The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-17

't1xxesx: xxaa:x'x5xa
,soial to The Journal.
Philadelphia. Feb. 17.-Jay Cooke,
- ho financed the war of the rebellion
~ the government, and who was "the
lther Of. the Northern Pacific rail
>ad,' died somewhat unexpectedly at
le home Of his son-in-law, Charles D.
arney. in Ogontz, last night.
Mr.. Cooke was 81 years old, and had
cen in failing health for several years,
ut his death was not looked for. Only
. Dung women, students Of the Ogontz
.'hool, he was In the best of spirits and
AS the last to leave the reception
)Onl.
Cooke an Ohioan.
jay Cooke was born at Sandusky,
hio, Aug. 10, 1921, when Sandusky
as mere hamlet almost on the Dor
ers of civilization. His father was
,ell-to-do, but young Cooke went to
'ork at the age Of Is. He became
Jerk at the age Of II, and at the age
21 was admitted as a member Of the
rm Of E. W. Clark & Co., bankers, in
Philadelphia. rs,>~. a,4ss.....s.. - ~ !:
It WAS as member Of the Clark
anking firm that Cooke received his
raining for the great work Of financing
he war Of the rebellion, Of which Gen
raj Grant said to the son Of Cooke
ear the close of the war:
"Teu your father that it is to his
abors, more than to those Of any other
we the continued life of the nation -
Banking Firm Founded.
In 1860 the banking house Of Jay
ooke & Go. of Philadelphia was
ounded, and it was this firm that
andled most of the $2.O0O,O00,0o0 in
onds issued by the government during
he war The handling of the bonds by
he firm was made doubiy effective by
are of matters. The government was
pinched" for money more than once
hru efforts to float it's own loans. Their
ppeal would be made to Cooke, ant
he energy with which he met the needs
- ,f the nation was literally phenomenal
The money was Forthcoming at the rate
# millions day; one day the receipts
cached the great sum of $42,00O,OO0.
Sold Bonds by Advertising.
His method of disposing Of the gov
srnment g bonds was in his day unusua
lie met opposition when he proposed t
Secretary Chase that the government
should advertise its paper; MIR. Chas
,bteeted to L. adopting , nPate Gael med ID
1owever, he adopted such methods an
proved their success. He himself sal
HAd1ertising was the basis of tn
whole success. We advertised emo
nously. We employed the columns 9
- Ill kinds Of journals, large and small
yeeklys secular, religious, rep4bllca,
se syen that th s
,ept Sunday papers, never would o.
pend a penny with them
The nonuse of the Sunday papers We
characteristic Of the man. He was, {
q, deeply religious nature He hs
shoWn quite clearly ;4 that h, his firm firm
ment's loans were by no means colo
s'Father Of the Northern Pacific
After the war Mr.. Cooke was fr
quently called upon by the government
but his next great work was the finan
ing Of the, Northern Pacific railroad,
e erea as@e cenfde gSs - His conden
= pot only. led him to finance this ventu1
but to enter into the closer relation
promoter. Large foreign loans we
necessary, and this involved the, Cool
firm in foreign financial disturbance
Inc weight or Hndnclal pdHlCS Lod up'
the house SO heavily, that collapse car
at the beginning of.the troubles of 49,
Nevertheless Mr.. Cooke had set t
Northern Pacific so well on it's way tn
> success was assured, and since then N
Cooke has lived to see his forecasts
the road g future realized in almo
every particular. It speaks much f
the man s foresight that Z" Jay Cooke
Banana Belt, - as the country travers
was early called, while it has not grow
many bananas, has become vastly ri
empire, with promise Of untold veal
yet awaiting It's conquerors. ,.
Built a New Fortune.
The failure of the Cooke firm did n
discourage the firm 8 head. Instead
quitting be took up the work
paving off his obligations. paid them a
and Then built for himself another fl
tune. which he long lived to enjoy
his home at Ogontz, suburb of Phi
delphia. a.s