Genealogy Kittrell » Frank Kittrell Houston [K Pq ||] (1882-1973)

Persoonlijke gegevens Frank Kittrell Houston [K Pq ||] 

• Hij is geboren op 4 juli 1882 in Cannon County, Tennessee ql.
• Hij is overleden op 19 oktober 1973, hij was toen 91 jaar oud.
• Een kind van William Cannon Houston en Lura Kittrell
• Deze gegevens zijn voor het laatst bijgewerkt op 17 december 2012.

Gezin van Frank Kittrell Houston [K Pq ||]

Hij is getrouwd met Florence Simton Houston.

Zij zijn getrouwd rond 1950.

Notities over Frank Kittrell Houston [K Pq ||]

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549251
Houston, Frank Kittrell 1882-
Who Was Who in America. Volume 7, 1977-1981. Chicago: Marquis Who's Who, 1981. (WhAm 7)
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Frank Kittrell Houston graduated from Vanderbilt University and was a member of the Sigma Alpha Epsilon fraternity.
He enjoyed a very successful career in banking and was the Chairman of the Board of Chemical Bank and Trust Co. in New York.
Frank remained a bachelor until about age 70 when he married Florence Sinton,
who was from California.
http://www.tennkin.com/mcleanvandyscholarship.htm
THE FRANK K. HOUSTON SCHOLARSHIP was established in 1974 with a bequest from Frank Houston (B.A.1904). He was a member of the Vanderbilt Board of Trust from 1937 until his death in 1973. Preference is given to students from the counties of Bedford, Cannon, Coffee, DeKalb, Lincoln, Marshall, Moore, Rutherford, and Wilson in Tennessee.

vanderbilt football
Houston, Frank K.1900-02
Houston, George1931 (Mgr.)
Kittrell, Thomas G.1891-95


> Merger chronology

History of Chemical Bank
A bank... and a chemical company
Reorganization
Old Bullion during the Civil War years
New banking businesses
Expansion under a new president
The 1929 reorganization and WWII
Post-war mergers
Expansion, innovation, and internal reorganization
Forming a holding company
Chemical in the 1980s
Merging with Manufacturers Hanover and Chase Manhattan

History of Chemical Bank

Chemical Bank was one of the largest banks in a nation of more than 10,000 banks. But when it was established by six merchants in 1824, it was one of only a handful of banks in the country.

John C. Morrison, James Jenkins, Charles G. Haynes, Balthazar P. Melick, Mark Spencer and Gerardus Post formed what was to become Chemical Bank as the New York Chemical Manufacturing Company on February 24, 1823. William A. Seely served as notary public and William Stebbins was company agent.

While the Greenwich Village company was formed to produce a variety of chemical solutions, dyes, drugs and paints, there is reason to believe that at least three of the organizers were more intent from the start on forming a bank.

As a result of the financial ambitions and lobbying efforts of Messrs. Melick, Spencer and Post, a year later the Chemical Manufacturing Company had its original 21-year charter amended to allow for banking privileges in addition to its manufacturing arm. (Banks, as quasi-public institutions, had to be chartered by the State Legislature.) Because the legislature in the 1820s was anti-banking, many individuals found it easier to begin a business and later lobby to amend its charter.

Mr. Morrison, a druggist who was primarily interested in running the chemical end of the new company, began those operations with his own workmen and equipment. He initially supervised the manufacturing operation. Meanwhile, Mr. Melick, a wholesale grocer and a director on the boards of several New York City insurance companies, was named as the first president of the Bank. He served in that capacity from April 1824 to April 1831.

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A bank … and a chemical company

Both the Bank and the manufacturing company initially flourished. In 1825 the chemical plant moved to what had been a glass factory at an old farmhouse on a lot that ran from 32nd to 34th Streets in Manhattan, from the Hudson River to 10th Avenue. The Bank offices, meanwhile, were situated in a three-story residential building at 216 Broadway, opposite St. Paul's Chapel. Rent for the offices was slightly more than $1,000 a year.

Only 12 other banks were doing business in New York City when Chemical received its bank charter from the State. Some, like Chemical, existed as part of a more general business. Banks at this time functioned as arms of import-export merchant businesses, offering such banking services as the exchanging of bonds, stocks and banknotes.

At the time of its formation, Chemical's assets were gold, silver and New York State bonds. The Bank invested these assets in such projects as the Erie Canal and new roads. By 1829, Chemical had more than $216,000 on deposit, more than $20,000 in specie (gold and silver) and a surplus profit fund of $4,000.

In April 1831 John Mason became Chemical's second president. One of the wealthiest landowners in the city at that time, Mr. Mason served as president until his death in October 1839. He was succeeded by Isaac Jones.

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Reorganization: Selling off the chemical company

In 1838 the Free Banking Act was passed by the New York State Legislature. The act allowed individuals to set up banks provided they had the capital, filed articles of association and complied with specific rules designed to ensure the solvency of the institution. In effect, the act said that banking was like any other business.

The act also turned banks into government bond-backed institutions, as opposed to the asset-backed institutions they had been. It required nine-tenths of a bank's capital to be backed by government bonds; the remainder of the assets could be invested as the directors saw fit.

Chemical took advantage of the act in 1844, six years after its passage, when the Bank's original charter expired. The directors formed a new institution called Chemical Bank. From 1844 to 1851, the directors paid the final dividends and sold off the chemical company's inventories and real estate holdings. For the first time, Chemical existed solely as a banking institution.

John Quentin Jones was named president of the new Chemical Bank at a salary of $2,500 a year. Mr. Jones, a former Chemical cashier who became a well-respected and wealthy merchant, served as the executive officer of the Bank, while the actual day-to-day operations were administered by the cashier.

The Board of Directors of the Bank in 1844 consisted of Cornelius Roosevelt, John D. Wolfe, Bradish Johnson, Isaac Platt and Mr. Jones. These men responded to shareholders and met weekly to make policy and business decisions. It was this body of men that voted to issue the first Chemical Bank stock dividends in December 1848. Around this time, Chemical also ordered plates and began to print its own $2, $3 and $5 bills. (It was the practice for banks to print and circulate their own monies, or "banknotes.")

By the late 1840s Chemical had outgrown its offices at 216 Broadway and $8,750 was allocated for the construction of a building nearer Chambers Street in Manhattan. This building, at 270 Broadway, became the new headquarters of Chemical in 1850. At this time downtown Manhattan already had the air of a financial district, with a majority of the buildings housing different financial and brokerage concerns.

In 1853 Chemical was one of 57 founding members of the New York Clearing House, established to handle the growing number of checks produced within the city. Two Chemical presidents were destined to serve as president of the Clearing House over the next 30 years.

In 1857 the United States entered the severest depression it had ever experienced. Many of the newly founded banks were affected, with 18 New York banks closing in a single day. For a few days Chemical was the only bank to redeem notes in gold instead of in loan certificates, giving the Bank its nickname -- "Old Bullion."

The financial crisis did not end in 1857. It was followed shortly by another in the early 1860s. Many banks floundered but Chemical continued to increase its deposits, which jumped by 50 percent in one year.

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Old Bullion during the Civil War years

Two major banking acts passed during the Civil War were to significantly influence Chemical and other banks -- the National Currency Act of 1863-4 and the National Bank Act of 1864. The legislation came about in an effort to slow the proliferation of banknotes throughout the country, reform the flow of currency and fund the national treasury.

By the 1860s, more than 7,000 different banknotes were being circulated in America. In an already-unstable economy, it was difficult to determine the credit-worthiness of a particular bank's notes. The laws allowed nationally chartered banks to issue notes backed by government bonds.

Chemical, as a state bank that met the financial requirements set by the acts, converted to a national charter on August 1, 1865. There was much controversy among banks over the issue of national charters. A strong reason for opposition to the National Bank Acts was that banks choosing not to convert to a national charter had to pay a 10 percent tax to the Federal government when issuing their own banknotes. Since Chemical was a big issuer of currency, the Bank opted to adopt a national charter.

Many banks felt that chartering was primarily an undertaking by the Federal government to fund the Civil War. By requiring the nationally chartered banks to purchase government bonds as the asset base upon which their notes were guaranteed, the government obtained millions of dollars in funding, of which a large part went to ease the burden of military spending.

The banks did receive interest payments on their bond purchases. Another requirement of the acts was that each nationally chartered bank had to have a redemption office, as well as maintain reserved in a major city near its main office. The acts created a national currency of sorts and, by establishing reserve centers, ensured that money and credit would be available to bankers and customers throughout the country.

Despite the monetary and fiscal problems of the 1860s and 1870s -- which included financial crises in 1861, 1863 and 1871-75 -- Chemical continued to increase its deposits and declare dividends. In 1857, the Bank had deposits of $1,619,811, which grew to $3,510,000 in 1861 and to $5,081,515 by 1871. Those were considerable sums for the period.

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New banking businesses

Most of Chemical's accounts were commercial accounts. The Bank did have personal checking accounts, but with only one office there were limitations to the amount of retail business a bank could attract.

In 1869 the Bank hired its first staff attorney, Joseph Daly. By December 1873, Chemical had 35 employees, including 11 tellers, eight clerks and four bookkeepers. The five directors were all members of prominent New York families who often handed their directorships down from generation to generation.

In 1878 President Jones died and George G. Williams took his place, serving as Chemical's president until his death in 1903.

The scope of the Bank's business was also increasing; Chemical was conducting correspondent banking business with the Central National Bank of Omaha, Nebraska; the German Bank of Memphis, Tennessee; the Fidelity Bank of Cincinnati, Ohio; Planters Bank of Sherman, Texas, and many others. Chemical was a major correspondent bank during this period, and many of the nation's smaller banks relied heavily on their New York City bank to conduct business.

At this time New York banks in general were funding mercantile businesses in the South and real estate development in New York City. There were more than 54 New York City banks, holding a total of more than $250 million on deposit. Banks also served as conduits for foreign investment in American railroads and other businesses.

In 1885 Chemical renewed its national charter, extending it to 1905. By 1890 the growing Bank had created an office of vice president-without-pay, and James A. Roosevelt was appointed to fill the new position. The Roosevelts, like the Goelet family, were important investors in Chemical, and had been since the first decades of the Bank's existence.

In 1879 and again in 1887, Chemical bought additional land adjacent to 270 Broadway for its offices. In 1907 a monumental new headquarters was constructed on the same site.

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Expansion under a new president

When Chemical's president, Joseph B. Martindale, died in 1917 and was replaced by Herbert K. Twitchell, the Board of Directors was so concerned about the Bank's future that it launched an intensive search for new leadership. They found strength outside Chemical, luring a young Kentucky banker, Percy H. Johnston, to Chemical in 1917. Mr. Johnston came to Chemical as a first vice president, and the directors gave him much authority with regard to Chemical's business and its staff.

The young man -- who had been a national bank examiner with substantial correspondent banking contacts -- had an almost immediate effect on the Bank. Deposits in September 1917 were $35 million; they rose to $63 million by that December.

Mr. Johnston stressed the importance of developing a strong, professional staff. Under his guidance the number of directors was increased and the Bank moved into the securities business and opened a trust department, among many other undertakings.

In the early 1920s, Mr. Johnston brought in a new management team. Frank Houston, Harold Helm and N. Baxter Jackson, all Southerners, would guide the Bank for the next 40 years.

The Bank's executives concentrated on expanding Chemical's presence. The first branch had been opened in 1924; by 1929, Chemical had 12 branches in Manhattan and Brooklyn. London and Chicago representative offices were opened as well. In 1928, the Bank moved closer to the financial district, opening headquarters at 165 Broadway.

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The 1929 reorganization and World War II

Chemical's national charter limited the amount of trust business the Bank was allowed to develop, and in May 1929 Chemical reorganized as a state-chartered bank. The Bank then merged with the United States Mortgage and Trust Company and changed its name to the Chemical Bank Trust Company. At the time of the merger, the trust company's president was John Platten, grandfather of future Chemical Chairman Donald C. Platten.

In 1929 Chemical set up two affiliates. One, Chemical National Company, Inc., was created to buy, sell and underwrite securities; the other was Chemical National Associates, Inc., a holding company. When the Depression hit hard, the affiliates were merged together and then merged back into the Bank.

Chemical weathered the Depression well: between 1929 and 1935 deposits actually increased by 40 percent. This was a major victory for the Bank and was a strong indication of the faith customers had in the institution. In 1941, at the start of World War II, Chemical's deposits reached the billion-dollar mark for the first time.

During the Johnston years, the Bank established departments that ultimately became the divisions existing today. A branch administration unit opened, as did the Personnel Department. Treasury functions were arranged into Municipal and Government Bond departments. By the late 1940s Chemical had trust departments responsible for investment, personal and corporate trust business.

The staff continued to grow in number, and the first pension plan was created by the Bank in 1934. Chemical now provided coverage through an insurance company. In 1941 the Quarter Century Club was organized for long-time employees, with 117 founding members.

During the 1930s and '40s, the Bank's Foreign Department grew. Its Latin American business expanded, but its European business was limited because of World War II. Chemical closed its London office, and many employees entered the armed forces. Chemical also bought government bonds for its own portfolio that amounted to $800 million by 1945.

During the war, as hundreds of Chemical's male employees enlisted, the Bank brought back its retirees and hired many women to carry on its operations. As during World War I, this was an opportunity for women to enter the field of banking.

At the war's end, Percy Johnston also prepared to retire, since he would reach the mandatory retirement age of 65 in 1946. During his tenure Chemical had grown to become the seventh-largest bank in the United States. Chemical's new chairman was Frank Houston, and N. Baxter Jackson became the new president.

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Post-war mergers

The Bank's assets rose from $1.35 billion in 1946 to more than $15 billion in 1972. During these years Chemical developed into a modern financial services corporation. The Bank began professional advertising, public relations, personnel and operations services. Auditing, control and legal departments were established. The scope and breadth of all the Bank's financial functions increased dramatically. Chief among these were Chemical's International, Metropolitan and Trust divisions.

Post-war banking in America was marked by two trends: consolidation through mergers and the growth of branch banking. Chemical acquired or merged with eight banks between 1951 and 1972. Those banks were themselves the result of more than 34 other bank mergers that occurred since the 1900s. Through these acquisitions, Chemical also increased the credit lines available to its customers, enlarged its trust and commercial banking business and entered geographical regions in which it had previously lacked representation.

When Frank K. Houston retired as chairman in 1947, N. Baxter Jackson was appointed chairman and Harold H. Helm became the president of the Bank. That same year, Chemical's total deposits reached $1,296,051,829, and they increased by more than $225 million in 1948, when the Bank acquired the Continental Bank & Trust Company of New York.

In 1951 Chemical acquired the National Safety Bank and Trust Company, a mid-sized bank with strong ties to the garment industry and deposits of $100 million.

The first major merger


House Sally Ann 89
Houston (Judge) 42
Houston Albert 188
Houston Anne Berry 194
Houston Betty 188
Houston Elizabeth 193
Houston Elizabeth Morgan 186,202
Houston Frank K. 190
Houston Frank Kittrell 184,188,189
Houston George McKnight 188
Houston Kathleen 161
Houston Lady Lytle 161
Houston Lizzie Minor 190
Houston Lizzie Minor McLemore 115,188
Houston Lura 184
Houston Lura Kittrell 161,188
Houston Sam 173
Houston Sidney 188
Houston Simpson F. 124, 161-163,184,188
Houston Sydney 190,191
Houston W. C. 5,46,64,79,82,84,97,101,105,120,127-129,132,141,161,175,184
Houston William 186
Houston William C. 167,190
Houston William C., Jr. 184,188
Houston William Cannon 187,188
Houston William Cannon, Jr. 192,193,124
Houston William Cannon, Sr. 186,187,188
Houston William Cannon, V 194
Houston 154

Kittrell (Maj.) 46
Kittrell Annie 209
Kittrell Chalmers 46,183

Kittrell G. M. 137
Kittrell I. N. 60
Kittrell James 47
Kittrell Louise 209
Kittrell Lura 161,184,188
Kittrell M. B. 82,134
Kittrell Marion 188
Kittrell Marion B. 181,182,183,184
Kittrell R. H. 46
Kittrell Richard H. (Dick) 183
Contents of Brown'sHistory of Cannon County
The index will indicate what page a name is on. This table of contents will help determine the context in which the name occurs.
1Title Page
2Dedication
3Picture of Gov. Newton Cannon
4Centennial Directors, with photos
5-6Preface and Acknowledgment
7Photo of Sterling Spurlock Brown
8-13Foreword
13-17Early Days in Tennessee Country
17-20Organization of Cannon County
20-21The First Commissioners
21-22Lawrens Academy Chartered
22-23The Hills of Cannon County
23-26Explanatory
26-29The First County Court
29-31The First Settlers
31-32The Settlement of Brawley's Fork
32The Curlee Church
32-33The First Paper
33-35Settlers
35Another Ancient House
35-36Settlers
36-37A Cannon County Samson
37-38Settlers
38-39The Record Snow Storm
39-40When Gassaway Was Young
40-41The Fifth District
41On Saunder's Fork
41-42Hill's Creek Pioneers
42-44Early Settlers in the Eighth District
44Stone's River Settlers
44-47The Town with Three Names
47Early Settlers at Readyville
47-48Auburntown
48-55Early Activities of the Pioneers
55-61Early Churches in Cannon County [Baptist]
61-65Christian Churches [Church of Christ]
65-68Methodist Churches
68-70Presbyterian Church
70-82Woodbury
83-84The Flood
84-86Woodbury's Famous Sons
86-95Marriages [1838-1850]
95-96Marriages of the Negroes
96-98Public Officers of Cannon County
98-103Postal Service
103-104Military Annals [Revolutionary War]
104-105The War of 1812
105The Mexican War
105-114The Civil War
113B. L. Sageley
114-115The Ku Klux Klan
115-117Cannon County Chapter U.D.C. [United Daughters of the Confederacy]
117-118Battle in Cannon County [Civil War]
118-119The Conquered Banner
119-122Col. Bedford Forrest's Raid into Murfreesboro
122The Spanish-American War
122-127The World War
127-128Newspapers
129Removal of the Indians
130-131Muster Laws and Muster Grounds
131-132Early Schools at Woodbury
132-134Schools at Woodbury
134-135Marion Academy (Delke Academy)
136Present Schools of the County
136-138Masonic Lodges of Cannon County
138Banks in Woodbury
138-139Caves
139-140The First Courthouse
140Jails
140-141Old Time Barbecue
141Deer Hunters
141-142Horse Show Day
142-143Livery Barns
143Sugar Tree Knob
144Modern Enterprises

145-235Appendix [Prominent Citizens and Families]

145-146Hugh L. Thompson
146-147John Coffee New
147-149William Wharton
150-152The Brevard Family
152-154James Andrew Jones
154-156Joseph Leighton Ewell
156-157Dr. Thomas Middleton Smoot
157 Dr. Ralph H. Adams
158 Isaac Floyd Bailey
159 Rex Cole Turman
160-161Howard McMillen
161-163Simpson F. Houston
163 John P. Adams
163-164Robert Fountain Tatum
165-167Richard Alexander Hancock
167-170A Typical Pioneer Family [Brown]
170-171Dr. Jesse F. Adams
171-173Warren Cummings And His Descendants
173-175William George McKnight
175-176Hugh Lawson Preston
177-179T. R. Preston
179-181John W. Preston
181-184Major Marion B. Kittrell
184-186Dr. Lyman Beecher McCrary
186-188William Cannon Houston, Sr.
188-190Frank K. Houston
190-191Sydney Houston
192-194William Cannon Houston, Jr.
194-196Jacob Burger Hawkins
196-199John C. Roberts
199 Howard Payne Preston
200-201Charles Miller Preston
201-202The Fugitt Family
202-203Henry David McBroom / Giles Harding McBroom
203-204The Preston Family
205 Cannon County Captains in Confederate Army
206-207Commodore Perry Brown
207-209Robert Bogartus McBroom (By Charles Glenn McBroom)
209-211William George Hollandsworth
211-212James M. Roberts
212-213Dr. C. M. Grizzle
213-215W. W. Gray
215-216William Barton
216-217Ezra J. Lehman
217-218J. Barrett and Edd Melton
218-219Joe Loughry Northcutt
219-220Captain James H. Wood
220-222Dr. Bailey Peyton Lester
222-224James Delaney Elkins
224-226Josephus Finley
226-227The Gilley Family
227-229Joseph Marion Dixon Cates
229-230The Doak Family
230-231John Lee Fann
232 John Smithson
233-235Members of Woodbury Bar
Index Home <http://www.heartoftn.net/users/shagbark/indexbrown/Intro.html> / Photos <http://www.heartoftn.net/users/shagbark/indexbrown/photos.html>
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