A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912 Page: 95
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THE CrrY OF HOUSTON, TEXAS 95
herd's bank the honor of being the first genuine
bank. In 1878 Mr. Hutchins closed out his bank
and devoted himself to his wholesale business. Mr.
House reversed Mr. Hutchins' process in part, for
while he did not close out his cotton and wholesale
business, he separated them from his bank and
gave the latter more of his attention. When Mr.
House died in 1881, his oldest son, T. W. House,
Jr., bought the interests of his brothers in the bank
and devoted his whole time to its affairs. House's
Bank soon became one of the greatest financial
institutions in the State. During the great panic
of 1907, due to many complications and circumstances,
it was forced to close its doors.
The City Bank of Houston began business November
1, 1870, with a capital stock of $250,000. It
did business for fifteen years, but in 1885 was
forced to suspend payment and went into the hands
of a receiver.
The Houston Savings Bank, organized in 1874,
suspended payment and closed its doors in 1886.
The public lost very little money by the failure of
this bank or by that of the City Bank, which had
occurred the year before. The First National Bank
was organized in 1866 by Mr. B. A. Shepherd and
Mr. T. M. Bagby, the latter being its first president.
On the death of Mr. Bagby, Mr. Shepherd
became president and when he died his son-in-law,
Mr. A. S. Root, succeeded him. A few years ago
Mr. Root died and Mr. Q, L. Cochran, another soni-law
of Mr. Shepherd, became and is still presi-
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Young, Samuel Oliver. A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912, book, 1912; Houston, Texas. (texashistory.unt.edu/ark:/67531/metapth24649/m1/108/: accessed December 17, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .