Business Activities
In 1908, Jones constructed a new office and plant for the rapidly growing Houston Chronicle in exchange for a half-interest in the company, which had been solely owned by Marcellus Foster." The relationship between Jones and the "Chronicle would last the rest of his life." In 1926, Jones became the sole owner of the paper and named himself as publisher. In 1937, he transferred ownership of the paper to the newly-established Houston Endowment Inc. Jones retained the title of publisher until his death in 1956.
Sometime after 1908, Jones organized the Texas Trust Company. By 1912, he had become president of Houston's National Bank of Commerce. This bank later merged with Texas National Bank to become the Texas National Bank of Commerce, and grew into a major regional financial institution. It became part of JP Morgan Chase & Co. in 2008.
In 1911, Jones purchased the original five-story Rice Hotel from Rice University. He then razed the original buildings and constructed the present 17-story building, now formally named as the Post Rice Lofts. The new Rice Hotel building opened on May 17, 1913. Jones soon made his mark as a builder across Houston, and helped to secure federal funding for the Houston Ship Channel, which opened in 1914 and made the city a viable port.
Read more about this topic: Jesse H. Jones
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