American Express Founded as an Express Company
American Express, founded as an express company on March 18, 1850, in Buffalo, New York, combined the competing express businesses of Henry Wells, William Fargo, and John Warren Butterfield to carry freight, valuables, and money.
What happened and why it matters
American Express began as a delivery business, and its early years show how express carriers built the premium, time-sensitive service that parcel carriers sell today. Express companies moved packages, cash, and valuables faster and more securely than the mail, using railroads and their own messengers, and charged more for that guarantee. The three founders merged rather than keep competing on the same New York routes. When Butterfield and other directors refused to expand to California, Wells and Fargo set up a separate company in 1852. American Express later added money orders and traveler's cheques and moved into financial services.
People
Related events
Sources
- American Express en.wikipedia.org
- Henry Wells britannica.com