The Irish standard., 1896-08-15
= N:

newspaper methods, and fnancs and ner-
icant..l methods as we'll. It opened the
doors of business houses to him. 8 4
s@ NO person was surprised, therefore, wler
AT 10 years OF age, Cooke entered the bank
Ing house Of e. w. Clark & Co. This waa
the kind Of a position for which he had
longed for years It was the position FOL
which he felt himself fitted by nature and
by training. He worked faithfully and
well for his new employers. and prospered
accordingly. His financial articles con-
tinued and became power. 49,.
It was not long before young Cooke be.
came the confidential clerk Of the firm by
which he was employed. They gave him a
power Of attorney to sign the firm name in
all matters that required attention and
skill. A year later. upon reaching his ma
jofity, the youth, then grown into clean
cut, alert young man, was admitted into
the firm as partner. :
Here Mr.. Cooke began to pile up his
millions, and his fortune increased rapidly
during the Is years he was lnambet OF thf
firm. 1t was shortly after he became
member of the firm that Mr.. Cooke mar
RED. t>...
At the breaking out OF the war Mr.
Cooke, then 40 years old, was little known
outside of Philadelphia. 4 few yeatrs 1atci
his name had become household word
Just previous to the breaking ollt OF the
war Cooke and his old employer. Moor
head, went into partnership under the firm
name of Jay Cooke & Co. The house rose
to prominence at once in the business
world, ana Cooke became, through his
EVo II fhn rnnfrNllGr nf fht
pocketDook of the nation. The firm es
tablshed banks in London, New York city
and Washington.
When the civil war broke out the gov
ernmeut needed money and needed it BAG
". 1t was not forthcoming !. Secretary
Chase conferred with Cooke. The result
was that the Philadelphia fina1lc.er OBJ
tanned from a syndicate Of bankers the
first loan OF $4,000, 600. The men making
the loan met in Washington.
''You must win with this amount said
one OF them to Secretary Chase. IF you
do not 1t will be the ruin Of the country, as
YOU will have to yield to the confederacy
You cannot raise more"
Mr.. Cooke heard the words and smiled
He believed thoroughly in the resources OF
the country, and told Mr.. Chase Of his be-
lief. A short time after the $50 ,0CO, 0eo
loan had been made Chase appealed to him
to represent the government Cooke ac-
ceptsd the situation, and millions Of bonds
were turned over to him with no other Sc
curity than his honor and his receipt.
He issued an appeal, worded in his own
enthusiastic way, to the .financ:ers OF the
country. The result was astounding. In
8 short time he had procured, S2,500, 00G,-
900. In a single day he had obtained as
high as S50,000,00O. The history OF the
world affords no parallel to this colossal
deal. ~. 81.
Shortly afterward Secretary Chase was
replaced by William Pitt Fessenden, who
CURLY dispensed with Mr.. Cookies services.
1t was his intention to use only the banks
OF the country as agents. In pursuance OF
this plan the banks throughout the country
issued advertisements after the following
style:
FIRST NATIONAL BANK OF HOBO
KUS. .,.,-.
JOHN SMITH. President.
JOHN SMITH, JR., Cashier ~
Money, bonds and securities taken on de-
post. Exchange upon New York or for
eign cities bought or sold. Loans me-
gotiated and general banking. bust
ness transacted. Subscriptions received
to the l0---4O loan.
OF course this plan would not work.
Shortly after it went into operation Mr..
Cooke was in Washington, looking after
his banking interests, when be met J. C.
Stuart, then assistant United States treas
urer at New York. ==3
Have you seen Secretary Fessenden?"
MIR. Stuart asked. -
No. replied Mr.. Cooke, Il have no
business with the secretary. If he wishes
to see me and will send for me will be
pleased to call Oh him
In few hours Mr.. Cooke received the
invitation, to which he at once responded.
The meeting is a matter Of history. After
some talk, Secretary Fesenden came righ1
to the point with characteristic directness.
"Mr Cooke" said he, "the financial af-
fairs of the country are in bad shape. We
have no money with which to pay the
Army Of the Potomac. The soldiers are al
most mutinous. Not only Is there no
money in the treasury, but we have issued
$50, 100000 OF quartermasters' vouchers.
have attempted to sell $4,000, GOO of bonds
in New York, but failed. Can you help
me?''
What do you want for them?" asked
Mr.. Cooke.
II want par. and your commission will
be the accrued interest,""
Il will take them myself said Mr..
Cooke promptly. Il will give you my draft
for $4,O00,000 on my Philadelphia house,
and will pay you the balance in four days.
A great burden was lifted from the Sec
retary's mind. He grasped Mr.. Cooke by
tine hand and SAID Il have heretofore
thought you a protege Of Mr.. Chase. . ]
now see that Mr.. Chase was your protege.'
Thus It did not take over five minutes
to complete transaction involving, $l2,-
600, 900. Afterward Mr.. Cooke took another
$50, 100000 ana apportioned them out
among New York and Philadelphia bank
ers These events rounded out the fame
which gave Mr.. Cooke the highest stand
ing in the financial world.
. Riches came in the train Of these deals
riches by millions. The wealth of the
banking house Of Jay Cooke & Co. was at
one time estimated at $50,00O,00O. Once
afterward the great tinancier went to the
rescue of the government. One morning
as he was going to hts office in a street cal
he heard that President Lincoln had been
shot. To hear was to act. His, firm held q
vast amount of government paper, not tt
mention bonds held abroad and that held
by trust and other funds. Without goinglt c
his Office, Mr.. Cooke went to the telegraph
office and wired his agents in every city in
the North to advance the price OF govern
ment bonds half cent. 81.
Then he waited until noon on that fate.
full April Is, and again wired to raise tht
rrico If bonds anOthor half cont EIe