Louisville City National Bank (Louisville, KY)

View Charter #788 on SPMC View balance sheet

Episode Information

Episode UID
78800885
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
7880 national
Charter Number
788
Start Date
September 29, 1873
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
10b8cf302ca43562

Response Measures

None

Description

Suspension was part of a city-wide clearing house arrangement during the Panic of 1873; banks resumed specie payments by mid-October.

Events (4)
1. February 8, 1865 Chartered
Source
historical_nic
2. September 29, 1873 Suspension
Cause
Macro News
Cause Details
City banks withdrew from the clearing-house and suspended specie/currency payments as part of coordinated action during the Panic of 1873/financial crisis.
Newspaper Excerpt
to suspend payment for the present in currency, except in small checks
Source
newspapers
3. October 16, 1873 Reopening
Newspaper Excerpt
The Louisville banks have all resumed currency payments.
Source
newspapers
4. October 8, 1899 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. September 29, 1873 Public Ledger Memphis, TN
Article from Public Ledger, September 29, 1873

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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.

2. October 2, 1873 Evening Star Washington, DC
Article from Evening Star, October 2, 1873

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Article Text

Effects of the Panic at Home and Abroad. Paton & Co., one of the oldest New York dry goods houses, temporarily suspended yesterday. The Danforth locomotive works of New Jersey will place the employés of their foundry on half time, or work two gangs in alternate days, which is equivalent to the discharge of 55 men. Forty employés of the Morris and Essex company, at Hoboken, were discharged Tuesday, and about 150 at other points, because of the inability of the company to obtain currency for disbursements. They have plenty of money in bank. but cannot get checks cashed. Thomas Kemp & Co., grocers, of Baltimore. suspended yesterday. Their liabilities are estimated at $80,000 and their assets $60,000. The Planter's bank, People's bank and Louisville City National bank, of Louisville, have withdrawn from the clearing-house association. The panic did not affect emigration, 80 far, nor has it, so far as can be ascertained, affected the number intending to start from Europe. It is believed that it may affect it some as to points along the line of the Northern Pacific railroad but that the other parts of the country will receive the settlers that had intended to go into that region. A special dispatch to the London Daily Telegraph from Berlin says that trade and speculation are almost at a stand-still, and a crisis is apprehended on the bourse.

3. October 2, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 2, 1873

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Article Text

LOUISVILLE. Withdrawal of Several Banks From the Clearing House Association-They Continue 10 Pay All Demands LOUISVILLE, October 1.-To-day the Planters' Bank, Peoples' Bank and Louisville City National Bank withdrew from the Clearing House Association. These banks have been doing business as usual through the panic, paying all the checks presented, and will continue to do so. They withdrew from the Association on the grounds that there was no necessity for the combination. LOUISVILLE, Oct. 1.-At a meeting of the Clearing House Association this evening, with common consent the Association dissolved through lack of co operation. The Merchants' Bank of Kentucky announces that it will pay all checks on demand, as heretofore.

4. October 2, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 2, 1873

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Article Text

THE STOCK PANIC. A LULL AFTER THE STORM. The End Near at Hand. A Dry Goods Suspension. NEW YORK, Oct. Patton & Co., one of the oldest dry goods houses in this city temporarily suspended today. The Danforth Locomotive Works of New Jersey have succumbed to the financial stringency and will place the employees of their foundery on half time, or work two gangs, on alternate days, equivalent to the discharge of 5: men. Forty employees of the Morris and E-sex railroad at Hoboken were discharged yesterday and about 150 at other points, because of the (mability of the company to obtain currency. They have plenty of funds in the bank but Calnot get their checks cashed. Chicago Advices. A special from Chicago says that the settlements at the clearing house were all made today and there is a better feeling ou change. the telegraph business of During York the increased panic fully fold, New three as shown by the receipts of the various companies. Washington specials sav the financial outlook there is now very bright and cheerful. There was a very quiet feeling in financial circles today. with an entire absence of any exciting event. Nothrop & Chick suspended this morning, but their failure had no influence on the stock exchange as they had no stock. their suspension being caused by the withdrawal of deposits. Condition of Markets. The Erie ring is paying 31 per cent. dividend on preferred, and 1 per cent on common stock today. At the produce exchange there is more business and better feeling. Brea Istuffs being moved more rapidly. In the money market today, the stock brokers pay 7 per cent with a and 1-8 for that IS commission which is about of all 1 16 quotable. their The banks loans, lend all they cau to their customers at 7 per ceut. and mercantile paper while inquired for does not sell. Highly Indefinite. In response to telegrams from the Chamber of Commerce of Charleston to the Secretry of the Treasury; said telegrams referring to a statement that the government was ab ut to place two millions in currency at the sub Treasury iu New Orleaus; te be paid into the banks there on checks on New York, and asking that half a million be placed in Cnarleston for the same purpose, the Secretary of the Treasury says: "Charleston will have all the relief afforded other places." It is true that $2,000,000 have been placed in New Orleans. but this is no new feature, the government always keeping currency in New Orleans. Owing to the reception of favorable finan cial news from varions quarters money is becoming easier in this city. Lower Rates for Money, CINCINNATI, Oct. 1.-Business IS very quiet but more confidence and cheerfulness is apparent. Lower rates for money prevailed on the street. BALTIMORE, Oct. 1.-Kemp & Co., grocers, have suspended. Liabilities $80,000; assets $60,000. CHICAGO, Oct. 1.-The financial situation here this morning is much brighter than yesterday. There is a much firmer feeliugi in the grain market, with an advancing tendency in the prices. A Good Indication. LOUISVILLE, Ky., Oct. 1.-Today the Planter's bark, People's bank and Louisville City National bank withdrew from the clearing house association. They are paying all checks presented. They withdrew on the ground that there wa- no necessity for a comuination. LOUISVLLE, Oct. 1.-The Clearing House Association dissolved to-night.

5. October 16, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, October 16, 1873

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Article Text

Latest General News. The members of the Evangelical Alliance spent yesterday in Washington, visiting the Capitol, where. in the rotunda, all joined in singing the Coronation Hymn. Governor Shepherd gave them a dinner. The Army of the Tennessee Re-union began at Toledo, Obio, yesterday. Gen. Sherman presiding. The attendance was large, including Generals Sheridan, Logan, Howard, and Custer. The California State Grange of the Patrons of Husbandry, met at San Jose on Tuesdav, one hundred granges being represented. Among the matters to be considered is the appointment of a committee to petition Congress for a grant of land to the State for a State system of irrigation. A few deaths from yellow fever have occurred at Lou'sville during the past few days, the victime being fugitives from Memphis. The yacht Julia returning from the New York regatta last evening, was sunk by collision with a ferry boat on the North river, and Commodore Edward Morton, of the New Jersey Yacht Club was drowned. Five yellow fever deaths were reported in Montgomery, Ala., during the past 48 hours. Among the dead is Francis Widmer, ex-Internal Revenue Collector, who was suspended for defalcation. Sbreveport despatches say the yellow fever is dying ont in that city, and that "about thirty black-vomito cases have recovered." There were 41 yellow fever deaths in Memphis on Tuesday, among the victims being Sisters Magdalen and Marie, of La Salette Academy. Up to noon yesterday 35 yellow fever deaths were reported. At Memphis, the mayor being sick, there is a quarrel between the heads of the two benches of the City Council for the position of acting Mayor. The courts as usual are appealed to. The Louisville banks have all resumed cnrrency payments. The first Congress of the "Association for the Advancement of Women," met in New York yesterday. The Association was ogranized on Tuesday night by the election of Mrs. Mary A. Livermore as President. The object of the society is stated to be "the promotion of the moral, intellectual and physical well-being of women." The Atlantics defeated the Biltim ores at New York yesterday by a ecore of 8 to 6.