Oakleigh Thorne
Encyclopedia
W.O.S. Thorne, more generally known as Oakleigh Thorne (July 31, 1866-May 23-1948), was a publisher of tax guides who also served as a director of Wells Fargo & Company from 1902 to 1918.
Thorne was born in 1866 in New Hamburg, New York
, the son of Edward Thomas Thorne and Charlotte (Pearsall) Thorne. He was educated in the schools of Poughkeepsie, New York
. On February 26, 1889, he married Helen T. Stafford. The couple made their home in Millbrook, New York
, which remains the family's principal place of residence.
In 1892 he purchased a small printing company that under his management became Commerce Clearing House, a major publisher of tax guides for lawyers and accountants.
Thorne was elected a director of Wells Fargo & Company on January 2, 1902. This was at the time control of the express
company passed to E.H. Harriman; the company headquarters moved from San Francisco to New York City
in 1904. Thorne remained a director of Wells Fargo until the company ceased express service in 1918.
Expanding into the realm of railroad speculation, Thorne and his partner Marsden J. Perry bought up a controlling interest in the failing New York, Westchester and Boston Railway
in 1906. Combined with the assets of the competing New York & Portchester Railroad, the Millbrook Company was created as a holding entity that was transferred to the New York, New Haven and Hartford Railroad
following the Panic of 1907
.
Thorne was president of Trust Company of America when its main office on Wall Street
was the target of a bank run
starting on Wednesday, October 23, 1907, during the Panic of 1907. It survived, with the backing of J. Pierpont Morgan and an infusion of gold from the Bank of England
and other European sources.
In addition to his connection with Commerce Clearing House, Wells Fargo, and Trust Company of America, Thorne was a director of the Corporation Trust Company and of the Bank of Millbrook.
Oakleigh Thorne died on May 23, 1948. He should not be confused with his great-grandson, also named Oakleigh Thorne, who sold Commerce Clearing House to the Dutch media firm of Wolters Kluwer
in 1996. He was listed on Forbes' 2008 list of the world's billionaires as #1014 with a net worth of $1.1 billion. The family's holdings are now managed by his son, Oakleigh Thorne IV, who has been chief executive officer of eCollege.com since May 2000.
Thorne was born in 1866 in New Hamburg, New York
New Hamburg, New York
New Hamburg is a small hamlet along the Hudson River in Dutchess County, New York, best known as home of a popular marina and a busy Metro-North Railroad Hudson Line station. It is located in the southern corner of the Wappingers Falls....
, the son of Edward Thomas Thorne and Charlotte (Pearsall) Thorne. He was educated in the schools of Poughkeepsie, New York
Poughkeepsie (city), New York
Poughkeepsie is a city in the state of New York, United States, which serves as the county seat of Dutchess County. Poughkeepsie is located in the Hudson River Valley midway between New York City and Albany...
. On February 26, 1889, he married Helen T. Stafford. The couple made their home in Millbrook, New York
Millbrook, New York
Millbrook is a village in Dutchess County, New York, United States. It is often said to be a "low-key version of the Hamptons" and one of the wealthiest towns in New York State. Millbrook's estimated town population was 1,551 in 2008. Millbrook is located in the Hudson Valley, an hour and thirty...
, which remains the family's principal place of residence.
In 1892 he purchased a small printing company that under his management became Commerce Clearing House, a major publisher of tax guides for lawyers and accountants.
Thorne was elected a director of Wells Fargo & Company on January 2, 1902. This was at the time control of the express
Express mail
In most postal systems express mail refers to an accelerated delivery service for which the customer pays a surcharge and receives faster delivery. Express mail is a service for domestic mail and is governed by a country's own postal administration...
company passed to E.H. Harriman; the company headquarters moved from San Francisco to New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in 1904. Thorne remained a director of Wells Fargo until the company ceased express service in 1918.
Expanding into the realm of railroad speculation, Thorne and his partner Marsden J. Perry bought up a controlling interest in the failing New York, Westchester and Boston Railway
New York, Westchester and Boston Railway
The New York, Westchester and Boston Railway Company , known to its riders as "the Westchester" and colloquially as the "Boston-Westchester", operated as an electric commuter railroad in the Bronx and Westchester County, New York from 1912 to 1937...
in 1906. Combined with the assets of the competing New York & Portchester Railroad, the Millbrook Company was created as a holding entity that was transferred to the New York, New Haven and Hartford Railroad
New York, New Haven and Hartford Railroad
The New York, New Haven and Hartford Railroad , was a railroad that operated in the northeast United States from 1872 to 1968 which served the states of Connecticut, New York, Rhode Island, and Massachusetts...
following the Panic of 1907
Panic of 1907
The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on...
.
Thorne was president of Trust Company of America when its main office on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
was the target of a bank run
Bank run
A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...
starting on Wednesday, October 23, 1907, during the Panic of 1907. It survived, with the backing of J. Pierpont Morgan and an infusion of gold from the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
and other European sources.
In addition to his connection with Commerce Clearing House, Wells Fargo, and Trust Company of America, Thorne was a director of the Corporation Trust Company and of the Bank of Millbrook.
Oakleigh Thorne died on May 23, 1948. He should not be confused with his great-grandson, also named Oakleigh Thorne, who sold Commerce Clearing House to the Dutch media firm of Wolters Kluwer
Wolters Kluwer
Wolters Kluwer N.V. is a global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors...
in 1996. He was listed on Forbes' 2008 list of the world's billionaires as #1014 with a net worth of $1.1 billion. The family's holdings are now managed by his son, Oakleigh Thorne IV, who has been chief executive officer of eCollege.com since May 2000.