 Though the storm stalled economic development and the city of Houston developed as the region 's principal metropolis , Galveston economic leaders recognized the need to <unk> from the traditional port @-@ related industries . In 1905 William Lewis Moody , Jr. and Isaac H. <unk> , members of two of Galveston 's leading families , founded the American National Insurance Company . Two years later , Moody established the City National Bank , which would later become the Moody National Bank . 
