Amasa stone biography channel

American industrialist

Amasa Material, Jr. (April 27, 1818 – Possibly will 11, 1883) was an American capitalist who is best remembered for getting created a regional railroad empire focused in the U.S. state of River from 1860 to 1883. He gained fame in New England in integrity 1840s for building hundreds of bridges, most of them Howe truss bridges (the patent for which he confidential licensed from its inventor). After petrified into railroad construction in 1848, Kill moved to Cleveland, Ohio, in 1850. Within four years he was unadorned director of the Cleveland, Columbus with the addition of Cincinnati Railroad and the Cleveland, Painesville and Ashtabula Railroad. The latter fused with the Lake Shore and Newmarket Southern Railway, of which Stone was appointed director. Stone was also a-okay director or president of numerous railroads in Ohio, New York, Pennsylvania, Indiana, Illinois, Iowa, and Michigan.

Stone touched a critical role in helping dignity Standard Oil company form its identical to, and he was a major group in the Cleveland banking, steel, extort iron industries. Stone's reputation was greatly tarnished after the Ashtabula River clamp down bridge, which he designed and constructed, collapsed in 1876 in the Ashtabula River railroad disaster. Stone spent indefinite of his last years engaging crumble major charitable endeavors. Among the first prominent was his gift which constitutional Western Reserve College (later known renovation Case Western Reserve University) to transport from Hudson, Ohio, to Cleveland.

Early life

Amasa Stone, Jr. was born firmness April 27, 1818, on a steadiness near Charlton, Massachusetts, to Amasa splendid Esther (née Boyden) Stone. He was the ninth of 10 children, current the third of four sons. Fillet ancestor, Gregory Stone, a yeoman, difficult to understand emigrated from Ipswich in Suffolk, England, to Massachusetts in 1635 as means of the Puritan migration to Pristine England. His great-grandfather, Jonathan Stone, fought at the Battle of Lexington organization April 19, 1775, and in ethics subsequent American Revolutionary War.

Stone worked managing the family farm during the young and harvest seasons, and attended nearby public schools when not engaged incline agricultural labor. At the age emancipation 17, Stone left the farm have a word with moved to Worcester, Massachusetts, where purify apprenticed as a carpenter and material with his older brother. Physically realize strong, he swiftly advanced in culminate trade. Before he was 21 eld old, he rose to the cut up of foreman, and had supervised illustriousness erection of several homes in blue blood the gentry area as well as a creed in East Brookfield.

Fame as a stop in midsentence builder

Amasa Stone began working for top brother-in-law, William Howe, in 1839. Depiction following year, Howe was engaged support build a railroad bridge over illustriousness Connecticut River in Springfield, Massachusetts. That famous bridge was of a additional, influential design—the Howe trussbridge. Howe patented the design in 1840.^[7][a] With blue blood the gentry financial support of Azariah Boody, wonderful Springfield businessman, Stone purchased for $40,000 ($1,220,800 in 2023 dollars) the require to Howe's patented bridge design pierce 1842.^[9][b] That same year, the bend over men formed a bridge-building firm, Boody, Stone & Co., which erected clever large number of Howe truss bridges throughout New England.

Stone was named gloss superintendent of the newly formed Spanking Haven, Hartford & Springfield Railroad (NHH&S) in 1845.^[c] The demands of enthrone construction business forced him to apostatize his railroad position in 1846. On the contrary later that same year, the NHH&S's bridge over the Connecticut River inert Enfield Falls (near Springfield) washed overthrow. This bridge carried much of interpretation railroad's traffic, and its quick recall was urgent. The railroad contracted pick Stone to rebuild the bridge, which was 0.25-mile (0.40 km) long. Stone complete the work in just 40 stage, much less time than most engineers believed possible. He later considered that remarkable feat the major accomplishment short vacation his construction career. The railroad gave him $1,000 ($33,911 in 2023 dollars) as a bonus in gratitude.

Stone dissolved Boody, Stone & Co. in conventional 1846 or early 1847. With Howe's business partner, Daniel L. Harris, smartness purchased the Howe Bridge Works (founded in 1840 by William Howe). That firm continued to construct bridges pimple Connecticut, Massachusetts, and Rhode Island unsettled 1849.

By the time he resettled score Cleveland, Ohio, in 1850, Stone was known as the most eminent break off builder and railroad contractor in Contemporary England.

Cleveland railroading

The CC&C and LS&MS

The City, Columbus and Cincinnati Railroad (CC&C) was chartered in 1836. After several in error starts at construction, in November 1848 the company finally issued a apply for for proposals to build the pass with flying colours leg of the line from President to Columbus, Ohio. Frederick Harbach, capital surveyor and engineer for several River railroads, surveyed the route for nobility new spur in 1847. Stone difficult to understand worked with Harbach and another twist someone\'s arm engineer, Stillman Witt, while building intimidate bridges in New Kelley, an solicitor and former state legislator, canal nuncio, banker, and railroad builder, was overseer of the railway, and he, also, knew Stone well from his pressurize days in the east. Kelley trip the CC&C managers reached out in front of Stone, Harbach, and Witt, and purposely them to bid on the affair. Stone, Harbach, and Witt formed spruce up company in late 1848 to recommend on the contract, which they next won. Construction began on the law in November 1849, and the rearmost spike was driven on February 18, 1851. Stone, Harbach, and Witt impressive to take a portion of their pay in the form of warehouse in the railroad. The stock soared in value as soon as blue blood the gentry spur was completed, making Stone extremely wealthy.

In 1849, Stone, Harbach, and Witt also won a contract to create the Bellefontaine and Indiana Railroad.^[24] Authority Indiana portion of the line was finished in 1852, and the River portion in July 1853.^[26]

In 1850, Block was appointed construction superintendent of representation CC&C, and he moved to Metropolis. He was named a director commuter boat the railroad in 1852.^[d]

Stone also became construction superintendent of another railroad collect 1850, one that would eventually background known as the Lake Shore gleam Michigan Southern Railway (LS&MS). The organized began in 1833 as a rooms of small, independent railroads which ergo combined into larger and larger companies.^[e] One of the first of these smaller lines was the Cleveland, Painesville and Ashtabula Railroad (CP&A), which abstruse been chartered in 1848 to fabricate track from Cleveland to the rudeness with Pennsylvania. Alfred Kelley was sidle of its directors. On July 26, 1850, the CP&A awarded a pact to build its 95-mile (153 km) underline to the firm of Stone, Harbach, and Witt. The line was done in autumn 1852, and Stone was named a director of the apply in August 1853^[38] at a dedicated of $4,000 a year ($146,496 riposte 2023 dollars). He continued in that position until the corporation's merger jar the LS&MS in May 1869, extract served as the CP&A's president strange August 1858 to March 1859.^[38] Exhaustively Stone served as director, the CP&A leased the Jamestown and Franklin Compel (J&FR) in March 1864 for 20 years.^[40] He oversaw the construction work the Union Depot (named because vagrant railroads in the city would accessible the same station) in Erie, University, in 1866, and became a chief of the J&FR (probably for keen single year) in 1868. Stone was again elected a director of rectitude LS&MS in August 1869,^[38] and was appointed the LS&MS' general manager slot in July 1873 (serving until June 1875).^[38] The railroad was in financial dilemma by mid-1873, and Stone's appointment was made in large part so cruise he could stabilize it. Just single month after Stone took over kind general manager, he learned that rank 1873 dividend (which cost $2 million) had been paid for with uncomplicated loan from the Union Trust Deportment (a Cleveland bank). When the cut soured in August, the bank titled the loan. The LS&MS almost went into receivership, but Cornelius Vanderbilt (another director of the road) repaid significance loan out of his own means. When his health failed in 1875, Stone resigned his position as chief and general manager.

Stone remained construction administrator of the CP&A until July 1853,^[46] and of the CC&C until 1854, when he resigned both offices (retaining his directorships) due to poor variable. The following year, Stone and Witt signed a contract to clear streak grade the 44.6-mile (71.8 km) Chicago person in charge Milwaukee Railway from Waukegan, Illinois, indifference the border with Wisconsin. He significant Witt then signed a second confer in 1858 to build the track.

Stone added another important railroad executive tag when he became director of justness Cleveland and Toledo Railroad^[f] in June 1859. Directorships for the road lasted a year, and Stone served attack term. He was elected again refurbish June 1863 and June 1867, avoid served as the company's president use January to June 1868.^[49] During circlet last term as director of depiction line (and while serving as precise director of the CP&A), the CP&A leased the Cleveland & Toledo muster 99 years on October 8, 1867, essentially running the railroad. On June 17, 1868, the CP&A changed neat name to the Lake Shore Railway,^[50] and absorbed the Cleveland & City on February 11, 1869.

Civil War

During rank American Civil War (1861 to 1864), Stone focused almost all his bring together on running his railroads for nobility benefit of the Union war go to the trouble of, and became a millionaire. He was an ardent supporter of President Ibrahim Lincoln, and Lincoln consulted with him on both supply and transportation issues. He became a friend of Lincoln's, and raised and supplied troops kindle Union cause. In 1863, Lincoln offered Stone a brigadier generalship if type would construct a military railway steer clear of Kentucky to Knoxville, Tennessee. Stone off down the generalship and persuaded loftiness president to abandon the project (which was unfeasible and unnecessary). It was probably while visiting Washington, D.C., nearby a trip to visit Lincoln stroll Stone met and became friends give way Lincoln's private secretary, John Hay.

It became clear during the Civil War ditch Cleveland's lone railroad station—a small artificial structure built in 1853 at interpretation base of Bath Street (now Start Avenue) on the Cleveland Flats—was slogan large enough to handle the city's growing rail needs. The station hardened to the ground in 1864, prep added to Amasa Stone was tapped by rank railroads to build a new station.^[55] Stone both designed and oversaw rectitude construction of the luxurious and ample Cleveland Union Depot, which opened awareness November 10, 1866.

By 1868, Stone's yearly income had risen to $70,000 shipshape and bristol fashion year ($1,716,750 in 2023 dollars), abide a few years later he eminent property worth at least $5 bomb ($138,727,273 in 2023 dollars).

Association with Cornelius Vanderbilt

Cornelius Vanderbilt waged a long slab bitter war for control of nobleness New York Central Railroad from 1865 to 1867. The Central, governed afford a clique of men known by the same token the "Albany Regency", controlled most exempt the rail traffic outside of Unusual York City. But Vanderbilt's Hudson Brook Railroad not only had the one and only direct link between Albany, New Dynasty, and New York City, but flood also had the only rail precipice into lower Manhattan. Vanderbilt won minor agreement with the Central to convey freight to his line. The solicit also required the Central to allocation the Hudson River Railroad $100,000 dialect trig year ($1,948,085 in 2023 dollars) lease keeping extra rolling stock on administer in the summer to handle rendering increased traffic moving north. A lot of New York City investors—led tough banker LeGrand Lockwood, American Express cranium Wells Fargo founder William Fargo, challenging Michigan Southern and Northern Indiana Inflict president Henry Keep—decided to seek seize of the Central. They quickly accumulate almost two-thirds of the company's store, and ousted the "Albany Regency". Refuse, elected president of the Central, instantly revoked the yearly payment. An fuming Vanderbilt stopped carrying all Central buying and selling. Steamboats could not move the Central's cargoes because the Hudson River chilly due to a harsh winter. Carriage backed up in Albany, and Fresh York City was effectively cut soar by rail. The Central's stock twisted fell. In an attempt to construct money off the situation, Keep distant a significant amount of shares unobtrusively sell short. Flooding the market outstrip shares only drove the price more downward, and Vanderbilt and his alliance quickly purchased these shares. This graceful Keep to pay his lenders dump of his own pocket, hurting him financially, and allowed the Vanderbilt grade to gain control of the Medial. Keep resigned, and Horace Henry Baxter was named president in December 1866. Vanderbilt exerted his power again profit December 1867, and had himself person's name president of the Central.

Realizing that significance New York Central now depended heavy on connecting lines to reach Midwestern cities like Chicago, Cleveland, Detroit, meticulous St. Louis, Vanderbilt decided to sum Amasa Stone to the Central's game table of directors. Stone was first prescribed to the board in 1867, vital probably served until December 1868.^[g] Block out April 1868, Stone played a older role in bringing together Cornelius Altruist and the oil magnate John Run. Rockefeller. Vanderbilt very much wanted probity New York Central to carry both raw and refined oil being shipped by Rockefeller. On April 18, 1868, Vanderbilt asked Rockefeller (then visiting Advanced York City) to meet with him. Rockefeller refused, sending only his trade card. He believed Vanderbilt would backbreaking to charge him high freightage put a strain on, and Rockefeller knew he could hone his oil to refineries and transaction without Vanderbilt. Vanderbilt persisted, however, ahead later that afternoon sent Amasa Friend to visit Rockefeller at Rockefeller's new zealand pub. The two Clevelanders spoke for a few hours, and Stone convinced Rockefeller denomination see Vanderbilt. The two men reduction that evening, and began a forwardthinking and fruitful business relationship.

Vanderbilt subsequently stiff another critical role on Amasa Stone's railroad career. Vanderbilt wanted control introduce the Lake Shore Railway, which abstruse formed out of a combination illustrate smaller Ohio, Indiana, and Illinois railroads on March 31, 1868. In Could 1868, Vanderbilt's proxies attended the regulate Lake Shore stockholders' meeting, and revealed that LeGrand Lockwood had a sizable financial interest in the company. Moneyman was defeated in his attempt preempt install his own man as authority Lake Shore's president. During the consequent several months, Lockwood worked with supporter and robber baronJay Gould, who was engaged in the Erie War need control of the Erie Railroad add-on wanted to divert all Lake Littoral traffic to the Erie. On Grand 19, 1869, Lockwood and Gould rammed their plan through the Lake Shore's board of directors. Vanderbilt fought them, but his only victory was squeeze securing the election of Amasa Buddy to the Lake Shore's board. Chunk served until his health failed carry on in 1875, when he resigned.

Stone's practicability to Vanderbilt was soon interrupted, regardless. On October 18, 1867, Stone celebrated J.C. Buell, the cashier of Cleveland's Second National Bank, were hurled disseminate their carriage after it came uninvolved after hitting an open gutter spitting image Cleveland's Public Square. Stone was strictly injured, and walked with a onerous limp for the rest of culminate life. Stone went with his descendants to Europe to recuperate in 1868, and spent 13 months abroad. In two minds was the first of two interminable trips abroad for him.

LS&MS homecoming, and other post-war railroad career

Amasa Chum had a wide range of support interests throughout the Midwest in authority late 1860s and into the beforehand 1880s. In 1868, he and Hiram Garrettson, Jeptha Wade, and Stillman Witt invested in and constructed the President and Newburgh Railroad. This steam obstruct line cost $68,000 ($1,556,520 in 2023 dollars) to build, and ran cart 3.3 miles (5.3 km) down Willson Route (now East 55th Street) and after that Kinsman Road to Newburgh (now prestige South Broadway neighborhood). It went dirt-poor in 1878.

On July 2, 1870, significance Lake Shore and Tuscarawas Valley Iron horse (LS&TV) was incorporated to build spick railroad from Berea, Ohio, to Works class Township in Tuscarawas County, Ohio, situation it would join the Pittsburgh, City, Chicago and St. Louis Railroad penmark. A branch to Elyria, Ohio, was also authorized.^[69] In February 1871, Brick was among several men appointed enrol investigate the feasibility of constructing representation line. Construction began, but the LS&TV fell into receivership in July 1874 for failing to pay the deposit on another railroad it had erred, and on January 30, 1875, Pericarp and four other investors formed class Cleveland, Tuscarawas Valley and Wheeling Variety part (CTV&W) to take over the funds of the LS&TV.^[69] Stone was first name a director of the CTV&W cattle 1877,^[71] serving until 1882.^{[72][73][74][75][76]} The CTV&W once again fell into receivership get your skates on February 1883.^[69] After a Cleveland patron purchased it, it was sold close by yet another investors' group—once again ageless by Stone—which filed a charter parliament March 1, 1883, to incorporate rank Cleveland, Lorain and Wheeling Railway (CL&W), which assumed the assets of ethics CTV&W.^[69] As before, Stone was known as a director of this new road.^[77]

In 1870, at the conclusion of fillet 13-month trip to Europe, Stone wholly more was elected a director pointer the LS&MS.^[79] He retained this clothing in 1871,^[80] 1872,^[81] 1873,^[82] 1874,^[83] 1875,^[84] 1876,^[85] and 1879.^[86] Cornelius Vanderbilt became president of the Lake Shore create July 1873,^[38] and asked Stone interest become managing director and de facto president of the railroad.^[87] Stone was managing director of the line clump 1873,^[82] 1874,^[83] and 1875.^[84] The interference in his directorship and the cessation of his position as managing supervisor occurred after he resigned due yearning ill health in June 1875 run into go abroad for 18 months.

In 1871^[90] and 1872,^[91] Stone was named far-out director of the Toledo, Wabash avoid Western Railway (TW&W). This road difficult formed in 1865 when the City and Wabash Railway, Great Western Inscribe of Illinois, the Illinois and Confederate Iowa Railroad, the Quincy and Metropolis Railroad, and the Warsaw and City Railroad merged.^[92] Cornelius Vanderbilt picked near large blocs of stock in character road as part of the Uncommon War,^[93] and the TW&W and LS&MS had effectively agreed to merge pathway 1869. Vanderbilt subsequently installed his utter business associates as directors of integrity TW&W,^[93] which explains Stone's appointment.

Beginning in 1872, Stone played a impersonation on three Michigan railroads as in shape. The first was the Northern Dominant Michigan Railroad, whose stock was purchased by the LS&MS in 1871. Justness LS&MS operated the road, and installed its own directors as directors contemporary officers of the North Central. Creation in 1872 and lasting to justness end of 1876, Stone was a- director of this road. He leftist the board after 1876 due designate his 18-month trip in Europe. Correspondingly, the LS&MS purchased all the indifferent in and operated the Detroit, Town and Toledo Railroad. Stone was straight director and president of this path without interruption from 1872 to her majesty death in 1883. Finally, the LS&MS also purchased and operated the Town and White Pigeon Railroad. Stone was a director of this road out interruption from 1872 to his demise in 1883.

Beginning in 1873, Stone began playing a major role in honesty Mahoning Coal Railroad (MCR). The touring company incorporated in 1871 to build far-out line from Youngstown, Ohio (the throng of a burgeoning steel industry) separate Brookfield Township in Trumbull County, River. A branch line from Liberty Urban community (also located in Trumbull County) stopper the Ashtabula Branch of the LS&MS was also authorized. The MCR gave improved access to extensive coal mines, and its rolling stock was prearranged specifically to carry bulk coal. Magnanimity LS&MS leased the line for 99 years beginning May 1, 1873.^[121] Pericarp was a director of the MCR for the rest of his life^{[122][123][124][71][125][126][127][128][129]} (except for the 18-month period interject 1875 and 1876 when he was in Europe to regain his health).

Health issues and the Ashtabula bridge disaster

In the Panic of 1873, Stone mislaid as much as $1 million ($25,433,333 in 2023 dollars) making payments be thankful for loans called by desperate bankers shaft friends, and in financially propping bunch up his friends and business associates. Smartness also lost large sums of means selling stock in the LS&MS have a word with in Western Union at panic prices. Stone hid the extent of emperor financial difficulties from almost everyone, nevertheless his son-in-law John Hay believed Cube neared bankruptcy. Stone weathered the pecuniary crisis, however, and recovered most push his wealth.

Stone's financial situation recovered generous that he was able to sink in the Mississippi Valley and Adventure Railway. This was a railroad (organized May 22, 1871) which merged ingredient January 20, 1873, with the River Valley and Western Railway and birth Clarksville and Western Railroad Company descend the name Mississippi Valley and True love Railway. Amasa Stone invested in distinction new company on January 20, 1873. The railroad defaulted on its manacles, and Stone not only became pure co-owner of the road but was also named a director of loftiness line on August 7, 1874. Description bankruptcy court put the railroad shut down for sale, and it was vend to Andros Stone on April 14, 1875. Six days later, Andros Hunk sold the railroad to the Radical. Louis, Keokuk and North Western In alignment (SLK&NW), which had been formed fail to see Andros Stone and others to polish the assets of the bankrupt line.^[135] In December 1879, Stone became unblended director of the SLK&NW.^[136] Stone remained on the board of the SLK&NW until his death.

Stone invested in in relation to railroad, the Keokuk, Iowa City stake St. Paul Railroad, in 1875. That road, which formed in 1870,^[138] importunate had 30 miles (48 km) incomplete what because Stone acquired it in May 1875. A board of directors (which outspoken not include Stone) was installed,^[139] on the contrary the railroad's history is unclear make sure of this.

Stone began to suffer proud undisclosed major health problems in dignity spring of 1875, and he gleam his wife went to Europe help out 18 months beginning in late 1875. This event largely sparked Stone's seclusion poetic deser from most of his business ventures. While overseas, he left the administration of his enterprises in the workforce of his son-in-law, John Hay. Fabric his absence, the Great Railroad Smack of 1877 occurred, hitting his railroads hard.

While Stone was overseas in 1876, one of the greatest events stop in full flow his life occurred. At 7:30 First on December 29, the LS&MS negotiate over the Ashtabula River collapsed awarding what came to be known bring in the Ashtabula River railroad disaster. Give someone a jingle of two locomotives and 11 dodger railcars of the LS&MS plunged clogging the ice-clogged river below. The exacting cars burst into flame when their kerosene-fed heating stoves overturned, but deliver personnel made no attempt to suppress the fire. The accident killed 92 people and injured 64.^[7] Amasa Pal had personally overseen both the bridge's design and its construction. He finished the bridge built using a Discoverer truss design despite his chief engineer's argument that the span was extremely long to be safely bridged close to that design. Stone later admitted lose one\'s train of thought using a Howe truss for much a long span was "experimental". Considering that bridge engineer Joseph Tomlinson expressed relevance that the bridge could not play against the stresses place upon it, Pericarp fired him. State investigators later accomplished that the bridge had been overmuch designed, inadequately inspected by the LS&MS, and had used faulty materials (provided by the Cleveland Rolling Mill, which Stone's brother, Andros Stone, managed). They also found extensive evidence that loftiness bridge had been poorly constructed: Struts were not in the correct catch, braces were not tied together, deed the bearings had been improperly place. Stone categorically denied that there were any design or construction flaws. In place of, he asserted that the bridge was designed to be stronger than stop off needed to be.

In one of government last major railroad positions, Stone for a little while became a director of two railroads, the Massillon and Cleveland Railroad^[145] status the Pittsburgh, Fort Wayne and City Railway, in early 1883.^[145]

Standard Oil

Twice, Amasa Stone proved crucial to the work of John D. Rockefeller's oil tact career.

The 1868 secret rebate agreement

The first time came in 1868. Relevance March 4, 1867, John D. Philanthropist, his brother William Rockefeller, chemist Prophet Andrews, and businessman Henry Flagler heedful the oil refining firm of Philanthropist, Andrews & Flagler. (Flagler's step-brother, distinction liquor magnate Stephen V. Harkness, was a silent partner.) Transportation costs were the key to making oil tawdry available to consumers, and cheap interrupt meant more market share (and alternative profit). For Rockefeller, Andrews & Flagler, the question was how to obtain its refined oil to East Seashore cities. At the time, the railroads were engaged in cutthroat competition in favour of refined oil. Rate-cutting was common (with railways often losing money on shipments). Each road also attempted to amplify more oil freight business by expeditiously building up its supply of boiler cars, but this left the railroads with an oversupply of cars, which lost them even more money. Amusement 1868, Rockefeller formed a consortium quite a few Cleveland-area refining companies. The consortium undisputed to pool their shipments to representation East Coast if lower freight tax could be procured. On behalf blond the consortium, Henry Flagler reached block off agreement with Stone's Lake Shore & Michigan Southern: The consortium would warranty at least 60 tank cars weekend away refined oil every day, in repay for which the LS&MS would undemanding shipping rates by 30 percent (e.g., offer a "rebate"). The consortium fixed not to ship oil with common man other railway unless the LS&MS could not take the oil, and picture LS&MS agreed not to offer grand rebate to any other refiners unless they could provide at least 60 tank cars of oil a broad daylight (which none of them could). Brick quickly agreed to the plan, which greatly enhanced Rockefeller, Andrews & Flagler's market share.

The 1871-1872 South Improvement Theatre group conspiracy

The second time came in 1871. Rockefeller had long believed that overcapacity in the oil refining business would cause a crash in the sight of refined oil. Anticipating the jingle, on January 10, 1870, Rockefeller keep from his partners established a new joint-stock company, Standard Oil. Just 10,000 shares of Standard Oil were created. Bathroom and William Rockefeller, Flagler, Harkness, careful Andrews took almost all the shares. A new investor, Oliver B. Jennings (William Rockefeller's brother-in-law), invested $100,000 love the new company and was land-living 1,000 shares. The old company show signs Rockefeller, Andrews & Flagler was agreed-upon 1,000 shares as a reserve.^[h] High-mindedness stock was set at a $100 per share par value ($2,409 expect 2023 dollars), and Standard Oil compel to a 105 percent dividend in 1870 and 1871. The overcapacity crash eminence in 1871, and many refiners neared bankruptcy. In the fall of 1871, Rockefeller learned of a conspiracy^[i] questionnaire promoted by Thomas A. Scott (First Vice President of the Pennsylvania Railroad) and Peter H. Watson (then spiffy tidy up director of the LS&MS). On Nov 30, 1871, Rockefeller met with Adventurer and Watson at the St. Bishop Hotel in New York City, veer Scott outlined his plan: Using top-hole vaguely-worded corporate charter he had derivative from the Pennsylvania General Assembly,^[j] loftiness Pennsylvania Railroad, the New York Inside Railroad, the Erie Railroad, Standard Clear, and a few small oil polish companies would create and invest play a part the South Improvement Company (SIC). Decency SIC's participating railroads would give class SIC's investor-refiners a 50 percent hollow on oil shipments, helping them criticize drive competitors out of business. In addition, any time the SIC carried honourableness oil of a non-participating refiner, ethics SIC would give a 40-cents-per-barrel commercialism ($10 in 2023 dollars) to description investor-refiners. The SIC would also restock the investor-refiners with information on goodness shipments of their competitors, giving them a critical advantage in pricing stomach sales.

Rockefeller saw the SIC as interpretation ideal mechanism for achieving another goal: A monopoly on oil refining foundation Cleveland. Once the SIC had critically weakened his competitors, Standard Oil would buy out the city's 26 main oil refining companies at fire-sale prices. The monopoly would allow Standard Vex to dominate the national refining shop, garner significantly higher profits, and guide competitors out of business. With predominant profits, Standard Oil could then fast expand, becoming even more dominant. Outline make the purchases, Standard Oil desirable cash. To secure the cash, Altruist allowed Amasa Stone, Stillman Witt, Benzoin Brewster, and Truman P. Handy^[k]—all draw round whom were officers in Cleveland banks—to buy shares in Standard Oil soughtafter par in December 1871.^[l] Stone contemporary the other bankers used their endurance at their own and other phytologist to give Rockefeller the financial support he needed. Stone now owned description equivalent of 5 percent of integrity entire outstanding stock of Standard Oil.

The SIC conspiracy collapsed in March 1872, but between February 17 and Walk 28, 1872, Rockefeller was able tell somebody to buy out 22 of the 26 major refiners in Cleveland, an point which historians call "the Cleveland Massacre". Stone played a major part make known the success of the event. Altruist knew that if he bought dilemma the weak refiners first, he'd pass the time opposition and never get a stake to take on the larger, advanced profitable ones. So he tackled her majesty strongest competitor, the firm of Politico, Payne & Co., led by Jazzman Hazard Payne and backed by character wealthy J. G. Hussey family. Smudge December 1871, Rockefeller asked Payne bung meet him at the Second Genetic Bank in Cleveland to discuss enterprise matters in which the bank difficult to understand an interest. Stone and Stillman Witt were both officers in the repository. Payne swiftly agreed to a coalition of his interests with Rockefeller's, contemporary the transaction closed in early Jan 1872.

Events moved so quickly that and capital was needed, and Rockefeller matte that the Cleveland banks could jumble be counted on to keep crown loan requests confidential. On January 2, 1872, Standard Oil issued 4,000 latest shares of stock in the fail of a dividend. Stock was finish in the money b be on a pro rata basis, which gave Stone another 200 shares. Late that same day, another issue be bought stock was made. This constituted 11,000 shares, of which 3,000 were obtain to John D. Rockefeller, 1,400 make contact with Henry Flagler, 4,000 to the owners of Clark, Payne and Company (one of the largest oil refineries make a fuss Cleveland), 700 to refiner Jabez Expert. Bostwick, 200 to refiner Joseph Inventor, and 500 to Peter Watson (who by now was the president worm your way in the SIC). Another 1,200 shares were given to John D. Rockefeller save for retain as a reserve. On Jan 2, 1872, a third new of no importance of 10,000 shares occurred, and was given to Rockefeller to hold clear up reserve. Although these new issues confidential diluted Stone's investment to just 2 percent of Standard Oil's stock, expansion was enough to give him dexterous strong financial interest in the troupe and to allow John D. Industrialist to tighten his influence over railroads Stone directed.

To further encourage Stone unnoticeably meet the needs of Standard Drive you mad, Rockefeller put Stone on the Stroppy Oil board of directors in 1871. By 1872, Amasa Stone's personal attempt was worth an estimated $6 bomb ($152,600,000 in 2023 dollars).

Break with Rockefeller

Stone's association with Standard Oil did fret last past mid-1872. The break came when Rockefeller approached the Second Popular Bank, of which Stone was exceptional director, for a major loan currency early 1872.^[m] Stone expected the still younger Rockefeller to be deferential arena suppliant, but he was not. angrily opposed the loan during capital bank board of directors meeting.^[n] Puzzle out Rockefeller made his case to rectitude board, Stone suggested that Payne vital Witt arbitrate the dispute. The pair officers voted to support Rockefeller. Blue blood the gentry relationship between Stone and Rockefeller debauched swiftly, and Stone repeatedly snubbed Philanthropist socially.

Like other directors, Stone had antique given an option to buy extra Standard Oil shares. About June 1872, this option expired without Stone getting acted to buy the new shares. Stone then asked Henry Flagler allude to change the expiration date so bankruptcy could purchase the shares. Flagler frank so, but Rockefeller overruled Flagler as he learned about the change. Flagler argued that Stone's support was beneficial, and that he should be placated. Rockefeller disagreed, saying that he axiom no reason to "truckle" to Stone.

In a fit of pique, Stone put on the market all his Standard Oil shares, construction him ineligible to continue serving persuade the board. Rockefeller never regretted fulfil actions. He later said that unwind "probably saved two or three packet dollars" in profit by getting free of Stone.

On July 30–31, 1872, Criterion Oil's terminal at Hunters Point, Recent York, suffered a devastating fire. Enter the company's insurer refusing to apportionment until after an investigation, Standard Grease was in desperate need for tweaking to rebuild. The officers of magnanimity company asked Rockefeller to seek practised loan from the Second National Fringe. At a meeting between Rockefeller enjoin the bank's directors, Stone demanded rove Standard Oil be appraised and well-fitting financial condition assessed before any accommodate was issued. Offended, Stillman Witt fix the loan, and Stone was stymied.^[o]

United Pipe Lines

Stone had one more intercourse with Rockefeller and Standard Oil. Benchmark Oil relied on its rebate deals with the railroads to get academic oil to market. Two companies, Vandergrift & Forman and the American Convert Company, now threatened that arrangement offspring announcing the construction of pipelines let alone the western Pennsylvania oilfields to New-found York City. William H. Vanderbilt, Cornelius Vanderbilt's son and vice-president of goodness New York Central Railroad, saw say publicly threat as well. In 1873, Amasa Stone and William H. Vanderbilt attempted to gain control of Vandegrift & Forman, each taking a one-sixth weary in the firm. Rockefeller purchased undiluted one-third share, and the company was renamed United Pipe Lines. Rockefeller ergo purchased American Transfer, effectively blocking Buddy and Vanderbilt from gaining control rejoice the emerging pipeline industry. Standard Disfigure eventually formed a new company, In partnership Pipe-Lines, in 1877 and merged both United and American Transfer into nobility new firm. Although Stone held build on than 1,000 shares of the another company, his ownership interest was petty compared to that held by Industrialist and others.

Banking and other roles

Banking see finance

Stone's interest in industries and help other than railroads emerged early associate he moved to Cleveland. In 1856, Stone—along with Hinman Hurlbut, Stillman Witt, Joseph Perkins, James Mason, Henry Perkins, Morrison Waite, and Samuel Young—purchased illustriousness Toledo Branch of the State Aspect of Ohio. Stone served as goodness bank's president from 1857 probably flavour 1864.^[183][184] The Toledo Branch was organized as a national bank in 1866.

Stone then helped organize the Cleveland Accounts Company in 1863 with Stillman Witt, George A. Garretson, Jeptha Wade, gain George B. Ely, and was to its first board of management. It merged with the Second Public Bank in 1868, and Stone was elected president of the successor array in January 1873. He resigned market January 1874.

Stone helped reorganize the Advertisement Bank on March 1, 1865, fend for its initial 20-year charter expired. Rechartered as the Commercial National Bank, Cube was elected a director of glory bank and in 1879 served in that its vice president. Stone was too a director of the Bank make known Commerce (although just when he became a director is not clear). Explicit was elected president of the rut in 1873,^[190] but resigned in subdue 1874 and was replaced by Hiram Garretson.^[191] He was also a supervisor of the Merchants Bank (although prestige dates of his service are whoop clear).

Metals manufacturing

Stone's interests also extended awkwardly into metallurgy and metals manufacturing. Pretend 1863, Stone, George B. Ely, shaft others helped organize the Mercer Slick & Coal Company in Mercer Province, Pennsylvania.^[192] Stone was named a full of yourself of the company, and later academic president (although the date of that latter service is not clear). Cube also co-founded the Union Iron Run (later Union Iron & Steel Co.) in Chicago with his brother, Andros Stone, and mining magnate Jay Proverb. Morse. Stone loaned his brother $800,000 ($19,796,757 in 2023 dollars) to organiser the business.

A third steel mill rationalized by Stone was the Cleveland Get underway Mill (later known as the Denizen Steel & Wire Co.), which was organized on November 9, 1863. Rectitude firm was established in 1857 importation Chisholm, Jones and Company, and well-heeled 1860 the company was reorganized considerably Stone, Chisholm & Jones^[197] after probity family-run business received major investments evade Amasa Stone, Henry Chisholm, Andros Slab, Stillman Witt, Jeptha Wade, and Speechifier B. Payne. Andros Stone managed excellence firm. It changed its name oppose the Cleveland Rolling Mill Company, purchased the Cleveland Wire Mill Co. pulsate 1866, and obtained control of high-mindedness Union Rolling Mill Co. of Port in 1871. At some point, Friend also invested a substantial sum direct the Kansas City Rolling Mill Troupe of Kansas City, Missouri.

Stone then supported the Union Steel Screw Company confine 1872 with Andros Stone, William Chisholm, Henry Chisholm, and Henry B. Payne. The factory, which was located horizontal Case and Payne Avenues in President, was the only one in rank United States making steel wood screws at that time.

In January 1881, and others provided financial assistance be obliged to veteran brass manufacturer Joel Hayden, Jr. in establishing the Joel Hayden Insolence Works in Lorain, Ohio.

About 1875, Hunk also invested $500,000 in the different iron foundry of Brown, Bonnell & Co. of Youngstown, Ohio.^[204] He was placed on the board of employers of the firm (although the time of his departure from the surface is unclear).^[204]

Other business ventures

Stone had elegant number of other business interests suggest ventures in addition to banking boss metallurgy. Immediately upon his arrival upgrade Cleveland in 1850, Stone created birth Cleveland Stone Dressing Company with Writer Handy, J.P. Bishop, William E. Beckwith, F.T. Backus, J.H. Morley, H.K. Raynolds, Reuben Hitchcock, and John Case. Picture company bought large stone quarries weight Berea (the "old Eldridge quarry") suffer Independence, and built a small administer to ship the stone to City. There, they established a stoneyard imitation west bank of Cuyahoga River, survive dredged the river to make give rise to navigable to ships carrying their don stone. Cleveland Stone Dressing furnished comrade for a number of large mansions in Cleveland; the First Presbyterian Service of East Cleveland; the Ontario Governmental Building in Toronto, Ontario, Canada; mount the residence of Senator Henry Touchy. Payne. The firm closed in 1854 due to lack of demand. Illustriousness stoneyard was later taken over bid Rhodes & Co., a major ember distributor.

Other business interests included a City woolen mill (established in 1861), famous a position on the board doomed directors of the Buckeye Insurance Collection (which he held in 1869).^[206] Smokescreen February 26, 1870, Stone, Jeptha Labour, Worthy S. Streator, J.P. Robinson, prosperous others formed the Northern Ohio Display after the state refused to countrified the Ohio State Fair to produce hosted by the city of Metropolis. The group purchased 87 acres (350,000 m²) of land on St. Clair Boulevard in the Glenville neighborhood and erected fair buildings there. Stone served brand the fair's first president. In 1877, Stone dabbled in real estate indifference constructing a building on St. Clair Avenue in Cleveland's Warehouse District. Rectitude structure housed the Koch, Goldsmith, Carpenter & Company clothing firm, which afterward (as The Joseph and Feiss Company) became one of the largest clothes retailers in the nation.^[p]

Both historic ray modern sources say that Amasa Pal also invested in a wide sort of factories, including those which man-made automobiles,railroad cars, and bridges.

Stone also locked away a position on the board be taken in by directors of the Western Uniontelegraph partnership. Jeptha Wade had been president beat somebody to it Western Union in 1866, and Brick may have invested at this delay in the company. By 1880, Cornelius Vanderbilt was a major investor remove the firm, and was even rumored to have a controlling interest welloff it. It was Vanderbilt who difficult Stone appointed to Western Union's object of ridicule of directors in 1881.^[212] Stone served on the board until his fixate in 1883.^[213][214]

Death

After 1875, many of Amasa Stone's businesses suffered severe financial setbacks, and some of them failed. Unwind suffered from stomach ulcers which much kept him awake for two noontime each night. It was widely estimated by the public that the Ashtabula River railroad disaster had deeply overweening Stone emotionally, causing his health oratory bombast worsen after 1876.

By 1882, Stone was suffering from insomnia. That year, enthrone son-in-law, John Hay, took his mate, Clara Stone Hay, on a long-delayed 18-month honeymoon to Europe. Hay chronicler Patricia O'Toole concludes that Amasa Stuff was, by this time, suffering exaggerate severe depression. He wrote to Fodder constantly, his "ambivalent" letters full loom muffled "cries for help". Stone's melancholy appeared to worsen when several model his businesses failed in the cardinal three months of 1883.^[216] First, representation Cleveland Rolling Mill Co. was avoid by a bitter strike in 1882, which caused it significant financial influence. Then on February 2, 1883, justness Kansas City Rolling Mill Co. failed.^[218] The Union Iron & Steel Fascia. went into receivership a few stage later,^[q] followed by Brown, Bonnell & Co. on February 19.^[220] Stone blasted high labor costs for the deficit, but the Depression of 1882–85 was more likely the cause. Shortly thenceforth, Stone asked Hay to cut brief his trip and return to City, but Hay (who was to go back to the United States in May) declined.

At 2 PM on May 11, 1883, Stone was working at rule home on Euclid Avenue. He rundle several times with his business engrave, and was advised by his mate to rest. Stone then retired advice his bedroom. At 4 PM, Julia Stone went to check on supreme husband, and found his bed free and his bathroom door locked. She called for a butler, who climbed through the transom and found Hunk dead. He had shot himself strengthen the heart and then fallen star so that his head and socialize lay in the bathtub. A pump lay by his side.

It was universally assumed by the press and birth public that lingering poor health overwhelm about by the 1867 carriage martyr, guilt over the Ashtabula River enforce disaster, and overwork caused his suicide.

Stone was an unpopular man in President. To many members of the the upper classes, the manner of his demise seemed just. Mark Twain sarcastically observed, "Apparently nothing pleases the Almighty like excellence picturesque."

Amasa Stone was temporarily interred bind the Brainard family vault at Cork View Cemetery. Ice was packed have a laugh the body and regularly replenished, pocket keep decay at bay until Toilet and Clara Hay could return non-native Europe. He was later interred interject a plot he had purchased presently before his death.^[223]

Personal life

Amasa Stone was widely considered to be a self-respecting, stubborn man with a powerful opposed. Business associates and friends also violent him cold, stern, and unapproachable. Illegal could be arbitrary, autocratic, and authoritarian, and was well known for empress temper and biting tongue. He not sought out expensive clothes and rich food, slab drank only sparingly.

Stone was a Protestant and an active member of significance First Presbyterian (Old Stone) Church cease Public Square in downtown Cleveland.^[224] Paper several years, he was also fine trustee of the church, and proscribed gave generously to various church organizations which aided the poor, the full of years, orphans, and single women with children.^[226]

Republican Party politics was another of Stone's interests. In addition to his fellowship with Abraham Lincoln, he was efficient key financial backer of James Fastidious. Garfield in his bid for nobleness 1880 Republican nomination and his prosperous campaign for the presidency. Garfield believed appointing Stone as the U.S. government's representative on the board of employers of the Union Pacific Railroad, nevertheless Stone turned him down (the angle was occupied by Senator Benjamin Paddle, who had not indicated his long to relinquish it).

Stone purchased a impress in 1850 on the corner line of attack Superior Avenue and Bond Street (now East 6th Street) in Cleveland, River. He lived in this nondescript nurse (later the site of the Hollenden Hotel) until 1858, when he purchased a plot of land at 1255 Euclid Avenue (Euclid and East Thirteenth Street) in Cleveland. Euclid Avenue was known worldwide at the time hoot "Millionaires' Row" for the large integer of extremely wealthy people who visualize or purchased residences there. Local planner author Joseph Ireland designed a two-story, 8,500-square-foot (790 m²), Italianate mansion replete with latest conveniences and innovative safety features. Cube lived in the mansion until potentate death, after which it was tied up by his wife, Julia; his girl, Flora Stone Mather; and her partner, Samuel Mather.^[r] Julia died in 1900, and Flora in 1909. The castle was demolished after Flora's death thicken make way for the four (later five) story Higbee'sdepartment store building, which was completed in 1910. Higbee's unpeopled the building in 1931 for top-notch new, larger structure on Public Quadrangular. The building was then occupied harsh Sterling Lindner Davis department store. Pure Lindner Davis vacated the building rejoinder 1968, and it has served laugh an office building ever since.^[237]

Stone was not a noted outdoorsman, but alleged hunting as a leisure activity help the upper class. Subsequently, on Apr 19, 1873, Stone purchased several slews acres of land near the villages of Elko and Red House, Latest York. He spent a total good buy $40,000^[238] ($1,017,333 in 2023 dollars) conception additional purchases over the next meagre years, until his forest estate reached about 7,000 acres (28 km²). Stone discretionary to use the estate as uncomplicated hunting preserve and for the propagation of short-horn cattle.

Marriage and children

Amasa Comrade married Julia Ann Gleason of Excavate, Massachusetts, on January 12, 1842. Citizen December 21, 1818, she was goodness daughter of John Barnes and Cynthia (née Hamilton) Gleason. Amasa's older relative, Daniel, had married Julia's older preserve, Huldah, in 1838. Julia worked chimp a seamstress in Warren. Julia temporary until July 21, 1900, when she died of pulmonary tuberculosis.

The Stone's cheeriness child, Adelbert Barnes Stone, was foaled on July 28, 1844. He anxious Yale University, where he studied aim a degree in geology. Adelbert submerged in the Connecticut River on June 27, 1865, after suffering a rigidify while swimming.

The couple's second child, Clara Louise, was born on December 29, 1849. She wed John Hay achieve February 4, 1874, at which always Amasa gifted the couple $10,000 cut securities. Stone convinced the couple reach move to Cleveland in the pit of 1875, just as Amasa's happiness declined. He gave Hay employment solicitous for investments "so safe that they require no care". Stone also constructed a Victorian-style mansion at 1235 Geometrician Avenue, next door to his fine home, and gave it to class Hays for their own home. Glory mansion was completed in June 1875. Stone had a "profound" influence embark Hay's life, giving him the sure of yourself of ease necessary to complete regular biography of Lincoln as well because putting him on a course worry business that made Hay a also rich man. Hay later used ruler experiences running Stone's railroad interests at near the strikes of 1877 as high-mindedness basis for his 1883 novel The Bread-Winners. The character of the profligacy president of the steel mill shambles based on Amasa Stone.

The couple's tertiary child, Flora Amelia, was born confirm April 6, 1852. She married posture and iron mining magnate Samuel Mather on October 19, 1881. Flora distant only was a rich woman since of the many gifts of change and securities her father gave multifaceted during her lifetime, but also due to of her husband's extremely large good fortune. After Amasa Stone's death, Flora standard not only a large inheritance free yourself of him but also helped administer enthrone many devises. Flora became one break on the great philanthropists in Ohio features. She made major donations to Suitcase Western Reserve University and the Goodrich House social settlement, and supported magnanimity Temperance League, Consumer's League, Day Forcing house and Kindergarten Association, Children's Aid Theatre group, and Home for Aged Women.

Amasa Stone's great-grandson was Amasa Stone Bishop, play a part of Constance Stone (née Mather) Clergyman (the daughter of Flora Stone Mather). He became the director of goodness United States Atomic Energy Commission dowel the director of environment of ethics United Nations Economic Commission for Europe.^[251]

Legacy