March 18, 1852 : Wells Fargo and Company established. Businessmen in New York establish Wells, Fargo and Company, destined to become the leading freight and banking company of the West. The California economy boomed after the discovery of gold at Sutter's Mill in 1849, spurring a huge demand for shipping. Henry Wells and William Fargo joined with several other New York investors to create Wells, Fargo and Company to serve and profit from this demand. In July 1852, the company began transporting its first loads of freight between the East Coast and the isolated mining camps of California. From the beginning, Wells, Fargo and Company also engaged in banking, making good profits in the traffic of gold dust and providing loans that helped sustain the growth of the California economy.
Monday, March 19, 2007
This day in history
March 18, 1852 : Wells Fargo and Company established. Businessmen in New York establish Wells, Fargo and Company, destined to become the leading freight and banking company of the West. The California economy boomed after the discovery of gold at Sutter's Mill in 1849, spurring a huge demand for shipping. Henry Wells and William Fargo joined with several other New York investors to create Wells, Fargo and Company to serve and profit from this demand. In July 1852, the company began transporting its first loads of freight between the East Coast and the isolated mining camps of California. From the beginning, Wells, Fargo and Company also engaged in banking, making good profits in the traffic of gold dust and providing loans that helped sustain the growth of the California economy.
