First National Bank of Houston, TX (Charter 1644)
First National Bank of Houston, TX (Chartered 1866 - Liquidated 1933)
Town History
Houston is the most populous city in Texas, fourth-most populous city in the United States, most populous city in the Southern United States, as well as the sixth-most populous in North America, with a population of 2,304,580 in 2020. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the seat of Harris County. The city of Houston was founded by land investors on August 30, 1836, at the confluence of Buffalo Bayou and White Oak Bayou (a point now known as Allen's Landing) and incorporated as a city on June 5, 1837. It is named after former General Sam Houston, who was president of the Republic of Texas and had won Texas's independence from Mexico at the Battle of San Jacinto 25 miles east of Allen's Landing. After briefly serving as the capital of the Texas Republic in the late 1830s, Houston grew steadily into a regional trading center for the remainder of the 19th century.
Since the late 19th century Houston's economy has had a broad industrial base in energy, manufacturing, aeronautics, and transportation. Leading in healthcare sectors and building oilfield equipment, Houston has the second-most Fortune 500 headquarters of any U.S. municipality within its city limits (after New York City). The Port of Houston ranks first in the United States in international waterborne tonnage handled and second in total cargo tonnage handled.
Nicknamed the "Bayou City", "Space City", "H-Town", and "the 713", Houston has become a global city, with strengths in culture, medicine, and research.
Houston had 22 National Banks chartered during the Bank Note Era, and 21 of those banks issued National Bank Notes.
Bank History
- Organized February 16, 1866
- Chartered March 22, 1866
- Opened for business May 16, 1866
- Liquidated June 21, 1933
- Succeeded by 13683 (First National Bank in Houston, TX)
- Circulation assumed by 13683 (First National Bank in Houston, TX)
- Notation on Organization Report: Note: Special: "This Bank stipulates to waive all claim to circulation under the act of Congress passed June 3, 1864".
The organization of the First National Bank dates back to 1854 when the future of Houston was very much in doubt. With abiding faith, B.A. Shepherd started a private bank in Houston. After the war, Mr. Shepherd was able to reopen his office on May 1st, 1866, and resume his old business as banker and exchange dealer.
In August 1866, the Treasury published a complete list of National banks in the Southern and Southwestern States. For Texas, there were three: First National Bank of Galveston, Charter 1566; National Bank of Texas, Galveston, Charter 1642; and the First National Bank of Houston, Charter 1644. Thus, Houston claimed the third national bank chartered in the state of Texas.
On March 20, 1886, Captain L.J. Latham died at his resident in Houston. Deceased was born in Mystic, Connecticut in 1814. For many years he was a sea captain, but finally settled in Houston, married and had four daughters and a son. Mr. Latham contributed much toward the prosperity of Houston and was one of the most enterprising men of Texas. Although on account of age he was exempt from military duty, he joined with the Confederacy and did valiant service in the cause. He was vice president of the First National Bank of Houston at the time of this death.
In June 1912, the Directors were O.L. Cochran, E.A. Peden, W.S. Cochran, J.T. Scott, W.H. Kirkland, and H.R. Eldridge. The officers were O.L. Cochran, president; J.T. Scott, first vice president; H.R. Eldridge, second vice president; W.S. Cochran, cashier; and W.E. Hertford, F.E. Russell, G.G. Timmins, and J.L. Russell, assistant cashiers. The bank reported at the close of business on June 14, 1912, capital stock $1,000,000, Surplus and undivided profits 362,121.31, circulation $2,000,000, deposits $13,857,468.40 and total resources $13,857,468.40.
In January 1913, H.R. Eldridge, for the past three and one half years vice president of the First National Bank of Houston, was elected a vice president of the National City Bank of New York. Following Mr. Eldridge's resignation, the directorate elected Oscar Wells, for the past year an active vice president of the Union National Bank, to succeed the retiring officer. Mr. Wells was also elected a member of the board while Mr. Eldridge was retained on the board. Asked whether or not he would resign the presidency of the Texas Bankers' Association, he having been elected to that office at the San Antonio convention the previous summer, Mr. Eldridge replied that he would before leaving Texas. [NOTE: a featured biography is available for Oscar D. Wells who was elected as the first Governor of the Federal Reserve Bank of Dallas in 1914.]
In January 1920, the directors were J.T. Scott, F.M. Law, E.A. Peden, E.L. Neville, W.S. Cochran, F.E. Russell, and F.A. Root. The officers were J.T. Scott, president; F.M. Law and W.S. Cochran, vice presidents; F.E. Russell, cashier; J.L. Russell, G.G. Timmins, H.B. Bringhurst, J.W. Hazard, and O.W. Jackson, assistant cashiers. The bank closed out the year 1919 with capital stock $1,000,000, Surplus and undivided profits $625,152.82, circulation $2,000,000, deposits $23,643,136.72 and total resources of $32,479,709.50.
On Tuesday, January 14, 1930, Mr. John T. Scott was elevated to chairman of the board, and F.M. Law was promoted from to president. Mr. Law was educated in the public schools of Bryan and graduated from Texas A&M with a BS degree in 1896. He then spent a year at Texas University where he specialized in law. In 1897, he made his first banking connection as bookkeeper for the First National Bank of Bryan. In 1905 he was made assistant cashier and in 1908 he went to the First national Bank of Beaumont as cashier. In 1915, Mr. Law went to the First National of Houston as senior vice president, a position he held until his elevation to the presidency.
On May 4, 1933, through the cooperation of stockholders and directors and the Reconstruction Finance Corporation, the First National Bank of Houston effected a reorganization and would be known in the future as the First National Bank in Houston. The new bank purchased all the sound assets of the old bank. Its statement showed no debts except to depositors, a capital of $3,000,000, surplus and undivided profits of $750,000, practically the same figures as the old bank. F.M. Law, formerly of Bryan and the current chairman of the board of directors of Texas A&M College, was president of the new bank as he was of the old.
Official Bank Title
1: The First National Bank of Houston, TX
Bank Note Types Issued
A total of $31,846,700 in National Bank Notes was issued by this bank between 1866 and 1933. This consisted of a total of 3,697,412 notes (3,171,314 large size and 526,098 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 1500 Original Series 3x10-20 1 - 2900 Original Series 50-100 1 - 184 Series 1875 4x5 1 - 202 Series 1875 3x10-20 1 - 343 1882 Brown Back 50-100 1 - 267 1902 Red Seal 50-100 1 - 327 1902 Date Back 4x5 1 - 122000 1902 Date Back 4x10 1 - 97000 1902 Date Back 50-100 1 - 3661 1902 Date Back 3x50-100 1 - 7214 1902 Plain Back 4x5 122001 - 427289 1902 Plain Back 4x10 97001 - 271849 1902 Plain Back 3x10-20 1 - 76114 1902 Plain Back 3x50-100 7215 - 10412 1929 Type 1 6x5 1 - 50456 1929 Type 1 6x10 1 - 25886 1929 Type 1 6x20 1 - 8584 1929 Type 1 6x50 1 - 1983 1929 Type 1 6x100 1 - 774
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1866 - 1933):
Presidents:
- Thomas Madison Bagby, 1866-1866
- Benjamin Armistead Shepherd, 1867-1891
- Alexander Porter Root, 1892-1907
- Owen Lynch Cochran, 1908-1914
- John Thaddeus Scott, 1915-1929
- Francis Marion Law Sr., 1930-1932
Cashiers:
- William Fulton, 1866-1866
- William N. Cooke, 1866-1866
- Albert Wettermark Sr., 1867-1875
- Alexander Porter Root, 1876-1891
- William Henry Palmer, 1892-1901
- John Thaddeus Scott, 1902-1907
- William Shepherd Cochran, 1908-1912
- Francis Emile Russell, 1913-1922
- Otis Wilson Jackson, 1923-1928
- Madden Douglas Jenkins, 1929-1932
Other Bank Note Signers
- J.T. Scott signed notes as Vice President
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Texas Bank Note History
- General information on Houston (Wikipedia)
- General information on Harris County (Wikipedia)
- General information on Texas (Wikipedia)
Sources
- Houston, TX, 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
- The Bankers' Magazine, Vol. 81, July 1910-Dec. 1910, pp 850, 856, 858-859.
- The Galveston Daily News, Galveston, TX, Tue., May 15, 1866.
- The Evening Telegraph, Philadelphia, PA, Thu., Aug. 16, 1866.
- The Galveston Daily News, Galveston, TX, Sun., Mar. 21, 1886.
- The Houston Post, Houston, TX, Thu., June 20, 1912.
- The Houston Post, Houston, TX, Wed., Jan. 15, 1913.
- The Houston Post, Houston, TX, Fri., Jan. 9, 1920.
- The Eagle, Bryan, TX, Thu., Jan. 16, 1930.
- The Eagle, Bryan, TX, Thu., May 4, 1933.