September 30, 2016
September 30, 1852. Wells Fargo banker Reuben W. Washburn was prudent during his first months in California. The frantic pace of business made him wary. "We have gone on, step by step," he wrote the Company president in New York, "feeling our way very cautiously, on account of the great expense attending the transaction of business in this country." With an attention to expenses that would please Company officers a 150 years later, the banker added, "Salaries and expenses are so high here that we do get along with as small a number of persons possible--and make them all work, as we do ourselves."