New-York tribune., 1900-07-11

finally Mr.. Cooke was called upon and was ap-
pointed sole fiscal agent OF the Government. Cen
eraI Grant after the warh in letter stiH in the
possession OF Mr.. Cooke, said that through his ef-
forts the Nation was indebted for the means that
rendered military success possible.
Mr.. Cookies vast enterprises IN floating Govern
ment loans gave him a wide foreign acquaintance
and after acquiring a controlling interest in the
company organized under the old Purham charter
for a road from Lake Superior TO Puget Sound, the
fight against the Union Pacific syndicate for the
special act OF Congress authorizing a bonded in
debtedness was successfully carried out Then came
the celebrated meeting at OgOntz. Mr.. Cookies sum
mer home, near Philadelphia, where the Northern
Pacific scheme was talked over with Baron GeroIt
then German Minister 70 the United States, one OF
the chief figures. and number OF leading German
bankers. On that evening Mr.. Cooke received an
exchange on Amsterdam for $500 coo in gold as a
mere guarantee for an agreement that these bank
would contribute s5ooo00o to build the Northern
Pacific.
The negotiations went on, and in the mean time
the house of Jay Cooke & Co. held this 100000 OF
geld In It's vaults. Two days before the outbreak
OF the Franco-Prussian War Mr.. Cooke received a
cable message that the S50000000 would within
forty-eighJ hours be on deposit in a we'll known
banking house in London Thus the inception OF
the Northern Pacific Railroad on the broad basis
planned hy Mr.. Cooke and his friends appeared 10
be assured Within two days war was declared
between France and Prussia, and the guarantee Of
$50 0OO fell through and the S50oO0O was returned
by Mr.. Cooke.
But Mr. Cooke and his friends still did not lose
faith in their Northwestern enterprise. pool OF
s. 500 eco was formed, and the road was built for
two hundred and fifty miles, from Duluth 20 the
Red River on the credit OF Jay Cooke q Co As
8 mere matter of detail IL may be stated that the
firm received $4,000 in cOmnissiouS IN this trans
action After that the road was finished 20 Bis
narCk, four hundred and fifty miles.
IN the time a syndicate had been formed
and the money actually deposited. But Just
then the dispute between the United States and
Great Britain reached a critical stage, and war
something like 10. seemed inevitable, and for
second time the whole brunt Of the enterprise was
thrown back upon Mr.. Cookies house. II was these
untoward circumstances which put the house OF
Jaw Cooke & Co front 10 front with the crisis of
1873. "Our suspension. said Mr.. Cooke recently,
in speaking of the disaster, was the result Of
such misfortune in the face OF inevitable
strtngency in the money market, the result OF the
unnatural expansion OF business resulting from
pest war speCulatious."
After the panic following the failure died away
Mr. Cooke started in 10 aid the receivers OF his
years AT the end OF that time he was again on
the road 10 wealth, and soon accumulated a second
fortune. He began the payment of the creditors OF
old firm and in 1880 the last outstanding Obliga-
tiOn of the house settled in fun. Mr.. Cooke
later invested in mining property in Montana
and Idaho. out of which he has cleared millions
OF dollars He owns vast tracts OF farming lands
in Oregon and Southern California. mining terri
tory in Utah and is interested. besides in half a
dozen dailrOads To-day he is PROBABLY
nearly as wealthy as ever in his life