably over $500,000. The endowment consisted of an invested fund of $325,000. Mr. Corcoran gave generously as long as he lived, having decided early in life that "at least one-half of his moneyed accumulations should be held for the welfare of men." In Oak Hill Cemetery he erected a beautiful monument to the memory of John Howard Payne, author of "Home, Sweet Home." It is a shaft of Carrara marble, surmounted by a bust one and one-half times the size of the average man. In his old age he purchased the Patapsco Institute at Ellicott's Mills, and gave the title-deeds to the two grand-nieces of John Randolph of Roanoke, who were in reduced circumstances, that they might open a school.