Festus J. Wade, 1859–1927

Festus J. Wade was born in 1859 in Limerick, Ireland. When he was only a few months old, he traveled to America with his parents, Thomas R. Wade and Catherine Wade (née McDonough). The family settled in what was known as Kerry Patch in St. Louis.

From a young age, Festus showed great business acumen through various jobs and money-making schemes. At fifteen, he worked as gatekeeper at the St. Louis Fairgrounds. In his early twenties, he was secretary of the St. Louis Agricultural and Mechanical Fair Association while also studying part-time at the Bryant and Strattan business school.

In 1885, Festus moved into real estate. He became president of several real estate companies he formed with his business partner, Lorenzo Anderson. One of his investments was the purchase of number 1 Wall Street, considered the most expensive real estate purchase in the world at this time.

In November 1899, Festus established the Mercantile Trust Co., where he served as president and Lorenzo Anderson served as vice president. That same year, Pierre Laclède Liguest asked Festus to join a committee to celebrate the centenary of the Louisiana Purchase. His role involved raising funds and planning for the Louisiana Purchase Exposition, held in St. Louis in 1904. One challenge he faced was the purchase and construction of the Hotel Jefferson, which he delivered on the eve of the World’s Fair. At the closing ceremony, Festus presented an award to David R. Francis, president of the Louisiana Purchase Exposition.

Throughout his life, Festus worked with many U.S presidents, serving on multiple committees as an advisor. He formed a particularly close personal friendship with President William H. Taft. In 1902, Taft invited Festus to join him in negotiations with the Vatican over the purchase of lands in the Philippines, known as the “Friar Lands.”

In 1913, Festus J. Wade served as an advisor in the drafting of the Federal Reserve Act and was involved in the formation of the Federal Reserve. Through his efforts, he was able to bring one of the twelve regional Federal Reserve banks to St. Louis. In June 1914, members of the banks of the St. Louis eighth district of the Federal Reserve met and elected Festus as their temporary chairman.

As chairman of the American Bankers Association, Festus worked for the United States Chamber of Commerce. In this role, he visited Europe to identify ways to improve the world economy after World War I. In 1920, he attended a conference in Paris to assess the economic options available to the United States. After returning, he proposed the “Wade Plan,” which suggested waiving allied debt in Europe. He argued that this would be more beneficial to the United States in the long-term, as struggling European economies could risk a deep recession in the coming years.

Festus J. Wade passed away on 28 September 1927. He is buried in a large family plot at Calvary Cemetery in St. Louis which is shared with his business partner, Lorenzo Anderson.

Written by Paul L. Davies
Fall 2024

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