Banking and other roles Amasa Stone

1 banking , other roles

1.1 banking , finance
1.2 metals manufacturing
1.3 other business ventures

banking , other roles
banking , finance

stone s interest in industries , services other railroads emerged after moved cleveland. in 1856, stone—along hinman hurlbut, stillman witt, joseph perkins, james mason, henry perkins, morrison waite, , samuel young—purchased toledo branch of state bank of ohio. stone served bank s president 1857 1864. toledo branch reorganized national bank in 1866.

stone helped organize cleveland banking company in 1863 stillman witt, george a. garretson, jeptha wade, , george b. ely, , elected first board of directors. merged second national bank in 1868, , stone elected president of successor bank in january 1873. resigned in january 1874.

stone helped reorganize commercial bank on march 1, 1865, after initial 20-year charter expired. rechartered commercial national bank, stone elected director of bank , in 1879 served vice president. stone director of bank of commerce (although when became director not clear). elected president of bank in 1873, resigned in late 1874 , replaced hiram garretson. director of merchants bank (although dates of service not clear).

metals manufacturing

stone s interests extended heavily metallurgy , metals manufacturing. in 1863, stone, george b. ely, , others helped organize mercer iron & coal company in mercer county, pennsylvania. stone named director of company, , later president (although date of latter service not clear). stone co-founded union iron company (later union iron & steel co.) in chicago brother, andros stone, , mining magnate jay c. morse. stone loaned brother $800,000 ($15,561,081 in 2016 dollars) organizer business.

a third steel mill organized stone cleveland rolling mill (later known american steel & wire co.), organized on november 9, 1863. firm established in 1857 chisholm, jones , company, , in 1860 company reorganized stone, chisholm & jones after family-run business received major investments amasa stone, henry chisholm, andros stone, stillman witt, jeptha wade, , henry b. payne. andros stone managed firm. changed name cleveland rolling mill company, purchased cleveland wire mill co. in 1866, , obtained control of union rolling mill co. of chicago in 1871. @ point, stone invested substantial sum in kansas city rolling mill company of kansas city, missouri.

stone founded union steel screw company in 1872 andros stone, william chisholm, henry chisholm, , henry b. payne. factory, located @ case , payne avenues in cleveland, 1 in united states making steel wood screws @ time.

in january 1881, stone , others provided financial assistance veteran brass manufacturer joel hayden, jr. in establishing joel hayden brass works in lorain, ohio.

about 1875, stone invested $500,000 in new iron foundry of brown, bonnell & co. of youngstown, ohio. placed on board of directors of firm (although date of departure board unclear).

other business ventures

stone had number of other business interests , ventures in addition banking , metallurgy. upon arrival in cleveland in 1850, stone created cleveland stone dressing company parker handy, j.p. bishop, william e. beckwith, f.t. backus, j.h. morley, h.k. raynolds, reuben hitchcock, , john case. company bought large stone quarries in berea (the old eldridge quarry ) , independence, , built small railroad ship stone cleveland. there, established stoneyard on west bank of cuyahoga river, , dredged river make navigable ships carrying dressed stone. cleveland stone dressing furnished stone number of large mansions in cleveland; first presbyterian church of east cleveland; ontario legislative building in toronto, ontario, canada; , residence of senator henry b. payne. firm closed in 1854 due lack of demand. stoneyard later taken on rhodes & co., major coal distributor.

other business interests included cleveland woolen mill (established in 1861), , position on board of directors of buckeye insurance company (which held in 1869). on february 26, 1870, stone, jeptha wade, worthy s. streator, j.p. robinson, , others formed northern ohio fair after state refused allow ohio state fair hosted city of cleveland. group purchased 87 acres (350,000 m) of land on st. clair avenue in glenville neighborhood , erected fair buildings there. stone served fair s first president. in 1877, stone dabbled in real estate constructing building on st. clair avenue in cleveland s warehouse district. structure housed koch, goldsmith, joseph & company clothing firm, later (as joseph , feiss company) became 1 of largest clothing retailers in nation.

both historic , modern sources amasa stone invested in wide range of factories, including manufactured automobiles, railroad cars, , bridges.

stone had position on board of directors of western union telegraph company. jeptha wade had been president of western union in 1866, , stone may have invested @ time in company. 1880, cornelius vanderbilt major investor in firm, , rumored have controlling interest in it. vanderbilt had stone appointed western union s board of directors in 1881. stone served on board until death in 1883.

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