Origins History of Wells Fargo

american express co. receipts (1853, 1869)

during california gold rush in 1848 @ sutter s mill near coloma, california, financiers , entrepreneurs on north america , world flocked california, drawn promise of huge profits. vermont native henry wells , new yorker william g. fargo watched california economy boom keen interest. before either wells or fargo pursue opportunities offered in western united states, however, had business attend in eastern united states.

wells, founder of wells , company, , fargo, partner in livingston, fargo , company, , mayor of buffalo, ny 1862 1863 , again 1864 1865, major figures in young , fiercely competitive express industry. in 1849 new rival, john warren butterfield, founder of butterfield, wasson & company, entered express business. butterfield, wells , fargo realized competition destructive , wasteful, , in 1850 decided join forces form american express company.

soon after new company formed, wells, first president of american express, , fargo, vice president, proposed expanding business california. fearing american express s powerful rival, adams , company (later renamed adams express company), acquire monopoly in west, majority of american express company s directors balked. undaunted, wells , fargo decided start own business while continuing fulfill responsibilities officers , directors of american express.