Wells Fargo and Co. - 1968 dated $5000 Bond
Inv# SE1629 Bond
Specimen $5000 Bond with 7 coupons attached. Printed by Jeffries Banknote Company. Wells Fargo was an American banking institution headquartered in San Francisco, California, which was acquired by Norwest Corporation in 1998. The California Gold Rush, which began in early 1848 at Sutter's Mill near Coloma, attracted financiers and entrepreneurs from across North America and beyond, allured by the prospect of substantial profits. Henry Wells, a native of Vermont, and William G. Fargo from New York observed the rapid economic growth in California with great interest. However, before they could explore the opportunities in the Western United States, they had commitments to fulfill in the Eastern United States.
Wells, who established Wells and Company, and Fargo, a partner in Livingston, Fargo, and Company, as well as the mayor of Buffalo, New York, from 1862 to 1863 and again from 1864 to 1865, were prominent figures in the burgeoning and competitive express industry. In 1849, they faced a new competitor, John Warren Butterfield, the founder of Butterfield, Wasson & Company. Recognizing that their rivalry was counterproductive and detrimental, Wells, Fargo, and Butterfield decided in 1850 to collaborate and established the American Express Company, which continues to operate today as the well-known credit card company American Express.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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