Samuel Russell
Encyclopedia
Samuel Wadsworth Russell, born in Middletown, Connecticut
(August 25, 1789 – 1862), was an American entrepreneur and trader, and founder of Russell & Company
, the largest and most important American trading house in China
from 1842 to its closing in 1891.
, and did not attend college. Instead, he began his career as apprentice clerk for a maritime trade merchant, Whittlesley & Alsop, in Middletown. It is there that Russell began learning his skills as a trader. In 1810, his apprenticeship having ended, he moved to New York where he hoped to prosper. In 1812, he joined Hull & Griswold, a merchant house, based in New York but established by investors with family ties in Connecticut. He began traveling on company ships as supercargo
and soon began trading on a commission basis which enabled him to found his first company, Russell & Company, a commission trader for Hull & Griswold, in his hometown of Middletown.
, in 1819, engaging in trade on behalf of the Providence firm of Edward Carrington & Company in various goods and products including opium
, an extremely profitable activity despite being outlawed-yet protected by foreign forces.
The profits made by Russell enabled him to found Russell & Company in Canton, China, in 1824. Dealing mostly in silk
s, tea
s and opium, Russell & Company prospered, and by 1842, it had become the largest American trading house in China. It kept its dominance until its closing in 1891. Russell withdrew from the company in 1836. He returned to America, and lived in his mansion in his hometown of Middletown, Connecticut, until his death in 1862. The mansion, now bearing the name of Samuel Wadsworth Russell House
, had an elaborately-decorated interior; Russell had brought back many souvenirs and antiques from China, as well as gifts from his Chinese trade partner, Howqua
.
(1833) who was Co-founder of the Skull and Bones
Secret Society at Yale University
.
Middletown, Connecticut
Middletown is a city located in Middlesex County, Connecticut, along the Connecticut River, in the central part of the state, 16 miles south of Hartford. In 1650, it was incorporated as a town under its original Indian name, Mattabeseck. It received its present name in 1653. In 1784, the central...
(August 25, 1789 – 1862), was an American entrepreneur and trader, and founder of Russell & Company
Russell & Company
Russell & Company was the largest and most important American trading house in China from 1842 to its closing in 1891.Samuel Russell founded Russell & Company in Canton, China, in 1824. Dealing mostly in silks, teas and opium, Russell & Company prospered, and by 1842, it had become the largest...
, the largest and most important American trading house in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
from 1842 to its closing in 1891.
Early life
Orphaned at the age of 12, Russell did not receive any significant inheritanceInheritance
Inheritance is the practice of passing on property, titles, debts, rights and obligations upon the death of an individual. It has long played an important role in human societies...
, and did not attend college. Instead, he began his career as apprentice clerk for a maritime trade merchant, Whittlesley & Alsop, in Middletown. It is there that Russell began learning his skills as a trader. In 1810, his apprenticeship having ended, he moved to New York where he hoped to prosper. In 1812, he joined Hull & Griswold, a merchant house, based in New York but established by investors with family ties in Connecticut. He began traveling on company ships as supercargo
Supercargo
Supercargo is a term in maritime law that refers to a person employed on board a vessel by the owner of cargo carried on the ship...
and soon began trading on a commission basis which enabled him to found his first company, Russell & Company, a commission trader for Hull & Griswold, in his hometown of Middletown.
China
Attracted by financial prospects, Russell set out for China, an assured profitable venture. He arrived in Canton, ChinaGuangzhou
Guangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
, in 1819, engaging in trade on behalf of the Providence firm of Edward Carrington & Company in various goods and products including opium
Opium
Opium is the dried latex obtained from the opium poppy . Opium contains up to 12% morphine, an alkaloid, which is frequently processed chemically to produce heroin for the illegal drug trade. The latex also includes codeine and non-narcotic alkaloids such as papaverine, thebaine and noscapine...
, an extremely profitable activity despite being outlawed-yet protected by foreign forces.
The profits made by Russell enabled him to found Russell & Company in Canton, China, in 1824. Dealing mostly in silk
Silk
Silk is a natural protein fiber, some forms of which can be woven into textiles. The best-known type of silk is obtained from the cocoons of the larvae of the mulberry silkworm Bombyx mori reared in captivity...
s, tea
Tea
Tea is an aromatic beverage prepared by adding cured leaves of the Camellia sinensis plant to hot water. The term also refers to the plant itself. After water, tea is the most widely consumed beverage in the world...
s and opium, Russell & Company prospered, and by 1842, it had become the largest American trading house in China. It kept its dominance until its closing in 1891. Russell withdrew from the company in 1836. He returned to America, and lived in his mansion in his hometown of Middletown, Connecticut, until his death in 1862. The mansion, now bearing the name of Samuel Wadsworth Russell House
Samuel Wadsworth Russell House
Samuel Wadsworth Russell House in Middletown, Connecticut is a landmark greek revival mansion built in 1828. It is now owned by Wesleyan University. In 1970, the Russell House was listed on the National Register of Historic Places and it was declared a National Historic Landmark in 2001.-...
, had an elaborately-decorated interior; Russell had brought back many souvenirs and antiques from China, as well as gifts from his Chinese trade partner, Howqua
Howqua
Howqua was the most important of the Hong merchants in the Thirteen Factories, head of the E-wo hong and leader of the Canton Cohong–Gong1 hong2 . He was once one of the richest men in the world.-Biography:...
.
Family
Russell is cousin of William Huntington RussellWilliam Huntington Russell
William Huntington Russell was an American businessman, educator, and politician. He was the founder of the Yale University secret society Skull and Bones. He was a descendant of several old New England families, including those of Pierpont, Hooker, Willett, Bingham, and Russell. His ancestor Rev...
(1833) who was Co-founder of the Skull and Bones
Skull and Bones
Skull and Bones is an undergraduate senior or secret society at Yale University, New Haven, Connecticut. It is a traditional peer society to Scroll and Key and Wolf's Head, as the three senior class 'landed societies' at Yale....
Secret Society at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
.
Further reading
- Alain Munkittrick, “Samuel Wadsworth Russell (1789-1862): A Study in Ordered Investment,” Honors Thesis, Wesleyan University, 1973