This was the flag of Toledo from 1909 - 1994. The figure depicted in red represents 'Fort Industry' and is said to represent security, industry and relay the sense of advancement by the pioneers. The actual Fort Industry was never documented or captured in a picture and so one may see different depictions of the settlement. The blue circle is said to represent unity, completeness and eternity. Together, the fort within the circle was declared as the logo of Toledo when the flag was officially adopted.
Notice the flag's colors mimic that of the nation's flag. Additionally, the blue is meant to represent constancy, the white for purity and the red for labor, courage and brotherhood.
Toledo has been nicknamed "The Glass City" due to it's history in the glass industry. The city was home to the very first building built almost entirely of glass which set a huge precedent that would jumpstart the world of modern architecture.