on this day 3-18

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1852, bussinessman in New York established Wells, Fargo and Company, destined to become the leading freight and banking companyof the West.



The California economy boomed after the discovery of gold at Sutter's Mill in 1849, spurring a huge demand for shipping. Henry Wells and William Fargo joined with several other New York investors to creat Wells, Fargo and Company to serve and profit from this demand. In July 1852 the company began transporting it's first loads of freight between the East coast and the isolated mining camps of California. From the beginning Wells, Fargo and Company also engaged in banking, making good profits in the traffic of gold dust and providing loans that helped sustain the growth of the California economy.