Directors turned the Ohio Savings Bank & Trust Co. over to the Ohio State Banking Department and suspended operations on/around Aug 17, 1931 amid prior withdrawals and the recent closing of Security Home Trust Co. State examiners began liquidation; later reorganizational efforts and dividend payments to depositors occurred, indicating resolution through state-led liquidation/reorganization rather than a simple temporary reopening.
Events (3)
1.August 17, 1931Suspension
Cause
Local Banks
Cause Details
Closings were precipitated by the earlier closing of the Security Home Trust Company and steady withdrawals that followed; directors requested state takeover to conserve assets.
Newspaper Excerpt
Directors of the Ohio Savings Bank & Trust Co. ... decided to close the ... bank and turn their assets over to the State Superintendent of Banks
Source
newspapers
2.August 18, 1931Other
Newspaper Excerpt
staff of 60 state and federal examiners continued their task of liquidating the Ohio Savings Bank and Trust company ... which suspended with combined resources of approximately $100,000,000 . Banks' affairs were being liquidated and state took charge to protect depositors' assets.
Source
newspapers
3.December 18, 1931Other
Newspaper Excerpt
distribution of $6,500,000 to depositors of three closed Toledo banks ... plans for dividend payments arranged by banking officials, ... approved by Common Pleas Judge Martin
Silver Bar silver continued un changed at the close of the week holding at 27% an ounce New York and 12% pence in London
Washington, August 15the Farm Board finally will adopt to the Southern cot farmer his low dilemma tonight the close interest of toel-Operations of steel mills in Washington the Youngstown district next week Hope been virtually abandoned will average per cent of rated for its proposal that third of the an increase of one per cent current crop be destroyed and over the past week, Dow, Jones & ization supplies held off the market Co. estimates. for year At least five actual rejections been received the Governors TOLEDO BANKS CLOSED. who were asked to join in the program. Three Savings Institutions Turned There apparently is no immediate Over To State Department. prospect of action although many to that Toledo, Ohio, August end have out. The disposit Directors of the Ohio Savings Bank seems be to leave the actual for & Trust Co., the Guard plan squarely up to the board to be Trust & Savings Bank and the worked out the counter Commercial Savings Bank & Trust proposals put forward by Governors. Co., at special meetings tonight. de- Senators and cided to close the three board members continued banks and turn their assets their efforts to reach an agreement the State Superintendent of Banks with the directors the American This action means that the three Cotton Cooperative Association on down-town banks and their 34 the amount advances to be branches throughout the ed in handling this city not be opened Monday year's The bumper morning pective crop 15,584,000 In the of said the this action for protection of all de- tions have been in process for during an unparalleled several days.
TRY OUT GROUP MARKETING
Salem, Ohio, August Orchardists Mahoning and Columbiana Counties today began their first in group marketing. They completed deal whereby large of the apple and peach will be sold an agency 700 and 800 cars of fruit will be shipped with East Palestine New Coford and Canfield
2.August 17, 1931The Indianapolis TimesIndianapolis, IN
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FOUR BANKS IN TOLEDO CLOSED 34 Branches Are Affected; $100,000,000 Resources. By United Press TOLEDO, O., Aug. 17.-Four major Toledo banks and their fourteen branches, with combined resources of more than $100,000,000 and 150,000 acounts, were closed today by orders of the state banking department and directors. The institutions were the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings bank, the Commercial Savings Bank and Trust Company and the American bank. Other banks remained open and announced they were prepared to withstand heavy withdrawals. The four closures were precipitated by the closing several weeks ago of the Security Home Trust Company, it was said. As notices were posted on the windows of the institutions, every available policeman in the city was ordered on duty, but there was only one instance of disorder. An irate citizen tossed a bottle through the window. of a branch bank. Under a force of sixty men of the state banking department, augmented by six examiners of the federal reserve bank system from Cleveland, the task of liquidating the four suspended banks was immediately begun. As work of liquidation was started, crowds of anxious depositors thronged about the institutions, but there was no disorder. Traffic presented the greatest problem. Other local banks drew a steady stream of depositors, who withdrew their funds and dispersed. Withdrawals were being met promptly.
3.August 17, 1931Quad-City TimesDavenport, IA
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Four Banks Are Closed Toledo
$110,000,000; Police Prepare for Emergency.
Toledo, Aug. Toledo banks with combined resources of more than failed to open for business this morning, while 11 savings associations ceased payments of deposits during the present financial situation. In accordance with the request of directors the four institutions, the state banking department prepared to take over their affairs conserve assets in the face of previous steady withdrawals by positors. City police and detectives troled the banking districts in preparation for any public emergency Meanwhile, there was pending meeting between Mayor W. son and Adjutant General Frank Henderson, Columbus, commanding the Ohio National guard. Late Saturday, directors an nounced closing of the Commerce Guardian Trust and Savings bank, the Ohio Savings Bank and Trust company and the Commercial Sav ings Bank Trust company. Expect to Yesterday, in the wake of these came word from directors of the fourth institution, the American bank, state bank, that it would be forced to close its doors also because its reserves were tied up in two of the banks sus pending operations. It was indicated that conferences relative to reorganization may be started within ten days.
Six Close in Nebraska. Lincoln, Neb., Aug. Six Nebraska state banks today failed open their doors for business and both Gov. Charles Bryan and E. H. Luikart, secretary of the state department of trade and commerce, said the closings the result of recent bank sus. pensions in Omaha.
Killed by Lightning.
H. Broman, 35, of Corydon, was killed afternoon by lightning as he got out of his car to examine damage done in minor accident on highway south Roggan. His wife and small child were uninjured.
4.August 17, 1931The Journal TimesRacine, WI
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FOUR TOLEDO BANKS CLOSE DOORS TODAY
TOLEDO, O., Aug. Toledo banks, with combined sources of than for this failed open morning. while 11 saving associations deposits during the present financial situation. In accordance with the request of directors of the four institutions, the state department to take their affairs assets, the face of previous steady withdrawdirectors anLate nounced closing of Commerce Guardian Trust Savings bank. The Ohio Savings Bank and Trust company, The Commercial Bank Trust company. Festerday. in the of these came from directors of the fourth institution, The American bank. state bank. that would be to close Its doors its tied two of the banks, suspending operations.
Chicago Livestock
Dept. bulk weights and choice light 160-200 weight 250-350 lbs medium good and choice 100 good fed vearlings fully steady stances finished weighty steers classes active: long yearling steers for for bullocks: helfer cattle and steers good choice 1100. medium and medium cows choice common and medlum bulls (yearlings and choice (milk and and choice and 50 lower: lambs off in better grade natives 7.50 paid best sheep lambs choice weights and lbs good 5.25@5.75.
Chicago Produce
Butter tone and averaged steady higher. Eggs one cent lower. total shipments Saturday 490 Suntrading only Idaho russets and Wisconsin Colorado creamery spe. score) extras estra firsts firsts (90 score graded firsts receipts steady broilers springs roosters turkeys white colored
Chicago Grain
Milwaukee Produce
Aug. standards steady; fresh firsts light springers turkeys ducks springs 20.00 steady: Missouri cobblers steady: Texas 50-1b
Milwaukee Grain
Aug. yellow Mixed white No. Feed
CHEESE MARKET
Cheese daisles young Americas Swiss hard hard spring mixed mixed mixed % white Sample grade Timothy Cloverseed
5.August 17, 1931The Evening SunBaltimore, MD
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6 SMALL NEBRASKA First Family Of China BANKS FAIL TO OPEN Meets At Mother's Bier
Closings Are Called Result Of Suspensions In Omaha
Nebraska State banks failed to open for business today. Gov. Charles W. Bryan and E. H. Luikart, Secretary of the State Department of Trade and Commerce. said the closings were the result of recent bank suspensions in Omaha. The six banks had total deposits of approximately $1,180,000. They were the First State Bank, of Pleasant Dale: the Dwight State Bank of Dwight; the Brainard State Bank, of Brainard: the Bruno State Bank. of Bruno: the Butler County Bank. of Davis City, and the Leigh State Bank. of Leigh.
Four Ohio Banks Remain Closed Toledo banks with combined resources of more than failed to open for business this morning. while eleven saving associations ceased payments of deposits during the present financial In accordance with the request of directors of the four institutions, the State Banking Department prepared to take over their affairs to conserve assets in the face of previous steady by depositors. City police and detectives, acting under orders of Police Chief Haas, patroled the banking districts in preparation for any public emergency. Meanwhile there was pending meeting between Mayor W. T. Jackson and Adj-Gen. Frank D. Henderson. Columbus, commanding the Ohio National Guard. Late Saturday, directors announced closing of the Commerce Guardian Trust and Savings Bank. the Ohio Savings Bank and Trust Company and the Commercial Savings Bank and Trust Company Yesterday, in the wake of these announcements, came word from directors of the fourth institution. the American Bank, State bank. that it would be forced to close its doors also because its reserves were tied up in two of the banks suspending operaIt was indicated that conferences relative to reorganization may be started within week or ten days.
Three Famous Daughters, Two Distinguished SonsIn-Law And Three Sons Gather To Mourn Death Of Mother-In-Law Of Revolution
Family' one of their rare reunions in Shanghai tonight This time they gathered around the bier of their mother. Mme. K. T Soong. sometimes referred to as the mother-in-law of the Chinese revoluMme. Soong died in Tsingtao July 23 shortly after receiving word of the attempted here of her son, T. V. Soong. vice-chairman Finance Minister of the Chinese Nationalist Government. The gathering was completed late today with the arrival of Chiang Kaishek, head of the Nationalist Government, from Nanchang to attend the two-day funeral. Chiang Kai-shek is son-in-law of Mme. Soong. Mme. Soong numbered in her family three famous daughters, two distinguished sons and three sons all of whom. gathered at the bier. emphasized how the object of their mourning had wielded an influence on modern China such as few women have exercised in any nation in his-
Besides President Chiang Kai-shek ter of Mme. Soong and widow of the founder of the Chinese Republic: Mme H. H. Kung. another daughter and wife of the Nationalist Minister of third daughter: T. V. Soong. Minister of Finance and vice-chairman of the Nationalist and younger sons, T. L. Soong and T. N. Soong. who hold minor Government positions. Daughter Returns From Exile Mme. Sun Yat-sen returned from voluntary exile in Europe to attend the funeral and thus temporarily rejoined the kinsmen from whom she had been politically and spiritually estranged since Today's rites at the Soong home included Christian service. Mme. Soong was a Christian. and reared six children in that faith. It was in her home and largely under her influence that Chiang Kai-shek last year was baptized in the Methodist Episcopal Church South. Mine Soong had been widow since 1928. She will be buried tomorrow.
Banking and Insurance. Mr. Bristow said the closing was ordered to protect the depositors of the bank. which capitalized at $250,000. In separate announcement today it was stated that the Richmond Trust Company here had been acquired by the American Bank and Trust Company of Richmond. Officers of the Richmond Trust Company were interented in the Hopewell bank. but the ansaction did not involve the latter institution. it was stated.
6.August 17, 1931Tucson CitizenTucson, AZ
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FOUR OHIO BANKS CLOSE THEIR DOORS
TOLEDO, Ohio, Aug. 17. (AP). Four Toledo bank with combined resources of more than $100,000,000 failed open for business this mornwhile 11 saving associations payments of deposits during the present financial In accordance with the request of directors of the four institutions, the state department prepared to take over affairs to conserve assets in the face of previous steady withdrawals by depositors. City police and detectives, acting under orders of Police Chief Louis Haas, patroled the banking districts in preparation for any public emergency. More than 100 rural bankers of who met yesterday with Superintendent of Banks Ira Fulton and Charles Saf fin. attorney for the state department, had their assurance of co-operation by state authorities in meeting local The closing ties up for an indefinite period more than of deposits. The Trust company when it closed had about of the Ohio Savings Bank and Trust company almost Commercial Savings Bank and Trust company Guardian Trust and Savings Bank
FOUR TOLEDO BANKS CLOSED
State Takes Over Institutions in Move to Protect Assets For Depositors.
TOLEDO, O., Aug. con assets for the protection of and expedite negotiations merger four major Toledo banks and their 34 banches were today the hands of state banking department for operation. Directors of Ohio Savings Bank Trust company, the Commerce Guardian & Savings bank, the Commericial Savings Bank Trust Co. and American Bank voted Saturday night to turn the institutions over Ira Fulton, state superintendent of banks. Re sources of the four total more than 60-day notice on withdrawals invoked by the Toledo banks after closing of the Security Home Trust Co. June 17. With the ex piration of that period heavy with drawals anticipated and the action today was taken avoid serious obstacles to orderly liquida tion. Negotiations for a merger among the four will be pressed with vigor is understood. and with the full co-operation of the state banking the department to restore Toledo's fin ancial structure to normal condi
8.August 17, 1931The Iola RegisterIola, KS
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Hundred Million in posits Tied Up In City
Toledo, Ohio, Aug. 17. Four Toledo banks with combined resources of more than failed open for business this morning, while eleven savings associations ceased payments of deposduring present financial situation. accordance with the request directors the four institutions, state banking department their affairs conserve assets in the face of vious steady withdrawals by depositors. City police and detectives. acting under orders Police Chief Louis Haas. patroled the districts any public The action of directors ties for an indefinite period more than of deposits. The Security Home Trust company when closed had about deposits; Ohio Savings Bank Trust company almost Commercial Savings Bank Trust company and Commerce Guardian Trust Savings Bank There disorders when banks affected by the closings opened here There crowds. the banks.
Neb., Aug. banks today failed open their business and both Bryan secretary the state trade and merce, said the closings were the result recent bank suspensions Omaha. The six banks with total deposits the State Bank Dale: Dwight State Bank of Dwight; Brinard State Bank Brinard: Bruno State Bank the Butler County Bank of Davis and the Leigh State Bank Leigh.
9.August 17, 1931The Lima NewsLima, OH
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TOLEDO BANKS CLOSE DOORS TO PROTECT ASSETS
O., Aug. Toledo banks with bined resources of more than decided to open this morning, while 11 savings associations ceased payments temporarily. In accordance with the request directors the Institutions, state banking department prepared to talk their affairs conserve assets. Late Saturday directors closing the Commerce Trust and Savings bank, the Ohio Savings bank and Trust Co. and the CommerSavings Bank and Trust Co. directors the fourth institution, the American bank, said would forced to close its doors also because reserves were tied up two of the banks suspending While no direct could be had definitely from affected local or banking authorities, was indicated that relative reorganibe started within week or ten days.
10.August 18, 1931The TimesHammond, IN
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$11,000,000 QUIETENS THE DEPOSITORS of from the Cleveland was credited today with confidence in stability of Toledo's four banks which were yesterby the closing of four brother Officials the four solvent banks advised depositors that anyone wanted his money could come and get The statement resulted in the of many withdrawn acexpression of the Federal bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal examiners continued their task of liquidating the Ohio Savings Bank Trust company, the Commerce Guardian Trust and Savings company, the Commercial Savings Bank and Trust company and the American bank, which of approximately $100,000,000.
11.August 18, 1931Evansville PressEvansville, IN
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TOLEDO BANKS GET AID TO STOP RUNS
Cleveland Federal Reserve Sends $11,000,000
By United Press TOLEDO. O., Aug. 18.-Arrival of $11,000,000 from the Cleveland Federal Reserve Bank was credited today restoring confidence in the stability Toledo's four remaining banks which were threatened with heavy runs yesterday the closing of four brother institutions. Officials of the four solvent banks advised depositors that anyone who wanted his could come and get The statement resulted in the return of many withdrawn accounts. As expression of confidence. the Federal Reserve Bank sent to the four banks late yesterday. Meanwhile staff of 60 state six federal examiners continued mammoth task of liquidating the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings Company, the Commercial Savings Bank Trust Company, and the American Bank, which suspended with combined resources of approximately $100,000,000. Banks Toledo's trade area were reported in good condition today.
12.August 27, 1931The Plain DealerCleveland, OH
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WILBUR TO BE TOLEDO BANK CZAR
State Superintendent Appoints Clevelander to Reorganize Finances.
Rollin A. Wilbur of Cleveland long prominent in financial circles, is to take of the Toledo banking charge situation out of the closing growing recently three banks in that city, in an effort to extricate them from their Fulton. superintendent of banks of Ohio. yesterday named Wilbur as his deputy The was then given approval by Gov. George White and by the Federal Reserve Bank of Cleveland According to orders of Supt. Fulton Wilbur will immediately take of the Ohio Savings Bank charge Trust Co., the Commerce Guardian Trust Savings Bank and the Commercial Savings Bank & Trust Co. whose closing tied up total resources of around Under the orders appointing will immediately direct his attention to reorganization problems with the purpose of best results the circumthe stances will permit in the quickest possible time The Ohio law provides that member the department of the of intendent of banks cannot have any official connection with any bank under its supervision. Upon receiving the appointment the for ings and director of the Central United Bank, immediately sent in his resignation to the InstiWilbur is director of the Union Joint Stock Land Bank of Detroit and the New York Stock Land Bank he not required to relinquish do not come the class of bank. ing institutions affected by the inhibition clause 'My sole aim will be to untangle the situation and do my best to help ers concerned. Wilbur said Just what steps will be taken will not know until have had time to investigate Wilbur was pushed into the financial limelight as of the leading conservative minds of the financial world quote the expression of David Lawrence publisher of the United States Daily by his speech made as president of the Investment Bankers Association of America at the 1929 convention in Quebec. The speech was made about ten days before the crash came on the New York Stock Exchange It was taken as warning against the orgy of speculation borrowed money and was widely quoted after the crash. Wilbur born on farm near Wellington, O., and after graduation from high school worked in banks there. studying law in his spare time. He was admitted to the Ohio bar 1897. Coming to later he attended Reserve Law School, being graduated in 1900. and then attended Harvard Law School for two He was general counsel for the Utah Power Light Co. Salt Lake City, from 1913 to 1915. Then he returned to and as. sociated with Herrick James Parmelee and Parmely W. Herrick. He now vice president of Mitchell, Herrick & Co. Wilbur was chairman of the northern Ohio group of the Investment Bankers Association in 1924 and 1925 and served as a member of the board of governors in 1925-26 and as vice president from 1926 to 1928, when me was elected president of the national He a member of several leading clubs.
13.December 18, 1931The News-MessengerFremont, OH
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PAY DIVIDENDS FOR CHRISTMAS
TOLEDO, Dec. the way for the distribution of $6,500,000 depositors of three closed Toledo banks before Christmas, Common Pleas Judge Martin today approved the plans for dividend payments arranged by banking officials, per cent dividend payment be made the Commercial Savings Bank Trust Company, and cent dividends paid by the Ohio Savings Bank Trust Company, the Home Trust Company, it anPayment of the dividends by the three closed banks, which recently abandoned plans for consolidating single institution because support from begin next
