Finance History | Wells Fargo — Banking and Express Opened at 424 Montgomery
· 1852-7
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Finance History | Wells Fargo — Banking and Express Opened at 424 Montgomery
kevin
People treat Wells Fargo as a Charlotte and New York payroll bank that always owned a stagecoach logo.
The first Pacific book was a two-story brick house on Montgomery Street.
On 18 March 1852 Henry Wells and William G. Fargo organized Wells, Fargo and Company in New York after the American Express board refused to extend the express west to California.
Samuel P. Carter and Reuben W. Washburn opened the San Francisco office on 13 July 1852 at 424 Montgomery Street, a few doors from the present 420 Montgomery site.
The house combined gold-dust banking with express packets on the same counter.
A Sacramento office opened the same day in the B. F. Hastings building.
Capital at organization was $300,000.
The first mechanism was not a nationwide branch system.
It was a Gold Rush counter that paid for dust, issued drafts, and forwarded letters when the federal mails could not keep up with the mines.
Photo: public-domain Financial District view, via Wikimedia Commons
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