Milwaukee Clearing House

Episode Information

Episode UID: 2698034591599
Episode Type: Suspension → Reopening
Bank Type: trust
Bank ID: 269803459 hash
Start Date: March 7, 1933
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: d614de4947d176da

Response Measures

None

Description

Article describes clearing house scrip and expectation banks will reopen after the March 1933 holiday.

Events (1)

1. March 7, 1933 Suspension

Cause: Government Action
Cause Details: Banks affected by the March 1933 banking holiday; clearing house issuing scrip and backing plan to facilitate reopening.
Newspaper Excerpt: The Milwaukee clearing house plan, it was learned, calls for $100 worth of collateral for each $80 worth of scrip turned over to banks.
Source: newspapers

Newspaper Articles (1)

1. March 7, 1933 Wisconsin State Journal Madison, WI

Article Text

The Milwaukee clearing house plan, it was learned, calls for $100 worth of collateral for each $80 worth of scrip turned over to banks. A uniform system of backing the clearing house certificates will be worked out so Milwaukee scrip will be accepted in other cities throughout the country. Janesville Scrip Ready Scrip signed by Henry Traxler, city manager, was available in Janesville today in denominations of 25 cents to a dollar. The scrip was issued by the newly created Merchants' Clearing exchange of which Traxler is president. In Beloit, bankers and officials of the Commercial club decided to issue $100,000 in scrip which will be exchanged for payroll checks of Beloit factories. The scrip will be redeemable in clearing house certificates later. The Simmons company of Kenosha and the Wisconsin Gas and Electric co. there issued regular payrolls in small checks made out to "bearer" which will be circulated in place of cash. Issuance of scrip is expected to restore normal conditions at livestock and produce exchanges in Milwaukee. Livestock exchange officials said receipts Monday were 50 per cent below normal but that there was enough meat on hand to keep Milwaukee supplied for a week. The produce and fruit exchange was doing business on a strictly cash basis. Seek Pension Release County officials expressed hope today that the city banks would re-open by Friday in order to permit the county to pay out mothers' pensions which come due March 10. It was pointed out that failure to give out the pensions on that date probably would work hardships on a large number of persons, since they are dependent largely on what they receive from the county. Checks for the pensions, which amount to about $8,000 a month, will be ready for distribution Friday, according to F. A. Stewart, county board chairman, and C. L. Femrite, county treasurer. son clearing house; R. Marshall of the First bank; and F. W. Suhr, pr the American Exchange ternated in explaining the situation. They adm do not know just what th ing will mean. Madison bankers, acc Mr. Paunack, were awai from federal authorities Milwaukee clearing hou how and when they w and how scrip will be us are to use it. He said another day would dis complete plan for resum exhibited a 1907 scrip sued in Milwaukee, c that he believed it was for its face value. The brief session adjo the understanding that chants' committee woul close contact with the probably report pro another meeting within Rise in Food Prices Here Held Likely Although there is no of a food shortage in Ma result of the bank holida a distinct probability of in prices, it appeared to "If this continues, the doubt that food produc vance materially and q R. Hommel, president Bros., Inc., said today. already advanced 20 cen is up two to three cents. ducts are bound to foll Officials of the Armou ing company here said enough meat to last un but they expected a ship Adolph Bolz, vice presi Oscar Mayer company, plant had plenty of meat