Joshua Wells Lockwood, (Sr.) (Richmond, VA)
Joshua Wells Lockwood, (Sr.) (July 22, 1823 – Mar. 15, 1903)
Biography
- Name: Joshua Wells Lockwood, (Sr.)
- Birth: July 22, 1823, Alexandria, Virginia
- Death: March 15, 1904, Orange County, Virginia
- Father of bankers J. Wells Lockwood, Jr., and Newton Lockwood;
- Founder and 1st VP American NB 5229;
- Executive Board American Bankers' Association 1885
Early life and family
In his youth, Mr. Lockwood studied medicine and was a graduate of Benjamin Hallswell's school of Alexandria which was also attended by General Robert E. Lee. He was a schoolmate of President Harrison when the grandfather of the latter, William Henry Harrison, was President.
Banking career
The business career of Mr. Lockwood began as it ended in the financial world. In 1851 he occupied a position with the Bank of the Old Dominion of Alexandria and he filled this position until about 1861 when he left for Richmond. After the Civil War ended, the Bank of the Old Dominion paid its deposits, redeemed its circulation and paid a dividend to its stockholders. It was one of the few able to do this. The financial integrity of this bank was secured through Mr. Lockwood, then its discount clerk. On the advance of Federal troops into Alexandria, the bank's gold was shipped to Lynchburg and it was afterwards removed to Richmond in Mr. Lockwood's care. The demand for gold by the government was so great that nearly all the banks surrendered their funds and took Confederate securities and when the end came, the banks were left with worthless paper. Not so with the Bank of the Old Dominion. Mr. Lockwood secured its gold and at the evacuation of Richmond, fled with it south. Two months later he returned it intact to the board of directors at Alexandria along with $2,000 in silver which he buried in a sarcophagus in Charlottesville and dug up after his return.
In Richmond, Mr. Lockwood was connected with the old Bank of the Commonwealth. Upon the organization of the National Bank of Virginia of Richmond, he was employed and in December 1870, he was made cashier. As cashier he became known to thousands of people and was universally esteemed and admired. His integrity was a by-word; he never charged more than the legal rate of interest on a note.
In 1898, the twenty-ninth anniversary of Mr. Lockwood becoming cashier of the National Bank of Virginia, sixty of the depositors of the bank presented him with a handsome silver tea and coffee service. The testimonial engraved stated, "It witnesses not only our high appreciation of you fidelity, ability and courtesy as a bank officer, exhibited through more than a quarter of a century of arduous and unremitting service, but it bears testimony also to our admiration and esteem for you as an upright and downright man, and to our hearty affection to you as a friend, ever faithful and ever ready to do all in your power for any friend in need of help in any way." The presentation was made by Colonel James Lyons and Major Silles.
Other Business interests included:
- Treasurer (1873) of the Carolina Life Insurance Company, Richmond Department.
- Director (1874...1875), Virginia Petroleum Life Insurance Company
- Auditor and director (1874...1878), The Virginia Protection Life Insurance Company of Richmond, Virginia
After the National Bankers and Brokers' Convention at Saratoga in 1875, a correspondent of the Baltimore Gazette recorded Mr. Lockwood's thoughts. "I am decidedly in favor of the resumption of specie payment at the earliest possible moment, but we are not yet prepared for it... The supply of gold in the country, not amounting to over $75,000,000 is inadequate to meet such demand. The amount produced from our mines does not exceed $62,000,000 a year and of this $53,000,000 is expended to meet our foreign indebtedness..." Further, Mr. Lockwood stated that he regarded the speculation in gold as ruinous to the country, and favored a tax on gold brokers amounting to prohibition.
He was one of the organizers of the American Bankers' Association and was a member of the executive committee for 12 years. He nominated Secretary Gage for the office of president when he was at the head of that organization.
About the fall of 1899, Mr. Lockwood retired from the National Bank of Virginia and became vice president of the new American National Bank. About a year later he left and went to Orange.
Later life and death
On Tuesday evening, March 15, 1904, Joshua Wells Lockwood, one of the best-known bankers and business men of Virginia, died at his home in Orange County. Never in very robust health, Mr. Lockwood's age began to tell on him. However, he was in better health late in life than in his early years. He resided with his family in Orange, Virginia and was critically ill for two or three weeks before the end which came three days after the announcement of the closing of the two banks, the American National Bank of Orange and Lockwood and Company.
Mr. Lockwood left three daughters and two sons. The sons were with their father at the National Bank of Virginia and went with him to the American National Bank. Mr. Newton Lockwood was teller of the American National and later he was president of Lockwood and Company, bankers of Gordonsville, Virginia. Mr. J.W. Lockwood, Jr., was cashier of the American National and was in 1900 president of the American National Bank of Orange, Virginia. The Lockwood banks failed a few days before the death of J.W. Lockwood Sr.
The remains were brought to Richmond via the Chesapeake and Ohio from Gordonsville and were place in the care of Undertaker Christian. The funeral was at 4 o'clock on March 17, 1904, from the Second Presbyterian Church with interment in Hollywood Cemetery.
Bank Officer Summary
During his banking career, Joshua W. Lockwood was involved with the following banks:
- Bank of the Old Dominion, Alexandria, VA: (Discount Clerk 1851...1865)
- National Bank of Virginia, Richmond, VA (Charter 1125): (Cashier 1871-1899)
- American National Bank, Richmond, VA (Charter 5229): (Vice President 1900)
Sources
- Joshua Wells Lockwood on Findagrave.com
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- Alexandria Gazette, Alexandria, VA, Mon., Jan. 9, 1860.
- Alexandria Gazette, Alexandria, VA, Sat., Dec. 24, 1870.
- Richmond Dispatch, Richmond, VA, Sat., Feb. 14, 1874.
- Rockingham Register, Harrisonburg, VA, Thu., Oct. 29, 1874.
- Alexandria Gazette, Alexandria, VA, Tue., Aug. 17, 1875.
- Alexandria Gazette, Alexandria, VA, Mon., Sep. 28, 1885.
- Richmond Times-Dispatch, Richmond, VA, Thu., Mar. 17, 1904.
- The New York Times, New York, NY, Mon., Apr. 4, 1904.