Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1901-10-21

the establishment, as the latter passed
through Sandusky. The latter city
was on the high road between the
east and the west, over which all
travellers passed at that time. The
ST. Louis merchant saw young Cooke
and was attracted by his energy and
brightness and offered him the place
if he would go out. The separation
from Ogontz that this move made COM
plete grieved the heart of the silent
Indian youth greatly When the stage
coach that bore his white friend to
the Ohio river started the Indian fol
lowed it on foot for many miles, I'M
needing the fatigue that the run be-
hind the trotting horses imposed, con-
tent that he might the longer feast his
eyes upon the face of his white friend
that. was going from him.
Into the Banking Business.
The panic of 1887 caused the failure
of the ST. Louis merchant and young
Cooke went back to Sandusky con
siderably richer for the money he had
saved out of his salary. His brother
in-law was interested in a canal boat
line between Philadelphia and Pitts
burg and Jay was employed by the
company as press agent Or in a
capacity that nearly corresponds to
that sort of work, Then he went to
Philadelphia, where he kept the books
of hotel to pay for his board, while
he looked after several other matters
in the business world. He prepared
for publication each week financial
letter, the first of the kind ever print
ed in this country, and this brought
him into closer relation with the
banking world, in which he was afte1-
ward to make his name and fortune.
When he was 10 he was offered and
accepted a position as clerk in the
banking establishment of E. w. Clarke
& Co. This was the most prominent
bank of the city at that time and
young Cooke rapidly worked his way
up from the bottom until on his
| twenty-first birthday he was surprised
by the head of the firm offering him
/ artnership. Cooke explained that
ne had no capital to put into the bust
| ness, but this made no difference. He
was told that from that day if he
wanted it he was a partner with Il
| share in the profits of the business.
This opened the road to fortune
j which he had longed for Here be
made the start which laid the founda-
ton of his after achievements. He
| married shortly after this.
Chase's Financial Adviser.
When the civil war broke out Jay
| Cooke was 40 years old and was
not known throughout the country
He was well known in financial circles
of Pennsylvania and of his native
state of Ohio and had many friends in
/ both of these. When Salmon P.
! Chase as secretary of the treasury
called a conference Of bankers of the
| country to discuss the matter of rails
ing funds with which to equip and
pay the army and carry on the gov
eminent Jay Cooke was consulted.
Some time before this he and his
brother-in-law had organized a
partnership under the firm name Of
Jay Cooke & Co. The leading bank
ers of New York and the country
| finally told Secretary Chase that they
could supply him with $50,000,00O OH
bonds to be issued, but that with this
the rebellion must be put down, as
! there would not be a possible chance
for the north to raise any more.
Cooke did not believe this and told
the secretary so. When the $5O,O0Q,-
900 was all gone and the nation was in
/ pressing need of many times that
much more he sent for Cooke and
asked him to represent the govern
ment as it's financial agent and raise
the money that must be had to save
the nation Cooke agreed to under
| take the task and explained to the
secretary that the appeal for the
money must be made to the masses of
! the people. He criticised the method
in which Chase had attempted to ad
| NGIIlSS lOI U1uS 1Ol tuC UOuu0 w oIAN IA
ing a formal two or three line notice
| in one or two financial journals,
Chase in establishment asked if he
would have the nations bonds adver-
tised over the country like patent
medicine. Jay Cooke assured him
that this was just the manner in
which it should be done. that it was
from the people that the money was to
come, and it was necessary to let the
people know that the government had
the bonds to sell and needed the
money He was given control, and in
stead of going to syndicate of bank
ers, as in the first instance had been
done, he issued an appeal worded in
characteristic manner. He put into
! it the enthusiasm which he felt and
the confidence in the stability Of the
government that treasured the doubt
| ing investor. He made them believe
as he himself believed-that there
was no doubt as to the success of the