Dollar Savings Bank (Akron, OH)

Episode Information

Episode UID
9415941091294
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
941594109 hash
Start Date
October 28, 1907
Location
Akron, Ohio (41.081, -81.519)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f1ef3f9db549234f

Response Measures

None

Description

Cashier's suicide and discovered shortage/embezzlement led to investigation and receivership.

Events (2)
1. October 28, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed bank after cashier Fred A. Boron committed suicide and an investigation revealed a large shortage (suspected embezzlement).
Newspaper Excerpt
The Dollar Savings bank was closed today by order of the directors until after the funeral of Fred A. Boron, the cashier, who committed suicide yesterday.
Source
newspapers
2. October 31, 1907 Receivership
Newspaper Excerpt
Joseph Dangel, president of the Dollar Savings Bank, was appointed receiver of that institution today in consequence of the suicide of Fred A. Boron, cashier-treasurer, Sunday.
Source
newspapers

Newspaper Articles (14)
1. October 28, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 28, 1907

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Article Text

Largest Institution of the Kind in the City in Danger. NOTICE IS DEMANDED Depositors Allowed but Part of Their Cash Gold is Purchased in London. Chicago, Oct. 28.-Within an hour after the opening of the doors fully 400 people lined up at the withdrawal windows of the Illinois Trust & Savings bank, which has the largest number of savings accounts in the city. Depositors were allowed. if tney wished, to take out sums under $100, but for all amounts over, the full legal notice is required. The majority of those in the bank during the early part of the day gave notice of their intention to withdraw money. There was no excitement. Many Give Notice. In the Hibernian Savings bank about a hundred people had given notice of withdrawal by 11 o'clock and as many more were waiting in line. At the other savings banks business appeared to be on a normal basis. Depositors having checking accounts did not appear woried in the least by the situation, and business proceeded upon normal lines in all banks. Cortelyou Hears Good Reports. Washington, Oct. 28.-Secretary Corstated very telyou reassuring today reports he had from received New York, Chicago and other points, and that everywhere confidence was being restored and conditions much improved. Kansas City Bank Closes. Kansas City, Oct. 28.-The Bankers' Trust company, with deposits of $800,000, closed Hughes said they this had morning. decided to Cashier close temporarily because of clearing house certificates, Buying Bar Gold Abroad. London, Oct. 28.-The United States secured all the bar gold offered today in the market, totalling nearly $5,000.000. The price was $19.50. This is 2 1/2 cents higher than previous quotations, indicating the keenest of competition. Both Paris and London bid against the United States. Keep Money Out of Stock Market. New York, Oct. 28.-Any disposition to secure money obligations for the purpose of operating in the stock market was frowned upon and business kept at a low ebb. The delay in the appearance of supplies of money there caused no anxiety, as intimations were given loans would be carried over another day and money would be supplied when needed most. Prices continued to show an advance. Affects Grain Prices. Chicago, Oct. 28.-The financial condition in New York and the action of local banks in deciding to issue clearing house certificates and to demand full legal notice on the withdrawal of time deposits, caused a weak market 10 all the grain pits today. Wheat de clined 4 cents, corn 1 cent, and oats 11/6. Selling was in quite large vol time, but the demand slack. Buyers were extremely reluctant to take hold Duluth Board Suspends. Duluth, Oct. 28.-Trading in grain was suspended on the board of trade this morning owing to money condi tions. No sales were made in either cash grain or options, although the trading room was open and members were on the floor. Business will no be resumed until conditions improve Country elevators are being advised not to buy grain. Cashier Suicides. Akron, Ohio, Oct. 28.-The Dolla Savings bank was closed today by 01 der of the directors until after the fu neral of Fred A. Boron, cashier, who committed suicide yesterday. In th meantime an investigation of Boron' accounts is going on and a movemen is on foot to have the other banks C the city take this institution over. Th 60-day limit has been ordered enforce on all savings accounts in all banks.

2. October 29, 1907 The Times Dispatch Richmond, VA
Article from The Times Dispatch, October 29, 1907

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Article Text

CASHIER DEAD ; BANK CLOSES Savings Institution Suspends to Awnit Further Investigation. AKRON, O., October 28.-The Dollar Savings Bank has been closed by order of the directors until after the funeral of Frederick Boron, the dead cashier. In the meantime a further investigation of his accounts is going on, and a movement is also on foot to have the other banks of the city take this institution over. Coroner Davidson announced this morning that he had decided that Boron had committed suicide. there being nothing to substantiate the murder theory.

3. October 29, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 29, 1907

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Article Text

SCARE IS OVER. (Continued from Page One.) This has not reached serious propor- issuance however, owing to the the tions, clearing house certificates and of action of all the banking the institutions making checks payable through clearing house. Five Holidays Prociaimed. Portland, Ore., Oct. 29.-At the re- House of the Portland Clearing Chamberquest association, Governor Geo. E. five last night declared the next holiday in lain in his state a legal in days to prevent a money famine are order The banks of this city been this absolutely state. sound and there has has one no run on any of them, nor been threatened. Cashier Shoots Himself. O., Oct. 29.-The Dollar order Sav- of Akron, bank has been closed by of ings directors until after the funeral shot the Baron, its cashier, who An Fred A. while alone in his home. going himself investigation of his accounts is foot to movement is also on take on and the a other banks of the city to have institution over. According deficit of this of the directorate a 60 day members has been discovered. The acnotice $25,000 is enforced on all savings counts in the banks of the city. Discount Rate Advanced. Oct. 29.-The discount rate was of Berlin, Imperial Bank of Germany cent. the today from 51/2 to 61/2 per situaraised significant of the changed adIt is in the market here that the whereas tion was a full 1 per cent discussed vance bank October 17. only The the the rate half per cent. York's raising is directly due to New here change for gold, which it is feared will demand lead to gold exports from Germany. leading exchange rates of all the point. The are now above the gold German countries market had expected the The to await the Bank of engage- England's bank but yesterday's gold apparaction, in London for New York here ently ments rendered immediate action necessary. Gold Engaged, $18,750,000. York, Oct. 29.-Late an- yesterday New the National City bank afternoon that it had engaged to $1,250,000 nounced for importation in addition makin gold $6,000,000 already announced instituits total of $7,250,000 for that by ing a and an aggregate of of $18,750,000 the tion various banking institutions the city on this movement. How Plan Worked. City, Mo., Oct. 29.-The decis- in of Kansas the banks not to pay cash counters ion amounts over their Monlarge very little embarrassment as caused Business went on very much of day. and the closing of the doors only usual, Bankers' Trust company was busian the incident that did not disturb ness anywhere. far as the Bankers' Trust company So concerned it was already liquidat- the was fast as it could, and when ing as met Sunday to decide on belongs their bankers to hold the money that bankers policy Kansas City the other here in not to include the Bankers' setdecided company in their list. That Trust its fate, and when the banks open- knew tled Monday every bank in the city ed the Bankers' Trust company would not last through the morning. Bank of Commerce was busy, beThe a little more than usual possibly the new system required consid- Woods cause explanation, but Dr. W. S. than said erable there was no more business is usual on Monday. "We are just keeping the money at as we ought to," he said. "Nobody home is going to suffer. Some them people may learn economy but it will do good." the Fidelity Trust company one to At the rich depositors dropped in He of draw money for personal expenses. met H. C. Brent who told him $20 was all he "What could good get. will $20 do me?" the de"It positor will do asked. you a whole lot of good. It'll teach you how much you can get 020 JO not All the bankers said they would furnish money for payrolls and cash payroll checks. They are furnishing money to people who are preparing to go on of journeys and taking care generally but reasonable demands for cash. all turning down demands for large amounts of money by giving certified checks. There are a good many millions of dollars locked up in the banks in KanCity and the bankers say they will sas see that enough stays here to handle the business of this city until matters are in better shape in the east. The Bankers' Trust Co. Kansas City, Mo., Oct. 29.-John S. Parks, vice president of the Bankers' Trust company, said soon after the failure: "We were liquidating and getting out, anyhow. I had a very small interest in the bank myself, but was looking after the interests of others. we had not been crowded we would If have been out in pretty good shape, but as it is we can There may liquidate be and pay some

4. October 29, 1907 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, October 29, 1907

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Article Text

(Continued From Page One.) their withdraw intention to money. There was no excitement. In the Hibernian Savings bank about 100 people had given notice of withdrawal by 11 o'clock, and as many more were waiting in line at the other savings banks. Business appeared to be on a normal basis and depositors having checking accounts did not appear worried in the least by the situation. Business proceeded upon normal lines in all the banks. Confidence Returns to New York. New York, Oct. 28.-Fortified by the remedical plans adopted Saturday for the protection of New York's supply of currency, financiers began a new business week in a hopeful frame of mind. The importation of gold is expected to assume large proportions and will aid greatly in providing funds for the banks. American securities in London showed sharp advances today. The Trust company of America resumed payment to depositors as us. ual. There were fifty depositors in line. The Lincoln Trust company also opened for business this morning as usual. The line of waiting depositors was much smaller than at the opening hour Saturday. At the northern bank, a state institution, there were sixty persons in line at the opening hour. Normal at Providence. Providence, R. I., Oct. 28.-At the hour of opening today there was every indication that banking conditions in this city would be normal today. Pittsburg Exchange Closed. Pittsburg, Oct. 28.-It was decided not to open the Pittsburg Stock exchange at a meeting of the board of directors this morning. Aside from the suspension of the exchange there is nothing else worthy of mention in the local financial situation. Any disposition to assume money obligations for the purpose of operating in the stock market was frowned upon business kept at low ebb of the delay in the appearance of supplies of money there caused no anxiety as the intimations were given that loans would be carried over another day and money would be supplied when needed. Most prices continued to show advance. Oklahoma Banks Closed. Oklahoma City, Oct. 28.-Every bank in Oklahoma City remained closed today in accordance with orders issued by Territorial Governor Frantz. It is understood the order affects all national banks in Oklahoma and Indian territory. The action was taken because the banks of Kansas City and St. Louis refused to forward cash to the banks of the southwest. There has been no uneasiness in the city and the bankers say the deposits last week were greater than at any previous week in the month. The closing is for the purpose of protection in case of a run. The banks o fthe city have arranged to issue clearing house certificates until conditions improve. The banks of the southwest are embarrassed because of the demand for cash to move the cotton crop. Kansas City Bank Closes. Kansas City, Mo., Oct. 28.-The Bankers Trust Co., with deposits of $800,000 closed this morning. Cashier Hughes said they had decided to close temporarily because of the clearing house association had refused to extend to them the privileges granted thirty other leading banks here of issuing clearing house certificates. Akron Cashier Suicides. Akron, Ohio, Oct. 28.-The Dollar Savings bank was closed today by order of the directors until after the funeral of Fred A. Boron, the cashier who committed suicide yesterday. In the meantime an investigation of Boron's accounts 18 going on and a movement is on foot to have the other banks of the city take this institution over. The sixty day time limit has been ordered enforced on all the savings accounts in all the banks. Grain Trading Stopped. Duluth, Minn., Oct. 28.-Duluth trading in grain was suspended on the board of trade this morning owing to the money conditions. Business will not be resumed until conditions improve Conference at White House, Washington D. C., Oct. 28-Special -The financial situation was the

5. October 31, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 31, 1907

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NEW RECEIVER APPOINTED. Petition in Akron, O., Case, Says Suicide Embezzled $38,000. Akron, O., Oct. 31.-Joseph Dangel, president of the Dollar Savings Bank was appointed receiver of the institution today, in consequence of the suicide of Fred A. Boron, cashier-treasurer, Sunday. According to the petition filed in the case, Boron "embezzled" $38,000.

6. October 31, 1907 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, October 31, 1907

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RECEIVER NAMED For The Dollar Savings Bank, Whose Cashier Killed Himself After Taking Money. By Associated Press.1 AKRON, Oct. 31.- Joseph Dangel president of the Dollar Savings Bank was today appointed receiver of that institution in consequence of the suicide of Cashier-Treasurer Boren Sunday. According to the petition Boron embezzled $38,000. It is believed the depositors will receive dollar for dollar.

7. October 31, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, October 31, 1907

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Article Text

Boron's Bank / WENT INTO HANDS OF RECEIVER TO-DAY-CASHIER COMMITTED SUICIDE. AKRON, Ohio, Oct. 31.-The Dollar Savings Bank went into the hands of Joseph Dingle, receiver, to-day after the failure of the directors to get other banks to take over its assets at one hundred cents on the dollar: This is the bank whose cashier, Fred A. Boron, committed suicide Sunday.

8. October 31, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, October 31, 1907

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Receiver for Akron Bank Akron, O., Oct. 31-Joseph Dangel, president of the Dollar Savings bank, was appointed receiver of that institution to day in consequence of the suicide of Fred A. Boron, cashier and treasurer, Sunday. It is believed that the depositors will receive dollar for dollar. According to the petition filed in the case, Fred A. Boron "embezzled $38,000.00

9. October 31, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 31, 1907

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AKRON O., DOLLAR BANK. Akron, On Oct. 31.-Joseph Dangel, president of the Dollar Savings bank, was appointed receiver of that institution today in consequence of the suicide of Fred A. Boron, eashier and treasurer, last Sunday. The examination by the directors and the Clearing House association found is shortage of $38,000 against which stands the cashier's band of $20.000, and overdrafts amounting to $18,000, on which $6,000 was realized yesterday.

10. November 2, 1907 The Morning Astorian Astoria, OR
Article from The Morning Astorian, November 2, 1907

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RECEIVER APPOINTED. 1 AKRON, O., Nov. 1.-Jos. Dangel, president of the Dollar Savings Bank, was appointed receiver of that institution yesterday in consequence of the suicide of Fred A. Boren, cashier and treasurer, last Sunday. The examination by the directors and the clearinghouse association found a shortage of $38,000 against which stands the cashier's bond of $20,000 and over drafts amounting to $18,000 on which $6000 was realized yesterday.

11. November 4, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, November 4, 1907

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Bank Will Lose Little. Akron, O., Nov. .-Joseph Dangel, president of the Dollar Savings bank, has been appointed receiver of that institution in consequence of the suicide of Fred A. Boron, cashier and treasurer. The examination by the directors and Clearing House association found a shortage of $38,000, against which stands the cashier's bond of $20,000, which is supposed to be good, and overdrafts amounting to $18,000, of which $6,000 already has been collected.

12. November 7, 1907 The Dakota Chief Gann Valley, SD
Article from The Dakota Chief, November 7, 1907

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Dead Man an Embezzler. John Dongle, president of the Dollar Savings bank at Akron, O., was appointed a receiver of that institution Thursday in consequence of the suicide of Fred A. Baron, cashier and treasurer, last Sunday. An examination by the directors and the clearing house association found a shortage of $38,000, against which stands a cashier's bond of $20,000 and overdrafts amounting to $18,000, on which $6,000 was realized Wednesday.

13. November 8, 1907 Dakota Farmers' Leader Canton, SD
Article from Dakota Farmers' Leader, November 8, 1907

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Dead Man an Embezzler. John Dongle, president of the Dollar Savings bank at Akron, O., was appointed a receiver of that institution Thursday in consequence of the suicide of Fred A. Baron, cashier and treasurer, last Sunday. An examination by the directors and the clearing house association found a shortage of $38,000, against which stands a cashier's bond of $20,000 and overdrafts amounting to $18,000, on which $6,000 was realized Wednesday.

14. November 26, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 26, 1907

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Bakeries Go Into Receiver's Hands. Akron, On Nov. 26.-The Lodwick Co., which ran two fine bakeries, went into the hands of a receiver Monday The assets are about $14,500 and the liabilities about $9,500. The failure of the Dollar Savings bank recently was the cause.