Valdez Bank & Trust Company (Valdez, AK)

Episode Information

Episode UID
1241003291388
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
124100329 hash
Start Date
August 1, 1915
Location
Valdez, Alaska (61.131, -146.348)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0999213a61f19c68

Response Measures

None

Description

Closure followed suspension and appointment of a receiver; withdrawals tied to the recent destructive fire.

Events (6)
1. August 1, 1915 Run
Cause
Local Shock
Cause Details
Heavy withdrawals by depositors triggered by cash drain after a large Valdez fire; people sought to withdraw following the town fire losses.
Measures
Directors decided to suspend business; later applied for a receiver.
Newspaper Excerpt
closed its doors following the heavy withdrawals of deposits by the people of Valdez, who had suffered by the fire
Source
newspapers
2. August 1, 1915 Suspension
Cause
Local Shock
Cause Details
Directors suspended operations because of losses from the recent Valdez fire and general hard times which caused cash drain and difficult collections.
Newspaper Excerpt
The Valdez Bank & Trust Company suspended business Saturday; directors voted to close the bank on account of the ... losses incurred in the recent fire
Source
newspapers
3. August 4, 1915 Other
Newspaper Excerpt
has suspended business and applied for a receiver.
Source
newspapers
4. August 9, 1915 Other
Newspaper Excerpt
In the case of the Territory of Alaska vs the Valdez Bank and Trust company, Arthur J. Diamond was appointed receiver and the papers have been transferred to Valdez.
Source
newspapers
5. August 9, 1915 Receivership
Newspaper Excerpt
A. J. Dimond ... named temporary receiver of the Valdez Bank & Trust Company; receiver to wind up affairs and pay depositors.
Source
newspapers
6. October 8, 1915 Other
Newspaper Excerpt
Receiver ... now has sufficient funds on hand to pay all known creditors of the bank; payments to depositors to be made.
Source
newspapers

Newspaper Articles (18)
1. August 2, 1915 The Seward Gateway Seward, AK
Article from The Seward Gateway, August 2, 1915

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NATION NO MATTER WHO WINS IN GREAT WAR GERMANS DRIVE WEDGE THOMAS RIGGS RUSSIAN WAR MINISTER IS A VISITOR IN THE POLISH FRONT ADMITS WARSAW'S FATE MEMBER OF ENGINEERING COMw Great Question Now is Whether to VALDEZ BANK CLOSES MISSION COMES TO SPEAK st FRANCE LANDS MEN Says Russian Retreat is Meant ato AS RESULT OF FIRE. w ON HAITI SHORES. WITH HIS COLLEAGUES. e w Russian Forces Can Withdraw w w VALDEZ, August 1.-The Valdez Only to Insure Final Victory WASHINGTON, August 2.Bank and Trust Company suspended Thomas Riggs, jr., one of the three French marines have been landed at Safely. For Muscovites. Saturday. It owes in desposits sixmembers of the government railroad Port au Prince to protect French inteen thousand and its assets are fifty engineering commission, came to Seterests from further violation. The inGERMANS DRIVE WEDGE thousand. The action was taken by ward on the Mariposa and went to RUSSIANS HOPEFUL formation that the French legation the directors because of hard times BERLIN, August 2.-The German generals are now Anchorage today on the Alameda was entered by the mob when they PETROGRAD, August 2.-The nation generally is and the losses incurred in the recent He is conducting the work of the comdriving a wedge in the Polish frontier and the great event murdered the president was sent to fire. mission at the interior end where he confident that the grand duke can extricate his armies now in view is to prevent the army defending Warsaw Paris and the French war de(Note) The amount of deposits had been perfecting the locating surfrom making its escape. It is reported today that the when the time comes to retreat from Warsaw although partment at once sent orders for the mentioned in this dispatch is likely Germans have already crossed the Vistula at a point veys. He came out from Fairbanks Teutons on all sides of the Polish capital are now striving landing of the troops. via Cordova and had been at the latnot right but an effort to secure confrom which the enemy's line of retreat will be seriously to rush in to secure possession of the country over which firmation of the figures has not yet threatened. ter town a week waiting for a boat. THREE COMPANIES CHARGE the retirement must take place. The retreat is really beborne fruit. He comes merely to discuss business A THOUSAND STRIKERS.

2. August 2, 1915 The Daily Alaskan Skagway, AK
Article from The Daily Alaskan, August 2, 1915

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Article Text

VALDEZ BANK CLOSES DOORS Valdez, Alaska, Aug. 2-The directors of the Valdez Bank & Trust Co., today suspended business, partly because of the hard times * and partly because of losses occasioned Whether the by 'the recent fire. suspension will be permanent or onl temporary is not known yet, and will not be determined until a and meeting of the stockholders depositors is held. It is generally hoped that arrangements will be made for a reopening. The bank owes depositors sixteen thousand dollars, 'and has assets of fifty thousand.

3. August 2, 1915 The Alaska Daily Empire Juneau, AK
Article from The Alaska Daily Empire, August 2, 1915

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Article Text

VALDEZ TRUST COMPANY QUITS VALDEZ, Aug. 2.-The Valdez Bank and Trust Company suspended for business Saturday afternoon. A statement issued by the company says the bank owes deposits of $16,000 and although its assets are $50,000. it was decided that a suspension at this time would be good business, owing to the losses the company sustained in the Valdez fire of two weeks ago, which destroyed its building and other property owned by the company. The board of directors met Friday evening and voted to close the bank. The Valdez Bank and Trust company was given a charter on January 16, 1913. It was organized by A. E. Grigsby, D. H. Sleem and John Feinbloom of Valdez, and in its articles of incorporation the capital-stock was set forth as $25,000. A 50-year charter was issued. The first board of directors was composed of D. H. Sleem, A. E. Grigsby. B. F. Millard, and Edward Eckern of Valdez, and A Eckern of Portland. The amount of indebtedness to which the company might be subjected was limited to 50 per cent of its assets.

4. August 2, 1915 The Cordova Daily Times Cordova, AK
Article from The Cordova Daily Times, August 2, 1915

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Article Text

BANK AT VALDEZ CLOSES ITS DOORS Valdez 2.-The VALDEZ, Aug. Bank & Trust Company suspended business on Saturday. It owes depositors $16,000, together with a liability on the part of the stockholders for the full amount of the capital stock, which is $25,000. The assets amount to $50,000. The closing of the bank's doors was decided upon by the directors on account of the limited field of activity and the general business depression throughout the territory. This plan was being followed out when the fire caused a sudden drain for cash, and made collections difficult because of the lack of cash in town. The banking board of the territory has been notified and the winding up of the bank's affairs will be in its hands.

5. August 2, 1915 The Alaska Citizen Fairbanks, AK
Article from The Alaska Citizen, August 2, 1915

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Article Text

VALDEZ BANK IS FORCED TO OUIT VALDEZ, Aug. 1.-Owing to the effect of hard times and the heavy losses in the recent fire that destroyed most of this city, the Valdez Bank & Trust Compny suspended yesterday. No blame is attached to the officers of the company, and it is expected that all the obligations of the bank will be met. The statement given out by the officers of the bank to the depositors is to the effect that the assets are far in excess of the liabilities. The assets total, it is stated, $50,000, while the deposits total but $16,000.

6. August 2, 1915 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, August 2, 1915

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Article Text

Alaska Bank Suspends. Valdez, Alaska, Aug. 2.-The Valdez Bank & Trust company has suspended business with $16,000 liabilities and assets of $50,000. The bank's closing was decided on Saturday by its directors largely because of losses resulting from the recent fire here.

7. August 4, 1915 Douglas Island News Douglas, AK
Article from Douglas Island News, August 4, 1915

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Article Text

The Valdez Bank & Trust Company has suspended business and applied for a receiver. It is stated that the institution has property valued at $50,- 100, while the deposits are but $16,000.

8. August 5, 1915 The Ketchikan Miner Ketchikan, AK
Article from The Ketchikan Miner, August 5, 1915

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Article Text

Valdez, Aug. 2_At a meeting of the Valdez Bank and Trust company directors, it was decided yesterday to suspend the business of the bank. This was decided on owing to the fact that the general conditions in Valdez are SO unsatisfactory, and the loss of SO much property in the 10cent fire. The bank owes depositors about sixteen thousand dollars. with assets of about fifty thousand.

9. August 6, 1915 The Commonwealth Greenwood, MS
Article from The Commonwealth, August 6, 1915

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Muphis, Egypt, was announced by the University of Pennsylvania museum. The first daily newspaper to be published in the German language has appeared in Brussels. Nine persons were injured when the supports of a veranda dining room of a board walk hotel Rockaway Beach collapsed. Renewed activity of Katmai volcano, Alaska, is indicated by the presence of ashes in the air. The Danish government $12,000,000 5 per cent national loan, which has just closed has proved a failure. This is German-American week at the Panama-Pacific exposition. Treasury receipts for July, the first month of the new fiscal year, ran $16,000,000 behind expenditures. Duxbury Reef, the "Graveyard of the Pacific," has caught the American-Hawaiian steamer Georgian, from New York to San Francisco. The British submarine operating in the Sea of Marmora, shelled a Turkish troop train, destroying seven cars and killing more than 200 soldiers. Australian casualties in the war up ; to date are 2,610 killed and 10,222 wounded, it was officially announced. Beginning Aug. 2 208 automobile rural free delivery routes, distributed among eight states were put into operation by the postoffice department. American bluejackets and marines are ransacking Port au Prince for arms. The Valdez Bank and Trust Co. has suspended business, with $16,000 liabilities and assets of $70,000. German snipers now wear greenish clothing and have their faces and guhs painted SO as to merge with the color of the landscape. A Constantinople dispatch to the Mittag Zeitung of Berlin reported that John Odell and W. O. Ruch, at Beaumont, Tex., attempting to save Tom Nicholson, from asphyxiation in an empty 600 barrel cypress oil tank, were overcome and all three died. A report circulated in the financial districts stated that the Westinghouse Electric Company has actual orders on its books which total be tween $60,000,000 and $70,000,000. The Wolverine and Mohawk Copper Mining Company, in paying their 1,200 employes, included an extra check for 5 per cent of the total wages of June as a bonus. Mrs. Theodore Roosevelt is sick and being taken East on a fast train. Accompanied by her husband she reached Chicago Sunday morning, Aug. 1. Judge Hand, in the United States district court, denied the motion for a receiver to take over the business of the American 5 and 10 Cent Stores. American dispatches to the London newspapers say that the recent intimation to the American Government that England will send another note soon indicates a reversal of British policy. "I have no political aspirations whatever, looking to the holding of office in the future," said William J. Bryan in a speech at Portland, Ore. The Wharton National Bank at Wharton, Tex., was closed by order of the comptroller of the currency. Illinois Central Chicago to Cairo passenger train was derailed just south of Anna, III., July 30. A double electrocution took place at the Eddyville, Ky., penitentiary, when Turner Graham, 24 years old, and Will Lane, 23, a negro wife murderer, were executed. a After balloting 12 hours without result, the jury in the case of George W. Ward, charged with killing his wife, was discharged at Whiteplains, Mo. Four girls were drowned at Flemington, Pa. They were: Esther Fisher, 20, and Thelma Floruss, 13, of Farmington; Marion Bower, 19, of Monument, Pa., and Erma Butterbaugh, 18, of Cherry Tree, Pa. A man was killed by lightning in a hollow tree, at Terre Haute, Ind., where he sought shelter during a storm. He is believed to be Roy Davis of Effingham, III. During the past two weeks the Italians have advanced five miles along the entire Isonzo front. The Austrian losses are estimated at 80,000. Secretary Wilson has departed for

10. August 9, 1915 The Alaska Daily Empire Juneau, AK
Article from The Alaska Daily Empire, August 9, 1915

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SKAGWAY TERM OF COURT SHORT 1 Judge Jennings and the court house delegation returned this morning from Skagway, where court has been in session since Monday, Aug. 2. The various matters which came up before Judge Jennings were as follows: A divorce was granted to Justina Packson, a native, wife of William Jackson. She was given the custody of their two children. Four men were admitted to citienship in the United States, namely Louis Ender, Charles Karaman and Rupert Blazic, all natives of Austria, and Joseph J. F. Warde. a naitve of Canada. Liquor licenses were granted to Tim Vogel and J. A. Morrison of Haines. There was no protest filed in either case. Protests were filed and then lateer withdrawn in the matter of licenses for the C. W. Hockett company and the Brie Co. Inc., both of Haines and the licenses were issued. No protests were filed in the Skagway liquor licenses applications and licenses were issued to Herman Grimm. T. F. C. Flaharty, Albert Reinert and J. T. Anderson. The bar-room license issued to the Triangle saloon of Juneau was transferred to Frank Morrison of Skagway. In the case of the Territory of Alaska vs the Valdez Bank and Trust company, Arthur J. Diamond was appointed receiver and the papers have been transferred to Valdez. The decree was signed by Judge Jennings in the absence of Judge Brown who is out at the Westward hold the floating court. Court will continue in session here until the latter part of the month, at which time the Ketchikan session will be opened. No definite calendar has been set for the remainder of the Juneau session. The case of Frye-Bruhn against Agnes L. Burk as of the 5th Ave. Hotel in Skagway has been transferred to Juneau and will be tried here in the near future.

11. August 10, 1915 The Seward Gateway Seward, AK
Article from The Seward Gateway, August 10, 1915

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VALDEZ NOTES. A. J. Dimond, of the firm of Donohue & Dimond, has been named temporary receiver of the Valdez Bank & Trust Company. W. M. Cuddy, has taken over the holdings of S. A. Hemple in the Valdez Mercantile Company and is now in control. S. Blum & Company have leased the first floor of the big Cliff House. Senator B. F. Millard, brought to town one day last week, a brick worth $25,000 from the Granite mine.

12. September 15, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, September 15, 1915

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MONEY READY FOR DEPOSITORS Judge Brown Advised that $25,000 Placed in Seattle Bank-Receiver to Pay Depositors. Judge Brown of the District Court last night received advices from the German American Mercantile Bank of Seattle that $25,000 had been deposited in the bank for the purpose of paying off the depositors and draft holders of the Valdez Bank and Trust company, which closed its doors recently. After a conference with the attorneys for the receiver, and M. F. Hendrickson, the assistant cashier of the bank, it was decided to have the money placed in the Scandinavian National Bank of Seattle, the correspondent of the First Bank of Valdez, and Judge Brown then wired that the money be placed in the bank, designated to the credit of A. J. Dimond, the temporary receiver of the bank. It is expected that the affairs of the bank will be closed up and the creditors paid off within a few days. The few details will be settled today and then the drafts will be drawn to the various depositors. The $25,000 has been raised by C. F. Hendrickson, the Portland banker, and father of Assistant Cashier M. F. Hendrickson. Mr. Hendrickson, father and son, had made deposits of $14,000 in the local bank in the effort to keep it afloat. This amount, however, is not to be withdrawn until all other depositors and draft holders are paid.

13. September 23, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, September 23, 1915

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MONEY SOON READY FOR DEPOSITORS Slight Formality Remains to be Complied. With Before Payment of Money is Made. That the depositors of the Valdez Bank & Trust Company, which closed its doors several weeks ago, will receive their money before the close of the present month is the announcement of Attorney John Lyons, representing the stockholders of the bank. When the bank closed its doors, following the heavy withdrawals of deposits by the people of Valdez, who had suffered by the fire, Cashier Hendrickson immediately put the matter of financing the assets of the bank in order to secure the cash to pay off the depositors, up to the stockholders on the outside. That arrangements have been completed and the money is ready is evidenced by the following cable received by Judge Lyons today from the German-American Mercantile Bank, of Seattle. Following is the cablegram: "Seattle, Sept. 22, 15. "John Lyons, "Attorney, Valdez. "We are forwarding on Alameda papers for signatures of all Valdez Bank and Trust Company stockhold. ers. Hendrickson already signed. Have placed cashier's check with the Scandinavian American bank twentytwo thousand, five hundred dollars, to be credited to the First Bank of Valdez, for use of Dimond, receiver, when you telegraph them that the stockholders have signed the papers, as per letter of instructions sent today. Notify Judge Brown. "German American Bank."

14. October 8, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, October 8, 1915

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To the Creditors of the Valdez Bank and Trust Company. The undersigned, receiver of the Valdez Bank & Trust Co., now has sufficient funds on hand to pay all known creditors of the bank. This money will be paid by check on the First Bank of Valdez drawn in favor of the several creditors. Except as to the few accounts now balanced no payments can be made until Monday, October 11, but beginning with that date payments will be made as rapidly as possible. All depositors are requested to bring or send in their individual deposit books immediately. Drafts or cashier's checks issued by the bank and now unpaid will be paid only on presentation of the original draft or check. Payments will be made at the former offices of the bank between the hours of 10 a. m. and 12 m. and 1 to 3 p. m. ANTHONY J. DIMOND. Receiver Valdez Bank & Trust Co. 10-8-3t

15. October 9, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, October 9, 1915

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To the Creditors of the Valdez Bank and Trust Company. The undersigned, receiver of the Valdez Bank & Trust Co., now has sufficient funds on hand to pay all known creditors of the bank. This money will be paid by check on the First Bank of Valdez drawn in favor of the several creditors. Except as to the few accounts now balanced no payments can be made until Monday, October 11, but beginning with that date payments will be made as rapidly as possible. All depositors are requested to bring or send in their individual deposit books immediately. Drafts or cashier's checks issued by the bank and now unpaid will be paid only on presentation of the original draft or check. Payments will be made at the former offices of the bank between the hours of 10 a. m. and 12 m. and 1 to 3 p. m. ANTHONY J. DIMOND. Receiver Valdez Bank & Trust Co. 10-8-3t

16. October 11, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, October 11, 1915

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DEPOSITORS ARE RECEIVING THEIR CHECKS TODAY. Receiver A. J. Dimond, of the Valdez Bank & Trust company, who is paying off the depositors as fast as their present their claims, reports that there has not been any rush of the creditors to receive their money. Several of the depositors failed to leave their bank books with the receiver to be balanced and they are urged to do so at their earliest convenience as Receiver Dimond wishes to disburse the money as soon as possible. The checks issued by the receiver are payable at the First Bank of Valdez.

17. October 14, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, October 14, 1915

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RECEIVER DIMOND DOING BUSINESS Has Issued Checks to Depositors of Valdez Bank & Trust Company to Extent of $17,000. Receiver A. J. Dimond, of the Valdez Bank & Trust company, has been doing a tidy banking business during the past few days, but it is not the kind of business which delights the hearts of bankers, who are not in the business for pleasure or for health. Everything has been going and nothing coming in. Since Monday morning. Receiver Dimond has pan to depositors of the bank approximately $17,000, and reports that all Valdez depositors have received checks on the First Bank of Valdez in full in payment for their accounts. A number of depositors who are believed to be miners or residents outside of the district, have failed to send in their bank books or enter claims for their accounts. Between $7000 and ,000 yet remains to the credit of Receiver Dimond and it is possible that in a few days arrangements will be made whereby the First Bank of Valdez will handle the matter of issuing checks signed by the receiver and taking the receipt of the depositor.

18. November 30, 1915 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, November 30, 1915

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Court Doings. In the case of Mrs. Hattie Woodin vs. W. W. Harvey & Co., the motion to continue was over-ruled and the case submitted to the Judge, who entered judgment for the plaintiff in the sum of $200. This was a suit over the rent of a horse. Findings of fact, Conclusions of Law, and Decree were filed in the cases of M. Blum, E. B. Wheat and John Lyons vs. Town of Valdez, and the Valdez Bank & Trust Co. vs. Town of Valdez. Smith vs. the Granby Consolidated Mining Co. case was dismissed. The suit was settled out of court the plaintiff receiving $1000.00. Order on Receiver's report was entered in the case of Territory of Alaska vs. Valdez Bank & Trust Co.