Akron Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: July 4, 1907
Location: Akron, Ohio (41.081, -81.519)

Metadata

Model: gpt-5-mini
Short Digest: e87138e5

Response Measures

None

Description

Articles (July 4–6, 1907) state that the Akron Savings Bank passed into the hands of receivers. No run or depositor agitations are described. Cause appears to be bank-specific insolvency/shortage (receivership) tied to treasurer Smith's shortage; the bank remained in receivership (closure).

Events (2)

1. July 4, 1907 Receivership

Newspaper Excerpt: When the Akron Savings Bank passed into the hands of receivers I was in the bank's debt personally and jointly with L. C. Miles (statement by Senator Charles Dick).
Source: newspapers

2. July 4, 1907 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had passed into receivership amid shortages/insolvency tied to city treasurer Fred E. Smith's financial difficulties and asset liquidation by receivers.
Newspaper Excerpt: When the Akron Savings Bank passed into the hands of receivers
Source: newspapers

Newspaper Articles (3)

1. July 5, 1907 The Sun New York, NY

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Article Text

SENATOR DICK DENIES Report That He Borrowed Public Funds -Explains Existence of Notes. AKRON, Ohio, July 4.-"An examination made by direction of the court, the report of which is a matter of court record, and also a voluntary statement made without solicitation by Treasurer Fred E. Smith completely refutes any charge or suspicion that I have borrowed public funds," Senator Charles Dick declared in a statement issued to-night, characterizing the Columbus reports as "maliciously false." He demands, in a letter to the State Auditor, that he cause another examination of the treasury covering this particular matter. The Senator in an interview says' When the Akron Savings Bank passed into the hands of receivers I was in the bank's debt personally and jointly with L. C. Miles, the market value of the bank stock which I had deposited as collateral security being considerably in excess of the amount of my loan prior to the bank's difficulties. These notes, with others, passed into the hands of George D. Bates, trustee, and when Bates sold all of the notes to Smith these passed into his possession, and then to the bonding company. Until Mr. Smith's difficulties arose I did not know that this paper was in his possession, but supposed that it was still the property of Mr. Bates and his associates, These notes were made and still are payable to George D. Bates, trustee, and not a dollar of the money which they represent ever came to mg from any public officer or was supplied from any public funds.

2. July 5, 1907 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, July 5, 1907

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Article Text

DICK DENIES PART IN BIG SHORTAGE Didn't Borrow from Treasurer Smith $291,000 Shy THE SENATOR'S STATEMENT Notes for $50,000 Signed Dick & Miles Among the Assets of the Akron City Treasurer-Gives the Facts. Akron, O., July 4.-United States Senator Charles Dick tonight gave out a signed statement to the Associated Press regarding his business relations with former Treasurer Smith of Akron. Senator Dick's statement follows: "In view of the maliciously false statements concerning myself appearing in some newspapers in connection with the report to the auditor of state upon examination of the treasury of the city of Akron, I feel I cannot do less than to say that I never directly or indirectly borrowed a dollar from Treasurer Smith or from any other treasurer or custodian of public funds, and while I have not as yet seen the report, I do not believe such a charge is justified by anything the report contains. "Any newspaper article insinuating or Intimating that I ever borrowed of any one any amount of public funds is wholly without foundation or justification. "An examination made by direction of the court, the report of which is a matter of court record, and also a voluntary statement made without solicitation on my part by Treasurer Smith, and by Mr. Seiberling, his attorney, both of whom have personal knowledge of the facts, completely remove any ground for such charge or suspicion. "The facts briefly stated are these: When the Akron Savings bank passed into the hands of receivers, I was in the bank's debt personally and jointly with L. C. Miles, my personal obligation being amply and satisfactorily secured by stock of the bank as collateral, the market value of which prior to the bank's difficulties considerably exceeded the amount of my loan. When the assets were sold by the receivers to George D. Bates, these notes were transferred to him. Subsequently he sold the notes, with others, which he had purchaed from the receivers, to Fred E. Smith, who in turn transferred this entire holdings to the bonding company upon its request and demand. Until Mr. Smith's difficulties arose I did not know that this paper was in his possession, but supposed it was still the property of Mr. Bates and his associates. However, this does not in the least modify my original statements. These notes were made and are still payable to G. D. Bates, trustee, and not a dollar of the money

3. July 6, 1907 The Washington Herald Washington, DC

Article from The Washington Herald, July 6, 1907

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Article Text

SENATOR DICK MAKES DENIAL. Never Negotiated Loan of Any Publie Money, Akron, Ohio, July 5.-United States Senator Charles Dick last night gave a signed statement regarding his business relations with former Treasurer Smith, of Akron. He says: In view of the maliciously false statements concerning myself appearing in some newspapers in connection with the report to the auditor of State upon the examination of the treasury of the city of Akron, 1 feel I cannot do less than to say that I never directly or indirectly borrowed a dollar from Treasurer Smith or from any other treasurer or custodian of public funds, and while I have not as yet seen the report I do not believe such a charge is justified by anything this report contains. Any newspaper article insinuating or intimating that I ever borrowed of any one any amount of public funds is wholly without foundation or justification. An examination made by direction of the court, the report of which is a matter of court record. and also a voluntary statement made without solicitation on my part by Treasurer Smith and by Mr. Seiberling. his attorney, both of whom Date personal knowledge of the facts completely removes any ground for such charge or suspicion. The facts, briefly stated. are these: When the Akron Savings Bank passed into the hands of receivers I was in the bank's debt personally and jointly with Mr. L. C. Miles, my personal obligation being amply and satisfactorily secured by stock of the bank as collateral, the market value of which, prior to the bank's difficulties. considerably exceeded the amount of my loan. When the assets were sold by the receivers to George D. Bates these notes were transferred to him. Subsequently he sold these notes $ with others which he had purchased from the receivers to Mr. Fred E. Smith who in turn transferred his entire holdings to the bonding company upon its request and demand. Until Mr. Smith's difficulties arose I did not know that this paper was in his possession, but supposed it was still the property of Mr. Bates and his associates. However, this does not in the least modify my original statement. These notes were made. and still are payable to George D. Bates, trustee. and $ not a dollar of the money which they represent ever came to me from any public officer or were supplied : from any public funds. All this the records still verify and prove. and I ' have asked the auditor of State to make inquiry into this particular matter. so that the facts may be known, completely vindicating me, as they do. of the charge or suspicion that I have borrowed public funds, as well as the unjust publications of which it is sought to make me the victim. CHARLES DICK. The shortage of Fred E. Smith, the city treasurer, caused by loaning public funds to his friends, is placed at $173,992. I His shortage as treasurer of the county : and of the school board is given as e $104,008.