Beloit Commercial Club

On March 6, 1933 the Board of Directors of the Beloit Commercial Club met to discuss the Bank Holiday.  The Board authorized the Club to issue scrip to be used to make payrolls for local industry while the banks were closed. 

The Commercial Club had the scrip printed and acted as clearing house.  The scrip was supplied to local banks where it was used to cash payroll checks for businesses approved by the banks.  The Beloit State Bank, the Second National Bank of Beloit, the Beloit Savings Bank and the First Savings and Trust Company participated in the scrip program. The businesses included:

Fairbanks-Morse & Co.Beloit Iron Works
Freeman Shoe Corp.Yates-American Shoe Corp.
General Refrigeration Corp.Beloit Box Board Co.
Simonds-Warden-White Co.Central Radio Corp.
Wright-Wagner DairyGardner Machine Co.
Racine Feet Knitting Co.Henley-Whittemore Co.
Warner Electric Brake Co,Fish Rotary Oven Co.
Daily News Publishing Co.Beloit Glove & Mitten Co.
Taylor Freezer Corp.Beloit Foundry Co.
Vale BakeryWisconsin Power & Light
Beloit City Schools

A total of $120,000.00 in scrip was authorized, $100,000.00 was printed and slightly less than $57,000.00 was issued.

The Beloit banks re-opened on March 13, 1933 putting the city back on a cash basis.  The Commercial Club stopped issuing scrip on the same day.  Redemption of the scrip began on March 17, 1933 and ceased on April 15, 1933.

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