A BRIEF HISTORY OF WELLS FARGO AND COMPANY
In 1849, Congress established the Territory of Minnesota in the forested frontier of the upper
Mississippi Valley. Meanwhile, two thousand miles west, the excitement of the California gold rush
lured thousands of gold-seekers from the Midwest and around the world. Two successful eastern
businessmen, Henry Wells and William Fargo, carefully gauged the rising temperature of Gold
Fever. In 1852, they formed a new company, Wells Fargo & Co., to provide reliable banking and
express service to western pioneers, and opened their first office in the bustling gold port of San
Francisco.
Soon Wells Fargo’s trustworthy agents moved into other western mining camps and settlements,
providing essential banking services, reliable transportation of gold and goods, and dependable mail
delivery to miners, merchants, farmers, and lumbermen throughout the West.
By 1858, the year Minnesota became a state; Wells Fargo had established seventy-eight offices on
the Pacific Coast. Wells Fargo offices and stagecoaches linked mining camps and towns all over the
West. The Company was, according to one newspaper editor, “the universal business agent of all
the region from the Rocky Mountains to the Pacific Ocean.” Miners and merchants entrusted their
gold to Wells Fargo, which sent treasure, mail, and other valuables by the fastest transportation
available: stagecoach, steamship, railroad, or Pony Express.
Increasingly, railroads became the connecting link between growing western and midwestern towns.
In May 1869, a golden spike completed the transcontinental tracks uniting eastern and western
states, and thereafter Wells Fargo express messengers often rode the rails. That same year,
Minnesota also reached an important railroad milestone: an all-rail link with Chicago that brought
new settlers, industry, and prosperity.
In 1885, Wells Fargo operated fifty-nine agencies in Minnesota, and named F.B. Daniels as the
Company’s first agent in Minneapolis. In the railroad hub of St. Paul, agent I.E. Atherton offered
fast express service and convenient Wells Fargo money orders.
Where trains did not travel, Wells Fargo extended its express network by stagecoach and wagon,
reaching residents in towns like Eagle Lake, Cold Springs, White Bear, and Beaver Dam. In 1886,
however, Wells Fargo lost its express contract with local railroads and temporarily withdrew from
Minnesota.
On April 1, 1897, Wells Fargo returned to the upper Midwest aboard the trains of the Chicago
Great Western railroad, opening 165 new offices, including 31 in Minnesota. The Twin Cities
locations became part of Wells Fargo’s “Ocean to Ocean” express network of 3,103 offices across
the country and around the world. By 1910, Wells Fargo had offices in 194 Minnesota communities,
from Adams to Zumbrota. In several locations, the local Wells Fargo office was “manned” by a
woman, like Miss A.M. Schafer in White Willow, and Miss A. Finnagin in Douglas.
In 1918, Wells Fargo abruptly left the transportation business when the federal government took
over the nation’s express operations as a wartime measure, and the Wells Fargo name disappeared
from depots and storefronts throughout Minnesota. Wells Fargo’s San Francisco-based banking
operations continued, carrying on the most famous name in banking.
WHAT’S IN A NAME? WELLS FARGO & CO.
Henry Wells (1805 – 1878)
Henry Wells, born in Thetford, Vermont, moved in his youth to central New York where he
worked on a farm and later for a shoemaker. Seeing opportunity in the rapidly developing
transportation and communications industry, he changed careers. In 1841, he became an agent at
Albany, New York for William Harnden, founder of the express business. Shortly thereafter, Wells
made his reputation for dependability when he found a way to carry fresh oysters to Buffalo, New
York.
As the express business expanded into the Midwest, Wells formed a partnership with other
expressmen to deliver valuables, financial documents, and mail. In 1850, these partners joined to
form the American Express Company. Wells became its first president and served until 1868.
In 1852 Wells, along with William G. Fargo, set up a joint stock association – Wells, Fargo &
Co. – to conduct a banking and express business in Gold Rush California. A year later, when he
visited the new enterprise in San Francisco, Henry Wells judged it a success and wrote, “This is a
great country and a greater people.”
William G. Fargo (1818 – 1881)
William George Fargo was born in Pompey, New York, the eldest of twelve children. At
thirteen he had a forty-mile mail route. In 1842, as railroad agent in Auburn, New York, he met
Henry Wells and became involved in the express business. In 1850, along with Henry Wells, he
founded the American Express Company, and served as its president from 1868 to 1881. Six of his
brothers also worked for American Express.
Fargo also saw opportunity on the Pacific coast, and in 1852, again with Henry Wells; he lent his
name to Wells, Fargo & Co. He and Wells were directors. Fargo came to California by Overland
stagecoach in 1863 to promote a railroad over the Sierra, and to lay the foundation for the Grand
Consolidation that formed Wells Fargo’s stagecoach empire in 1866. Additionally, he was president
of Wells Fargo from 1870 to 1872.
Fargo was active in New York politics for many years, and in the 1860s served two terms as
mayor of Buffalo. He was also a director of the North Pacific Railroad, which led to the use of his
name for the town of Fargo, North Dakota. This directorship also caused him to be involved in the
founding of Northwestern National Bank, predecessor of Norwest, as one of the original investors
noted on the Articles of Incorporation. Joined with Wells, Fargo’s name is irrevocably linked to the
history of the American West.
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KIDS CAN BE HISTORIANS TOO!
The following images are what historians call primary sources. These are objects or documents
created by people who witnessed a historical event, participated in an activity, or simply lived in a
different time. Written documents like letters and diaries, images, maps, government documents, and
objects can all be considered primary sources.
Historians analyze these artifacts to learn more about people’s lives in the past and significant events.
Learn to “read” these artifacts like a historian by asking questions:
•
•
•
•
When was it created?
Who created it?
Why might they have created it?
What does it tell us about their lives?
There are many questions you can “ask” primary sources. Being a historian can often be like detective
work- the artifacts are clues and a historian must put together the clues into an accurate description of
historical events.
Imagine that it is one hundred years in the future- year 2104- what might a future historian learn about
you and your life in 2004? What kind of images or documents will you leave for future generations?
Do you keep a diary or write many letters? Does your family take many photos? What might your
clothes and possessions say about you?
Great places to find primary sources are libraries, museums, historical societies, and your grandparents’
attic. Go do some detective work!
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KIDS CAN BE HISTORIANS TOO!
Minnesota Historical Society photo
¾ Does this look like a photo taken recently? How do you know?
¾ Look at the ground, clothes, and type of vehicle these men are on- where and when might
this photo have been taken?
¾ Ask your teacher what an “Express Company” is- what do you think that these men did for
the company?
¾ What might this box be used for?
¾ Does this box look strong or weak- what materials were used to construct the box?
¾ Why might it be locked with a huge padlock?
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KIDS CAN BE HISTORIANS TOO!
¾ What kind of document is this?
¾ When was this document created?
¾ Who created this document and why did they create it?
¾ What do the solid lines on the map represent?
¾ The lines look like a web or network- where is the center of this network?
¾ Look at what states are shown on the map- do you think this map was made around the
year 1700, 1800, or 1900?
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KIDS CAN BE HISTORIANS TOO!
Artifact Key
1. Photo of Wells Fargo Express employees from St. Paul, MN circa 1910. When snow fell,
messengers delivered mail and packages on skis and sleighs.
2. 1904 Map of express shipping lines. There were 4,143 offices and 47,000 miles of railroad,
stagecoach, and steamship lines.
3. “Treasure Box” used on stagecoaches to carry gold and money across the country. The boxes
were made of pine and oak, and reinforced with iron. Each box weighed 25 pounds empty and
was bolted underneath the driver’s seat on the stagecoach. Used between 1852 and 1918.
4. One of the few surviving tickets from the Wells Fargo Express Overland Route issued from the
Sacramento Office, CA. Issued on May 9, 1868. You’ll learn more about this on your tour.
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VOCABULARY LIST
Argonaut
gold seekers of 1848-49 who were named after the Argo, the ship on which
Jason sailed in his search from the Golden Fleece, according to the Greek
mythology (Argo + nautus, a Latin word meaning sailor).
Boot
the baggage compartment at the rear of the stage and also under the driver’s
seat; it was made of leather.
Box
the stagecoach driver’s seat
Emigrant
a person who has departed from a country to settle elsewhere.
Eureka
Greek for “I have found it.” The word later became California’s official motto.
Express Company
a company that provides the service of receiving and delivering mail, parcels,
and money. The U.S. postal service and UPS are examples of present day
express companies.
Forty-Niners
nickname for pioneers who arrived in California in 1849.
Greenback
name for paper currency with a green back first issued during the 1860s by the
U.S. government.
Hydraulic
waterpower used to mine gold by building pressure through the force of gravity.
Morse Code
a code consisting of variously spaced dots and dashes or long and short sounds
used for transmitting messages by audible or visual signals
Nugget
a lump of precious metal such as gold; gold dust is made of fine particles, not
lumps.
Panning
a method for finding gold by using a metal pan in the water to separate gold
from sand and gravel.
Poke
leather bag used to hold gold dust and gold nuggets.
Pony Express
a rapid postal and express system that operated across the western U.S. in 1860
and 1861 by relays of horses and riders.
Pyrite
a common mineral that consists of iron and sulfur. It has a pale brass-yellow
color and metallic luster. Pyrite was frequently mistaken for gold and gained the
nickname “Fool’s Gold.”
Rocker
wooden box rocked back and forth to separate gold from rock and dirt;
sometimes called a “cradle” because of its resemblance to a baby’s cradle.
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Stagecoach
a coach or vehicle that travels long distances in segments or “stages.” A
stagecoach should not be called a wagon, buggy, cart, or carriage.
Staking a Claim
the way a gold miner claimed land and water areas that might contain gold; the
claim was marked with wooden or metal stakes and sometimes even with piles
of rocks on at least two corners.
Telegraph
a system for communication at a distance by electric transmission over wire.
Thoroughbraces
suspension system on the stagecoach. Leather shock absorbers located
underneath a stagecoach to make the ride more comfortable.
Treasure Box
wooden container with iron bands and padlock used to hold bags of gold
nuggets and gold dust.
Troy
name of the unit of measurement used to weigh the four precious metals: gold,
silver, platinum and palladium; there are 12 Troy ounces in a Troy pound.
Whip
name given to a stagecoach driver who used the sound of a cracking whip to
encourage the horses; he did not hit the horses with the whip.
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PICK AND PACK
Many of the 49ers were teenagers who left their homes on a 2,000-mile journey to California in search
of gold. Some walked the entire distance on foot! If you were planning to journey 2,000 miles across
the wilderness, what would you take along? Remember that the year is 1849 and there are no modern
day supplies available. Also, there are no supply points along the way. You must pack everything you
need to last three months. Make a list of your supplies.
Imagine that you are to travel back in time to become a 49er. You are allowed to take along one
modern invention; something that will fit into your pocket. What would you take? Why?
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THE TELEGRAPH: USING MORSE CODE
On May 24, 1844, Samuel F.B. Morse sent the first telegraph message through a wire between
Baltimore and Washington, DC. This marked the beginning of communication as we know it today.
The telegraph works using a very simple electronic circuit; the difficulty came in the
construction of the wires needed to transport the signal. After gold was discovered in California and
the need for fast, long distance communication became apparent, a transcontinental line was completed
in 1861. Three years later, Louis McLane, a Wells Fargo General Manager - and telegraph company
director - arranged Wells Fargo money to be sent electronically using the telegraph.
SAMUEL MORSE
International Morse Code
A
B
C
D
E
F
G
H
I
J
K
L
• ⎯
⎯ • • •
⎯ • ⎯ •
⎯ • •
•
• • ⎯ •
⎯ ⎯ •
• • • •
• •
• ⎯ ⎯ ⎯
⎯ • ⎯
• ⎯ • •
M ⎯ ⎯
N ⎯ •
O ⎯ ⎯ ⎯
P • ⎯ ⎯ •
Q ⎯ ⎯ • ⎯
R • ⎯ •
S • • •
T ⎯
U • • ⎯
V • • • ⎯
W • ⎯ ⎯
X ⎯ • • ⎯
Y ⎯ • ⎯ ⎯
Z ⎯ ⎯ • •
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THE TELEGRAPH: USING MORSE CODE
Can you decode this message? The “/” divides the letters.
⎯ • ⎯ •/• ⎯ • •/• •/⎯ ⎯/⎯ • • •
________________________________________
•⎯ /⎯ • • •/⎯ ⎯ ⎯/• ⎯/• ⎯ •/⎯ • •
⎯/ • • • • / •
________________________________________________
_____________
• • •/⎯/• ⎯/⎯ ⎯ •/•/⎯ • ⎯ •/⎯ ⎯ ⎯/• ⎯/⎯ • ⎯ •/• • • •
_________________________________________________________________________
In the space below, write your first and last name using Morse Code (dots and dashes).
________________________________________________________________
________________________________________________________________
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SUGGESTED READING FOR ELEMENTARY-AGED STUDENTS
Non-Fiction
Canfield, Chauncey L. The Diary of a 49er. Redmond, OR: High Grass Publications, 1999.
Dillinger, William C. The Gold Discovery: James Marshall and the California Gold Rush. Santa
Barbara, CA: California Department of Parks and Recreation, 1990.
Hunter, Vickie and Elizabeth Hamma. Stagecoach Days. Menlo Park, CA: Lane Books, 1963.
Mansir, A. Richard. Stagecoach: The Ride of the Century. Watertown, MA: Charlesbridge, 1999.
Fiction
Chambers, Catherine E. Adventures in Frontier America: California Gold Rush. Mahwah, NJ:
Troll Books, 1984.
Fleischman, Sid. By the Great Horn Spoon! Boston: Little, Brown and Co., 1963.
Kalman, Bobbie. 19th Century Girls and Women. New York, NY: Crabtree Publishing Co., 1997.
Kalman, Bobbie. Historic Communities: 19th Century Clothing. New York, NY: Crabtree
Publishing Co., 1993.
Kalman, Bobbie. Life in the Old West: The Gold Rush. New York, NY: Crabtree Publishing Co.,
1999.
Rawls, Jim. Dame Shirley and the Gold Rush. New York: Steck-Vaughn,
1993.
Reinstedt, Randall A. One-Eyed Charley, The California Whip. Carmel, CA: Ghost Town
Publications, 1990.
Schimpky, David and Bobbie Kalman. Historic Communities: Children’s Clothing of the 1800’s.
New York, NY: Crabtree Publishing Co., 1995.
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