Three Stock Certificates for American Express Company Signed by Wells and/or Fargo

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American History, Featuring the Property of N...

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Jun 9, 2017 - Jun 10, 2017

Set Reminder 2017-06-09 10:00:00 2017-06-10 10:00:00 America/New_York Bidsquare Bidsquare : American History, Featuring the Property of N. Flayderman & Co. https://www.bidsquare.com/auctions/cowans/american-history-featuring-the-property-of-n-flayderman-co-2392
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• Lot Description

  Lot of 3 stock certificates signed by Henry Wells (1805-1878) and/or William Fargo (1818-1881), owners of Wells Fargo Company. The first for 10 shares, No. 1466, January 2, 1863, signed by Wells as President and Fargo as Secretary (although not his best signature). Alexander Holland was Treasurer. Certificate approx. 8 x 12 in., trimmed close on left side. Center vignette of "Safety & Dispatch." Brown 5 cent Washington stamp upper left. Blue cancels through signatures.

  Second stock certificate for one share, No. 1349, January 2, 1865. Signed by Wells as President, Fargo as Secretary (this one more typical of Fargo's signature), and Holland as Treasurer. Also with "Safety & Dispatch" vignette. Blue "Canceled" across center and cancels across signatures. Also with brown 5 cent stamp.

  Third stock certificate for 100 shares in the American Merchant's Union Express Company, No. 2770, February 3, 1869. Signed by Fargo as President. Secretary was J.N. Knapp, Treasurer E.P. Ross. Countersigned by agent of Farmers Loan and Trust. The vignette changed with the company, but includes many of the same elements as the earlier one - stage coach, ships, train, boxes of cargo, etc.

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  Early Years of Wells, Fargo & Company

  There is always a need to move goods, short or long distance. Henry Wells founded Wells and Company and William G. Fargo was a partner in Livingston, Fargo and Company, both eastern express companies before 1850. (Fargo became Mayor of Buffalo, NY during the Civil War, besides running the company.) In 1849 John Butterfield, founder of Butterfield, Wasson & Company, suggested that competition was hurting the eastern express market, and that the three companies might benefit from merging. In 1850, they founded the American Express Company, still based in the East. Wells became its first President and Fargo its Vice President.

  Since the beginning of the Gold Rush in California, the eastern express companies were watching the activities out West. The Adams Express Company was operating in California virtually unchallenged. Not wanting to see Adams develop a monopoly west of the Rockies, in 1852 Wells, Fargo & Company was formed to provide express and banking services to California. In addition to freight service between New York and California, the company offered diverse service, including buying and selling gold (dust, bullion and coin).

  In 1855 California saw a collapse of its banking system as a result of risky speculation, with runs on all of the banks. Wells, Fargo was also forced to close its doors to prevent a run on the bank, but reopened a few days later in sound condition. It was one of the few companies to survive the crisis, and found itself nearly unchallenged for several years, enabling it to rapidly expand through the western mining areas.

  It developed a stagecoach business, started Butterfield Overland Mail, acquiring government contracts for mail delivery (with John Butterfield as President), and took part in the Pony Express. Because of conflict with Butterfield’s management of the mail service, Well, Fargo acquired ownership and Butterfield resigned. Over the decades the company acquired or merged with other companies, continuing to expand and develop services to the growing nation.

  Condition

  1863 fairly clean and bright. 1865 has some toning and chipping along left edge. 1869 with some creases, period ink smear and minor edge scuffing.
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