Nationality United States Role Sr. Occupation Expressman and banker Employer Wells Fargo | Religion Episcopalian Name John Valentine, | |
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Born November 12, 1840 ( 1840-11-12 ) Bowling Green, Kentucky Known for General Superintendent and later President, Wells, Fargo and Co. Board member of Young Men's Christian Association of Oakland, California Spouse(s) Mary George, and later Alice B. M. Died December 21, 1901, Oakland, California, United States Similar People Romualdo Pacheco, Henry Perrin Coon, George Clement Perkins, William Fargo, Henry Wells | ||
Resting place Mountain View Cemetery | ||
John Joseph Valentine Sr. (November 12, 1840 – December 21, 1901) was an American expressman. He was the first president of Wells Fargo & Company who had not been a banker and served from 1892 until his death in 1901.
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Early life
He was born in 1840 at Bowling Green, Kentucky, the son of William Crenshaw Valentine and Eliza (Cunningham) Valentine. His Valentine ancestors from Eccles, Lancaster, England, had settled in Virginia in the 17th century. After attending the common schools, Valentine began his business career in 1854 working for Younglove Brothers, druggists and agents for Carter, Thomas & Company's express line in Bowling Green. Later he worked for O'Bannon, Kean & Company and then for the Adams Express Company until 1861.
Joins Wells Fargo
In the spring of 1861 Valentine went to California, where he was joint agent for Wells Fargo & Company, the Pioneer Stage Company and the California State Telegraph Company at Strawberry Valley, California. Soon after, he was transferred to Virginia City, Nevada, as agent for Wells Fargo, the Pioneer Stage Line and John Butterfield's Overland Mail Company. Valentine was named superintendent of express for Wells Fargo's Pacific Division in November 1866.
On an inspection trip in a snowbound region in 1867, his horse threw him and he fell head first over a 50 feet (15 m) embankment.
He was very successful at negotiating contracts with competing express companies that enabled the company to expand its services across a wide area, even though they jealously served by a variety of railroads. In 1888, as general superintendent he successfully linked up a through express line from the Atlantic Ocean in New York City to the Pacific at San Francisco.
Valentine was appointed general superintendent at Wells Fargo's corporate headquarters in New York City in 1869. The headquarters was moved to San Francisco in 1870, whereupon he maintained his residence in Oakland until his death. He was a member of Advent Episcopal Church and vice president of the Young Men's Christian Association of Oakland. He was appointed general superintendent of Wells Fargo's express department on February 8, 1872.
Upon the resignation of Charles F. Crocker in August 1882, Valentine was elected vice president and a director of Wells Fargo. He was also general manager of the company from the beginning of 1884.
His annually published summary of the American production of gold and silver was comprehensive in its research and recognized as authoritative on the subject. Opposed to the free coinage of silver as likely to cause a glut in the domestic market and depreciate its value, in 1891 Valentine's contributions to the press on the subject were notable for close reasoning, careful research, and a formidable array of statistics in support of his conclusions.
Valentine was critical of the relaxed banking practices uncovered during audits of Wells Fargo's branches in 1891. When Lloyd Tevis was ousted as president of Wells Fargo on August 11, 1892, Valentine was elected his successor. Although Valentine was a prime expressman, in the opinion of a later Wells Fargo Bank president, Frederick L. Lipman, he was the company's first president who was not a banker. Valentine wrote a number of pamphlets on financial subjects, notably, one titled Money that advocated a parity of value to be maintained between gold and silver. He was a member of the Advent Episcopal Church of Oakland and Vice President of the San Francisco Young Men's Christian Association.
He was married to Mary George and they were the parents of John J. Valentine Jr., born in 1881. At the time of his death, Valentine was married to Alice B. M. Valentine, and they had seven children, four from John's first marriage.
Valentine died on December 21, 1901 in Oakland, California.
Legacy
Dudley Evans was elected to succeed him as president of Wells Fargo on January 2, 1902.