Editing Jay Cooke (section)

==Northern Pacific Railway==
{{main|Northern Pacific Railway}}
[[File:Jay Cooke drawing room.png|thumb|left|Drawing room of Jay Cooke's mansion "Ogontz", Pennsylvania|250px]]
Cooke moved to [[Duluth, Minnesota]] after purchasing land, particularly in [[Carlton County, Minnesota|Carlton]] and [[St. Louis County, Minnesota|St. Louis]] counties, mostly through [[Morrill Land-Grant Acts|agricultural college scrip]]. He saw the lakes as a link to a "Western Empire" and wanted to make it a "new Chicago." He bought bonds for the [[Lake Superior and Mississippi Railroad]], part of the [[Northern Pacific Railway]] and secured an interest in the Western Land Association with the intent of uniting Lake Superior and the Mississippi, as well as reaching European markets through the Great Lakes. He believed the lumber industry would be furthered by the road which lay through hundreds of miles of white pine and hundreds more of bare prairie for settlers. The line was completed in 1870. Along with encouraging the Duluth lumber industry, Cooke built a grain elevator to store grain while the Great Lakes were icebound. Cooke's investments brought other lumbermen to the area to purchase blocks of timber.<ref>{{Cite book |last=Larson |first=Agnes M. |title=The White Pine Industry in Minnesota: A History |publisher=University of Minnesota Press |year=2007 |isbn=978-0816651498 |location=Minneapolis, MN |pages=247–8, 267–269}}</ref> However, in advancing the money for the work (especially on the railway), the firm overestimated its capital, and at the approach of the [[Panic of 1873]] it was forced to suspend operations.<ref name="EB1911"/> Cooke himself was forced into [[bankruptcy]]. [[File:Jay Cooke Mausoleum PA.jpg|thumb|right|Jay Cooke's mausoleum in Elkins Park, behind [[St. Paul's Episcopal Church (Elkins Park, Pennsylvania)|St. Paul's Episcopal Church]], which he founded.]]  Jay Cooke was heavily involved in financial scandals with the Canadian government and caused the [[Prime Minister of Canada|Prime Minister]] [[John A. Macdonald]] to lose his office in the 1873 election.  Cooke's shares in the Northern Pacific Railway were purchased for pennies on the dollar by [[George Stephen, 1st Baron Mount Stephen|George Stephen]] and [[Donald Smith, 1st Baron Strathcona and Mount Royal|Donald Smith]], who then finished building the [[Canadian Pacific Railway]].

In the mid-1860s, Cooke had taken his son-in-law, [[Charles D. Barney]], into the firm.  After Jay Cooke & Company collapsed in the 1873 panic, Barney reorganized the firm as Chas. D. Barney & Co.<ref>[https://archive.org/details/lastpartnerships0000geis/page/37 The last partnerships: inside the great Wall Street money dynasties].  McGraw-Hill Professional, 2001</ref>  Jay Cooke, Jr.—Cooke's son and Barney's brother-in-law—joined the new firm as a minority partner.<ref name=wallstpeople>[https://books.google.com/books?id=fUc01ErRe88C&pg=PA6 Wall Street people: True stories of the great barons of finance].  John Wiley and Sons, 2003</ref><ref name=Citi>{{Cite web | url = http://www.citi.com/citigroup/corporate/history/smithbarney.htm | title = Citigroup – History | work = Citi.com }}  Retrieved on August 12, 2008.</ref>

By 1880, Cooke had met all his financial obligations, and through an investment in the Horn Silver Mine in Utah, had again become wealthy.<ref>{{Cite web |url=http://historytogo.utah.gov/utah_chapters/mining_and_railroads/whenthehornsilverminecrashedin.html |title=When the Horn Silver Mine Crashed, historytogo.utah.gov |access-date=2016-04-24 |archive-date=2017-11-25 |archive-url=https://web.archive.org/web/20171125180537/http://historytogo.utah.gov/utah_chapters/mining_and_railroads/whenthehornsilverminecrashedin.html }}</ref> He died in the Ogontz (now [[Elkins Park, Pennsylvania|Elkins Park]]) section of [[Cheltenham Township, Pennsylvania|Cheltenham Township]], [[Pennsylvania]], on February 16, 1905.<ref name="EB1911"/>