Essay On Wells Fargo

772 Words4 Pages
My paper covers the financial impact Wells Fargo & Co. held in a post gold rush economy as well as the key their survival after the California crash of 1855. These factors are significant in pre-civil by illustrating how the industrialization and economic fortune of various joint-stock companies unified the states prior to the War of Northern Aggression. How the company’s founders sharply dealt with the issues that closed the door for hundreds of competitors illustrates the drive and American business spirit still seen today; without Wells Fargo California, in its new statehood would have faced economic ruin and a great loss in the settle population.
Wells, Fargo & Co. came into America in the age of economic boom and westward expansion, and
…show more content…
In 1854 California suffered a serve drought which crippled the ability to mine for gold. Without the income mining provided the California economy spiraled. In February of 1855 Page, Bacon & Company bank failed taking with it, Adams Express Company. Over two hundred companies failed in direct response to the Panic of 1855. Wells Fargo & Co. remained behind the top three banks from its opening until 1855; the two leading:,Page, Bacon & Company and the Adams Express Company both fell victim to speculation and faced runs to withdrawal deposits at such values the corporations could never pay back. Wells Fargo & Co. received financial backing from a parent-type corporation in the East, American Express. This backing in the East allowed Wells Fargo to close and shortly thereafter reopen their doors after the realignment of investments. Due to this approach Wells Fargo remained the only, large-scale bank in the West and gained notoriety as a trust worthy business. Initially I began my research paper by delving into general Pony Express history, however, when writing the first proposal I noticed difficulty finding a significant amount solid primary sources. In the individual meeting with Dr. Narrett he confirmed my growing suspicion and suggested I look further into the Wells Fargo component of the Pony Express. Taking his idea and
Get Access