Louis Severance
Louis Henry Severance | |
|---|---|
| Born | Template:Birth date Cleveland, Ohio, U.S. |
| Died | June 25, 1913 (aged 74) |
| Occupation(s) | Oil industry entrepreneur, philanthropist |
| Known for | Founding member and treasurer of Standard Oil, sulfur industry leader |
Louis Henry Severance (August 1, 1838 – June 25, 1913) was a prominent American oil industry entrepreneur and philanthropist, recognized as a founding member of the Standard Oil Trust, the inaugural treasurer of Standard Oil, and a leading figure in the sulfur industry.
Early life
Born in Cleveland on August 1, 1838, Severance was the second son of Mary Helen (née Long) Severance and Solomon Lewis Severance, who passed away a month prior to his birth. Raised by his widowed mother within the Cleveland residence of his maternal grandparents, Juliana (née Walworth) Long and Dr. David Long—Cleveland's first practicing physician—he was deeply influenced by their dedication to Presbyterian missionary work and abolitionism.
His father, a dry goods merchant in the firm Cutter & Severance, was actively involved in anti-slavery movements, serving as secretary of the Cleveland Anti-Slavery Society and treasurer of the Cuyahoga County Anti-Slavery Society. Severance completed his education in Cleveland’s public schools before entering the labor force at eighteen.
Career
Severance began his career in 1856 at the Commercial National Bank. During the U.S. Civil War, in 1863, he volunteered for a 100-day term with Union forces defending Washington D.C..
The bank he worked for provided financial backing to John D. Rockefeller's oil enterprises. In 1864, Severance ventured into the oil exploration and refining sectors amid the oil rush in Titusville, Pennsylvania. Following a personal loss in 1872, he returned to Cleveland where his brother Solon assisted with raising his children. Additionally, Severance supported his nephew Allen’s theological education.
By 1876, as Rockefeller’s Standard Oil was approaching monopoly control, Severance assumed the role of treasurer for the Ohio-based company. He also established a sulfur mining enterprise that held exclusive rights to the Frasch process, thereby securing dominance in that market as well.
Later life
Severance stepped down from active leadership roles at Standard Oil and Union Sulphur in 1894 after accumulating considerable wealth from both sectors. In retirement, he became a key benefactor of educational institutions in Ohio, the YMCA, and international Presbyterian missions. He served as an elder in his church and was appointed vice moderator of the Presbyterian General Assembly in 1904, financing chapels in Cleveland along with facilities throughout Asia.
Severance Hospital in Seoul is named in his honor. He contributed between $50,000 and $100,000 annually to church-related causes. According to his son-in-law, while Severance’s charitable giving was extensive, it primarily aimed at reinforcing Christian institutions.
Personal life
Following his employment at Commercial National Bank, Severance met Fannie Buckingham Benedict (1839–1874), a notable figure from Norwalk. They wed in 1862 and had four children:
- John Long Severance (1863–1936), an entrepreneur and patron of Ohio’s arts scene who married Elisabeth Huntington DeWitt in 1891.
- Elisabeth Severance (1865–1944), a philanthropist who established a foundation dedicated to public health.
- Anne Belle Severance (1868–1896), who passed away at age 28 on the Isle of Wight.
- Fanny Severance (1872–1872), who was stillborn.
Fannie died in 1874. In 1894, Severance remarried Florence Severance (1857–1895), daughter of Standard Oil magnates Stephen and Anna Harkness; her inheritance further expanded his fortune.
Severance died unexpectedly on June 25, 1913, at his daughter Elisabeth’s residence under the care of Dr. Dudley P. Allen, his son-in-law. Having died without a will, his estate—valued at more than $14 million—was apportioned between his two surviving children.
Legacy
- The L.H. Severance Scholarship is an annual award granted to undergraduate students at Lincoln University, Pennsylvania in recognition of academic achievement.
- The L.H. Severance Gymnasium, constructed in 1912 at the College of Wooster, was financed by Severance to aid reconstruction following the 1901 fire, which also included the establishment of the Severance Library. He played a key role in implementing the 1912 prohibition of fraternities and sororities at Wooster, citing religious reasons.
- Severance Hospital in Seoul, inaugurated in 1904, stands as Korea’s first Western-style medical facility, founded through a significant donation from Severance in 1900 aimed at supporting missionary healthcare services.
- The Severance Chemical Laboratory at Oberlin College, established in 1901, was funded by Severance’s contributions.
- Severance Hall, named in honor of John L. Severance and his spouse Elisabeth, serves as the residence for the Cleveland Orchestra.
References
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