Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
t-account. The traditional way to record a debit and credit in one account shaped like a T.. The long line is for the account name, the left column is the debit amount, and the right column is the credit amount.
What is a 'Margin Account'. A margin account is a brokerage account in which the broker lends the customer cash to purchase securities. The loan in the account is collateralized by the securities and cash. Because the customer is investing with a broker's money rather than his own, the customer is using leverage to magnify both gains and losses.