Misplaced Pages

#972027

35-594: The present incarnation of the Duluth News Tribune is the outcome of the merger and takeover of several earlier publications. Duluth's first weekly newspaper, The Duluth Minnesotian, was first published by Dr. Thomas Preston Foster, an editor of the St. Paul Minnesotian , on April 24, 1869. After a year of The Duluth Minnesotian publishing unfavorable articles about city services and local politics, Duluth's Mayor Joshua Carter and local investor Jay Cooke invited

70-585: A Congressional investigation of the Treasury – though the investigation was never realized. Cooke moved to Duluth, Minnesota after purchasing land, particularly in Carlton and St. Louis counties, mostly through 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

105-834: A Fargo-based media firm, announced the purchase of the News Tribune on June 7, 2006. Forum Communications publishes a number of newspapers in the region, including The Forum of Fargo-Moorhead , the Rochester Post Bulletin and the Grand Forks Herald . The Duluth News Tribune is available daily in an on-line form, and is printed twice weekly for mail delivery on Wednesdays and Saturdays. 46°46′59″N 92°06′17″W  /  46.783132°N 92.104751°W  / 46.783132; -92.104751  ( D: Duluth News Tribune ) Jay Cooke Jay Cooke (August 10, 1821 – February 16, 1905)

140-514: A Republican newspaper. Although it was unprofitable, it made him a favorite of various Washington officials, including Treasury Secretary Salmon P. Chase , Senator John J. Sherman , and General Ulysses S. Grant . These alliances made Cooke a particular asset to his brother Jay; Chase's friendship allowed the Cookes to become war profiteers during the Civil War, selling bonds and establishing

175-664: A fire in San Francisco left him burdened with debts.) He returned to Ohio, joined the Sandusky Register as a journalist, and by 1856 had become the newspaper's sole editor and proprietor. That same year he became a presidential elector for John C. Fremont , the first Republican candidate for President of the United States . By 1860, Cooke was the proprietor of the Ohio State Journal ,

210-404: A national bank at Washington and another at Philadelphia almost as quickly as Congress could authorize the institutions. In the early months of 1865, the government faced pressing financial needs. After the national banks saw disappointing sales of "seven-thirty" notes, the government again turned to Cooke. He sent agents into remote villages and hamlets, and even into isolated mining camps in

245-563: A nationwide sales campaign, appointing about 2,500 sub-agents who traveled through every northern and western state and territory, as well as the Southern states as they came under control of the Union Army. Meanwhile, Cooke secured the support of most Northern newspapers, purchasing ads through advertising agencies, and often working directly with editors on lengthy articles about the virtues of buying government bonds. These efforts heralded

280-433: A particular type of patriotism based on classical liberalist notions of self-interest. His editorials, articles, handbills, circulars, and signs most often appealed to Americans' desire to turn a profit, while simultaneously aiding the war effort. Cooke quickly sold the $ 500 million in bonds, and $ 11 million more. Congress immediately sanctioned the excess. Cooke influenced the establishment of national banks , and organized

315-510: Is still in use by investment bankers in IPOs and other security issuances. Although Cooke's bond campaigns were widely praised as a patriotic contribution to the Union cause, his huge personal financial gains did not go unnoticed. Notorious for stalling the deposit of bond proceeds into federal coffers, he was accused of corruption, and on December 22, 1862, Representative Charles R. Train proposed

350-699: 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

385-558: The Pacific Mail Steamship Company was organized. Cooke afterward lived in San Francisco, where he was connected with shipping interests. He was the first to announce to the authorities at Washington , through a despatch from the military governor of California, the discovery of gold in the Sacramento valley . Becoming involved by suretyship for a reckless speculator, he lost his fortune. (Another source says

SECTION 10

#1732793718973

420-571: The Congress to unite the governments of Washington, Georgetown , and Washington County under a single territorial government for the District of Columbia, with the governor of the District to be appointed. Congress passed the bill in January 1871, and in the following month, President Ulysses S. Grant made Cooke, his friend (and an ally of Shepherd), governor of the District. As governor, Cooke

455-504: 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. 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. Cooke himself

490-859: The First Washington National Bank. In addition, Cooke became the Congressional Radical Republicans ' factotum in maintaining power over the District of Columbia , financing (along with fellow Republican Alexander Robey Shepherd ) the election of Sayles J. Bowen as Mayor of Washington, D.C. In 1870, the national capital was in dire financial straits, with both Congress and local government more involved with racial integration and civil rights policies for former slaves than with fiscal solvency or basic city services. With popular sentiment behind him, Republican political boss Alexander Shepherd convinced

525-465: The Freedman's Bank. Both institutions went bankrupt in 1876. Congress investigated and recommended that Henry Cooke and others be indicted, but no one ever was. The failure of Jay Cooke & Co. forced Henry Cooke, his wife, and their three young children to move in with Cooke's eldest daughter and her husband. In 1875, Cooke earned a substantial sum as the executor of the estate of Salmon P. Chase ,

560-589: The Ogontz (now Elkins Park ) section of Cheltenham Township , Pennsylvania , on February 16, 1905. Cooke married Dorothea Elizabeth Allen in 1844; she died in 1871. He died in Elkins Park, Pennsylvania , in 1905 at the age of 83. Cooke owned a summer home , constructed in 1864–65 and still standing, on the small island of Gibraltar in the Lake Erie harbor of Put-in-Bay, Ohio . John Brown 's son Owen

595-583: The United States consul there, but was shipwrecked. He was detained after the wreck at St. Thomas , where he conceived the idea of a steamship line from New York to San Francisco via the isthmus of Panama and wrote about his idea to the Philadelphia United States Gazette and the New York Courier and Enquirer . Consul W. G. Moorhead told other State Department officials about the idea, and in about two years

630-415: The bay from his summer home on Gibraltar. After he had been forced to give up his Ogontz estate in bankruptcy , he later repurchased it and converted it into a school for girls. A number of geographic features are named in his honor, including: Henry D. Cooke Henry David Cooke (November 23, 1825 – February 24, 1881) was an American financier, journalist, railroad executive, and politician. He

665-652: The company, such that it took out several unsecured loans to fund its operations, notably from the Freedman's Savings Bank , which served freed African-American slaves and their descendants. Henry Cooke sat on the boards of both the Seneca Sandstone Company and the Freedman's Bank and facilitated the loans, though this was a clear conflict of interest. With the Panic of 1873, the indebted Seneca quarry could not pay its debts back, which in turn helped undermine

700-474: The formerly independent District sections of Washington, Georgetown , and Washington County had eased their factional tensions and accepted unified rule over the District, upon which the universally beloved Shepherd would become governor. Cooke suffered a serious setback when Jay Cooke & Co. failed on September 18, 1873, in the Panic of 1873 . The impending failure of the bank had already forced his resignation on September 10 as territorial governor. Cooke

735-572: 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. Jay Cooke, Jr.—Cooke's son and Barney's brother-in-law—joined the new firm as a minority partner. By 1880, Cooke had met all his financial obligations, and through an investment in the Horn Silver Mine in Utah, had again become wealthy. He died in

SECTION 20

#1732793718973

770-652: The owner of Superior, Wisconsin 's Superior Tribune to move his paper across the canal to Duluth. This owner, Robert C. Mitchell, published the renamed Duluth Tribune on May 4, 1870. The Duluth Tribune was soon renamed the Duluth Daily Tribune . Meanwhile, The Duluth Minnesotian merged with another local newspaper, the Duluth Weekly Herald, to become The Duluth Minnesotian-Herald in 1875, later dropping "Minnesotian" to become an evening paper, The Duluth Herald . The first News-Tribune

805-619: The private banking house of Jay Cooke & Company in Philadelphia. Soon after the war began, the state of Pennsylvania borrowed $ 3 million ($ 101,730,000 today ) to fund its war efforts. In the early months of the war, Cooke worked with Treasury Secretary Salmon P. Chase to secure loans from the leading bankers in the Northern cities. (Cooke and his brother , a newspaper editor, had helped Chase get his job by lobbying for him, even though all were former Democrats.) Cooke's own firm

840-551: The sale of government loans. In 1862, Jay Cooke opened a Washington branch of his Jay Cooke & Co. financing firm, making Henry the partner in charge of that office. Sherman's position on the Commission of Ways and Means allowed Henry Cooke to gain a profitable contract for government binding, and in 1862 helped to make him President of the Washington and Georgetown Street Railroad Company . He also became President of

875-403: The west, and persuaded rural newspapers to praise the loan. Between February and July 1865, he disposed of three series of the notes, reaching a total of $ 830,000,000. This allowed the Union soldiers to be supplied and paid during the final months of the war. It was in this effort that he pioneered the use of price stabilization. This practice, whereby bankers stabilize the price of a new issue,

910-539: Was a pioneer Ohio lawyer and Whig , a member of the Ohio General Assembly , and a member of Congress from Ohio from 1831 to 1833. In 1838, Cooke went to Philadelphia, where he entered the banking house of E. W. Clark & Co. as a clerk, and became a partner in 1842. He left this firm in 1858. On January 1, 1861, just months before the start of the American Civil War , Cooke opened

945-624: Was also involved in one of the scandals that plagued the Grant administration known as the Seneca Stone Ring Scandal. The owners of the Seneca Quarry , the Seneca Sandstone Company, had sold shares to senior Republican leaders in 1867 at half price, including Ulysses Grant a year before his election to the presidency, in the hopes of buying influence in the post-war building boom in Washington, D.C. This move undercapitalized

980-420: Was an American financier who helped finance the Union war effort during the American Civil War and the postwar development of railroads in the northwestern United States. He is generally acknowledged as the first major investment banker in the United States and creator of the first wire house firm. Cooke was born at Sandusky, Ohio , the son of Eleutheros Cooke and Martha Carswell Cooke. Eleutheros Cooke

1015-587: Was created as a result of the merger of the Duluth Tribune and another daily paper, the Duluth News in 1892. In 1929, this morning paper was purchased by The Duluth Herald . Ridder Publications, later renamed Knight Ridder Inc., bought both papers in 1936. The pair were merged in 1982 to form the News-Tribune & Herald , shortened simply to Duluth News-Tribune in 1988. In 2000, the hyphen

1050-680: Was forced into bankruptcy . Jay Cooke was heavily involved in financial scandals with the Canadian government and caused the 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 and Donald Smith , who then finished building the Canadian Pacific Railway . In

1085-457: Was omitted, leaving Duluth News Tribune as the paper's title. In 2006, The McClatchy Company purchased Knight Ridder Inc., acquiring the Duluth News Tribune in the process. The McClatchy Company decided to sell 12 of Knight Ridder's 32 daily newspapers, including the Duluth News Tribune and Minneapolis' Star Tribune , due to a company acquisition philosophy limiting purchases to "newspapers in fast-growing markets." Forum Communications ,

Duluth News Tribune - Misplaced Pages Continue

1120-439: Was so successful in distributing Treasury notes that Chase engaged him as special agent to sell the $ 500 million in "five-twenty" bonds – callable in five years and matured in 20 years – authorized by Congress on February 25, 1862. The Treasury had previously tried and failed to sell these bonds. Promised a sales commission of 0.5 percent of the revenue from the first $ 10 million, and 0.375 percent of subsequent bonds, Cooke financed

1155-840: Was the younger brother of Philadelphia financier Jay Cooke . A member of the Republican political machine in post- Civil War Washington, D.C. , Cooke was appointed first territorial governor of the District of Columbia by Ulysses S. Grant . Born in Sandusky, Ohio , in 1825, a son of Congressman Eleutheros Cooke , Henry D. Cooke studied at Allegheny College in Meadville, Pennsylvania, and Transylvania University in Lexington, Kentucky, where he graduated in 1844. He began to study law but soon turned his attention to journalism. In 1847, he sailed for Valparaiso , Chile, as an attaché to

1190-441: Was uninterested in the day-to-day running of the city, preferring his business interests and lobbying for his brother. Although he was chief executive officer of the city's Board of Public Works, he did not bother to attend the meetings, allowing the board's vice president—Shepherd—to take over. In truth, even in his other duties, Cooke was largely an agent for Shepherd's agenda. Cooke was widely predicted to stay in power only until

1225-620: Was winter caretaker for some years. The island was a lookout for Commodore Perry during the Battle of Lake Erie in 1813. A devout Episcopalian , Cooke regularly gave 10 percent (a tithe ) of his income for religious and charitable purposes. He donated funds to the Philadelphia Divinity School and for the building of Episcopal churches. These include St. Paul's Episcopal Church in Elkins Park, Pennsylvania , and St. Paul's Episcopal Church on South Bass Island, across

#972027