The Indianapolis journal., 1903-08-07

profits paid to the State was the basis for
a sinking funG. which later was the begin
ming of the present magnificent school fund.
Soon after the expiration of this charter,
although the State refused TO renew it.
charter was granted the Bank of the State
of Indiana. with authority to organize
twenty branches. OF this bank Hugh Nc
Culloch. of Fort Wayne. who afterwards
was secretary of the United States treasury
under three Presidents, was the first presi-
dent. The business was conducted at the
corner Of Illinois street and Kentucky ave-
nue.. Mr.. McCulloch resigned the presi-
dency OF this hank to accept the position Of
comptroller of the currency under Salmon
p. Chase. secretary of the treasury during
President Lincoln's first term of office. IN
his new position Mr. McCulloch put into
operation in the national banking system
many of the features that had been tried
and proven valuable in the Bank OF the
State of Indiana.
This bank continued in business until 1865.
when the Indiana National Bank was Or
ganiZed. The indiana National vas the i'm
mediate successor 10 the business of the
Indianapolis branch of the Bank of the
State of Indiana. and not only continues
business, but s doing it on very IcCcn
larger scale Yhe only men now living in
this city who served the Bank of the State
of Indiana as directors are William ]. Hol-
liday. George Merritt and Volney r. Ma
lott. These gentlemen were at that time
comparatively young men, They are all still
directors ot the Indiana National Bank. Mr..
Malott resigned as teller of the Bank of the
State of Indiana to enter railroad business.
in which he continued until he took part in
the organization of the Merchants National
Bank and became it's cashier. He served the
Merchants as cashier or president until
1882, when he sold his stock and bought
stock in the Indiana National.
One of the most successful bankers ever in
business in Indianapolis was the late Fran
els NJ. Churchman, who came to this city in
the 'forties'' and entered the banking house
of Stoughton A. Fletcher when mere lad
of only seventeen or eighteen years of age.
He continued in business with the same in
stitution until 1891. when he died, after serv-
ing the hank for more than forty years He
was familiar with all the details of bank
ing and was sind to be the best posted man
on finance in the city at the time OF his
death. When he died. in 1891. one of the In
dianapols papers said of him: HE was
| connected with this great banking
house during all of his business life, filling
all positions, from the lowest TO that of the
! head of the firm, the directing mind of the
! institution. He was especially posted in that
branch of literature relating TO finance, and
had one of the most complete Libraries on
| this subject.
OF the present bankers in the city
| v. T. Malott, Stoughton J. Fletcher and
I John +. F'renZel have been longest identified
with the business and have, no doubt, filled
| the greatest number of positions. Their
work, coming at time of great advance
ment in State and city, can hardly be esti'
mated in its Importance. Other bankers
who have come more recently to Indianapo-
lis. selected. an opportune time, and they are
proving themselves successful financiers
in very responsible places of trust; but OF
| these fuller detail may be found in connec-
| ton with the establishments which they
|