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.
Non Technical Account. A normal Profit and Loss Account where Premiums and claims are not accounted for. For example Investment Incomes and Tax Expenses are treated in the Non Technical Account. It is similar to a Trading Account held by. a bank. There is an element of cash (premiums and claims) underwriting.