National City Bank, Chicago, IL (Charter 8532)
National City Bank, Chicago, IL (Chartered 1907 - Closed 1924)
Town History
Chicago is the most populous city in the U.S. state of Illinois and the third-most populous in the United States after New York City and Los Angeles. With a population of 2,746,388 in the 2020 census, it is also the most populous city in the Midwest. As the seat of Cook County, the second-most populous county in the U.S., Chicago is the center of the Chicago metropolitan area, the 39th-largest city in the world as of 2018.
On the shore of Lake Michigan, Chicago was incorporated as a city in 1837 near a portage between the Great Lakes and the Mississippi River watershed. It grew rapidly in the mid-19th century. The Great Chicago Fire in 1871 destroyed several square miles and left more than 100,000 homeless, but Chicago's population continued to grow. Chicago made noted contributions to urban planning and architecture, such as the Chicago School, the development of the City Beautiful Movement, and the steel-framed skyscraper.
Chicago is an international hub for finance, culture, commerce, industry, education, technology, telecommunications, and transportation. It is the financial center of the U.S. Midwest. It has the largest and most diverse derivatives market in the world, generating 20% of all volume in commodities and financial futures alone. O'Hare International Airport is routinely ranked among the world's top six busiest airports. The region is the nation's railroad hub. The Chicago area has one of the highest gross domestic products (GDP) in the world, generating $689 billion in 2018. The economy of Chicago is diverse, with no single industry employing more than 14% of the workforce.
Chicago had 100 National Banks chartered during the Bank Note Era, and 80 of those banks issued National Bank Notes.
Bank History
- Organized January 26, 1907
- Chartered February 2, 1907
- Opened for business February 5, 1907
- Absorbed 6723 March 30, 1910 (Hamilton National Bank, Chicago, IL)
- Closed December 20, 1924
- Consolidated with 4605 December 20, 1924 (NB of the Republic, Chicago, IL)
- Circulation assumed by 4605 (NB of the Republic, Chicago, IL)
In January 1907, the National City Bank of Chicago was organized by David R. Forgan, who resigned as the vice president of the First National Bank of Chicago to start a new bank. The new Forgan bank would open for business at the southwest corner of Monroe and La Salle Streets the first week in February. Mr. H.E. Otte was the cashier and had held the presidency of the Lake View Trust and Savings Bank. Mr. L.H. Grimme and F.A. Crandall were assistant cashiers. Mr. Grimme had been with the First National Bank for 19 years and Mr. Crandall was transit manager of the Merchants' Loan and Trust Company. The opening day was February 5, 1907, with $2,198,337.25 in deposits received.
On February 23, 1910, the Hamilton National Bank was absorbed. This acquisition brought new business and swelled the volume of deposits by June 1910 to $23,106,648.27.
For some time prior to the spring of 1910, the rapidly expanding business of the National City Bank necessitated a move to larger and more convenient quarters. A lease was signed for the entire main floor of the building at the southeast corner of Dearborn and Monroe Streets, and the work of making it suitable for occupancy was begun immediately. On September 17, 1910, the new quarters were opened to the public. The main banking room measured 84 X 128 feet with a balcony of 44 X 88 feet, thus accommodating a large clerical force. Terra cotta of granite finish covered the exterior of the building. All the floors throughout were of white marble, while mahogany was used for counters and other furniture. Sixteen caen stone columns supported the ceiling over the main banking room. Bronze, marble and mahogany fixtures further enhanced the attractiveness of the space.
In January 1911, the officers were David R. Forgan, president; Alfred L. Baker, and H.E. Otte, F.A. Crandall, vice presidents; L.H. Grimme, cashier; W.D. Dickey, A.W. Morton, W.T. Perkins, Henry Meyer, and William N. Jarnagin, assistant cashiers; R.U. Lansing, manager, bond department. The directors were Alfred L. Baker of Alfred L. Baker & Co.; Ambrose Cramer, trustee, estate of Henry J. Willing; Edward F. Carry, vice president, American Car and Foundry Company; A.B. Dick, president, A.B. Dick Company; E.G. Eberhardt, vice president and general manager, Mishawaka Woolen Manufacturing Co., Mishawaka, Indiana; Stanley Field, vice president, Marshall Field & Co.; David R. Forgan, president; F.F. Peabody, president, Cluett, Peabody & Co.; H.A. Stillwell, vice president, Butler Bros., Chicago; John E. Wilder, vice president, Wilder & Co.; H.E. Otte, vice president.
In April 1923, the officers were David R. Forgan, president; H.E. Otte, Fred A. Crandall, Walker G. McLaury, R.B. Fuessle, vice presidents; Edw. P. Vollertsen, cashier; T.R. Thorsen, S.P. Johnson, R.V. Kelley, Albert E. Bassett, and W.P. Tatage, assistant cashiers; Wm. Edgard, auditor; John R. Gray, manager, bond department; J.G. Hoagland, manager, savings department; and Arthur J. Baer, trust officer. The bank had capital of $2,000,000, and surplus and undivided profits of $1,700,000. The bank was located on the Southeast corner of Dearborn and Monroe Streets.
On Monday, December 15, 1924, The National Bank of the Republic opened for business in its new home at La Salle and Adams Streets where four entire floors, plus a spacious balcony on the main banking floor had been converted into a complete and connected unit, arranged and equipped to render every banking service. On Monday, December 22nd, 1924, The National City Bank of Chicago joined The National Bank of the Republic in the new home, thus forming one of the largest National Banks in the West to be known as The National Bank of the Republic of Chicago. The public was invited to join with the bank in celebrating the occasion of the merger and the dedication of its new home. The officers of the combined institution were John A. Lynch, chairman of the board; David R. Forgan, vice chairman; George Woodruff, vice chairman; and Hugo E. Otte, president.
Official Bank Title(s)
1: The National City Bank of Chicago, IL
Bank Note Types Issued
A total of $4,810,750 in National Bank Notes was issued by this bank between 1907 and 1924. This consisted of a total of 587,840 notes (587,840 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 1902 Red Seal 4x5 1 - 24650 1902 Red Seal 3x10-20 1 - 20140 1902 Date Back 4x5 1 - 59925 1902 Date Back 3x10-20 1 - 42245
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1907 - 1924):
Presidents:
Cashiers:
- Hugo Emil Otte, 1907-1908
- Louis H. Grimme, 1909-1912
- Walker Gailey McLaury , 1913-1919
- Claude Hendricks Beaty, 1920-1920
- Edward Peter Vollertsen, 1921-1924
Other Bank Note Signers
- Frederick Adam Crandall, Assistant Cashier 1907-1908, Vice President 1909...1923
- There are currently no known Vice President bank note signers for this bank.
Wiki Links
- Illinois Bank Note History
- General information on Chicago (Wikipedia)
- General information on Cook County (Wikipedia)
- General information on Illinois (Wikipedia)
Sources
- Chicago, 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
- The Bankers' Magazine, Vol. 82, Jan. 1911-June 1911, pp 131-139.
- Chicago Tribune, Chicago, IL, Sun., Jan. 13, 1907.
- Chicago Tribune, Chicago, IL, Wed., Jan. 11, 1911.
- Chicago Tribune, Chicago, IL, Tue., Apr. 24, 1923.
- Chicago Tribune, Chicago, IL, Fri., Dec. 12, 1924.