American Express Co. Signed by J.C. Fargo and Charles G. Clark - 1889 and 1911 dated Autographed Stock Certificate

James Congdel Fargo (1829-1915) was the son of James Fargo and began his career with Wells & Co., where his brother, William George Fargo, was a partner, in Buffalo in 1844. In 1866, after serving as agent and manager of the firm's successor, the American Express Company, he relocated to New York to assume the role of General Superintendent and Manager. By 1881, he had advanced to the position of President of both the American Express Company and the Westcott Express Company, as well as the National Express Company. As the president of American Express, James C. Fargo enjoyed considerable wealth and recognition. Thus, it was understandable that he felt slighted when he encountered difficulties cashing checks during a trip to Europe in 1890. The European bankers, unfamiliar with him, refused to honor his checks. This incident raised the question of whether Americans would consistently face cash challenges while traveling in Europe. In response, Marcellus F. Berryn, an employee of American Express, sought to devise a solution. He later remarked, "Every individual has a unique way of signing their name. Therefore, a reliable method for carrying money to unfamiliar locations must include the bearer’s signature and stipulate that it will only be cashed upon the addition of a matching signature in the presence of witnesses." On July 7, 1891, Berryn was awarded four copyrights for what he termed "the travelers cheque," with William C. Fargo receiving the first one. A few weeks later, he successfully cashed a fifty-dollar cheque in Leipzig, Germany, without any issues. In 1891, American Express sold travelers checks amounting to $9,120.00, and this figure has consistently increased each year, reaching $24.6 billion in sales by 2000.