Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-08-21
A "REMINISCENCES OF '65.
How JAY Cooke Stayed Up the
Nations Credit When Lincoln

Fell.
Quaker Capitalist of Philadelphia in Indian
apOliS Journal. ., -,
II was saturday morning, April 10,
1865 that JAY Cooke was sitting III
car going from his residence to his
downtown office in Philadelphia. \
telegram was handed to him and 1t an
nounced the assassination of President
Lincoln on the night before ut FOrd's
Theater. Mr.. Cooke read IL and then
handed IL 20 me without saving Il word
He remained in silent thought until he
left the car The situation was grave
one, and JAY Cooke appreciated the
disastrous effect the news would pos
Sibly have on the government. lie had
charge of the sales of its securities, and
they must be maintained at any cost TO
him. No one knew how extensive was
this conspiracy against the lille oil the
nation rs vet, and the nation would
hardly recover from the shock OF the
dreadful intelligence for some days. Mr.
Cookies resolution was soon taken. In
those days telegraph offices were not so
numerous as they are now, and he went
some distance TO find one. The nearest
one was at the New York depot, and
from there he telegraphed his agents at
New York, Boston, Pittsburgh, Cincin-
natl, and other points over this country
and To London to advance the price on
government bonds, which were quoted
nj little below par. a hall cent above
the quotations OF the day before. lie
then went 10 his office, and after adyls-
ing with those interested with HIM, he
t,legraphcd the Secretary OF the Treasury
informing him of what he had done,
an asked that the government take ac-
tIOn TO sustain him I'm his effort TO MAIN
tain the bonds upon the market. lie
received no answer, but in the afternoon
ne telegraphed his agents TO advance
the price of bonds a quarter OF a cent
more. In the evening he received tel
egram from Washington saying that
every thing was in confusion and the
Cabinet could not be gotten together.
ON SATURDAY. and Monday morning
there was generally shaky feeling
among spectators, and large amounts
of bonds were offered for sale ut the sub
Scription agencies. These were bought
i'm promptly by Mr. Cooke until he had
purchased between seventeen and twen-
" mllllOlS OF hbutlN. NlA NAOllNA0N '"oA
ness was generally suspended, and the
bank and stock markets were closed.
I'm the morning Mr.. Cooke telegraphed
his agents To make another advance OF
half cent. lie also telegraphed his
brother Henry ID. Cooke ut Washing
ton. ID. c., to get Il guarantee OF support
from the government Later IN the day
a dispatch from the Secretary OF
the Treasury informed him that
he would be fully sup
ported i'm his operations. On Tues
dav the sales Of seven-thirtics amounted
10 =, 7Ol 800, and they steadily lncreaS-
ed at prices at or Il little below par. As
soon as men saw that Jay Cooke was
taking all that was offered and that
prices were firm and advancing, courage
returned. and the sales and prices OF
bonds were maintained. | remarked to
Mr.. Cooke that ne had been taking 4
great risk, and he gently replied that II
the price of bonds were not sustained,
thev would be returned hom Europe In
such quantities as to completely over
whelm the nation, and If it could not
sustain itself and was broken down, 1t
mattrrcd little what became OF his pro-
perry. But as it turned out, no bonds
came back from Europe, aud the lmpe-
tus given them by his course, run
the quotations higher than they had
been before the death oi President Lin
oil,