Customer Reviews

Stagecoach: Wells Fargo and the American West

5 star:		(2)
4 star:		(0)
3 star:		(2)
2 star:		(0)
1 star:		(2)

 

 

Wells, Fargo and Co., the freighting and banking company, got its start in 1852 at the height of the Gold Rush period in California. It bought out a number of smaller stagecoach lines running between towns and mining camps in the gold fields and eventually established a monopoly in the business in the area. To finance its business ends, the company also started a banking business, with profits being obtained from the gold dust being shipped from the gold fields on its stagecoaches. Packages, gold, mail, and finally passengers were soon being hauled throughout central California and points east by Wells Fargo stages. The company was also very involved with the Overland Mail Company, operating all its express services west of Salt Lake, and even administered to the fabled Pony Express along its route across the central plains for a few years before its demise. With the coming of the transcontinental railroad in 1869, Wells Fargo was able to expand its express business while the stagecoach operations disappeared.

Philip Fradkin tells the story of the Wells Fargo company superbly and with careful attention to historical accuracy. He relates many stories of stagecoach holdups, of what it was like traveling by stage in the West, and what the stage stations were like - all told with flair and excitement. And the business operations of the company, especially after the merger with the American Express Company and into the twentieth century, are explained fully without becoming deadly dull. Fradkin's scholarship is praiseworthy in his use of original source material, especially company records and the files of the Wells Fargo Historical Services department. It's an enjoyable book and is the definitive book on the company today.

Great history on not only Wells Fargo but the early growing west. Very well written.

Philip Fradkin wrote a book on California (The Seven States of California) that I really liked, and, as is my custom when I run across a writer I enjoy, I read my way through most of their catalogue. And so Stagecoach is the second book by this writer that I've read.

Stagecoach is a look at the 150 year history of Wells Fargo (the bank and the once upon a time shipper and transportation provider). This book came out eight years before the bank bailouts. Wells Fargo was one of the banks that took money in 2008/2009. They received, at least, 25 billion dollars.

Fradkin is quite friendly towards the company. In fact, it reads much like Wells Fargo commissioned the thing. Yes, there is some interesting history here; especially the parts about what it was like to travel the US by stagecoach in the 1860's. And yes, Wells Fargo did transform nutrition in the United States by figuring out how to ship fruits and vegetables in a refrigerated rail car (they used ice) thus improving the lives of millions of Americans.

But I was surprised at just how fawning Fradkin could be towards this company. I expected to read something that was a bit more critical, a bit more daring, a bit more biting. But Fradkin seems to be in love with Wells Fargo. It is almost as shocking as when Chris Hitchens fell in love with George W. Bush. You don't expect this sort of ass kissing of power from decent writers. Both Hitchens and Fradkin surprised me.

As such, this book could very easily grace the bookshelf in the CEO's office of Wells Fargo. I expected something more from Fradkin. Oh well, I'll give him another chance to redeem himself. Maybe Fradkin needed some quick cash and writing a laudatory history of a bank filled the coffers in time for Christmas. We all have our price.

And so, I will forgive Fradkin and give him another go.

Stagecoach was an attempt to cover the history of the Wells Fargo company. Frankly, it read a little bit like it was the product of the Wells Fargo pr Department, but the real "problem" is that the author tried to cover both the days of the Historic Wells Fargo entity AND the mergers which led to the present day bank. In doing this, the author ended up really giving the short shrift to both.

The author also made some rather "strange" errors. For example, on p182 the author wrote:

"Sometimes small amounts of salt were added to the ice to slow the melting process.." Uh.. no. Salt water melts at a lower tempature. That's why it is used in the winter time to melt ice on streets and why it is used in Ice Cream freezers as well. Adding salt to the ice melts the ice FASTER (but also imparts more cool, faster...)

I would hope that this author were to revisit this subject and produce a new edition which focuses and expands on the pre-split Company and ignores, or at best relegates to a footnote, the Norwest merger...

This book is actually composed of two parts. The first part traces the history of Wells Fargo from its foundings by friends Wells and Fargo in the early 1800s, to its spread through the American West in places like California, Utah, and Arizona. It shows how Wells Fargo provided mail services first, followed by carriage, and finally entry into the banking business to satisfy the needs of miners to transfer gold to money during the California Gold Rush. Many important facts are provided as the book gives insight into frontier life, banking and commerce in the 1800's, and the often minute separation between government officials and businessmen. Some of this history is quite interesting; for example, Wyatt Earp, Doc Holliday and others involved at the OK Corral did business with Wells Fargo. This first part covers up through the San Francisco earthquake of 1906.

The second part of the book focuses on Wells Fargo and Norwest Bank in the 20th century. The latter bank is included because it merged with Wells Fargo recently to create one of the world's largest banks. The bulk of the second half focuses on Norwest such as its origins in Minnesota, its history, and major changes it and the rest of the banking world underwent. The latter includes the change from a male-dominated business to a female-dominated business. The book ends by describing the merger of equals between Norwest and Wells Fargo, and how both adopted the policy of retain and retrain instead of laying of workers in redundant areas.

The first half of the book was very interesting, even for someone like me who has little interest in the cowboys, the Old West, and related history. I give this part 4 stars. The second half of the book was quite boring, and emphasized the growth of financial services, mergers, legal issues, international banking, etc... I give this part 2 stars. So averaging out both parts gives 3 stars out of 5.

I thought this book was very insightful and must be regarded as a serious history book of the founding blocks of American business. Of course certain parts were more exciting than others but it delivers what was expected : a very well written account of an ever changing business during the earliest days of recorded westward expansion to present. I salute the author for what must have been an incredible amount of material to put into a sensible chronology. I enjoyed it thoroughly and think it is underrated.