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This item WAS NOT SOLD. Auction date was 2010 Aug 16 @ 11:00UTC-4 : AST/EDT
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JAY COOKE (1821-1905) Railroad magnate and Financier. Autograph Letter Signed, “Jay Cooke,” on Jay Cooke & Co Bankers letterhead. One page, 5”8”. Philadelphia, September 20, 1861.To “Charles W. Otto, cashier” Cooke writes: “Dear Sir, Your favor of the 19th inst rec ‘d advising amount to Our Co (?) For Subscription to U.S. 7 3/10 Loan, for which we enclose Duplicates of No. 1580 name Jno L. Mason/or $201. 24/100. The original was forward to Washington tonight with the usual instructions, Respy, Jay Cooke” In January 1861, Jay Cooke and William G. Moorhead organized the firm of Jay Cooke and Company, a financial investment firm specializing in loans. To open the company, Cooke borrowed three million dollars from the government of Pennsylvania. The firm dealt primarily in bank notes, bills of exchange, and stock, in addition to discounting paper and receiving deposits. The Civil War then began and Cooke’s brother would meet with Secretary of the Treasury Salmon P. Chase to obtain business for the new firm, which then successfully sold some of the federal government’s early war loans. Cooke was appointed a bond agent for the Union and managed to sell within two weeks $3 million in loans to enable the state government to raise and equip the Pennsylvania Reserves Treasury Secretary Chase in 1861 called for representatives from the banking institutions then to meet him for consultation in New York regarding the 7 3 /10 loan. After full conference, they agreed to unite as associates in moneyed support of the government, and to “subscribe at once a loan of fifty millions of dollars, of which five millions were to be paid immediately to the assistant treasurers, in coin, and the residue, also in coin, as needed for disbursement. The secretary, on his part, agreed to issue three year seven-thirty bonds, or treasury notes, bearing even date with the subscription, and of equal amount; to cause books of subscription to the national loan to be immediately opened; to reimburse the advances of the banks, as far as practicable, from this national subscription; and to deliver to them seven-thirty bonds, or treasury notes, for the amount not thus reimbursed.” (Congressional Globe; National Loans of the United States) All these objects were happily accomplished. Fifty millions of dollars were immediately advanced by the banks. The secretary caused books of subscription to be opened throughout the country, and the people subscribed freely to the loan which helped to finance the Civil war. Cooke’s signature is bold & strong. Light fold in letter, otherwise Fine.
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