9
9
0
https://www.history.com/this-day-in-history/wells-and-fargo-start-shipping-and-banking-company?cmpid=email-hist-tdih-2023-0 [login to see] 3&om_rid=
On March 18, 1852, in New York City, Henry Wells and William G. Fargo join with several other investors to launch their namesake business, today one of the world's largest banks.
The discovery of gold in California in 1849 prompted a huge spike in the demand for cross-country shipping. Wells and Fargo decided to take advantage of these great opportunities. In July 1852, their company shipped its first loads of freight from the East Coast to mining camps scattered around northern California. The company contracted with independent stagecoach companies to provide the fastest possible transportation and delivery of gold dust, important documents and other valuable freight. It also served as a bank—buying gold dust, selling paper bank drafts and providing loans to help fuel California’s growing economy.
On March 18, 1852, in New York City, Henry Wells and William G. Fargo join with several other investors to launch their namesake business, today one of the world's largest banks.
The discovery of gold in California in 1849 prompted a huge spike in the demand for cross-country shipping. Wells and Fargo decided to take advantage of these great opportunities. In July 1852, their company shipped its first loads of freight from the East Coast to mining camps scattered around northern California. The company contracted with independent stagecoach companies to provide the fastest possible transportation and delivery of gold dust, important documents and other valuable freight. It also served as a bank—buying gold dust, selling paper bank drafts and providing loans to help fuel California’s growing economy.
saymedia.com
Posted from history.com
American History
Shipping
Banking
Wells Fargo
Transportation
Edited >1 y ago
Posted >1 y ago
Read This Next
Continue with Facebook 
Continue with Google