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Biography:
William George Fargo
William George Fargo (1818-1881), American entre preneur, was a founder of Wells, Fargo and Company and the American Express Company.William Fargo was born on May 20, 1818, in Pompey, N.Y., the eldest of 12 children. His formal education ended at 13, when he began carrying mail over a 30-mile circuit for a local contractor. He subsequently worked in the grocery business, as a baker, and in a village inn. In 1840 he married Anna H. Williams; they had three children.In 1842 Fargo became a messenger for an express firm operating between Albany and Buffalo. Soon he was appointed agent of Pomeroy and Company in Buffalo. Through his association with Wells and Company (which operated the first express company west of Buffalo), Fargo became one of the founders of the American Express Company, which quickly became the largest express concern in the United States.In 1852 Fargo and some associates formed Wells, Fargo and Company to bring the services of an express company to the gold fields of California. American Express and Wells, Fargo combined facilities to provide rapid transportation of goods and communications between California, the Atlantic coast, Europe, and points in between.After an 1855 financial panic drove its most formidable rival into bankruptcy, Wells, Fargo was the dominant express company in the West, with hundreds of employees, thousands of head of stock, and hundreds of thousands of dollars in capital invested. For the vast population then moving into the territory west of the Rocky Mountains, it provided unrivaled banking, express, and mail services. In 1857 Fargo and some of his associates from American Express established the Overland Mail, the first transcontinental stage line. It served the West until the coming of the railroad in 1869.After the Civil War, the exemplary success of Wells, Fargo brought other concerns into the field, and in 1869 Wells, Fargo merged with the Pacific Express Company, which had contracted for the express business on the new transcontinental railroad. American Express was involved in similar mergers in the East.Fargo had served as mayor of the city of Buffalo for two terms during the Civil War. A lifelong Democrat, he had stood against secession and supported the Union during the war by paying a part of their salary to those of his employees who were drafted. He became a director of the New York Central and the Northern Pacific railroads. He was also involved in a number of manufacturing enterprises and was for a time the majority stockholder of the Buffalo Courier. He died on Aug. 3, 1881, having amassed a tremendous fortune.Further ReadingAmong the studies in which Fargo figures prominently are A. L. Stimson, History of the Express Business, Including the Origin of the Railway System in America (1881); LeRoy R. Hafen, The Overland Mail, 1849-1869: Promoter of Settlement, Precursor of Railroads (1926); Edward Hungerford, Wells Fargo: Advancing the American Frontier (1949); and Noel M. Loomis, Wells Fargo (1968).
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Columbia Encyclopedia:
Fargo, William George,
1818–81, American pioneer expressman, b. Pompey, N.Y. He had been successively a postrider, freight agent, messenger, and resident agent (1843) for an express company in Buffalo, N.Y., when in 1844, with Henry Wells and another partner, he organized Wells & Company, the first express company operating W from Buffalo. The following year the firm became Livingston, Fargo & Company, and in 1850 it merged with others to form the American Express Company, with Fargo as secretary. By 1852 he and Wells had organized Wells, Fargo & Company to handle the express service between New York and San Francisco for which the gold rush had created a need, and they established stage and banking businesses on the Pacific coast with the American Express Company serving as eastern representative. In 1868, Fargo became president of the American Express Company, making his home in Buffalo, where he served (1862–66) as mayor.BibliographySee N. C. Wilson, Treasure Express: Epic Days of the Wells Fargo (1936); L. Beebe and C. Clegg, U.S. West: The Saga of Wells Fargo (1949).
Wikipedia:
William Fargo
William George Fargo (May 20, 1818 - August 3, 1881), pioneer American
expressman, was born in Pompey, New York. From the
age of thirteen he had to support himself, obtaining little schooling, and for several years he was a clerk in grocery stores in
Syracuse.
He became a freight agent for the Auburn & Syracuse railway company at Auburn in
1841, an express messenger between Albany and
Buffalo a year later, and in 1843 a resident agent in
Buffalo.
In 1844 he organized, with Henry Wells (1805-1878) and
Daniel Dunning, the first express company (Wells & Co.; after 1845 Livingston & Fargo) to engage in the carrying business
west of Buffalo. The lines of this company (which first operated only to Detroit,
via Cleveland) were rapidly extended to Chicago, St. Louis, and other western
points.
In March 1850, when through a consolidation of competing lines the American Express Company was organized, Wells became president and Fargo secretary. In 1851, with Wells and others, he organized the firm of Wells, Fargo &
Company to conduct an express business between New York and San Francisco by way of the Isthmus of Panama and on the Pacific coast, where it long had a virtual monopoly.
In 1861 Wells, Fargo & Co. bought and reorganized the Overland Mail Co., which had been
formed in 1857 to carry the United States mails, and of which Fargo had been one of the original
promoters.
From 1862 to 1866 he was mayor of Buffalo, and from 1868 to his death in Buffalo, he was president of the
American Express Company, with which in 1868 the
Merchants Union Express Co. was consolidated. He was a director of the New York Central and of
the Northern Pacific railways.
William's brother J.C. Fargo succeeded him as President of American Express after his death.
Fargo Avenue in Buffalo, and Fargo, North Dakota are named after him.
See also
American Express
Wells Fargo
References
This article incorporates text from the Encyclopædia
Britannica Eleventh Edition, a publication now in the public
domain.
Preceded by
Henry Wells
CEO of American
Express
1868-1881
Succeeded by
J.C. Fargo
Mayors of Buffalo, New York
Johnson • Andrews • Johnson • Wilkenson •
Trowbridge • Barket • Walden • Pratt • Thompson • Harrington • Clinton
• Masten • Ketchum • Masten • Haven •
Spaulding • Allen • Barton • Smith • Wadsworth • Barton • Cook • Stephens • Lockwood • Alberger •
Fargo • Wells • Rogers
• Brush • Dayton • Becker • Scheu •
Brush • Cleveland • Drake •
Cutting • Manning • Scoville •
Becker • Bishop • Jewett • Diehl Knight • Adam • Fuhrmann • Buck • Schwab • Roesch • Zimmerman • Holling • Kelly •
Dowd • Mruk • Pankow • Sedita • Kowal • Sedita •
Makowski • Griffin • Masiello • Brown
American Express
Payment Products
Credit cards •
Charge cards • Traveler's cheques •
Centurion Card • Red Card •
ExpressPay
Magazines
[[Travel + Leisure]] • Food & Wine • Departures Magazine •
Executive Travel • Black Ink
Spun-off
companies
Ameriprise
Financial • First Data Corp. • Lehman
Brothers • American Railway Express Agency • Merchants Despatch
Notable Current & Former Executives
Henry
Wells • William Fargo • J.C. Fargo •
Ralph Reed • James D.
Robinson III • Lou Gerstner • Sandy Weill • Harvey Golub • Ken Chenault • Gary Crittenden
Corporate
Directors
Ken
Chenault (Chairman) • Daniel Akerson • Charlene Barshefsky • Ursula Burns •
Peter Chernin • Vernon Jordan, Jr. •
Jan Leschly • Rick Levin • Richard McGinn • Edward Miller • Frank Popoff • Robert Walter • Ron Williams
Other
Amex
Bank of Canada • The Adventures of Seinfeld &
Superman • World Monuments Watch • The Great Salad Oil Swindle
Annual Revenue: $24.27 billion USD (
10% FY 2005) В· Employees:
65,800 В· Stock Symbol: NYSE: AXP В· Website: www.americanexpress.com
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
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Biography. © 2006 through a partnership of Answers Corporation. All rights reserved. Read more
Columbia Encyclopedia. The Columbia Electronic Encyclopedia, Sixth Edition Copyright © 2003, Columbia University Press. Licensed
from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/ Read more
Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "William Fargo". Read more
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