Jay Cooke
Born	August 10, 1821 Sandusky, Ohio
Died	February 8, 1905 Ogontz, Pennsylvania

Jay Cooke (August 10, 1821-February 8, 1905), American financier, was born at Sandusky, Ohio, the son of Eleutheros Cooke (1787-1864), a pioneer Ohio lawyer, and Whig member of Congress from that state in 1831-1833. This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... August 10 is the 222nd day of the year (223rd in leap years) in the Gregorian Calendar. ... The coronation banquet for George IV 1821 was a common year starting on Monday (see link for calendar). ... Muddy brown water fills Sandusky Bay, just south of Lake Erie in this astronaut photograph. ... February 8 is the 39th day of the year in the Gregorian Calendar. ... 1905 (MCMV) was a common year starting on Sunday (see link for calendar). ... August 10 is the 222nd day of the year (223rd in leap years) in the Gregorian Calendar. ... The coronation banquet for George IV 1821 was a common year starting on Monday (see link for calendar). ... February 8 is the 39th day of the year in the Gregorian Calendar. ... 1905 (MCMV) was a common year starting on Sunday (see link for calendar). ... Muddy brown water fills Sandusky Bay, just south of Lake Erie in this astronaut photograph. ... Eleutheros Cooke (December 25, 1787 - December 27, 1864) was a lawyer and U.S. representative from Ohio (1831 – 1833). ... Official language(s) None Capital Columbus Largest city Columbus Largest metro area Cleveland Area  Ranked 34th  - Total 44,825 sq mi (116,096 km²)  - Width 220 miles (355 km)  - Length 220 miles (355 km)  - % water 8. ... The Whig Party was a political party of the United States during the era of Jacksonian democracy. ...

Seemingly destined for a commercial career, Jay Cooke received a preliminary training in a trading house in St. Louis, Missouri, and in the booking office of a transportation company in Philadelphia; at the age of eighteen entered the Philadelphia house of E.W. Clark & Company, one of the largest private banking firms in the country. Three years later he was admitted to membership in the firm, and before the age of 30 was also a partner in the New York City and St. Louis branches of the Clarks. Nickname: Gateway City, Gateway to the West, or Mound City Location in the state of Missouri Coordinates: Country United States State Missouri County Independent City Mayor Francis G. Slay (D) Area    - City 66. ... Philadelphia is a village located in Jefferson County, New York. ... Private banking is a term which covers both of the services which banks give to individuals usually with liquid wealth of above 1 million dollars, and also the division of that entity which does checking, savings, and loans for that clientele. ... Nickname: Big Apple Location in the state of New York Coordinates: Country United States State New York Boroughs Bronx (The Bronx) New York (Manhattan) Queens (Queens) Kings (Brooklyn) Richmond (Staten Island) Mayor Michael Bloomberg (R) Area    - City 1,214. ...

Cooke owned a summer home on the small Lake Erie island Gibraltar, located in the harbor of Put-in-Bay, Ohio. Put-in-Bay, Ohio, looking out towards Lake Erie Put-in-Bay is an incorporated village located on South Bass Island, Ottawa County, Ohio. ...

The Railroads

In 1858 he retired from the firm, and for the next three years he devoted himself to reorganizing abandoned Pennsylvania railways and canals and placing them again in operation. On January 1, 1861, he opened the private banking house of Jay Cooke & Company in Philadelphia, and quickly floated a war loan of $3,000,000 for the state of Pennsylvania. Official language(s) None Capital Harrisburg Largest city Philadelphia Area  Ranked 33rd  - Total 46,055 sq mi (119,283 km²)  - Width 160 miles (255 km)  - Length 280 miles (455 km)  - % water 2. ... Categories: Water-transport stubs | Canals | Water transport ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1861 is a common year starting on Tuesday. ... Philadelphia is a village located in Jefferson County, New York. ... Official language(s) None Capital Harrisburg Largest city Philadelphia Area  Ranked 33rd  - Total 46,055 sq mi (119,283 km²)  - Width 160 miles (255 km)  - Length 280 miles (455 km)  - % water 2. ...

Financier of the Civil War

In the early months of the American Civil War, Cooke cooperated with the secretary of the treasury Salmon P. Chase in securing loans from the leading bankers in the Northern cities; his own firm was so successful in distributing treasury notes that Chase engaged him as special agent for the sale of the $500,000,000 of so-called "five-twenty" bonds—which were callable in 5 years and matured in 20 years—authorized by Congress on February 25, 1862. The treasury department had previously failed in selling these bonds. Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert Edward Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total... Salmon Portland Chase (January 13, 1808 – May 7, 1873) was an American politician and jurist in the Civil War era who served as Senator from Ohio, Governor of Ohio, as U.S. Treasury Secretary under President Abraham Lincoln, and Chief Justice of the United States. ... February 25 is the 56th day of the year in the Gregorian Calendar. ... 1862 was a common year starting on Wednesday (see link for calendar). ...

Cooke secured the influence of the American press, appointed 2,500 sub-agents, and quickly sold $11,000,000 more in bonds than had been authorized. Congress immediately sanctioned the excess. At the same time, Cooke influenced the establishment of national banks, and organized a national bank at Washington and another at Philadelphia almost as quickly as Congress could authorize the institutions.

In the early months of 1865, with the government facing pressing financial needs in the wake of disappointing sales of the new "seven-thirty" notes by the national banks, Cooke's services were again secured. He sent agents into remote villages and hamlets, and even into isolated mining camps in the west, and persuaded rural newspapers to praise the loan. Between February and July 1865 he disposed of three series of the notes, reaching a total of $830,000,000. This allowed the Union soldiers to be supplied and paid during the final months of the war.

It was in this effort that he pioneered the use of price stabilization. This practice, whereby bankers stabilize the price of a new issue, is still in use by investment bankers in IPOs and other security issuances. (Source: Wall Street by Charles Geisst)

A book, Jay Cooke, Financier of the Civil War was published at Philadelphia, Pennsylvania in 1907. E. P. Oberholtzer wrote it. 1907 (MCMVII) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ...

Northern Pacific Railway

After the war, Cooke became interested in the development of the northwest, and in 1870 his firm financed the construction of the Northern Pacific Railway. Cooke fell in love with Duluth and decided he must make it successful, the new Chicago and to this end he began purchasing railways with the dream of reaching the Pacific to bring goods through Duluth into the Great Lakes shipping system and on to the markets of Europe. In advancing the money for the work, the firm overestimated its capital, and at the approach of the Panic of 1873 it was forced to suspend. Cooke himself was forced into bankruptcy. Jay Cooke was heavily involved in financial scandals with the Canadian Government and caused the Prime Minister Sir John A. Macdonald to lose his office in the 1873 election. Cooke's shares in the Northern Pacific Railway were purchased for pennies on the dollar by George Stephen (Baron Mount Stephen) and Douglas Smith (Lord Strathcona) who then finished building the Canadian Pacific Railway. A Northern Pacific train travels over Bozeman Pass, June 1939. ... Run on the Fourth National Bank, No. ... The examples and perspective in this article or section may not represent a worldwide view. ...

By 1880 Cooke had met all his financial obligations, and through an investment in a silver mine in Utah, had again become wealthy. He died in Ogontz, Pennsylvania, on February 8, 1905.

Philanthropy

A devout Christian, Cooke regularly gave 10 percent (or a tithe) of his income for religious and charitable purposes. He donated funds for the building of a number of Episcopal churches. After he had been forced to give up his Ogontz estate in bankruptcy, he later repurchased it and converted it into a school for girls. A tithe (from Old English teogotha tenth) is a one-tenth part of something, paid as a voluntary contribution or as a tax or levy, usually to support a Jewish or Christian religious organization. ... The word episcopal is derived from the Greek επίσκοπος, transliterated epískopos, which literally means overseer; the word, however, is used in religious contexts to refer to a bishop. ... The examples and perspective in this article or section may not represent a worldwide view. ...

Honor

Cooke's legacy is honored in the name of Jay Cooke State Park, a large state park located near Duluth in the state of Minnesota. Jay Cooke State Park is a Minnesota State Park located about ten miles southwest of Duluth, Minnesota, just outside of the small town of Thomson, Minnesota. ... Map Political Statistics Founded 1679 Incorporated 1800s County St. ... Capital Saint Paul Largest city Minneapolis Area  Ranked 12th  - Total 87,014 sq mi (225,365 km²)  - Width 250 miles (400 km)  - Length 400 miles (645 km)  - % water 8. ...

His name was also used for Cooke Township in Cumberland County, Pennsylvania. Jay Cooke was among the investors who in 1864 purchased the South Mountain Iron Company at Pine Grove Furnace,^[1] a charcoal-fired iron operation dating to 1764. The specific reason that Cooke Township was created in 1872 out of previously existing Penn Township (established 1860) is unclear. Jay Cooke lost the company in the Panic of 1873, but bought back a major portion of it four years later with a group of investors as the South Mountain Mining and Iron Company. He was still a co-owner at the time of his death. According to the biography by Oberholtzer (who Cooke and his family assisted), Jay Cooke visited Pine Grove Furnace repeatedly. Cooke fished for trout there -- he was an avid outdoorsman throughout his life -- and he annually brought gifts such as pocket knives and scissors to the small school established there for the workers' children. Cooke Township continues to this day as a very lightly populated but heavily forested area, while the center of the iron industry within it is now Pine Grove Furnace State Park. Cooke Township is a township located in Cumberland County, Pennsylvania. ... Cumberland County is a county located in the state of Pennsylvania and is one of four counties comprising the greater Harrisburg metropolitan area. ... General Name, Symbol, Number iron, Fe, 26 Chemical series transition metals Group, Period, Block 8, 4, d Appearance lustrous metallic with a grayish tinge Atomic mass 55. ... Penn Township is a township located in Cumberland County, Pennsylvania. ... Run on the Fourth National Bank, No. ... Rainbow trout (Oncorhynchus mykiss) Biwa trout (Oncorhynchus masou subsp) Trout is the common name given to a number of species of freshwater fish belonging to the salmon family, Salmonidae. ...

References

1. ^ Cooke Township: History. Retrieved on 2006-06-15.

2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... June 15 is the 166th day of the year in the Gregorian calendar (167th in leap years), with 199 days remaining. ...

External links

• Find-A-Grave profile for Jay Cooke

This article incorporates text from the Encyclopædia Britannica Eleventh Edition, a publication now in the public domain. Encyclopædia Britannica, the 11th edition The Encyclopædia Britannica Eleventh Edition (1910–1911) is perhaps the most famous edition of the Encyclopædia Britannica. ... The public domain comprises the body of all creative works and other knowledge—writing, artwork, music, science, inventions, and others—in which no person or organization has any proprietary interest. ...