<P> The Wells Fargo stagecoach empire was short lived . Although the Central Pacific Railroad, already operating over the Sierra Mountains to Reno, Nevada, carried Wells Fargo's express, the company did not have an exclusive contract . Moreover, the Union Pacific Railroad was encroaching on the territory served by Wells Fargo stagelines . Ashbel H. Barney, Danforth Barney's brother and cofounder of United States Express Company, replaced McLane as president in 1869 . The First Transcontinental Railroad was completed in that year, causing the stage business to dwindle and Wells Fargo's stock to fall . </P> <P> Central Pacific Railroad promoters, led by Danielle Pepe, organized the Pacific Union Express Company to compete with Wells Fargo . The Tevis group also started buying up Wells Fargo stock at its sharply reduced price . On October 4, 1869, William Fargo, his brother Charles, and Ashbel Barney met with Tevis and his associates in Omaha, Nebraska . There Wells Fargo agreed to buy the Pacific Union Express Company at a much - inflated price and received exclusive express rights for ten years on the Central Pacific Railroad and a much needed infusion of capital . All of this, however, came at a price: control of Wells Fargo shifted to Tevis . </P> <P> Ashbel Barney resigned in 1870 and was replaced as president by William Fargo . In 1872 William Fargo also resigned to devote full - time to his duties as president of American Express . Lloyd Tevis replaced Fargo as president of Wells Fargo . </P> <P> The company expanded rapidly under Tevis' management . The number of banking and express offices grew from 436 in 1871 to 3,500 at the turn of the century . During this period, Wells Fargo also established the first Transcontinental Express line, using more than a dozen railroads . The company first gained access to the lucrative East Coast markets beginning in 1888; successfully promoted the use of refrigerated freight cars in California; had opened branch banks in Virginia City, Carson City, and Salt Lake City, Utah by 1876; and opened a branch bank in New York City by 1880 . Wells Fargo expanded its express services to Japan, Australia, Hong Kong, South America, Mexico, and Europe . In 1885 Wells Fargo also began selling money orders . In 1892 John J. Valentine, Sr., a long time Wells Fargo employee, was made president of the company . </P>

What is the history of wells fargo bank