The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-17
JAY COOKE, FINANCIER, DEAD.
NAN VINO SAVED THE NATION"
N 1868 PASSES AWAY.
ramou, Octoscnarian Dies After One
Da,s Illness Ills Heroic Work In
Raising billions In the Ci,il War-His
Northrrn Pacific Crash In 1873.

state, died at 10 o clock tonight at the resi-
dance Of his son-in-law. Banker Charles
II. Barney. at Ogontz, Pa. Death, it was
announced, came after twenty-four hours
n illness. and was due to old age.
I'm Monday night Mr.. Cooke. who, though
81 looked like man of 20. gave n dinner
10 the Z irl students OF Ogontz Seminary,
nm annual treat of his TO the young women.
Then he seemed in the best OF health and
snirits He even joined in dance. He
WAS seen on Wednesday riding about
.Edon. his son-in-laws Ogontz estate.
and seemed IL the best of health.
Mr.. Barney said tonight that almost
all Mr. Cooke, family were at his bedside
when be died.
Jaw Cooke was scarcely more than
name to many persons of young adult life
to-day bat in the days Of the civil war
he wa. one of the most widely known men
of nj, time He was even called the saver
of the nation. for by his financial genius
he had made possible the work Of the
atne-.
Mr. Cooke induced the people Of the
country to invest in Government bonds.
And a- the war was drawing to it, triumph
ant clo.c, Gen Grant. meeting Jaw Cooke g
son at the front. said to him:
TEL your fathc: that it is TO his labors
more than 40 those of any other man that
tbe feopic Of this country owe the continued
lie # the nation.
Mr.. Cooke was born at Sandusky Ohio.
ON Aug 10. 1921. the son of a lawyer whose
name Leutheros- to the inability
Of tie Ohio pioneers to spell drought
INN defeat in an election and caused him
10 name his sons in few letters, one Pitt.
ore Jay. BY the time a third boy came
along however, the mother took Il nand
ii the comomenizing and had him named
Henry j. II became the first Governor
Of the District of Columbia.
Jav Cooke had kindly memories OF some
Of Inc Indians Of his home neighborhood
and when he left Sandusky for Philadelphia
h" tool; with him the name Of an Ottawa
chief Who had carried him as d boy on his
shoulder Ogopta which he gave later
10 his country home and which eventually
attached to young women's school,
railway sta ion, ana a suburb OF the Quaker
City.
At Philadelphia Young Cooke entered
the banking house of T.. W Clark & Co.
and at the age Of q was admitted into
partnership because of the ability and
aegressiveness which he had shown in the
business, lie was of mixed New England
stock. besides being first growth Of the
pioneer movement. his father being a
Puritan and his mother an Irish woman.
Early in the war, after some bankers at
Cookies solicitation, had furnished Score
tary Chase with s50.OoO.OOO and told him
that that was all they could do. and that
the Secretary must finish the war with
that, Mr. Cooke went ahead trying TO raise
money for the Government loans. and his
house had raised nearly half OF all that had
been secured up to 1858. At that time the
Army Iayrnaster was in arrears about
SEQ COO eco. and Mr. Chase asked Cooke
TO become the Governments special fnan-
sial agent
lie accepted and set out upon scheme Of
the most extensive advertising, appealing
to the mingled motives Of patriotism and
self-iuterest OF the people. He sfterward
said that oniy through such advertising as
he le-ored to could he have accomplished
his aim
During the war Mr. Cookies firm paid out
for newspaper advertising more than s., 000,-
to. He was a firm believer not only in the
nation but IN the patriotism and reason
gbieuesS OF the people, could they be reached,
and he set about reaching them and sue
ceeded. Bonds that the Government had
been unable 10 get rid of when offered from
Washington were soon going like hot
caka- from Cookies Office, and all at par
or battar subscriptions came in at the
tate OF 100000 a day and footed up
total al tho beginning OF 1864 Of more than
Sipp000O of bonds issued, and the Govern
meni authorized more to fill the orders
Mr. Cooke's house Of j. Cooke 4 Co.
Heated all the great war loans. the last
one amounting TO $3.50, 900. 600. and in total
10 over 5000. OO0. 900 Yet he made on
the whole work, he once said. only 100000,
the expenses Of advertising and clerk hire
hang so heavy and his percentage 40 light
Mr. Cooke declared that the war expenses,
II Dispersed within the country. would
tend 10 add TO it, vigor and wealth rather
man the contrary. He called closefisted
men together and showed them that their
boast that they loaned only on first mort
gage was vain inasmuch as the tax gath
ererr Tad a rrior lien on land and the Gov
eminent could confisoate If desperat to
course became necessary. He convened
Tie wealthy Quakers and, with the sanction
81 Washington. assured them that money
contributed 10y them should 20 not 10 the
means ~ carnage, out on sanitation and
Np1p'al work only and 80 unlocked their
plr-e-
:. In addition to their arguments said
hf. Cooke, Il talked everywhere that |
had opportunity. and published, through
the channels that we commanded. n gospel
oi good cheer, | opposed pessiTnisim with
patriotism and optimism
his record day OF subscription receipts
iior Government bonds was s42, 900 COO.
re also aided Secretary Chase in estab-
hhlng tho National Banking system.
Mr.. Cooke was on a Philadelphia street
car when he heard Of Lincolns assas,-ina-
ION. He jumped OF instantly, and from
we nearest telegraph station telegraphed
w agents of his house throughout the
Notth 10 advance the price OF bonds thereby,
a. ne believed, preventing greedy specu-
own profit.
Aiier the war Mr. Cookies greatest
bbork was the promotion Of the Northern
Idcihc railroad. He obtained pledges OF
,stge foreign loans for the enterprise, but
.neee veto diverted by the Franco-Prussian
Saf outbreak and the Alabama claims
uel,ph'e and the burden Of the whole scheme
!sH upon him. Tho result was his failure in
nc BEGINNING Of the panic Of u, On the
morning OF the failure he received $1,000 900
Uut refused 1t, saving, L have no right TO
,Ee II. His collapse allowed the cynics
70 sheer at the scheme which was to have
ace ne Northwest jay Cookies banana
IN bnt A. the world knows the Northern
IaUho road was subsequently built, ira
Nefes rich grain land. and has become
'ne ol The Countrv's great enterprises