| On This Day in American History |
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On March 18, 1852, Henry Wells, William G. Fargo and other investors open their eponymous company. Wells Fargo and Co. began as a shipping company servicing the massive increase in demand caused by the discovery of gold in California. The company also provided some banking services. On 1857, the company began operating a network of passenger stagecoach routes. Shipping and passenger services continued to grow, and by 1910, it connected 6,000 locations. During World War I, the U.S. government nationalized the company’s shipping routes, but the company pivoted to its banking business. Today, after several mergers and acquisitions, the San Francisco-based company is one of the largest banks in the U.S. |
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