Henry Wells
Henry Wells | |
|---|---|
| Born | Template:Birth date Thetford, Vermont, U.S. |
| Died | December 10, 1878 (aged 72) Glasgow, Scotland |
| Occupation | Entrepreneur |
| Known for | Co-founder of American Express Company and Wells Fargo & Company; founder of Wells College |
Henry Wells (December 12, 1805 – December 10, 1878) was a prominent American entrepreneur instrumental in establishing both the American Express Company and Wells Fargo & Company. Beginning his professional journey as a freight agent, Wells transitioned into the express delivery sector. His early enterprises, which preceded American Express and Wells Fargo, challenged the United States Post Office by offering mail transportation services at prices below government rates. Additionally, he founded Wells College located in Aurora, New York.
Life
Henry Wells was born in 1805 in Thetford, Vermont to Dorothea "Dorothy" (Randall) and Shipley Wells, a Presbyterian clergyman who moved the family westward to central New York State amidst the migration of Yankee settlers. His lineage traces back to Thomas Welles (1590–1659), an English immigrant distinguished for holding all four principal offices in Connecticut’s colonial government.
During his early years, Wells balanced farm labor with schooling in Fayette. In 1822, he began an apprenticeship at Jessup & Palmer, a tannery and shoemaking business in Palmyra. Known by the nickname Henry "Stuttering" Wells, he gained a reputation for his charismatic and bold business demeanor.
Career
Wells entered the freight industry in 1836 as an agent on the Erie Canal, soon launching his own enterprise. His tenure at Harnden's Express in Albany paved the way for the eventual creation of American Express. When Wells suggested extending services westward beyond Buffalo, New York, William F. Harnden encouraged him to initiate an independent company. In 1841, together with George E. Pomeroy and Crawford Livingston, he co-founded Pomeroy & Company. This firm competed against the U.S. Post Office by delivering mail at rates more affordable than government fees, leading to postal rate reductions in both 1845 and 1851.
In 1844, Pomeroy & Company was succeeded by Livingston, Wells & Company, comprising Crawford Livingston, Henry Wells, William Fargo, and Thaddeus Pomeroy. On April 1, 1845, Wells & Company's Western Express was launched by Wells, Fargo, and Daniel Dunning as the first express service operating west of Buffalo. Initially servicing Detroit, it quickly expanded coverage to Chicago, St. Louis, and Cincinnati.
By 1846, Wells sold his stake in Western Express to William Livingston; this business then became Livingston, Fargo & Company. Subsequently, Wells concentrated on managing transatlantic express operations for Livingston, Wells & Company based in New York City. Following Crawford Livingston’s death in 1847, the company was renamed Wells & Company while maintaining its European activities under Livingston, Wells & Company.
American Express and Wells Fargo
In early 1850, Wells partnered with John Warren Butterfield to form Wells, Butterfield & Company as a successor to Butterfield & Wasson. That same year marked the merger of Wells & Company; Livingston, Fargo & Company; and Wells, Butterfield & Company into what became known as the American Express Company. Wells held the position of president at American Express from its inception until 1868. He relocated to Aurora, where he constructed Glen Park—a stately home designed by architect Alexander Jackson Davis with landscaping by Andrew Jackson Downing. This estate later served as part of Wells College, which he founded.
When American Express leadership resisted expanding operations to California, Wells established Wells, Fargo & Company on March 18, 1852 to target that region’s market opportunities. Edwin B. Morgan of Aurora became its inaugural president; meanwhile, Wells alongside William Fargo, Johnston Livingston, and James McKay served on the boards of both corporations.
In September 1853, Wells Fargo acquired Livingston, Wells & Company—its European express and banking affiliate. By spring 1854 concerns arose among some directors about potential misrepresentations made by Wells and his associates regarding this acquisition; any resulting financial shortfalls were personally compensated by them. Livingston, Wells & Company ceased operations after closing its Paris office in October 1856.
Beyond his express ventures, Wells also assumed leadership roles including president of the New Granada Canal & Steam Navigation Company (1855), president of the First National Bank of Aurora, and inaugural president of the Cayuga Lake Railroad (1867).
Subsequent pursuits
Wells stepped down from the Wells Fargo board in 1867 and relinquished his role as president of American Express in 1868, following the company's consolidation with Merchants Union Express Company led by William Fargo. In the same year, he established Wells College in Aurora, endowed as one of the earliest institutions dedicated to women's higher education in the United States. Among his last professional roles was his presidency of the Arizona & New Mexico Express Company in 1876.
Personal life
On September 5, 1827, Wells wed Sarah Caroline Daggett (1803–1859), who traced her ancestry to early colonial settlers. Together, they had four children:
- Charles Henry Wells (1828–1891), who married Louisa Burnham
- Mary Elizabeth Wells (1830–1884), who married James H. Welles
- Oscar A. Wells (1833–1909)
- Edward Wells
Following Sarah’s passing in 1859, Wells remarried in 1861 to Mary Prentice from Boston.
Wells passed away on December 10, 1878, in Glasgow, Scotland, shortly before turning 73 years old. His remains were transported back to Aurora and interred at Oak Glen Cemetery. The funeral service took place at his residence in Aurora.