Cleveland and Toledo Rail-Road Co. Issued to and Signed by D.N. BarneyInv# AG2206 Stock
Stock issued to and signed on back by D.N. Barney.
Danford Newton Barney (March 4, 1808 – March 8, 1874) was an American expressman who served as president of Wells Fargo & Company from 1853 to 1866.
Barney was born in 1808 at Henderson, New York, the son of John Barney (1775–1863) and Sarah (née Grow) Barney. His father was a farmer in Jefferson County, New York, when Danford and his younger brother Ashbel were born.
He was a descendant of Jacob Barney of Bradenham, Buckinghamshire, England, who settled at Salem, Massachusetts, about 1630. Through his brother, he was uncle to Charles T. Barney, the president of the Knickerbocker Trust Company, the collapse of which shortly before Barney's death sparked the Panic of 1907.
As a young man, Barney went to Sacketts Harbor, New York, where he was cashier in a bank. In 1842, Barney and his brother, Ashbel, went to Cleveland, Ohio, and engaged in business as forwarding and commission merchants as Danford N. Barney & Company. Barney resided in Cleveland at 24 Public Square and later 169 Euclid Street.
In 1849, Barney moved to Buffalo, New York, where he was a commission merchant and proprietor of a bank. When Edwin Barber Morgan resigned as president of Wells Fargo & Company on November 26, 1853, Barney was elected to succeed him. He was also elected to the board of directors, of which he remained a member until 1870.
In 1856, he moved to New York City. Besides serving as president and a director of Wells Fargo, Barney was also a director of John Butterfield's Overland Mail Company, organized in 1857 to provide government mail coach service from Tipton, Missouri, to San Francisco, California, by way of El Paso, Texas, and Yuma, Arizona. On April 15, 1863, Danford Barney, Benjamin Pierce Cheney and William Fargo were appointed a committee in New York to go to California "in the best interests of the company". Traveling by stage, they spent most of July, all of August, and most of September 1863 in California looking after the company's affairs. Similarly, on February 8, 1865, Barney was asked to visit London "in reference to a financial agency of the California Railroad" (i.e., the Central Pacific Railroad, the western portion of the transcontinental railroad then under construction).
Barney was President of Wells Fargo until the company was merged into the Holladay Overland Mail and Express Company on November 1, 1866. The surviving company was thereupon renamed Wells Fargo & Company. Barney resigned as president of Wells Fargo to devote more time to his own business, the United States Express Company; and Louis McLane was elected president on November 1, 1866.
In 1870, Danford Barney retired from the board of directors of Wells Fargo. He was one of the incorporators of the New York Elevated Railroad in 1871, serving as president upon his death.
The Junction Railroad was chartered March 2, 1846, to build from Cleveland west to Toledo. The Toledo, Norwalk and Cleveland Railroad was chartered March 7, 1850, to build from Toledo east to Grafton on the Cleveland, Columbus and Cincinnati Railroad. The latter company opened on January 24, 1853, finally forming a continuous Buffalo-Chicago line. On September 1 the two companies merged to form the Cleveland and Toledo Railroad, with the Junction Railroad becoming the Northern Division and the Toledo, Norwalk and Cleveland the Southern Division. The Northern Division opened from Cleveland west to Sandusky on October 24, 1853, and the rest of the way to Toledo on April 24, 1855. The Northern Division was abandoned west of Sandusky due to lack of business, but the track was relaid in 1872, merging with the Southern Division at Millbury, east of Toledo. In 1866 the Southern Division east of Oberlin was abandoned and a new line was built to Elyria on the Northern Division, ending the use of the Cleveland, Columbus and Cincinnati Railroad.
In October 1867, the Cleveland, Painesville and Ashtabula Railroad leased the Cleveland and Toledo Railroad. The CP&A changed its name to the Lake Shore Railway on March 31, 1868, and on February 11, 1869, the Lake Shore absorbed the Cleveland and Toledo. On April 6 the Michigan Southern and Northern Indiana Railroad and Lake Shore merged to form the Lake Shore and Michigan Southern Railway, which absorbed the Buffalo and Erie Railroad on June 22, giving one company the whole route from Buffalo to Chicago. The main route passed through Dunkirk, NY, Erie, PA, Ashtabula, OH, Cleveland, OH, Toledo, OH, Waterloo, IN and South Bend, IN. An alternate route (the Sandusky Division) in Ohio ran north of the main line between Elyria and Millbury (not all track was laid until 1872). From Toledo to Elkhart, the Old Road ran to the north, through southern Michigan, and the through route was called the Air Line Division or Northern Indiana Air Line. Along with various branches that had been acquired (see below), the Monroe Branch ran east from Adrian, MI to Monroe, where it intersected the leased Detroit, Monroe and Toledo Railroad. At some point the original line to Toledo was abandoned west of the branch to Jackson, MI (Palmyra and Jacksonburgh Railroad), with the new connection at Lenawee Junction, the crossing between that branch and the line to Monroe.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.