The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-02-23
JAY COOKE COT
START IN UTAH
Horn Silver Mine Basis of Second
Great Fortune.
JOHN MAJORS HELPS HIM
MANY STORIES TO ILLUSTRATE
CHARACTER OF FINANcIER.

The second fortune that untangled
the financial affairs of Jay Cooke, who
died the other day. and who Shout
cered Americas financial burden in the
early sixties. placed millions of dollars
or civil war bonds where they never
declined one penny and later in his life
was foremost in the organization of the
Northern Central Railway company.
was made in the Horn Silver mine in
Beaver county, Utah His charitable
de DIS to John Majors, whom he be-
friended years before. interested him
II the property, but Majors died on his
return trip 10 Utah with Mr. Cooke
without the realization that he had
Been the means of establishing the
tnancier's second fortune.
Little is known about Majors, but in
previous years. It is understood, the
great financier had done him favors
which he felt duty bound to return.
Majors came to Utah from Philadel-
phia I'M the early seventies. At that
time Gus Byram. his brother-in-law,
vas a member of the company, COM
POSED of Matt Cullen. A c. Campbell
and Dennis Ryan. who owned the prop
trty. Majors went over the ground
shortly after this company purchased
the mine from Sam Hatch and James
Ryan for $4,000. He thought of the
possibilities of the development of the
mine and wrote Immediately to jay
Cooke. Later he went back to the sub
urbs of Philadelphia where Cooke lived
In humble cottage not far from his
majestic mansion called Ogontz and
as surroundings. which he had inhab-
tied before his failure. He was devoted
TO OgontZ and when the crash came
Re said he preferred to live where he
could survey the wreck of his fortune
When Jay Cooke Came to Utah.
Majors laid the matter before him
and told him of the great mineral belt
which extended through the southern
TART of Utah Cooke finally became
interested and came TO Utah TO look
al the property He afterwards form
ca a company composed OF himself G.
q. Franklin and Frank G.. Brown. They
secured an option on half interest of
the property for $2,500000. The COM
Iany was Incorporated and from that
time on the fortune of Cooke grew
His company gradually bought up the
stock as it was put upon the market
and "A few years later they owned the
principal part of the mine
II is estimated that Cookies interests
j. the property yielded him upwards of
$-000,000 He also invested in land
throughout the western states and
reaped considerable money.
Secures More Wealth Than Ever.
Cooke was about 50 years of age
when he failed, but it was only ten
Years afterward until he had recovered
his entire fortune. 1t was from the
proceeds of his Utah fortune that
Cooke bought back his Ogontz estate
which he named in honor of an Indian
playmate. He also purchased back his
summer place at Put-in-Bay, where he
owned the island of Gibraltar. As be-
fore he continued TO be charitable and
he was always happy when he could
save some poor family from the suffer-
ings of poverty.
His Secretary's Eulogy.
= Stephen w. White, now secretary of
the Northern Central railway company.
was private secretary to jay Cooke at
the time he failed.
Some men you cannot reproduce"
said Mr. White, yesterday. land Jay
Cooke was one of them. In the great
and patriotic work he did for the Ia
Ton IN its hours of darkness. when he J
sold its bonds and upheld its credit as
none other could, we are likely to over
look his charming personality His
inning ways. his personal magnetism, |
I he fullness with which he became per- |
1aeated with business he undertook
enabled him to succeed with apparent |
ease where other men could not
AS private secretary to Mr. Cooke |
from Feb. 1, 1870 until after his failure
on Sept. is. 1878, 1 had delightfully."-
close personal. relations with him. He |
" as a man of simple manner, gener='l
Gus, charitable and thoughtful of all |
bout him. Every one felt him his /
friend. Always approachable he pos |
Fsessed that charitable, lovely DISPOSE |