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Jay Cooke, Insolvent Millionaire, on the Eve of Panic

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Jay Cooke, Insolvent Millionaire, on the Eve of Panic
Item Details
Description
Cooke Jay

Jay Cooke, Insolvent Millionaire, on the Eve of Panic of 1873

Two financial documents relating to Jay Cooke & Company, the banking firm whose collapse in September 1873 destabilized the market and led to the Panic of 1873. Comprised of a Jay Cooke & Co. check signed by company founder Jay Cooke (1821-1905); and a certificate registered to a trustee of the estate of Jay Cooke & Co. in Bankruptcy issued in 1874.

The lot includes:

1. Jay Cooke & Co. check No. T0992 issued in Philadelphia, Pennsylvania on August 28, 1873, signed by company president Jay Cooke as "Jay Cooke + Co" in the payee line. The unpaid bill of exchange made out in the amount of £1 Sterling was inscribed "Cannot pay at present" at upper left, and bears several stamps verso indicating it was remitted to British banks. Bearing the usual stamps, cancellation marks, and a revenue stamp. Expected wear, else near fine. 8.5" x 4".

2. An Oregon Steam Navigation Company certificate No. 3337 issued on May 15, 1874. Registered to and signed by "Edwin M. Lewis, Trustee of the Estate of Jay Cooke & Co. in Bankruptcy". Cosigned by three others at bottom. Bearing the usual stamps, embossed seals, and cancellation marks. Expected wear, else near fine. 9.5" x 4.25".

Jay Cooke, a successful and intrepid Pennsylvania banker, had established the firm that bore his name in January 1861. Cooke worked closely with the U.S. Treasury during the Civil War, and his generous loans and adept fundraising campaigns enabled the Union Army to pay its bills. Jay Cooke & Company declared bankruptcy on September 18, 1873, just a little over two weeks after Cooke signed the above document, after it became overextended in railroad investment.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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Jay Cooke, Insolvent Millionaire, on the Eve of Panic

Estimate $500 - $600
Mar 25, 2020
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Starting Price $160
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0039: Jay Cooke, Insolvent Millionaire, on the Eve of Panic

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Est. $500 - $600Starting Price $160
Rare Books, Manuscripts & Relics
Mar 25, 2020 10:30 AM EDT
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Lot 0039 Details

Description
...
Cooke Jay

Jay Cooke, Insolvent Millionaire, on the Eve of Panic of 1873

Two financial documents relating to Jay Cooke & Company, the banking firm whose collapse in September 1873 destabilized the market and led to the Panic of 1873. Comprised of a Jay Cooke & Co. check signed by company founder Jay Cooke (1821-1905); and a certificate registered to a trustee of the estate of Jay Cooke & Co. in Bankruptcy issued in 1874.

The lot includes:

1. Jay Cooke & Co. check No. T0992 issued in Philadelphia, Pennsylvania on August 28, 1873, signed by company president Jay Cooke as "Jay Cooke + Co" in the payee line. The unpaid bill of exchange made out in the amount of £1 Sterling was inscribed "Cannot pay at present" at upper left, and bears several stamps verso indicating it was remitted to British banks. Bearing the usual stamps, cancellation marks, and a revenue stamp. Expected wear, else near fine. 8.5" x 4".

2. An Oregon Steam Navigation Company certificate No. 3337 issued on May 15, 1874. Registered to and signed by "Edwin M. Lewis, Trustee of the Estate of Jay Cooke & Co. in Bankruptcy". Cosigned by three others at bottom. Bearing the usual stamps, embossed seals, and cancellation marks. Expected wear, else near fine. 9.5" x 4.25".

Jay Cooke, a successful and intrepid Pennsylvania banker, had established the firm that bore his name in January 1861. Cooke worked closely with the U.S. Treasury during the Civil War, and his generous loans and adept fundraising campaigns enabled the Union Army to pay its bills. Jay Cooke & Company declared bankruptcy on September 18, 1873, just a little over two weeks after Cooke signed the above document, after it became overextended in railroad investment.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

WE PROVIDE IN-HOUSE SHIPPING WORLDWIDE!

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