Finance History | American Express — Three Express Books Merged on the Eighteenth of March
· 1850-3
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Finance History | American Express — Three Express Books Merged on the Eighteenth of March
kevin
People treat American Express as the glass house at 200 Vesey Street that always issued a charge card.
The first company moved parcels and specie, not plastic.
On 18 March 1850 Henry Wells, William G. Fargo, and John Butterfield signed articles that merged Wells and Company, Livingston, Fargo and Company, and Butterfield, Wasson and Company into the American Express Company.
The papers were executed in Buffalo, where the western express already ran to Detroit and Chicago.
The New York office opened at 10 Wall Street, the rooms Wells and Company had used.
Wells sat as president and Fargo as secretary.
By the Civil War the association ran hundreds of offices along the railroads from the Atlantic to the Mississippi.
When the board refused a California extension in 1852, Wells and Fargo organized a separate Pacific house rather than break the eastern book.
The money order arrived in 1882 and the travelers cheque in 1891.
The first mechanism was not a revolving credit line.
It was a joint-stock express that could put several clients' valuables on the same rail car and issue a receipt the destination agent would honor.
Photo: public-domain Financial District view, via Wikimedia Commons
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