Oscar D. Wells (Birmingham, AL)

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Photo of Oscar Wells as second vice president of the American Bankers' Association, ca1923.
Photo of Oscar Wells as second vice president of the American Bankers' Association, ca1923.

Oscar D. Wells (6-Feb-1875 – 30-May-1953)

Biography

Picture of Oscar Wells upon election as a Vice President of the Union National Bank of Houston, Texas in 1912.
Picture of Oscar Wells upon election as a Vice President of the Union National Bank of Houston, Texas in 1912.
  • Name: Oscar D. Wells
  • Birth: February 6, 1875, Platte County, Missouri
  • Death: May 30, 1953, Birmingham, AL

Early life and family

Oscar Wells was born in a log cabin in the Missouri River bottomlands of Platte County and was orphaned at 3 when his parents died in an epidemic. He was reared in the home of an uncle, William C. Wells, in Missouri who was the founder and president of a small family-run bank, the Wells Banking Company.

Senator William C. Wells was president of the Wells Banking Company of Platte City until his death in 1898. He had been connected with nearly all the enterprises promoting the interests of the county and was a state senator from the Third Missouri district. The Senator's son, W. Strother Wells became president [1899...1907] and ran the bank along with his brother, Campbell "Cam" Wells, cashier. Cam would make an unsuccessful attempt to secure the democratic nomination for governor in 1905.

Oscar Wells was educated in the public schools of Platte County and at Bethany College, Bethany, West Virginia. After leaving college and while still quite young, he became assistant cashier of the family bank; it was here that he first began to learn the banking business in which he would later make such an impact. He became the president of the Bank of Edgerton located in northeast Platte Co., Missouri. This is not to be confused with the Edgerton State Bank across the border in Kansas, southwest of Kansas City. He was associated with the Edgerton bank in 1899 and it's likely he took leadership of this bank after the president, Thomas Pope Bruce (1835-1902), died in 1902.

In 1900 he was married to Miss Hallie Hurst Jacob of Wheeling, West Virginia. He was also elected as a delegate of the fourth district to attend the democratic state nominating convention in Kansas City held June 5, 1900.

He rose up the banking ranks by always looking for a bigger job or an important place with a larger bank. In 1903 he became the cashier on the Carthage National Bank of Carthage, Missouri. On September 14, 1905 he resigned as cashier of the Carthage National Bank to accept the same position with the Fort Worth National Bank of Fort Worth, Texas. Raymond E. Frey, cashier from Macon, Illinois succeeded him. Mr. Wells had come from Platte City just two years earlier. With the move to Texas in 1905, he became cashier and a director (1906-1908) in the Fort Worth National Bank. On Saturday, December 26, 1908, he was banqueted by Fort Worth Friends at the Metropolitan. He would leave the first of the year for the Commercial National Bank of Houston, TX (Cashier 1909-1911).

While in Houston he found time to give talks to the chamber of commerce on civic patriotism and to the YMCA on finances, contrasting speculation with conservative investments. He was the first president of the Adcasters in 1911, a director of the Houston Club, and a vice president of the Texas Commercial Secretaries and Business Men's Association.

In 1912, he left the Commercial National to become a director and vice president of the Union National bank. On Jan. 14, 1913, he was elected second vice president of the First National Bank of Houston. He succeeded H.R. Eldridge who went to New York City as a vice president of the National City Bank. Houston's First National Bank had nearly $11 million in deposits, $2 million capital and over $200,000 in surplus. Wells was 34 years old.

First Governor, Dallas Federal Reserve Bank

Candidates for places on the directorate of the Eleventh District Federal Reserve Bank were assured election on May 30th 1914 when it was decided at the convention to nominate just six candidates. The nominees were: Class A, Oscar Wells, vice president of the First National Bank of Houston, E.K. Smith, vice president of the Commercial NB Shreveport, LA and J.J. Culberson, cotton seed oil manufacturer, Paris, TX. Class B, Marion Sansom, Capitalist, Fort Worth, Frank Kell Capitalist, Wichita Falls, and B.A. (Buck) McKinney, cashier of the Durant National Bank, Durant, OK. After balloting it was discovered that less than eighteen candidates had been voted upon. On motion of W.B. Harrison, secretary of the Oklahoma Bankers' Association, all except the six highest candidates were eliminated, thus assuring their election as directors. With the naming of Oscar Wells as first of the class A directors, his selection as head of the national reserve bank to be established at Dallas seemed quite probable.

Ballots were prepared in Washington, rushed to the member banks who quickly cast their ballots and returned them to Washington.

Rapid progress in the organization of the boards of directors of the 12 federal reserve banks in the nation's new currency system was indicated with announcement in Washington, DC of names of candidates whose elections had been assured. Among the directors whose elections were assured were: District No. 8 (St. Louis) Class A. Walker Hill, St. Louis, Class B. Murray Carlton, St. Louis; District No. 10 (Kansas City) Class A. Gordon Jones, Denver, Class B. M.L. McClure, Kansas City; District No. 11 (Dallas) Class A. Oscar Wells, Houston, TX; Class B. Marion Sansom, Fort Worth. Under the federal reserve act the electors of the various groups in the 12 districts vote their first, second and third choices for directors. The list announced by the organization committee comprised candidates who had received the first choice votes of more than a majority of the member banks in their respective groups.

In his first months as Governor of the Dallas Federal Reserve Bank, Wells would receive criticism from the Governor of Texas on his testimony before Congress on the insufficiency of state, county and municipal bonds for securing currency issuance and his opposition to a Bank of Texas.

To provide some historical context, see History of the Federal Reserve. The Federal Reserve Act created a new currency and established a system of Reserve Banks with capital provided by the member commercial banks in their designated territories. National banks were required to purchase capital in their local Reserve Bank and thereby become members of the System with access to loans and other services provided by the Reserve Bank. Membership in the System was made optional for state-chartered banks.

On February 4, 1915, Wells tendered his resignation to the board in session in Dallas and the resignation was accepted. Wells had accepted the position as president of the FNB of Birmingham, Alabama. E.O. Tenison of Dallas was expected to succeed Wells, but asked for time to consider the offer. The successor would be chosen by a vote of the member banks of Class A. 

Following the resignation of Oscar Wells, Richard L. Van Zandt was elected governor of the Dallas Fed. J.W. Hoopes, cashier of the reserve bank, was elected vice governor to succeed Van Zandt. The entire board of directors were present. They were E.O. Tenison, chairman of the board and Federal reserve agent; J.A. Scott of Houston; W.F. McCaleb; J.J. Culbertson of Paris; Felix Martinez of El Paso; Frank Kell of Wichita Falls; Marion Sansom of Fort Worth; E.K. Smith of Shreveport; and B.A. McKinney of Durant, Oklahoma.  As governor, Van Zandt played an important role in helping the Dallas Fed land its first permanent home, located at Commerce and Martin Streets, on October 30, 1915. At the time, the Reserve Bank had the distinction of being the first to own and occupy its own quarters. In later years, Van Zandt helped the bank move into a classical revival-style building at 400 South Akard Street.

Later life and death

Mr. Wells came to Birmingham from Dallas in 1915 to take on the job as president of the First National Bank of Birmingham. He became a member of the Federal Advisory Council from the Atlanta District in 1920 and served for a number of years. He was elected president of the American Bankers Association 1925-1926 and, at that time, there were 22,000 members across the country.

On June 23, 1930, stockholders of the First National Bank met to to consider the plan for consolidation with the American-Traders National Bank of Birmingham. Approval was received and the newly organized First National Bank opened on July 1, 1930 with capital and surplus of ten million dollars and total assets of approximately $72 million. Oscar Wells was promoted to chairman, with W.W. Crawford, vice chairman; J.C. Persons, president; and K.W. Berry, vice president. Wells would direct the First National's activities until his retirement.

During his busy career he was a director in the Louisville & Nashville railroad, the Woodward Iron Co. of Birmingham, The Alabama Power Co., and the United States Fidelity and Guaranty Co. of Baltimore, Maryland. He was a founder of the Birmingham Community Chest and remained actively interested in the campaigns until the end. He was an early defender of the Federal Reserve System which was bitterly attacked by some when it was new and he took part in advising those in government who set it up.

He enjoyed a round of golf with business associates and was fond of collecting art objects. Helen Jacobs Wells stipulated in her will that upon her death (in December 1954), the bulk of her sizeable estate would go to construct a building that would provide the proper display, temperature, and humidity requirements for paintings and other works of art. Wells also bequeathed her print collection, which included masterworks by Rembrandt, Albrecht Dürer, and James McNeill Whistler, to the facility. The Oscar Wells Memorial Museum building opened in May 1959 in Birmingham.

He was ill for several months before his death in Birmingham on Saturday, May 30, 1953. Gates Wells, vice president of the Wells Bank in Platte City, MO, said his cousin had visited five years earlier. Funeral services were held at the home in Birmingham and burial was in Elmwood.

Bank Officer Summary

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

$10 Series of 1882 Brown Back bank note with pen signatures of Oscar Wells, Cashier and J.L. Moore, President from The Carthage National Bank of Carthage, Missouri.
$10 Series of 1882 Brown Back bank note with pen signatures of Oscar Wells, Cashier and J.L. Moore, President from The Carthage National Bank of Carthage, Missouri (Charter 4815). Courtesy Heritage Auctions, www.ha.com
$10 Series of 1902 Plain Back bank note with engraved signatures of F.S. Foster, Cashier and Oscar Wells, President from The First National Bank of Birmingham, Alabama (Charter 3185).
$10 Series of 1902 Plain Back bank note with engraved signatures of F.S. Foster, Cashier and Oscar Wells, President from The First National Bank of Birmingham, Alabama (Charter 3185). Courtesy Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of F.S. Foster, Cashier and Oscar Wells, President from The First National Bank of Birmingham, Alabama (Charter 3185).
1929 Type 1 $10 bank note with printed signatures of F.S. Foster, Cashier and Oscar Wells, President from The First National Bank of Birmingham, Alabama (Charter 3185). Courtesy of Heritage Auctions, www.ha.com


Sources

  • Oscar D. Wells Biography at Federal Reserve History located at Federalreservehistory.org
  • Banks & Bankers Historical Database (1782-1935), https://bbdata.banknotehistory.com
  • The Bankers' Magazine, Vol. 107, July 1923 to Dec. 1923, pp 522, 524.
  • The Kansas City Times Kansas City, MO., Tue., Mar. 20, 1900.
  • Plattsburg Leader, Plattsburg, MO, Fri., Mar. 23, 1900.
  • Plattsburg Leader, Plattsburg, Missouri, Fri., May 23, 1902.
  • The Coffeyville Daily Journal, Coffeyville, KS, Thu., Nov. 19, 1903.
  • Fort Worth Star-Telegram, Fort Worth, TX, Sun., Dec. 27, 1908.
  • The Houston Post, Houston, Texas, Wed., Jan. 10, 1912.
  • Waco Morning News, Waco, TX, Sun., Jan. 28, 1912.
  • Fort Worth Star-Telegram, Fort Worth, TX, Fri., Jan. 17, 1913.
  • The Houston Post, Houston, TX, Wed., Feb. 8, 1913.
  • Fort Worth Star-Telegram, Fort Worth, TX, Sun., May 31, 1914.
  • The Houston Post, Houston, TX, Mon. June 1, 1914.
  • The Houston Post, Houston, TX, Mon. July 17, 1914.
  • Fort Worth Star-Telegram, Fort Worth, TX, Wed., Feb. 3, 1915.
  • Fort Worth Star-Telegram, Fort Worth, TX, Wed., Apr. 7, 1915.
  • The Kansas City Star, Kansas City, MO, Sun. 31 May 1953.
  • Alabama Journal, Montgomery, AL, Mon., June 1, 1953.
  • The Kansas City Star, Kansas City, MO, Wed., May 27, 1959.
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