William Ray McGaughey (Decatur, IL)

From Bank Note History
Jump to navigation Jump to search
W. Ray McGaughey, President (1935-1952), Millikin National Bank of Decatur, Illinois
W. Ray McGaughey, President (1935-1952), Millikin National Bank of Decatur, Illinois

William Ray McGaughey (May 31, 1879 – Apr. 10, 1955)

Biography

  • Name: William Ray McGaughey
  • Birth: May 31, 1879, Mt. Zion, Macon Co., Illinois
  • Death: April 10, 1955, Decatur, Illinois

Early life and family

W.R. (Ray) McGaughey was born in the village of Mt. Zion, May 31, 1879, and was a son of John G. and Joda L. (Smith) McGaughey, Tennesseeans of old Virginian stock, who had become residents of Macon County in 1869. John G. McGaughey, who died in 1911, was a substantial farmer and landowner of the Mt. Zion area and was influential in public affairs there.

Mr. McGaughey attended local schools in Mt. Zion, Decatur High School and Lincoln College, Lincoln, IL. After graduating, he was engaged in teaching school in Macon County during the winters. He enrolled in Millikin University, Decatur, IL, and in 1906 graduated. As a student at Millikin he was the first pledge of Kappa Delta Chi Fraternity and worked his way through school waiting tables at the fraternity house. That fraternity became Sigma Alpha Epsilon. He was also manager and first baseman (his brother Dean was second baseman) on the James Millikin University baseball team. He became known by the nickname "Checkers" during his college days. After graduating, he began his banking career as a bookkeeper at the Scott State Bank in Bethany.

In October 1916, Mr. McGaughey married Miss Myrtle May, daughter of Dr. S. R. May of Mt. Zion, and they made their home at Decatur. Dr. May, who was born in Illinois, was a son of the Rev. D. E. May, a Virginian, who was a clergyman of the Methodist Episcopal church. In the 1850s, he began his pastoral labors in Illinois, spending his last days at Mt. Zion.

Banking career

After his start at the Scott State Bank, he went to Draper, South Dakota, in 1906, homesteading land and taking an assistant cashier position in the Draper State Bank. There he remained for two years, at the end of which time he returned to his home town and opened a private bank. The Mount Zion Bank was organized in 1908 by Mr. McGaughey and it was converted into a state bank eight years later. By 1925, this institution had a paid-up capital of $30,000, surplus and profits amounting to $21,000 and deposits totaling $160,000. The officers were: George B. Spitler, president; G. C. Outten, vice president; Dean S. McGaughey, cashier; and C. E. Readhead, assistant cashier.

In 1919, upon his election to the position of cashier of the Citizens National Bank of Decatur, he moved to the latter city and since that time made his home there. He continued as a member of the board of directors of the Mt. Zion State Bank and he was also the president of the First Farm Mortgage and Bond Company and a director of the People's Savings and Loan Association. In 1929, he became executive vice president of the Citizens National Bank, serving in that capacity until 1931 when he went to the Millikin National Bank as vice president. He was named third president of the bank upon the death of O.B. Gorin. The first president was James Millikin. Ill health forced Mr. McGaughey's retirement in June 30, 1952. During his 17 years as president, the bank was completely remodeled and modernized.

He was active in local, state and national banking associations, serving in 1918 as chairman of the first county organization of bankers. In 1930 he was elected president of the Illinois Bankers' Association after having served a term as vice president. He also served as vice president of the National Bank Division of the American Bankers' Association of Illinois. In 1932, he served on the executive council of the National Bankers' Association and was one of three Illinois delegates to the national council meeting. As the Decatur delegate to the American Bankers Association convention in 1934, he became a prominent figure defending the members of his profession in that depression year.

Other career highlights

Mr. McGaughey was a member of the board of trustees of Millikin University, to which position he was appointed in 1916, being one of the few graduate members who have served on that board. He also served as a director of the Decatur Association of Commerce, director of the Purity Baking Company, a member of the Decatur Public Library board and treasurer of the Art Center board. Since 1917, he also was a member of the board of trustees of the orphans home. He was a democrat, a Royal Arch Mason and a past noble grand of the Independent Order of Odd Fellows, and he and his wife were members of the Presbyterian church, of which he was an elder as well as a member of the board of trustees, treasurer of the board and treasurer of the synod of the Presbyterian Church in the state. He also was a member of the Decatur Kiwanis Club, which organization he served as treasurer, and was affiliated with the Decatur Club, the Southside Country Club and the Sunnyside Golf Club.

In 1952 he was honored by Millikin University with an award for "distinguished service in the field of banking."

Later life and death

W.R. McGaughey, 75, died at 6:10 AM on Sunday, April 10, 1955, in his home at 423 N. Oak Crest Avenue, Decatur. He had been seriously ill for several months. Funeral services were held at the Dawson and Wikoff Funeral home with burial in Mt. Zion Cemetery. Decatur banks closed early to allow employees to attend the funeral. He was survived by his wife, a daughter, Mrs. Russell Harington of Templeton, CA, a son, W.R. McGaughey, Jr., Hinsdale, four grandchildren, and a brother, Dean S. McGaughey, President of the Mt. Zion State Bank. A sister, Mrs. James R. Rich, preceded him in death.

Bank Officer Summary

During his banking career, W. R. McGaughey was involved with the following bank(s):

  • Scott State Bank, Bethany, IL: Bookkeeper 1906
  • Draper State Bank, Draper, SD: Assistant Cashier 1906-1908
  • Mt. Zion State Bank, Mt. Zion, IL Founder, Cashier 1908...1919, Director 1908-1955
  • Citizens National Bank, Decatur, IL (Charter 4576): Cashier 1920-1927, Executive Vice President 1929-1931
  • Millikin National Bank, Decatur, IL (Charter 5089): Vice President 1931-1934, President 1935
1902 Plain Back $10 bank note with printed signatures of W.R. McGaughey, Cashier and A.M. Kenney, President
1902 Plain Back $10 bank note with printed signatures of W.R. McGaughey, Cashier and A.M. Kenney, President. Courtesy of Heritage Auctions, www.ha.com


Sources

  • W. Ray McGaughey on Findagrave.com.
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  • Francis Murray Huston, Financing an Empire: History of Banking in Illinois (4 volumes) (Chicago: The S. J. Clarke Publishing Company, 1926), Vol. 2, p. 539 and 545.
  • Herald and Review, Decatur, IL, Sun., May 14, 1905.
  • The Decatur Daily Review, Decatur, IL, Mon., Apr. 11, 1955.