The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-01
JAY COOKE NEAR DEATH
FAMOUS FINANCIER VERY SICK AT
PUTIN BAY.
Congestion Of the Brain Is the AiIment
Bare Hope of RecOvery-His
Financial Career.

TOLEDO. o.. Sept. SO-Hon. Jay Cooke.
the Philadelphia banker and wartime
financier. Is critically i'll at his summer
home ON Gribaltar. Putin Bay. Mr.. Cooke
went to Gibraltar a few days ago for bass
fishing and was apparently in robust health
despite his eighty years. His servants
who had been instructed to call him early
this morning, found him in an unconscious
condition.
physician who was summoned SAYS
the trouble is congestion of the brain, but
that there is hope of his recovery. as he
regained consciousness this evening He
became famous by negotiating war loans
in the sixties.
No more interesting figure than that of
Jay Cooke has ever posed upon the fnan-
cial platform of this country Jay Cooke
1t was of whom General Grant spoke in the
following message on the eve of Lees
surrender: Tell him that it is TO his
labors more than those of any other man
that the people of this country owe the
continued life of the Nation"
Jay Cooke ancestors, nine generations
ago. came to New England i'm the May
flower. His father was born i'm Connect
cut, but removed TO Ohio when he was a
young man. Jay Cooke, with the excep-
ton of few months never attended schooI
after he was thirteen years old, His first
business experience was as clerk i'm a store
in Sandusky. He met St Louis merchant
ana later secured employment from him.
Cooke saved his money and after the
panic of 1897, that ruined his EMPLOYER re-
turned TO Sandusky with his spOckets full
pl money. lie met man named Moor
mead when he was eighteen wears of
age, and Mr.. MoOrhead took him East
where he secured position in a hotel as
Dsook,kseper ana wrote for daily paper.
furnishing the first money article pub,
lished in this country. He entered tbe
banking house of T.. w. Clark a Co. when
he was nineteen. His financial articlas
continued and became a power He h.
came the firms confidential clerk and when
tWenty-one years OF age was admitted into
Ihe me nrn; Ills fortune increased rapidly
during the twenty-five years he was q
Just previous to the breaking ont of the
Wal Cooke and his old partner. Moorhead.
went into business under the firm name OF
Jay Cooke x Co, and Cook soon became
the controller of the Nations financial
Pocketoook. Nhen the war broke out
Cooke secured for the government a loan
OF S00,Ob,O0O from syndicate of bankers
After the fifty millions were gone millions
OF bonds were turned over to Cooke with
no security other than his honor and credit
and he represented the government i'm all
its financial dealings. He issued an appeal
TO the fnanciers OF the country. and i'm a
short time he procured $500, 100000. In a
single day he had secured as high as $50
OO0. coo.
The wealth Of the banking house of lay
Cooke * Co was at one time estimated al
$50.0o0O00. When President Lincoln was as
aSSinated Cooke ordered all his agents TO
raise the price of government bonds one
half per cent. and keep raising them. and
II was thus that panic aVerted.
In 1873 the great blnking house of Jaw
Cooke X co. closed its doors and the fail
ure was followed by the awful panic of that
year Cooke was stripped OF every dollar
he had made during his thirty years of in
dustrious activity. He opened a little office
and started life all over again. and has
made enough 10 pay all his creditors and
leaves a competence besides
His home. Gibraltar. at Putin Bay. Just
across the harbOr on the little island that
protects IL from Lake Erie. Is the most
pretentiouS residence i'm the group. II il a
handsome stone dwelling of castle-like pro-
portions and architecture. and is eagerly
scanned by visitors at the famous summer
resort. who are very curious. usually. TO
catch glimpse of the famous fnancier. if
possible