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THOMAS C. DURANT

1854, Illinois. Stock receipt for 75 shares in the Peoria & Bureau Valley Railroad. Black on light blue paper. Signed by THOMAS C. DURANT (1820-1885); Builder of the Union Pacific Railroad. Durant had become interested in the West in 1851 while building the Michigan Southern Railroad with Henry Farnum. He picked up the task in the early 1860's by sending three parties to survey a route. The Pacific Railway Act of 1862 had fixed the capital of the Union Pacific at $100,000,000, but permitted organization of the road when $2,000,000 was subscribed and ten percent paid. Capital was slow during the Civil War but on Oct. 30, 1863, minimum subscription had been reached and John A. Dix was elected president with Durant as vice-president. From this time until the completion of the road, Durant was the major figure involved in the road's management. At the same time, Durant had secured the charter of the Credit Mobilier of which he became the largest shareholder. Oakes and Oliver Ames became large shareholders as well as Durant, eventually fracturing and causing a three year struggle for the Union Pacific between Durant and the Ames led group of investors. An eventual agreement between the two sides left Durant in control of the completion of the project. Durant is one of America's premier railroader builders. Uncancelled and very fine.