Stephen V. Harkness – Standard Oil Venture Capitalist

Stephen Vanderburgh Harkness (1818-1888) was an Ohio-based American businessman. He played a crucial role in the establishment of Standard Oil, serving as a “Venture Capitalist” alongside John D. Rockefeller, Sr. Harkness continued to contribute to Standard Oil’s success as a director until he passed away. His involvement in the company was originally facilitated by his stepbrother, Henry M. Flagler.

Early life

Stephen was born on November 18, 1818, in Fayette, New York, to David M. Harkness and Martha Cook. Sadly, his mother passed away before Stephen turned two years old, and his father relocated to the Western Reserve region of Northeast Ohio, settling in Milan. It is uncertain whether Stephen accompanied his father to Ohio at that point, or if he remained with his grandfather Stephen Cook in Waterloo, New York. After coming to Ohio, David married Elizabeth Ann Caldwell Morrison in his second marriage and they had a son named Daniel M. Harkness on September 26, 1822, who became Stephen’s half brother.

Daniel M. Harkness

Daniel M. Harkness – Henry Flagler’s half-brother Detailed life events Born September 26, 1822 in Milan, Ohio Died August 5, 1896 (age 74) in Bellevue, Ohio Resting place Bellevue Cemetery, Bellevue, Ohio Spouse Isabella Harkness Children 5 children: 3 died in childbirth; daughter Katie died at the age of 8, and son William L.

Dr, David Harkness died shortly after, on November 21, 1825. Stephen was 7 and Daniel was 3. His widow Elizabeth went back to Seneca County, New York, and stayed with her mother-in-law – possibly near Waterloo, NY.

Click the above gallery to see details about where Dr. David Harkness and his wife Elizabeth and his two sons Stephen V. Harkness and Daniel M. Harkness resided in Milan, Ohio. Stephen was born in Fayette, New York, to Dr. David Harkness and Martha Cook, and Daniel was born here in Milan, Ohio, to Dr. David Harkness and Elizabeth Morrison Caldwell.

NOTE: This MIGHT be the grave of Martha Cook Harkness – Click HERE. Here is a Google Maps link to the location. Click HERE.

The final resting place of Stephen Harkness and Laura Osborne’s first son, David: HERE

Here is the final resting place of Laura Osborne, Stephen Harkness’s first wife. HERE

She then met and married Isaac Flagler, a Presbyterian minister in Milton, New York. Isaac and Elizabeth had a son together; his name was Henry Morrison Flagler.

Career

Stephen Harkness completed his harness-making apprenticeship in New York at 15 years of age. He then relocated to Bellevue, Ohio, to live with his uncle Lamon G. Harkness.

Here is an old photo of the Stephen Harkness residence in Bellevue.

And here is an AI video imagining of the homestead. Click the Play Button.

Stephen worked in harness making initially but later established a prosperous distillery in Monroeville, Ohio, in 1855. He was able to sell a substantial amount of stock before the taxes on wine and liquor were introduced due to his prior knowledge, which led to significant profits. Interestingly, he likely learned this information from his friend Senator John Sherman of Ohio, whose Sherman Anti-Trust Act would later be used to bust the Standard Oil Trust.

1860 census…The SV Harkness family in Monroeville, OH

In 1864, Stephen partnered with William Halsey Doan to supply crude oil to refineries, which further increased his wealth. During this period the family lived in the Doans Corners area in Cleveland in a large Victorian house at the southwest corner of Euclid and Fairmount (E 107). The area was soon called The Village of East Cleveland.

This success with Doan piqued his interest in the burgeoning oil industry in Cleveland. In 1866, he sold his businesses in Monroeville and relocated closer to downtown Cleveland, to “Millionaires Row” on Euclid Avenue.

Stephen Harkness’s home on Euclid Ave in Cleveland’s “Millionaires Row” at today’s 6508 Euclid near Dunham Tavern.

Stephen Harkness home on Euclid Ave in Cleveland “Millionaires Row” at todays 6508 Euclid near Dunham Tavern.

There, he established The Euclid Avenue National Bank and served as the president of the Belt Mining Company.

Willoughby Lake House

Stephen also had a lake house in the Cleveland area near Willoughby, Ohio. This house was a fond memory for all of Stephen’s children since they could roam around the property and be on the lake often on the Peerless yacht. A great time for kids to enjoy life. More here:

Willoughby / Eastlake Lake House – Stephen V. Harkness

Stephen V. Harkness acquired his summer/country lake house at Willoughby outside of Cleveland, Ohio in 1879.

Willoughby Lake House

Stephen Harkness’s first yacht was Twilight, which he purchased in 1883. It was a 67-foot paddle steamer. He and Charles W. then bought the 147-foot Peerless steam schooner in 1885.

The Peerless

Stephen started using the smaller Twilight more on his yearly trips to “winter” in Florida, and the Peerless was more often found on the Great Lakes and on some Atlantic trips. In fact, when Stephen passed away, he was at sea 40 miles off of Punta Gorda, Florida, on Twilight.

There are no known photos or drawings of Peerless. If you have one, please let us know.

The Oil Business

Harkness made significant investments with his stepbrother Henry Flagler and John D. Rockefeller in the precursor to Standard Oil, called Rockefeller, Andrews & Flagler. As a result, he became the company’s second-largest shareholder and gained immense wealth. Despite being a silent partner, Harkness held a position on Standard Oil’s Board of Directors until his passing in 1888. The Articles of Incorporation for Standard Oil were signed by John D. Rockefeller, Henry M. Flagler, Samuel Andrews, Stephen V. Harkness, and William Rockefeller.

In John D. Rockefeller’s autobiography published in 1909, JD shared a story about a major fire that destroyed several buildings, leaving him potentially in need of funds for rebuilding the business. Stephen Harkness came to his aid, saying, “Whatever you need is yours.” Rockefeller always remembered this act of loyalty and knew that he had a faithful friend in Stephen Harkness.

Harkness also played a role in the growth of Cleveland, Ohio. He worked together with Charles F. Brush and Rockefeller to construct the Cleveland Arcade, which was among the first enclosed shopping malls in the United States. The design of the arcade was inspired by the Galleria Vittorio Emanuele II in Milan, Italy.

The Cleveland Arcade

The Cleveland Arcade built by Harkness

The Arcade in downtown Cleveland, Ohio, is a Victorian-era structure of two nine-story buildings, joined by a five-story arcade with a glass skylight spanning over 300 feet (91 m), along the four balconies.

A backdrop for the 2025 Superman movie was Harkness’s Cleveland Arcade.

life

In 1842, Stephen Harkness married Laura Osborne. They had three children, two of whom died in their first year. The third lived to the age of 65. Their children were:

• Isabella Harkness (1845-1845)

• David Harkness (1848-1848)

• Lamon Vanderburgh Harkness (1850-1915)

Laura died on August 24, 1852, and was buried in Bellevue, Ohio. Two years after her death, Stephen married Anna M. Richardson. They had three children:

• Charles William Harkness (1860-1916)

• Florence Harkness (1864-1895)

• Edward Stephen Harkness (1874-1940)

On March 6, 1888, Stephen Harkness died aboard his first yacht, Twilight, while at sea 40 miles off of Punta Gorda, Florida.

Last Will and Testament of Stephen V. Harkness

Stephen and Anna Harkness are both interred in Cleveland’s Lake View Cemetery near the plots of the JD Rockefeller family.

Harkness Plots at Lake View Cemetery, Cleveland, Ohio

Harkness on left, Rockefeller on right.

Philanthropy

After Stephen’s death, his widow Anna M. Harkness established the Commonwealth Fund, a foundation dedicated to the improvement of healthcare.

Under the guidance of their second son, Edward S. Harkness, the foundation made charitable gifts totaling more than $129 million, the equivalent of $2 billion in 2005 dollars.

The Harkness fortune helped build schools and hospitals back in the day and lives on today in many philanthropic outlets including The Commonwealth Fund, The Pilgrim Fund, and The Louise Harkness and David Sinton Ingalls Foundation. Others include: