Gaston National Bank, Dallas, TX (Charter 7113)
Gaston National Bank, Dallas, TX (Chartered 1904 - Liquidated 1909)
Town History
Dallas is the most populous city in the Dallas–Fort Worth metroplex, the fourth-largest metropolitan area in the United States at 7.5 million people. It is the largest city in and seat of Dallas County in the U.S. state of Texas with portions extending into Collin, Denton, Kaufman and Rockwall counties. With a 2020 census population of 1,304,379, it is the ninth most-populous city in the U.S. and the third-largest in Texas after Houston and San Antonio. In 1880 the population was 10,358, increasing to 269,475 by 1930.
Located in the North Texas region, the city of Dallas is the main core of the largest metropolitan area in the southern United States and the largest inland metropolitan area in the U.S. that lacks any navigable link to the sea. The cities of Dallas and nearby Fort Worth were initially developed due to the construction of major railroad lines through the area allowing access to cotton, cattle and later oil in North and East Texas. The construction of the Interstate Highway System reinforced Dallas's prominence as a transportation hub, with four major interstate highways converging in the city and a fifth interstate loop around it. Dallas then developed as a strong industrial and financial center and a major inland port, due to the convergence of major railroad lines, interstate highways and the construction of Dallas/Fort Worth International Airport, one of the largest and busiest airports in the world.
By 1882 there were enough people living in the area pioneered by Captain W.H. Gaston to incorporate the city of East Dallas. As its most prominent citizen, Gaston was offered the post of mayor—an honor which he declined. He never accepted any elected office, although as one of Dallas's leading bankers he served for a time by appointment as city treasurer of East Dallas. That was before it was merged with the parent city in 1890. The city of East Dallas existed for seven short years (1882-1889), just east of the city of Dallas. East Dallas grew from 300 people when incorporated in 1882 to 6,000 when annexed to the city of Dallas in 1890. Dallas was the largest city in the state of Texas in the 1890 census due to this merger.
Dallas had 28 National Banks chartered during the Bank Note Era, and 27 of those banks issued National Bank Notes.
Bank History
- Organized January 16, 1904
- Chartered January 29, 1904
- Succeeded The Bank of Gaston & Ayres
- Opened for business February 1, 1904
- Liquidated April 1, 1909
- Consolidated with 8664 (Commonwealth National Bank, Dallas, TX)
In 1871 Capt. William H. Gaston partnership with Aaron C. Camp and opened the Gaston & Camp Bank of Dallas, the first permanent bank in Dallas. Later, W.H. Thomas was added forming Gaston, Camp & Thomas. In January 1873, Camp resigned from the bank due to ill health.
In January 1904, it was officially announced that the banking house of Gaston & Ayers, the oldest financial institution in Dallas, would soon be nationalized. The bank would be known as the Gaston National Bank in honor of its president.[3] The application of W.H. Gaston, D.E. Waggoner, M.M. Brooks, J.D. Jackson, W.H. Thomas and others to organize the Gaston National Bank of Dallas with $200,000 capital was approved by the comptroller of the currency.[4] D.E. Waggoner who was recently chosen as the first vice president of the Gaston National Bank was moving his family to Dallas from Cleburne where he was in the banking business for a number of years.[5]
The Gaston National Bank opened for business on February 1, 1904. During its first year of existence its deposits were $1,409,453.94 and its earnings were $20,358.09. The bank had capital stock of $250,000. Dallas in 1905 had six other banks, five of which were national banks. The combined deposits of all of them was a little less than $15,000,000. The bank's remarkable progress was due chiefly to the personnel who were bankers of wide experience, known and respected all over the state. Capt. W.H. Gaston, president, was a pioneer banker of Dallas, opening the first bank in Dallas in 1870. He was identified with the banking interests of Dallas since the city was just a village and managed to accumulate a fortune by his business sagacity and foresight in realizing years ago that Dallas would some day be the metropolis of Texas. D.E. Waggoner, first vice president, was a native of Texas, and was raised in the banking business. It was said he had the personal acquaintance with more Texas bankers than any other man in the state. While only 37 years old, he had spent more than 15 years in the active management of banks in the Lone Star State. Mr. Waggoner, before his connection with the Gaston National, had managed the First National Bank of Ladonia and the National Bank of Cleburne, Texas. These banks were wonderfully successful institutions and attracted very favorable comment from leading bankers at the time. R.K. Gaston, second vice president, was a son of Capt. Gaston and had long experience in the leading banks of the city despite his young age. R.C. Ayres, cashier, spent 20 years in the banking business in Dallas and is know by nearly every man, woman and child in the city and was universally respected and liked. He was for years a member of the banking firm of Gaston & Ayres and as the active manager of this business gained the confidence of the financial world. J.D. Jackson, assistant cashier, came to Dallas with his brother, Attorney H.E. Jackson, from Mexia, Texas, where he accumulated experience in the mercantile and banking business by he unerring judgment. He was for years president of the Citizens National Bank of Mexia.[6] He was a son of B.W. Jackson.[7]
In February 1908, the officers were W.H. Gaston, president; D.E. Waggoner and R.K. Gaston, vice presidents; J. Howard Audrey, cashier; W.T. Henderson and Geo. H. Bird, assistant cashiers. The bank had total assets of $2,929,605.90 with capital $250,000, surplus and undivided profits $59,133.23, circulation $250,000 and deposits of $2,370,242.67. The bank commenced business on February 2, 1904.[8] The directors in August 1908 were J. Howard Ardrey, cashier; M.M. Brooks, judge, Court of Criminal Appeals; T.L. Camp, attorney; W.H. Gaston, president; R.K. Gaston, vice president; Hugh Halsell, capitalist; J.H. Keith, capitalist; F.P. Webster, H.L. Edward Co., cotton; D.E. Waggoner, vice president; I.L. Willingham, capitalist; and M.H. Wolfe, M.H. Wolfe & Co., cotton.Sun., Aug. 9, 1908.
In January 1909, J. Howard Ardrey departed the Gaston bank to go with the new bank to be opened for business in the Western Bank & Trust Company building. R.C. Ayres was elected president of the commonwealth National Bank to succeed President Turner who resigned. Ayres had been the cashier of the Commonwealth National for the past two years. All other old officers and directors were re-elected.[9] On April 2, 1909, arrangements for the consolidation of the Gaston National Bank and the Commonwealth National Bank were completed at a meeting of the directors of the two banks, and John W. Wright of Tyler and R.P. Wofford of Athens.[10] The new institution had capital $500,000, surplus and undivided profits $300,000 and was located at 265-267 Main Street in the Commonwealth National Bank building. W.H. Gaston was president of the Gaston National Bank and R.C. Ayres was president of the Commonwealth National.[11] John W. Wright, formerly of Palestine, secured important holdings in the merged bank and was made president of the new concern. Mr. Wright had been president of the Citizens National Bank of Tyler for the past few years, but would move with his family to Dallas to assume his new duties.[12]
In January 1911, the Commonwealth National Bank elected officers as follows: John W. Wright, president; W.H. Gaston and R.C. Ayres, vice presidents; R.P. Wofford, cashier; H.L. Tenishon, H.M. Hardy and Forest Mathis, assistant cashiers.[13]
Official Bank Title
1: The Gaston National Bank of Dallas, TX
Bank Note Types Issued
A total of $681,350 in National Bank Notes was issued by this bank between 1904 and 1909. This consisted of a total of 33,378 notes (33,378 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 1902 Red Seal 3x10-20 1 - 6000 1902 Red Seal 50-100 1 - 2067 1902 Date Back 3x10-20 1 - 1288 1902 Date Back 50-100 1 - 46
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1909):
Presidents:
- William Henry "Billy" Gaston, Sr., 1904-1908 NOTE: a featured biography is available
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
Sources
- Dallas, 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 Dallas Daily Herald, Dallas, TX, Fri., Feb. 21, 1873.
- ↑ The Fort Worth Record and Register, Fort Worth, TX, Tue., Apr. 6, 1909.
- ↑ The Houston Post, Houston, TX, Thu., Jan. 7, 1904.
- ↑ The Galveston Daily News, Galveston, TX, Wed., Jan. 13, 1904.
- ↑ The Courier-Gazette, McKinney, TX, Thu., Jan. 28, 1904.
- ↑ The Bankers' Magazine, Vol. 52, Jan - June 1905, pp 483-485.
- ↑ Fort Worth Star-Telegram, Fort Worth, TX, Sun., July 3, 1904.
- ↑ The Fort Worth Record and Register, Fort Worth, TX, Thu., Feb., 27, 1908.
- ↑ The Fort Worth Record and Register, Fort Worth, TX, Wed., Jan. 13, 1909.
- ↑ The Waco Times-Herald, Waco, TX, Fri., Apr. 2, 1909.
- ↑ The Fort Worth Record and Register, Fort Worth, TX, Sat., Apr. 3, 1909.
- ↑ Palestine Herald-Press, Palestine, TX, Mon., Apr. 5, 1909.
- ↑ The Houston Post, Houston, TX, Wed., Jan. 11, 1911.