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Essay / Research Paper Abstract
A 12 page paper. Jay Cooke is generally credited as being the "first major investment banker, creator of the first "wire house," and the Financier of the Civil War (Trumbore 2000). Had it not been for Cooke, the Union would have had a far more difficult time financing the war. This essay talks about Jay Cooke, the man, and Jay Cooke, the financier. His training was early and at age 18, he began work with a major trading company. This paper reports and discusses Cooke's entrance into banking and finance, his innovative marketing campaign that resulted in selling war bonds to the public instead of only to wealthy bankers, his door-to-door and other campaigns, his venture in the railroad and finally, the collapse of his company. It was the failure of Cooke's company that set off the panic of 1873. Bibliography lists 7 sources.
Page Count:
12 pages (~225 words per page)
File: MM12_PGjcook.rtf
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Unformatted sample text from the term paper:
a far more difficult time financing the war. Cooke was born on August 10, 1821 in Sandusky, Ohio (Wikipedia). His father was Eleutheros Cooke, a lawyer in Ohio and subsequently
a member of Congress under the Whig party (Wikipedia). Cookes mother was Martha Causwell, who was also well-educated in the East (Decoy Magazine). Both parents are said to have had
"pioneering spirits" (Decoy Magazine). This was actualized when they made the arduous journey from the East to the Midwest in 1817 (Decoy Magazine). Jay Cooke would gain his lifelong love
for fishing and hunting in their new surroundings (Decoy Magazine). In 1859 when Cooke was 38, he became a member of the Winous Shooting Club (Decoy Magazine). Cooke did
not enter politics as his father had and also his brother, who would become the governor of the District of Columbia, instead, Jay Cooke chose a commercial career, gaining his
first training in a St. Louis, Missouri trading house and then in a transportation company in Philadelphia (Wikipedia). At age 18, Cooke became an apprentice at E.W. Clark & Company
in Philadelphia, which was one of the largest banking companies in the nation (Wikipedia; Trumbore). There, he learned about marketing securities (Trumbore). In only three years, Cooke was rewarded for
his knowledge and ability by being admitted to membership in E.W. Clark & Company, i.e., he became a partner (Wikipedia). Before he was 30 years old, Cooke would become a
partner in two branches of Clark - St. Louis and New York City (Wikipedia). It was while he was at Clark that the company sold Texas bonds to the public
to finance the Mexican War (Trumbore). The company reaped huge profits and Cooke learned that war could be very profitable (Trumbore). As a side note, Clark would go bankrupt
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