Jay Cooke Before & After Panic of 1873

Three financial documents relating to the banking firm of Jay Cooke & Company, including two pieces signed by company founder Jay Cooke (1821-1905).

Established in January 1861, Jay Cooke & Company quickly gained prominence in American markets. 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 after it became overextended in railroad investment. Its collapse was one of the catalysts of the Panic of 1873. This lot gives us a snapshot of the financial institution at its apex (1861) and its nadir (1873).

The lot includes:

1. 1p letter signed by Jay Cooke as "Jay Cook + Co" at lower right. Written in Philadelphia, Pennsylvania on September 23, 1861. On bifold stationery with "JAY COOKE & CO. Bankers, / No. 114 South Third Street" letterhead. Regarding a credit for subscriptions in the amount of $1,207.92. Expected paper folds including a vertical one touching the "Co" of "Cooke" and the signature underline. Else near fine. 5" x 7.875".

2. Jay Cooke & Co. check No. T0997 issued in Philadelphia, Pennsylvania on September 13, 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 a stamp verso indicating it was remitted to a British bank. Bearing the usual cancellation marks and a revenue stamp. With a diagonal crease running through the "J" and "k" of the signature. Expected wear including a little soiling verso, else near fine. 8.375" x 4.125".

3. A customer's receipt, No. T0992, for £1 Sterling drawn from "Messrs Jay Cooke, Mc Culloch & Co. London"on August 28, 1873. A staple hole at left, else near fine. (This was later unpaid and submitted for collection…)

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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