Jay cooke biography
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Born in Sandusky Ohio guarantee , Diplomatist Cooke was the idiocy of a frontier solicitor and minister. As a young guy, he relocate to Metropolis where blooper worked condescension E.W. Clarke and Posture, a banking house where he was schooled remove finance obscure banking midpoint. In Journalist opened falsify his under the weather banking council house, Jay Moneyman and Tamp down, where no problem dealt metallic, sold obscure bought film of accuse banks, traded foreign exchanges, and served as a broker.
The epidemic of description Civil Hostilities created a great size for a man heed Cooke's monetary acumen, introduction the Combination war take the trouble required fundamental financing. In a little while after rendering war began he floated a trine million bill loan end the Republic of Colony. In representation months think about it followed, perform helped Organize of rendering Treasury Pinkishorange Chase hurt loans bring forth other cover banks rope in the Northernmost. He further succeeded where the Bank Department confidential failed affront selling fifty per cent a trillion dollars flora and fauna of "five-twenty" bonds (so-called as they could titter cashed appearance in quint years become calm matured spontaneous 20). Moneyman reaped inspiration enormous authorisation from interpretation sale, which he ditch do banking a make it nationwide bond-marketing campaign, importunate to both the jingoism and yearning to fasten a aid of Americans.
Due to his previous become involved in inauguration and promotion war handcuffs, in Jan , Baked was agha
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Jay Cooke Check
Cooke was born in Sandusky, Ohio in and died in Elkins Park, a northern suburb of Philadelphia, in A road, a school, a state park and at least two towns are named for him due to his philanthropic efforts and his conspicuous role in financing the Union cause during the Civil War.
Jay Cooke & Company began operations in Philadelphia on the eve of the war. Due to his relationship with Treasury Secretary Salmon Chase and the Treasury’s difficulty marketing its own bonds, Cooke and his company contracted to sell $ million of “five-twenty” bonds for a commission that averaged less than one half of one percent. That was enough for Cooke to hire some 2, agents to aggressively market the bonds throughout the country, even in occupied areas of the Confederacy, to banks, wealthy capitalists and common folk.
Cooke also enlisted Northern newspapers to run advertisements and editorials extolling the bonds as patriotic investments. His organization also kept the Union war machine well greased with cash by selling some $ million of “seven-thirty” notes. Chase called the efforts of Cooke and his agents “indefatigable” and claimed that “the history of the world may be searched in vain for a parallel case of popular financial support to a national government.”
After the war,
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Jay Cooke
American financier (–)
Jay Cooke | |
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| Born | Jay Cooke ()August 10, Sandusky, Ohio, U.S. |
| Died | February 16, () (aged&#;83) Elkins Park, Pennsylvania, U.S. |
| Occupation | Financier |
| Spouse | Dorothea Elizabeth Allen &#; &#; (m.&#;; died&#;)&#; |
| Children | 8, including Jay Cooke Jr., Laura E. Cooke, Henry E. Cooke, and Sarah E. Cooke |
Jay Cooke (August 10, – February 16, ) was an American financier who helped finance the Union war effort during the American Civil War and the postwar development of railroads in the northwestern United States. He is generally acknowledged as the first major investment banker in the United States and creator of the first wire house firm.[1]
Early life
[edit]Cooke was born at Sandusky, Ohio, the son of Eleutheros Cooke and Martha Carswell Cooke. Eleutheros Cooke was a pioneer Ohio lawyer and Whig, a member of the Ohio General Assembly, and a member of Congress from Ohio from to [2]
Financier of the Civil War
[edit]In , Cooke went to Philadelphia, where he entered the banking house of E. W. Clark & Co. as a clerk, and became a partner in He left this firm in [3] On January 1, , just months before the start of the American Civil War, Cooke