Home National Bank, Elgin, IL (Charter 2016)
Home National Bank, Elgin, IL (Chartered 1872 - Receivership 1932)
Town History
Elgin (/ˈɛldʒɪn/ EL-jin) is a city in Cook and Kane counties in the northern part of the state of Illinois. Elgin is located 35 miles northwest of Chicago, along the Fox River. As of the 2020 Census, the city had a population of 114,797 making it the sixth-largest city in Illinois. In 1860 the population was 2,797, growing to 35,929 by 1930.
The Indian Removal Act of 1830 and the Black Hawk Indian War of 1832 led to the expulsion of the Native Americans who had settlements and burial mounds in the area and set the stage for the founding of Elgin. Thousands of militiamen and soldiers of Gen. Winfield Scott's army marched through the Fox River Valley during the war, and accounts of the area's fertile soils and flowing springs soon filtered east.
In New York, James T. Gifford and his brother Hezekiah Gifford heard tales that this area was ripe for settlement, and they travelled west. Looking for a site on the stagecoach route from Chicago to Galena, Illinois, they eventually settled on a spot where the Fox River could be bridged. In April 1835, they established the city, naming it after the Scottish tune "Elgin".
Early Elgin achieved fame for the butter and dairy goods it sold to the city of Chicago. Gail Borden established a condensed milk factory here in 1866, and the local library was named in his honor. The dairy industry became less important with the arrival of the Elgin Watch Company. The watch factory employed three generations of Elginites from the late 19th century to the mid 20th century, when it was the largest producer of fine watches in the United States and the operator of the largest watchmaking complex in the world (the factory ceased production in 1965 and was torn down in the summer of 1966). Today, the clocks at Chicago's Union Station still bear the Elgin name.
The great success of Elgin National led other manufacturers to build factories within Elgin. Elgin's prosperity led to the opening of a number of banks by the late 19th century. The Elgin First National Bank opened in 1865 and was followed by the Home National Bank in 1872. The Aurora, Elgin and Fox River Electric Company opened in 1895. Connecting Elgin with other Fox River Valley settlements, the Aurora, Elgin and Chicago Railroad allowed easy access to and from Chicago in 1903. By 1920, downtown Elgin featured eleven clothing stores, two hotels, two department stores, and a Woolworth's. The Home National Bank was an important investor in these businesses and often had to build extensions on its three-story building in Fountain Square. Home National Savings and Trust was responsible for managing the Elgin National payroll. Eventually, the bank's officials decided that the small building would no longer suffice and ordered the construction of a new building, the Home National Bank building, in 1927.
Elgin had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized July 3, 1872
- Chartered July 20, 1872
- Receivership January 20, 1932
In October 1877, the directors published notice that the Home National Bank of Elgin had never had any connection with or interest in the Homes Savings Bank. There were no funds to the credit of said savings bank in the Home National and no payments on account of said Home Bank would be made at the office of the national bank. O. Davidson resigned the office of president and William H. Hintze, the position of cashier, and Theron Barrows, vice president, would act as president and E.D. Waldron, assistant cashier, as cashier until further notice. The directors of the Home National Bank were Theron Barrows, Thomas Bishop, Henry Bierman, George Stringer, Abel D. Gifford, C.S.W. Slade, R.B. Chisholm, and Peter Burritt.[1]
In March 1881, Wilson H. Doe decided to accept a position in the Milwaukee office of the Chicago, Milwaukee & St. Paul railroad and would begin his new duties on April 1st. For the past nine years he had been connected with the First National Bank of Janesville as bookkeeper, a position he filled well.[2]
On Wednesday, January 14, 1891, at the meeting of the directors of the Home National Bank, the resignation of cashier E. Dunbar Waldron was accepted. Mr. Waldron had been at Dansville, New York several months on account of his health. The bank created a new office, that of second vice president and elected Mr. Waldron. Wilson H. Doe was elected cashier, J.W. Ranstead president, and Theron Barrows, vice president.[3]
On May 13, 1892, the Auditor of Public Accounts issued a certificate of authority to do busines to the Home Savings Bank of Elgin. The capital stock was $100,000, and the officers were E.D. Waldron, president; A.P. Church, vice president; and Wilson H. Doe, cashier.[4]
On Saturday, January 25, 1908, Wilson H. Doe, cashier of the Home National Bank of Elgin, was at the Great Northern Hotel suffering from injuries, principally nervous shock, from the attacks of two holdup men. Mr. Doe's injuries were so serious, his wife and two friends were notified and they hastened to his side. Mr. Doe's wife was with him an hour before he could recognize her. Mr. Doe was at Van Buren and State Streets about 7:30 Thursday night waiting for a friend when he found a fellow tugging at his watch. The banker who was about 50 years old struck the robber and instantly a comrade of the latter, either with a black-jack or brass knuckles, struck Mr. Doe in the face, causein a half-inch gash in the forehead and a slight abrasion on the nose. The thieves got Mr. Doe's pocketbook containing $25, railroad transportation, and other papers, but were frightened off before they could secure the watch.[5]
Changes in officers of national banks reported in February 1909 had E.D. Waldron as president of the Home National Bank of Elgin; William Grote, vice president; and A.S. Parish, assistant cashier.[6]
On the night of October 4, 1917, Wilson H. Doe, 59, cashier of the Home National Bank for 27 years, died of apoplexy. He was stricken at a conference arranging the second Liberty loan campaign of which he was chairman.[7]
Construction of the Home Banks Building began in March 1928 and was managed by the St. Louis Building and Equipment Company. It was completed in May 1929 at a cost of $800,000. Home National Bank and Home National Savings and Trust were the main occupants, but they leased many of their new offices to other local businesses, opening at 70% capacity. Its completion of the city's first skyscraper was seen as the dawning of a new era for Elgin. The bank boasted state-of-the-art vaults, which were fireproof and burglar-proof. However, like many banks of the day, Home National Bank collapsed during the Great Depression. By the time Home National declared bankruptcy in 1932, only 35% of the building was still occupied. The First National Bank of Chicago assumed control of the building in August 1932. The building's new owner, who renamed the structure the Elgin Tower Building, was able to increase occupancy to 60% thanks in part to a ban on new construction in Elgin.
In October 1932, what was considered the northern Illinois record for quick liquidation and distribution of a closed bank's assets was established at Elgin by George W. Rue, former Danville banker and son of Mr. L.E. Rue of Danville. Geo. W. Rue was receiver of the Home National Bank of Elgin which suspended business voluntarily on January 12th. Rue announced a second 25% depositor dividend in nine months making a total of 50% paid on general depositor and creditor claims. The bank closed with $34,786 cash on hand and liabilities of $1,528,473. Of this figure, $623,374 represented deposits secured by banks, assets, rediscounts and bills payable and these items had to be collected and distributed prior to payment of depositors. Each 25% dividend totaled $181,549. Rue formerly was cashier of the Farmers National Bank of Danville, Kentucky.[8]
In May 1934, the Home National Bank paid a 5% dividend to depositors, the fifth to be paid since closing over two years ago. Including this fifth payment, the bank paid 75% to claimants.[9]
Official Bank Title
1: The Home National Bank of Elgin, IL
Bank Note Types Issued
A total of $1,658,350 in National Bank Notes was issued by this bank between 1872 and 1932. This consisted of a total of 91,168 notes (89,500 large size and 1,668 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 3000 Original Series 4x5 1 - 4000 Original Series 3x10-20 1 - 900 Series 1875 3x10-20 1 - 4359 1882 Brown Back 4x5 1 - 3500 1882 Brown Back 50-100 1 - 2574 1882 Date Back 4x5 1 - 2635 1882 Date Back 50-100 1 - 680 1902 Date Back 3x50-100 1 - 1927 1902 Plain Back 3x50-100 1928 - 2354 1929 Type 1 6x50 1 - 219 1929 Type 1 6x100 1 - 59
Bank title overprinted notes are known on the Shoe and Leather National Bank of Boston and the Home National Bank of Elgin. Two of the notes for the Home National Bank are in the Collection of Aubrey E. Beebee now in the American Numismatic Association currency museum, one an original series $1, Treasury SN D217902, the other an original series $2, Treasury SN D217847. The bank title appears in large red letters across the face of these notes.
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1872 - 1932):
Presidents:
- Orlando Davidson, 1872-1877
- Moses W. Hawes, 1878-1879
- Henry Lee Borden, 1880-1883
- John West Ranstead, 1884-1908
- Elisa Dunbar Waldron, 1909-1910
- William Grote, 1911-1920
- John Martin Blackburn, 1921-1931
Cashiers:
- William Henry Hintze, 1872-1877
- Elisa Dunbar Waldron, 1878-1890
- Wilson H. Doe, 1891-1917
- Jay Milo Hockett, 1918-1931
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Home National Bank, Elgin, IL History (NB Lookup)
- The Shoe and Leather National Bank of Boston: Notes With Bank Title Overprinted (SPMC PM#43)
- Illinois Bank Note History (BNH Wiki)
Sources
- Elgin, IL, 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
- ↑ Chicago Tribune, Chicago, IL, Fri., Oct. 19, 1877.
- ↑ Janesville Weekly Gazette, Janesville, WI, Wed., Mar. 30, 1881.
- ↑ The Inter Ocean, Chicago, IL, Sun., Jan. 18, 1891.
- ↑ Portage Daily Democrat, Portage, WI, Sat., May 14, 1892.
- ↑ Chicago Tribune, Chicago, IL, Sat., Jan. 25, 1908.
- ↑ The Courier-Journal, Louisville, KY, Mon., Feb. 15, 1909.
- ↑ Belvidere Daily Republican, Belvidere, IL, Fri., Oct. 5, 1917.
- ↑ The Advocate-Messenger, Danville, KY, Tue., Oct. 18, 1932.
- ↑ The True Republican, Sycamore, IL, Sat., May 19, 1934.