In 1840, 36 year old Alvin Adams (1804-1877) established Adams and Company.
He and his partner, Ephraim Farnsworth purchased season tickets from New York City to Boston and return. They then contracted to carry valuables securities and bundles for deliveries. His service was used by banks, merchants and individuals making valuable shipments.
The total assets consisted of ‘two men, a boy and one wheelbarrow’, it soon became one of the fastest growing and nation’s leading independent express companies.
During the Civil War, Adams Express maintained the payroll of both the Union and the Confederate armies. By the 1880s, Adams Express had nearly 8000 employees. Adams Express was one of four companies which dominated the field, the others being American Express, Wells Fargo and National.
The transformation of Adams Express into an investment company continued with its decision to operate the company as a closed-end mutual fund.
Adam Express Company
