Lloyd Tevis
Encyclopedia
Lloyd Tevis was a banker and capitalist who served as president of Wells Fargo & Company from 1872 to 1892.
, the son of Samuel and Sarah (Greathouse) Tevis. His father was a prominent attorney and circuit court clerk, and from 1842 to 1844 Lloyd studied law in his office and assisted him as court clerk. After a further period of study and work in a neighboring county, he became a salesman with a wholesale dry goods company in Louisville, Kentucky
. He was highly regarded, and when the company failed he was appointed assignee.
On the basis of his performance in this position, Tevis was offered, and accepted, a place in the Bank of Kentucky in 1848. He left the bank shortly, however, to accept a position with an insurance company in St. Louis, Missouri
.
to join the gold rush in the spring of 1849. Finding little success in the diggings, at the end of the year he went to Sacramento
and secured a position in the county recorder's office. Saving money from his salary, after a few months he made his first investment in land, purchasing a lot for $250. In October 1850 he joined a recent acquaintance, James Ben Ali Haggin
, in opening a law office in Sacramento. They moved to San Francisco in 1853. Haggin and Tevis acquired the Rancho Del Paso
land grant near Sacramento.
Haggin and Tevis married sisters, daughters of Colonel Lewis Sanders, a Kentuckian who had emigrated to California. Tevis married Susan G. Sanders on April 20, 1854. The Tevises were the parents of three sons and two daughters.
Tevis was one of the principal owners of the California Steam Navigation Company and one of the projectors of telegraph lines throughout California. In the negotiations for the sale of the California State Telegraph Company to the Western Union Telegraph Company, it is said that his profits and commissions amounted to $200,000. He was also the leading promoter of the California Dry Dock and the California Market in San Francisco, the president and principal owner of the Pacific Ice Company; and one of the early manufacturers of illuminating gas in California. At one time Tevis owned 1,300 miles of stagecoach lines in California, horse-drawn streetcar lines in San Francisco, and ranch lands with thousands of head of cattle and sheep.
He was a pioneer in the reclamation of "tule" or swamp lands in central California.
, H.D. Bacon, Leland Stanford
, Mark Hopkins
and Charles Crocker
in forming the Pacific Union Express Company. This concern began operating in 1868 between Reno and Virginia City, Nevada
, and received a ten-year exclusive contract to operate over the Central Pacific Railroad
and Union Pacific Railroad
. Stock of Wells Fargo & Company declined in price, Tevis and his associates purchased quantities of it, and by the fall of 1869 he was in a position to control Wells Fargo. Faced with the need to get Tevis' exclusive railroad contract, in the so-called Omaha Conference of October 4, 1869, Wells Fargo accepted Tevis' controlling interest and arranged for the consolidation of Pacific Union Express and Wells Fargo, which occurred in 1870. Tevis was elected vice president and a director of Wells Fargo in 1870.
Elected president of Wells Fargo in 1872, Tevis served in that capacity until 1892. He was also a large shareholder of the Spring Valley Water Company, the Risdon Iron Works, the Occidental & Oriental Steamship Company, and the Sutro Tunnel
Company of Virginia City. Tevis was also one of the promoters of the Southern Pacific Railroad
, serving briefly as acting president of the company (in place of Stanford) in 1869-70 after its acquisition by the Big Four - Stanford, Hopkins, Crocker and Collis P. Huntington
.
, Utah
, Idaho
, and South Dakota
. Tevis, Haggin and George Hearst
, as Hearst, Haggin, Tevis and Co.
, owned the Homestake gold mine in the Black Hills
and the Ontario gold mine in Utah, and Tevis, Haggin, Hearst and Marcus Daly
owned the great Anaconda copper strike in Montana
.
In 1897 the Hearst share of the Anaconda copper properties was sold to an English syndicate. Two years later in May 1899, Tevis, Haggin and Daly sold their shares to a syndicate led by John D. Rockefeller
. For his share Tevis is said to have received $8 million.
and other Wells Fargo directors were critical of his administration following an extensive audit in 1891. On August 11, 1892, Tevis was forced out as president of Wells Fargo with Valentine elected his successor. Further pressure resulted in Tevis' resignation from the board of directors a year later, on August 10, 1893.
Two months after selling his interest in the Anaconda properties, Tevis died in San Francisco on July 24, 1899, survived by his wife and five children.
and Marcella Sembrich
and brought them to the wooden Tevis mansion on Nob Hill. When it became obvious the next day that the house would be destroyed by the advancing fires, Tevis led them to the safety of North Beach.
Early life
He was born in Shelbyville, KentuckyShelbyville, Kentucky
As of the census of 2000, there were 10,085 people, 3,822 households, and 2,549 families residing in the city. The population density was 1,333.5 people per square mile . There were 4,117 housing units at an average density of 544.4 per square mile...
, the son of Samuel and Sarah (Greathouse) Tevis. His father was a prominent attorney and circuit court clerk, and from 1842 to 1844 Lloyd studied law in his office and assisted him as court clerk. After a further period of study and work in a neighboring county, he became a salesman with a wholesale dry goods company in Louisville, Kentucky
Louisville, Kentucky
Louisville is the largest city in the U.S. state of Kentucky, and the county seat of Jefferson County. Since 2003, the city's borders have been coterminous with those of the county because of a city-county merger. The city's population at the 2010 census was 741,096...
. He was highly regarded, and when the company failed he was appointed assignee.
On the basis of his performance in this position, Tevis was offered, and accepted, a place in the Bank of Kentucky in 1848. He left the bank shortly, however, to accept a position with an insurance company in St. Louis, Missouri
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
.
California
Tevis went to CaliforniaCalifornia
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
to join the gold rush in the spring of 1849. Finding little success in the diggings, at the end of the year he went to Sacramento
Sacramento
Sacramento is the capital of the state of California, in the United States of America.Sacramento may also refer to:- United States :*Sacramento County, California*Sacramento, Kentucky*Sacramento – San Joaquin River Delta...
and secured a position in the county recorder's office. Saving money from his salary, after a few months he made his first investment in land, purchasing a lot for $250. In October 1850 he joined a recent acquaintance, James Ben Ali Haggin
James Ben Ali Haggin
James Ben Ali Haggin was an Turkish Americanattorney, rancher, investor and a major owner/breeder in the sport of Thoroughbred horse racing...
, in opening a law office in Sacramento. They moved to San Francisco in 1853. Haggin and Tevis acquired the Rancho Del Paso
Rancho Del Paso
Rancho Del Paso was a Mexican land grant in present day Sacramento County, California given in 1844 by Governor Manuel Micheltorena to Eliab Grimes. The grant extended along the north bank of the American River and was bounded roughly by today’s Northgate Boulevard, Manzanita Avenue, and Elkhorn...
land grant near Sacramento.
Haggin and Tevis married sisters, daughters of Colonel Lewis Sanders, a Kentuckian who had emigrated to California. Tevis married Susan G. Sanders on April 20, 1854. The Tevises were the parents of three sons and two daughters.
Tevis was one of the principal owners of the California Steam Navigation Company and one of the projectors of telegraph lines throughout California. In the negotiations for the sale of the California State Telegraph Company to the Western Union Telegraph Company, it is said that his profits and commissions amounted to $200,000. He was also the leading promoter of the California Dry Dock and the California Market in San Francisco, the president and principal owner of the Pacific Ice Company; and one of the early manufacturers of illuminating gas in California. At one time Tevis owned 1,300 miles of stagecoach lines in California, horse-drawn streetcar lines in San Francisco, and ranch lands with thousands of head of cattle and sheep.
He was a pioneer in the reclamation of "tule" or swamp lands in central California.
Wells Fargo
In May 1868 Tevis joined Darius Ogden MillsDarius Ogden Mills
Darius Ogden Mills was a prominent American banker, philanthropist and, for a time, California's wealthiest citizen.-Biography:...
, H.D. Bacon, Leland Stanford
Leland Stanford
Amasa Leland Stanford was an American tycoon, industrialist, robber baron, politician and founder of Stanford University.-Early years:...
, Mark Hopkins
Mark Hopkins
Mark Hopkins was one of four principal investors who formed the Central Pacific Railroad along with Leland Stanford, Charles Crocker, and Collis Huntington in 1861.-Early years:...
and Charles Crocker
Charles Crocker
Charles Crocker was an American railroad executive.-Early years:Crocker was born in Troy, New York, to a modest family and moved to an Indiana farm at age 14. He soon became independent, working on several farms, a sawmill, and at an iron forge. In 1845 he founded a small, independent iron...
in forming the Pacific Union Express Company. This concern began operating in 1868 between Reno and Virginia City, Nevada
Virginia City, Nevada
Virginia City is a census-designated place that is the county seat of Storey County, Nevada. It is part of the Reno–Sparks Metropolitan Statistical Area. The population was 855 at the 2010 Census.- History :...
, and received a ten-year exclusive contract to operate over the Central Pacific Railroad
Central Pacific Railroad
The Central Pacific Railroad is the former name of the railroad network built between California and Utah, USA that formed part of the "First Transcontinental Railroad" in North America. It is now part of the Union Pacific Railroad. Many 19th century national proposals to build a transcontinental...
and Union Pacific Railroad
Union Pacific Railroad
The Union Pacific Railroad , headquartered in Omaha, Nebraska, is the largest railroad network in the United States. James R. Young is president, CEO and Chairman....
. Stock of Wells Fargo & Company declined in price, Tevis and his associates purchased quantities of it, and by the fall of 1869 he was in a position to control Wells Fargo. Faced with the need to get Tevis' exclusive railroad contract, in the so-called Omaha Conference of October 4, 1869, Wells Fargo accepted Tevis' controlling interest and arranged for the consolidation of Pacific Union Express and Wells Fargo, which occurred in 1870. Tevis was elected vice president and a director of Wells Fargo in 1870.
Elected president of Wells Fargo in 1872, Tevis served in that capacity until 1892. He was also a large shareholder of the Spring Valley Water Company, the Risdon Iron Works, the Occidental & Oriental Steamship Company, and the Sutro Tunnel
Sutro Tunnel
The Sutro Tunnel is a drainage tunnel connected to the Comstock Lode in Northern Nevada. It begins at Virginia City, Nevada and empties approximately 6 miles southeast the town of Dayton, Nevada....
Company of Virginia City. Tevis was also one of the promoters of the Southern Pacific Railroad
Southern Pacific Railroad
The Southern Pacific Transportation Company , earlier Southern Pacific Railroad and Southern Pacific Company, and usually simply called the Southern Pacific or Espee, was an American railroad....
, serving briefly as acting president of the company (in place of Stanford) in 1869-70 after its acquisition by the Big Four - Stanford, Hopkins, Crocker and Collis P. Huntington
Collis P. Huntington
Collis Potter Huntington was one of the Big Four of western railroading who built the Central Pacific Railroad as part of the first U.S. transcontinental railroad...
.
Mining interests
A sound operator, Tevis made his most risky ventures when he went into gold, silver and copper mining on a large scale. He was owner or part-owner of gold and silver mines in California, NevadaNevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
, Utah
Utah
Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
, Idaho
Idaho
Idaho is a state in the Rocky Mountain area of the United States. The state's largest city and capital is Boise. Residents are called "Idahoans". Idaho was admitted to the Union on July 3, 1890, as the 43rd state....
, and South Dakota
South Dakota
South Dakota is a state located in the Midwestern region of the United States. It is named after the Lakota and Dakota Sioux American Indian tribes. Once a part of Dakota Territory, South Dakota became a state on November 2, 1889. The state has an area of and an estimated population of just over...
. Tevis, Haggin and George Hearst
George Hearst
George Hearst was a wealthy American businessman and United States Senator, and the father of newspaperman William Randolph Hearst.-Early life and education:...
, as Hearst, Haggin, Tevis and Co.
Hearst, Haggin, Tevis and Co.
Hearst, Haggin, Tevis and Co., a company started in California in the 1850s and headed by San Francisco lawyer James Ben Ali Haggin with Lloyd Tevis and George Hearst, grew to be the largest private firm of mine-owners in the United States...
, owned the Homestake gold mine in the Black Hills
Black Hills
The Black Hills are a small, isolated mountain range rising from the Great Plains of North America in western South Dakota and extending into Wyoming, USA. Set off from the main body of the Rocky Mountains, the region is something of a geological anomaly—accurately described as an "island of...
and the Ontario gold mine in Utah, and Tevis, Haggin, Hearst and Marcus Daly
Marcus Daly
Marcus Daly redirects here, see also Marcus Daly Marcus Daly was an Irish-born American businessman known as one of the three "Copper Kings" of Butte, Montana, United States.- Early life:...
owned the great Anaconda copper strike in Montana
Montana
Montana is a state in the Western United States. The western third of Montana contains numerous mountain ranges. Smaller, "island ranges" are found in the central third of the state, for a total of 77 named ranges of the Rocky Mountains. This geographical fact is reflected in the state's name,...
.
In 1897 the Hearst share of the Anaconda copper properties was sold to an English syndicate. Two years later in May 1899, Tevis, Haggin and Daly sold their shares to a syndicate led by John D. Rockefeller
John D. Rockefeller
John Davison Rockefeller was an American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of...
. For his share Tevis is said to have received $8 million.
Later life
Tevis said he could think five times as fast as any man in San Francisco. Often he proved it. However, in later years it is said that he relaxed banking practices too much. John J. Valentine, Sr.John J. Valentine, Sr.
John Joseph Valentine, Sr. 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.-Early life:...
and other Wells Fargo directors were critical of his administration following an extensive audit in 1891. On August 11, 1892, Tevis was forced out as president of Wells Fargo with Valentine elected his successor. Further pressure resulted in Tevis' resignation from the board of directors a year later, on August 10, 1893.
Two months after selling his interest in the Anaconda properties, Tevis died in San Francisco on July 24, 1899, survived by his wife and five children.
Earthquake of 1906
In the San Francisco earthquake and fire of April 18, 1906, Tevis' son, Dr. Harry Tevis, rescued the opera singers Emma EamesEmma Eames
Emma Eames was an American soprano renowned for the beauty of her voice. She sang major lyric and lyric-dramatic roles in opera and had an important career in New York, London and Paris during the last decade of the 19th century and the first decade of the 20th century.-Early life:The daughter of...
and Marcella Sembrich
Marcella Sembrich
Marcella Sembrich was the stage name of the Polish coloratura soprano, Prakseda Marcelina Kochańska...
and brought them to the wooden Tevis mansion on Nob Hill. When it became obvious the next day that the house would be destroyed by the advancing fires, Tevis led them to the safety of North Beach.