A bank run on Page, Bacon & Company, a San Francisco bank, began when the collapse of its St. In 1855, Wells Fargo faced its first crisis when the California banking system collapsed as a result of unsound speculation.
$2 stamp and 10 cents stamped envelope with Pony Express cancellation, carried from San Francisco to New York City in 12 days, during June 1861. Undaunted, Wells and Fargo decided to start their own business while continuing to fulfill their responsibilities as officers and directors of American Express. Fearing that American Express's most powerful rival, Adams and Company (later renamed Adams Express Company), would acquire a monopoly in the West, the majority of the American Express Company's directors balked. Soon after the new company was formed, Wells, the first president of American Express, and Fargo, its vice president, proposed expanding their business to California. Butterfield, Wells and Fargo soon realized that their competition was destructive and wasteful, and in 1850 they decided to join forces to form the American Express Company, which operates to the present day as the credit card giant American Express. In 1849 a new rival, John Warren Butterfield, founder of Butterfield, Wasson & Company, entered the business. Wells, founder of Wells and Company, and Fargo, a partner in Livingston, Fargo, and Company, and mayor of Buffalo, New York from 1862 to 1863 and again from 1864 to 1865, were major figures in the young and fiercely competitive express industry. Before either Wells or Fargo could pursue opportunities offered in the Western United States, however, they had business to attend to in the Eastern United States. Fargo watched the California economy boom with keen interest. Vermont native Henry Wells and New Yorker William G. Wells Fargo was an American banking company based in San Francisco, California that was acquired by Norwest Corporation in 1998.ĭuring the California Gold Rush in early 1848 at Sutter's Mill near Coloma, California, financiers and entrepreneurs from all over North America and the world flocked to California, drawn by the promise of huge profits.
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