2. First Territorial Bank (Douglas, AK)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
April 23, 1917
Location
Douglas, Alaska (58.276, -134.393)

Metadata

Model
gpt-5-mini
Short Digest
1a098da3

Response Measures

Accommodated withdrawals

Description

Multiple newspaper items (Douglas Island News Apr 27, 1917; others) report a lively run on the First Territorial Bank in Douglas following beliefs that mining operations were finished after the Treadwell cave-in (local economic shock). The bank paid out about $50,000 in cash and exchange and received/expected a gold consignment from Seattle; there is no mention of suspension, receivership, or permanent closure. Date given as the Monday after the April 21, 1917 cave-in (inferred as 1917-04-23).

Events (1)

1. April 23, 1917 Run
Cause
Local Shock
Cause Details
Miners, fearing mining operations on Douglas/Island were over after the Treadwell cave-in and related local disruptions, withdrew deposits.
Measures
Bank paid out cash and exchange (about $50,000) to depositors; arranged consignment of gold from Seattle (not needed and to be returned).
Newspaper Excerpt
That fact that a number of miners who had money on deposit in the First Territorial Bank of this place ... caused a lively run on the bank Monday morning, when all were cared for as rapidly as money and exchange could be handed out.
Source
newspapers

Newspaper Articles (3)

Article from Douglas Island News, April 27, 1917

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Article Text

WE SHOULD WORRY That fact that a number of miners who had money on deposit in the First Territorial Bank of this place and who. obsessed with the belief that mining operations on the Island were history, caused a lively run on the bank Monday morning, when all were cared for as rapidly as money and exchange could be handed out. A few. very few, business men of the town fell in line, while other business men of the town dug up what cash they had on hands and took to the bank for deposit, thus showing their abiding faith in the financial institution of their own town. Now the bank has a consignment of gold on the way from Seattle which is not needed and which will be returned as soon as it arrives. In cash and exchange about $50,000 was passed out at the bank Monday forenoon


Article from The Daily Progressive-Miner, May 2, 1917

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Article Text

WE SHOULD WORRY That fact that a number of miners who had money on deposit in the First Territorial Bank of this place and who obessed with the belief that mining operations on the Island were history, caused a lively run on the bank Monday morning, when all were cared for as rapidly as money and exchange could be handed out. A few, very few, business men of the town fell in line, while other business men of the town dug up what cash they had on hand and took to the bank for deposit, thus showing their abiding faith in the financial institution of their own town. Now the bank has a consignment of gold on the way from Seattle which is not needed and which will be returned as soon as it arrives. In cash and exchange about $50.00 was passed out of the bank Monday forenoon.-Doug. las Island News.


Article from The Daily Alaska Empire, April 21, 1951

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Article Text

Treadwell Memory Ghost Will Walk Tonight: 34 Years After Big Cave-In Douglas with $50,000 in cash taken A 34-year-old memory ghost will out by depositors while others were walk tonight through the underdigging up cash and depositing it growth and devil clubs that are to show faith. hiding the rails, trails and some The Alaska Daily Empire pubof the old workings at the site of lished by John W. Troy (father of the Treadwell mines on Douglas Mrs. Helen Monsen) and city editIsland. ored by Elmer Friend, appeared The big cave-in that occurred Monday with a full and complete there at 11:30 Saturday night, story of the disaster. April 21, 1917, materially altered M. J. O'Connor, the largest house the trend of life along the Gasand apartment renter in Douglas, tineau Channel. Earth movement, announced that due to men beweakened hanging wall, and an ing thrown out of work, rentals unusually high tide were all bewould drop from $15 to $10 per lieved to have contributed to the month. disaster which flooded the underAlaska-Juneau stock was quoted ground workings of three mines at 6 1/2 that day. and marked the lingering end of Steamer movements of the time one of the most famous gold mines showed 12 vessels plying in and out in the world. of the Gastineau Channel docks An estimated 17,000,000 tons of with three to four arriving and deore had been mined from the parting daily. Treadwell, Mexican, and 700 mines A wave of optimism that the during the previous 30 years of mines might be pumped out and their existence. The damage was reopened swept Douglas but hundestimated at $15,000,000, a loss of reds of men left for other mining areas. $3,000,000 (old price) yearly in gold Closed bulkheads between the production, and unemployment for about 1,500 men directly. three flooded mines and the Ready Five million tons of blocked-out Bullion permitted limited mining ore remained beyond recovery. operations to continue for a numFor 24 hours preceding the caveber of years but the glory that was in, ground had been settling and once Treadwell's dissipated leaving shifting in the area of a filled-in only the ghost, undergrowth and beach under the Treadwell natadevil clubs. torium, fire hall and north of the 700 mill. Guards were placed and precautions taken. At 11 o'clock FISHERMEN'S SUNDAY water started trickling into the mine, warnings were given to the AT LUTHERAN CHURCH; 350 men underground and by 11:30 all but one had been evacuated. CHILDREN BAPTIZED There were conflicting reports about Alex Tassel, who disappeared but men reported having come up In observance of the opening of in the cage with him and others the fishing activities for this year, said he had been seen on the sura Fishermen's. Sunday Service will ace. be held tomorrow at the 11 o'clock L. Wernecke, the Treadwell geworship service. All Fishermen and ologist and J. Conley, were the last their friends are cordially invited to reach the surface and then only to attend, and the general public is welcome to the service at the through the wise operation by the Lutheran Church. hoistman who jerked the cage For this service the senior choir through water and debris pouring down the shaft. under the direction of Miss MarA 300-foot geyser spouted out jorie Iverson and accompanied by of the 2,750 foot Mexican shaft. Miss Dolores Mattila will sing Word spread quickly, homes were "Landsighting" by Edvard Grieg. The Junior Choir under the direcevacuated, machinery moved, guards were placed to keep the curious out tion of Mrs. Eunice Nevin will sing, of danger zones. A huge oil tank "In His Kingdom" by O. R. Overcollapsed into the swirling water by. The title of the pastor's serof the cave-in and oil showed up mon is "Fishing For A Living." later, on the water 150 feet deep At this service a daughter, and that rose in the Glory Hole. a grandson of fishermen will receive the Sacrament of Infant Though the sun shone brightly the next morning a wave of gloom Baptism. The ones to be baptized swept the residents of the area. are: Janice Catherine, daughter of Ferry boats plying between Juneau Mr. and Mrs. Douglas Wahto, and and Douglas carried hundreds of Terry Gordon, son of Mr. and Mrs. sighteers. Fred Baxter and grandson of Mr. Monday morning there was a run and Mrs. John Winther, Sr. on the First Territorial Bank of