Adams Express Company (ADX)
Date: Jul 28th, 2008 6:30:46 pm - Subscribe
Mood: crummy
Adams Express Company was founded in 1839 by Alvin Adams, who used to be a produce merchant until the Panic of 1837 and since Adams was ruined by the Panic tragedy, he decided to carry letters, valuable and small packages for clients in between the areas of Boston and Worcester, Massachusetts.
In the beginning he used to have a partner by the name of Burke but not long afterwards, Burke decided to withdraw. Eventually, Adams was able to establish a company known as Adams & Company. Due to Adam’s good business sense, he was able to expand his business to New York City, Philadelphia and other cities in the East.
By the year 1847, his business had already reached the Southern states and three years later he was already shipping through stagecoach and railways to reach St. Louise. After this, Adams decided to reorganize the company and rename it as the Adams Express Company. On the other hand, a subsidiary known as Adams & Company of California was established in 1850 and has expanded its service in the Pacific Coast however, this is not personally handled by Adams and by 1854 due to mismanagement the business failed. This affected a lot of business in California and even went as far as causing a panic.
Despite the panic, the mother company continued to dominate New England and the mid-Atlantic coast until the far Western area. In fact, by 1910 the stock holdings were so huge that the Adams Express Company ranked as the second largest stockholder in the Pennsylvania Railroad. There are lots of other personal finance blogs available out there if you want more information.
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