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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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