Commonwealth National Bank, Dallas, TX (Charter 8664)
Commonwealth National Bank, Dallas, TX (Chartered 1907 - Liquidated 1914)
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.
Dallas had 28 National Banks chartered during the Bank Note Era, and 27 of those banks issued National Bank Notes.
Bank History
- Organized April 25, 1907
- Chartered April 29, 1907
- Assumed 7113 by consolidation Apr 1, 1909 (Gaston National Bank, Dallas, TX)
- Absorbed 9245 May 28, 1910 (Union National Bank, Dallas, TX)
- Liquidated July 2, 1914
- Consolidated with 10564 (Security National Bank, Dallas, TX)
- Circulation assumed by 10564 (Security National Bank, Dallas, TX)
On February 28, 1907, R.C. Ayres, vice president of the Gaston National Bank, tendered his resignation to the directors. Mr. Ayres announced that he would organize a bank known as the Commonwealth National Bank with capital stock of $500,000. Associated with him in this new enterprise was E.M. Turner, formerly of the Farmers National Bank of Hillsboro and interested in many enterprises in North and Central Texas; I.H. Kempner of Galveston and others well-known in the banking circles of the state.[3] In April the application to organize the Commonwealth National Bank of Dallas was approved. The applicants were R.C. Ayres, E.M. Turner, P.R. Freeman, T.W. Vardell, John H. Gaston, and others.[4] On April 30, 1907, the bank was authorized to begin business with E.M. Turner, president; John H. Gaston, vice president; and R.C. Ayres, cashier.[5]
In October 1907, the directors were R.C. Ayres, cashier; A.L. Clark, wholesale lumber; Eugene H. Crowdus, investments; J.T. Elliott, wholesale lumber; P.R. Freeman of Alexander-Eccles & Co., cotton; J.H. Gaston, vice president; Pat E. Hooks, banker, Itasca, Texas; Manton Jones, assistant cashier; Henry G. King, lawyer; I.H. Kempner, banker, Galveston, Texas; Frank B. Leland, banker, Detroit, Michigan; T.W. Leverett, banker; C.L. Moss, wholesale grain; W.R. McEntire, stockman; Joseph Nussbaum, banker, Mexia, Texas; Nelson Phillips of Lewis & Phillips, lawyers; J.N. Porter, banker and stockman, Globe, Arizona; Wm. M. Robinson of Parlin-Orendorff Imp. Co.; Sidney Reinhardt of I. Reinhardt & Sons, Insurance; V.O. Rosser, manufacturer; B.M. Sansom, banker, Alvarado, Texas; C.J. Sorrells of Heineken & Vogelsang; A.F. Starr, wholesale grocer; R.E.L. Saner of Saner & Saner, lawyers; E.M. Turner, president; T.W. Vardell, insurance; W.J. Wigley of R.T. Dennis & Wigley. The officers were E.M. Turner, president; I.H. Kempner, C.J. Sorrells, and John H. Gaston, vice presidents; R.C. Ayres, cashier; Manton W. Jones, H.L. Tenison, and J.R. Bower, assistant cashiers. The office was located at 265-267 Main Street in the Commonwealth National Bank building. As of the report of August 22d, deposits had grown to $1,221,105.17.[6]
On Saturday, April 16, 1910, R.C. Ayres announced the purchase of the business and good will of the Union National Bank, 249 Main Street. With the purchase, the Commonwealth acquired deposits of over $750,000 and the business of some of the liveliest merchants in Dallas. The capital stock of the Commonwealth was $500,00 with a surplus of $250,000 and would not be increased. Arrangements were made to transfer the assets on Sunday to the Commonwealth National at 267 Main Street. Dr. E.G. Patton, president of the Union National, confirmed the transaction and Isaac B. Walker, first vice president, added these details. "The Union National and its business and good will was sold straight-out to the Commonwealth, because the controlling stockholders felt the interest of their customers could be better served by the larger resources in a city this size where large demands are made on a bank." Walker, who was president of four Texas banks and owned one in Oklahoma, would be at the Commonwealth National beginning Monday. The Commonwealth was planning a 12-story skyscraper for its new home at Main and Poydras Streets. The Union was organized as a state bank and in October 1908 became a national bank. It had been a small, conservative, but lucrative bank paying dividends regularly.[7]
In April 1912, the steel frame of the new Commonwealth National Bank building at Main and Poydras Streets had been completed and the concrete for six of the floors poured and set. The building marked another modern structure in the far downtown district.[8] Occupancy was expected by December 1st.[9]
In January 1913, the officers were John W. Wright, president; W.H. Gaston, R.C. Ayres, vice presidents; R.P. Wofford, cashier; H.L. Tenison, H.M. Hardie, and Forrest Mathis, assistant cashiers. At the close of business, November 29, 1912, the bank reported total assets of $5,992,524.57 with capital $500,000, surplus and undivided profits $430,908.78, circulation $474,000, and deposits $4,587,540.79.[10]
On June 2, 1914, the liquidation of the Guaranty State Bank of Dallas and the Commonwealth National Bank of Dallas was approved by W.W. Collier, commissioner of insurance and banking. The new bank, the Security National Bank, would operate with capital of $1,500,000, and a surplus fund of $500,000. The deposits were approximately $7,000,000. The liquidation of these banks would make necessary a refund from the guaranty fund of the state. The officers were D.E. Waggoner, president; S.J. McFarland, vice president; and Edwin Hobby, cashier.[11] D.E. Waggoner was president of the Guaranty State Bank.[12]
On Monday, August 27, 1951, Henry Lee Tenison, 81, income tax accountant and member of a pioneer Dallas family, died at his home at 1912 Moser. He was associated with Dallas banks, but had devoted his time to income tax work since the early 1920's. His office was in the Texas Bank Building. He was the son of John R. and Henrietta Tenison. His father, a native of Ireland, operated a leather goods shop in Dallas. His mother was the daughter of Col. Joseph B. McDermett, who came to Texas in 1845, and was a charter member of Tannehill Masonic Lodge. Tenison was born in 1870 in the old Tenison home which stood on what is now Record Street near the courthouse. As a young man he became associated with the City National Bank, and later helped organize the old Commonwealth Bank. At the start of World War I, he moved to New Orleans, to work in the internal revenue department. He retuned to Dallas in the early 1920's to open his office in the old Mercantile Bank Building, later the Texas Bank Building.
Official Bank Title
1: The Commonwealth National Bank of Dallas, TX
Bank Note Types Issued
A total of $1,958,150 in National Bank Notes was issued by this bank between 1907 and 1914. This consisted of a total of 156,652 notes (156,652 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 - 11000 1902 Date Back 3x10-20 1 - 28163
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1907 - 1914):
Presidents:
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
- ↑ Fort Worth Record-Telegram, Fort Worth, TX, Sun., Jan. 26, 1913.
- ↑ The Fort Worth Record and Register, Fort Worth, TX, Tue., Apr. 6, 1909.
- ↑ Fort Worth Star-Telegram, Fort Worth, TX, Fri., Mar. 1, 1907.
- ↑ The Houston Post, Houston, TX, Sun., Apr. 14, 1907.
- ↑ The Houston Post, Houston, TX, Tue., Apr. 30, 1907.
- ↑ The Fort Worth Record and Register, Fort Worth, TX, Sun., Oct. 13, 1907.
- ↑ The Fort Worth Record and Register, Fort Worth, TX, Sun., Apr. 17, 1910.
- ↑ The Fort Worth Record and Register, Fort Worth, Tx, Mon., Apr. 8, 1912.
- ↑ The Houston Post, Houston, TX, Sat., Aug. 10, 1912.
- ↑ The Houston Post, Houston, TX, Wed., Jan. 1, 1913.
- ↑ The Houston Post, Houston, TX, Wed., June 3, 1914.
- ↑ Fort Worth Star-Telegram, Thu., Jan. 15, 1914.