Central National Bank, Oakland, CA (Charter 9502)
Central National Bank, Oakland, CA (Chartered 1909 - Receivership 1933)
Town History
Oakland is the most populous city in and seat of Alameda County, California. A major West Coast port, Oakland is the largest city in the East Bay region of the San Francisco Bay Area, and the third-largest city overall in the Bay Area. With a population of 440,646 in 2020, it serves as the Bay Area's trade center. the Port of Oakland is the busiest port in Northern California, and the fifth- or sixth-busiest in the United States. A charter city, Oakland was incorporated on May 4, 1852, in the wake of the state's increasing population due to the California gold rush.
Oakland's territory covers what was once a mosaic of California coastal terrace prairie, oak woodland, and north coastal scrub. In the late 18th century, it became part of a large rancho grant in the colony of New Spain, and was known for its plentiful oak tree stands. Its land served as a resource when its hillside oak and redwood timber were logged to build San Francisco. The fertile flatland soils helped it become a prolific agricultural region. In the 1850s, what became the first campus of the University of California was founded in Oakland, and Oakland was selected as the western terminal of the Transcontinental Railroad in 1869. The following year, Oakland's Lake Merritt became the United States' first officially designated wildlife refuge, now a National Historic Landmark. Following the catastrophic 1906 San Francisco earthquake, many San Francisco citizens moved to Oakland, enlarging the population, increasing its housing stock, and improving its infrastructure. It continued to grow in the 20th century with its port, shipyards, and manufacturing industry. In the 21st century, between 2019 and 2023, Oakland became the first city in American history to lose three professional major league sports teams to other cities within a span of five years.
Oakland had five National Banks chartered during the Bank Note Era, and four of those banks issued National Bank Notes.
Bank History
- Organized August 4, 1909
- Chartered August 12, 1909
- Succeeded Central Bank of Oakland
- Conservatorship March 14, 1933
- Receivership May 8, 1933
The Home Savings Bank was incorporated on September 8, 1891 with a capital of $500,000. In December 1891, the Home Savings Bank at 1002 Broadway had capital stock of $1,000,000. The directors were J.C. Ainsworth, F. Delger, A.C. Henry, Wm. P. Jones, V.H. Metcalf, V.D. Moody, L.C. Morehouse, J.W. Phillips, W.G. Palmanteer, F.K. Shattuck and Charles D. Pierce. The officers were Volney D. Moody, president; W.G. Palmanteer, vice president; and O.F. Sites, cashier.[1]
On May 12, 1892, the name was changed to the Central Bank with capital of $1,000,000. Its business was both commercial and savings and was located at 1203 Broadway, Oakland.[2] In October 1892, Mr. Charles Yates purchased stock in the Central bank of Oakland, wherein J.C. Ainsworth and others obtained control from President Moody. Mr. Yates was assistant cashier of the Oakland Savings Bank and was thought likely to become the cashier of the Central.[3] It was reported that J.C. Ainsworth, W.G. Palmateer, F. Delger and Victor and G. Metcalf were interested in starting a new national bank in the Central Bank building, Oakland. All parties interested denied the report.[4] In December 1892, the contract was filed for an electric elevator from the Otis Elevator Co. of New York and the Central Bank of Oakland for the new bank building under construction on the corner of Fourteenth Street and Broadway. The cost was $4,200.[5] The officers were Capt. J.C. Ainsworth, president; W.G. Palmanteer, vice president; and C.R. Yates, cashier. The directors were Capt. J.C. Ainsworth, Geo. C. Perkins, Chas. D. Pierce, H.B. Ainsworth, John Crellin, Frederick Delger, L.C. Morehouse, W.G. Palmanteer, F.K. Shattuck, and J.W. Phillips. The bank was organized September 8, 1891, and had capital stock of $1,000,000.[6]
In April 1893, the officers were Capt. J.C. Ainsworth, president; W.G. Palmanteer, vice president; C.R. Yates, cashier; and J.W. Havens, formerly of the Pacific Bank of San Francisco, paying teller. The new building was the tallest and finest business structure in Oakland. The contractors were the well-known Smilie Brothers of Oakland. In addition to the Central Bank building, they were engaged in the erection of a $200,000 building for the San Francisco Savings Union. The Amador Marble Co. furnished the granite from the Recklin Company's quarry, the oldest in the state. About 4,000 cubic feet of fine granite was used. The first story was of granite on both fronts. The millwork and finishings of the entire building were the work of T.L. Hierlihy, proprietor of the Pioneer Planing Mills. The wainscotting and paneling of oak in the halls was an attractive feature. During his 10 years of business, he employed no drinking men and gave his hands a half holiday on Saturday. The large plastering contract was executed by A.C. McTavish. Snook & Son placed and fitted about 2,000 feet of pipe. There were 700 feet of gas pipe and 65 wash basins, all with nickel-plated trimmings. The drain pipes were double thickness and of extra quality conforming strictly to the rules of the Board of Heat. They had the plumbing job for the San Francisco City Hall. The brick were Union pressed brick for finish and Fortin's hard brick for the main body. V.L. Fortin did the brick work and used a total of one million bricks and over 200 barrels of cement. The terra cotta work was laid in pecora mortar stain. The chimneys were of terra cotta, iron lined flues, set in cement made of white sand and granite dust and were absolutely fire-proof. The main banking room was the work of W.T. Veitch & Brother and was finished in San Domingo mahogany. The office desks, chairs and tables were of solid mahogany. The massive front doors, oaken without and mahogany within had beveled plate panels which swung upon a Bardsley checking door hinge of a unique design, holding the door ajar at any desired angle. F.M. Farwell & Sons did the finishing of the oak and also the painting. The broad steps leading from the pavement to the first story were of Italian marble as were the rises. The vestibule in front of the banking room was wainscoted with "maiden's blush in gray," a beautiful onyx imported from Knoxville, Tennessee, by Ruffino and Bianchi, importers. This firm employed from 50-75 men in their marble works in San Francisco where they did a large business in monuments and fine stone work.[7]
In February 1894, the officers of the Central Bank were John Crellin, president; W.G. Palmanteer, vice president; and C.R. Yates, cashier.[8]
In January 1896, the directors were Frederick Delger, F.K. Shattuck, Charles D. Pierce, J.W. Phillips, W.G. Palmanteer, George C. Perkins, George D. Metcalf, L.C. Moorehouse, H.B. Ainsworth, Thomas Crellin, and W.S. Phelan. The officers were Thomas Crellin, president; W.G. Palmanteer, vice president; and C.R. Yates, cashier.[9]
Captain J.C. Ainsworth, president of the Central Bank of Oakland, owner of Redondo Beach property and one of the wealthiest men in California, died at his home at "Roselawn," at Claremont at 3 o'clock, December 30, 1893. Ainsworth, a steamboat captain in the East, traveled to California around the Horn during the Gold Rush of 1849 with W.C. Ralston. Rather than doing actual prospecting, Ainsworth planned to haul miners from San Francisco Bay up the Sacramento River. While in California, Ainsworth met Lot Whitcomb, who was proprietor of Milwaukie, Oregon. Whitcomb convinced Ainsworth to be the captain of his steamboat (the modestly named Lot Whitcomb). Ainsworth moved to Oregon and later founded the Oregon Steam Navigation Company, which quickly became one of the most important businesses in Portland's development. Meanwhile, Ralston went into business with Mr. Eugene Kelly and was made the manager of the Donohoe-Kelly Bank. Ralston gave a note to Capt. Ainsworth for $50,000, but Mr. Kelly, returning from an east coast trip, found the note and demanded its recall. Ralston defended his friend, but the loan was recalled. This transaction angered Ralston so much that he withdrew from the banking house and started the Bank of California. Capt. Ainsworth was connected with Oakland banks since arriving in the city. First he invested in stock of the Union National Bank, but sold out and took stock in the First National Bank. Dissatisfied with the First National he became the heaviest stockholder and the president of the Central Bank of Oakland.[10]
In January 1909, J.F. Carlston who resigned as manager of the Merced Security Savings Bank two years ago to accept a very important position in the Central Bank of Oakland has been advanced to the position of manager as well as vice-president. The bank was one of the strongest financial institutions in Oakland. At the annual meeting of the stockholders, the reports of the officers showed that the earnings the past year were large and that the bank was in a very prosperous condition. It was decided to add a national bank with a $1,000,000 paid up capital to transact the commercial business of the bank. Mr. Carlston was elected one of the directors and also vice-president and manager. W.G. Palmanteer was elected president and in this connection the Oakland Enquirer says: “Mr. Palmanteer is known as a public-spirited and energetic businessman. In fact his too close attention to business has caused his health to break to such an extent that he told the directors someone must be secured in his place for the actual management of the bank. J. Carlston, a well-known and highly respected banker of Merced was finally induced by Mr. Palmanteer to become associated with the Central Bank. Mr. Carlston came to the latter institution on his own terms. During his two years of service at the Central Bank he made many friends and became a valuable acquisition to the Central Bank."[11]
At the close of business, December 31, 1909, the Central National Bank had total resources of $5,929,430.61, with capital stock of $1,000,000, Surplus and undivided profits $140,139.20, circulation $500,000, and deposits $4,227,825.36. The affiliated Central Bank of Oakland had total resources of $4,733,944.22 with capital stock $300,000, surplus and undivided profits $266,978.43 and deposits $4,166,965.79.[12] The officers for 1910 were J.F. Carlston, president; R.M. Fitzgerald, vice president; H.A. Mosher, cashier; and A.J. Mount, assistant cashier.[13]
The Telegraph Avenue Savings Bank at the northeast corner of 49th Street and Telegraph Avenue was organized in 1908 with Mr. W.B. Thomas as president. In January 1912, the officers were W.B. Thomas, president; Dr. Chas. A. Dukes, first vice president; Dr. A.S. Kelly, 2d vice president and cashier; and H.L. Adams, assistant cashier.[14]
In May 1913, a package containing $14,300 in $100 banknotes was received at the Central National Bank. Officials were surprised to find only trimmed magazine pages of the same size and weight as the currency. Apparently, the seal had not been broken and the government stamp was affixed in the same kind of sealing wax in which the package was fastened in Washington prior to being placed in the safe of the United States Express Company in Washington for transportation. The United States Express Company had a special agent investigating the theft. He declared the package was deposited and checked into its safe at Washington and was untouched until the money reached Denver. John F. Seymour, special agent of the Wells-Fargo Company was equally sure that the money was untouched while in transit by his company. The treasury official had no doubt that the banknotes were safely consigned out of the Washington office and stated that a counterfeit government seal must have been used by the thief.[15]
On Wednesday, May 21, 1913, the Telegraph Avenue Savings Bank was taken over by purchase and after Monday would operate as a branch of the Central Savings Bank of Oakland. The bank was in the Temescal district, capitalized for $35,000, and it was found this was too small for the needs of the district and was sold to the Central Savings Bank.[16]
"Duke," the thoroughbred cocker spaniel owned by J.F. Carlston, was probably the most highly honored canine of his kind. In recognition of his fidelity to his master for the past seventeen years, a miniature head of the spaniel adorned a set of china owned by the banker. Aside from this, Carlston commissioned a $1,500 portrait in oil of his pet painted by the well-known artis, Charles R. Robinson. Duke was a familiar and welcome figure about the bank and could be seen every morning seated by the side of his master in the big limousine which brought the two to the office. Duke possessed the smooth and glossy coat of his breed, his long silky ears almost hiding his face which was streaked with the gray of years from view.[17]
In January 1916, the officers were J.F. Carlston, president, central national bank and Central Savings Bank; H.N. Morris and R.M. Fitzgerald, vice presidents, Central national Bank and Central Savings Bank; H.A. Mosher, vice president, Central National Bank; A.J. Mount, cashier and G.C. Humphrey, E.D. Bothwell, and P.E. Otey, assistant cashiers, Central National Bank; Arthur L. Harris, vice president, Central Savings Bank; H.C. Sagehorn, cashier, J.E. Smith and M.R. Bronner, assistant cashiers, Central Savings Bank. The affiliated banks were at 14th and Broadway with a branch at 49th and Telegraph Avenue.[18]
On Tuesday, January 10, 1933, A.J. Mount was elected president and T.A. Crellin, executive vice president of the Central National and Central Savings Banks. Charles P. Howard was elected as a director. Howard, son of the late John L. Howard, who was for many years on the banks' directorate, was active in Eastbay civic and business circles and was president of the Howard Terminal Co. Former directors re-elected were A.J. Mount, T.A. Crellin, John P. Maxwell, Anson S. Blake, A.T. Ellis, Dr. O.D. Hamlin, W.G. Manuel, R.M. Fitzgerald, and R.W. Kinney. In addition to Mount and Crellin, the following officers were chosen for 1933 for the two banking institutions: Central National, R.M. Fitzgerald, vice president; J.F. Hassler, vice president and cashier; H.A. Mosher and Edward H. Geary, vice presidents; W.F. Davies, assistant vice president; S. Berven, assistant trust officer; Charles J. Freehan, J.J. Flynn, C.T. Hoos, M.M. Maze, P.E. Otey, Fred C. Wells, and George J. Hans, assistant cashiers. Hans would continue to serve as manager of the bank's Fruitvale branch. Central Savings Bank, R.M. Fitzgerald and E.C. Petersen, vice presidents; H.C. Sagehorn, cashier; Charles D. Bowman, E.J. Guisto, W.R. Walker, H.W. Sanders, and M.R. Bronner, assistant cashiers. Bronner would continue to serve as manager of the bank's Telegraph Avenue branch with H.S. Williams as assistant cashier at that branch.[19]
On June 1, 1926, both the Central National and Central Savings banks occupied the new, gigantic structure at 14th and Broadway. The banks began moving on Saturday, May 29th from temporary quarters at 14th and Franklin. The Dinwiddie Construction Company was the builder. The banks had their origin in the Home Savings Bank, organized by V.D. Moody on September 8, 1891. The bank was renamed Central Bank on June 13, 1892. On October 5, 1892, President Moody retired and was succeeded by J.C. Ainsworth. Upon the death of Ainsworth, John Crellin succeeded to the presidency on February 7, 1894. Upon John Crellin's demise, the presidency passed to Thomas Crellin on January 14, 1896. Thomas Crellin continued as president of the bank for 13 years until his death when another original stockholder of the bank, W.G. Palmanteer became its head. He was elected on January 12, 1909, but lived only a few months. Joseph F. Carlston was elected as president on May 5, 1909. In August 1912, the Bank of Germany was taken over and on May 12, 1913, the Telegraph Avenue Savings Bank was purchased. The came the absorption of the oldes financial organization in Oakland, the historic Union Savings Bank in November 1914. It was followed by the addition in the following year of two more prominent banking houses, the Western Commercial and Savings Bank and the Bank of Commerce. The latest acquisition was the State Savings Bank, control assumed on March 31, 1923.[20]
On May 10, 1933, Joseph H. Grut, vice president and cashier of the Continental National Bank & Trust Company of Salt Lake City was notified by the comptroller of the currency of his appointment as receiver of the Central National Bank of Oakland.[21]
Joseph F. Carlston died on December 8, 1933, having devoted practically his entire time during the past quarter of a century to the affairs of the Central Bank. Upon W.G. Palmanteer's death in 1909, Carlston was named president of the Central National Bank and Central Savings Bank. He was married to Jessie B. Cleary in December 1913. In 1916 he was a delegate to the Republican National Convention in Chicago. A year ago he was named a member of the State Park Commission by Governor James Rolph, Jr., but resigned after less than three months due to the pressure of business affairs. Carlston was also a director of the Mechanics Bank in Richmond.[22]
In October 1936, payment of 100% of the claims of depositors and creditors would be made with Comptroller of the Currency J.F.T. O'Connor's action in ordering the final 15% dividend paid by the receiver. This would also conclude the receivership of the bank which was started May 8, 1933, following the banking holiday. The Central National was suspended as of March 1, 1933. Its liabilities were $19,813,660. On April 24, 1933, through a sale of assets to the newly chartered bank, the Central Bank of Oakland, 70% of the claims of depositors were released for payment. Since the appointment of the receiver, a second dividend was paid on April 19, 1935. During the past Summer, negotiations were successfully undertaken by a committee of stockholders of the old bank to secure interest waivers of claimants. By October 15th, depositors would receive notice from Receiver Grut to appear at his office for their checks in full payment.[23]
In February 1937, following his successful completion of the handling of the receivership of the Central National Bank of Oakland, J.H. Grut would assume an executive position with the National Automotive Fibres Company.[24]
On August 3, 1942, Thomas Arthur Crellin, chairman of the board of the Central Bank died at an age of 81. The veteran Oakland banker retired from active banking in January 1939 after a long career with the Central Bank and the former Central Savings Bank. He died at his summer home in Ben Lomond. A native of Washington, Mr. Crellin came to California as a boy and resided there ever since.[25]
Official Bank Title(s)
1: Central National Bank of Oakland, CA
Bank Note Types Issued
A total of $13,072,460 in National Bank Notes was issued by this bank between 1909 and 1933. This consisted of a total of 1,283,816 notes (901,964 large size and 381,852 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Date Back 4x5 1 - 21000 1902 Date Back 3x10-20 1 - 16800 1902 Date Back 50-100 1 - 8500 1902 Date Back 3x50-100 1 - 7000 1902 Plain Back 4x5 21001 - 119079 1902 Plain Back 3x10-20 16801 - 95162 1929 Type 1 6x5 1 - 41484 1929 Type 1 6x10 1 - 16595 1929 Type 1 6x20 1 - 5563
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1909 - 1933):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Oakland, CA, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ Oakland Enquirer, Oakland, CA, Tue., Dec. 29, 1891.
- ↑ Oakland Enquirer, Oakland, CA, Sat., Apr. 15, 1893.
- ↑ Alameda Daily Argus, Alameda, CA, Thu., Oct. 6, 1892.
- ↑ Weekly Galt Gazette, Galt, CA, Sat., Oct. 15, 1892.
- ↑ Oakland Tribune, Oakland, CA, Mon., Dec. 12, 1892.
- ↑ The Oakland Times, Oakland, CA, Thu., Dec. 22, 1892.
- ↑ Oakland Enquirer, Oakland, CA, Sat., Apr. 15, 1893.
- ↑ The Oakland Times, Oakland, CA, Wed., Feb. 21, 1894.
- ↑ The Oakland Times, Oakland, CA, Thu., Jan. 16, 1896.
- ↑ The San Francisco Examiner, San Francisco, CA, Sun., Dec. 31, 1893.
- ↑ Oakland Enquirer, Oakland, CA, Fri., Jan. 22, 1909.
- ↑ Oakland Tribune, Oakland, CA, Sun., Jan. 2, 1910.
- ↑ Oakland Tribune, Oakland, CA, Fri., Mar. 4, 1910.
- ↑ Oakland Tribune, Oakland, CA, Wed., Jan. 17, 1912.
- ↑ Oakland Tribune, Oakland, CA, Tue., May 6, 1913.
- ↑ Oakland Tribune, Oakland, CA, Wed., May 21, 1913.
- ↑ Oakland Tribune, Oakland, CA, Mon., July 14, 1913.
- ↑ Oakland Tribune, Oakland, CA, Sat., Jan. 1, 1916.
- ↑ Oakland Tribune, Oakland, CA, Wed., Jan. 11, 1933.
- ↑ Oakland Tribune, Oakland, CA, Sun., May 30, 1926.
- ↑ Oakland Tribune, Oakland, CA, Wed., May 10, 1933.
- ↑ Oakland Tribune, Oakland, CA, Fri., Dec. 8, 1933.
- ↑ Oakland Tribune, Oakland, CA, Thu., Oct. 1, 1936.
- ↑ Oakland Tribune, Oakland, CA, Tue., Feb. 9, 1937.
- ↑ The Oakland Post Enquirer, Oakland, CA, Mon., Aug. 3, 1942.