Spitzer, Rorick & Company (Toledo, OH)

Episode Information

Episode Type
Run Only
Start Date
August 18, 1931
Location
Toledo, Ohio (41.664, -83.555)
Bank Type
trust
Routing Number
56-0011
Canonical name
Spitzer Rorick Trust & Savings Bank
Alt. names
Spitzer, Rorick & Company

Metadata

Episode ID
Bank ID
City ID
391067015
Model
gpt-5-mini
Short Digest

Events (1)
1. August 18, 1931 Run
Cause
Local Banks
Cause Details
Runs and heavy withdrawals triggered by the closing/suspension of four other Toledo banks; depositors sought funds after nearby institutions failed.
Measures
Opened early to reassure depositors; accepted influx of cash and publicity that $11,000,000 arrived from Cleveland Federal Reserve to bolster confidence.
Newspaper Excerpt
Horton Rorick, president of the Spitzer Rorick Trust and Savings bank, reported receipt of many new accounts with withdrawals exceeding deposits by only a slight margin.
Source
newspapers

Newspaper Articles (5)
1. August 18, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 18, 1931

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Article Text

BANK RUN STEMMED BY FEDERAL RESERVE Toledo Depositors Reassured by $11,000,000 From Cleveland. By United Press TOLEDO, O,, Aug. 18.-Arrival of $11,000,000 from the Cleveland Federal Reserve bank was credited today with restoring confidence in the stability of Toledo's four remaining banks which were threatened with heavy runs Monday by the closing of four brother institutions. Officials of the four solvent banks advised depositors they were in a secure position to meet any demands and that every depositor who wanted his money could come and get it. The statement resulted in the return of many withdrawal accounts. Horton Rorick, president of the/Spitzer Rorick Trust and Savings bank, reported receipt of many new accounts with withdrawals exceeding deposts by only a slight margin.

2. August 18, 1931 Evening Star Washington, DC
Article from Evening Star, August 18, 1931

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Article Text

BANKS OPEN EARLY IN TOLEDO CRISIS Situation There Believed Well in Hand After Four Institutions Fail. By the Associated Press. TOLEDO. Ohio, August 18.-Toledo's remaining banks opened early today to inspire confidence of their depositors after the failure of four other banks to open yesterday morning. With millions in their vaults, the banks opened their doors as soon as the first trickle of patrons appeared. The Toledo Trust Co. and the First National Bank opened at 7:30 a.m., an hour and a half before the customary time. Crowds Not Present. The Spitzer-Rorick Trust & Savings Bank opened at 8 a.m., and the West Toledo National Bank also opened early. There were no crowds such as greeted the banks at the opening of business yesterday, however. and bankers were confident that the situation was well in hand. "You can have you money if you want it. We will remain open to take care of the last customer." was the word the banks sent out and they did remain open until 4:40 p.m., yesterday, until the long lines of depositors had been taken care of, after opening an hour earlier in the morning to accommodate first arrivals. The banks had more cash in their vaults today than yesterday, officials said. Late yesterday $11,00,000 in currency arrived here by armored truck from the Federal Reserve Bank in Cleveland, and additional millions were available to meet any situation which might arise, officials said. Given Offers of Help. Three of the four larger banks remaining in business here are members of the Federal Reserve Bank of Cleveland, which has announced it will "go the limit" in support of those Toledo banks remaining open. There were offers of support from other parts of the country. It was pointed out that in the lines of depositors and in the ranks of the curious who thronged corners in the downtown district there was no disorder of any kind. Bankers said they believed confidence in the remaining banks is being restored rapidly and that the situation will be cleared in Toledo when depositors begin to understand that their money is there if they want it. The first of the banks here to close, did so two months ago. Three others immediately posted 60-day withdrawal requirements on savings deposits. Demands for cash would have been 80 heavy yesterday when the withdrawal notice expired, that the banks decided over the week end not to open yesterday morning. A fifth bank which had deposits in some of the others, also had to close. Among the latter four, bankers said, it will be possible eventually to pay off all deposits in full, but meanwhile the funds may be tied up for an indefinite period. Frozen assets and ] heavy withdrawals was the generally accepted explanation of the cause of the closings.

3. August 18, 1931 The Baltimore Sun Baltimore, MD

Article Text

TOLEDO SEEKS AID AS BANKS CLOSE

Business Leaders Take Steps To Ease Financial Situation There

NEEDY TO BE ASSISTED

Six Nebraska Institutions Fail,To Open-One In Virginia

Suspended

[By the Associated Press] Toledo. Ohio, August 17-Industrial and financial leaders moved rapidly tonight to aid depositors after four large Toledo banks and a small one had closed in the last twenty-four hours. The last bank to shut its doors was the Point Place State, which opened December 1929, with $25,000 capital, $5,000 surplus and about $80,000 in deposits.

Small Loans Planned To minimize hardship among an estimated 150,000 depositors affected by the closing of the five institutions, members of the Merchants and Manufacturers Association of Toledo decided they would aid their unemployed workers with small loans whenever necessary. The association decided it was impractical to try to raise funds from the membership to aid concerns af. fected. It was estimated this would require at least $5,000,000. A suspension of industry here was not anticipated. of the banks, will be discussed at a Several large truck loads of money meeting tomorrow of the citizens' comwere rushed here from the Federal mittee recently named by Mayor WilReserve Bank at Cleveland to aid the liam T. Jackson to study the city's unbanks remaining open. To take care employment and poor relief problem. of an increased amount of withdrawals It was pointed out that the closing the Toledo Trust Company opened an of the banks, with its resultant slowhour early and closed at 4.40 P. M. ing up of tax payments, would interNone of the banks reported any fere seriously with the city's power hardship by remaining open. Fairly to issue bonds to finance poor relief. long lines of depositors were reported at the First National, the West Toledo National Bank, the Spitzer-Rorick Trust and Savings and the Morris Plan and Industrial Banks, two special plan banks. The Point Place Bank directors reported late this afternoon they were closing for the protection of their depositors, and that it could collect on its loans, practically all of which were made after the period of inflation. Plans for caring for the needy, impoverished temporarily by the closing

Six Nebraska Banks Fail To Open Doors

Lincoln. Neb., Aug. 17 (P)-Six 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.

4. August 18, 1931 The Brooklyn Daily Times Brooklyn, NY

Article Text

CASH

Federal Reserve Restores Confidence in Institutions After Four Others Close.

Toledo Aug. of cash from the Cleve. land Federal Reserve Bank credited today with restoring con. fidence in the stability of Toledo's banks. which threatened heavy runs yeater. day by the closing of our institu

Officials of the four solvent advised depositors they secure position to any demands that every depositor wanted his money could come day by the closing of four institureturn of many withdrawn Horton Rorick. president of the Spitzer Horick Trust and Savings reported receipt of many accounts withdrawals ceeding deposits by only alight margin expression of confidence. the Federal Reserve Bank sent the four banks late alight mishap occurred route when the truck col. The money truck the trip 60 State six Federal their attempt at liquidating Ohio Bank and Trust the Commerce Trust and Sav. Compnany. the Commercial Savings Bank and Company which pended combined of Banks Toledo's trade reported in good condition

5. August 18, 1931 St. Louis Globe-Democrat St. Louis, MO

Article Text

Toledo Houses to Lend Funds to Workmen

Continued from First Page. ly long lines of depositors were reported at the First National, the West Toledo National Bank, the Spitzer-Rorick Trust and Savings and the Morris Plan and Industrial banks, two special plan banks.

Caring for Poor. The Point Place Bank reported late this afternoon that they were closing for the protection their depositors, and that it could on its loans, practically all of were made after the period of Plans for caring for needy temporarily impoverished by the closing of the banks will be discussed meeting tomorrow of the Citizens recently by Mayor William T Jackson to study the city's and poor relief problem The decision to hold the special meeting was reached Mayor Jackson today. It was pointed out that the closing of the banks. with its resultant slowing up of tax pay. ments. will interfere with the city power to issue bonds to finance poor relief.

Nebraska Banks Close.

By Associated Press. LINCOLN, NEB., August 17 small Nebraska state banks failed to open for today. Gov. Charles W. Bryan and E. H. Luikart, secretary of the State Department of Trade and Commerce. said the closing were the result of recent bank suspensions in Omaha. The six banks had total deposits of approxi 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 County Bank of Davis City and the Leigh State Bank of Leigh.

Bank of England and the United States Federal Reserve System by which the latter came to the support of the pound later. This took place by low interest rates in New York and later by the Federal Reserve itself tak ing half of the $250,000,000 short term granted the Bank England the Federal Reserve and the Bank of France The Federal Reserve also came to the aid of Austria, Hungary and Germany with short term credits, thus assisting British flnancing in hard -pressed Central Europe.

Cannot Repay $250,000,000. It is obvious that the Bank of England not be able to repay the $250,000,000 then it due without endangering the stability of the pound. Hence, Mr. Norman's new task is to obtain co-oper ation in long-term loan for Great Britain. This would enable Great Britain to reimburse the short term loan and also would enable conversion in London of the huge per cent war loan to per cent basis, resulting in saving of interest and lightening Chancellor of the Exchequor Philip Snowden's budget. and make unnecessary taxation of fixed income securities, which British financial fear the MacDonald Government has in mind. Such taxation would cause flight of capital away from the pound and the British credit borrower.