1.
August 16, 1931
The Cincinnati Enquirer
Cincinnati, OH
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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, 1931
The Washington Daily News
Washington, DC
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4 Banks in Toledo, 6 in NebraskaSuspend
Ohio Banking Department Takes Action Against Institutions With $100,000,000 Resource
By United Press
TOLEDO, O.-Four major Toledo banks and their 34 branches, with combined resources of more than $100,000,000 and 150,000 acounts, were closed today by orders of the State Banking Department. The institutions were the Ohio Savings Bank & Trust Co., the Commerce Guardian Trust & Savings Bank, the Commercial Savings Bank & Trust Co., and the American Bank. Other banks remained ópen and announced they were prepared to withstand heavy withdrawals. The four closures were precipated
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3.
August 17, 1931
Baker City Herald
Baker City, OR
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OHIO, NEBRASKA BANKS FAIL TO THIS M.
Toledo Failures Total $100,000,000; Loan Ass'ns. Suspend
Toledo banks with combined sources of more than failed to open for business this morning while 11 seving associations ceased payments of deposita during the present financial In accordance with the request of directors of the four institutions, the state banking department prepared to take over their iffairs conserve assets in the face of previous stendy withdrawals by des positors The action of directors Lies up for an indefinite period more than ity-Home Trust company. a fifth bank which closed about months ago had about $20,000,000 if deposits: the Ohio Savings Bank and Trust company almost the Commercial Savings Bank and Trust company 466,000. and the
Six Nebraska state banks failed to open for business today. Governor Charles W Bryan and E. H. Lulkart. secretary of the state department of trade and commerce. said the closings were the result of Yecent 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 building and associations of Akron and Cuyahoga Falls today served their depositors with notice of temporary suspensions of withdrawals. The companies involved carry bright. secretary of the largest, today said The step is taken for the purpose of protecting the de positors. There is no question of insolvency
4.
August 17, 1931
The Indianapolis Times
Indianapolis, 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.
5.
August 17, 1931
Quad-City Times
Davenport, 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.
6.
August 17, 1931
Des Moines Tribune
Des Moines, IA
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TOLEDO BANKS FAIL TO OPEN
Had Resources of More Than 100 Million Dollars
TOLEDO banks combined of more than 100 million dollars to open for business day while 11 saving sociations ceased payments of posits during the present cial The state banking department prepared the banks affairs to conserve in face of previous steady withdraw.
Police and detectives patrolled the banking districts in preparation for any public emergency Late Saturday, directors announced closing of the Guardian Trust and Savings bank the Ohio Savings Bank and Trust CO. and the Commercial Savings Bank and Trust co. Directors of the fourth institution, the American bank state bank Sunday it would be forced to close its doors also because its reserves were tied up in two of the banks suspending
7.
August 17, 1931
The Journal Times
Racine, 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
8.
August 17, 1931
Tucson Citizen
Tucson, 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
9.
August 17, 1931
The Evening Review
East Liverpool, OH
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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
10.
August 17, 1931
St. Albans Daily Messenger
St. Albans, VT
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FOUR BANKS IN TOLEDO CLOSED
Eleven Savings Asscciations Cease Payments of Deposits During Financial
Crisis
TOLEDO, O. Aug. 17-(P)-Four Toledo banks with combined resources of more than $100,000,000 failed to open for business this morning and eleven saving associations ceased payments of deposits during the present financial situation. 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 withdrawals of depositors City police and detectives, acting under orders of Police Chief Louis Haas, patrolled the banking districts in preparation for any public emergency. 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, a state bank, that it would be forced to close its doors also because its reserves were tied up in two of the banks suspending operations.
11.
August 18, 1931
The Times
Hammond, 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.
12.
August 27, 1931
The Plain Dealer
Cleveland, 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, 1931
The News-Messenger
Fremont, 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