William Fargo

William George Fargo (May 20, 1818 – August 3, 1881) was an American businessman and politician. He and Henry Wells co-founded Wells Fargo, which began as a shipping, mail delivery, stagecoach, and banking company and later grew into a major financial services corporation, now one of the Big Four U.S. banks by assets. Fargo also co-founded American Express with Wells and John Butterfield.

Fargo was born in Pompey, New York, the eldest of twelve children. His father, William C. Fargo, fought in the War of 1812 and was wounded at the Battle of Queenston Heights. Fargo had only a basic primary school education.

At 13, he left school to carry mail in Pompey. In 1838, he worked for a Syracuse grocery company, then for other grocers, and later as a clerk. By 1841, he was a freight agent and express messenger for the Auburn and Syracuse Railroad. In 1843, he became a resident agent in Buffalo and joined Livingston, Wells & Co. as a messenger.

In 1845, with Henry Wells and Daniel Dunning, Fargo organized Western Express, running from Buffalo to Cincinnati, St. Louis, and Chicago. Dunning withdrew, and in 1846 Wells sold his interest to William A. Livingston, forming Livingston, Fargo & Company. In 1850, three express companies—Wells & Company, Livingston, Fargo & Company, and Wells, Butterfield & Company—merged to form American Express, with Wells as president and Fargo as secretary. In 1866, after Wells resigned and American Express merged with Merchants Union Express, Fargo became president, serving until his death in 1881.

In 1852, Wells and Fargo created Wells Fargo & Co. after Butterfield and other American Express directors opposed extending operations to California. The new company handled express and banking services between New York and San Francisco via Panama, including gold buying and bank drafts. It opened in San Francisco and soon expanded to other Western cities and mining camps. In 1861, Wells Fargo bought and reorganized the Overland Mail Co., which Fargo had helped promote.

Fargo was a director and vice-president of the New York Central Railroad, a director and shareholder of the Northern Pacific Railway, a director of the Buffalo, New York and Philadelphia Railroad, and a shareholder in the Buffalo Coal Company and the McKean and Buffalo Railroad. He also held stock in several Buffalo manufacturing firms.

In 1861, he was elected mayor of Buffalo, serving from 1862 to 1866. He won a second term in 1863, defeating future mayor Chandler J. Wells. During his term, the Buffalo riot of 1862 occurred. A lifelong Democrat, he opposed secession and supported the Union during the Civil War by paying part of the salaries of drafted employees.

In January 1840, Fargo married Anna H. Williams. They had eight children, several of whom died young. Their daughter Helen Lacy Fargo married diplomat Herbert G. Squiers.