34. Bank of Ruby (Ruby, AK)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 15, 1918
Location
Ruby, Alaska (64.739, -155.487)

Metadata

Model
gpt-5-mini
Short Digest
24e29d76

Response Measures

None

Description

Multiple articles (June–July 1918) state the Bank of Ruby sold all assets to Northern Commercial Co. and 'closed its doors on June 15' because of lack of support/profitability. No run or depositor panic is mentioned; the bank was sold and ceased operations (permanent closure) — fits suspension_closure (suspension/closure without run).

Events (1)

1. June 15, 1918 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank sold all assets to Northern Commercial Company and closed due to lack of support and unprofitability; deposits to be paid by purchaser on demand.
Newspaper Excerpt
The Bank of Ruby has sold all of its assets to the Northern Commercial Co. and closed its doors on June 15.
Source
newspapers

Newspaper Articles (4)

Article from Iditarod Pioneer, June 22, 1918

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Article Text

NEWS FROM RUBY (Record-Citizen, June 1.) The Bank of Ruby has sold all of its assets to the Northern Commercial Co. and closed its doors on June 15. It is regretted by the officials of the bank that this step was necessary but a lack of support has made the venture anything but profitable, and they did not feel that the outlook for this camp from a banking standpoint warranted running the business at a loss. Seward Baggerly, locala agent for the Pacific Cold Storage Co. has been advised that his company has sold all of their stations iu Alaska to Waechter Bros. The transfer took place May 31. Grave concern about Knute Helenius. who carried mail during the winter between Ruby and Tanana is in evidence among his many friends. It is reported he left Tanana to consult with Dr. Smith, the noted surgeon of that place. He left on skies and was met by Coke Hill one day out of Ten-


Article from The Alaska Daily Empire, July 8, 1918

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Article Text

erating on the Tanana and its tribu taries, is now in a sunken condition at the mouth of the small slough just below the Dominion Commercial Company warehouse. The water is about half way up to the house and much silt is on the engine. The Dan will not be raised or put in repair until the water goes down, says the Fairbanks Citizen. On Boulder Creek of the Iditarod section two outfits are planning on working this Summer. Anderson and Kline are opening up some ground near the mouth which they claim will pay to work. Frank O'Leary is working just below them. Since the beginning of the camp considerable work has been done on Boulder Creek but not until now has workable pay been found. A call for bids has been issued by Lieut. Ove. M. Olson, acting quartermaster of the 14th Infantry at Fort Gibbon, for the erection of barracks at that place. The specifications for the building are at the various stations throughout the Interior. M. B. Dahl, formerly with the Northland Trading and Packing Company, has organized a $30,000 company to engage in mild curing. The new company is the M. B. Dahl Company, and Mr. Dahl is its manager. will Wranhis operations gell, His headquarters though be at will take him as far North as Port Alexander. Having missed the inspectors for her annual inspection the Americ was taken to Seattle to andergo inspection there. The Americ is owned in Petersburg by Hogue and Tveton. S. L. Hogue accompanied the vessel South, and will bring a cargo of merchandise North when she returns. Hans Hanson and Miss Guri Otness of Petersburg were married at that place last month. Max Smith, for many years con nected with the Northern Commercial Company at Fairbanks, Nulato and Nenana, has left Alaska for the Outside. W. E. Terrill and the Fairbanks Gold Mining Company have started work on their new dredge which is being erected on Fairbanks Creek. Ninety-six hours without food or shelter, being out alone in the woods in the flooded section between Olnes and the Snowshoe road house is the harrowing experience related by Mrs. J. M. Harris of the Aatalinka road house. Mrs. Harris arrived in Fairbanks in a shaken condition as the result of an experience that few women have ever gone through, and which only the Alaska fortitude and stamnia could have combatted. She has left for the Outside. A letter received from R. D. (Dug) Morgan by the last mail states that Dug, who was so many years with the News-Miner as linotype man. and who was the town's crack shot and first class violinist, is now located in his old home town of Vienna. Virginia, where he is running the linotype on the Vienna Herald for amusement and helping work the farm of his aged parents as a business. (Fairbanks News-Miner.) A mother fox of Peter Vachon's died a few days ago on his fox farm at Birch Hill. says the Fairbanks News-Miner, and Pete brought the pups to town to raise by hand. They were all blacks and silver grays, and yesterday one of the pups died. NENANA-T remains of William F. Carpenter, whose body was discovered lying in a slough yesterday with the throat cut, was buried today. The body was so badly decomposed that removal was impossible, and it was buried at the place where found. The Bank of Ruby has sold all of its assets to the Northern Commercial Company June 1st, and on June 15th it closed its doors and quit business. The Pacific Cold Storage Company has sold all of its Alaska stations. all located in the Interior to Waechter Brothers. The latter are now the only big meat company operating on the Yukon River.


Article from The Daily Alaskan, July 9, 1918

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Article Text

BANK OF RUBY QUITS BUSINESS The Bank of Ruby sold all of its assets to the Northern Commercial Co. and closed its doors on June 15. The officials of the Bank found the step necessary by reason of the fact that lack of support has made the venture anything but profitable and they did not feel that the outlook for this camp from a banking standpoint warranted running the business at a loss. The following is a copy of a letter sent to all of the Bank's depositors: Dear Sir: "The Northern Commercial Company having purchased all the assets of the Bank of Ruby, this bank will close on June 15th, and deposits should be withdrawn before that date. Any deposits still on hand on June 15th will be paid by the North ern Commercial Company on demand. Yours truly, BANK OF RUBY, A. J. DAY, Vice Pres. & Cashier. The above is in accordacne with our agreement with the Bank. NORTHERN COMMERCIAL CO Volney Richmond, Superintendent. a The closing of the bank is distinct loss to the town and in fact @ to the district in general..


Article from The Nenana Daily News, August 27, 1918

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main there during the winter. On Ketchum creek, a tributary of the Salatna river, Warren has found fairly good pay, and Harry Boland and partner have also found fair pay there. They intend taking out winter dumps. Frank Carpenter, who has been doing considerable prospecting with a drill, is reported to have struck good pay, but what he will do this winter is not known. He may take out a dump. Nobody has come into the Ruby district this season, while the exodus has been steady and those who have not already gone Outside, are figuring on getting out this fall. A great many houses in the town of Ruby are boarded up, as the owners have left. The bank of Ruby, as well as the newspaper have closed. The N. C. Co. have bought out Johnson & Jepson's store and stock, and are about the only people in the district that are doing any business. Haarvei's store is still running, but they are not doing a great deal of business. The draft appears to have hit Ruby hard, and with those volunteering, has practically depleted the ranks of the mining men.