Lot 513
American Express Company, 1857, Stock Certificate signed by Fargo & Butterfield. Issued for 5 shares in 1857. Boldly signed by William G. Fargo, Secretary, Alexander Holland, treasurer, and also signed by John Butterfield, vice president. Uncancelled. Light water stained on 98% of the document. Very Fine.
The American Express Company was a merger of several companies. Henry Wells (1805-1878) started in the express business as an agent for Harnden's Express, running from New York to Albany, while in his mid 30s. In 1843, he started his own from which carries letters for one-quarter as much as the government charged. His Wells & Company ran a route form Buffalo to Detroit, the first express company to venture west of Buffalo. One of the employees at Wells & Company was a young messenger named William G. Fargo (1818-1881), who eventually became Wells' partner. In 1850, Wells & Company joined with two other express companies, including one run by John Butterfield to form the American Express Company with Wells serving as its president from 1850-1868. American Express covered the eastern sector of the United States while Wells, Fargo & Company formed in 1852, covered the western sector. John Butterfield (1801-1869) began his career in the express business as a stage driver and soon owned a portion of the business. Through deft maneuvering, he soon controlled most of the stage lines west of New York and in 1849, he formed Butterfield, Wasson & Company. In 1850, he merged his company with two rivals, Wells & Company and Livingston, Fargo & Company, to form the American Express Company. In 1857, American Express received the government contract for the first transcontinental stage line at $600,000 per year and resulted in the Overland Mail Company of which Butterfield was president. his activities stretched to steam boating, plank roads and railroads.
Ref. Scott Winslow.
Estimated Value $1,000 - 2,000.
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| Realized $690 |
