First National Bank, Hammond, IN (Charter 3478)
First National Bank, Hammond, IN (Chartered 1886 - Liquidated 1926)
Town History
Hammond is a city in Lake County, Indiana. Located along Lake Michigan, it is part of the Chicago metropolitan area and the only city in Indiana to border Chicago. As of the 2020 census, it is the eighth-most populous city in Indiana, with 77,879 residents. It was first settled in the mid-19th century and it is one of the oldest cities of northern Lake County. In 1890 the population was 5,284, growing to 65,559 by 1930.
From north to south, Hammond runs from Lake Michigan to the Little Calumet River; from east to west along its southern border, it runs from the Illinois state line to Cline Avenue. The city is traversed by numerous railroads and expressways, including the South Shore Line, Borman Expressway, and Indiana Toll Road. Notable local landmarks include the parkland around Wolf Lake and the Horseshoe Hammond riverboat casino. Part of the Rust Belt, Hammond has been industrial almost from its inception, but is also home to a campus of Purdue University and numerous historic districts.
Hammond is one of the oldest cities in Lake County, with Crown Point being the oldest (established in 1834). According to the Encyclopedia of Chicago, George Henry Hammond, a pioneer in the use of refrigerated railcars for the transport of fresh meat, first used this method with his small packing company in Detroit, Michigan. In 1868, Hammond received a patent for a refrigerator car design. In the early 1870s, he built a new plant in northern Indiana along the tracks of the Michigan Central Railroad. By 1873, the George H. Hammond Co. was selling $1 million worth of meat a year; by 1875, sales were nearly $2 million. The company's large packing house in Hammond rivaled those located at the Union Stock Yard in Chicago. By the middle of the 1880s, when it built a new plant in Omaha, Nebraska, Hammond was slaughtering over 100,000 cattle a year and owned a fleet of 800 refrigerator cars. After Hammond died in 1886, the company became less important and no longer challenged the giant Chicago packers, which acquired Hammond at the turn of the century and merged it into their National Packing Co.
Hammond had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized March 20, 1886
- Chartered March 31, 1886
- Liquidated February 3, 1926
- Absorbed by First Trust and Savings Bank of Hammond
The Treasury Department announced the organization of The First National Bank of Hammond, Indiana, No. 3,478, capital $50,000, M.M. Towle, president and Frank H. Tuthill, cashier.[2]
On August 4, 1893, the failure of the First National Bank of Hammond, Indiana, capital $50,000, was reported to the Comptroller of the Currency. It was the only national bank in the town, the Commercial Bank, a State institution being the banking house of the Hammond packing interests. Congressman Hammond said "The Commercial Bank is O.K. You need have no fears of that." The failed institution was made up chiefly of local capital aided by one Chicago investor. Some of its stockholders were said to have had real estate and other speculative investments.[3] Hon. Thomas Hammond was the president of the Commercial Bank of Hammond 1892-1907, elected as a Democrat to the Fifth-third Congress (March 4, 1893-March 3, 1895). The cause of the failure was assigned to heavy withdrawals of depositors and the inability to realize on paper. President M.M. Towle said all depositors would be paid in full. The Commercial withstood a $60,000 run on the 4th, but it was checked when the depositors became satisfied the bank was able to pay all claims.[4] By September, Comptroller of the Currency Eckels authorized the First National Bank of Hammond to reopen for business on Monday, September 25th.[5]
On Tuesday, September 3, 1901, the First National Bank of Hammond was purchased by a company headed by the following officers: A. Murray Turner, president and former president of the Hammond, Whiting and East Chicago Electric Railway; Antone H. Tapper, vice president; W.C. Belman, cashier and superintendent of the Hammond schools for the past 15 years. Peter W. Meyn, city treasurer, was a director.[6]
In January 1907, the officers were A.M. Turner, president; E.C. Minas, vice president; W.C. Belman, cashier; and W.F. Mashino, assistant cashier. The directors were A.M. Turner, W.C. Belman, P.W. Meyn, E.C. Minas, W.F. Mashino, and J.N. Beckman.[7]
On January 2, 1909, the most important financial deal ever to take place in the Calumet region concluded when the First National Bank of Hammond absorbed the Commercial Bank. The First National in acquiring the stock of its leading competitor would increase its stock to $1,500,000 and place $100,000 into the surplus account. The directorate was yet to be determined, but Mr. A. Murray Turner who, together with Thomas Hammond, vice president; and W.C. Belman, cashier, would be the leading officers. Thomas Hammond, the retiring president of the Commercial, and C.E. Ford, the majority holder of Commercial stock would retain stock in the reorganized First National, but retire from active management, the former on account of his health and the latter because he was unable to give his large interest personal attention. John W. Dyer, retiring cashier of the Commercial had not yet decided on what line of work he would pursue. The First National had splendid quarters on the most prominent corner in the city. The transfer of the effects of the Commercial would be made to the First National and patrons of the Commercial would find their accounts as well as some of the efficient employees there.[8] On Tuesday, January 12, 1909, at the annual stockholders' meeting, the following directors were elected: Thomas Hammond, John E. Fitzgerald, W.G. Paxton, John N. Beckman, Peter W. Meyn, W.C. Belman, and A.M. Turner. The resignation of E.C. Minas, former vice president and director which had been presented some months earlier was accepted. Mr. Minas still retained his stock but was reliever from active duties on account of is increased private affairs. Following the meeting of the stockholders, the directors elected officers as follows: A.M. Turner, president; Thomas Hammond, vice president; W.C. Belman, cashier; W.F. Mashino, M.M. Towle, Jr., and Theodore Moor, assistant cashiers.[9]
In March 1918, A. Murray Turner, president of the First National Bank, announced a series of promotions. W.C. Belman, cashier of the bank was made active vice president and M.M. Towle who had been assistant cashier, became the bank's cashier. W.H. Rippe and Paul H. Fedder were promoted from tellerships to assistant cashiers. The advancement of Mr. Towle recognized his many years of faithful service. He was the only living representative of the family of Towle, premier in Hammond's industrial and financial history. His father was one of the founders of the city and a founder of the bank.[11]
In January 1925, officers of the First National Bank located at the corner of Sibley and Hohman Streets, were A.M. Turner, president; J.E. Fitzgerald and W.C. Belman, vice presidents; and Wm. H. Rippe, cashier. Officers of First Trust & Savings Bank at the corner of State and Hohman Streets were Peter W. Meyn, president; Jos. W. Weis, vice president; David T. Emery, secretary-treasurer; and Chas. H. Wolters, assistant secretary-treasurer. A new banking house was under construction at the corner of Hohman and Fayette Streets.[12] At the close of business, December 31, 1925, the First National Bank reported total resources of $5,432,632.11, with capital stock paid in $250,000, surplus and undivided profits $290,028.03, individual deposits subject to check $2,474,488.82.[13]
On December 31, 1925, the First National Bank and the First Trust and Savings Bank consolidated with joint resources of over $8,500,000.Journal and Courier, Lafayette, IN, Thu., Dec. 31, 1925. The new, magnificent home of the First Trust & Savings Bank on the corner of Hohman and Fayette Streets would open on New Years' Day 1926. The directors were J.F. Beckman, J.N. Beckman, W.C. Belman, Frank S. Betz, David T. Emery, J.E. Fitzgerald, Chas. S. Fletcher, Geo. Hannauer, Carl Kaufmann, Charles L. Surprise, Wm. H. Rippe, J.H. Meyn, Peter W. Meyn, Albert Maack, A.M. Turner, and Jos. W. Weis. The officers were A.M. Turner, chairman of the board; Peter W. Meyn, president; W.C. Belman, David T. Emery, William H. Rippe, Julius H. Meyn, vice presidents; Chas. H. Wolters, secretary-treasurer; John A. Rippe, John E. Myer, and Walter E. Meyn, assistant secretary-treasurers; and Clifford A. Etling, auditor.[14]
Peter Meyn along with A. Murray Turner and W.C. Belman took over the First National Bank in 1901. First Trust & Savings Bank was formerly the Lake County Savings and Trust Company, organized in 1902 following the take over of the First National. In 1921 the Lake County Savings and Trust was reorganized into the First Trust and Savings Bank and on the first of the year, 1926, the First National Bank of Hammond was merged giving the institution the strongest assets of any bank in Northern Indiana.[15]
Official Bank Title
1: The First National Bank of Hammond, IN
Bank Note Types Issued
A total of $2,686,910 in National Bank Notes was issued by this bank between 1886 and 1926. This consisted of a total of 344,500 notes (344,500 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 4x5 1 - 5565 1882 Brown Back 3x10-20 1 - 2371 1902 Red Seal 4x5 1 - 2750 1902 Red Seal 3x10-20 1 - 1000 1902 Date Back 4x5 1 - 13550 1902 Date Back 3x10-20 1 - 9300 1902 Plain Back 4x5 13551 - 45663 1902 Plain Back 3x10-20 9301 - 28776
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1926):
Presidents:
- Marcus Morton Towle, Sr., 1886-1892
- Frank Hall Tuthill, 1893-1894
- Marcus Morton Towle, Sr., 1895-1900
- Alexander Murray Turner, 1901-1925
Cashiers:
- Frank Hall Tuthill, 1886-1891
- Edward Everett Towle, 1892-1900
- William Charles Belman, 1901-1917
- Marcus Morton Towle, Jr., 1918-1919
- William Henry Rippe, 1920-1925
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Hammond, IN, 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
- ↑ The Times, Hammond, IN, Thu., Dec. 31, 1925.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Thu., Apr. 8, 1886.
- ↑ The Indianapolis News, Indianapolis, IN, Fri., Aug. 4, 1893.
- ↑ The Fort Wayne News And Sentinel, Fort Wayne, IN, Sat., Aug. 5, 1893.
- ↑ Chicago Tribune, Chicago, IL, Sun., Sep. 24, 1893.
- ↑ Chicago Tribune, Chicago, IL, Wed., Sep. 4, 1901.
- ↑ The Times, Hammond, IN, Sat., Jan. 5, 1907.
- ↑ The Times, Hammond, IN, Sat., Jan. 2, 1909.
- ↑ The Times, Hammond, IN, Tue., Jan. 12, 1909.
- ↑ The Times, Hammond, IN, Sat., Jan. 2, 1926.
- ↑ The Times, Hammond, IN, Sat., Mar. 2, 1918.
- ↑ The Times, Hammond, IN, Sat., Jan. 3, 1925.
- ↑ The Times, Hammond, IN, Fri., Jan. 8, 1926.
- ↑ The Times, Hammond, IN, Thu., Dec. 31, 1925.
- ↑ The Times, Hammond, IN, Sat., Sep 4, 1926.