Guardian Trust Company (Cleveland, OH)

Episode Information

Episode UID
6006671598
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
600667 routing
Routing Number
6-0066
Start Date
February 25, 1933
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
87f3958d0850f538

Response Measures

None

Description

Sequence involved heavy withdrawals in early 1933, followed by failure to reopen after the banking holiday and later receivership; causes in sources are mixed between runs tied to other banks/holidays and possible rumors/inside withdrawals.

Events (3)
1. February 25, 1933 Suspension
Cause
Government Action
Cause Details
Banks were closed under the national/state banking holiday; Guardian did not reopen after the emergency holiday and remained closed pending reorganization/receivership
Newspaper Excerpt
which failed to open after the 1933 banking holiday
Source
newspapers
2. February 27, 1933 Run
Cause
Local Banks
Cause Details
Withdrawals accelerated as difficulties at other Northern Ohio banks and the Michigan banking holiday prompted depositors to withdraw from Guardian
Measures
Limited withdrawals to 1% of deposits; special committee formed to develop reorganization plans and sought federal assistance
Newspaper Excerpt
tracing the decline in Guardian deposits from ... to $81,000,000 on February 27 - the day it limited withdrawals to 1 per cent
Source
newspapers
3. July 1, 1933* Receivership
Newspaper Excerpt
for the receiver of the Guardian Trust company, Cleveland, $26,950,000; for the receiver of the Union Trust company, Cleveland, $47,241,440 (RFC authorizations July 1933). Guardian Trust company ... closed last February and is in the hands of a liquidator (Nov. 1933).
Source
newspapers

Newspaper Articles (23)
1. February 27, 1933 Evening Star Washington, DC
Article from Evening Star, February 27, 1933

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WITHDRAWALS CUT BY 20 OHIO BANKS Institutions With $815,000,000 in Deposits Await Legislative Action. By the Associated Press. COLUMBUS, Ohio, February 27.Twenty Ohio Banks, all but two in Cleveland, Akron, Dayton and Ycungstown, today placed restrictions on heavy withdrawals in anticipation of emergency banking laws Gov. George White promised to offer to the current Legislature. On the basis of December 31, 1932, statements. the institutions had more than $815,000,000 in deposits and more than $1,025,000,000 in rescurces. Both in Akron and Cleveland, the banks announced future deposits would be set aside and not be placed under the restrictions. All Dayton banks closed for a three-day holiday. One Refuses to Participate. All eight of Cleveland's banks opened as usual, but six of them limited withto 5 per and a seventh, a Trust, drawals deposits, placed temporarily restriction the of Guardian cent 1 per of cent. The eighth, the National City Bank, declined to participate and announced it would conduct business on a normal basis. The six which limited withdrawals cent of deposits were the Bank, National Cleveland to American 5 per Savings Bank, Central Trust United Co., Lorain Street Savings & Trust Co., Society for Savings and Union Trust Co. While they placed no specified limit, the Union National and the Mahoning National Banks at Ycungstown announced they would restrict large and unusual withdrawals. Sufficient funds will be paid cut on demand, they said, to prevent inconvenience to customers. One Per Cent Per Month. Akron's five banks - First Central Trust Co., Firestone Park Trust & Savings Bank, the Commercial Bank & Trust Co., the Dime Savings Bank Co., and the Standard Savings Bank-restricted savings deposit withdrawals. to 1 per cent per month. "Abnormal" checking account withdrawals will not be honored under a complicated system. The four banks of Dayton-the Winters National, the Third National, the Merchants National and the Morris Plan-declared a three-day holiday under a declaration by the city commission and mayor. The Clinton Savings Bank Co., near Akron, announced it would follow the lead of Akron banks. The First American Trust Co. of Lima, Ohio, limited withdrawals to 2 per cent of deposits. There was no announced action to interrupt normal banking elsewhere in the State. Gov. White declined to divulge the nature of the proposed legislation. Manager G. A. Stephenson of the Cleveland Clearing House Association, however, said the suggested laws would "enable the superintendent of banks, with the approval of the Governor and attorney general, to stop or limit withdrawals from Ohio banks."

2. March 14, 1933 The Akron Beacon Journal Akron, OH

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ADDITIONAL TUESDAY Institutions With Deposits Of Over Billion Active In 15 Cities (Continued From Page One) most of those which remain closed temporarily to be are organized. That task already has been started by few of the larger banks denied the funds they presented problems individuals and business alike. Provide For Loans The Cleveland arranged have industrial money frozen funds payroll poses. problem there greater due the fact that licenses withheld from the largest banks, the Union Trust and the Guardian Trust Co., whose deposits 31 as Other prepared they were for customers day they received for more than was drawn. Monday with that of an average heavy Plans of the Union and Guardian the called board of meet today Neither institution, would discuss plans further than say they hoped and place on the list of licensed

3. March 16, 1933 The Cleveland Press Cleveland, OH

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HELP GUARDIAN AND UNION REBUILD Federal Action Taken to Speed Fund Release to Small Banks TERMS ARE WEIGHED Set Up by Invited President By JOHN R. MARKHAM The Press Financial Editor With reserves of hundreds of small Ohio banks tied up in the Union Trust Co. and Guardian Trust Co., representatives of the Treasury Department and Fimance Corporation are taking an active part in reorganization plans, was learned representative the R. has been called in by the group tive in plans for the reorganization of the Union Trust Co. and an examination its financial condition being made to determine just how much funds could be obtained from the federal government. House, president of the Guardian Trust Co.: in statement today said the bank's special committee on reorganization had been devoting constant attention to development of plans, but new national and state legislation made progress difficult. Definite plans for reorganization will not be announced these are clearly he said. Officials of both banks have been assured that the national administration the fate of many small Ohio banks is tied up with and possible for Currency Meanwhile, was reported at the Cleveland Federal Reserve Bank that there had been no call for the new currency authorised by emergency banking act. from banks which had reopened fully in Ohio. Nine Ohio banks were included in list which the Reserve Bank here authorized to reopen today. "For some time special committee of the board of directors of the Guardian Trust Co. has been devoting attention to the development of plan for reorganization of the bank in whatever manner is best designed to preserve the interests of its depositors and customers, said Mr. House. "This committee has the unanimous support of the board direcLOTS and the executive officers of the fully aware of the desirability of prompt action and is proceeding rapidly as possible with the of its legal counsel, but the present time number of new laws which have been passed, both Washing ton and Columbus, together with banking bills pending in the Legislature, make progress especially difficult, Waits Study of New Laws "The committee will not announce definite plans for reorganization until these new laws can be clearly understood. 'Pending adoption of definite plan, the committee refraining from public of the details of its progress. Recent experience in other cities that premature reof banks do real harm to community Such statements lead the public to expect certain results which later fail to materialize 'When the plan is formally its full performance will have been in vance its publication. In the meantime. with the full "support of the officers and directors of the bank and with the advice assistance of many of its leading shareholders and depositors. the committee is proceeding in its work and cautiously under the advice of its legal Union Trust directors held meeting yesterday and heard terms under Turn to Page 10 THE WEATHER

4. March 30, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA

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BANK-MARKET PROBE ASKED WASHINGTON M 30. INS Asking that the records of Cleveland brokers be subpenaed to "see whether bank depositors' funds had been speculated with,' Rep. Young Dem.) of Ohio, today supported the demand for investigation of the conduct of banks in the larger cities Young joined Rep Sweeney (Dem. Ohio. urged the Senate stock market investigating to inquire particularly into the affairs of the Union and Guardian Trust Companies of Cleveland. WASHINGTON M AP government today had agreed to lay down dollar for dollar with Cleveland citizens in opening new national bank there to replace the Union Trust. the city's second largest bank committee representing Cleveland banking interests headed by R Kraus chairman of the board of the Union Trust reached satisfactory terms with the Reconstruction Corporation after day conference yesterday

5. April 6, 1933 The Plain Dealer Cleveland, OH

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Burton Explains Plan for Guardian. Plain Dealer Bureau Bldg Following the explanation the plan for the Guardian Trust Co. prepared and issued tonight by President Harold Burton plan approved today by the Corp. the Guardian Trust Co. case has three principal purposes: "1-To protect fully the rights of depositors provide cash for large first payment depositors as help establish in Cleveland and perfectly sound national bank, enough serve the needs of this and entirely secure that the government itself fled in taking one-half interest in its (At this point the statement committee members and public ficials have worked on reorganiplans.) Determinations Reached. "The determinations reached after full consideration the outstanding obligations of heavy the bank and of limited resources, which had been drained by about in the eighteen available source funds in substantial quantity at this (Continued Page 12, Column

6. April 27, 1933 The Dayton Herald Dayton, OH

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GOVERNMENT IN AND PUTS STOP TO 'RUN' ON BANK Depositors at Cleveland Are Quieted After False Rumors Precipitate Flurry. FEDERAL AUTHORITIES GO AFTER CRIMINALS Perpetrators of Unfounded Reports Sought After All Demands Are Met. CLEVELAND. O., April -Cleveland's licensed banks were "backed the limit" today by the federal government. Aroused three-day run the Cleveland Trust company, the city's largest bank, federal authoriannounced that secret service ties in the city in operatives were attempt to trace down perperators of malicious rumors which caused the withdrawals. the Cleveland Simultaneously, Federal Reserve bank issued formal statement, signed by Gov. Fancher of this Federal Reserve out that the district, pointing Cleveland Trust and other licensed banks were allowed to reopen "only after careful determination of their condition proved them to be sound. DRAMATIC CLIMAX. The run on the Cleveland Trust its 59 branches came to dramatic climax late yesterday when Harris Creech. president, appeared in lobby crowded with depositors, announced that every person would be paid in full, and that the bank would be kept open two extra hours to accommodate anyone wishing withdraw money. The Cleveland Trust company one of the first in this vicinity to obtain license to reopen after the recent banking holiday. Just prior to the closing of all banks, the trust company had placed bales of money in plain view in the lobby, assuring all depositors there was plenty of cash to pay everyone in full. FEARS ALLAYED. President Creech's dramatic appearance before the depositors yesterday had the effect of restoring confidence among depositors, and only handfull were in the lobby when the bank finally closed The statement of Gov. Fancher of the Federal Reserve, said: "Anxiety concerning deposits licensed banks in Cleveland is warranted. These banks were censed and reopened after careful determination of their condition. They are sound and they have and will continue to have the full support of the Federal Reserve bank.' The run on the Cleveland Trust and its branches came while officials of the Union Trust and Guardian Trust, the city's second and third largest were working reorganization plans which will allow the institutions to reopen. Sale of common stock in new tional bank to succeed both Union and Guardian now underway.

7. July 13, 1933 Evening Star Washington, DC
Article from Evening Star, July 13, 1933

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SEEK "SMART MONEY" IN GUARDIAN TRUST Whether Probers Determining Withdrawals Coincided With R. F. C. Loans to Bank. By the Associated Press. CLEVELAND, July 13.-A hunt for "smart money" withdrawn from the Guardian Trust Co. in the year preceding its closing last March was started today on order of the State Senate Committee investigating the institution's failure. While the committee itself is in adjournment until next Tuesday, a group of accountants will inspect the bank's books to determine if any depositors withdrew money through receipt of "inside" information regarding the bank's condition. The accountants were asked to determine who withdrew large sums of money in the months preceeding the closing and whether the withdrawals coincided with the receipt by the bank of loans from the Reconstruction Finance Corporation and the Federal Reserve Bank.

8. July 19, 1933 Evening Star Washington, DC
Article from Evening Star, July 19, 1933

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BOWERS WILL URGE GUARDIANTRUST CO. FREEDOM FOR FIVE SET UP EXPLAINED Cleveland Bank Controlled 26 Settlement of Mallorca Case Subsidiaries, State Probers Sought Through Talk Are Told. With Premier. By the Associated Press. By the Associated Press. CLEVELAND, July 19.-A puzzling MADRID, July 19.-United States financial story of interwoven subsidiaries Ambassador Claude G. Bowers expects today was offered the State Senate to confer tomorrow with Manuel Azana, Committee that already has heard how officers, stockholders and directors of Spanish premier and war minister, the Guardian Trust Co. withdrew $2,about the case of five Americans who 180,493 in the 10 days before the bank have been held in jail in Palma, Malclosed in February. The Guardian, third largest of Clevelorca, more than a month, and a setland's banks until its failure five months tlement is expected. ago, had 26 subsidiaries. Attorney ArNo formal charges have been made, thur A. Miller alleges some became little more than waste basket enterprises but officials explained the caes is one into which the bank's losses could be for the military department, since the thrown. civil guard the Americans allegedly atDefends Borrowing. tacked in a cafe is a member of the Meanwhile, E. R. Fancher, governor of the Cleveland Federal Reserve Bank, military organization. commented briefly on the startling disBowers advised the Spanish foreign closure yesterday that he and George minister that unless the Americans De Camp, a former chairman of the Federal Reserve Bank Board, borrowed were tried or released on bail the case money from the bank. might result in unpleasant publicity. "I see no reason," he said, "why I Those held are Mr. and Mrs. Clinton should not borrow money from a bank just as any one else might. I think the B. Lockwood of West Springfield, Mass.; only statement necessary from me is Rutherford Fullerton of Columbus, that I did make the loan and that I did Ohio: Roderick F. Mead of New York pay it in full." and Edmund W. Blodgett of Stamford, He laughed, but made no comment, Conn. when told the card on which the bank (The State Department in Washingkept a record of his loan bore a notaton ordered Claude Dawson, American tion by A. B. Cook, former Guardian vice president, saying: "Because of Mr. consul general at Barcelona, to go to Palma immediately to help the AmeriFancher's position with the Federal Reserve Bank we cannot press for paycans. Dawson on a previous trip was ment." unable to induce Spanish authorities to De Camp could not be reached for bring them to trial. Bowers also has comment. He still owes $29,000 on loans made representations before in the case. dating back to 1930. (Acting Secretary of State Phillips for the second time yesterday asked $663,410 Withdrawn. Ambassador Cardenas of Spain for A. H. Ganger, an accountant, testiprompt action in the case. Mr. Phillips fied that $663,410 were withdrawn by J. expressed deep concern and the AmArthur House, the bank's president, or bassador said he would advise his govby agencies in which he was president ernment of the American Government's between January 1 and February 25. attitude.) Irving Silbert, another accountant, Feeling. meanwhile, ran high in some testified Thomas E. Monka, a vice presquarters because of a magazine article ident. had a balance of more than $12,written by Theodor Pratt, an American, 000 on January 15 but when the deposits who came from Pollensa yesterday to were frozen on February 25 had but Palma guarded by an official escort. $439.41. Two accounts by H. P. McInSeveral cafe brawls have occurred. tosh, sr., former chairman, fell from $14,011 in 1932 to $523.19 on FebruINCIDENT IS THIRD CLASH. ary 27.

9. July 19, 1933 St. Joseph News-Press St. Joseph, MO

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RUN ON Guardian Trust of Cleveland "Raided" by Officers. More Than $2,000,000 Withdrawn Before Firm Closed, Inquiry $2,000,000 the Guardian Trust Company by the and stockholders short time before closed, the state special banking told This presented by Ganger, an vestigation, the heels statement Irving Silbert, countant. that bank loaned money and one high official the Cleveland Federal Reserve Silbert Fancher, govFederal Reserve Bank, and George Decamp, former chairfrom the Guardian. Fancher's made jointly with director the Guardian. amounted loans time totaled $40,000. the witness said.

10. July 23, 1933 The Plain Dealer Cleveland, OH

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ASSERTS BANKER SAID, 'NO DANGER' Fraser Deposition Tells of Officer's Assurance Before Closing. (Continued From First Page) in taking second deposition from who wanted to volunteer some additional information Fraser is working in New York. At the conclusion of his first deposition he said: "Nothing to Conceal." "I haven't thing to conceal All did to lose Add that was to your statement My wife has on deposit in the Guardian Trust Co. than She deposited money which gave her on Satur day the last day the bank open $150 am entirely broke and am considering hankruptcy as relief from my owe the dian Trust Co. some money have given them everything have, inmy interest in the cluding my life pension stock that purchased in the Guardian at present cannot pay no motive myself one of those who have punished Fraser testified that he made the first deposition at request because his had been brought into the hearings before the Senate regarding the banking transaction in which by the sinking resenting the of Cleveland to the fund city Irving Trust Co. of New York- had been included in the bank's deposits for Sept. 30. 1932. as check in process collection, for the purpose of bolstering the deposits Fraser testified by deposition that he knew nothing whatever of this transaction and that he did not be lieve such transaction could have taken place. Names Vice President that amount was as an official check outstand when in there was no ing official check and sequently included the total deposits of that date. who would be responsible for that change? vice president in charge of the bank. ing Would anyone else have thority to order that? would all go through Mr Purdon Q -Could the orders come from somebody higher up. anybody higher than Mr. Purdon? House Robinson That would go Mr. Purdon of those three men no one in the bank would have the thority order those changes made? Right Fraser volunteered the information that at one time 1932 he asked the city of Cleveland for sinking fund payment of about 000.000 or days ahead of time Why did you want it ahead of time? Because we wanted to make good showing Q-On your statement? Fraser said the city was paid in. terest the few extra days the bank had the money last week the tellers and employes were telling that It was perfectly safe to deposit funds the Guardian Trust Co.? and told you to tell the that? House and Mr. Robinson direction House and Robinson How they indicate to you that they wanted that my case asked there any danger in that sponsible for a large amount of de. posits mentioned one particular case said man has deposit here. He thinks he on ought to draw of it. been telling him there is no danger Am in continuing him He ly there is no danger Fraser said this conversation took 24. The last day the place was open unrestricted basis was Fraser testified that for number years the loans passed through his for the purpose of ing the collateral and paying out the after they had been approved by House House Passed on All Loans. there be some notation House on all of those that passed through? Every Fraser asked about a deal in which the Headland Lumber Co. borrowed approximately from the bank and the Cleveland Storage Co. got the contract for stor lumber owned the lumber ing He testified that Frank company Roehl, president of the storage com was the of House's stepson. The was made the lumber company on the of warehouse receipts for the lumber which the collateral security Fraser was discovered that somebody had falsified the record and they did not have as much lumber as the receipts stated they had? think that is the case Do whether you would be party that am he was think Frank Roehl would be think he was party guilty of respect? not seeing that the lumber there before he issued the waredo you also think he guilty of in trying to get the business? think Q-In other was pretty darn anxious to that business which would amount to large profit for him? would say that is fair. Got Business After the Loan rate he did not get the any storage until after the loan made? of course not. But don't think that he originated the idea the Guardian making the loan and him putting it in storage. I think the do you mean by the verse? think the Guardian originated the loan. Then to be secured put this in charge of the just Cleveland Storage That is the went That is what think other words, they throwing toward the Cleve land Storage Co. they had to throw It to somebody don't think should be inferred that the Guardian did any. thing except attempt in this case the loan they made by being sure that the lumber was in storage Fraser testified that H P. McIn vice of the bank tosh, interested the Co. which made some appraisals for the bank, including the Hotel Hollenden Fraser said he suspected McIntosh was "heavily interested' the company "because hanging around his office and ways Harry Robinson's office Fraser also said he thought House interested in the company Life insurance policies were writ. ten some the large and these policies went to favored because they favored the agents think Q did they favor the Guard Trust Co.? directing life trusts to the trust department Fraser was asked whether Monks ever talked him about his the Ohio directly, just by inferFraser said Monks' expenses when lobbying were paid by the Ohio Bankers know Senator W. A you know Q he have any connection with much Q-What do mean, he was very they called each other by their first they associated in any business deal together? that know of you know about that DeYou know Tom Monks in that company sounds very familiar know owes the bank considerable money? A.-Not that -Under what name does it owe Holding Co. -That is Tom Monks company? Bonus Funds Secret. Fraser testified regarding the bonus funds paid by the bank He said the executive committee voted a lump sum Christmas present and no one knew who got it except House Why did you think it was kept secret? was House's way of getting Q-His what? A.-His big end Q-His big end of what? A.-His big end of that money. about Robinson Didn't he help run the bank? ball with is that not only played ball but some extent dominated him. what extent? more learned man than learned in what? A.-More learned in do mean by that? the use of quibbling about my opinion of him? don' like Q don't you like him? Interested in Hollenden -Because thought his judg ment was rotten and had seen so many things he was interested go wrong What were some of the things Robinson was interested in? Hollenden was his proposition -Did he make profit personally? A.-I don't think Fraser asked describe the method by which the State Banking Department made an examination of the bank He said the bank examiners were interested principally in seeing that the listed for loans in the of the bank and that was seldom any effort was to appraise the collateral

11. July 27, 1933 Evening Star Washington, DC
Article from Evening Star, July 27, 1933

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State Senate's Bank Investigating Committee, but later his voice broke and tears came to his face. Loans Amply Secured. He insisted his salary and those of other high officials were set by the bank's Executive Committee, bearing in mind the institution's many prosperous years. His salary was raised to $90,000 in 1928, he said, but in 1932 he took a cut of more than 50 per cent. Likewise he maintained . that large loans made to him were amply secured and that the collateral he gave eventually would fully cover them. Tracing the decline in Guardian deposits from the end of December, 1930, of $157,000,000 to $81,000,000 on February 27-the day it limited withdrawals to 1 per cent-he listed a number of causes. Among them, he said, were the difficulties of other banks in Northern Ohio and the need for finances by large Cleveland industries, finally reaching a climax with the Michigan banking holiday. White Declined to Act. Gov. George White, he said, was urged to declare a similar banking

12. August 4, 1933 The Cleveland Press Cleveland, OH

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UNION AND GUARDIAN now has before the complete and failure of the on the operation Union and Guardian banks. may study this information as bearing on the fact that neither bank was able to surmay study the two vive the depression. banks compared to each other. Before the inventories were filed. more was the Guardian than about the that the SenUnion. This committee has investigated ate investigating the former but not the latter. possible now to make comparison which not based the weight of publicity. In making this comparison must be membered that the Union peak was much larger bank than the Guardian The Union peak. $310,000,000 bank The Guardian $150,000,000 bank In both banks the inventory shows. the bottling up of credit enormous loans was one the strong factors to the downfall. this regard the two banks were about proportionate, with the Union perhaps somewhat the worse off. Of the total was owed the two banks the Van and Eaton $20.000,000 was owed to the Union; $8,000,000 to the Guardian. In the matter of written-off loans likewise the Union has the poorer showing More than $9,000,000 of loans written off The Guardian wrote off $1,674,000 But the erred largely than the Union the creation of subsidiaries. appears from the Guardian that every bank got into trouble the result of bad management. created subsidiary to cover the situation In these subsidiaries, the money of depositors used create companies which profitable to the directors and officers of the bank The records indicate also that the Guardian Union loans to its officers and directors and loans to companies in which officers directors were interested The list loans directly to officers directors Union totaled the bank less than half the total $4,500,000. That neither bank should have loaned any money all to official family fact which the crash made patent and fact which was account the practices of many compared the Union the Guardian had disproportionate number unsecured loans the loans themselves were disproportionately large. The length of time allowed these unsecured the There five-year unsecured loans books. The average mortgage and the average the Guardian larger than the Union By studying the facts which have been published out the voluminous pages the ventory the Clevelander may decide which the two banks was the That both were history has shown inventory reveals nature their weakness This revelation important valuable will provide material for reform of the bank will serve lesson to other banks will provide of civil action recover for the depositor the vast still outstanding

13. August 23, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA

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Cleveland Bank Face Probe Closings CLEVELAND United States District Attorney Emerich today nounced an investigation of the closed Union Trust Company and Guardian Trust Company would soon United States Department of

14. September 7, 1933 The Akron Beacon Journal Akron, OH

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FIRMS $74,375,390 Most Of Sum Goes To Receivers Of Cleveland Banks During July Sept. (AP) Loans totaling to Ohio banks bank receivers thorized by the Finance during the corporation thorized as loan for the Farmers National bank Bryan, which did not ask for the loan after obtaining The also issued report on approximately $700,000 loans authorized during period July 21, 1932 June 1933, which were withdrawn or The authorizations during July the following: For the receiver the Union Co., the of the Guardian Trust the Middle Point Co., MidPoint, $2,000; for the bor State Bank Co.,

15. September 7, 1933 The Evening Review East Liverpool, OH

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R. F. C. LISTS LOANS TO BANKS $74,375,390 Distributed to Ohio Institutions During May. By The Associated Press. WASHINGTON, Sept. 7.—Loans totaling $74,375,390 to Ohio banks or bank receivers was authorized by the Reconstruction Finance corporation during the day. Included in this sum, the corporation reported, was $125,450 authorized as a loan for the Farmers National bank of Bryan, which did not ask for the loan after obtaining authorization. The R. F. C. also issued a report on approximately $700,000 in loans authorized during the period July 21, 1932 to June 30, 1933, which were withdrawn or cancelled. The authorizations during July included the following: For the receiver of the Union Trust company, Cleveland, $47,241,440; for the receiver of the Guardian Trust company, Cleveland, $26,950,000; for the Middle Point Banking company, Middle Point, $2,000; for the Oak Harbor State Bank company, $56,500. During the period from July 21, 1932 to June 30, 1933, the authorizations and amounts withdrawn or cancelled were: for the receiver of the Ross County National bank, Chillicothe, $26,100; for the Farmers-Merchants Deposit company, Swanton, $3,000.

16. September 11, 1933 News Journal Mansfield, OH

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R.F.C. APPROVES OHIO BANK LOANS OF 74 MILLIONS Receivers of Two Closed Cleveland Institutions Granted Bulk of Sum by U. S. WASHINGTON, Sept. 11. Loans totaling $74,375,390 to Ohio banks or bank receivers was authorized by the the Reconstruction Finance Corporation during the day. Included in this sum, the corporation reported, was $125,450 authorized as loan for the Farmers National Bank of Bryan, which did not ask for the loan after obtaining authorization. The R.F.C. also issued a report on approximately $700,000 in loans authorized during the period July 21, 1932 to June 30, 1933, which were withdrawn or cancelled. The authorizations during July included the following: For the receiver of the Union Trust company, Cleveland, $47,241,440; for the receiver of the Guardian Trust company, Cleveland. $26,950,000: for the Middle Point Banking company. Middle Point. $2,000: for the Oak Harbor State Bank company, $56,500. During the period July 21, 1932 to June 30, 1933, the authorizations and amounts withdrawn or cancelled were: for the receiver of the Ross County national bank, Chillicothe, $26,100; for the Farmers-Merchants Deposit company, Swanton, $3,000.

17. November 8, 1933 The Cincinnati Enquirer Cincinnati, OH

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PAY For Depositors In Detroit Guardian Bank Advanced-To File Liability Suits In Cleveland. Washington, November 7-(AP) Treasury announced today that payment date for the 20 cent dividend of the Guardian National Bank of Commerce, Detroit, has been advanced to next Friday, November Depositors will receive $19,374,563, the Treasury said. The early payment was made possible, the Treasury said, by the fact that the bank's receivers had been working day and night in an effort release this money soon possible. The will payment bring the total paid the bank to or $58,338,958. The per cent dividend to 706,949 the closed First National Bank of Detroit will probably be made on November 15, previously although the Treasury said its receiver also making every effort to speed up this payment. The First National dividend will amount to $34,300,000 and will bring the total paid to 50 per cent, or $169,992,357. Cleveland, November 7-(AP)Daniel Morgan, counsel for Liquidator Frank Hanrahan, of the Guardian Trust Company, announced today that double liability suits against stockholders of the bank, which closed last February will be filed November 16. These suits probably could affect 12,000 stockholders, and $7,000,000 might be involved.

18. November 8, 1933 The Cincinnati Enquirer Cincinnati, OH

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For Depositors In Detroit Guardian Bank Advanced-To File Liability Suits In Cleveland. Washington, November 7-(AP) Treasury today that payment date for the 20 cent dividend the National Bank of Detroit, has been to next Friday, November Depositors ceive $19,374,563, the Treasury said. The early payment was made possible, the Treasury said, by the fact that the bank's receivers had been working day and night in an effort to release this money soon as possible. The payment will bring the total paid by the bank to 60 per or $58,338,958. The 10 per cent dividend to 706, 949 depositors in the closed First Bank of Detroit will probably be made the Treasury said its making every speed up this The First National dividend will to and will bring the total paid to 50 per cent, or $169,992,357. Cleveland, November Daniel E. Morgan, counsel for Liquidator Frank Hanrahan, the Guardian Trust Company, an nounced today that double liability suits against stockholders of the bank, which closed last February. will be filed November 15 16. These suits probably could affect 12,000 stockholders, and $7,000,000 might be involved.

19. November 14, 1933 The Cincinnati Enquirer Cincinnati, OH

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BANK RELIEF IS PLANNED. C. State Manager To Make Survey Of Frozen Loans. Cleveland, November Henry Brunner, State Manager Home Owners' Loan Association, today took steps toward helphome ownbanks with frozen assets and depositors whose funds have tied up many months. Brunner announced that survey on homes held by closed and restricted banks, including the Union and Guardian banks Cleveland, would immediately view having the trade them for bonds the relief Build. and loan associations also will Those bonds, in turn, would be turned the Finance for fresh cash loans per cent of the value the bonds permit the banks portion the money they $182,000,000 been fixed the figure now held financial the state in the Much of the mortgage collateral held by Ohio banks in Washington already, held as security for loans. Columbus, Brunner said that bonds ought not dumped any time, this would defeat the whole the movement.

20. March 20, 1934 The Cincinnati Enquirer Cincinnati, OH

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C. CARR APPOINTED Counsel To Liquidator Of Guardian-D. E. Morgan Resigns. Ohio, March resignation Daniel Mor. special counsel the liquidator of the Trust Cleveland, and appointment Charles Carr his announced today by John Bricker Carr representing the bank liquida affairs the last two and He looking and Akron situation became acute was that where has Morgan, letter resigna "Owing the fact that shall unable the position under importance hereby Morgan is be can the tion for the belief that this resign.

21. March 27, 1934 The Flint Journal Flint, MI

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U. S. TO ARRAIGN BANK EX-OFFICERS Cleveland Trio Named in Indictments Charging Misapplication of Funds. Cleveland, March 27.—(By AP)—An arraignment in federal court on charges of misapplication of funds and false entry was in prospect today for three former officers of the Guardian Trust company, which failed to open after the 1933 banking holiday. Joint true bills containing 27 counts against the three men were returned by the federal grand jury yesterday. The men indicted are: J. Arthur House, former president of the bank. Harry C. Robinson, former executive vice president. William R. Green, former vice president and controller. The indictments, in 16 counts, charged misapplication of $76,122

22. March 27, 1934 The Salem News Salem, OH

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(By Associated Press) CLEVELAND, March 27. — Arraignment in federal court on charges of misapplication of funds and false entry was in prospect today for three former officers of the Guardian Trust company, which failed to open after the 1933 banking holiday. Joint true bills containing 27 counts against the three men were returned by the federal grand jury yesterday. The men indicted are: J. Arthur House, former president of the bank. Harry C. Robinson, former executive vice president. William R. Green, former vice president and controller. The indictments, in 16 counts, charged misapplication of $76,122 belonging to the bank's trust department, false entries in the connection being charged in the remaining 11 counts. An employes' pension fund and its transactions are involved. Robinson said he was eager for a prompt trial, expressed belief "the whole thing must be a mistake." Green said his sole connection with the pension fund was that of secretary, that the fund was managed by a board of trustees. House declined to comment. The Guardian bank, now in the hands of a liquidator, had more than $75,000,000 on deposit when it closed its doors in company with the Union Trust company.

23. May 4, 1934 The Tennessean Nashville, TN

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Day in Washington (By Associated Press.) Silas Strawn. former president of the Chamber of Commerce of the United States. called for an end of "experimental" legislation. Bernard M. Baruch. financier and economist. said solution of the farm problem was the key to economic recovery. President Roosevelt spoke at the dedication of monument to Willliam Jennings Bryan. Mismanagement was blamed by Seate investigators for the closing of the Guardian Trust company and the Union Trust company of Cleveland. Secretary Morgenthau said he was ready take the responsibility of wiping out bootlegging. Attorney General Cummings said his department planned to employ 270 additional investigators and buy armored cars and machine guns. The Senate completed congressional action the $417,000,000 tax bill by eliminating the 10 per cent super income tax. The House approved the 45 cent margin requirement in stock market control bill. President Roosevelt issued proclamation calling for observance of Mother's Day on Sunday. May 13.