Pine Creek Railway Company formerly The Jersey Shore, Pine Creek and Buffalo Railway Company signed by William Kissam Vanderbilt and Chauncey M. Depew - BondInv# AG1156 Bond
This gorgeous but relatively common $1000 1885 bond is quite scarce with signatures of William K. Vanderbilt and Chauncey Depew untouched by the hole cancellations. These two signatures are perfect!! Not to be confused with examples that show cancellations in the signatures. Excellent Condition.
Chauncey Mitchell Depew (April 23, 1834 – April 5, 1928) was an American attorney, businessman, and Republican politician. He is best remembered for his two terms as United States Senator from New York and for his work for Cornelius Vanderbilt, as an attorney and as president of the New York Central Railroad System.
Depew was born on April 23, 1834, to Isaac Depew (1800–69) and Martha Minot (Mitchell) Depew (1810–85).
Depew's father was a merchant and farmer who pioneered river transportation between Peekskill and New York and was descended from François DuPuy, a French Huguenot who purchased land from natives at the present site of Peekskill. Through his mother, Depew was descended from Rev. Josiah Sherman, who served as a chaplain with rank of captain in the Revolutionary War and who was the brother of American founding father Roger Sherman and Rev. Charles Chauncey, the second president of Harvard College.
Depew attended Peekskill Military Academy for 12 years before matriculating at Yale College in 1852. At Yale, Depew joined many clubs and won several honors. He won second dispute appointments in his junior and senior years and was an honored speaker at Junior Exhibition and Commencement. He joined the Thulia Boat Club, Kappa Sigma Epsilon, Kappa Sigma Theta, Psi Upsilon, and Skull and Bones. He served as third president of the Linonian Society. At Yale, he was a classmate of two future United States Supreme Court Justices, David Josiah Brewer and Henry Billings Brown. He graduated in 1856.
After graduating from Yale, Depew apprenticed in the office of Edward Wells in Peekskill and read law with William Nelson. He was admitted to the New York state bar in March 1858 and opened an office in Peekskill, where he practiced until 1861. For a few months, Depew engaged in the brokerage business in New York City as a member of the firm Depew & Potter, but then resumed his law practice in Peekskill. Depew later moved to New York City. During the American Civil War, Depew served as Adjutant of the 18th Regiment of the New York National Guard, and later Colonel and Judge Advocate of the 5th Division on the staff of Major General James W. Husted of the New York Guard.
In 1865, Depew was appointed and confirmed to the position of United States Minister to Japan, but he declined the appointment to pursue his career as a railroad and business lawyer.
In 1866, Depew became the attorney for New York & Harlem Railroad, owned by Cornelius Vanderbilt. Three years later, he took the same position for Vanderbilt's New York Central and Hudson River Railroad. Having earned recognition for his work with subsidiary companies, Depew became general counsel and director of the entire "Vanderbilt System" in 1876. He joined the executive board of the New York Central & Hudson River Railroad in 1882 and became its second vice president. In 1885, Depew was elected the railroad's president and served in that capacity until 1898 when he was succeeded by Samuel R. Callaway. Depew then became chairman of board of directors of New York Central Railroad Company until his death in 1928.
While Depew was primarily active in the Vanderbilt railroads, he held concurrent positions with many other railroads and companies. He was president of West Shore Railroad and served on the boards of directors for the New York and Harlem Railroad, the Chicago and North Western Railway, the Chicago, St. Paul, Minneapolis and Omaha Railway, the Cleveland, Cincinnati, Chicago and St. Louis Railroad, the Delaware and Hudson Railroad, the New Jersey Junction Railroad, the St. Lawrence and Adirondack Railroad, the Wallkill Valley Railroad, and the Canada Southern Railroad.
Aside from railroads, Depew also served on the boards of directors for Western Union, the Hudson River Bridge Company, the Niagara River Bridge Company, the New York State Realty & Terminal Company, the Union Trust Company, Equitable Life Assurance Company, and Kensico Cemetery Association.
Depew represented Westchester County in the New York State Assembly in 1862 and 1863. During the latter year, he sometimes acted as Speaker of the New York State Assembly pro tempore while Speaker Theophilus C. Callicot was under investigation. In 1863, he was elected Secretary of State of New York on the Union ticket and served from 1864 to 1865.
In 1867, Depew became clerk of Westchester County but resigned after a short service. In 1870, the New York Legislature named Depew Immigration Commissioner, but he declined to serve. Depew had also been commissioner of quarantine and president of Court of Claims of New York City as well as commissioner of taxes and assessments for the city and county of New York. Depew was one of the commissioners appointed to build the state capitol in 1874 and a member of the state's boundary commission in 1875.
In 1886, Depew gave an oration at the unveiling of the Statue of Liberty.
On October 7, 1897, Depew inaugurated the New York pneumatic tube mail, declaring: "This is the age of speed. Everything that makes for speed contributes to happiness and is a distinct gain to civilization. We are ahead of the old countries in almost every respect, but we have been behind in methods of communication within our cities. In New York this condition of communication has hitherto been barbarous. If the Greater New York is to be a success, quick communication is absolutely necessary. I hope this system we have seen tried here to-day will soon be extended over all the Greater New York."
In 1898, Depew nominated Theodore Roosevelt for Governor of New York at the Republican state convention.
Depew served as a delegate-at-large to each Republican National Convention from 1888 to 1904 and was elected delegate to all following conventions, including 1928, being elected the day before he died. At the convention in 1888, Depew received 99 votes for the presidential nomination. He made presidential nominating speeches for Benjamin Harrison in 1892 and Governor Levi Morton in 1896. In 1904, he made the re-nominating speech for Vice President Charles Fairbanks.
In 1906, David Graham Phillips began a muckraking series entitled "The Treason of the Senate" for William Randolph Hearst's new Cosmopolitan magazine, and targeted Depew in the first article. The article's sensational charges included labeling Depew a "boodler" owned "mentally and morally" by railroad magnates Cornelius and William Vanderbilt. The piece provoked outrage from President Roosevelt, the New York Sun and Senator Henry Cabot Lodge.
In spring 1928, Depew became ill while returning from Florida to Manhattan. He died of bronchial pneumonia in Manhattan on April 5, 1928. He was buried in the family mausoleum in Hillside Cemetery, Peekskill. In his honor, the huge concourse of Grand Central Terminal was draped in mourning.
Depew married twice. On November 9, 1871, he married Elise Ann Hegeman (1848–93) in New York City. She was the daughter of William and Eliza Jane (Nevin) Hegeman. Before her death on May 7, 1893, they had one son, Chauncey Mitchell Depew, Jr. (1879–1931), who died unmarried.
On December 27, 1901, he re-married to May Eugenie Palmer (1866–1940) in Nice, France. She was the daughter of Henry and Alice (Hermann) Palmer.
He attended Saint Thomas Episcopal Church in New York.
Depew was a member of the Yale Corporation (1888–1906). In 1887, Yale conferred him an honorary doctorate of letters. He was a founding member of the Yale Alumni Association of New York and served as its third president from 1883–92. He was also among those founding members of the Yale Club of New York City in 1897. He was a vice chairman of the $20,000,000 Yale Endowment Campaign and was elected an honorary member of Yale Class of 1889 in 1923. In his will, he left $1,000,000 to Yale without restrictions as to its use.
He served as trustee of his alma mater, the Peekskill Military Academy.
In 1877, Depew became a regent of the University of the State of New York and served until 1904.
Depew became a member of the New York Chamber of Commerce in 1885 and served as its vice president from 1904–08.
In 1918, Depew was made life member of Lawyers' Club of New York.
Depew was active in a number of patriotic and hereditary societies. He served as president of Empire State Society of the Sons of the American Revolution from 1890–99, the Pilgrims Society from 1918 until his death, the Saint Nicholas Society. He joined the Union League in 1868 and served as its president for seven years. He was elected an honorary life member at the close of his presidency. He was also a member of the Connecticut Society of the Cincinnati, the New York Society of Colonial Wars, Holland Society, Huguenot Society and the New England Society of New York. Other cultural memberships included the Metropolitan Museum of Art, American Association for the Advancement of Science, France-America Society, New York Historical Society, Historical Society of St. Augustine, Florida, American Scenic and Historic Preservation Society, National Horse Show, Lafayette Post of the Grand Army of the Republic, and the citizens' committee to complete the Cathedral of St. John the Divine.
Depew received the French Légion d'honneur in the rank of Officer.
Depew was an honorary member of the New York Genealogical and Biographical Society.
In 1887, Depew became an honorary member of Columbia chapter of Phi Beta Kappa.
Depew was a distinguished orator and after-dinner speaker and published many of those speeches. Recordings of his speeches were commercially issued as gramophone discs by Zonophone Records in the late 1890s. Depew was remembered as a prodigious speaker years after his death; many years after his death, Senator Robert S. Kerr of Oklahoma quoted Depew in an attack on a Senator from Indiana: "As I gaze on the ample figure of my friend from Indiana, and as I listen to him, I am reminded of Chauncey Depew who said to the equally obese William Howard Taft at a dinner before the latter became President, 'I hope, if it is a girl, Mr. Taft will name it for his charming wife.' "To which Taft responded, 'if it is a girl, I shall, of course, name it for my lovely helpmate of many years. And if it is a boy, I shall claim the father's prerogative and name it Junior. But if, as I suspect, it is only a bag of wind, I shall name it Chauncey Depew.'"
In 1929, May Palmer-Depew donated her late husband's papers and $120,000 to establish a department of public speaking to George Washington University. The collection is currently cared for by the university's Special Collections Research Center, located in the Estelle and Melvin Gelman Library.
In 1908, Depew gave land to Peekskill, New York, which became Depew Park. A decade later he expanded the donation by 10 acres (40,000 m2) acres and paid for a statue of himself for display in that park.
The ship Chauncey M. DePew was built for the Maine Central Railroad Company in 1913 to carry passengers to Bar Harbor. She worked along the Maine coast until 1925 when she was sold to the Day Line as an excursion boat between New York and Albany. In 1940 she was drafted to carry men and supplies between New York City and Fort Hancock on Sandy Hook. In 1950, she was sold to the government of Bermuda and spent the next 20 years as a ship's tender, harbor ferry, cruise ship and pilot boat. Back in the States, in 1971, a storm slammed her against a breakwater in Chesapeake Bay, where she lay for three years. She was refurbished and moored in the Hackensack River between Harmon Cove and the Hackensack River Route 3 Bridge, Another boat, a tugboat owned by the New York Central, was also named for him.
Many artists painted Depew, including George Burroughs Torrey. The Swiss-born American artist Adolfo Müller-Ury painted Depew numerous times. A three-quarter length portrait of Depew seated on a bale of furs was exhibited at the Paris Salon in 1890 and is now in the Yale Club of New York City. Several other portraits followed including a portrait painted for the New York State Capitol at Albany showing Depew as he was in 1863 (now New York State Museum). The artist gave a bust-length portrait to the Museum at Peekskill in 1918. Copies of an etching Müller-Ury made of Depew, signed by the artist and the sitter, are in the American National Portrait Gallery in Washington, DC, the collection of the Newport Preservation Society of Rhode Island, and the University of Cincinnati College of Design. Müller-Ury also painted Depew's first wife in 1893, and his second wife in 1902 in 18th-century costume.
The Jersey Shore, Pine Creek and Buffalo Railway was a railroad built in the early 1880s to give the New York Central and Hudson River Railroad access to the coal regions around Clearfield, Pennsylvania, United States. It was originally planned as part of a connecting line between the East Coast of the United States and Buffalo, New York.
The railroad was incorporated on February 17, 1870 to run from the vicinity of Williamsport to Jersey Shore, up Pine Creek and down the Allegheny River to Port Allegany, as part of a route to Buffalo. While it was organized under a new charter, this represented a continuation of the Jersey Shore, Pine Creek and State Line Railroad project; that corporation had made surveys up Pine Creek with the aim of connecting with another railroad on the northern border of the state, possibly extending as far west as McKean County to do so. Sobieski Ross assumed the presidency of the company and began pushing grading from Jersey Shore towards Coudersport.
On December 1, 1871, President Ross wrote to George B. McClellan, extolling the advantages of the route. McClellan was then president of the Atlantic and Great Western Railroad, which shipped petroleum to New York City over the Erie Railway. The Erie's service was felt to be unsatisfactory, and the A&GW potentially interested in a new partner. The eastern end of the A&GW was at Salamanca, New York, about 35 miles (56 km) from Port Allegany along the Allegheny River, and could easily be extended along the river to connect with the JSPC&B. At Newberry, near Williamsport, traffic could be routed onto the Catawissa Railroad and then the Central Railroad of New Jersey to reach the New York area.
Ross's letter gives a good idea of the route planned. He says that it would descend on the western side via Mill Creek, which meets the Allegheny River at Coudersport. The closest approach to the Pine Creek watershed would leave Mill Creek to climb along Nelson Run. A summit tunnel 2,300 feet (700 m) long was planned, which would suffice to carry a line from the headwaters of Nelson Run into Splash Dam Hollow, then down Lyman Run to the West Branch Pine Creek, reaching the main stream of Pine Creek at Galeton.
Besides the JSPC&B's value as a trunk line, Ross hopefully anticipated the development of traffic along the line from lumbering, coal mining, and iron manufacturing. In the end, only lumbering and tanning would play a significant role in the industry of the area. The coal beds along the Allegheny River west of Coudersport were proclaimed "worthless" by the State Geological Survey in 1885, nor could the local iron ore deposits be economically worked.
Another proposed railroad, the Rochester, Hornellsville, and Pine Creek Railroad, was chartered in 1872 and would have built south from Hornellsville, New York to the state line as part of a route from Hornellsville to Williamsport, which would have used the tracks of the JSPC&SL or JSPC&B for the portion in Pennsylvania. As originally contemplated, the Pennsylvania portion of the route would have run directly down the Pine Creek valley, but by the beginning of 1873, the RH&PC had decided that such a route would be uneconomical and had decided on a less direct route, reaching Pine Creek via the Wellsboro and Lawrenceville Railroad and an extension southwest from Antrim, Pennsylvania.
While grading of the JSPC&B began on June 12, 1873, the Panic of 1873 soon brought a halt to construction. The Gaines and State Line Railroad was chartered in 1875 with the intention of building north from the JSPC&B at Gaines to the state line to provide the link to the RH&PC. This line would have carried all the way to Geneva, New York, but was never completed. Sobieski Ross died in 1877, and was succeeded as president by John S. Ross.
During the early 1880s, the New York Central Railroad (NYC) and a consortium of coal companies from Tioga County, Pennsylvania and New York State embarked upon a bold venture. The coal companies were plagued by labor disputes, and the deposits they mined were diminishing. The NYC feared that its rival, the Pennsylvania Railroad, would use its control over coal shipments from central Pennsylvania to inflate the price of that fuel. The solution decided upon was that the coal companies, backed by the NYC, would build a new rail line into the Clearfield Coalfield and open new mines there. Coal would move north over the new line to the NYC. The JSPC&B would be a key link in the new extension. It would also link the NYC to its ally, the Philadelphia and Reading Railroad, via the latter's Catawissa Railroad subsidiary at Newberry.
George Magee, of the Fall Brook Coal Company, took control of the JSPC&B in 1881. He took advantage of a provision of the railroad's charter allowing for branches of up to thirty miles in any county traversed by the main line to build a new connection from the Fall Brook's Corning, Cowanesque and Antrim Railroad at Stokesdale Junction, near Wellsboro, and follow Marsh Creek to Pine Creek and the original JSPC&B route at Ansonia, and then pass downstream to Jersey Shore and the Reading connection at Newberry.
Magee and the NYC were not particularly interested in the remainder of the route to the west of Ansonia. He sold the roadbed from Coudersport to Port Allegany to a local group, which incorporated in 1882 as the Coudersport and Port Allegany Railroad and opened a line on the old grade between the two towns in its name in 1882. The JSPC&B continued construction on the route from Newberry to Stokesdale Junction, which ran through the spectacular Pine Creek Gorge (also known as the Grand Canyon of Pennsylvania) below Ansonia. The new line began regular service on June 4, 1883 and was opened over its whole length on July 1, 1883. The new line was not directly operated by the New York Central; rather, on December 18, 1882, it was leased to the Fall Brook Coal Company from the date of completion (officially June 30, 1883) for twenty years. The company's name was changed to the Pine Creek Railway on February 6, 1884.
Most of the rest of the planned route between Ansonia and Coudersport saw track laid by the Buffalo and Susquehanna Railroad and dependent logging lines. However, it was not connected so as to form a through route, and the summit tunnel was never built.
As the Pine Creek Railway, the new line formed an important part of the Fall Brook's system. The Fall Brook already leased the Corning, Cowanesque & Antrim and a series of NYC-controlled lines in New York, giving it a continuous line from Tioga County to the NYC main line at Lyons, New York. On July 1, 1892, the Fall Brook Coal Company separated its railroad and coal interests, transferring the Pine Creek Ry. lease to the new Fall Brook Railway. However, the independent operation of these lines by the Fall Brook was not to last. In 1895, the NYC began to investigate buying out the Fall Brook, which now formed a vital link between the New York Central main line and the NYC-controlled Beech Creek Railroad at Jersey Shore. The NYC ultimately succeeded in buying up the Fall Brook Railway, and took over the Pine Creek Railway lease on May 1, 1899. On February 4, 1909, the Pine Creek was merged with other elements of the former Fall Brook system to form the Geneva, Corning and Southern Railroad, which in turn was merged into the New York Central on December 22, 1914.
After the 1899 takeover, the former Fall Brook lines were operated by the NYC as the Fall Brook District, Pennsylvania Division. The Pine Creek line was one of those taken over by Conrail in 1976, but the last train ran on the route on October 7, 1988. After the removal of the tracks, the right-of-way was converted to the Pine Creek Rail Trail.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.