J. C. Fargo
Encyclopedia
James Congdell Fargo is a former president of American Express
.
He was the younger brother of William Fargo
, co-founder of American Express and Wells, Fargo & Co., and became the third president of American Express after William's death in 1881.James was also a co-founder along with William Fargo of American Express. He was succeeded as president in 1914 by George Chadbourne Taylor.
Sometime between 1888 and 1890, J.C. Fargo took a trip to Europe
and returned frustrated and infuriated. Despite the fact that he was president of American Express and that he carried with him traditional letters of credit
, he found it difficult to obtain cash anywhere except in major cities. Mr. Fargo went to Marcellus Flemming Berry
and asked him to create a better solution than the traditional letter of credit. Mr. Berry, who had invented the express money order in 1882, created the American Express Travelers Cheque which was launched in 1891 in denominations of $10, $20, $50, and $100.
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
.
He was the younger brother of William Fargo
William Fargo
William George Fargo , pioneer American expressman, was born in Pompey, New York. From the age of thirteen he had to support himself, obtaining little schooling, and for several years he was a clerk in grocery stores in Syracuse....
, co-founder of American Express and Wells, Fargo & Co., and became the third president of American Express after William's death in 1881.James was also a co-founder along with William Fargo of American Express. He was succeeded as president in 1914 by George Chadbourne Taylor.
Sometime between 1888 and 1890, J.C. Fargo took a trip to Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
and returned frustrated and infuriated. Despite the fact that he was president of American Express and that he carried with him traditional letters of credit
Letter of credit
A standard, commercial letter of credit is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking....
, he found it difficult to obtain cash anywhere except in major cities. Mr. Fargo went to Marcellus Flemming Berry
Marcellus Flemming Berry
Marcellus Flemming Berry invented the Traveller's cheque when working for American Express. -References:...
and asked him to create a better solution than the traditional letter of credit. Mr. Berry, who had invented the express money order in 1882, created the American Express Travelers Cheque which was launched in 1891 in denominations of $10, $20, $50, and $100.