Jay Cooke (August 10, 1821 – February 16, 1905) 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.
99-519: Cooke was born at Sandusky, Ohio , the son of Eleutheros Cooke and Martha Carswell Cooke. Eleutheros Cooke 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
198-493: A Tree City USA . According to the United States Census Bureau , the city has a total area of 21.91 square miles (56.75 km ), of which 9.73 square miles (25.20 km ) is land and 12.18 square miles (31.55 km ) is water. Sandusky occupies the defunct township Portland and borders the following townships: Sandusky has a humid continental climate ( Köppen climate classification Dfa ), typical of
297-465: A council–manager government ; there are seven city commissioners elected as a legislature and a mayor who serves as the council's president. All are elected for four-year terms. The council employs a city manager for administration. John Orzech is the current city manager and Richard R. Brady is the president of the City Commission. Sandusky is represented by Marcy Kaptur (D-Toledo) in the house. In
396-567: 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
495-416: A days-long standoff at Camden Yards . In New York, striking workers began pelting arriving trains with thrown objects, prompting a response from local police. Pennsylvania saw perhaps the worst violence of the railroad strikes; see Pittsburgh railroad strike of 1877 , Reading Railroad massacre and Scranton general strike . In Chicago, Illinois , striking workers brought freight and passenger trains to
594-427: A key point both for the movement of goods and for the movement of people. The mild climate caused by its proximity to Lake Erie also caused it to become the center of Ohio's wine industry. The presence of limestone was also important in its development. It was also a key location for ice harvesting in the 19th century. Lumber transport, stone quarrying and, in the early 20th century, manufacturing, have all contributed to
693-508: A male householder with no wife present, and 42.1% were non-families. 35.1% of all households were made up of individuals, and 12.1% had someone living alone who was 65 years of age or older. The average household size was 2.28 and the average family size was 2.93. The median age in the city was 38.5 years. 23.9% of residents were under the age of 18; 9.3% were between the ages of 18 and 24; 24.2% were from 25 to 44; 27.7% were from 45 to 64; and 15% were 65 years of age or older. The gender makeup of
792-436: A newspaper editor, had helped Chase get his job by lobbying for him, even though all were former Democrats.) Cooke's own firm 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
891-586: A period sometimes referred to as the Long Depression , most European countries experienced a drastic fall in prices. Still, many corporations were able to reduce production costs and achieve better productivity rates with industrial production increasing by 40% in Britain and by over 100% in Germany. A comparison of capital formation rates in both countries helps to account for the different industrial growth rates. During
990-717: A permanent demand for expansion. The Suez Canal was opened in 1869. 1875–1890 became "the golden years" of Giovanni de Ciotta in Rijeka. The opening of the Suez Canal in 1869 was one of the causes of the Panic of 1873 because goods from the Far East had been carried in sailing vessels around the Cape of Good Hope and were stored in British warehouses. As sailing vessels were not adaptable for use through
1089-620: A sales commission of 0.5 percent of the revenue from the first $ 10 million, and 0.375 percent of subsequent bonds, Cooke financed 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
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#17328548924691188-652: A series of economic setbacks: the Black Friday panic of 1869 , the Chicago fire of 1871 , an outbreak of equine influenza and the Boston fire of 1872 , and the demonetization of silver in 1873 . The decision of the German Empire to cease minting silver thaler coins in 1871 caused a drop in demand and downward pressure on the value of silver, which, in turn, affected the US since much of
1287-452: A standstill, leading to an order from judge Thomas Drummond that such actions were illegal. The United States Marshals Service responded by arresting dozens of strikers. In Missouri, strikers also brought rail traffic to a halt, and at least 18 people died in conflicts. In July 1877, the market for lumber crashed, leading several Michigan lumber companies to go bankrupt. Within a year, the effects of this second business slump reached all
1386-455: Is a city in and the county seat of Erie County, Ohio , United States. Situated on the southern shore of Lake Erie , Sandusky is located roughly midway between Toledo (45 miles (72 km) west) and Cleveland (50 miles (80 km) east). According to 2020 census , the city had a population of 25,095, and the Sandusky metropolitan area had 115,986 residents. Sandusky was established in
1485-597: Is a private charter school in downtown Sandusky. Monroe Prep is located in the former Monroe Elementary, which served students in Kindergarten through 6th grade as a part of the Sandusky City Schools District. It is located on E. Monroe St. on Sandusky's East Side. Sandusky is served by the Sandusky Library, which also operates a branch on Kelleys Island. Sandusky (along with nearby Port Clinton and
1584-455: Is an alternative school for students who struggle in mainstream classrooms. Sandusky Career Center offers vocational programs for adults, now located at the former Venice Elementary School. Alternatively, St. Mary Central Catholic High School , a private Roman Catholic school associated with Holy Angels Church, St. Mary's Church, and Sts. Peter & Paul Church, focuses on giving students a faith-centered learning environment. Monroe Prep Academy
1683-502: Is more stable, generally humid with thunderstorms . Fall usually is the driest season with many clear warm days and cool nights. The highest recorded temperature in Sandusky of 105 °F (41 °C) was set on July 14, 1936, and the lowest recorded temperature of −20 °F (−29 °C) was set on January 19, 1994. Historically, the Wyandot used the term andoske to refer to the river,
1782-501: 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
1881-522: Is that the name "Sandusky" is derived from the Wyandot word saundustee , meaning "water" or andusti , "cold water." In his 1734 history of New France , Charlevoix transliterated the word as "Chinouski." Sandusky Bay , formed at the mouth of the Sandusky River , is identified as "Lac (Lake) Sandouské" on a 1718 map by Guillaume DeLisle. The name "L.(Lac) Sandoski" appears on a 1733 map. Sandusky Bay
1980-580: The Baltimore and Ohio Railroad (B&O) cut workers' pay for the third time in a year. West Virginia Governor Henry M. Mathews sent the militia, under Colonel Charles J. Faulkner , to restore order but was unsuccessful, largely because the militia sympathized with the workers. The governor called on US President Rutherford B. Hayes for federal assistance, and Hayes dispatched federal troops. That restored peace to Martinsburg but proved controversial, with many newspapers critical of Mathews' characterization of
2079-464: The Bank Charter Act of 1844 would be suspended as they had been in the crises of 1847, 1857, and 1866. The ensuing economic downturn in Britain seems to have been muted – "stagnant" but without a "decline in aggregate output". However, there was heavy unemployment in the basic industries of coal, iron and steel, engineering, and shipbuilding, especially in 1873, 1886, and 1893. From 1873 to 1896,
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#17328548924692178-546: The Grant administration to develop a coherent policy on the Southern states, and the North began to steer away from Reconstruction . With the depression, ambitious railroad building programs crashed across the South, leaving most states deep in debt and burdened with heavy taxes. Retrenchment was a common response of the South to state debts during the depression. One by one, each state fell to
2277-598: The Lake Erie Islands - known in the region collectively as " Vacationland ") is served by a daily newspaper, the Sandusky Register . The Vacationland region–which encompasses Sandusky–has one locally targeted television station, religiously oriented WGGN-TV channel 52. Sandusky's location between Toledo and Cleveland means that the city is also served by stations (albeit at a fringe level) in both of those markets as well. There are 14 local radio stations serving
2376-472: The Latin Monetary Union in 1873 to suspend the conversion of silver to coins. The American Civil War (1861–1865) was followed by a boom in railroad construction. 33,000 miles (53,000 km) of new track were laid across the country between 1868 and 1873, with much of the craze in railroad investment being driven by government land grants and subsidies to the railroads. The railroad industry
2475-667: 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
2574-689: 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 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: Sandusky, Ohio Sandusky ( / s æ n ˈ d ʌ s k i / san- DUSS -kee )
2673-476: The Vienna Stock Exchange crashed since it was unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing a contraction of the money available for business lending. One of the more famous private individuals who went bankrupt in 1873 was Stephan Keglevich of Vienna, a relative of Gábor Keglevich, who had been the master of
2772-545: The Wyandot Indian village of Upper Sandusky farther upriver. Another, less accepted etymologic version claims that the city's name goes back to a Polish–American trader and frontiersman named Anthony Sadowski , a neighbor of the Boone family and co-founder of Amity village. He was employed by the governor of then British Pennsylvania as a trader and interpreter, speaking several Indian languages, especially Iroquois. He moved to
2871-829: The demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in the Great Chicago Fire (1871) and the Great Boston Fire (1872) helped to place massive strain on bank reserves , which, in New York City , plummeted from $ 50 million to $ 17 million between September and October 1873. The first symptoms of
2970-499: The " Long Depression " that weakened the country's economic leadership. In the United States , the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance. American inflation , rampant speculative investments (overwhelmingly in railroads ),
3069-478: The 1870s, embracing many economic interventionist policies, including high tariffs, nationalization of railroads, and compulsory social insurance. The political and economic nationalism also reduced the fortunes of the German and Canadian classical liberal parties. France, like Britain, also entered into a prolonged stagnation that extended to 1897. The French also attempted to deal with their economic problems by
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3168-521: The Democrats in the South, and the Republicans lost power. The end of the crisis coincided with the beginning of the great wave of immigration to the United States , which lasted until the early 1920s. After the 1873 depression, agricultural and industrial groups lobbied for protective tariffs . Conservative politicians such as Otto von Bismarck shifted from classical liberal economic policies in
3267-538: 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 was forced into bankruptcy . Jay Cooke
3366-570: The Midwestern United States, with warm summers and cold winters. Winters tend to be cold, with an average January high temperature of 32 °F (0 °C), and an average January low temperature of 19 °F (−7 °C), with considerable variation in temperatures. Sandusky averages 23.3 inches (59 cm) of snow per winter. Summers tend to be warm with an average July high temperature of 82 °F (28 °C), and an average July low temperature of 66 °F (19 °C). Summer weather
3465-567: The Pennsylvania frontier in January 1712 and could easily have made it to Lake Erie by 1718 to establish a trading post. One genealogical line of his descendants is actually called "Sandusky." This area was a center of trading and fortifications since the 18th century: the English, French, and Americans had trading posts and forts built on both the north and south sides of Sandusky Bay. George Croghan
3564-669: The Sandusky/Vacationland market. Music stations include WCPZ 102.7 FM ( hot AC ), WMJK 100.9 FM ( country ), WOHF 92.1 FM ( classic hits ), WFRO-FM 99.1 FM ( AC ), and WLEC 1450 AM / 93.5 FM ( oldies / sports / full service ), all owned by BAS Broadcasting, based in nearby Fremont . WKFM 96.1 FM (country), WLKR-FM 95.3 ( Adult album alternative ) and WLKR 1510 AM / 92.9 FM (classic hits) are all owned by Elyria-Lorain Broadcasting Co., another nearby locally based company. Also in
3663-468: The Senate, the city is represented by Sherrod Brown (D-Ohio) and J.D. Vance (R-Ohio). Sandusky Public Schools enroll 3,775 students in public primary and secondary schools. Sandusky City Schools operates six public schools. Sandusky Early Learning Academy, constructed on the grounds of the former Hancock Elementary School, serves Pre-K and Kindergarten students. Sandusky Primary School, constructed on
3762-617: The Suez Canal (because the prevailing winds of the Mediterranean Sea blow from west to east), the British entrepôt trade suffered. When the crisis came, the Bank of England raised interest rates to 9 percent. Despite this, Britain did not experience the scale of financial mayhem seen in America and Central Europe, perhaps forestalled by an expectation that the liquidity-constraining provisions of
3861-455: The United States and several European colonies caused the panic of 1873 and thus a decline in the value of silver relative to gold, devaluing India's standard currency. This event was known as " the fall of the rupee ". In the Cape Colony , the panic caused bankruptcies, rising unemployment, a pause in public works, and a major trade slump that lasted until the discovery of gold in 1886. In
3960-516: The Vienna Stock Exchange crash. In Berlin, the railway empire of Bethel Henry Strousberg crashed after a ruinous settlement with the government of Romania , bursting the speculation bubble in Germany. The contraction of the German economy was exacerbated by the conclusion of war reparations payments to Germany by France in September 1873. Two years after the foundation of the German Empire,
4059-564: The accumulation of capital not only in Germany but also in England, the Netherlands, Belgium, France, and Russia. Recovery from the crash occurred much more quickly in Europe than in the United States. Moreover, German businesses managed to avoid the sort of deep wage cuts that embittered American labor relations. There was an anti-Semitic component to the economic recovery in Germany and Austria, as small investors blamed Jews for their losses in
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4158-564: 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 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
4257-402: The average family size was 2.99. In the city the population was spread out, with 25.8% under the age of 18, 9.2% from 18 to 24, 28.5% from 25 to 44, 21.4% from 45 to 64, and 15.1% who were 65 years of age or older. The median age was 36 years. For every 100 females, there were 89.4 males. For every 100 females age 18 and over, there were 85.2 males. The median income for a household in the city
4356-401: The bay, and the general area where the city of "Sandusky" later developed. This practice was also used by French and English settlers in the area. Often in historical documents, the word "Sandusky" is used without clarification as to which specific site or location is being referred to. Historical references to "Sandusky" might mean any one of the following locations, depending also on the date of
4455-608: The brink of Lake Erie, lay there that night, and had no choice but to wait there next day, until a steamboat bound for Buffalo appeared. The town, which was sluggish and uninteresting enough, was something like the back of an English watering-place out of the season. By 1880, Sandusky had risen to a population of 16,000. There were then 20 churches and three newspapers in the community. The city boasted 29 businesses with at least 10 employees. Products being produced included lime, railroad locomotives and cars, carriages, wheels, crayons, chalk, beer, paper, baskets, and tools. By 1886 Sandusky
4554-412: The city in 1842, and briefly wrote of it in his subsequent travelogue, American Notes . Said Dickens, who rode the newly constructed MR&LE railroad from Tiffin : At two o'clock we took the railroad; the travelling-on which was very slow, its construction being indifferent, and the ground wet and marshy; and arrived at Sandusky in time to dine that evening. We put up at a comfortable little hotel on
4653-599: The city was 47.6% male and 52.4% female. As of the census of 2000, there were 27,844 people, 11,851 households, and 7,039 families residing in the city. The population density was 2,770.5 inhabitants per square mile (1,069.7/km ). There were 13,323 housing units at an average density of 1,325.7 units per square mile (511.9 units/km ). The racial makeup of the city was 74.50% White , 21.08% African American , 0.29% Native American , 0.26% Asian , 0.01% Pacific Islander , 0.97% from other races , and 2.88% from two or more races. Hispanic or Latino of any race were 3.09% of
4752-799: The city's economic development. Prior to the abolition of slavery in the United States , Sandusky was a stop for refugee slaves on the Underground Railroad , as some would travel across Lake Erie to reach freedom in Canada. Although Ohio was a free state, they felt at risk from slavecatchers because of bonuses offered under the Fugitive Slave Act of 1850 . As depicted in Harriet Beecher Stowe 's novel Uncle Tom's Cabin (1855), many refugee slaves seeking to get to Canada made their way to Sandusky, where they boarded boats crossing Lake Erie to
4851-628: The crash. The Neuer Social-Demokrat newspaper of the ADAV published several articles blaming Gerson von Bleichröder for the stock market crash. An October 29 article called Bleichröder "Bismarck's Jew". Soon, more luxury hotels and villas were built in Opatija , and a new railway line was extended in 1873 from the Vienna– Trieste line to Rijeka (Fiume), making it possible to go by tram from there to Opatija. The strong increase of port traffic generated
4950-587: The crisis were financial failures in Vienna , the capital of Austria-Hungary , which spread to most of Europe and to North America by 1873. The panic and depression hit all of the industrial nations. A similar process of overexpansion took place in Germany and Austria-Hungary, where the period from German unification in 1870 and 1871 to the crash in 1873 came to be called the Gründerjahre ("Founders' Years"). A liberalized incorporation law in Germany gave impetus to
5049-463: The depression, the British ratio of net national capital formation to net national product fell from 11.5% to 6.0%, but the German ratio rose from 10.6% to 15.9%. During the depression, Britain took the course of static supply adjustment, but Germany stimulated effective demand and expanded industrial supply capacity by increasing and adjusting capital formation. For example, Germany dramatically increased investment of social overhead capital , such as in
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#17328548924695148-485: The deteriorating financial conditions created solvency problems for life insurers. The common factor of the surviving companies was that all marketed tontines . The failure of Jay Cooke's bank and soon afterward of Henry Clews ' set off a chain reaction of bank failures and temporarily closed the New York Stock Exchange . Factories began to lay off workers as the country slipped into depression. The effects of
5247-567: The dollar. The railroad industry in the United States had seen major growth in the decades before 1873, driven in part by strong European interest in bonds issued by railroad companies. The failure of Jay Cooke & Co., heavily invested in railroad bonds, triggered a crisis in the railroad industry. In 1877, steep wage cuts led American railroad workers to launch the series of protests and riots later dubbed Great Railroad Strike . Initial protests broke out in Martinsburg, West Virginia , after
5346-410: The domestic money supply , raising interest rates and hurting farmers and others who normally carried heavy debt loads. The resulting outcry raised serious questions about how long the new policy would last. The perception of US instability in its monetary policy caused investors to shy away from long-term obligations, particularly long-term bonds . The problem was compounded by the railroad boom, which
5445-470: The early 19th century and developed as a port city at the head of Sandusky Bay . It is home to Cedar Point , one of the most popular amusement parks in the world, as well as water parks including Cedar Point Shores , Castaway Bay , Great Wolf Lodge , and Kalahari . The headquarters of Cedar Fair Entertainment Company were located in the city until it merged with Six Flags , who retains some administrative offices in Sandusky. The accepted etymology
5544-533: The events of that year were in themselves comparatively unimportant. Buda , the old capital of Hungary, and Óbuda were officially united with Pest , thus creating the new metropolis of Budapest in 1873. The difference in stability between Vienna and Berlin had the effect that the French indemnity to Germany flowed into Austria and Russia, but the indemnity payments aggravated the crisis in Austria, which had benefited by
5643-487: The excess. Cooke influenced the establishment of national banks , and organized 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
5742-755: 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 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
5841-469: The foundation of new enterprises, such as Deutsche Bank , and the incorporation of established ones. Euphoria over the military victory against France in 1871 and the influx of capital from the payment by France of war reparations fueled stock market speculation in railways, factories, docks, steamships; the same industrial branches that expanded unsustainably in the United States. In the immediate aftermath of his victory against France , Bismarck began
5940-440: The grounds of the former Ontario Elementary School, serves 1st and 2nd grade students. Sandusky Intermediate School serves grades 3rd through 6th. Sandusky Middle School, serves grades 7th and 8th, which moved to Sandusky High School after the closing of Adams Junior High (formerly served 7th grade) and Jackson Junior High (formerly served 8th grade). Sandusky High School serves 9th through 12th grade students. Sandusky Digital Academy
6039-471: The late 20th century, Battery Park Marina was developed on the original site of the MR&;LE Railroad after restructuring of the industry reduced traffic on the line. The tracks that ran through downtown Sandusky have since been removed. Most of the downtown industrial area is also being redeveloped for other purposes, including mainly marina dockage. The National Arbor Day Foundation has designated Sandusky as
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#17328548924696138-427: The management of electric power transmission lines, roads, and railroads, thereby stimulating industrial demand in that country, but similar investment stagnated or decreased in Britain. The resulting difference in capital formation accounts for the divergent levels of industrial production in the two countries and the different growth rates during and after the depression. The discovery of large quantities of silver in
6237-575: The market are WNZN 89.1 FM ( urban gospel ) and WGGN 97.7 FM ( Contemporary Christian - sister station of the aforementioned WGGN-TV). Panic of 1873 The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain . In Britain, the Panic started two decades of stagnation known as
6336-498: The money supply and thus raising interest rates made matters worse for those in debt. Businesses were expanding, but the money they needed to finance that growth was becoming scarcer. Cooke and other entrepreneurs had planned to build the second transcontinental railroad, the Northern Pacific Railway. Cooke's firm provided the financing, and ground for the line was broken near Duluth, Minnesota , on 15 February 1870. The railroad had borrowed more than $ 1.5 million from Cooke & Co, but
6435-406: The nation's railroads had failed, and another 60 had gone bankrupt by the first anniversary of the crisis. Construction of new rail lines, formerly one of the backbones of the economy, plummeted from 7,500 miles (12,100 km) of track in 1872 to just 1,600 miles (2,600 km) in 1875, and 18,000 businesses failed between 1873 and 1875. Unemployment peaked in 1878 at 8.25%. Building construction
6534-403: The panic came and became known as the Gründerkrach or "Founders' Crash". In 1865, Keglevich and Strousberg had come into direct competition in a project in what is now Slovakia. In 1870 the Hungarian government, and in 1872 the Emperor-King Franz Joseph of Austria , resolved the question of the competing projects. Although the collapse of the foreign loan financing had been predicted,
6633-493: The panic were quickly felt in New York (where 25% of workers became unemployed) and more slowly in Chicago, Virginia City, Nevada (where silver mining was active), and San Francisco. In New Hampshire, state coffers were so depleted by lost tax revenue the state government turned to private interests including tea and gunpowder manufacturer D. Ralph Lolbert for financial support. The New York Stock Exchange closed for ten days starting on 20 September. By November 1873, some 55 of
6732-402: The park has the third-largest collection of roller coasters at 17, behind only Six Flags Magic Mountain . Cedar Point is also the only park in the world to have six roller coasters with heights of over 200 feet (61 m), and numerous Cedar Point roller coasters have set world records, the most notable of these being Magnum XL-200 , Millennium Force , and Top Thrill Dragster each setting
6831-476: The periphery, the Ottoman Empire 's economy also suffered. Rates of growth of foreign trade dropped, external terms of trade deteriorated, declining wheat prices affected peasant producers, and the establishment of European control over Ottoman finances led to large debt payments abroad. The growth rates of agricultural and aggregate production were also lower during the Long Depression than the later period. The general demonetization and cheapening of silver caused
6930-507: The popular village known as Put-in-Bay ), Middle Bass Island and North Bass Island . Themed parties are a common occurrence in the summer season throughout Sandusky and on the neighboring islands, such as "Island Fest", "Rock on the Dock", and "Christmas in July"; thousands of residents and tourists join in the festivities annually. In 2008, the residents of Sandusky hosted their first annual "Barge Party", where boats from as far as Toledo and Cleveland came to dock up their boats together at
7029-408: The population. There were 11,851 households, out of which 28.9% had children under the age of 18 living with them, 38.7% were married couples living together, 16.4% had a female householder with no husband present, and 40.6% were non-families. 34.9% of all households were made up of individuals, and 13.1% had someone living alone who was 65 years of age or older. The average household size was 2.31 and
7128-538: The port of Amherstburg in Ontario . Sandusky's original plat was designed by surveyor Hector Kilbourne according to a modified grid plan , known today as the Kilbourne Plat. Kilbourne later became the first Worshipful Master of the first Sandusky Masonic Lodge, known as Science Lodge #50, still in operation on Wayne Street. His design featured a street grid with avenues cutting diagonally to create patterns reminiscent of
7227-459: The process of silver demonetization. The process began on 23 November 1871 and culminated in the introduction of the gold mark on 9 July 1873 as the currency for the newly united Reich, replacing the silver coins of all constituent lands. Germany was now on the gold standard . Demonetization of silver was thus a common element in the crises on both sides of the Atlantic Ocean . On 9 May 1873,
7326-583: The public into silver coins , but it would still mint silver dollars for export in the form of trade dollars . The Act had the immediate effect of depressing silver prices, hurting Western mining interests, who labeled the Act "The Crime of '73", but its effect was offset somewhat by the introduction of a silver trade dollar for use in Asia and the discovery of new silver deposits at Virginia City, Nevada , that resulted in new investment in mining activity. The Act also reduced
7425-731: The record for the tallest full-circuit roller coaster at one point, and GateKeeper having the highest (from ground level) inversion of any roller coaster from 2013 to 2019, and today having the fourth-highest inversion. Cedar Fair operates two water parks in Sandusky: Cedar Point Shores , an outdoor park adjacent to Cedar Point that opened in 1988, and Castaway Bay , an indoor park and resort opened in 2004. Another indoor water park, Great Wolf Lodge , opened in Sandusky in 2001 and features restaurants, arcades, spas, and other children's activities. Kalahari Resorts opened an African safari-themed indoor water park in 2005 that
7524-407: The reference. List of locations, with approximate dates of usage: As of the census of 2010, there were 25,793 people, 11,082 households, and 6,415 families residing in the city. The population density was 2,650.9 inhabitants per square mile (1,023.5/km ). There were 13,386 housing units at an average density of 1,375.7 units per square mile (531.2 units/km ). The racial makeup of the city
7623-406: The royal treasury (1842–1848) and in 1845 had cofounded a financial association to fund the expansion of Hungarian industry and to protect the loan repayments, similar to the 1870 Kreditschutzverband , an Austrian association for the protection of creditors and the interests of its members in cases of bankruptcy. That made it possible for a number of new Austrian banks to be established in 1873 after
7722-765: The sandbar, just inside Sandusky Bay. The barge party ensues twice every year, typically in late June and late July. Sandusky is home to several museums and historic homes. These include the Cooke-Dorn House historic site which was the home of Eleutheros Cooke , the Follett House Museum which was the home of Oran Follett , the Maritime Museum of Sandusky, the Merry-Go Round Museum, and the Ohio Veterans Home Museum. Sandusky operates under
7821-589: The start of the American Civil War , Cooke opened 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 ,
7920-510: The state legislature and Sandusky was designated the county seat. This led to the foundation of a court house and Sandusky becoming a regional government center. In 1846 Sandusky had a population of approximately 3,000 people. At that point Sandusky had two railroads and was also a main focus of lake traffic. The town then consisted of many stores, two printing offices, two machine shops, two banks, six churches, one high school, and several iron furnaces. The English author Charles Dickens visited
8019-516: The strikes as an "insurrection", rather than an act of desperation and frustration. One notable paper recorded a striking worker's perspective that he "had might as well die by the bullet as to starve to death by inches". Within a week, similar protests had erupted in other cities. In Baltimore, Maryland where strikers set fire to buildings owned by B.& O. Railroads and an outnumbered militia guard division opened fire when they were surrounded by rioters, killing 10 and injuring 25 more leading to
8118-511: The supply of silver was mined there . As a result, the US Congress passed the Coinage Act of 1873 , which changed the national silver policy. Before the Act, the US had backed its currency with both gold and silver and minted both types of coins. The Act moved the United States to a de facto gold standard , which meant it would no longer buy silver at a statutory price or convert silver from
8217-456: The symbols of Freemasonry . On September 17, 1835, Sandusky was the site of groundbreaking for the Mad River and Lake Erie Railroad , which brought change to the town. Industrial areas developed near the railroad and goods were transported through the port. The coal docks located west of downtown still use a portion of the original MR&LE right-of-way. In 1838, Erie County, Ohio was formed by
8316-522: The top employers in the city are: Sandusky has a tourism industry led by the Cedar Point amusement park , as well as various water parks and neighboring islands. It is also noted for being the location of the fictional "Callahan Auto Parts" in the 1995 comedy film Tommy Boy . Cedar Point is a 364-acre (147 ha) amusement park located on a peninsula on Lake Erie . America's second-oldest theme park and popularly known as "America's Roller Coast",
8415-411: The virtues of buying government bonds. These efforts heralded 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
8514-639: The way to California. The depression ended in the spring of 1879, but tension between workers and the leaders of banking and manufacturing interests lingered on. Poor economic conditions also caused voters to turn against the Republican Party . In the 1874 congressional elections , the Democratic Party assumed control of the House for the first time since the Civil War. Public opinion made it difficult for
8613-402: 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,
8712-401: Was $ 31,133, and the median income for a family was $ 37,749. Males had a median income of $ 31,269 versus $ 21,926 for females. The per capita income for the city was $ 18,111. About 12.2% of families and 15.3% of the population were below the poverty line , including 22.7% of those under age 18 and 10.2% of those age 65 or over. According to Sandusky's 2022 Annual Comprehensive Financial Report,
8811-413: Was 70.4% White , 22.0% African American , 0.4% Native American , 0.6% Asian , 1.1% from other races , and 5.5% from two or more races. Hispanic or Latino of any race were 4.9% of the population. There were 11,082 households, of which 29.4% had children under the age of 18 living with them, 32.9% were married couples living together, 19.7% had a female householder with no husband present, 5.2% had
8910-683: Was also called Lac Ondaské , in another French transliteration of the Wyandot. The river and bay gave rise to a number of eponymous forts and settlements along their shores. These consisted of the short-lived English trading post Fort Sandusky north of the bay, the French Fort Sandoské that replaced it, the British Fort Sandusky on the south shore of the bay, the American Fort Sandusky (later Fort Stephenson ) upriver at Lower Sandusky (now known as Fremont, Ohio ), as well as
9009-579: Was halted, wages were cut, real estate values fell, and corporate profits vanished. In 1874, Congress passed "the Ferry Bill" to allow for the printing of currency, increasing inflation and reducing the value of debts. The bill was vetoed by President Grant. The following year, Congress passed the Specie Resumption Act of 1875 , which would back United States currency with gold. Backing American currency with gold helped curb inflation and stabilize
9108-675: 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 the mid-1860s, Cooke had taken his son-in-law, Charles D. Barney , into
9207-521: Was incapable of paying it back. An expanding funding gap became harder to resolve due to the Credit Mobilier scandal . Due to the financial crises in Europe, Cooke could not sell the securities abroad. Just as Cooke was about to swing a $ 300 million government loan in September 1873, reports circulated that his firm's credit had become nearly worthless. On 18 September, the firm declared bankruptcy. Many US insurance companies went out of business, as
9306-421: Was incorporated as a city in 1824. Eventually the city of Sandusky encompassed most of the entire township that had been called Portland. Some of the city was built on land formerly occupied by a Native American man named Ogontz, and therefore the city is said to have been built on "Ogontz' place". Sandusky's rise in the 19th century was heavily influenced by its location at the head of Sandusky Bay. This made it
9405-513: Was one of the more prominent men who operated in this area in the 18th century. A federal fur trade factory was established in 1808 but was lost at the beginning of the War of 1812 . Development by European Americans of the city of Sandusky, starting in 1818, on the southeast shore of Sandusky Bay, followed settlement of the war of 1812. Part of the city quickly enveloped the site of an earlier small village named Portland (established about 1816). Sandusky
9504-626: Was the center of wood wheel manufacture in the United States. It was also the location of the Ohio State Fish hatchery and the Ohio Soldiers and Sailor's Home. The city developed as a center of paper-making. With a mill in the industrial area near the lake, the Hinde & Dauch Paper Company was the largest employer in the city in the early 1900s. As the 20th century progressed, the economy of Sandusky came to focus mainly on tourism and fishing. Since
9603-418: Was the largest employer outside agriculture in the US and involved large amounts of money and risk. A large infusion of cash from speculators caused spectacular growth in the industry and in the construction of docks, factories, and ancillary facilities. Most capital was involved in projects offering no immediate or early returns. A period of economic overexpansion arose from the northern railroad boom before
9702-430: Was the largest of its kind at one time. Its hotel is the largest in the state of Ohio . The resort also features an 215,000-square-foot (20,000 m ) convention center. May through August every year, Sandusky residents and incoming tourists flock to the neighboring islands north of the city, with many transportation options leaving right from downtown. The islands include Kelleys Island , South Bass Island (host of
9801-552: Was then in its later stages. In September 1873, the US economy entered a crisis. In September 1873, Jay Cooke & Company , a major component of the country's banking establishment, found itself unable to market several million dollars in Northern Pacific Railway bonds. Jay Cooke 's firm, like many others, had invested heavily in the railroads. Some investment banks were then anxious for more capital for their enterprises, US President Ulysses S. Grant 's monetary policy of contracting
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