By Darlene Anderson

 

          Once again the weekly Rotary Club meeting was held using virtual reality. As the streams of faces popping up on the screen slowed, President Michelle Buria called the meeting to order. The Rotary Reflection was by Dan Maki.  He related how the Lake Superior Railroad Museum is a favorite destination for his family with his son having chosen steam engine #227 as his favorite.

          Several members “stepped forward” to self-report.  Past-President Tricia Bunten reported that the Development Team at UMD has surpassed their fund raising goal of $120 million as donations have now exceeded $140 million. As soon as the Club gathers in person, she along with Rob Hofmann and Suzanne Anderson will kick the Golden Can.  Doug Erickson announced the arrival of a second grandchild. With his wife gone to help care for mom and new baby, any prepared meals dropped off at his door would be appreciated!  Rob Hofmann assumes the new title of “Great-Uncle” as his niece gave birth to her first child.  Rob Hofmann was the only person on the meeting wearing his Rotary badge.  Good planning on his part but still a fine for not putting it back in the badge box.  Taking the honors for “Farthest Distance Attendance” was Tom Wheeler joining us from Tucson, Arizona.

          All Rotarians are encouraged to support the businesses which have participated in Club service projects. An email has been sent to all members listing the businesses.  Please use their services or purchase gift cards. Dan Dock reaffirmed how projects such as the LifeHouse and Center for Changing Lives dinners would not be possible without the help from Gary Schneider of G.B. Schneider's.

          President-Elect Dean Casperson made short work of introducing past member Ken Buehler who is the Executive Director of the Lake Superior Railroad Museum. Ken focused on Jay Cooke and his railroad.  Jay Cooke believed in Duluth and went bankrupt trying to build it. His experience and reputation as a financier grew during the Civil War as he sold war bonds to finance the Union's war effort. He sold over $1.6 billion in bonds which was one-third of all the bonds sold. Cooke was one of America's first investment bankers and The Banking House of Cooke and Company became a fixture in Philadelphia. In 1869 Cooke began buying property in Duluth using an agent, George C. Stone.  A grain elevator was erected and the first brick building in an otherwise undeveloped Duluth was constructed. Cooke's desire was to have his Northern Pacific Railway carry goods from the Duluth port to the west coast. By 1870 many people were referring to Duluth as “Cooke's Town”. But all his efforts came tumbling down on September 18, 1873 when people began demanding cash from the banks. Banks had plenty of assets but little hard cash. Jay Cooke's entire financial empire was gone in days.

          

                                             Jay Cooke

 

 

                                    The Northern Pacific Route   

 

 

                Jay Cooke Visits Duluth

 

With the Financial Panic of 1873, Duluth property values dropped dramatically, the population declined and, in 1877, the City Charter was revoked. Jay Cooke was bankrupt. He never was able to rebuild his empire, but he did repay all those to whom he owed money.  Although Cooke only visited Duluth once, he is known as the founding father of Duluth and remembered by those who visit the park named for him: “Jay Cooke State Park.”