USA > Ohio > Summit County > Centennial history of Summit County, Ohio and representative citizens > Part 21
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The Akron Manufacturing Company, 929 South High : incorporated, 1898 and 1905; capital. $50,000.
The Akron Odd Fellows Temple Company, 80 South Main : incorporated. 1895; capital, $40.000.
Akron Oil Company, Arcade Block ; incor- porated (W. Va.). 1899: capital, $20,000.
The Akron People's Telephone Company. 232 Hamilton Building: incorporated, 1899: capital. $500,000.
The Akron Press Publishing Company, foot of Mill; incorporated, 1900; capital, $10, 000.
The Akron Printing and Paper Company, 128-132 South Howard; incorporated, 1904; capital, $60,000.
The Akron Provision Company, 135 South Main; incorporated, 1903; capital, $25,000.
The Akron Pure Milk Company, 265 Bow- ery ; incorporated, 1903 ; capital, $10,000.
The Akron Realty Company, 1120 South Main; incorporated, 1900; capital, $150,000. The Akron Roofing Company, 10 East Ex- change; incorporated. 1905; capital, $5,000.
The Akron Roofing Tile Company, 754 Brook; incorporated, 1902; capital, $105,000.
The Akron Rubber Company, Rubber Street ; incorporated, 1890; capital, $10,000.
The Akron Rubber Shoe Company, Rubber Street ; incorporated, 1905.
The Akron-Selle Company, 455 South High; incorporated, 1903; capital, $100,000.
The Akron Sewer Pipe Company, 999 East Market; established 1848; capital, $300,000.
The Akron Skating Rink Company, 268 East Market; incorporated, 1905; capital, $18,000.
The Akron Soap Company, Cuyahoga Street Extension : incorporated, 1904: capi- tal, $50,000.
The Akron Tent and Awning Company, 163 South Main ; incorporated, 1891; capital, $25,000.
The Akron Varnish Company, 254 South Main; incorporated. 1897; capital, $250.000.
The Akron Wall Plaster Company, 994 and 996 East Market; incorporated. 1901; capital, $50.000.
The Akron Water Works Company, corner Howard and Cherry : organized 1880: capital. $50,000.
The Aladdin Rubber Company. 39 Arcade Block; incorporated. 1905; capital, $100.000.
The Alkali Rubber Company, 115 Jack- son : incorporated. 1904 : capital, $10.000.000.
The Aluminum Flake Company. 428 Ham- ilton Building; incorporated (Maine) 1903: capital. $500,000.
The American Scrap Tron Company, 10
164
HISTORY OF SUMMIT COUNTY
West Buchtel Avenue; incorporated, 1904; capital, $50,000.
The Angelo Andrew Paint and Varnish Company, 182 South Main; incorporated, 1901; capital, $10,000.
The Arcturus Lithia Springs Company, 130 South Main; incorporated, 1904; capi- tal, $15,000.
The Atlantic Foundry Company, 62 Cherry; incorporated, 1905; capital, $10,000.
The Automatic Clutch Company, Ira Ave- nue; incorporated, 1905; capital, $120,000.
The Baker-MeMillen Company, 17 Bow- ery ; incorporated, 1890; capital. $120,000.
The Beacon Journal Company, 145 South Main ; established 1839; capital, $80,000.
The Biggs Boiler Works Company, 1007 Bank; incorporated, 1900; capital, $75.000
The Brewster Coal Company. 444 South Main; organized 1876; capital, $50,000.
The Bruner-Goodhuc-Cooke Company, 130 South Main ; incorporated, 1897 ; capital, $50,- 000.
The Buckeye Chemical Company, Doyle Block ; established 1882; incorporated, 1901.
The Buckeye Loan Company, 429 Dobson Building; incorporated, 1905; capital, $10,- 000.
Buckeye Rubber Company, corner Cook and Third Avenue; incorporated. 1900; capital, $200,000.
The Buckeye Sewer Pipe Company, 887 East Exchange; organized 1872; capital, $150,000.
The Burger Tron Company. 42 East South ; incorporated, 1896; capital. $25.000.
The M. Burkhardt Brewing Company, 513 Grant; incorporated, 1902.
The Burt Manufacturing Company, 47 Central Savings & Trust Building; incorpo- rated, 1902: capital, $50,000.
The L. W. Camp Company, 285 Park; in- corporated, 1902; capital, $20.000.
The Central Savings & Trust Company, 90 South Main; incorporated, 1904; capital and surplus, $200,000.
The Chanute Cement & Clay Product Com- pany, 1004 East Market; incorporated (Maine), 1904; capital, $4,500,000.
Colonial Salt Company, Kenmore; incor- porated (New Jersey), 1901; capital, $350,- 000.
The Colonial Sign & Insulator Company, corner Grant and Morgan; incorporated, 1904; capital, $50,000.
The Columbia Coal Company, 26 Central Office Building; incorporated, 1903; capital, $100,000.
The Columbia Insulator Company, 1007 Bank; incorporated, 1902; capital, $25,000.
The Commercial Printing Company, 46- 52 North Main; incorporated, 1899; capital, $150,000.
The Crown Drilling Machine Company, 67 East Thornton; incorporated, 1904; capital, $150,000.
The M. T. Cutter Company, 10 South Howard; incorporated, 1905.
The Day Drug Company, 10 South How- ard; incorporated, 1905; capital, $15,000.
The Dentist Dental Rubber Company, 102 Ilamilton Building; incorporated, 1906; capi- tal, $100,000.
The Diamond Rubber Company, Falor Street; established, 1894; incorporated, 1901; capital, $3,500,000.
The Dickson Transfer Company, 24 North High; incorporated, 1892: capital, $100,000.
The Dime Savings Bank Company, corner Howard and Mill; incorporated, 1890; capi- tal, $50.000.
The Dobson Building Company, 330 Dob- son Building; incorporated, 1905.
The Dollar Savings Bank Company, 12 East Market; incorporated, 1903; capital, $50,000.
The Enterprise Manufacturing Company, 217 Ash; established, 1881; incorporated, 1886; capital, $50,000.
The W. H. Evans Building and Loan As- sociation, corner Howard and Mill; incorpo- rated. 1891: capital. $1,000,000.
The Ewing Concrete Machinery Com- pany, 445 Ewing Court; incorporated, 1905; capital, $10,000.
The Faultless Broom and Manufacturing Company, 54 Cherry: incorporated. 1906; capital, $5.000.
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AND REPRESENTATIVE CITIZENS
The Faultless Rubber Company, 281 Bluff; incorporated, 1900; capital, $325,000.
The Fiebeger Heating Company, corner Lincoln and Forge; incorporated, 1904; capi- tal, $50,000.
Firestone Tire & Rubber Company, 1081 Sweitzer Avenue; incorporated, (West Vir- ginia), 1900; capital, $500,000.
The First National Bank, 16 South Main; organized, 1862; capital, $100,000.
The Flanagan Mining Company, 27 Ar- cade Block; incorporated, (Washington) 1903; capital, $100,000.
The George K. Foltz Company, 68 South Main; incorporated, 1897; capital, $10,000.
The Frank Laubach & Clemmer Com- pany, 80 South Main; incorporated, 1892; capital, $30,000.
The Frantz Body Manufacturing Company, corner Stanton Avenue and Getz; incorpo- rated, 1898 ; capital, $60,000.
The U. G. Frederick Lumber Company, 57 Cherry; incorporated, 1904; capital, $25,000.
The German-American Building & Loan Association, 148 South Howard; incorpo- rated, 1896; capital, $1.000.000.
The German American Company, 148 South Haword; incorporated, 1900; capital, $50.000.
The Gintz Upholstering Company, 14 Via- duct; incorporated, 1897.
The Globe Sign & Poster Company, 48 East Miller Avenue; incorporated, 1904; cap- ital, $75,000.
The Glock-Korach Company, 82 South Main ; incorporated, 1905; capital, $10,000.
The Goehring Manufacturing Company, 65 East Miller Avenue; incorporated, (West Virginia) 1899.
The B. F. Goodrich Company Rubber Street; established, 1869; capital, $10,000,- 000.
The Goodyear Tire & Rubber Company, 1144 East Market: incorporated, 1898; capi- tal. $1,000,000.
The Great Western Cereal Company, 1124 East Market; incorporated, 1901.
The Hall-Harter Insurance Agency Com- pany, 102 South Howard; capital, $50,000.
The Hamilton Building Company, 244 Hamilton Building; incorporated, 1899; cap- ital, $200,000.
The Hankel Lumber Company, 570 South Main ; incorporated, 1889; capital, $100,000.
The Hardware & Supply Company, 50-52 South Main; incorporated, 1905; capital, $150,000.
The Harper Drug Company, 8 East Mar- ket; incorporated, 1903; capital, $25,000.
The Hill Sewer Pipe Company, 999 East Market; organized, 1873; capital, $150,000.
The Home Building & Loan Association, 102 South Howard; incorporated, 1891; capi- tal, $10,000,000.
The Hoover & Sell Company, 16 East Market; incorporated, 1905; capital, $25,000.
The Hower Building Company, corner Market and Canal; incorporated, 1905; capi- tal, $1,000.000.
The Kasch Roofing Company, 188 South Main ; incorporated, 1896; capital, $10,000.
The Keller Brick Company, Cuyahoga Falls Road; incorporated. 1900; capital, $25,000.
The Kile Manufacturing Company, 1136 Sweitzer Avenue; incorporated, 1903.
The Kirk Company, 25-27 South Howard; incorporated, 1902; capital, $50,000.
The Klages Coal & Ice Company, 165 East Mill; established, 1879; incorporated, 1888; capital, $100,000.
The Kraus-Kirn Company, 117 South Main; incorporated, 1903; capital, $25,000.
The C. J. Lang Clothing Company, 18 East Market; incorporated, 1905; capital, $10.000.
The Limbert-Smith Plumbing Company. 40 East Mill; incorporated, 1904; capital. $10,000.
The Lodi Oil & Refining Company, 474 Washington; incorporated, (West Virginia) 1902; capital, $350,000.
The Long & Taylor Company. corner Main and Howard; incorporated. 1903; capital, $10.000.
The Long & Taylor Candy Company. 22 South Main; incorporated. 1902; capital. $50.000.
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HISTORY OF SUMMIT COUNTY
The Loomis-Moss Coal Company, 26 Cen- tral Office Building; incorporated, 1898; capi- tal, $100,000.
The Lyman Lumber Company, 440 South Main ; incorporated, 1897; capital, $10,000.
The MeIntosh-Baum Company, 148 South Howard; incorporated, 1900; capital, $10,000
The McNeil Boiler Company, 96 East Cro- sier; incorporated, (West Virginia) 1902; capital, $250,000.
The Magnolia Coal Company, 444 South Main : incorporated, 1899; capital, $60,000.
The Miller Rubber Company, corner High and Stanton Avenues; incorporated, 1904; capital, $25,000.
The Miller Rubber Manufacturing Com- pany, corner Iligh and Stanton Avenues; in- corporated, 1898; capital, $50,000.
Motz Clincher Tire and Rubber Company, Everett Building, incorporated, 1905; capi- tal, $50,000.
The I. S. Myers Company, 24 South Main ; incorporated, 1904; capital, $55,000.
The M. & M. Manufacturing Company, 502 South Main; incorporated, 1905; capital, $12,000.
The National Blank Book and Supply Company, 132 South Howard; incorporated, 1904: capital, $12,000.
The National City Bank, 8 South Howard; incorporated, 1903; capital, $100,000.
The National Coal Company, 612 Hamil- ton Building; incorporated, 1892; capital, $300,000.
The National Water Wheel Governor Com- pany, 303 Everett Building; incorporated, 1904; capital, $10,000.
Niagara Fire Extinguisher Company, 430- 438 Hamilton Building.
The Northern Ohio Traction and Light Company, 206 Hamilton Building; incorpo- rated, 1899; capital, $7,500,000.
The Ohio Stoneware Company, 227 Foun- tain ; organized, 1881; capital, $50,000.
The M. O'Neil & Company, 38-48 South Main; established, 1877; incorporated, 1892; capital. $200,000.
The Ornamental Iron Work Company, 80
East South; incorporated, 1906; capital, $10,000.
The Peerless Stamp & Stencil Company, corner Howard and Market; incorporated, 1906; capital, $10,000.
The People Publishing Company, 37 South Main; incorporated, 1903; capital, $5,000.
The People's Savings Bank, 337 South Main; incorporated, 1890; capital, $100,000.
The Permanent Savings and Loan Com- pany, 124 South Main; incorporated, 1894; capital, $300,000.
The Thomas Phillips Company, 23 West Exchange; incorporated, 1887; capital, $300,- 000.
The Pouchot-Hunsicker Company, 200 South Main; incorporated, 1903; capital, $30,000.
The Prudential Heating Company, 526 Washington ; incorporated, 1904.
Realty Development Company, 392 Albert Place; incorporated, 1903; capital, $20,000.
The Renner & Deibel Oil & Gas Company, 275 North Forge; incorporated, 1904; capi- tal, $20.000.
The Geo. J. Renner Brewing Company, 275 North Forge; incorporated, 1900; capital, $60,000.
The G. J. Renner Property Company, 275 North Forge; incorporated, 1904; capital, $20,000.
The Robinson Clay Product Company, 1010 East Market; established, 1856; incor- porated, (Maine) 1902; capital, $2,000,000.
The Safety Gas Burner Company, rear 103 Kent; incorporated, 1904; capital, $10,000.
The S. & O. Engraving Company, 330 South High; incorporated, 1903; capital, $25,000.
The Second National Bank, 35 East. Mar- ket; organized. 1863: capital. $350.000.
The Security Savings Bank Company, 328 South Main; incorporated, 1901; capital, $50.000.
The South Akron Banking Company, 1092 South Main; incorporated, 1906; capital, $50,000.
The Standard Rubber Company, 1144
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AND REPRESENTATIVE CITIZENS
East Market; incorporated, 1901; capital, $50,000.
The Star Drilling Machine Company, 474 Washington; incorporated, 1889; capital, $200,000.
The Star Mop Wringer Company. 930 South Howard; incorporated, 1906; capital, $10,000.
The Star Planing Mill Company, 55 Cherry; incorporated, 1903; capital, $25,000.
Stein Double Cushion Tire Company, cor- ner River and Second Avenues; incorporated, 1905; capital, $100,000.
The Summit China Company, 1037 Bank; incorporated, 1879; capital, $100,000.
The Summit Lumber & Building Com- pany, 44 West State; incorporated, 1897 ; cap- ital, $15,000.
The Summit Sewer Pipe Company, 887 East Exchange; incorporated, 1889; capital. $150,000.
The Summit Real Estate Company, 148 South Howard; incorporated, 1903; capital, $24,000.
The Sumner Company, 23 East Exchange; incorporated. 1903; capital, $10,000.
The Swinehart Clincher Tire & Rubber Company, 218 North Howard; incorporated, 1904; capital, $200.000.
Tanner & Company, 10 East Market; in- corporated, 1903; capital, $20,000.
Taplin, Rice & Company, 177 South Broadway; organized 1866; capital, $150,000.
The XXth Century Heating & Ventilating
Company, 192 South Main; incorporated, 1901; capital, $100,000.
The Tyler Company, 990 East Market; in- corporated, 1904; capital, $50,000.
The U. S. Stoneware Company, Annadale Street; incorporated, 1885; capital, $25.000.
The Union Printing Ink Company, 38 West State; incorporated, 1901; capital, $10,- 000.
The Union Rubber Company, 123 South Howard; incorporated, 1901.
The Unique Theater Company, 115 South Main; incorporated, 1905: capital, $10,000.
The Upham-Brouse Company, corner Mar- ket and Main; incorporated. 1896; capital, $100,000.
The Werner Company, 109 North Union; incorporated. 1903; capital, $1,300.000.
The West Hill Land Company, 236 Ham- ilton Building: incorporated, 1902; capital, $75,000.
The Whitman & Barnes Manufacturing Company, 114 East Buchtel Avenue; organ- ized 1864: capital, $2,372,500.
The Williams Electric Machine Company, corner Grant and Morgan; incorporated, 1904: capital, $100.000.
The Williams Foundry and Machine Com- pany, 56 Cherry; established, 1885: incorpo- rated, 1901; capital, $50,000.
The Windsor Brick Company. 1011 Grant; incorporated, 1904; capital, $40,000.
The Wise Furnace Company, 508 Hamil- ton Building; incorporated. 1904; capital, $50,000.
CHAPTER X
BANKS AND BANKING
History of the Banks of Summit County- Banks Inadequate-Akron's Financial Reputa- tion-Akron a Large Borrower-Panic of 1904-Clearing House Statement-Fu- ture Prosperity Certain.
BY JOS. S. BENNER.
BANKS.
In 1845, when Akron was a town of prob- ably 1,500 inhabitants, the Bank of Akron, a branch of the Ohio Safety Fund system, was organized with a capital of $50,000. This was Akron's pioneer bank and proved a very great convenience to the business men of the surrounding community. It survived until 1857, when it went into liquidation, having become involved in the financial embarrass- ments of the Akron Branch Railroad.
In 1855 George D. Bates, with Gen. Philo Chamberlain as a silent partner, opened a private bank on the west side of Howard Street near the present site of B. L. Dodge's furniture store, afterwards purchasing the old Bank of Akron's stand on the opposite side of the street, and where under the name of Bates & Co. the business was continued until 1863, when it was merged into the Second National Bank.
In 1863 the First National Bank, with a capital of $100,000, was organized with T. W. Cornell as president, M. W. Henry, vice president, and W. H. Huntington, cashier.
In 1867 the City Bank, a private institu- tion owned by J. B. Woods, Milton Moore and Sylvester H. Thompson, was started, and
this was organized in 1883 into the City Na- tional Bank.
In 1870 the Bank of Akron, with George T. Perkins as president, Alden Gage as cash- ier, was started, which in 1888 was merged with the Second National Bank, taking that name, with a capital of $275,000, and a sur- plus of $22,000, and using the rooms of the Bank of Akron in the Academy of Music building, its present site.
In 1872 the Citizens' Savings and Loan As- sociation was organized, which in the panic of 1893 had to close its doors, but which was soon after reorganized into the Citizens' Na- tional Bank, which continued until 1903, when it was merged with the Second National Bank.
In 1888 the Akron Savings Bank was started; in 1890 the People's Savings Bank Company ; in 1897 the Central Savings Bank Company; in 1900 the Akron Trust Com- pany, and the Guardian Savings Bank Com- pany; in 1901 the Dime Savings Bank Com- pany, and the Security Savings Bank Com- pany, and in 1902 the Dollar Savings Bank Company.
January 1, 1905, the Central Savings and Trust Company started business, it being a consolidation of the Akron Trust Company
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HISTORY OF SUMMIT COUNTY
and the Central Savings Bank Company, which latter bank had some months before ac- quired the business of the Guardian Savings Bank Company, which went into liquidation. The new bank purchased the building of the Akron Savings Bank, which failed in April, 1904, and refitted and remodeled it into its present shape.
In 1905 was started the South Akron Bank- . ing Company and in 1907 the Depositors' Savings Bank Company, the former locating in the extreme southern part of Akron, near the street car barns, and the latter purchasing the building and fixtures of the Security Sav- ings Bank Company, which in April, 1907, was merged with the People's Savings Bank Company, across the street.
In 1903 Akron boasted of twelve banks, with capitals of $1,225,000 and deposits of $7,300,000. Now, through two consolidations, two absorption and one failure, there are but nine, with a total capitalization of $950,- 000, and total deposits of $8,200,000, a reduc- tion of capital of $275,000, with an increase of nearly $1,000,000 in deposits.
Despite the sensitive feeling still rankling in the minds of many, Akron people really have cause to be proud of the record of her banks. In the sixty years of her banking history there has been but one failure, and that wholly through mismanagement.
We have read from time to time of bank embezzlements, of defalcations and rascali- ties of officers, but Akron has had none of that and can say that the men who have been entrusted with the care of the wealth and savings of her people are, and have been at all times, faithful and honest. The mistakes that have been made were made through lack of good judgment and incapacity only. . It is indeed a remarkable fact. taking into con- sideration the length of time over half a century-the weakness and culpability of man. and the numerous panics through which they have passed. that the experience which we in 1904 went through is the sole and only one to which history can point.
BANKS INADEQUATE.
Akron's banks, however, with all their $9,- 000,000 and more of resources, are far from capable of taking care of the financial needs of its manufacturing and mercantile indus- tries. In fact we would warrant the assertion that 80 per cent of the money required by the large concerns of Akron is furnished by out- side banks.
To the stranger to our local conditions and to the unthinking, such a statement seems ab- surd, but it is true, we believe. A simple ex- planation of this is as follows:
The largest amount that any Akron bank can legally loan to any one concern is 10 per cent of its capital stock, which means the Second National Bank can loan $35.000. the First National Bank, $20,000; the National City and the Central Savings and Trust Com- pany, $10,000, and the others only $5,000. This being the case and very few of these concerns doing business at more than one bank in the city, they are compelled by ne- cessity to go outside, especially when at cer- tain periods of the year some of them borrow individually from $100,000 to $1,000,000.
This very apparent disproportion of the banking capital of Akron to the amount of business transacted through these same banks is well illustrated by the totals of its bank clearings as compared with those of Youngs- town, Canton and Springfield, its sister cities, and their relative banking capitals.
Capital Stock.
Re-
sources.
Clearings for year ending July 1, 1907
Akron
$ 950,000
$9,800,000
$34.700.000
Youngstown
3,250,000
20,270,000
34.491,000
Canton
1.055.000
12,287.500
27.386,000
Springfield
1,100,000
7,523,500 22.400.000
As is shown, Akron, with only $950.000 banking capital, does business of $34.700.000, a larger volume than Youngstown, with $3,- 250.000 capital, and more than twice her re- sources and wealth: while Canton, with lar- ger capital, and 25 per cent more of resources, does only $27,386.000. or 25 per cent less in actual volume of business.
170
HISTORY OF SUMMIT COUNTY
This unusual condition existing in a city the size of Akron is partly accounted for by the extraordinary growth and success of the larger industries that have grown up in our midst, far surpassing our native wealth and consequently our banking resources, and they have necessarily been forced by such condi- tions to seek financial aid in the large money centers.
AKRON'S FINANCIAL REPUTATION.
These same concerns and their necessities have indeed made Akron very prominent in financial cireles. Go to New York, Chicago, Philadelphia, Boston, St. Louis, Detroit and inquire at the banks about Akron, what na- ture of a place it is and what is its reputa- tion. They will immediately reply that they do a great deal of business with Akron con- cerns, that it is a very enterprising, hustling, manufacturing city, and they will surprise you with the fund of accurate information they possess about it and many of its con- cerns.
Akron today stands financially relatively stronger than it ever stood in its history. While its growth, which has averaged over 60 per cent each decade, has, as has been said, outstripped its financial resources, still it has prospered, and that is the main thing.
But these same New York, Chicago and other bankers, while praising Akron and its concerns now, do it with a more or less re- luctant grace, for not a few of them have had experiences which still rankle in their mem- ories.
AKRON A LARGE BORROWER.
For the reasons explained, Akron has been a large borrower. But during the period of 1900 to 1903, when the boom was on and business of all kinds was at its height, Akron was no whit behind in its quota of promo- tions; new enterprises were started by the dozens; where one line of trade proved a suc- cess there was always plenty of over-zealous promoters to form new companies that were sure to make equal profits. The result was a
number of mushroom concerns sprang up and began doing business, largely on bor- rowed capital. The local conditions with their lack of funds, excepting for established cred- its, were more or less of a handicap, however, but they were not to be stopped. Times were too good and money too plentiful elsewhere. Everyone, even the banks, had the fever for speculative explorations and the fences of conservatism were down.
Such conditions soon provided opportuni- ties for a number of persons who made it their business to furnish corporations having insufficient working capital or weakened cred- its with funds for their needs. For this they charged a commission varying with the finan- cial necessities of each individual concern; the one that needed it the worst was compelled to pay the highest commission.
Banks in surrounding country communi- ties were flush with money and with no local opportunities to lend it, and they welcomed gladly anything that looked like a good loan.
These Akron brokers, by assiduous writing and many rosy representations of the worth of the various concerns they were endeavoring to help, were thus able, spurred on by the large commissions in sight, for a number of years to bolster up their weak-kneed cus- tomers.
But the day of reckoning arrived, as it must arrive for all such.
PANIC OF 1904.
When the financial depression of 1904 struck us and conservatism became the rule, these country banks began to ask and then demand their money. The result was the failure of all those who couldn't provide the capital which should have been put in when first needed, numbering among these unfor- tunately several old established concerns that had long been considered responsible, but who had gradually been dropping behind in the race with their younger and more aggressive competitors. Likewise it caused the putting out of business of all the money brokers.
The harm accomplished was not the fail-
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AND REPRESENTATIVE CITIZENS
ure of these concerns, nor yet in the loss of their business to Akron, but in the fact that their failures caused a large financial loss to Inany of those outside banks located all over the country, and who had for years been loan- ing to Akron concerns. These losses, all com- ing within a few months, so shook their con- fidence in Akron and Akron concerns that for two years afterward a borrower from Akron, no matter what his standing, was and even is now, regarded with suspicion and distrust by outside city and county banks.
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