Henry Wells facts for kids
Quick facts for kids
Henry Wells
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| Personal details | |
| Born | December 12, 1805 Thetford, Vermont, U.S. |
| Died | December 10, 1878 (aged 72) Glasgow, Scotland |
| Resting place | Oak Glen Cemetery Aurora, New York, U.S. |
| Spouses |
Sarah Daggett
(m. 1827; Mary Prentice
(m. 1861; |
| Children | 4 |
| Parents | Shipley Wells Dorothea Randall |
| Occupation | Investment Banker |
| Known for | Co-founder of American Express Company, Wells Fargo, and Wells College |
Henry Wells (born December 12, 1805 – died December 10, 1878) was an important American businessman. He helped start two very famous companies: the American Express Company and Wells Fargo & Company. He also founded Wells College.
Contents
Early Life and Education
Henry Wells was born in 1805 in Thetford, Vermont. His father, Shipley Wells, was a minister. The family later moved to central New York State.
As a young boy, Henry worked on a farm. He also went to school in Fayette. In 1822, he started learning to be a tanner and shoemaker. This was in Palmyra, New York.
Starting the Express Business
In 1836, Henry Wells became a freight agent on the Erie Canal. Soon after, he started his own business. He then worked for Harnden's Express in Albany.
Henry Wells thought they could deliver goods and mail further west. His boss, William F. Harnden, told him to start his own company.
In 1841, Wells teamed up with George E. Pomeroy and Crawford Livingston. They formed a company called Pomeroy & Company. They competed with the United States Post Office. They carried mail for less money than the government. People liked this idea. The government had to lower its mail prices in 1845 and again in 1851.
Growing the Western Express
Pomeroy & Company later became Livingston, Wells & Company in 1844. This new company included Crawford Livingston, Henry Wells, William Fargo, and Thaddeus Pomeroy.
On April 1, 1845, Wells, Fargo, and Daniel Dunning started Wells & Company's Western Express. It was often called simply Western Express. This was because it was the first company of its kind west of Buffalo. They first offered service to Detroit. Soon, they expanded to Chicago, St. Louis, and Cincinnati.
In 1846, Henry Wells sold his share in Western Express. The company then became Livingston, Fargo & Company. Wells moved to New York City. He focused on sending goods across the Atlantic Ocean. When Crawford Livingston passed away in 1847, the company became Wells & Company.
Founding American Express and Wells Fargo
In 1850, Henry Wells formed Wells, Butterfield & Company. This company joined with Wells & Company and Livingston, Fargo & Company. Together, they created the American Express Company. Henry Wells was the president of American Express from 1850 to 1868.
Around this time, he moved to Aurora, New York. This became his home for the rest of his life. He built a large house there called Glen Park. This property later became part of Wells College, which he founded.
Some directors at American Express did not want to expand to California. So, Henry Wells started Wells, Fargo & Company on March 18, 1852. This new company handled business in California. Edwin B. Morgan was the first president of Wells Fargo. Henry Wells, William Fargo, and others were on the boards of both Wells Fargo and American Express.
In 1855, Wells was also president of the New Granada Canal & Steam Navigation Company. In Aurora, he was president of the First National Bank of Aurora. In 1867, he also became the first president of the Cayuga Lake Railroad.
Later Life and Legacy
Henry Wells retired from the Wells Fargo board in 1867. He also stepped down as president of American Express in 1868. This was when American Express joined with the Merchants Union Express Company.
Also in 1868, Henry Wells founded Wells College in Aurora. He gave money to the college to help it become one of the first colleges for women in the United States.
One of his last business projects was the Arizona & New Mexico Express Company. He was its president in 1876.
Personal Life
On September 5, 1827, Henry Wells married Sarah Caroline Daggett. They had four children together:
- Charles Wells
- Mary Elizabeth Wells (1830–1884)
- Oscar A. Wells (1833–1909)
- Edward Wells
After Sarah died in 1859, he married Mary Prentice in 1861.
Henry Wells passed away in Glasgow, Scotland, on December 10, 1878. He was almost 73 years old. His body was brought back to the United States on a ship called the Ethiopia. He was buried at Oak Glen Cemetery in Aurora, New York. His funeral was held at his home.
See also
In Spanish: Henry Wells para niños
