Crocker-Woolworth NB/Crocker NB, San Francisco, CA (Charter 3555)

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The Crocker-Woolworth National Bank at Post Street as seen from Market Street.
The Crocker-Woolworth National Bank at Post Street as seen from Market Street. The building was damaged in the 1906 Earthquake but remained available for use.  A Temporary office was set up at 2129 Laguna Street.[1]

Crocker-Woolworth NB/Crocker NB, San Francisco, CA (Chartered 1886 - Closed 1925)

Town History

A 1910 photo of Bankers' Corner
A 1910 photo of Bankers' Corner, at the intersection of Market, Post and Montgomery Streets.[2]

San Francisco, officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous city in California, with 808,437 residents, and the 17th most populous city in the United States as of 2022.

San Francisco was founded on June 29, 1776, when settlers from New Spain established the Presidio of San Francisco at the Golden Gate, and the Mission San Francisco de Asís a few miles away, both named for Francis of Assisi. The California Gold Rush of 1849 brought rapid growth, transforming an unimportant hamlet into a busy port, making it the largest city on the West Coast at the time; between 1870 and 1900, approximately one quarter of California's population resided in the city proper. In 1856, San Francisco became a consolidated city-county. After three-quarters of the city was destroyed by the 1906 earthquake and fire, it was quickly rebuilt, hosting the Panama-Pacific International Exposition nine years later.

San Francisco and the surrounding San Francisco Bay Area are a global center of economic activity and the arts and sciences, spurred by leading universities, high-tech, healthcare, finance, insurance, real estate, and professional services sectors. As of 2020, the metropolitan area, with 6.7 million residents, ranked 5th by GDP ($874 billion) and 2nd by GDP per capita ($131,082), ahead of global cities like Paris, London, and Singapore.

San Francisco had 21 National Banks chartered during the Bank Note Era, and all 21 of those banks issued National Bank Notes.

Bank History

The Crocker National Bank at Post Street, Bankers' Corner, with American Flag on the day of the great Portola Parade in 1910
The Crocker National Bank at Post Street, Bankers' Corner, with American Flag on the day of the great Portola Parade in 1910.[3]
  • Organized August 31, 1886
  • Chartered September 9, 1886
  • 1: Absorbed the Bank of Sisson, Crocker & Company, July 1, 1895
  • 1: Absorbed the Tallant Banking Company on November 12, 1898
  • 2: Closed December 31, 1925
  • 2: Consolidated with 1741 December 31, 1925 (First National Gold Bank/FNB, San Francisco, CA)
  • 2: Circulation assumed by 1741 (First National Gold Bank/FNB, San Francisco, CA)
  • The Crocker National Bank (SPMC PM#116)

The Crocker-Woolworth National Bank of San Francisco was organized on August 31, 1886. In November 1886, the bank, successor to Crocker, Woolworth & Company, was at 322 Pine Street with the following directors: Chas. Crocker, E.H. Miller Jr., R.C. Woolworth, president; W.E. Brown, vice president, Wm. H. Crocker, cashier.[4]

On June 10, 1893, Ralph C. Woolworth, president of the Crocker-Woolworth National Bank died after a very brief illness as his residence, 1629 Sacramento Street. Mr. Woolworth was born at Buffalo, New, York, 52 years ago. He was a partner with William H. Crocker in 1883, founding the Crocker-Woolworth Bank, and resigning as president of the First National Gold Bank to lead the new institution.[5]

In June 1895, the Bank of Sisson, Crocker & Co., organized July 1, 1892,[6] was absorbed by the Crocker-Woolworth National Bank and the firm of David Earl & Co., Sisson, Crocker & Co., the Siskiyou lumber and Mercantile Co., and Scott & Van Arsdale were removed to the Crocker Building.[7] The amalgamation went into effect on July 1st. G.W. Scott was president and C.F. Baker, cashier of Sisson, Crocker & Co.[8]

On November 12, 1898, The Crocker-Woolworth National Bank absorbed the Tallant Banking Company which had assets of over $1,000,000. Drury J. Tallant had opened a bank at Montgomery and Clay Streets in February 1850. The name was changed to Tallant and Wilde in 1851, when Judge J.W. Wilde became a partner. The name was changed again to Tallant and Company in 1863 and the firm was incorporated as Tallant Banking Company on July 28, 1891.[9] The Tallant family had scattered and the members could not give the necessary close attention to the business, so they agreed to dispose of their interest.[10] William C. Murdoch was president in 1898.The [11]

On January 10, 1899, at the annual meeting stockholders re-elected the old board of directors including W.H. Crocker, W.E. Brown, G.W. Kline, C.E. Green, G.W. Scott, H.J. Crocker, and E.B. Pond. W.H. Crocker was re-elected president; W.E. Brown, vice president, G.W. Kline, cashier and the office of assistant cashier was created and filled by the election of Wellington Gregg, Jr.[12]

In January 1900, the old officers of the Crocker Woolworth bank were re-elected as follows: William H. Crocker, president; and G.W Kline, cashier. The directors were W.H. Crocker, E.B. Pond, W.E. Brown, G.W. Kline, Hy J. Crocker, G.W. Scott, and C.E. Green.[13]

In May 1903, at a special meeting of the shareholders, the number of directors was increased from seven to nine. James H. Hyde, president of the Equitable Assurance Society of New York and A.F. Morrison, the attorney, were elected to fill the vacant seats. The board was composed of William H. Crocker, president; C.E. Green, vice president, G.W. Kline, cashier; George Crocker, James H. Hyde, A.F. Morrison, Henry T. Scott, George W. Scott, and E.B. Pond.[14]

In 1905, enlargement of the quarters was necessary in order to meet the increased business. Six receiving tellers and three paying tellers were constantly kept busy. From January 11, 1905 to March 15, 1906, the deposits increased from $9,490,281 to more than $18,000,000, a net gain of 100% in 14 months. In the same period, $165,000 was added to the surplus and profit account bringing the total to $1,540,000. The original capital of $1,000,000 had never been changed and no dividend was ever missed. The officers were William H. Crocker, president; Charles E. Green and James J. Fagan, vice presidents; W. Gregg, Jr., cashier; and C.F. Baker, assistant cashier. The directors were William H. Crocker, George Crocker, Charles T. Crocker, Frank G. Drum, James J. Fagan, Charles E. Green, W. Gregg, Jr., A.F. Morrison, E.B. Pond, Henry T. Scott, and George W. Scott.[15] 

On Wednesday, April 18, 1906, the coast of Northern California was struck by a major earthquake with an estimated moment magnitude of 7.9. As damaging as the earthquake and its aftershocks were, the fires that burned out of control afterward were far more destructive. It has been estimated that up to 90% of the total destruction was the result of the subsequent fires. Within three days, over 30 fires, caused by ruptured gas mains, destroyed approximately 25,000 buildings on 490 city blocks. Since widespread practice by insurers was to indemnify San Francisco properties from fire, but not from earthquake damage, some property owners deliberately set fire to damaged properties. The fires cost an estimated $350 million at the time.

William H. Crocker was a noted philatelist and the owner of the unique block of four of the 1869 24c United States stamps with inverted center formerly the property of William Thorne.[16] The stamp collection survived the fires in 1906 because it was on tour abroad at the time. Most of the rest of the art collection was lost. On August 31, 1906, the charter was extended and the bank became known as the Crocker National Bank of San Francisco.

In January 1910, the officers of the Crocker National Bank were William H. Crocker, president; Charles E. Green, vice president; James J. Fagan, vice president; W. Gregg, Jr., cashier; C.F. Baker, G.W. Ebner, W.R. Berry, assistant cashiers. The directors were William H. Crocker, Frank G. Drum, W. Gregg, Jr., James J. Fagan, A.F. Morrison, Charles T. Crocker, Charles E. Green, Henry T. Scott, and George W. Scott, directors.[17]

In January 1919, the officers were William H. Crocker, president; James J. Fagan, vice president; W. Gregg, Jr., vice president and cashier; J.B. McCargar, vice president; G.W. Ebner, B.D. Dean, J.M. Masten, D.J. Murphy, F.G. Willis, assistant cashiers; H.C. Simpson and Spencer Smiley, asst. managers, foreign dept.; and G. Feris Baldwin, auditor. The directors were William H. Crocker, Charles T. Crocker, Jas. J. Fagan, George W. Scott, Chas. E. Green, W. Gregg, Jr., A.F. Morrison, and S.F. B. Morse.[18]

Postcard showing the interior of the Crocker First National Bank ca1930
Postcard showing the interior of the Crocker First National Bank ca1930. Courtesy of Heritage Auctions, www.ha.com

On October 9, 1925, agreement was finally reached after a series of negotiations on the merger of the Crocker National with the First National Bank and First Federal Trust Company of San Francisco. Subject to approval by the stockholders, regarded as certain, the merger followed a long series of negotiations between W.W. Crocker and James J. Fagan, vice president of the Crocker National and John A. Hooper, president of the First National. The statement of condition of the Crocker National on September 28th showed resources totaling $58,651,608.48. The capital stock was given as $2,000,000. A large portion of the stock of the Crocker National was held by members of the Crocker family, three of whom were members of the board. The directors were William H. Crocker, president; William W. Crocker, Templeton Crocker, James J. Fagan, George W. Scott, R.S. Moore, Charles E. Green, S.F.B. Morse, J.B. McCargar, A.C. Griffin and Atholl McBean.[19] 

The First National Bank and its affiliated institution, the First Federal Trust Company, showed combined resources of $59,642,322.29 on September 28th with capital stock of $4,500,000. the members of the board were John A. Hooper, E. Avenali, Robert T. Devlin, George D. Cooper, Robert E. Easton, Arthur Goodall, E.C. Holmes, R.W. Kinney, Clifford H. Kroll, Norman B. Livermore, Walter S. Martin, J.K. Moffitt, J.H. Neubauer, W.T. Smith and M.J. Sullivan. A merger of the Crocker National and First National was attempted once before in May 1922, the institutions having met many times in an effort to work out a merger which never materialized.[20]

On December 14, 1925, the final legal steps in the merger of the Crocker and First National Banks were taken when articles of incorporation were filed with the secretary of state in Sacramento. Capitalization of the new Crocker First Federal Trust Company was $1,500,000, and it was located at Montgomery and Post Streets.[21]

On December 30, John A. Hooper, pioneer Pacific lumberman, shipping man, real estate genius and financier was dead at the age of 87. Hooper at his death was president of the First National Bank and the First Federal Trust Company. He was president of the San Pedro Lumber Company, the Stockton Lumber Company, and the Valley Lumber Company. He was owner of some of the most valuable pieces of real estate in San Francisco. He was owner, valuing this above all, of the friendship of countless men throughout California and the nation.[22]

William H. Crocker was elected president of the Crocker First National Bank. The combined bank would open at Montgomery and Post Streets, the former quarters of the First National Bank, under the new name on January 2, 1926. The Crocker First National had total resources of $87,633,153.34 and the Crocker First Federal Trust Company had resources of $30,506,415.17.[23][24]

Official Bank Titles

1: The Crocker-Woolworth National Bank of San Francisco, CA

2: The Crocker National Bank of (8/31/1906), San Francisco, CA

Bank Note Types Issued

1882 Brown Back $20 bank note with pen signatures of George W. Kline, Cashier and C.E. Green, Vice President
1882 Brown Back $20 bank note with pen signatures of George W. Kline, Cashier and C.E. Green, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with printed signatures of W. Gregg, Jr., Cashier and William H. Crocker, President. This is a Replacement note
1902 Plain Back $5 bank note with printed signatures of W. Gregg, Jr., Cashier and William H. Crocker, President. This is a Replacement note. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $100 bank note with printed signatures of W. Gregg, Jr., Cashier and William H. Crocker, President
1902 Date Back $100 bank note with printed signatures of W. Gregg, Jr., Cashier and William H. Crocker, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with printed signatures of F.G. Willis, Cashier and William H. Crocker, President
1902 Plain Back $10 bank note with printed signatures of F.G. Willis, Cashier and William H. Crocker, President. Courtesy of Heritage Auctions, www.ha.com

A total of $18,513,520 in National Bank Notes was issued by this bank between 1886 and 1925. This consisted of a total of 1,942,520 notes (1,942,520 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1882 Brown Back 3x10-20 1 - 33588
1: 1882 Brown Back 50-100 1 - 1624
2: 1902 Red Seal 4x5 1 - 20000
2: 1902 Red Seal 3x10-20 1 - 15000
2: 1902 Red Seal 50-100 1 - 1000
2: 1902 Date Back 4x5 1 - 123330
2: 1902 Date Back 3x10-20 1 - 80668
2: 1902 Date Back 50-100 1 - 1000
2: 1902 Date Back 3x50-100 1 - 9594
2: 1902 Plain Back 4x5 123331 - 251326
2: 1902 Plain Back 3x10-20 80669 - 154310

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1925):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • San Francisco, 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
  1. ↑ The Bankers' Magazine, Vol. 72, Jan. 1906-June 1906, p. 701.
  2. ↑ The Bankers' Magazine, Vol. 81, July 1910-Dec. 1910, p. 234.
  3. ↑ The Bankers' Magazine, Vol. 81, July 1910-Dec. 1910, p. 242.
  4. ↑ The Sacramento Union, Sacramento, CA, Tue., Nov. 23, 1886.
  5. ↑ The San Francisco Examiner, San Francisco, CA, Sun., June 11, 1893.
  6. ↑ The San Francisco Examiner, San Francisco, CA, Sat., June 15, 1895.
  7. ↑ Siskiyou Daily News, Yreka, CA, Sat., June 22, 1895.
  8. ↑ The San Francisco Examiner, San Francisco, CA, Sat., June 15, 1895.
  9. ↑ Cochran, Bob, "The Crocker National Bank," Paper Money, No. 116, p. 77.
  10. ↑ The Fresno Weekly Republican, Fresno, CA, Fri., Nov. 18, 1898.
  11. ↑ San Francisco Call and Post, San Francisco, CA, Thu., Mar. 24, 1898.
  12. ↑ The San Francisco Call and Post, San Francisco, CA, Thu., Jan. 12, 1899.
  13. ↑ The San Francisco Call and Post, San Francisco, CA, Thu., Jan. 11, 1900.
  14. ↑ The San Francisco Call and Post, San Francisco, CA, Fri., May 29, 1903.
  15. ↑ The Bankers' Magazine, Vol. 72, Jan. 1906-June 1906, p. 727.
  16. ↑ Williams, L.N. & M. (1949) Stamps of Fame. London: Blandford Press. p. 210.
  17. ↑ The San Francisco Call and Post, San Francisco, CA, Wed., Jan. 12, 1910.
  18. ↑ The San Francisco Examiner, San Francisco, CA, Tue., Jan. 7, 1919.
  19. ↑ The San Francisco Examiner, San Francisco, CA, Sat., Oct. 10, 1925.
  20. ↑ The San Francisco Examiner, San Francisco, CA, Sat., Oct. 10, 1925.
  21. ↑ The San Francisco Examiner, San Francisco, CA, Tue., Dec. 15, 1925.
  22. ↑ Oroville Daily Register, Oroville, CA, Thu., Dec. 31, 1925.
  23. ↑ The Modesto Bee, Modesto, CA, Sat. Jan. 2, 1926.
  24. ↑ The San Francisco Examiner, San Francisco, CA, Mon., Jan. 4, 1906.
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