J. C. Fargo
James Congdell Strong Fargo | |
|---|---|
| Born | Template:Birth date Watervale, New York, U.S. |
| Died | February 8, 1915 (aged 85) New York City, U.S. |
| Occupation | Businessman |
| Known for | President of American Express Company; co-founder of American Express |
James Congdell Strong Fargo (May 5, 1829 – February 8, 1915) held the position of president at the American Express Company for three decades and was the sibling of William Fargo, who co-established both American Express and Wells Fargo.
Early life
Born in Watervale, New York, Fargo was the seventh child among eleven siblings born to William Congdell Fargo and Stacy Chappel Strong. His older brother was William Fargo.
Career
At fifteen years old, Fargo relocated to Buffalo, New York to join his brother William, who oversaw express routes linking Buffalo, Detroit, and Albany. Beginning his career as a clerk, he progressed to managing the delivery of money packages. By 1847, he was in charge of operations in Detroit and later became Superintendent of Virginia operations following the company's transformation into Wells Fargo & Company in 1851.
In 1855, Fargo was appointed American Express's agent in Chicago, eventually rising to General Superintendent of the Northwest Division. He moved to New York City in 1867 to serve as General Manager and took over as president of American Express in 1881 after his brother, with Theodore M. Pomeroy serving as vice-president. James Fargo was a co-founder of American Express alongside William Fargo. He stepped down in 1914, with George Chadbourne Taylor succeeding him.
Traveler's Cheque
During a European journey between 1888 and 1890, J. C. Fargo, then leading American Express, encountered challenges accessing cash despite carrying conventional letters of credit. To resolve this issue, he commissioned Marcellus Flemming Berry—who had invented the express money order in 1882—to devise an improved method. Berry developed the American Express Traveler's Cheque, which debuted in 1891 in $10, $20, $50, and $100 denominations.
Personal life
On December 15, 1863, Fargo wed Frances Parsons "Fannie" Stuart, daughter of Col. John Stuart from Battle Creek, Michigan. They had four children, including:
- William Congdell Fargo (1856–1941), who married Mary Stockwell Preston.
- James Francis Fargo (1857–1937), who married Jane Lindley King.
- Annie Stuart Fargo (1858–1884), who married William Duncan Preston.
William held the role of Secretary while James served as Treasurer at the American, National, and Westcott Express Companies.
Fannie passed away on August 31, 1896. J. C. Fargo died at his home in New York City on February 8, 1915. After services at St. Barnabas Church, he was laid to rest at Sleepy Hollow Cemetery in Sleepy Hollow, New York.