22571. 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
79181252

Response Measures

Full suspension

Other: Reorganization with creditors waiving claims; state deputy banking commissioner in charge pending reorganization. Reopening celebration included cigars and carnations.

Description

The bank suspended on May 19, 1930 because of heavy withdrawals (a run) and was reorganized and reopened on 1931-03-30. State banking commissioner involvement indicates a state-chartered bank. Reorganization and creditors' waivers discussed in July 1930.

Events (3)
1. May 19, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals (a depositor run) prompted the bank's suspension; articles attribute suspension to heavy withdrawals.
Measures
Reorganization plans; creditors' committee seeking waivers on claims; state banking official (special deputy state banking commissioner) placed in charge pending reorganization.
Newspaper Excerpt
The bank suspended because of heavy withdrawals.
Source
newspapers
2. May 19, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension directly attributed to heavy withdrawals (depositors' run) leading to suspension of payments and need for reorganization.
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.