Henry Wells (Riegelsville, PA)

Photo of Henry Wells. SOURCE: findagrave.com

Henry Wells (March 16, 1850 – Aug 22, 1927)

Biography

The Alexander County Bank opened on March 1, 1875, in Cairo, Illinois with capital of $100,000.

• Name: Henry Wells
• Birth: March 16, 1850 Haverhill, Massachusetts (F/G has Indiana)
• Death: August 22, 1927 Easton, Pennsylvania

Early life and family

Henry Wells was born in Haverhill, Massachusetts on March 16, 1850, the son of Colonel Jacob G. and Fanny Smith (Shaw) Wells. He graduated from Yale University at the age of 22. In June 1872, he married Miss Emma Morse at Rising Sun, Indiana. Their first son was James Claude Wells (1873-1930). Their second son Harry was born in Cairo, Illinois in 1878. Harry graduated from Harvard College with honors in 1905. After attending the university of Lille, France for graduate work, he became an instructor of English and French in the University School, Chicago. In 1908 he went to Dartmouth College as a French instructor.

In December 1873 Henry Wells was elected secretary of the Rising Sun Masonic Lodge No. 6.

Banking career

The Alexander County Bank of Cairo, Illinois commenced business on March 1, 1875 with P.C. Canedy, president; Henry Wells, vice president; Thomas Lewis, cashier; and T.J. Kerth, assistant cashier. Mr. Wells was formerly with the National Bank of Rising Sun, Indiana (Charter 1959).

The Hill Brothers conducted the Citizens' Bank at Evanston which was reorganized as the Evanston National Bank. Henry Wells, a comparative newcome in Evanston was one of the organizers. On Thursday, May 18, 1893, George B. Caldwell, national bank examiner, closed the bank. A note posted to the door stated that heavy drains made by depositors as the reason. Henry West was president and Nat. A. Hill, vice president. The board of directors were Henry Wells, J.B. Terhune, O.F. Gibbs, E.T. Paul, N.A. Hill, B.S. Hill, Sr., T.J. Whitehead, D. Rosenberg, and J.G. Austin. The latter was cashier. B.S. Hill, Sr., was treasurer of the Village of Wilmette with $13,000 of the village funds on deposit in the Evanston National. The money was withdrawn from the bank when he retired from the treasurer's office. About that time withdrawals increased. The Evanston National Bank cleared through the Chemical National and at the time the Chemical bank failed, depositors of the Evanston bank greatly increased their withdrawals. The Evanston National withdrew its account from the Chemical National a day before the Chemical failed. A few days later the Cairo Lumber Co. in which President Wells was known to be interested got into difficulties. The gave another impetus to the depositors to demand their money. President Wells said, "We paid out $100,000 in sixty days. No bank could stand such a proportionate drain. We got $6,000 in the Metropolitan National , but that bank had already returned our checks. The failure of the Chemical National Bank hurt us, and I presume my connection with the Cairo Lumber Company when it got into trouble had its effect."

In March 1895, the Federal grand jury at Chicago indicted on charges of embezzlement Henry Wells, E. Hill, John Austin and E.T. Paul, the first three officers and the last one director of the defunct Evanston, Illinois, National Bank. Wells was said to be in Pennsylvania, Hill in Missouri and Austin in California. The aggregate amount alleged to have been embezzled was $44,500. The bank was capitalized at $100,000 and when it failed in May 1893, the liabilities were $120,000. The receiver declared dividends to the amount of only $60,000. In 1897, Mr. E.T. Paul moved into new quarters in the Bryan Block, La Salle Street, North Shore. He remained a realtor and maker of real estate loans, pushing Evanston and Wilmette properties.

On May 4, 1901, the formal organization of the American National Bank of Boston, an entirely new institution, was effected by a number of prominent men. Among the directors was Henry Wells, cashier of the First National Bank of Reading, Massachusetts. The American National Bank received permission to begin business on May 29, 1901. The organization was effected with S.E. Blanchard as president; Henry Wells and A.H. Eastman as vice presidents; and William A. Faulkner, cashier. The bank opened at the corner of Devonshire and Franklin Streets, the building long occupied by the North National Bank.

In January 1903, a syndicate of Boston capitalists had secured control of the Eighth Ward Bank, Brooklyn. Successful termination of the negotiations was brought about by Henry Wells, vice president of the American National Bank of Boston.

In October 1907, a bank for Coopersburg, Lehigh County, was organized to be called the First National Bank of Coopersburg. The following officers were elected: Clarence Hodson, president; Levi F. Kuhns, vice president; Robert D. Barron, cashier. Charles Kramlich, Henry Wells, John R. Baer, and Robert D. Barron, directors. The capital was $25,000 and the new bank would occupy the post office building which was originally built for banking purposes by the Coopersburg Savings Bank.

In September 1908, Henry Wells resigned as cashier of the People's Bank of West Conshohocken to accept a similar position with the First National Bank of Riegelsville. The new limestone building was expected to be finished in about two months. In December Mr. Wells moved into the house adjoining the new bank building.

Later life and death

On Sunday, August 14, 1927, Henry Wells, 78, vice president of the Riegelsville First National Bank, was in Easton hospital in serious condition as the result of injuries received when struck by an automobile while crossing the street in Riegelsville. He sustained a fracture of the skull. Mr. Wells, who is very deaf, apparently walked directly into the path of the machine which was travelling in the opposite direction. The driver, a retired army officer, tried to avoid the accident and swerved sharply to the side of the road. The accident occurred in front of the residence of John B. Poore, president of the First National Bank. On August 22nd, he died in Easton Hospital from his injuries. Mr. Wells organized the First National Bank in 1908 and was its first cashier. In 1926 he was elected as vice president. He was also a director of the institution. He was survived by his widow, Mrs. Emma C. Wells and two sons, Claude J. of Riegelsville and Henry M., a teacher in the Taft School, New Haven, Connecticut. He was a member of the St. John's Reformed Church, Riegelsville. During his life he was active in the insurance business and represented several leading companies. He was a Mason and Knights Templar for over 50 years and was a past commander of Cairo Commandery, Illinois. The funeral was held on Wednesday at his late home with interment in Riegelsville Cemetery.

Bank Officer Summary

During his banking career, Henry Wells was involved with the following banks:

• National Bank of Rising Sun, Rising Sun, IN (Charter 1959): Director 1872
• Alexander County Bank, Cairo, IL (State Charter): VP 1875...1887
• Alexander County NB, Cairo, IL (Charter 3735): Cashier 1887-1890
• Evanston National Bank, Evanston, IL (Charter 4767): President 1892
• First National Bank, Reading, MA (Charter 4488): Cashier 1897-1901
• American National Bank, Boston, MA (Charter 5840): VP 1901...1903
• People's Bank of West Consohocken, PA (State Charter): Cashier 1908
• First National Bank, Riegelsville, PA (Charter 9202): Cashier 1908-1924, Vice President 1926-1927

$20 Series 1902 Plain Back bank note with pen signatures of Henry Wells, Cashier and John B. Poore, President Courtesy of Heritage Auctions, www.ha.com

Sources

• Henry Wells, on Findagrave.com
• Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project