The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1879-10-11
A "Reminiscences.
HOW JAY COOKE STAYED UP THE NATIONS CREDIT
WHEN PRESIDENT LINCOLN FELL.


A Quaker capitalist of Philadelphia gives the
following "Reminiscences
It was Saturday morning, April Is, 1865. that
Jay Cooke was sitting in q car going from his res
idence to his downtown Office in Philadelphia.
A telegram was handed him and it announced
the assassination of President Lincoln on the
night before at Ford's Theatre. Mr.. Cooke read
il and then handed it to me without saying a
word. He remained in silent thought until he
left the car.
The situation was a grave one, and Jay Cooke
appreciated the disastrous effect the news would
possibly have upon the credit of the Government.
He 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 life of the nation, as yet, and the ma
ton would hardly recover from the shock of the
dreadful intelligence for some days. Mr.. Cooke's
resolution was soon taken. In those days tele-
graph 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, Pittsburg, Cincinnati and other
points over this country and to London to ad-
vance the price on Government bonds, which
were quoted at a little below par, a half cent
above the quotations of the day before. He then
went to his Office, and after advising with those
interested with him, he telegraphed the Secretary
of the Treasury informing him OF what he had
done, and asked that the Government take action
to sustain him in his effort to maintain the bonds
upon the market. He received no answer, but in
the afternoon he telegraphed his agents to advance
the price OF bonds a quarter OF a cent more. 10
the evening he received a telegram from WASH
iDgton saying that everything was in confusion
and the Cabinet could not be gotten together.
Gu Saturday and Monday morning there was a
generally shaky feeling among spectators, and
large amounts of bonds were offered for sale at
the subscription agencies.
These were bought in promptly by Mr.. Cooke
until be had purchased between SIT 900 900 and
$40, 900 900 of bonds. On Monday business
was generally suspended, and the bank and stock
markets were closed. In the morning Mr.. Cooke
telegraphed bis agents to make another advance
of half a cent. He also telegraphed his brother
Henry d. Cooke, at Washington. D.. c., to get a
guarantee of support from the Government.
Later in the day a dispatch from the Secretary of
the Treasury informed him that he would be full
ly supported in his operations. On Tuesday the
sales of 7-30s amounted to s. ,7O1 300, and they
steadily increased at prices at or 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. L remarked to
Mr.. Cooke that he had been taking a great risk,
and he gently replied that if the price of bonds
were not sustained, they would be returned from
Europe in such quantities as to completely over
whelm the nation, and if 1t conld not sustain IT.
self and was broken down, 1t mattered little what
became of his property. But as 1t turned out
no bonds came back from Europe, and the impe'
tus given them by his course run the quotations
higher than they had been before the death o.
President Lincoln.