19573. Tobacco Exchange Bank (Edgerton, WI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
May 19, 1930
Location
Edgerton, Wisconsin (42.835, -89.068)

Metadata

Model
gpt-5-mini
Short Digest
cf11aa8ac0bb4e5f

Response Measures

None

Description

Articles report heavy withdrawals that caused the Tobacco Exchange Bank to suspend on May 19, 1930; the bank was reorganized and reopened March 30, 1931. Cause of withdrawals is not specified beyond 'heavy withdrawals'. Reorganization measures (creditor waivers, sale of new stock) are described.

Events (3)
1. May 19, 1930 Run
Cause Details
Articles only report 'heavy withdrawals' as the immediate trigger; no specific rumor, correspondent failure, or bank-specific scandal is described.
Measures
Reorganization effort: creditors' committee seeking waivers on 53% of claims, plan to sell stock in a new bank, special deputy state banking commissioner in charge during reorganization.
Newspaper Excerpt
The bank suspended because of heavy withdrawals.
Source
newspapers
2. May 19, 1930 Suspension
Cause Details
Suspension explicitly attributed to heavy withdrawals following a run; no government action or voluntary liquidation mentioned.
Newspaper Excerpt
The Tobacco Exchange bank, which suspended business on May 19, 1930, ...
Source
newspapers
3. March 30, 1931 Reopening
Newspaper Excerpt
The Tobacco Exchange bank, which suspended business on May 19, 1930, was reopened today ... following reorganization.
Source
newspapers

Newspaper Articles (4)
1. July 25, 1930 The Capital Times Madison, WI
Article from The Capital Times, July 25, 1930

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Article Text

Discuss Bank Reopening at Edgerton Meet Creditors, Reorganization Bodies Confer Tonight [Special to The Capital Times EDGERTON. Wis. - To work out R program for getting creditors to sign waivers on 53 per cent of their claims against the Tobacco Exchange bank, which suspended several weeks ago. the creditors' committee and reorganization committee will meet tonight. Methods of selling stock in the new bank will also be discussed. William C. Buchholz, cashier of the suspended bank, is special deputy state banking commissioner in charge of bank affairs, pending its reorganization. About 350 persons attended a meeting Monday night in the high school auditorlum and learned that bank creditors may receive 75 cents on the dollar when reorganization work is completed. The bank suspended because of heavy withdrawals. T. A. Biggar is chairman of the creditors' committee. Members are E. M. Ladd, Emil Dorrow, C. Fritzke. R. J. Maltpress. William Uille, and F. W. Southworth.

2. July 25, 1930 The Capital Times Madison, WI
Article from The Capital Times, July 25, 1930

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Article Text

Discuss Bank Reopening at Edgerton Meet Creditors, Reorganization Bodies Confer Tonight [Special to The Capital Times EDGERTON, Wis. To work out program for getting creditors to sign waivers on 53 per cent of their claims against the Tobacco Exchange bank which suspended several weeks ago. the creditors committee and reorganization committee will meet tonight. Methods of selling stock in the new bank will also be William C. Buchholz, cashier of the suspended bank, is special deputy state banking commissioner in charge of bank affairs, pending its reorganization. About 350 persons attended meeting Monday night in the high school auditorium and learned that bank creditors may receive 75 cents on the dollar when reorganization work is completed. The bank suspended because of heavy withdrawals. T. A. Biggar is chairman of the creditors' committee Members are E. M. Ladd, Emil Dorrow, C. A. Fritzke, R. Maltpress, William Uille, and F. W. Southworth

3. March 30, 1931 The Capital Times Madison, WI
Article from The Capital Times, March 30, 1931

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Article Text

Bank at Edgerton Is Re-opened Today Tobacco Exchange Bank Resumes Business This Morning (Special to The Capital Times) EDGERTON, Wis. The Tobacco Exchange bank, which suspended business on May 19, 1930, was reopened today with large number of depositors waiting outside the doors by 8 In observance of the reopening. following reorganization. men received cigars and women carnations. dividend will be paid to stockholders of the old Institution soon as possible, officers promised. No date has been fixed.

4. March 30, 1931 The Capital Times Madison, WI
Article from The Capital Times, March 30, 1931

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Article Text

schutz, $49.50; John O. Kelley, $49.50; S. W. Stone, $49.50; H. F. Taft, $49.50. Bank at Edgerton Is Re-opened Today Tobacco Exchange Bank Resumes Business This Morning (Special to The Capital Times) EDGERTON, Wis. The Tobacco Exchange bank, which suspended business on May 19. 1930, was reopened today with large number of depositors waiting outside the doors by In observance of the reopening, following reorganization, men received cigars and women carnations. dividend will be paid to otockholders of the old institution soon as possible, officers promised. No date has been fixed.