: Born in Sandusky, Ohio, Jay Cooke (1821-1905) was the son of Congressman Eleutheros Cooke. Cooke entered the E.W. Clarke banking house at the age of eighteen. He formed the Jay Cooke and Company banking house in Philadelphia soon after the Civil War began in 1861 and began working to raise money for the war effort. Cooke developed a system in which bonds could be redeemed in between five and 20 years and investors could buy bonds in low denominations or through installment plans. By the end of the war in 1865, Cooke had made it possible for three million people to buy in excess of a billion dollars in bonds. Cooke's strategies were used in subsequent wars as well. View on Ohio Memory.
: AL04229 Subjects
: Sandusky (Ohio); Ohio Economy--Economy--Finance; Banks and banking Places
: Sandusky (Ohio); Erie County (Ohio)