Biography of Charles H. Wallace

Charles H. Wallace. Among the ambitious young men who came to Champaign County some forty years ago with the intention of making it his future home and has proved his foresight and good judgment in making his selection was Charles H. Wallace, who needs little introduction to the people of Homer, which has always been his place of residence. His present position in the financial field places him among the capitalists of the state, his large possessions make him one of the great landowners. Mr. Wallace is a graduate of the agricultural department of the University of Illinois, and his vast agricultural operations are based on sound scientific knowledge.

Charles H. Wallace comes of Scottish ancestry but of American parentage. He was born at North Ridgeville, Lorain County, Ohio, November 4, 1856, and is the second born son of William S. and Helen (Bryant) Wallace. The father was a farmer, later a manufacturer, and still later became identified with banking interests, being a man of great business enterprise. His death occurred at Trinidad, Las Animas County, Colorado. The mother died at Elyria, Ohio. They were the parents of seven children, namely: James E., who is a resident of Cleveland, Ohio; Charles H.; Frances A., who is deceased; Nellie J., who is the wife of the Hon. F. R. Wood, of Trinidad, Colorado; and Lewis D., Margaret and Rosaltha, all of whom are deceased.

When Charles H. Wallace reached Champaign County, Illinois, on March 26, 1878, he located at Homer and as farming was his object, he rented a tract of land and there put into practice the knowledge he had gained during his university course. As time passed he began to acquire land and still more land until now Mr. Wallace has sixteen hundred acres and these, under his intelligent methods, yield so abundantly that he is looked upon as an authority on all things agricultural. Mr. Wallace for many years has been interested in a number of banking institutions, and is an official in the Elyria Savings and Banking Company, of Elyria, Ohio; the Allerton State Bank,” at Allerton, Illinois; and is vice president and a director in the First State Trust & Savings Bank at Urbana, Illinois, which he assisted to organize.

The First State Trust & Savings Bank is one of the soundest financial institutions in the state. According to its statement at the beginning of business May 2, 1917, its resources are as follows: Loans and Discounts, $137,760.82; Overdrafts, $2,338.22; Banking House, Furniture and Fixtures, $40,000.98; Other Real Estate, $7,800.00; Due from Banks, $61,928.80; Cash on Hand, $7,281.94. Total, $257,110.76. The liabilities are as follows: Capital Stock, $60,000.00; Undivided profits, $3,566.62; Deposits, $176.000.38; Certified Checks, $43.76; Bills Payable, $17,500.00. Total, $257,110.76. The officers of this bank are: S. E. Huff, president; C. H. Wallace, vice president; Harry Gardner, vice president; Abner Silkey, cashier; S. H. Busey, cashier; H. L. Ascher, assistant cashier. The board of directors is made up of the following capitalists:

5. E. Huff, C. H. Wallace, Harry Gardner, Abner Silkey, S. H. Busey, F. E. Williamson, John Vedder, Joseph W. Vedder, H. V. Cardiff, J. 6. Goodmann, L. F. Wingard. This bank was authorized by the Secretary of the Treasury of the United States to receive subscriptions to the first Liberty Loan and the bank handled these subscriptions without profit or commission.

Mr. Wallace was married to Miss Effie O. Core, the only daughter of Dr. James Core. She had one brother, Charles P., who is deceased. Mr. and Mrs. Wallace have had seven children, as follows: A son who died in infancy; Ralph C. J., who is cashier for the manufacturing firm of Lynn & Bowler at Stuttgart, Arkansas; Helen J., who is the wife of Howard Smith, of Sidney, Illinois; Lewis B., who is a teacher in the high school at Harper’s Ferry, West Virginia; and Ruth, Julian and Irene, all of whom reside with their parents.

In politics Mr. Wallace has always been a supporter of the principles of the Republican party. He has never accepted public office, as his many private interests have closely engrossed him, but he is a wide awake citizen and when necessary lends helpful influence in the right direction unofficially. For twenty-five years he has been on the official board of the Methodist Episcopal Church and its secretary during this time. The only fraternal organization with which he is identified is the order of Ben Hur.

MLA Source Citation:

Stewart, J. R. A Standard History of Champaign County Illinois. The Lewis Publishing Company, Chicago and New York. 1918. Web. 21 December 2014. - Last updated on Jun 8th, 2012

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