The Butler Weekly Times Newspaper, February 1, 1894, Page 2

ROMANCE. JAY How a Famous Financier umphed Over Misfortune. Ne Lost His Fortune, but Retained the Confidence of His Fellow-men—Ser- vices Which Earned Him the Gratitude of the Union in its Darkest Days. The romance of reality exempli fied in the public and private career af Cooke, who now resides in the outskirts of this city, in the peaceful enjoyment of health, wealth and a good conscience and troops of friends. To make and lose and then regain a fortune is one of the things that fall to the lot of the few men in the world. Todo so and still pre derve integrity and the confidence and regard of men falls to the lot of fewer still, says the Philadelphia Times. Jay Cooke in his own unostenta tious way has swayed the destiuy of 4 uation and has been the prop and support of the most illustrious men that governed the Republic in tke darkest hours. For more than 20 years he occupied a big place in the public eye, and since that time he has withdrawn himself to the full enjoyment of domestic peace and bliss. Born in Sandusky, O., in August, 1821, he has still a regard and a ove for the far west that time can- aot wither. Iu the early forties he came to Philadelphia to find employ ment in the banking house of EW. Clark & Co. A few years later he astablished the bank of J. Cooke & Co, in Philadelphia and afterwa:ds fad banks in London, New York City and Washington. Money, which wae as essential as men and guns, was not forthcoming. At the re- quest of Secretary Chase, Mr. Cooke obtained from a syndicate of bauk ers the first loan of $50,000,000. Those making the loan met by ap- pointment in Washington, and at this meeting one of the leading New Yorkers declared that if the govern ment was not yictorious with this amount it would have to yield to the confederacy, as it would be ruin to attempt to raise more. Mr. Cooke, although the youngest being not then 40, was enthusiastic; he believed the resources of the country could be drawn on to neces- sary amount. Mr. Chase appealed fo him to represent the government. He accepted the responsible trust. Millions of bonds were turned over to him with no security except his honor and receipt, he paying when they were sold. He issued his ap- peal, and inspired everyone with his own hoge and enthusiasm. The re- sult was that he secured $2,500,- 000,000 of money, obtaining as high as $50,000,000 in a single day. The history of the world affords no par allel in such colossal financial oper- ations. The danger of swapping horses when crossing a stream was well il lustrated duriug this period. The successor of Secretary Chase, Wil- liam Pitt Fessenden, dropped Mr. Cooke as financial agent. aud deter- mined to use only the banks of the country as agents. He carried out this plan for four or five months. ~One day Mr. Cooke, being in Wash ington on a visit to his branch office, met J. C. Stuart assistant treasurer of the United States at New York Mr. Stuart expressed surprise at see ing Mr. Cooke in Washington, and asked him if he had seen Secretary Fessenden. Mr. Cooke replied, “No, I have no business with the secretary.” “Well,” said Mr. Stuart, “the sec- retary wants to see you.” Said Mr. Cooke: “If the seeretary wishes to see me and will send for me, I will take pleasure in calling on bim.” They parted, and in a short time Mr. Stuart returned with an invita tion to Mr. Cooke from the secreta ry. The financier responded at once. meeting. “Mr Cooke,” said Secretary Fes- senden, after some preliminary talk, “sI am in great financial straits. I have ro money to pay the Army of the Potomac. Several weeks have passed since the time for the arm to be paid, and the men are almost mutinous. I have not only no money |/4973 but, like Ogontz, was regain-|early history of the Northern Pa in the treasury; but we have issued}ed. He is also the possessor of an | cific?” Tri- Then occurred a_ historic vouchers. New York, where I attempted to sell $12,000,000 of bonds, but Ieou'd “What do you want for them?” jasked Mr. Cooke. “I want par, and your commission will be the accrued interest ~ prompt response of tbe financier. ” asked the astouished secretary million dollars on my Philadelphis house, and will pay you the balance in four days.” said: “I have heretofore though you a protege of Mr. Chase I now see that Mr. Chase was your pro tege” The whole transaction, involving $12,000,000, was over in five muin- utes. Jay Cooke went to New York, called a meeting of all the bankers the next day aud said to thew: “Gentlemen, the government 1- out of money, and if it does not suc ceed in negotiating bonds the war will end, the goverument will be bro- ken up and your property will not be worth anything. I have taken 312,000,000 of the bonds, and now propose to apportion them out among you, taking a portion my- self.” So he did. He then went back to Washington, after paying the eight million balance, and took another block of $30,000,000, and apportion ed them out in the same manner. Then all was firmly established for the administration of Mr. Fessen- den as it had been for that of Mr. Chase. The fame so justly earned during the war gaye Mr. Cooke the highest standing in the tinaucial world, aud riches came by millions. Among many great enterprises which he was invited to undertake was the vuildiag of the Northern Pucitic railroad. Realizing fully the thous- and of obstacles that would beset such a vast undertaking, he finally censented, not for wealth,for he had already accumulated a vast fortune, but purely from patriotic motives. Uuforeseen complications in the finances of Europe, brought on by the Franco-Prussian war, elements beyond human control, forced J. Cooke & Co 1873. itors evary dollar, his homestead, grounds, and the inland of Gibralter in Lake Erie, where for years, when pressed with care, he found retreat and enjoyed his favorite pastime of fishing. At the time of the failure the firm put their assets at $15,000,000. The largest creditors were the banks, while the government, as a prefer- red creditor by law, took about $1,- sum claimed by the government, be longed to the navy department; and was in the hands of Jay Cooke, Mc Cullough & Co., the United States depository in London. The trustees were five years in settling the estate, and when it was finally settled it was found that the creditors that had held on to their claims and had not sold them real ized dollar for dollar. It was No vember 17, 1880, when Trustee J. Horace Harding paid out the final dividends to the creditors. There were 3,200 creditors, and the work involved in looking after a matter of this kind can be appreciated. Mr. Cooke was defeated but not dismayed. He set to work with characteristic emergency, end now, at the age of three score years and ten, he has practically regained all that he lost. One of his first acts was to buy back again his famous mansion at Ogontz, situated at the station of that name on the Philadelphia and Reading Railroad. A modest esti mate places the value of this partic ular estate at $1,000,000. The name was bestowed in memory ofan In- dian chief in Ohio, who was a play fellow and friend of Mr. Cooke's boyhood. But this valuable estate is only one of Mr. Cooke's possessions. He owning Gibralter island on Lake Erie, where he has a lovely summer home. This was lost in the wreck I have returned iol AT THE not get an offer. Can you help me?” } ' ‘I will take them myself,” was th: | “But when will you pay for thea?” | “I will give you my draft for four | A great burden appeared to be| lifted from the secretary's mind He! grasped Mr. Cooke by the baud and| into bankruptcy in} He turned over to his cred-| the famous Ogontz, with his palatial | 250,000 of the assets in cash. This | |church in his neighborhood. O. H. F’. 5. You will find the Best Grade of FURNITURE, Carpets, Window Shades, Picture Frames, And Carpet Sweepers, for the money in Southwest Missouri. Also UNDERTAKI When in need of anything in my purchasing, they will help you. NG in All Branches. lire, let me quote you prices before c. B. HICKMAN. Butler Grain Depot Successors to Bryant Bros. & McDaniel, Butler, Mo., are now ready and prepared to buy WHEAT, CORN , OATS, FLAX, and all other Seeds and Grains, Castor Beans, &c., for which the highest market price in cash will this firm at Butler depot. Also be paid. Bring your grain to keep a supply of FRESH FLOUR, MEAL AND MILL FECD For sale at lowest prices or taken in exchange. iD. D. McCANN, Superintendent. Call and see us. county, Pennsylvania, and he goes | there to tisk twice a year. Besides these, Mr. Cooke owns large iron works and much land in Cumberland county, Pennsylvania; real estate in Washington, D. C; railroad propor- ty in Texas, and has the contrel of the St. Louis River Water Power} Company. He sold this last a few | years ago for $1,000,000, but the manager dying, he purchased it back again. Jay Cooke lives now, | at the age of 73, peacefully and ¢o-| zily with his son in-law, Charles D. | Barney, ina charming house near) Four children | are now living. two sons two daughters. The first two are Jay | Cooke, Jr ,and the Rev. H. E Cooke | an Episcopal clergyman, in Man- chester, N Y. The other two are | Mrs. C. D. Barney and Mrs. John | M Butler. Jay Cooke's greatest | hobby is his love for his grandchil- dren. There are 16 of them. To/ his mind nothing is too good for | them, and in their estimation noth- | ing is too good fur “Grandpop.” | Practically he has retired, al-| though he gives his general atten- tion to his many interests. He reads | a great deal at home, and is a great | friend of the rector of the Episcopal \ One? day the rector calls on him, and the: next day he calls on the rector. He. plays billiards occasionally with the skill of a much younger man. “Mug- | gins” is also a favorite pastime. | When you shake hands with Mr./ Cooke you are impressed with the) fact that he is a very young old man | that he has a kindly, though pene- trating eye, that his skin is clear and his hand is steady. He has been | called the “Daddy of Duluth,” and indeed the appellation is well be-; stowed, because he is really the | father of that far away western city: | Mr. Cooke is now, as he always has been, a forcible and convincing talk- er “How did you come to regain your fortune?” he was asked. “That is simple enough,” was the | prompt reply. “By never changing | the temperament and mind I derived | from my father and mother, and from my earliest experience in life. | I have always been ofa hopeful tem- | perament, never living in the cloud. | Lhave always had a reasonable phi- losophy to think that men and titaes were better than harsh criticism would suppose. I believed that this | American world of ours was full of the Ogontz estate and wealth, and that it was only neces- sary to go to work and find it. That | is the secret of my success in life. Always look on the supny side.” | “You were identified with the/ charter was obtained in 1864, but no work had been done, and in 1866 | this charter was sold to a syndicate, | representing the leading railroads of the country. These men scarcely felt themselves ezual to the under- taking of constructing the road, so they came to me late in 1866 and asked me to take hold of the enter- prise. I was a believer in the west and its possibilities, but at that time I was busy with the matters of the government. Finally, in 1869, I agreed to’get the money to build the road. One part of the stipulation was that our house was at no time to advanee $500,000 of the amount needed as the work progress- over ed. I resolved first to couvince my-| self of the possibilities of this unex plored part of the equntry. So I sent out a party, including Samuel Wilkeson, then one of the editorial | writers of the New York Tribune. Meanwhile, I read a!l the literature T could possibly get bearing on the subject. As a result of all this, I became convinced that the Northern Pacific reilroad would open up the finest country in the world, and the enter- prise would be so profitable that no reflection would eyer be cast upon me for promoting it. It was decid ed to issue $100,000,000 in bonds and the same amount in stock. As there was a government grant of 24,600 acres for every mile of the road, there was no question that the bend was well backed, I sent agente abroad and made every arrangement for placing $50,000,000 of the bonds in Europe. The proposition met with favor. Everything was ready, the papers all engrossed, and in just two days I would have had that enormous sum placed to my credit. But in that two days Louis Napoleon, with- out giving warning to the finaneiers of Europe, began the Franco-Prus- sian war, and our plan was upset. Finally we raised about $6,000,000 in this country and began building the road at both ends. Thomas A. Scott, Henry Ward Beecher and Horace Greeley were among the subscribers. Later on I was at the Point of placing $20,000,000 of bonds in Europe when the Alamaba affair started rumors of war between the United States and England, and that fellthrough. The Union Pacific fought us at every turn. Finally the crash of 1873 came and all was swept away. The construc. tion of the road was stopped, and not resumed until some years later, when Henry Villard, backed by the German bankers, finished the line across the continent. I made my first trip on the road three 'wasa hard one, but when I see | 6,000,000 of people living in bappi ness along the line of the road, when the country a: large, I know that all the trouble and toil of those days were worth the | while.” I see the benetit of Bucklen’s Arnica | _ The Best Salve tnthe world tor Cuts Bruises,Sores, ers,SaltRheum Fever Sores, Tetter,Chapped Hands, Chiblains | Corns, and all Skin Eruptions, and posi- tively cures Piles, or no pay required. It | is guaranteed to give pertect satisfaction or money refunded. Price 25 cts per box | Forsale by H. L Tucker, druggist. Salve, Dr. Britts Physician. Cicumbia Herald, Dr. J H. Brits, of Clinton, never He fights dis jease into the last ditch and often | brings him back from the very edge | of the grave | 1 | | | gives up a patient. jate army aud stumps around with jonly one good leg in consequence | thereof. An experience he had on a south- ern battle field contirmed him in bis | view that while there is life there is jhope. He was going over the | ground after the fight, assisting to jambulance the dead. He came to one poor, stricken fellow, lying on the field, shot through the abdomen and with vital parts protruding. He was suffering intensely and his death was apparently near. Dr. Britts placed him in a more comfortable position, poured alot of morphine into him to ease his pain and left him. A few hours later he came around to get the poor fellow’s dead | body but he was go-e Six weeks afterward he met the young man in Atlanta, a little pale but ready to retura to his company. He had been picked up by the hos pital corps and had recovered from a wound that the books says is a!- ways fatal He always claimed that Dr. Britts had saved his life but the grim old doctor says that he did not do it but that he was only aiding him to die in peace which the young soldier refused to do. This is one reason among others why Dr. Britts is a good fighter and hever gives up. A High Liver. Usnally has a badiiver. He is billious eonstipated, has indigestion and dyspep- sia. It there is no organic trouble a few doses ot Parks’ Sure Cure will tone him up- Parks’ Sure Cure is the only liver and kidney cure we sell on a_ positive guarantee. Price $1.00. Sotd by H L, Vucker. Caught in a Hurricane. Queenstown. Jan. 24.—The Amer ican ship Willie Roseufeldt, Captain Danphy, which sailed from San Francisco September 5 for Liver- pool, has put into this port in dis- tress. Captain Dunphy reports that his vessel ran into a terrible burri- cane on January 8 in latitude 39, north, and longitude 37, west. He adds that the ship was in the great- est danger of being thrown upon her beam ends only righting after her sails had been cut away For several hours she seemed to be upon the point of foundering, her decks being continuously flooded by the terrific seas which swept over the ship, carrying away her wheel house and everything movable upon the deck. Two of her crew swept over- board and the captain and seven others were badly injured sailors are progressing toward recovery, but the Willie Rosenfeldt must be con- siderably repaired and procure a number of new sails before she can put to sea again What Wi Medical writers claim that the success. tul remedy for nasal catarrh must be non-irritating, easy of application, and one that will 1each the remote sores and ulcerated surtaces. The history to the ettorts to treat catarrh is proct positive that oniy one remedy has completely met these conditiohs and thaa is Ely’s Cream Balm. This sate and pleasant remedy has mastered catarrh as nothing else has ever done, both physicians and patients freely concede this facy. Our drugyists keep it. Snow's Work Successtul. Topeka, Kas., Jan. 23.—Chancel- lor F. H. Snow of the state uuiversi- ty is now busily engaged in compil- ing bis report of experiments made by farmers throughout the state with his inoculated chineh bugs. Last year 7,500 packages of diseased bugs were distributed in all parts of the state. Two thousand reports so far reeeived from those who used the diseased bugs to rid their fields of the healtby ones, show that in about two-thirds of the cases where the remedy was tried it proved success- §80,000,000 of Quartermasters’ [excellent fish preserve in Lycoming| “Yes, I was,” was thereply. = The fight in the early '70's|fol. One thing that has operated The doctor was in the Confeder-|! against the more suee-ssfal use of the diseased bugs has been the fact that not all the farmers will use jthem. This gives a e for the j healthy ones to thrive lds pear ff and after- ward spread to other places Mr Snow and other scients are eonvi. e- j where others are killed ed that as soon as farmers are eda- jeated to the necessity of the method aud will use the infected bugs gen. erally there will be little to from the little pests that fear have in oast years destroyed so much valua- blelgrain. ‘A Million Friends. 1 Atisiend in need is at and n iNion peop! tound just sucha triend in Dr, New Discovery tor Consu and Colds.—It vou medicine one trial wil that it has wond diseases of | great cou vince yo Jerful curative © throat, chest saranteed to y will be eat H. bL. bottie is Train Rebbers Surprised. } Vinita, IT, —Ofticers surprised the train rebbing gang led by Bob Rogers at the home of Rogers on Big creek, twenty miles from here, between 3 and 4. o’elock this moruing and found them asleep in the house Bob Rogers and “Dynamite Jack” were captured un- hurt. “Dyvamite’® brother, Kiowa was killed and Willis Brown was so severely wounded that tis death is expected hurt. This is thought to be the gang which successfully robbed the Kan- sas & Arkansas Jan 2 None of the officers were Valley train at Semivole a short time ago and two days before made au unsuccessful attempt on the Missouri, Kansas & Texas at Kelso Park's Cough Syrup. Has been so highly recommened to us that we have taken the agency tor it and now ask our triends who are suffering with a cold to ei a trial und it it does not xive satisfaction your monev will be refunded. Every bottle is sold a positive guarantee. Price so cents and $1.00. Sola by H. L. Tucker, of His Wite. San Antonia, Tex, Jan. 24.—W. L. Lee, a well known citizen of San Antonia, committed suicide to-day by shooting the bead. The deed was committed at his home, in the presence of bis wife and child. Three Lee was one of the wealthiest aud most prominent citizens of Atlanta, Tex.. where he was engaged in the mer- In Prese himself through years ago cantile business. He sold out there to San Antonia, where he engaged in the drug business About six mouths ago he sold out his store and began dealing in cotton futures. He soon lost his fortune. and for the past two weeks he bas been entirely without money. and moved Impersonating « Dead Man- Wichitaw, Kan., Jan 18.—In the Federal court to-day Robt F. Dori of this city was found guilty of im- personating his dead brother, Fred- rick Dori, who was « soldier in the late war, and thus swindling the United States Treasury out of large sums of money aud in pensions and arrearages. Frederick Dori died in 1867 and a few years later the swin- dle commenced. Time Lock Saved the Bank. | Guthrie, Ok. Jan 24—At Paw- nee, fifteen miles northeast of here three members of the Dalton gang rode into town, entered the bank, but finding the safe locked with a time lock took $100 from the cash drawer and rode away, carrying the cashier on a horse three miles into the courtry and compelling him te walk back. Your Watch Insured Free. A perfect insurance against theft or accident famous the only bow (ring) which cannot be pulled or wrenched from the case, Can only be had on cases containing this trade mark. —MADE BY— Se Case Company, the oldest, largest, and most complete Watch Case fa i —. . One of its products is the celebrated Jas. Boss Filled Watch Cases which are just as good as solid cases, and : cost about one half less. Sold by all jewelers, without extra charge fer Non-pall-out bow. Ask send to the manufs B een pempeieter