Lloyd Tevis
Lloyd Tevis | |
|---|---|
| Born | Template:Birth date Shelbyville, Kentucky, U.S. |
| Died | July 24, 1899 (aged 75) San Francisco, California, U.S. |
| Occupation(s) | Banker, investor |
| Years active | 1848–1893 |
| Known for | President of Wells Fargo & Company (1872–1892); co-founder of Pacific Coast Oil Company |
Lloyd Tevis (March 20, 1824 – July 24, 1899) was a prominent banker and investor who held the presidency of Wells Fargo & Company from 1872 until 1892. He also played a foundational role in establishing the Pacific Coast Oil Company, which later evolved into Chevron Corporation.
Early life
Born in Shelbyville, Kentucky to Samuel and Sarah (née Greathouse) Tevis, Lloyd received legal training under the guidance of his father, an esteemed lawyer and court clerk. After gaining experience as a salesman for a wholesale dry goods firm in Louisville, Kentucky, he was appointed assignee following the company’s failure. This position paved the way for employment at the Bank of Kentucky in 1848, followed by a stint with an insurance firm based in St. Louis, Missouri.
California
During the 1849 gold rush, Tevis relocated to California, though his mining endeavors met with limited success. By late 1849, he secured employment in the Sacramento county recorder’s office and began investing in real estate. In October 1850, he joined forces with James Ben Ali Haggin to establish a law practice in Sacramento; they moved their operations to San Francisco in 1853 and acquired the Rancho Del Paso land grant near Sacramento.
Both partners married daughters of Colonel Lewis Sanders; Tevis wed Susan G. Sanders on April 20, 1854. The couple had five children: three sons and two daughters. Their daughter Louise married John Witherspoon Breckinridge, son of former Vice President John C. Breckinridge, in 1877.
Tevis was a leading stakeholder in the California Steam Navigation Company and played a vital role in expanding telegraph infrastructure throughout California. His involvement in selling the California State Telegraph Company to the Western Union Telegraph Company reportedly yielded profits and commissions totaling $200,000. He also spearheaded ventures such as California Dry Dock, San Francisco’s California Market, the Pacific Ice Company—where he served as president and principal owner—and early enterprises in illuminating gas production.
At one stage, Tevis controlled approximately 1,300 miles of stagecoach routes across California, horse-drawn streetcar lines within San Francisco, and vast ranch properties supporting thousands of cattle and sheep. He was also a pioneer in reclaiming central California’s swampy “tule” lands for agricultural use.
Wells Fargo and railroading
Throughout the 1860s, Tevis was instrumental in advancing railroad projects around San Francisco, including the San Francisco and San Jose Railroad, Oakland Short Lines, and the original Southern Pacific Railroad. In 1868, he divested these holdings to the "Big Four" of the Central Pacific Railroad: Collis P. Huntington, Leland Stanford, Mark Hopkins, and Charles Crocker.
In May 1868, alongside Darius Ogden Mills, H.D. Bacon, Stanford, Hopkins, and Crocker, Tevis helped form the Pacific Union Express Company. This firm operated between Reno and Virginia City, Nevada under an exclusive ten-year agreement with Central Pacific and Union Pacific Railroads. When shares of Wells Fargo & Company declined in value, Tevis and his partners acquired significant stock positions; by autumn 1869, he had gained control of Wells Fargo. To maintain its exclusive railroad contract, Wells Fargo accepted Tevis’ controlling interest during the Omaha Conference held in October 1869. This agreement led to the consolidation of Pacific Union Express with Wells Fargo in 1870. That same year, Tevis was appointed vice president and director of Wells Fargo.
Tevis ascended to Wells Fargo’s presidency in 1872 and remained at its helm until 1892. Beyond this role, he held substantial investments in the Spring Valley Water Company, Risdon Iron Works, the Occidental & Oriental Steamship Company, and Virginia City’s Sutro Tunnel Company. Moreover, Tevis actively supported the development of the Southern Pacific Railroad, briefly serving as its acting president from 1869 to 1870 following its acquisition by the Big Four.
Mining ventures
Tevis undertook considerable risks by investing in extensive mining operations involving gold, silver, and copper. He possessed ownership or partial ownership of mines located throughout California, Nevada, Utah, Idaho, and South Dakota. In partnership with Haggin and George Hearst through Hearst, Haggin, Tevis and Co., he maintained interests in the Homestake gold mine situated in the Black Hills as well as Utah's Ontario silver mine. Alongside Haggin, Hearst, and Marcus Daly, he was a co-owner of the prominent Anaconda copper discovery in Montana.
In 1896, Hearst divested his Anaconda share to a British syndicate. By May 1899, Tevis, Haggin, and Daly sold their holdings to a consortium led by Henry H. Rogers. Reports indicate that Tevis received approximately $8 million for his portion.
Final years
Tevis asserted that his mental processing speed was five times faster than any individual in San Francisco and frequently demonstrated this capability. Nevertheless, his lenient banking methods attracted criticism during his later years. After an exhaustive audit in 1891, Wells Fargo's board members, including John J. Valentine, Sr., questioned his leadership. On August 11, 1892, Valentine succeeded him as president, and Tevis resigned from the board on August 10, 1893.
He passed away in San Francisco on July 24, 1899, just two months after disposing of his Anaconda interests, leaving a widow and five children behind.
1906 earthquake
Amid the devastation of the April 18, 1906 San Francisco earthquake and ensuing fire, Tevis' son, Dr. Harry Tevis, provided refuge to opera singers Emma Eames and Marcella Sembrich at the family mansion on Nob Hill. As flames neared their location, he guided them safely to North Beach.