A Classification of American Wealth
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  Part II-Chapter 10 : Bankers of the Gilded Age  > Jay Cooke's Northern Pacific :    « Previous   1 - 2 - 3 - 4 - 5 - 6  Next »

   Jay Cooke and the Northern Pacific Railroad

Page entitled : Jay Cooke in control of Northern Pacific

Content of this page is about :
Jay Cooke promoted stocks and bonds of Northern Pacific Railroad and engaged politicians Schuyler Colfax, Rutherford B. Hayes and Salmon P. Chase to endorse it


Extract :
... The master marketer used the credentials of popular writer Henry Ward Beecher and publisher Horace Greeley to encourage the public to buy shares. This met with tremendous success and the issue was immediately sold. Work on the line began near Duluth on February 15, 1870. But progress was slow and in January 1871, only 16 miles of track were built. Jay Cooke had to start his main campaign, to sell the $100 million in bonds which would finance the remainder of construction works. ...

 

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