17329. Cleveland Trust (Cleveland, OH)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: May 16, 1933
Location: Cleveland, Ohio (41.499, -81.695)

Metadata

Model: gpt-5-mini
Short Digest: 28b1a0a8

Response Measures

Accommodated withdrawals

Description

Newspapers describe rumor/organized 'whispering' campaign and some depositors crowding the Cleveland Trust lobby; bank announced extended hours and next day business was normal. No suspension, receivership, or permanent closure mentioned for Cleveland Trust in these articles.

Events (1)

1. May 16, 1933 Run

Cause: Rumor Or Misinformation
Cause Details: Organized circulation of rumors (alleged Communist 'telephone' plot) intended to undermine depositor confidence in Cleveland Trust and other large banks.
Measures: Bank president extended lobby hours/kept bank open longer to accommodate withdrawals; reassured depositors; business returned to normal next day.
Newspaper Excerpt: There was a 'run' on the Cleveland Trust ... his lobby became pretty well filled with depositors. the bank's president announced that the bank would remain open for two hours longer. Next day Cleveland Trust's business normal.
Source: newspapers

Newspaper Articles (11)

1. June 15, 1932 Jackson Citizen Patriot Jackson, MI

Article from Jackson Citizen Patriot, June 15, 1932

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BANKING FIELD SAID IMPROVED Deposits Increasing, Loans Falling Off Says Trust Company Official. SUSPENSIONS DECREASE Cleveland. Ohio. June Col. Leonard Ayers the Cleveland Trust in his review of issued today says much progress has made during the month "in the long process of past creating solid foundation business improvecan "Most the time during the past year said deposits shrinking their have falling these versed. and bank creasing. their loans and moving clear liquidation bank has halted and to are being expanded. Bank suspensions. he continues have ceased. and finances allayed. He tributed "open the federal and the of in passing the tax and economy toward the balancing the budget summer will difficult he with low in this being made bond market. and in These accomplishments and they do not furnish work for the They constitute which increased activity can

2. July 27, 1932 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, July 27, 1932

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SOCIAL REVOLUTION IN COUNTRY OBJECT OF RUMOR CAMPAIGN Ramifications of Conspiracy Are Revealed by Police at Pontiac, Mich. SEEK REGIONAL DIRECTOR System Followed Was for Agents to Undermine Depositors' Faith in Banks Pontiac, Mich., July 27.-(P)-State police sent out orders Wednesday for the arrest of George Rowland on a charge he acted as Detroit agent of a radical group which planned a social revolution by circulation of rumors attacking a number of large banks in the country. The officers said that a raid on Rowland's hotel room here Tuesday revealed ramifications of the plot. Capt. Ira H. Marmon of the state police, who directed an investigation of Rowland's activities here and led the raid on his room, said letters and telegrams seized established that Rowland had directed circulation of rumors against banks in Illinois, Indiana, Ohio and Michigan and that he had been instrumental in attacks against the First National bank here. Marmon believes Rowland was warned by a confederate and fled. Marmon said the letters showed that Rowland was one of several regional directors of attacks against banks and that a number of subordinates were working under his direction in the middle west. particularly in Chicago and Cleveland. Called Big Depositors Telephone conversations from Rowland's hotel room, which were tapped by detectives, Marmon said, showed the method of operation of the ring. Agents going into a new city, secured the names of prominent business men from the city directory, called them by telephone and warned them that banks in which they had money were unsound. Letters written by Rowland but not yet mailed also were taken. These, Marmon said, asked for reports on the progress of campaigns and suggested means of procedure. Advertisements assuring depositors of the soundness of the First National bank here recently were placed in a Pontiac newspaper after oficials of the institution said they felt that pressure had been brought to bear against depositors. One letter, which had been written to Rowland by "Comrade HG" at Cleveland read: Tells of Campaign "Following your instructions to me, I am writing to give you as clear a picture as possible of our campaign against the banks in this district. "You know it is a slow proposition to get people steamed up for a run. However, your telephone program seems to be working out fine. There is considerable unrest here and we are informed by clerks in both the Union Trust and the Cleveland Trust that the depositors are very nervous. We have tried to keep up the good work. "We note here with great satisfaction that you are making considerable progress in Pontiac and that you are taking a good crack at the one jug (bank) which is there, the First National, and it seems to us if you can that over a good dent will be put made in the bank at Detroit and it won't be long before our combined efforts will make a lot of trouble there as well as here, Chicago and elsewhere. Object to Strip Faith "I did not have much trouble in convincing the agitation propaganda bureau that this was important work and the sooner we strip the petty bourgeois and the white collar stiff we of his faith in banks the sooner will bring about the unrest that will lead to the revolution. "All of the other activities: campaign, unemployed councils, workers' ex-service men's league, etc., are going forward satisfactorily. "We will all hope to see you in the hear future as we know you are in a not spot. Yours for the revolution." A letter written to "Dear Comrade GH" read in part: "I am very encouraged because we have had plenty of runs against the banks, particularly the big five in Chicago, big meaning the First National, Continental Illinois, etc., and the Union Trust and Cleveland Trust in Cleveland and others. My work here n breaking down the outpost of the banking structure in Detroit by breakfruit." ng the First National is bearing

3. July 27, 1932 Evening Star Washington, DC

Article from Evening Star, July 27, 1932

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PLOT TO DESTROY BANKS REVEALED Radicals Sought to Stir Up Revolution by Wrecking Big Institutions. (Continued From First Page.) and the white collar stiffs of his faith in banks the sooner we will bring about the unrest that will lead to the revolution. "All of the other activities, Campaign. Unemployment Councils, Workers Exservice Men's League, etc., are going forward satisfactorily. "We will all hope to see you in the near future as we know you are in a hot spot. Yours for the revolution." Reports Detroit Progress. A letter written to "Dear Comrade GH" read: "I am very much encouraged because we have had plenty of runs against the big banks, particularly the big five in Chicago, meaning the First National, Continental Illinois, etc., and the Union Trust and Cleveland Trust in Cleveland and others. My work here in breaking down the outpost of the banking structure in Detroit by breaking the First National here is bearing fruie. I have talked to a lot of the tellers and others in the bank and they sure are discouraged, which means good news for us. Our telephone propaganda is working wonderful. I have considered this program for a simultaneous run against all of these institutions through the country and can see that it would be almost the final blow against the banks, but I cannot see how we can get them all going at the same time. Believe me, comrade, I sure have the president of the bank here on the verge of a nervous breakdown or something worse." The reference in this letter to the "outpost of the banking structure in Detroit" was the affiliation of First National Bank in Pontiac with the Detroit Bankers' Co. of Detroit. Police and Federal authorities at Grand Rapids, Mich., revealed that they have obtained copies of an unsigned letter purporting to instruct radical workers to carry on a campaign against banks. This letter said that "early September, when vacationists have returned, should prove ideal" for a concentrated attack. TRAYLOR CONFIRMS DATA.

4. July 27, 1932 Delphos Daily Herald Delphos, OH

Article from Delphos Daily Herald, July 27, 1932

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AUTHORITIES SEEKING AGENT IN BANK PLOT Communists Allegedly Conducting Rumor Campaign Intended to Wreck American Banks -Agent, George Rowland, Using Telephone to Instigate Wrecking Plot in Illinois, Indiana, Ohio and Michigan. DETROIT, July 27 (UP) Federal agonts and state police are seeking a Communist agent allegely tended to wreck American banks, the Detroit Mirror said today in a copyrighted story.' The agent called George Rowland, is said to have instigated a telephone bank-wecking plot among bank depositors in Illinois, Indiana, Ohio and Michigan. He was working under orders, according to the state police, from Central Communist headquarters in New York. Among seized documents were found telegrams from a "W. B." in Chicago which told of "much progress here. Considerable run on Jugs bank nthe loop. Big accounts nervous and soon will be panicky.' Another from "H. S." in Cleveland told of similar campaigns. One of the letters addresesd to "Dead Comrade Gh" by the agent read: "I am very much encouraged because we have had plenty of runs against the big banks, particularly the big five in Chicago, meaning The First National, Continental IIIinois, etc., and the Union Trust and Cleveland Trust in Cleveland and others. My work here in breaking down the outpost of the banking structure in Detroit by breaking the First National here, is bearing fruit. I have considered this program for a simultaneous run against all of these institutions and other key institutions through the country and can see that it would be almost the final blow against the banks, but I cannot see how we can get them all going at the same time. Believe me Comrade. Another letter from Comrade Gh" at Cleveland read: "Dear Comrade: You know it is a slow proposition to get people steamed up for a run. However, your telephone program scems to be working out here. I did not have much trouble in convincing the agitation propaganda bureau that this was important work and the sooner We strip the petty bourgeois and the white collar stiff of his faith in banks the sooner we will bring about the unrest that will lead to the revolution. Yours for the Revolution. COLUMBUS Beverly Joan Richlak, 3-month-old daughter of Mr. and Mrs. Stanley Richlak, was dead today after a day's illness during which her parents had left her in the care of a neighbor to go on a brief vacation. The baby had been 111 prior to her parents departure.

5. July 28, 1932 The Washington Herald Washington, DC

Article from The Washington Herald, July 28, 1932

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Uncovers to Wreck Seized Letters Show Red Tried to by 'Whispers' Mich. July Red plot wreck some of wide to the largest and strongest banks in the country and eventually was ordered States of the Midtoday through dle West. City and Federal officers were asked to arrest George Rowland. described as one of the central figures the plot. PLOTTER ESCAPES Pontiac, yesterday, said, when was disauthorities covered he was engaged in propaganda to destroy the First Na tional Bank here and was intend out the same destrucing to carry tive against larger campaign troit banks. The campaign already had been directed against several cago's largest banks with resultruns not fully exant heavy plained at the time. State police raided Rowland's room in the Roosevelt Hotel yes terday. They seized number letters. but Rowland had fled. evidently forewarned. revealed widespread Letters of the plot. Cenramifications the Middle tered present in campaign was extended from one ecoast the and effect general collapse the nation's greatest banks, of the plotters hoped. CONFIRMS One seized letter boasted in the following fashion of the runs on Chicago banks: very much encouraged because we have had plenty against the big banks, runs particularly the big five in Chicago, the First National, the Continental Illinois, and the Union Trust and etc., Cleveland Trust in Cleveland, and others." Melvin A. Traylor, president the First National Bank in Chicago, of the foremost one financiers the nation. confirmed existence of the plot to day. He was quoted in Chicago saying: "There is no doubt recent bank runs here were inspired part of systematic plot. from nearly one the larger banks every in the country indicating plot to wreck banks by circula tion unfounded rumors.

6. July 28, 1932 Times Record News Wichita Falls, TX

Article from Times Record News, July 28, 1932

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'RED' PLOT TO BREAK BANKS Organized Groups in Russia And Believed Back Of DIRECTOR ESCAPES Campaign of 'Whispering' Designed to Cause Runs on Bank PONTIAC. Mich., July 27. plot against large banks of the country described by the state lice officer who unearthed it "bold scheme to wreck the banking structure of major cities" by circulating false rumors, was revealed here today coincident with order for the arrest the man who directed its activities. George Rowland, said to be the director ring cause failure of banks by resulting from rumors they the object of search. Marof police his hotel room here Tuesday and found letters telegrams which showed the methods operations of the described in some quarters composed of radicals seeking naOrganized by Communists prosecuting torney declared plot was Communist groups in United States and backed by Soviets in Russia." Marmon that Rowland the agitation Ohio, Michigan and Illinois." ring directed against the First National bank, officers which recently appealed depositors support the bank after assuring them condition sound. Letters Rowland's room seized Captain the active Cleveland Chicago and ported him. Melvin Traylor president of the bank Chicago, meanwhile said that city reports from every large city the country showed that campaigns rumors have been directed banks. Activities Revealed Washington advices said the spreading such rumors against banks receiving the attention of the United States secret in told of the Rowland's agents Cleveland against the Union Trust company Cleveland Trust the Chicago, referring the First bank other institutions there. Practically the letters "Yours the One written Cleveland, said 'Referring the circulation the false have much trouble ing propaganda this important and the sooner strip the petty bourgeois the collar stiffs his faith banks the sooner bring the that lead to the revolu- Plan Doomed Another, Rowland to "Comrade Cleveland. vealed that plans the ring bring about the country apparently doomed have considered this program simultaneous run against all these institutions and other key institutions through the and would be almost the final against the get them all telegram from Chicago were signed only "Much here. Considerable jugs in Workers and spreadaccounts panicky. This bring results. Party curing but slow Big panicky Will write all details.

7. April 28, 1933 The Cleveland Press Cleveland, OH

Article from The Cleveland Press, April 28, 1933

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Asks White Clean Out to Bank Department Letters There have been fact the run Cleveland Trust but the highly nervous the public which lends itself silly rumors due the fact that the people land have confidence Gov. White's banking commission. Tangeman, proven themselves incapable trust their vigilance the Standard Trust Bank collapse other banking administrations. The people's reaction to poisonous scandal mongers would altogether different the people in Columbus State House would themselves capable and efficient. The slow progress of the organising Bank Cleveland also due directly this The raising $5,000,000 start bank should simple matter even these times, Why doesn't State Banking Commission reveal the names the real sponsors the bank? Why not relieve the tension anxiety Guardian positors that the deal will them the Union depositors inside warmth of curity? on Gov. White to clean house banking expects his United States Senate national election. Sidney Keith Building. ORDERS QUIET OPERATION Replying letter signed orders given road bus operate quietly possible. We would thank give number any bus that not operated. John Cox Director Public Relations. taxpayer city for have complaint against way things are being Hall. became aware of the obtain applying City Hall. went there and Mr. told him this long thought consideration when there jobs be handed His only this about taxpayers." payers have live This true but were and the rest them either. Perhaps Mr. need future, how about the rest on living have with nothing better in sight? Thomas Cold. DEPOSITOR ASKS QUESTIONS Usually positive, frequently Press has chosen die the fence, say without saying anything about the demise and proposed liquidation land's large banks. the depositors the closed banks would Why they should support stock bank the allowed wrecked, old banks? Why the evidently not consider any other than First National: but indorse this, first plan submitted? Why falsely assumed that majority depositors favor National plan when actually they never Why the responsibility for the closing not fixed before decision the new bank decided upon? What large depositors withdrew the last the closed and dollars people's for every should the depositors who, the exhortition of the government and the press, remained loyal the banks suffer while those who were more and who grabbed bear no loss? the condition the banks should not be made public since all assets now rightfully the depositors? Why Press does not actutake the and jority instead the First plan? As may, assumed from these the fall the Guardian and the Union was primarily to general this our other banks let place blame for the the banks then organize new bank, named personnel suspifederal hand and give the and the dividend large possible business Christian Shaker MADE HIS BLOOD made my churn my when read Monday's the president tobacco big company for services. comes smoke and filth. Don't realize you can make better and happier live from Hot days are comand this smoke back again. wants invented smoking for smokers beautiful will take where belongs. George 17720 Ingleside drive,

8. May 16, 1933 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, May 16, 1933

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The Message Center invited them May express my sentiments in regard to an item that saw published your paper, stating that Indiana bakers are intending raise the price of bread 10 cents think that 10 cents for pound quality bread fair price. Here few the things that takes manufacture bread and put on the market: takes money, machinery, electricity. fuel and ter. It takes the ingredients the bread. In the bakery there are several departments, maintenance, stockroom, bakers. wrapping. checkoffice. how much operate the much cost loaf Some people you open dump out, and there your bread. Paine bank depositors took on confidence easily as they over hearsay, bank operation would smooth and comfortable right time, there would necessity the folks to buy; and you will feel uplift proswhen the folks deposits buying spirit. Nothing the sheepiness many folks as does month, with of the big banks padlock the Cleveland Trust his lobby became pretty well filled with bank's nounced that the bank would open for withdrawals hours longer. Next day Cleveland business But the withdrew had three deposits fectly During of twenty Methods Another thank Employe" for his letter of May 12. hope the find out his mine, for the comdoes lot "pussyfooting" on the employes. has to do this protect its toward its workers. What the company may mistake for loyalty on the part its simply their helpless because the company holds the whiphand as jobs no longer exist for the dissatisfied. Our company organization meetings for the workers grim joke because company officials have an ironclad power veto on any suggestions to We sit these listen and believe that forced are in fairly "cans" employe than reduce The "better than the wage earnThere of difference reducing the income stockholders and cutting off entirely means of support. But company promises to do forced instead know lucky my friends discharged for the sake dividends. read in magazines where Socialists speak "exploitation workers. understand the meaning this phrase. years baseless rumors started depositors their money Cincinnati bank Hundreds street five and drawals branch bank in which they had confidence, sacrificing months of deposits. Many rumor started great the ciety Saving, one the oldest best banks Myron later famous ambassador to France, was There lines of anxious bank's entrance means My meeting Herrick this became bank deposit "Cousin Paine, We pay every dollar demanded smile, Herrick added looks if bank would something like $50,000 through interest sacrificed those depositors you in line Verily. 'tis an wind that blows no sound bank good.

9. May 17, 1933 The San Diego Sun San Diego, CA

Article from The San Diego Sun, May 17, 1933

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Most Confidence Sound Banks Demonstrate Editor, The Sun: If bank positors took on confidence easily they do scare over hearsay, bank would smooth and comfortable right at this time, there would no necessity to urge the folks to buy: you will uplift prosperity when the folks with deposits to buying with spirit. Nothing the sheepiness many folks as does on bank. month. with two big city banks still padlock unfounded rumors started "run" on the Cleveland Trust When his lobby became pretty well filled with depositors. the bank's president announced that the bank would remain open for for two hours longer. Next day Cleveland Trust's business normal. But the depositors who did withdraw their money had three month's interest their deposits in perfectly sound During "depression" of twenty years ago, baseless mors started after their deposits Cincinnati bank Hundreds deposiwent down the street five blocks and re-deposited their withdrawals in branch bank the very bank in which they had lost sacrificing months of interest on their original deposits Many years ago, rumor started the Society oldest best banks of land. which young Myron later the famous ambasto France, the head. There were lines anxious positors from the bank's trance for mostly others of moderate meeting Herrick to which yours truly forgot after he became deposit OPEN FORUM OF THE SUN be seriously raiding your bank." Paine, they We and will pay every are paying dollar with smile, Herrick added: looks bank would gain thing like through sacrificed those terest in line positors wind that an blows no sound bank Editor, The Sun: The undersigned and he for maintains that the tax blessing to the autoreally mobilist and not an of the most sensible and one taxes have. Every cent the automobilist has paid in has more than gotten back saving tires, painting. springs and general upkeep his his clothes and increased gasoline mileage account When the writer first roads. started drive an auto. there paved roads the county: streets were dusters on account the dirt; and trip from here Alpine caused more auto and dirt you yourself and clothes than round trip from here Francisco without broken spring couple We agree with that might dangerous thing of the gasoline the general fund but any in divertpurpose pay interest retirement way in the first part of this plained real cost to for he than saves the tax in more the saving on the upkeep of his car. Now that most all our main arteries in the state are completed. not more this tax pay off highway bonds than to use in building very nice, but really unnecessary. almost paralled roads lines? cannot see why the man who owns or rents home (and who perhaps has auto) should be obligated taxes through the general fund retire the bonds for automobile road miles from his house. owns his home lives he has paid for the front of his home paying interest and principal paving bond issued against his home. Why discourtaxing him through the general tax fund pay for some road miles from his home that the automobilist at great saving

10. May 17, 1933 The Cincinnati Post Cincinnati, OH

Article from The Cincinnati Post, May 17, 1933

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How Lose Thru Bank Runs Depositors EDITOR THE POST: If bank on as easily as they do scare over hearsay, bank would be real smooth comfortable and, right time, there would be no necessity urge the folk to buy, and you will feel uplift prosperity when the folk with deposits buying Nothing the sheepishness many folk two the banks started Trust When lobby became well filled depositors president announced that remain for Next Cleveland Trust's business normal. the depositors who money three deposits in perfectly sound During "depression" of depositors after their deposits Cincinnati bank. Hundreds street six blocks and redeposited withdrawals branch the very bank in which ficing interest on their deposits. Many years ago raw rumor started great "run" on the Society for one of the oldbest Herrick the head There lines for house others Herrick dialog. which yours forgot became bank Cousin be Paine, We are smile, Herrick added looks would gain thing depositors Verily. 'tis ill wind that no bank FOR ORGANIZATION EDITOR THE POST: labor for opposition It does gaining. has kept unskilled from organizing themselves bosses say the unions establish maximum wages and hinder more, in fact up find employer paid except when he stood times over the excess paid wage slaves. with L. govbut when he recall any such the past? recall and rights decisions human yet,

11. May 22, 1933 The Birmingham Post Birmingham, AL

Article from The Birmingham Post, May 22, 1933

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School Teachers' Loyalty Defended Solution Of Troubles Merely To Give Square Deal To All Editor, The Post: Please note the following sample modern and solution problem Given: There something rotten Denmark, the situation the educational system find Cause group of persons to lay the blame Having been teacher in Alabama schools the past nine years per cent plus for the teachShow another group the the teachers and mained they salary check? Certainly not the supthe class receive little though may the joke is the suggestion making another in salary. But I'm sure teachers wouldn't mind because they are not getting anything wonder Dr. Harman couldn't his Meet other obligations? Buy clothes? Buy the teachers have. for him the the teachers not know anything teach teach I'd that poor speciloyalty. there are five or six teachers for place, surely the high should meet their What does expect for his money? Perhaps tional operated dime stores where could hire two not want to out the political pull circles inner and hire good teachGive them square deal treat them decently. Pay their ary when due. they want fair chance and right THELMA Vinemont, Ala. Fewer Counties Suggested To Cut Government Costs Post: Should and office holddictate the better dictate the office and stand and its prosperity remain each from (usually cause the office the THE POST BOX Readers are invited to and interesting this department. should brief and, rule, 300 length. The writer's name address should signed to letters dence good faith. name will not published request made, signed letters will be given preference. not because the people need when erally that some bread and meat exist furnished payers are themmeet this dole the salaries mentioned above? Would not be more human for the holders cut least half counties each state, would automatically cut out the expense? Many the larger could per cent and than they the ROSS. Jasper, Ala. Long List Of Evils Charged Prohibition you for the fine on would like mention few the 18th amendment should repealed. put over without due confairness. personal rights and privileges. people the will for chance. has robbed state and tional millions Enforcement has been failure. standard morals lowered. has destroyed regard and has been an agency honesty virtue boys girls. has linked together churches politics. widened the of thousands amendment and legalize beer would decrease and bootlegging, crime, and dishonesty. Harpersville, Banks Sometimes Gain By Unfounded Rumor The Post: bank depositors took on coneasily they do scare bank operation comfortable right at this time, there would the folks and you feel uplift prosperity when the folks posits Nothing well the sheep many folks as does "run" Late last month. with two of the big banks padlock "holiday, unfounded rumors on the Cleveland Trust When his lobby became pretty filled positors, the bank's president nounced that the would main for for two hours longer. day Trust's But the depositors did withdraw money had three interest their deposits in perfectly sound During "depression" of 20 years ago, baseless rumors started positors after their deposits Cincinnati bank. Hundreds depositors went down street five six blocks re-deposited their withdrawals branch very bank which they had interest on their original deMany years ago, rumor startgreat the Society for the oldest and best banks which Myron Herrick, later famous France, was the head. There were lines depositors from bank's entrance blocks, mostly and others modmeans. meeting Herrick this little which yours truly never forgot after he became to make bank de"Cousin Myron, they seem to be seriously raiding Paine, they We paying and will Then. smile, Herrick looks bank would gain $50,000 through by those depositors you line there Verily, tis that blows no sound bank good. PAINE.