Plan Express Company History Timeline

1839
Henry Wells began his expressman career as an agent for William Harnden, who had founded the first express company in the United States in 1839.
1841
American Express Company, a multibillion-dollar holding company whose subsidiaries provide travel and financial services worldwide, traces its roots to a New York express business founded by Henry Wells in 1841.
1846
In 1846, Wells decided to retrench and focus his energies on the growing routes serving New York City, Buffalo, Boston, and Albany, leaving the express business west of Buffalo to Fargo's company, Livingston, Fargo and Co.
1850
On March 18, 1850, the three companies consolidated to form the American Express Company, a joint-stock company with initial capital of 150,000.
1866
By the end of the American Civil War, its business had so flourished, with some 900 offices in 10 states, that it attracted competition in 1866 in the formation of Merchants Union Express Company.
1868
For two years the two companies engaged in cutthroat competition and, on the verge of financial exhaustion, finally merged on November 25, 1868, to form the American Merchants Union Express Company, with Fargo succeeding as president.
1873
The company was renamed American Express Company in 1873.
1875
The American Express Company established the first corporate pension in the United States in 1875.
1881
William Fargo's death in 1881 and James's succession to the presidency began a new era for American Express.
1891
After the traveler's check was introduced in 1891, travelers began making American Express freight offices their informal headquarters mdash plus aces to convert funds, to seek information about hotels and travel arrangements, and simply to congregate.
1910
The railroads had steadily eroded express profits by raising their rates from 40 percent of gross receipts to more than 55 percent by 1910.
1919
1919 The American Express Co. is established to expand the company's international banking operations.
1921
The Internal Revenue Act of 1921 helped to spur growth by exempting contributions made to employee pensions from federal corporate income tax.
1924
Wells Fargo independently until 1924, when the American Express Company acquired a controlling interest in Wells Fargo stock and absorbed the remaining Wells Fargo express business.
1930
These included Standard Oil, United States Steel, AT T, Eastman Kodak, Goodyear, and General Electric, all of which had adopted pension plans before 1930.
1933
In early 1933, President Franklin D. Roosevelt announced a national bank holiday to allow banks to recover from the panic.
1950
By 1950, nearly 10 million Americans, or about 25 of the private sector workforce, had a pension.
1958
The classic American Express green charge card was introduced in 1958.
1960
A new era of management began when Howard L. Clark was elected president and CEO on April 26, 1960.
1963
When the field warehousing division was sold to Lawrence Warehouse Co. in 1963, Clark withheld the two most profitable accounts, Allied Crude Vegetable Oil Refining Co. and Freezer House both owned by Anthony 'Tino' De Angelis , pending an investigation of other field warehousing opportunities.
1966
In 1966, American Express acquired W.H. Morton Co., an investment banking house with an excellent reputation for underwriting municipal and government bonds.
1967
During the years under American Express, however, Wells Fargo also developed security services these, together with rights to the Wells Fargo name, were sold in 1967.
2001
By 2001, Membership Rewards was the world s largest card-based rewards program, and remains so today.
2013
However, it was sold to Time Inc. in 2013.
Founded
-
Company Founded
Headquarters
Memphis, TN
Company Headquarter

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