Wells Fargo page 2

Wells Fargo page 2 by ric Gustafson


Wells Fargo was established in New York as a joint stock association. Edwin B Morgan was named it's first president. Henry Wells and William Fargo became members of the board of directors. Both men took an active part in the affairs of American Express. Fargo passed away in 1881.
It was decided by Wells Fargo to expand into California. Two agents arrived in San Francisco in the summer of 1852. Samuel Carter started the express business and Reuben Washburn handled the monetary transactions. The company opened their office at 424 Montgomery Street. Wells Fargo was not the only bank to open. Fourteen other banks were listed in the Register of First Class Business Houses. In 1852, the company spent a lot of money on twelve branch offices, agents and advertising. Wells Fargo paid close attention to marketing and public relations. At this time, Gold was the bedrock of business.in California.


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Peace and God's blessings. Love Ric