gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
26d21940c69389e2
Response Measures
None
Events (2)
1.October 17, 1897Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed with large liabilities and many bad accounts; apparent shortage of over $93,000 (liabilities ~ $335,533).
Newspaper Excerpt
The Bank of Edgerton closed its doors Oct. 17, 1897.
Source
newspapers
2.October 19, 1897Receivership
Newspaper Excerpt
Report of Receiver Towne of the Bank of Edgerton, which failed Oct. 19, 1897, owing $350,000, has just been filed.
Source
newspapers
Newspaper Articles (12)
1.May 13, 1899The Saint Paul GlobeSaint Paul, MN
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Article Text
BANK FOR EDGERTON. I Report of Receiver Towne Is Regarded as Favorable. EDGERTON, Wis., May 12.-The report of Receiver Towne, of the Bank of Edgerton, which failed Oct. 19, 1897, owing $350,000, has just been filed. The report shows realizations from assets to $101,786. Two dividends, aggregating 30 per cent, have been paid the creditors and there is on hand $7,443. When Receiver Towne took hold there was less than $35,000 cash available. The report shows there were many bad accounts.
2.May 18, 1899Iowa County DemocratMineral Point, WI
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Article Text
EDGERTON BANK FAILURE. Creditors Get About One-Third of Their Claims. Edgerton, Wis., May 13.-The report of Receiver Towne of the Bank of Lugerton, which failed in October, 1897, owing $335,000, has just been filed and shows the receipts from assets to be $104,786. Two dividends aggregating 30 per cent. have been paid the creditors and there is cash on hand of $7,443. When Receiver iowne took hold there was less than $35,000 available. The report shows that there were many bad accounts.
3.September 29, 1899The Wisconsin Tobacco ReporterEdgerton, WI
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Article Text
Notice. A special meeting of the stockholders of the Edgerton Pottery Co. will be held at the office of the company in this city at 2 o'clock p. m., Wednesday October 25, 1899, to consider the mortgage interests of the Bank of Edgerton, the receiver wishing to foreclose on the same. A full attendance is desired. By order of C. F. MABBETT, Pres. W. H. POMEROY, Sec. Edgerton, Wis., Sept. 25, 1899.
4.October 6, 1899The Wisconsin Tobacco ReporterEdgerton, WI
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Article Text
Notice. A special meeting of the stockholders of the Edgerton Pottery Co. will be held at the office of the company in this city at 2 o'clock p. m., Wednesday October 25, 1899, to consider the mortgage interests of the Bank of Edgerton, the receiver wishing to foreclose on the same. A full attendance is desired. By order of C.F. MABBETT, Pres. W. H. POMEROY, Sec. Edgerton, Wis., Sept. 25, 1899.
5.June 22, 1900The Bowbells TribuneBowbells, ND
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Article Text
STOCKHOLDERS PAY UP. Compelled to Make Up Bank's Shortage to Depositors. Janesville, Wis., June 20.-M. G. Jeffries, of the law tirm of Methers, Jeffries & Meat. went to Edgerton yesterday to pay over to L. II. Towne, receiver of the defunct Bank of Edgerton the sum of $54.000. the amount fixed by the court to cover the liabiliDividends ties of the depositors. amounting to 30 per cent have already been paid. and when the depositors receive this additional amount they will have received 50 per cent on their claims.
6.June 23, 1900The Washburn LeaderWashburn, ND
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Article Text
STOCKHOLDERS PAY UP. Compelled to Make Up Bank's Shortage to Depositors. Janesville, Wis., June 20.-M. G. Jeffries, of the law firm of Methers, Jeffries & Meat, went to Edgerton yesterday to pay over to L. H. Towne, receiver of the defunct Bank of Edgerton the sum of $54,000, the amount fixed by the court to cover the liabilities.. of the depositors. Dividends amounting to 30 per cent have already been paid, and when the depositors receive this additional amount they will have received 50 per cent on their claims.
7.June 29, 1900The Pioneer ExpressPembina, ND
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Article Text
STOCKHOLDERS PAY UP. Compelled to Make Up Bank's Shortage to Depositors. Janesville, Wis., June 20.-M. G. Jeffries, of the law firm of Methers, Jeffries & Meat, went to Edgerton yesterday to pay over to L. H. Towne, receiver of the defunct Bank of Edgerton the sum of $54,000, the amount fixed by the court to cover the liabilities of the depositors. Dividends amounting to 30 per cent have already been paid, and when the depositors receive this additional amount they will have received 50 per cent on their claims.
8.October 4, 1901The Wisconsin Tobacco ReporterEdgerton, WI
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Article Text
To Whom It May Concern: All persons are hereby warned against purchasing of L. H. Towne, receiver of the Bank of Edgerton, or any other person, that certain promissory note of $1050, dated April 1st, 1893, signed by H. R. Houfe, interest paid on same to April 1st, 1896, and $50 on principal, as the same has been fully paid by me and can not and will not be collected. H. R. HOUFE. Dated Edgerton Sent. 28th 1901. 3-3
9.October 11, 1901The Wisconsin Tobacco ReporterEdgerton, WI
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Article Text
To Whom It May Concern: All persons are hereby warned against purchasing of L. H. Towne, receiver of the Bank of Edgerton, or any other person, that certain promissory note of $1050, dated April 1st, 1893, signed by H. R. Houfe, interest paid on same to April 1st, 1896, and $50 on principal, as the same has been fully paid by me and can not and will not be collected. H. R. HOUFE. Dated Edgerton, Sept. 28th, 1901. 3-3
10.October 18, 1901The Wisconsin Tobacco ReporterEdgerton, WI
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Article Text
To Whom It May Concern: All persons are hereby warned against purchasing of L. H. Towne, receiver of the Bank of Edgerton, or any other person, that certain promissory note of $1050, dated April 1st, 1893, signed by H. R. Houfe, interest paid on same to April 1st, 1896, and $50 on principal, as the same has been fully paid by me and can not and will not be collected. H. R. HOUFE. Dated Edenrten noth 1001 22
11.October 25, 1901The Wisconsin Tobacco ReporterEdgerton, WI
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Article Text
Bank Assets Sold Cheap. On Saturday, Oct. 19th, occurred the fourth anniversary of the closing of the Bank of Edgerton, and a reminder as well of the greatest financial disaster that ever occurred in this city. The occasion was made impressive by being selected for the date for disposing of the uncollected assets remaining in the hands of the receiver. Acting under authority of the court, Mr. L. H. Towne as auctioneer, appeared before a crowd that assembled in front of the postoffice at 10 o'clock with a long list of securities that originally represented fully $60,000. He announced that he would proceed to sell each item separately and finally the whole bunch in together and whichever way brought the greatest sum would be confirmed. The first tender was the paper of a former business man aggregating $2,150.00, and the munificent sum of one mill on the dollar was offered. The bidder was finally prevailed upon to raise his offer to $2.25, when the prize was knocked down to him. In offering each item down through the list, many of the securities failed to receive a bid, so the aggregate amount received for separate sales did not reach $200. While this proceeding was going on a syndicate of speculators was quietly formed and when the entire block was offered the bunch was sold to E. C. Hopkins, acting for the combination for $330.00. The paper of most value in the lot was a paid up policy for $1000, due at the death of the insured now 47 years of age, whích has a cash surrender value of $143. What the syndicate will be able to realize out of $60,000 of apparently worthless paper aside from the insurance policy is extremely problematical. Friends of some of the makers of this paper might be willing to pay small amounts to get the notes out or circulation and this seems to be the resource these purchasers banked on.
12.July 25, 1902The Wisconsin Tobacco ReporterEdgerton, WI
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Article Text
WHERE THE MONEY WENT. What Was Obtained From the Old Bank of Edgerton Assets and How Disbursed. Those of our readers who remember back nearly five years ago and recall the circumstances connected with the failure of the Bank of Edgerton will be interested in the figures which we present below. The payment of the final dividend which is now nearly completed returns to the depositors all they will ever realize out of this financial wreck. In the four dividends which have been paid very close to 53 per cent. was paid back to the creditors. The Bank of Edgerton closed its doors Oct. 17, 1897. The stirring times that ensued when meetings of excited depositors were held have not been entirely forgotten. Lawyers were present anxious to stir up litigation and The Reporter was severely critcized for suggesting that it would be better for the creditors to keep out of the law and try and save to themselves all that it was possible out of the failure. If we mistake not, an offer was once made by the stockholders to take the assets and pay the depositors 65 per cent. of their claims, which was rejected. The litigation that ensued run through several years, some phase of which went to the supreme court three different times for adjudication, and it was the depositors' money that has paid the costs and attorney fees. Now after all the delays the creditors get this final accounting and receive but 53 per cent. The first statement issued by Receiver Towne showed the liabilities of the bank to be $335,533.33, while the aggregate assets, including the good, bad and indifferent, amounted to but $241,963.55, an apparent shortage of over $93,000. After working for more than four years the receiver collected but $134,856.48, indicating that $171,000 of the assets were worthless. A statement of the receipts and disbursements is as follows: RECEIPTS.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
