Banking in the blood

Not sure why I came across this, maybe it was for my daughter to see, as she is now engaged in the banking business. My career was finance, specifically the use of bonds to purchase student loans on the secondary market. Money seemed to run in the family, although it was generally others, not ours.

The Internet however is very elucidating, and in my search I discovered that my great grandfather John Franklin "Frank" Wild opened Indiana's first bond house in Anderson, Indiana in 1891 (moving same to Indianapolis soon thereafter). Buying and selling bonds would be the start of his fortune, and ultimately the end in 1927. Of course, the theft (more later) and the Depression didn't help.

I came across a publication called the Mercantile & Financial Times, which was "Devoted to Money, Finance & the Mercantile Interests of the United States". A lofty journalistic masthead to say the least. It appears to have been what we'd call today a "commercial newspaper" where public notices were featured, amongst some journalism. Going to the 12/19/1908 issue #77, on page five was (under Banking) this sub-headline "Indianapolis Banks - State Bank of J.F. Wild & Co. One of the Thriving Financial Institutions of the City"

The article went on to reveal that my great-grandfather's bank was a "private bank operating under State supervision." It was described to be "By far the largest bank in this class" and went on to describe "capital of $25,000 and surplus and profits of $6,357". I got a chuckle out of "These (aforementioned) items, together with the $3,500 at which the bank's vaults, furniture and fixtures are conservatively appraised, make up the total of it's resources, amount to $850,224.

I found the language in the article was certainly flowery (I guess that's how they wrote back then) and it went on to say "It is reasonable to assume that the banks assets are all of the desirable and safe kind and worth on any ordinary market all, or more than all, the value ascribed to them in the report." The report would refer to the twice annually required "call report" for private banks of that era. That paragraph continued "Aside from this, the well-known character of the banks' proprietors is such as leaves no room to doubt either their personal integrity or their possession of the expert financial ability required to conduct the business safely, faithfully and to the perfect satisfaction of all the bank's customers." [no doubt this journalist went on to become a press agent]

The colorful writer then went on to reveal "The liberality and fairness of the bank are shown in its policy of paying interest at the rate of three percent per annum on commercial depositors' daily balances of one hundred dollars or more, subject to check, and of four percent interest on all savings accounts." OK - nobody today is offering 3% on checking and 4% on savings. As an aside, I still have a yardstick from that bank (now over 90 years old and very solid wood) that advertises those exact rates.

The story ended by stating "As a depository for commercial or savings accounts, a place to buy or sell securities, to negotiate loans or to transact other banking business, we do not suppose there is in Indianapolis a bank that is safer, nor any where more liberal treatment or greater consideration and courtesy can be counted upon more certainly than in this State Bank of J.F. Wild & Co.

Skip forward a few years, and I found that the bank in 1919 had resources of $2,701,085.70 [from an Indiana "call report"]. The picture above shows the bank building at 129 E. Market Street in Indianapolis. Back when I left Indy in 1978, and somewhat more recent visits in the 90's, I was able to glimpse the name J.F. Wild Bank chiseled into the stone above the door, albeit hidden by the sign for whatever organization was using the building at that time. The story also says the building, mostly vacant, sold for 750,000 in 2008. Great grandfather apparently built it to last, just not in a way my generation saw any of this earlier dynasty.
Frank Wild's son, John F. Jr. had passed away in his 30's, and my father never entered banking but made his career in public relations and the Air Force reserve. My dad could never write flowery press releases, however. Maybe I'm related instead to that writer for the Mercantile & Financial Times.

The J.F. Wild Bank was closed by state auditors on July 30, 1927, as a result of failure to come up with additional capital following the theft of $275,000 in "Liberty Bonds" the prior September. During the 1920's, there were numerous bank robberies, and I even found a story in the Indiana Magazine of History (online) called "Vigilantism as a Response to Bank Crimes in 1925-1933". Liberty Bonds were often the target, as they were negotiable same as cash. In fact, in my career "bearer bonds" with coupons were issued up through 1985, when finally replaced by registered bonds which would only "clear" through banks provided sufficient proof of ownership. At a time when money was tighter than even today, Frank Wild ran out of time allowed to secure additional capital from investors, and the bank was dissolved. From family stories, depositors got back all of their money, but family real estate holdings on the north side of Indianapolis were liquidated to make it possible.

Great grandfather John Franklin Wild was President of the bank, his brother Leonard was Cashier. In Noblesville, Indiana, I am told there is still a building on the town square with the Wild name also inscribed - going back to the start of mercantile business (dry goods in this case) following the brothers coming to America from Ulm, Germany. There's a cemetery in Noblesville full of Wilds, including my father John F. Wild III. My mother laid down the law, so I am John David, not J.F. the Fourth. Had that happened, mother would have taken to consuming a Fifth every day thereafter.

In 1928, in Citrus County Florida, the Great Depression was credited with beginning. Bank robberies conspired to eliminate any chance of a silver spoon for me, and I suspect this next Depression will do the same for my daughter, the banker. Meanwhile I've moved - at least three counties south of Citrus in Florida. Hope it'll turn out to be far enough away.