John J. Valentine Sr.
John J. Valentine Sr. | |
|---|---|
| Born | Template:Birth date Bowling Green, Kentucky, U.S. |
| Died | December 21, 1901 (aged 61) Oakland, California, U.S. |
| Occupation | Express company executive |
| Years active | 1854–1901 |
| Known for | First Wells Fargo & Company president without a banking background |
John Joseph Valentine Sr. (November 12, 1840 – December 21, 1901) was an American express company executive who became the first Wells Fargo & Company president without a banking background, holding the position from 1892 until his passing in 1901.
Early life
Valentine was born in 1840 in Bowling Green, Kentucky. His business journey started in 1854 when he joined Younglove Brothers, agents representing Carter, Thomas & Company's express service. He subsequently worked for O'Bannon, Kean & Company and later the Adams Express Company until 1861.
Wells Fargo career
In 1861, Valentine relocated to California to serve as joint agent for Wells Fargo & Company, the Pioneer Stage Company, and the California State Telegraph Company based in Strawberry Valley. Shortly afterward, he was reassigned to Virginia City, Nevada to act as agent for Wells Fargo, the Pioneer Stage Line, and John Butterfield's Overland Mail Company. By November 1866, he advanced to superintendent of express for Wells Fargo’s Pacific Division.
Valentine played a key role in negotiating agreements with rival express firms to broaden service offerings despite growing competition from railroads. By 1888, while serving as general superintendent, he successfully established a continuous express route linking New York City on the Atlantic Ocean coast to San Francisco on the Pacific coast.
After his appointment as general superintendent at Wells Fargo’s New York office in 1869, Valentine transferred with the company headquarters to San Francisco in 1870 and took up residence in Oakland for the remainder of his life. In 1882, following Charles F. Crocker’s resignation, he was promoted to vice president and director and assumed the role of general manager early in 1884.
Valentine authored respected annual reports analyzing U.S. gold and silver output and opposed free silver coinage due to concerns over market oversupply and currency devaluation. He also criticized weak banking controls uncovered during Wells Fargo audits conducted in 1891.
When Lloyd Tevis was removed as president in August 1892, Valentine was elected to lead Wells Fargo. Later Wells Fargo Bank president Frederick L. Lipman recognized him as the company’s first president without a banking background. Valentine also produced financial literature advocating for equal valuation between gold and silver.
Upon his death in 1901, Dudley Evans succeeded him as president in January 1902.
Personal life
Valentine married Mary George and fathered John J. Valentine Jr. in 1881. At the time of his death, he was married to Alice Maud Blanchard Valentine and had seven children altogether, including four from his initial marriage.
He passed away on December 21, 1901, in Oakland, California. His funeral at Advent Episcopal Church attracted many mourners; a Wells Fargo express wagon adorned with flowers was part of the procession. California Bishop William Ford Nichols eulogized Valentine as an "honored and honest head" of a significant corporation who embodied Christian principles and kindness. In contrast to the "robber baron" reputation common during that period, Valentine underscored that Wells Fargo’s earnings supported some 20,000 individuals nationwide—including numerous widows and orphans—and often launched aid efforts for communities impacted by disasters within Wells Fargo’s service areas. He was widely regarded as a compassionate corporate leader.
The Advent Episcopal Church—later renamed St. James the Apostle Episcopal Church—still stands at 12th Avenue and features a distinguished stained-glass window dedicated to his wife Mary F. Valentine and two of their young children.
Philanthropy
Valentine held the position of Vestryman at Advent Episcopal Church (which was later renamed St. James the Apostle) beginning no later than 1885 and also served as Vice President of the San Francisco YMCA. Following the erection of a new church edifice located at 1540 12th Avenue in Oakland, he motivated congregation members to eradicate the building's outstanding debt by pledging to match contributions up to fifty percent of the total amount, a campaign that ultimately succeeded in clearing the financial obligation.