Article Text
The Financial Situation. LOUISVILLE, September 29.- A largely attended meeting of bank presidents, cashiers and prominent financiers of the city was held in the gentlemen's parlor of the Galt House, yesterday afternoon and evening. The meeting was called to consider upon the present exigencies of the financial situation, and after long and earnest discussion, it was resolved to take the same action as that adopted by the association of banks in New York and the other great financial centers of the country, viz: to suspend payment for the present in currency, except in small checks and to adopt the plan of settlement through a clearing house by means of certified checks and certificates based upon pledges of securities deposited with the Clearing House Association. The following banks were represented: Western Financial Corporation, Bank of Louisville, Planters' Na tional Bank, Peoples' Bank, Farmers' and Drovers' Bank, Citizens' Bank, Louisville City National Bank, Second National Bank, Merchants' Bank, Falls City Tobacco Bank, Bank of America, German Security Bank. JEFFERSONVILLE, IND., September 29. The Ohio Falls Car Works has suspended operations in order to take a calm survey of the situation. James Howard & Co., boat builders, paid two thirds wages on Saturday, and will not suspend work. There was some little run on the banks Saturday, but checks were promptly cashed and no panic occurred.
