Charles

Send a comment to Charles

On Saturday, November 7, 19 Wachovia Bank stores in Colorado will convert to the Wells Fargo brand. Although Colorado is the first state where Wachovia signs will disappear, Wells Fargo is not a newcomer to the Centennial State.

On November 1, 1866 Wells Fargo, took over the operation of the major stagecoach routes west of the Missouri River. This "Grand Consolidation" was with Denver-based Holladay  Overland Mail & Express Company.

Wells Fargo already operated stage companies, but the merger with Holladay’s network spread Wells Fargo stagecoach operations across 4,000 miles of territory. The Company covered the Rocky Mountains, and stretched from the Great Plains to the Pacific.

Wells Fargo was founded in New York in 1852, as a joint-stock association, the usual formation of that era. With the 1866 consolidation, the Company filed incorporation papers in the Colorado Territory in 1866.

Wells Fargo & Company operated under its Colorado charter for a century.

From the corner of 'F' and Holladay Streets in downtown Denver, Wells Fargo stagecoaches rolled out in all directions—north on the Overland route via Ft. Bridger and Boulder to Salt Lake City; west to the mines of Central City and Georgetown; and northeast to meet the transcontinental railhead as it advanced from Nebraska.

As with its California Gold Rush beginnings, a good portion of Wells Fargo’s business was transporting gold, silver, and currency.

And as in California a decade ealier, Wells Fargo entered the banking business in Denver. A local newspaper told Coloradoans that Wells Fargo could now "attend to their business to the ends of the earth if required."

By the following summer, three Wells Fargo stagecoaches arrived or departed Denver every day, with passengers, news and mail....

Ileana

When was the last time you lost $2,150? And because of a hole—not in your pocket, but in your stocking!

The Wells Fargo History Museum in San Francisco recently opened a new exhibit, "Women Making Financial History." It interprets the many different roles women have played and are playing in the financial world: as bankers, as customers, as pioneers; even as images on currency. If you’re in town, I’d definitely recommend you check it out.

(But until then, take a look at the mini-site about the exhibit, sort of a "sneak preview.")

One of the interesting stories on the site is one about how banks in the early 20th century accommodated the needs of their female customers. For hundreds of years women had typically been financially dependent on their husbands or family. It was in the late 19th century that a large number of women began to join the workforce, and therefore, gain economic power. Banks took notice, and they realized that women were a different type of customer. They needed and wanted to be treated differently.

Maybe even have a separate room to do their banking. I know, it sounds bad, right? But the reason is that many women didn’t trust banks. They had for years carried their valuables and money in their stockings or underneath their blouses. Imagine just how uncomfortable it would be, going to make a deposit and having to dig for your money in front of all the male bankers and the other customers! And, at a time when female propriety was often scrutinized, this wouldn’t be very ladylike.

But as Mrs. Shore found out when she lost $2,150 worth of jewels, through a hole in her stocking, it wasn’t the safest place for keeping valuables. Maybe a bank, with a little privacy, was less inconvenient than risky hosiery. Banks "got it" — the "stocking room" was created. Here was a special room, just for the ladies, where they could do their banking. And of course, ready their deposits in private.

Creation of the stocking room shows an interesting paradox: banks treated women differently on account of their sex, as society has for thousands of years. BUT, it also shows that society was beginning to value and better understand women’s economic importance. Banks were doing what they had to to gain women’s trust, and women's business.

To me, the stocking room shows an interesting shift. Though it physically separated the sexes, its intention, strangely enough, was a step towards gender equality: women were being recognized for their financial power, and were being encouraged to join the banking world.

As a modern woman, I’m not sure how I feel about the need for a separate room to do my banking just because I’m female. But then, I don’t wear stockings full of jewels!

Charles

In association with the International Museum of Women (IMOW) , the Wells Fargo History Museum in San Francisco has opened its latest exhibit, "Women Making Financial History." This exhibit examines women's roles in making and managing money, from the early history of the United States to today — all around the world.

The exhibit features striking photo essays of women benefitting from micro-lending in Nepal, new entrepreneurship of Arab women in Qatar, and more. The original material is from IMOW's virtual exhibition, "Economica,"  which explores the many facets of women's experiences of and contributions in the global economy.

"Women Making Financial History" introduces women who came West to make their fortunes, and build businesses and communities. It shows female Wells Fargo agents who provided financial services across the frontier, and remarkable woman pioneers in banking. You can enter a money vault to view historic coins and currency featuring women. You can experience banking in the 1920s inside our recreated bank Women's Department, and see vintage bank advertisements focused on women customers.

The first woman to be portrayed on U.S. currency was Martha Washington, the first First Lady of the United States. She was featured on an 1891 One Dollar Silver Certificate, which were exchanged for silver coins from 1878 to 1964. (It is still legal tender, too.) In the Museum, you can take photos and print your mug on vintage style bills, and take them home with you. (Look serious or silly — your choice!)

Find out what it was really like to work in a bank a long time ago, as you try your hand on our 1895 check cutter. See other machines that men and women bankers would have used back then. You can talk to a friend on two old-fashioned candlestick telephones. No speed dialing, though.

Ever heard of a "Stocking Room"? There was a time in the early 1900s when women didn't feel comfortable entering the very masculine environment of banks, and even avoided having bank accounts. Some women tucked their money and valuables in their stockings instead, under their floor-length skirts.

In order to gain these women for customers, banks came up with the Stocking Room — a Women's Department. This was a safe haven where ladies could remove their cash and do their banking without the distraction of men, cigars and spittoons.

Women Making Financial History will run through spring 2010, and can be seen at:

The Wells Fargo History Museum
420 Montgomery Street
San Francisco, CA

Admission to the Museum is free. Hours are 9:00 am to 5:00 pm, closed weekends and bank holidays.

More information can be found at our Wells Fargo Historical Services website! Just click on "New Online Exhibit: Women Making Financial History."

Ryan

In past articles I covered the first national bank chartered in California and the first national bank chartered on the Pacific Coast. In this post I'll share some of the incredible history of the first national bank chartered west of the Great Plains, the First National Bank of Denver.  This bank's history incorporates a gold rush, a private mint, a national bank, and ultimately a Federal mint. This is truly amazing.

Our story begins in Leavenworth, Kansas Territory , in 1855 when Milton Clark set up shop as a grocer. Within two years, Clark, his brother Austin, and Emanuel Gruber formed Clark, Gruber & Co. to capitalize on the recent gold rush at Pikes Peak, Colorado. In 1860, they built a two story building in Denver.

Clark, Gruber & Co. bought gold dust with the idea that they would transport the gold back East to Federal mints. Huge transportation costs, however, sparked their interest in setting up their own mint  to coin the gold with standard mint value. This would save the transportation cost and provide a valuable source of local exchange.

Very quickly, the firm earned a reputation as honest and trustworthy, with an exceptionally fast turnaround. The firm acquired minting equipment in Boston and made their services available to the public on July 5, 1860.

Over the next two years the firm minted thousands of gold coins ranging in value from $2 ½ to $20. Although most of the coins contained designs similar to the Federal issues of the day, their most famous designs  contain a picture of Pikes Peak to pay tribute to the source of the bullion. Interestingly, the engraver had never seen Pike's Peak so the design bears no resemblance to the real mountain.

Following three years of frenzied private coining, Clark, Gruber & Co. sold their minting and refining business to Uncle Sam in 1862, when Congress established the mint in Denver.  The Department of Treasury, however, used these facilities only as an assay office and depository for over forty years.

Amazingly, our story does not end here. The Treasury Department finally did convert this facility in 1906 to a full-fledged mint.  From 1906 forward, billions of coins have been struck at the Denver Mint with the "D" mintmark.

You may ask, then, what connection does this have with Wells Fargo beyond having a parallel history to Wells Fargo itself? Well, their parallel history intersected over a century later....

Phyllis

...and they will come.... 

Minnesota may not be the center of the world in many respects, but the world certainly comes to visit us. Over a span of just two days, the Wells Fargo History Museum in Minnesota had visitors from six different countries.*

First was a group of visitors from Iceland , who were on a trip tracing the paths of emigrants  from Iceland to the United States. They were followed by a research scientist from Scotland, who came back the next day to show us photographs of the museum that he'd created in his village to document their local history. Next were families from France and Australia.

Then a couple from Wales asked me, "What does Wells Fargo do now that they're not an express company?”

And finally, a couple from Mexico visited us – they were in town for the Twin Cities Marathon. 

I love our local visitors — our team members and school children — but there's just something special about hosting international visitors. Our roots may be deep in Minnesota soil, but it's nice to know that we branch out all over the world.

*You could say seven different countries — if you count the Packers fans  visiting from Wisconsin!

Charles

Saturday, October 17, marks the anniversary of the Loma Prieta earthquake in the Bay Area. We've posted some stories this past week of people who remember the day.

Also this past week, millions of Californians participated in the "The Great California Shake Out,"   a series of events that became the biggest earthquake drill ever. That morning 20 years ago, just about everyone everywhere was ducking, covering, maneuvering, practicing, checking. We're ready — but you can't be too ready, of course. That's why we practice, practice, practice.

Meanwhile, the Bay Area Chapter of the American Red Cross  has its own "Memories of Loma Prieta"  feature on its website. Wells Fargo and its team members have long supported communities with financial and human capital, and there are so many other groups who do as well. The Red Cross is one such organization that truly helps build community.

Three and a half years ago, Guided By History was born to commemorate the centennial of the San Francisco Earthquake and Fire on April 18, 1906. This year, with the 20th anniversary of Loma Prieta on October 17, we remember and continue that first mission. We want to help you prepare and stay prepared. So here's a suggestion:

On April 18, check the batteries  in your smoke detector, and double-check your gas and water main valves.  On October 17 — a near-perfect six month's time — check your disaster kit and stash , replacing any supplies that have expired or look old and worn. Use these dates as reminders to be ready for natural disasters.

Remember and Prepare!

Charles

Naomi Ishida is with Wells Fargo's Customer Connection. In October 1989, Naomi assisted then-CEO Carl Reichardt.

About October 17, Naomi remembers, "I wasn't even here at the Bank — I was at the World Series game! You can tell where my loyalty was on that day."

Naomi was at Candlestick Park  to see the San Francisco Giants host the Oakland Athletics in Game 3 of the World Series.  The Fall Classic that year was dubbed "The Bay Bridge Series," after the span that connects Oakland and San Francisco. The powerful A's had taken the first two games in Oakland over the weekend, and were flyin' high on the strength of "The Bash Brothers" and the derring-do of Rickey Henderson. The Giants had their backs to the wall as the Series moved to the 'Stick.

The game was scheduled to begin after 5 p.m. on Tuesday the 17th. Many in the Bay Area took the day off to see the game, or left early to get home and watch it on TV. At 5:00, the game aired on ABC. Four minutes later, the earthquake struck. 

"It shook pretty good at the ballpark," Naomi says. "The light standards were swaying back and forth. With the sound of the rumble, lots of fans thought folks were stomping their feet in excitement of the ballgame starting, before we all realized it was an earthquake."

"Some fans had small TVs with them," she continues, "and we quickly realized how bad this was. Surprisingly — and thankfully — once we were told to evacuate the ballpark, everyone was calm and exited as quickly but as calmly as possible...."

Charles

My friend Mike Majoulet works in Wells Fargo Brand Management. He makes sure our communication looks right — that logos are where they belong, that signs in stores say the right thing and don't get in your way, and that Historians don't tell the story wrong just to get a laugh. Yes, Michael is the Chief!

He also has a good story about his experience in 1989, the day Loma Prieta struck. (CR)

"I was managing the Baker Hamilton  building on October 17, 1989. The Baker Hamilton is a brick and timber warehouse at 7th and Townsend Streets, a part of San Francisco for over a century. The building was 290,000 square- feet and historic — which means unreinforced.

"The Baker Hamilton  is a 4-story monolith of a building, built in 1904. The company was the largest hardware distributor west of the Mississippi probably up to the 1950s. The building rests on huge redwood tree piles driven about 75 feet into the ground. It survived the 1906 quake very well. My understanding is that hardware from Baker Hamilton was key to getting the City on its feet in 1906. In fact, Baker Hamilton distributed things like shovels, axes and housewares the day of the earthquake in '06.

"At the time I managed the property, it was mixed use — storage in the basement, and furnishings retail on upper floors. I was at my desk when the quake hit. Remember, this is a brick and timber building and the timbers are 2 feet square on the top floor where I had my office. I was sitting there and I could not quite believe what I was seeing. Suddenly, those timbers were more like rubber bands, almost liquid in undulation!

"There was grinding, bumping, and thumping all around me as the quake's waves passed through. Files flung open on one side of the room, and slammed shut on the opposite wall. Wild stuff! It felt like it would never stop, but as we all know, it did. I was sitting in disbelief as 90 years of dust was unleashed from the wood-slat ceiling above me. The room was golden from the sun hitting the dust particles.

"I suddenly remembered I was the building manager and had the responsibility of making sure all my tenants were OK — who cares about the building!

"With my heart in my throat I ventured into the building to see what happened. Luckily, there were no injuries, but there was furniture everywhere, as most tenants sold home furnishings. Some were much more concerned about their stock and not the possibility of another quake, so I 'ordered' everyone out. We didn't have a major aftershock, but as we started looking around outside, we quickly saw the city was in bad shape. A block away, several people were crushed to death when that brick and timber building lost its walls. Cars on the sidewalk were now only two feet high, flattened under bricks.

"I managed to make my way home to Tiburon that night, driving under the freeway that ran along the Embarcadero — which was condemned the next day. I drove across to Van Ness Avenue , because you couldn't continue along the Marina, which was all rubble  and flames.  I ended up in Pacific Heights on Divisadero Street : When I came over the crest of 'Divis,' heading down toward the bay, I saw the Marina  on fire. Most, if not all, electricity was off, so the glow was heightened that evening.

"I was very nervous about what my home might look like, considering what I'd just experienced. But it was weird...I had 2 pendulum clocks in the house. The table clock in the living room had a pendulum that swung east/west and always ran. But it stopped that day at the exact time of earthquake. The second clock was on a small wall between bedrooms, and I never ran it because the 'tick, tick, tick' and my sleep didn't get along. Its pendulum swung north/south. When I got home, that clock was running.

"I’d still take a quake over a tornado."

Charles

Next Saturday, October 17, is the 20th anniversary of the Loma Prieta earthquake.  The quake shook the San Francisco Bay Area beyond its 7.1 Richter score: Dozens of people died, millions in property losses were sustained, and the City was shut down for days.

Guided By History began three and a half years ago as part of the centennial commemoration of the 1906 earthquake and fire in San Francisco. That and the Gold Rush certainly are the defining moments for the City, even as it’s enjoyed a long and dynamic reputation since.

But remembering something from a century ago is different than something that occurred in our lifetime. Many who are too young to remember are still connected to people who not only remember, but who were there. During the first months of this blog's existence, we wrote about Loma Prieta and used its lessons to help everyone prepare for the next one — the one that is coming any minute....

I myself have a distinct memory, which I wrote about last year. Many people I work with have memories, and many others remember moments and people and stories from that eerie day.

Between now and next Saturday, we'll share some of those stories. But there's nothing more important than taking that personal drama you read about, and turning your feelings about it into a specific action  — namely, taking the few minutes to get your kit together. 

The coldest thing to consider is that at least 63 people died in the Loma Prieta disaster, and thousands were displaced and homeless afterward. These events are real — they happen, they will happen again, and ordinary people like you and me will be affected. I am glad to help rekindle awareness, and maybe some people will be spurred to create or re-energize their disaster plans.

But I also want to take time out this week to remember the many people who lost their lives that day. Many were just folks on their way home from work, something we all do routinely. Their loss is real. And the loss is still sudden, even over these 20 years.

Charles

We learned recently that Arturo Garcia passed away earlier this year.

Mr. Garcia was Wells Fargo's first Hispanic Bank Manager. His longtime dream had been, he said, to become a banker and make his way up the corporate ladder to Officer. It happened when he was named Branch Manager in 1967.

After 34 years with Wells Fargo, Mr. Garcia retired and began compiling his life story. He had a deep interest in history and his own role in it — something we at Guided By History feel is absolutely central to properly understanding the past. We all are history, living it every day, with every act. Arturo Garcia understood that, and we are pleased to get a copy of his history, to get the story as he tells it.

It is sad to lose an old friend, but the service he provided to his community is as much his legacy as the dozens of family members who survive him.

Goodbye, Art. And thank you.