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Anson Phelps Stokes
Anson Phelps Stokes (February 22, 1838 – June 28, 1913) was a wealthy American merchant, property developer, banker, genealogist and philanthropist. Born in New York City, he was the son of James Boulter Stokes and wife Caroline (nee Phelps). His paternal grandfather was London merchant Thomas Stokes, one of the 13 founders of the London Missionary Society. His maternal grandfather, Anson Greene Phelps, was a New York merchant, born in Connecticut and descended from an old Connecticut family.
Stokes's early education was by tutors from the Union Theological Seminary who instructed him in mathematics, Latin and Greek. He then attended private schools in New York before joining the family business of Phelps, Dodge & Company in 1855 when he was 17.
Phelps, Dodge & Company was a mercantile establishment founded in 1834 by Anson‘s grandfather Phelps and his uncles, William Earl Dodge and Daniel James. Stokes’ father James was also a partner when 17 year-old Anson started with the company in 1855, having joined in 1847. The company began importing and trading in metal from England and exporting cotton in return, and eventually became a copper mining business. They also developed extensive interests in lumber, property and rail roads.
In 1861, Stokes became a partner in the company but left in 1878 to begin a banking business with his father and his father-in-law, Isaac Newton Phelps. The bank named Phelps, Stokes & Company, was disbanded when Stokes's father died in 1881. Stokes was also suffering from an eyesight problem at this time that threatened his vision. Despite this he was appointed temporary administrator of his father’s estate. The will was contested by James Stokes's daughter, Dora (Stokes) Dale, and her husband Henry and the matter was not settled until 1888.
Stokes purchased land in New York and developed the Stokes Building on Cedar Street in collaboration with I. N. Phelps Estates and his sisters. In 1895 he organized the Woodbridge Company, that owned property on William Street, John Street, and Platt Street. Land for Wyllys Building was bought for his son, Isaac Newton Phelps Stokes, whose architectural practice, Howells & Stokes, carried out the design. In 1902 Stokes organized the Haynes Company, which owned property on Front Street, Burling Slip and a mansion and estate at New Brighton, Staten Island (Curtis High School now occupies the property). Another of his property companies was called Dudley and set up to look after property in Liberty Street and William Street. After his death in 1913 these various property companies and others were consolidated by his sons and his long term financial advisor, John W. McCulloch, to form Phelps Stokes Estate, Inc. The names of the companies, Wyllys, Woodbridge, Haynes and Dudley reflected Stokes's interest in family genealogy, as they were all names of his or his wife's Connecticut ancestors.
Stokes joined his father-in-law as a director at the Second National Bank and the Mercantile Bank. In 1884 there was a run on the Second National Bank following the misappropriation of funds by the bank's president, John Chester Eno. He had speculated and lost millions of dollars on Wall Street during the panic of that year and was forced to resign, then fled to Canada. The directors, including Issac N. Phelps and Anson Stokes, faced the onerous task of making up the losses. However, Eno's father, Amos R. Eno was persuaded by the board to repay the bulk of the loss. The other directors made up shortfalls to ensure the bank survived the run on deposits.
Whilst at Phelps Dodge Corporation, Stokes had involvement with mining in the American West, and after leaving in 1879, he continued his interests by focusing on the silver mining boom town of Austin, Nevada, a place he had visited in 1863. Most of the mining claims had been consolidated into one company called the Manhattan Silver Mining Co. and they desperately needed a railroad. The secretary of the company, M. J. Farrell, became state senator for Lander County and managed to get a railroad line approved, with a bond of $200,000, due to expire in 1880. The proposal was to run a narrow gauge line ninety three miles along the Reese Valley to connect Austin to the Central Pacific main line at Battle Mountain. It was not until Stokes became involved that the project got started with only months left on the bond. Stokes brought in General James H. Ledlie, a former Union officer in the Civil War, to direct the project, and crews went to work, only to bring the line within 2 miles (3.2 km) of the Austin town limits with less than a day left before the deadline. An emergency meeting of the Austin Town Board extended the town limits by 2 miles (3.2 km), allowing the last rails to be laid just minutes before the deadline. The line from Battle Mountain to Austin became the Nevada Central Railway.
On February 25, 1880, Stokes was appointed a director of the Nevada Central Railway. In 1881 the Union Pacific Railroad purchased the line, but they lost money and in 1885 it was sold at bankruptcy back to the bond holders who included Anson Stokes. In 1888 a new company was formed, now called Nevada Central Railroad. The line continued to struggle and was closed in 1938.
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Anson Phelps Stokes
Anson Phelps Stokes (February 22, 1838 – June 28, 1913) was a wealthy American merchant, property developer, banker, genealogist and philanthropist. Born in New York City, he was the son of James Boulter Stokes and wife Caroline (nee Phelps). His paternal grandfather was London merchant Thomas Stokes, one of the 13 founders of the London Missionary Society. His maternal grandfather, Anson Greene Phelps, was a New York merchant, born in Connecticut and descended from an old Connecticut family.
Stokes's early education was by tutors from the Union Theological Seminary who instructed him in mathematics, Latin and Greek. He then attended private schools in New York before joining the family business of Phelps, Dodge & Company in 1855 when he was 17.
Phelps, Dodge & Company was a mercantile establishment founded in 1834 by Anson‘s grandfather Phelps and his uncles, William Earl Dodge and Daniel James. Stokes’ father James was also a partner when 17 year-old Anson started with the company in 1855, having joined in 1847. The company began importing and trading in metal from England and exporting cotton in return, and eventually became a copper mining business. They also developed extensive interests in lumber, property and rail roads.
In 1861, Stokes became a partner in the company but left in 1878 to begin a banking business with his father and his father-in-law, Isaac Newton Phelps. The bank named Phelps, Stokes & Company, was disbanded when Stokes's father died in 1881. Stokes was also suffering from an eyesight problem at this time that threatened his vision. Despite this he was appointed temporary administrator of his father’s estate. The will was contested by James Stokes's daughter, Dora (Stokes) Dale, and her husband Henry and the matter was not settled until 1888.
Stokes purchased land in New York and developed the Stokes Building on Cedar Street in collaboration with I. N. Phelps Estates and his sisters. In 1895 he organized the Woodbridge Company, that owned property on William Street, John Street, and Platt Street. Land for Wyllys Building was bought for his son, Isaac Newton Phelps Stokes, whose architectural practice, Howells & Stokes, carried out the design. In 1902 Stokes organized the Haynes Company, which owned property on Front Street, Burling Slip and a mansion and estate at New Brighton, Staten Island (Curtis High School now occupies the property). Another of his property companies was called Dudley and set up to look after property in Liberty Street and William Street. After his death in 1913 these various property companies and others were consolidated by his sons and his long term financial advisor, John W. McCulloch, to form Phelps Stokes Estate, Inc. The names of the companies, Wyllys, Woodbridge, Haynes and Dudley reflected Stokes's interest in family genealogy, as they were all names of his or his wife's Connecticut ancestors.
Stokes joined his father-in-law as a director at the Second National Bank and the Mercantile Bank. In 1884 there was a run on the Second National Bank following the misappropriation of funds by the bank's president, John Chester Eno. He had speculated and lost millions of dollars on Wall Street during the panic of that year and was forced to resign, then fled to Canada. The directors, including Issac N. Phelps and Anson Stokes, faced the onerous task of making up the losses. However, Eno's father, Amos R. Eno was persuaded by the board to repay the bulk of the loss. The other directors made up shortfalls to ensure the bank survived the run on deposits.
Whilst at Phelps Dodge Corporation, Stokes had involvement with mining in the American West, and after leaving in 1879, he continued his interests by focusing on the silver mining boom town of Austin, Nevada, a place he had visited in 1863. Most of the mining claims had been consolidated into one company called the Manhattan Silver Mining Co. and they desperately needed a railroad. The secretary of the company, M. J. Farrell, became state senator for Lander County and managed to get a railroad line approved, with a bond of $200,000, due to expire in 1880. The proposal was to run a narrow gauge line ninety three miles along the Reese Valley to connect Austin to the Central Pacific main line at Battle Mountain. It was not until Stokes became involved that the project got started with only months left on the bond. Stokes brought in General James H. Ledlie, a former Union officer in the Civil War, to direct the project, and crews went to work, only to bring the line within 2 miles (3.2 km) of the Austin town limits with less than a day left before the deadline. An emergency meeting of the Austin Town Board extended the town limits by 2 miles (3.2 km), allowing the last rails to be laid just minutes before the deadline. The line from Battle Mountain to Austin became the Nevada Central Railway.
On February 25, 1880, Stokes was appointed a director of the Nevada Central Railway. In 1881 the Union Pacific Railroad purchased the line, but they lost money and in 1885 it was sold at bankruptcy back to the bond holders who included Anson Stokes. In 1888 a new company was formed, now called Nevada Central Railroad. The line continued to struggle and was closed in 1938.
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