The Indianapolis journal., 1903-08-07
HISTORICAL SKETCH
OF the Early Banks and Bankers of
indianapolis.


Indianapolis.
Doubtless. very few of the citizens of the
present day realize the difficulties and dis
advantages under which the business of
early days was conducted. The supply of
money was very meaGer. but the thing that
hindered business most was the total want
of means and channels through which TO
conduct business. The farmer who had
stock and grain for the market did not
know in what form he would receive his
pay for these products. and in some cases
he was compelled to accept in place of
money bill of exchange, or. as we would
goods. 1t was sort of barter. and bank
ing facilities were of the crudest sort.
The first chartered bank for this city and
State was the State Bank of Indiana, the
charter for which was approved Jan. 2S.
1894. This bank. although chartered in Jam
uary, did not begin business for some
months. Its capital stock was fixed at $780,
600, and by the terms of the charter there
were to be only ten branches. bu. the num-
Der was later Increased to thirteen, and the
charter was for only twenty years. The
State authorized to hold one-third of
the stock. The first subscriptions TO the
capital stock were made April T. 1884 and
the original subscriptions were made i'm a
stock book now in possession of Mr.. Volney
T. Malott, president of the Indiana National
Bank. This book is one of great interest.
The first subscribers to this stock were the
leading business men of Indianapolis and
other business centers of the State, as well
far N
names found in the stock book are of fami-
lies that have been represented in the busi-
ness of indianapolis and the State almost
from the beginning, and the names have
become familiar to the children of the pres
ent share of stock was $50, and the larg-
est subscription to the stock was $500,
seemingly a small amount, but for that
time very large amount When 262 sub
scriptions had been made, thirty-two of the
largest subscriptions. none of which was
over 81 500, were by vote reduced to $500
each, or only ten shares to each man.
Following is the subscription agreement
which was signed by those who took stock
in the indianapolis branch of the Bank of
the State of Indiana:
STATE BANK OF INDIANA.
SuDscrfpt1On Oh Bank STOCK In tne
Branch i'm the First Bank District.
The undersigned subscribe the number OF
shares, of fifty dollars each, annexed to
their names stock in the Branch of the
State Bank of Indiana, located i'm Indianap-
Oils which stock to be paid i'm specie as
follows: Three-eighths thereof to Arthur
st. Clair. Alexander w. Russell. and Hervey
Bates, commissioners having charge of the
subscription books of stock in the First
bank district or their successors, whenever
such payment shall be directed and sixty
days notice thereof published by the presi.
dent and directors of said State Bank and
the balance of said stock to be paid in the
| manner provided in the act establishing g
State Bank, approved Jan. %, 1884 Apri
| 2, 1884
Among the first 262 subscriptions the fol
| lowing are some of the prominent and ia
miliar names to indianapolis citizens: S. p
Drake, James Givan, John Givan, James l.
| Givan. William b. Slaughter, Caleb Scud
der, M. NJ. Morris, Samuel Merrill, Nichola.
| McCarty, Hervey Bates, James NJ Ray
| James Blake, Samuel Henderson, Calvir
| Fletcher. Samuel Harriott, John Harriott
Ephraim Harriott, Jesse Williams, John l.
Banta, Peter A. Banta, Alfred Harrison
| William NJ. Ray. Austin w. Morris, Slough
| ton A. Fletcher. Robert b. Duncan, ALFRED
B. Cole. Fabius M. Finch, John Reese anC
| Ebenezer Sharpe.
These are familiar names to citizens o.
| this and adjoining counties, in fact, to many
| parts of the State, and are interviewer Al
the fabric and history of the commonwealth
Tne shortage in money was so great tha
in many cases tne State loaned money t
men and accepted as security mortgages o,
farms as an inducement for them to TAX,
stock. The business proved very profitable
| and still at the expiration of the charter
renewal of it was refused. The part of tn,