First National Bank (Chippewa Falls, WI)

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Episode Information

Episode UID
212501599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
21250 national
Charter Number
2125
Start Date
March 3, 1933
Location
Chippewa Falls, Wisconsin (44.937, -91.393)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8d15861988fed3e2

Response Measures

None

Events (2)
1. August 20, 1873 Chartered
Source
historical_nic
2. March 3, 1933 Suspension
Cause
Government Action
Cause Details
State and federal declarations of a banking holiday in early March 1933 led Chippewa Falls banks to suspend operations.
Newspaper Excerpt
Chippewa banks closing for the national holiday
Source
newspapers

Newspaper Articles (3)
1. March 5, 1933 Chicago Tribune Chicago, IL

Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.—(AP)—Delaware, the last of the nation's 48 states not under some form of banking restriction, declared a bank holiday tonight, effective Monday and continuing "until further notice." Harold W. Horsey, state banking commissioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: "Not because of anything that has occurred in Delaware, nor any condition existing here, but wholly because of the action of practically all the other states in declaring a bank holiday and the observance thereof by the Federal Reserve bank, this bringing about a temporary suspension of banking business over the country, I am left with no alternative but to take action to protect Delaware banks and their depositors." Wisconsin Plans Reopening. Milwaukee, Wis., March 4.—[Special.]—Banks of this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur C. Kingston said that a plan has been devised for reopening Wisconsin banks Monday morning, although he withheld details of the plan pending an expected announcement from President Roosevelt at Washington on the banking situation. On the other hand, Walter Kasten, president of the First Wisconsin National bank, and also a member of a committee appointed by the Milwaukee Clearing House association to work out a plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under a scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect. No Holiday in Indiana. Indianapolis, Ind., March 4.—[Special.]—Indiana banks, under the new bank code law recently rushed through the state legislature, have the power to limit withdrawals to one-tenth of 1 per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul V. McNutt today informed state officials from Washington, where he attended the inauguration. Indianapolis banks today continued to pay 5 per cent on both savings and checking accounts, and 100 per cent on deposits made since they declared a 5 per cent withdrawal limitation last Monday. A few upstate banks have limited withdrawals to 2 per cent. Plan Michigan Reopening. Detroit, Mich., March 4.—[Special.]—There was an easing up of banking anxieties in Detroit because of the action of the state legislature on relief bills which are scheduled to be passed on Monday. They should become laws not later than next Saturday and thereby permit banks to re-open and permit another withdrawal of funds in amounts yet to be decided upon. Operations in Detroit will be immediately resumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.—[Special.]—Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. In his proclamation the lieutenant governor set no definite time, declaring only "a temporary banking holiday mandatory for all Iowa banks, savings banks and

2. March 7, 1933 Leader-Telegram Eau Claire, WI

Article Text

Chippewa Banker Explains Situation as Regards City, Urges Use of Common BY SPECIAL CHIPPEWA explanathe action of the Chippewa banks closing for the iod the national holiday, and the causes which made such action cessary, was issued yesterday officer First National bank after scores inquiries been received all banks during the day The explanation, question and answer form, follows: Why the following answers and questions? This bank, organized 60 years ago, feels called upon this situation, some of questions that are in the minds nearly aid bringing light situation. hope that this will brought that are conWhy the banks of Chippewa Falls close last Friday? the executive authorities the state Wisconsin decreed holiday. Why did the banks decide to open up Because they had confidence the people Chippewa Falls, felt there no need for the local close. Why then the banks close Satmorning? the order was mandatory the of state the state banks, and cause the federal banks (ownand operated the federal govthe whole and bank holidays were clared but one of the states the Why did not the banks open up Monday, March was anticipatBecause the president of the Unitexercising declared the bank holiday the banks and including Thursday, March Why did the president and the executive heads in the different take step? Undoubtedly the president and the banking departments of the various states have reasons that cannot incorporated but the main son for the banks being ordered close was that practically every place in this country, except in few local like our own, there had been very severe drains the in the banks. The people were panicky and when people get that frame mind, they not result, money that the banks fast being put into the socks hearding places the people. didn't the banks have the money to pay the includes investment business. The banker takes his deposits invests loans and people the community, and government, municipal and bonds. He keeps hand what known legal ranging from 20 percent his deposits. And must pay the depositors only the money he has on hand. unless were dump his get rough the prices. There forty billion dollars in deposits this and dolars in currency and gold bullion. What meant by this bank holiplan treat all depositors alike. give the spell that people to again and the result hasty, panicky action. provide work plans that the situation can and preserve every What should done about it? Sit think over. Follow the people. Listen the voice the What do you expect the government about it? shortly pass legislation will large protect depositor the against the possibility wrecking system. The government will provide ways and means that, like times, gold cannot hoarded or exported country. What caused this situation? There many The dent called chief cause: Nameunreasoning, unjustified terror which paralyzes needed only thing we have to fear fear itself." What have you to say about the Wisconsin situation? Wisconsin banks aren't any worse because the holiday. fact, they better off. had been hoped that in Wisconsin there would have no need for closing, because Wisconsin, which always leads had taken This state had acted emergency legislation, which other states and which the nation followed, but this state could not stand because proposition, but banking system. What about, the First National What WES its position? We joined other banks and were willing and ready open Saturday morning. ognizing seriousness the uation, and also our obligation depositors, had planned withdrawals restriction five percent, then the federal decidclose, and What result of opening up Saturday very satisfactory experThere bank any the banks the city. not for the school that would practically withdrawals deposits exceeded the withdrawals by considerable amount. What would have happened there had the would have paid under feature, and we had ample funds do We were ready the and proud the citizens this community they were not like sheep (which many other cities metropolitan centers) scared into thoughtless stampede. the future banking? We answer this the words the president: "This preminently speak the whole great nation will endure revive and will prosper. every dark hour national life, leadership frankhas met the understanding support of the people, which essential to victory."

3. April 12, 1933 Chippewa Herald-Telegram Chippewa Falls, WI

Article Text

L. M. Newman Upon countless homes and hearts in Chippewa Falls, the touch of bereavement has been laid in the death of L. M. Newman, which occurred about noon, Tuesday, April 11, 1933. Mr. Newman had not been well for some time but during the past few days seemed in very good spirits and more like himself. Of a singularly happy temperament, always looking on the sunny side—he was cheerful and made others so. Life to him sometimes was a sad contest, especially in the panic days of 1893, with runs on his bank, the First National. But its door never closed and people got their money as fast as they called for it. He was a great banker and an honest one. The writer organized the Progressive League and Mr. Newman was made its first president — and he brought Chippewa Falls its first factories. In 1894 the library spirit took possession of him. He called a book sociable at the Opera House. Everybody was invited and everybody who attended bought a book. A friendly rivalry among the people that night brought to the book social that night eleven hundred volumes — and that was the birth of the Chippewa Falls Library, that today is one of the finest libraries in Northern Wisconsin. Mr. Newman has many other good deeds to his credit and we regret that space will not permit more detail of his usefulness to Chippewa Falls. He loved the out-of-doors and never was more happy than when entertaining his friends at his summer home on Long Lake in Chippewa county. The snowdrifts of years left their mark upon his head but could not check the springtime buoyancy of his heart. Chippewa Falls boasts of much material wealth—but far more valuable to Chippewa are its men of high character and noble lives. A good man is worth more than any bag of money, or crop of corn, or pile of stones. Such a man was L. M. Newman, friend and genial companion, who was foremost in laying the foundation of this city. He came here as a young man from New York state, fifty-seven years ago. He was born in Lanesboro, Pennsylvania, and grew to manhood in Unadilla, N. Y., coming to Chippewa Falls in 1876, to take charge of the First National Bank as cashier of that institution. His presence here has been a source of strength and sunshine, and his going forth an enrichment of the land beyond. Farewell, dear Friend! Thou art gone to that beautiful land above the cedars and the stars, but the memory of thy life will linger long behind thee like the perfume which still haunts the shattered rose—or the echo which survives the harp when the broken chords are still. —T. J. C. (Friends will please omit flowers)