Hepburn was born on a farm in Colton, St. Lawrence County, New York on July 24, 1846. He was the youngest of four sons born to Zina Earl Hepburn and Beulah Hepburn. His maternal uncle was a founder of the Cleveland Plain-Dealer. He attended St. Lawrence Academy and the Fuller Academy at Oswego before attending Middlebury College where he graduated in 1871; later serving as a trustee. In 1906 he was given an honorary degree by St. Lawrence University.
He was elected as a Republican to be a member of the New York State Assembly in 1875, 1876, 1877, 1878 and 1879. While serving in the Assembly, Hepburn was directed by the New York State Legislature in 1879 to investigate the railroads' practice of giving rebates within the state. Merchants without ties to the oil industry had pressed for the hearings. Prior to the committee's investigation, few knew of the size of Standard Oil's control and influence on seemingly unaffiliated oil refineries and pipelines, with only a dozen or so within Standard Oil knew the extent of company operations. The committee counsel, Simon Sterne, questioned representatives from the Erie Railroad and the New York Central Railroad and discovered that at least half of their long-haul traffic granted rebates, and that much of this traffic came from Standard Oil. The committee then shifted focus to Standard Oil's operations. John Dustin Archbold, as president of Acme Oil Company, denied that Acme was associated with Standard Oil. He then admitted to being a director of Standard Oil. The committee's final report scolded the railroads for their rebate policies and cited Standard Oil as an example. This scolding was largely moot to Standard Oil's interests since long-distance oil pipelines were now their preferred method of transportation.
Later career
On April 13, 1880, he was appointed Superintendent of the New York State Banking Department, serving until 1883 when Willis S. Paine was appointed as his successor. He then served three years as National Bank Examiner for the cities of New York and Brooklyn before his appointment as Comptroller of the Currency by President Benjamin Harrison. An internationally recognized authority on financial and economic questions, Hepburn returned to banking when President Grover Cleveland took office. He later succeeded Henry W. Cannon as president of the Chase National Bank. Hepburn was a Director of the Studebaker Corporation. After leaving the office of Comptroller he worked in the field of banking, becoming the president of the Third National Bank of New York then the Vice-President of the National City Bank in 1897 when the Third National Bank merged with other banks to form that company. He then became the President of the Chase National Bank. A prolific writer on the economy and financial matters, he wrote the books History of Coinage and Currency in the United States: Perennial Contest for Sound Money, A History of Currency in the United States", and "Artificial Waterways and Commercial Development. He also regularly contributed to magazines and periodicals.
Personal life
In 1873, he married Harriet A. Fisher, of St. Albans, Vermont, who died in 1881, leaving him with two sons:
Harold Barton Hepburn
Charles Fisher Hepburn, who married Alice Smith, a daughter of Horatio Alden Smith.
Cordelia Susan Hepburn, who married Harvard graduate and stockbroker Paul Cushman in 1923.
Hepburn died in New York City on January 25, 1922, as a result of injuries sustained in a motor bus accident on Fifth Avenue. He left an estate of nearly $10 million. After his death, his wife was involved in the development of the Beekman Tower at the corner of First Avenue and East 49th Street. Through his son Charles, he was a grandfather of actor Barton Hepburn.
Philanthropy and legacy
Somewhat philanthropic, Hepburn donated funds to allow for the construction of libraries for each school he oversaw when he was District Superintendent. Two of these libraries are listed on the National Register of Historic Places: the Hepburn Library at Norfolk, New York and Hepburn Library of Colton at Colton. Hepburn Hall, a dormitory at Middlebury College whose construction was financed by a gift from Hepburn, is named for him. The building was initially painted bright yellow per Hepburn's request to brighten the appearance of the campus, but was repainted gray following his death to better match the rest of the campus' buildings. Hepburn Hall also contains the Hepburn Zoo, a former dining area turned black box theater, which is so-named because it was originally adorned with Hepburn's hunting trophies.
