WELLS FARGO

Wells Fargo

Wells Fargo

Summary

In 1852, Mr. Wells and Mr. Fargo established Wells Fargo & Company Express to meet the growing need for banking and expressing services in California. These services included buying and selling gold, accepting deposits, safekeeping valuables, transferring funds and delivering mail. The first agency opened in San Francisco. In 1854, they established an office in San Diego. Prior to the establishment of commercial overland stage companies traveling from the east coast to the west meant a journey of 6 - 12 months. By establishing and maintaining stage stations to change horses, drivers and to provide food and water, Wells Fargo was able to cut travel time to 32 days. Wells Fargo transported three types of cargo mail and packages, money and gold, and people.

Introduction

William G. Fargo, one of the founders of Wells, Fargo & Company, died at his house in Buffalo on the 4th of August, 1881, after an illness of some months. He was sixty-four years of age, having been born at Pompey high ground, Onondaga shire, N.Y., on May 20, 1817. He was the eldest of twelve young kids of WilliamC. Fargo, previously of New London. His early learning comprised only of the rudiments taught in a homeland school.

Mr. Fargo was a pioneer among express men. On the 1st of April, 1845, the Western articulate, from Buffalo to Cincinnati, St. Louis, Chicago and intermediate points, was commenced by Henry Wells, WilliamG. Fargo and Daniel Dunning, under the title of Wells & Co. There were no trains amenities west of Buffalo, and Mr. Fargo, who had ascribe of the business, made use of steamboats and wagons. Mr. Fargo had been in the provide work of the Auburn and Syracuse trains for a year when he went into into the service of Livingston, Wells & Co., as messenger, in which capacity he have large approval, because of his fidelity, energy and good judgment. He was just the man, Henry Wells considered, to overcome the difficulties in the way of establishing a remunerative express enterprise in that untrodden area west of Buffalo. Mr. Fargo worked with extraordinary force, commerce and tact to accomplish what proved to have been “his mission,” and after some years of persevering effort he did well in founding a Western articulate upon a enduring basis. In 1846 Mr. Wells sold out his interest in this anxiety to WilliamA. Livingston, who became Mr. Fargo's partner. In 1850 three articulate businesses were consolidated under the style of the American articulate business, with Mr. Wells as leader and Mr. Fargo as Secretary. In 1866, upon the resignation of Mr. Henry Wells, Mr. Fargo was voted into office President of the American articulate Company.

History Development And Growth

When the Transcontinental Railroad was accomplished in 1869, the bank was fast to dominate in rail consignment as well, and its communications network became national. Wells Fargo agents suggested basic economic services, like cash orders and telegraph transfer of funds.

But its express consignment network came to an end with World War ...