State Bank

of Indiana. The State Bank of Indiana occupies a notable place in the financial history of the United States. It was practically a state institution, the state owning one-half of its capital stock and appointing its president and four of its seven directors. The State Bank was a supervisory institution. It did not itself carry on banking operations; the actual banking busine was conducted by seventeen branch banks. The State Bank had a monopoly of banking and the right to i ue notes in the state of Indiana; by law no other banking corporation was to be created or permitted in the state. The State Bank of Indiana began busine November 20, 1834. Its management was remarkably strong. So high was the standing of the bank that in the panic of 1837, when bank failures throughout the country were numerous and the notes of banks in other states were at a great discount, the notes of the State Bank of Indiana were at a premium in the West and South and in the East were at a slight discount only. The State Bank was succeeded in 1857 by the Bank of the State of Indiana, a private corporation, the legislature having repealed the law which granted a’monopoly in banking to the State Bank and decreed that the state should not longer be a stockholder in any bank. The Bank of the State of Indiana, like the State Bank of Indiana, was a supervisory institution. It conducted its banking busine through twenty branches. The Bank of the State of Indiana maintained the splendid record of its predece or, the State Bank of Indiana, and continued until 1866, when it voluntarily wound up. It stopped on account of the imposition of a Federal tax of Io per cent on notes other than those i ued by national banks, which effectually prohibited it from further i uance of notes. Seventeen of the branch banks were converted into national banks, two became private banks and one liquidated. State bond. A bond i ued by a state. Statement. A detailed written report of the existing condition of an account is called a statement. | Statement rendered. Same as account rendered; see Account rendered. | Statute of limitations. The statute (law) by which a debt is outlawed; see Outlawed.: Statutory meeting. Every English limited company must within three months from the date on which the company is entitled to start busine hold a general meeting, which is called statutory, at which certain formal information has to be given to shareholders. Stealing eighths and quarters. An expre ion used (es-: pecially in the stock market) when a dishonest broker reports to customers purchases 1-8 or 1-4 per cent above and sales 1-8 or 1-4 per cent below the actual prices in transactions. These differences he retains for his own benefit, defrauding his customers of them. ‘This practice is infrequent. It is fraud and is punishable by expulsion from an exchange. Sterling. The standard of monetary value established by the British government; a general designation for English money. The term sterling is also applied to gold or silver in ingots or bars of the standard of value or finene established by the British government. Sterling gold is 22 parts pure gold and 2 parts alloy; sterling silver is 222 parts pure silver and 18 parts alloy. 502