The Barre daily times. (Barre, Vt.) 1897-1959, 1905-06-19
TRIBUTES TO
JAY COOKE
RecOllectiOns of Friends Who
Knew the Financier.
GENEROUS TO THE NEEDY
For Years He Maintained Special Fund
for Their Relief Some
Stories About His
Integrity.
GENEROUS TO THE NEEDY

Scattered ali through the Third
street district Of Philadelphia are men
who in greater or less degree were in
business relationship with the late Jay
Cooke in the most notable years of the
famous financier's life. says the Phila-
delphia Public Ledger. Many of them
were his clerks in the great banking
house that stood for so much in the
course of the struggle for national uni
ty from 1861 to 1865. Stephen W.
White, now secretary of the Northern
Central Railway company, was private
secretary to Mr.. Cooke. He was at Mr.
Cookies right hand during the panic
period Of 1878, when Mr. Cookies inn
mense fortune, won in serving his
country's interests. was engulfed in
day
"A1r Cookies greatest sorrow" said
Mr.. White, was for the poor people
who would suffer. He was always gen
erous to the needy. For years he main
talned special fund for their relief.
formed by the setting aside of full
1.-THE Of the profits Of the banking
house. The clerks dubbed it the old
Patriarch Jacob fund. and the initials
%. z. j. fund We're used to designate
it in the accounts.
s'Alr. Cooke made sunshine for all
around him. His clerks all loved him,
as the younger men of a tribe in the
ancient days might have loved its pa
triarch and head. When he was in the
office their cheerfulness was always
greater than at other times. In the
days Of great financial stress, when he
alone remained calm and courageous,
they were disconsolate il he was abb
sent
George c. Thomas, the retired banker
once partner of Mr.. Cookies and in
timately acquainted with every detail
of the great financier's resourcefulness
| in negotiating government loans during
the civil war, says that the United
! States owes debt Of gratitude to jay
| Cooke which it is impossible to oyeres.
| innate.
II consider it great privilege said
Mr.. Thomas, ITO give this testimony,
was a clerk in Mr. Cookies bank
| through the whole period Of his. agency
| in placing government loans, which
was in itself a great experience. He
| succeeded in this very largely By tax
ing the people into his confidence. He
made popular subscription to the ma
tional loans, having brought before the
people part of the old 6 per cent loan.
which became due in 1881; the first
5-20s, a per cent loan, redeemable In
1--WE years and payable in twenty
years; the 1040s, of similar nature,
bearing Interest at per cent, and
three issues of 7.3 per cent three year
treasury notes.
'In one day at the height of these
subscriptions S54 100000 worth of these
notes was taken by the public Even
in these days of wonderful negotiations
such business would be remarkable.
Mr.. Cooke had the entire confidence Of
all the secretaries of the treasury and
was frequently called to Washington
to consult as to ways and means for
the negotiation of these loans. His
commission, all things considered, was
very small one and this he divided
most literally with every broker and
bank that acted as subscription agents
under him.
Zone of the most successful of his
negotiations. one that aided the gov,
ernment's credit more than anything
else. was his suggestion for the con
version OF outstanding quartermasters
vouchers into I.3 per cent treasury
notes Arrangements were made il
this way for more than S5000O.VO0 OF
these vouchers. and the money market
was thereby relieved from pressure
and the government was enabled to FL
all of its contracts at much lower
rate than before. The only obligation
assumed by those who held vouchers
was an agreement not to sell the treas
ury notes for three months, as other
wise they would have interfered WITH
the regular subscription offerings Be
fore the three months was up the
whole amount was placed ana tue SUD
scription books closed.
During the whole of this period OF
anxiety regarding the government
loans never saw Mr.. Cooke lose his
faith in himself or. more than that, In
the ultimate triumph Of the govern,
ment1
In connection with the floating OF
these loans Mr. Thomas recounts a
conversation which he heard between
Mr.. Cooke and Israel II. Johnson which
led to the members Of the Society OF
Friends becoming large subscribers.
| Mr.. Johnson, who acted as trustee for
a great many estates, objected as a
| Friend to subscribing money for war
purposes.
But" said Mr.. Cooke, you cannot
| object to subscribing money for caring
for the wounded in hospitals, and all
the Friends may subscribe shall be
used for that sole purpose" Mr.. john
son at once subscribed.
Once when asked how be regained
| his fortune after becoming at fifty-tWo