The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1905-02-17
JAY COOKE DEAD,
SAVED NATION
Banker Raised Billions in
Time of Civil War.
0cToGENARlAN ILL ONE DAY
Crash of His Banking House Through
Northern Pacific Starts Panic
of 1873.

Jay Cooke died at Ogontz, Ia, yeSter-
day. He had been III only one day
News OF his death was received IN
Washington last night Mr.. Cooke was
in his eighty-fourth year. He leaves four
children. They are Mrs. Charles L. Bar
ney, Mrs John NJ Butler and Jay Cooke,
jr.. all of Philadelphia. Another son IS
the Rev. H. E. Cooke. of Warren, ONO.
Jay Cooke was scarcely more than
name TO many persons Of young adult
life today, bat in the days of the civil
war he was one of the most widely
known men of his time He was even
called the saver of the nation. for by his
financial genius he had made possible
the work of the armies.
Promoted Sale of Bonds.
Mr.. Cooke induced the people OF the
country to invest in Government bonds.
And as the war was drawing to its
triumphant close, General Grant, meet
ing Jay Cookies son at the front. said to
him:
Tell your father that il is to his
1abors more than to those of any other
man thai the people Of this country owe
the continued life Of the nation"
Mr. Cooke was born at Sandusky
Ohio, on August 10, 1921 the son Of a
lawyer whose name. Misunderstanding
to the inability OF the Ohio pioneers
to spell drought him defeat IN an
election and caused him to name his
sons In few letters. one Pitt, one Jay.
BY the time a third boy came along,
however. the mother took hand in
the cognomenizing and had him named
Henry d. He became the first govern
or of the District of Columbia
Jay Cooke had kindly memories OF
some of the Indians OF his home neigh
borhood. and when he left Sandusky
for Philadelphia he took with him the
name OF an Ottawa chief who had car
RED him as 4 boy on his sho,liderI
Ogontz, which he gave later to his
country home and which eventually at
railway station, and a suburb OF the
Quaker City.
Enters Banking House
At Philadelphia young Cooke entered
the banking house of E. W. Clark &
Co.. and at the age OF twenty-one was
admitted into partnership because of
the ability and responsiveness which he
had shown in the business. He was of
mixed New England stock, besides be-
ing a first growth of tie pioneer move
ment, his father being a. Puritan and
his mother an Irish woman
EfdIi5 IN the war, after some bankers,
Secretary Chase with $50. 600, 600 and told
MN that that was all they could do
anu that Tug secretary must finish the
war with that" Mr. Cooke went ahead
trying to raise money for the Govern
ment loans, and his house had raised
nearly half of all that had been secured
up To 1863. At that time the army pay
master was in arrears about $50, 900, 600
and Mr. Chase asked Cooke to become
the governments special financial
agent.
He accepted and set out upon a
scheme Of the most extensive advertis-
ing. appealing to the mingled motives
of patriotism and setf-interest OF the
people He afterward said that only
through such advertising as he resorted
10 could he nave accomplished his aim.
Big Advertising Bills.
During the war Mr.. Cookies firm paid
cut for newspaper advertising more
than 100000 He was firm believer
not only in the nation. but in the
patriotism and reasonableness of the
people. could they be reached, and he
set about reaching them, and succeeded
Bonds that the Government had been
unable 10 get rid of when offered from
Washington were soon going like hot
cakes from Cookies office, and all at
Par or better. Subscriptions came in at
the rate of Sc, 100000 day. and footed
up total al the beginning of 1864 of
more tnan $500, 0e0, coo of bonds issued
and the government authorized more to
iii the orders.
Mr. Cookies house of J. Cooke & Co
Heated all the great war loans. the last
one amounting to sS30,000,0o0, and IN
total 20 over s.. 900 600, 0O5. Yet he made
on the whole work, he once said, only
and clerk hire being SO heavy and his
percentage so light. Mr.. Cooke de-
elaTed tat TAI ,t the e, war expenses. # dis,
persed within the country, would tend
TO add TO its Vfgor and wealth rather
than the contrary. He called closeffst-
ed men together and showed them that
their boast that they loaned only on
nFst mortgage was vain, inasmuch a S
the tax gatherers had prior lien on
land and the Government
cate If desperate course became
necessary. He convened the wealthy
Washington. assured them that money
contributed by them should go. not to
ton and hospital work only, and so
unlocked their purses,
Opposed Pessimism.
I'm addition TO their arguments"
said Mr.. Cooke. Il talked everywhere
that 1 had opportunity. and published.
through the channels that we COM
manded, q gospel Of good cheer. I op-
posed pessimism with patriotism and
optimism"
His record day OF subscription re-
eeipts for Government bonds was s42.-
100000, He also aided Secretary Chase
IN establishing the national banking
system
street car when he heard of Lincoln
assassination. He jumped Oft instant
". and from the nearest telegraph sta
t'on telegraphed 100 agents OF his
mousse throughout the North to advance
the price of bonds. thereby, as he be-
lieyed, preventing greedy spectators
from bringing On q panic for their own
profit.
After the war Mr.. Cookies greatest
work was the promotion of the Northern
racine railroad. He obtained pledges Of
large foreign loans for tie enterprise
but these were diverted by the Franco
RUSSIAN war outbreak and the Alabama
whole scheme fell upon him. The result
was his failure in the beginning of the
panic OF 1873 On the morning of the
failure he received s.. 900. 900. but refused
II, saying, Il have no right to use il .
His collapse allowed the cynics to sneer
at the scheme which was 10 have made
h.. A-La.c4 L L.