Jay Cooke

Jay Cooke (August 10, 1821-February 8, 1905), American financier, was born at Sandusky, Ohio, the son of Eleutheros Cooke (1787-1864), a pioneer Ohio lawyer, and Whig member of Congress from that state in 1831-1833.

Northern Pacific Railway

After the war, Cooke became interested in the development of the northwest, and in 1870 his firm financed the construction of the Northern Pacific Railway. In advancing the money for the work, the firm overestimated its capital, and at the approach of the Panic of 1873 it was forced to suspend. Cooke himself was forced into bankruptcy.

Related Topics:
Northern Pacific Railway - Panic of 1873

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By 1880 Cooke had met all his financial obligations, and through an investment in a silver mine in Utah, had again become wealthy. He died in Ogontz, Pennsylvania, on February 8, 1905.

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