1.
October 12, 1907
The Seattle Star
Seattle, WA
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(Star Special Service.) BOSTON, Mass., Oct. 12-Scores of Presbyterian ministers throughout this state are hit hard by the failure of the Reynolds bank at Valdez, Alaska, and the trouble arising over the suspension of work on the Alaska Home railway at that place. Ex-Gov. Brady enlisted nearly every Presbyterian minister. both of large and small means, to join the Reynolds Development company. The mines of the company have made fair returns, but teb last venture according to reports, has met with failure and many ministers will be reduced to poverty unless the bank should fortunately prove solvent.
2.
October 12, 1907
Seward Weekly Gateway
Seward, AK
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TACOMA TAKES ALASKA COAST Business Men of City Buy Steamship Company and Will Move Main Office By Cable to The Daily Gateway. Seattle, Oct, 11 - The Alaska Coast Company becomes the property of Tacoma business men and the company's headquarters will be moved to that city immediately. Reynolds is out of it. Reynolds failed to secure any substantial financial aid for his Alaska Home Railway. Concerning the closing of the Reynolds bank at Valdez Mr. Reynolds issues a statement saying that all depositors will be protected and that the suspension is only temporary.
3.
October 17, 1907
The Alaska Prospector
Valdez, AK
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Alaska Home Railwav Stops Work All work on the Alaska Home Rail assets can be negotiated or isturbance of any kind will be way came to a stop yesterday when tolerated. As soon as details of the existing conditions can be received from Seatorders were issued to cease operations Negotiations are now underway tle they will be puolished, but at which may result in the affairs of the entirely and discharge the employees. present there seems to be no one in company being cleaned up within a For several days there have been pretown who knows the real facts of the day or so, but until these negotiations monitions of financial trouble for the matter. are completed nothing can be done to road, although advices from Seattle relieve the situation. All of the property of the company came daily to the effect that there was is tied up this morning, the creditors having attached everything in sight plenty of money available Pledges Not to Borrow yesterday. The locomotive, rails, and Yesterday word was received that all The management of the Alaskarailroad supplies of all kinds are COV hopes of raising the amount necessary Yukon-Pacific Exposition will not ask ered by attachments, and it will proba to continue operations was gone and congress for a loan, nor will it request bly be some time before the citizens of consequently all work has been any aid further than an ample approValdez will have an opportunity to stopped, and the men will be in town priation for Uacle Sam's participation ride on a train again today. A section pledging this policy has The city coupcil has made arrangebeen inserted in the bill that will be The Reynolds bank, which was ments to handle the three or four introduced at the forthcoming session forced to suspend payment a few days hundred employees who will be in toof congress. ago, has assets sufficient to meet all day. They will be fed for a few days obligations, and there is little doubt until they have a chance to leave town Mrs. F. D Kelsey is expected in but what all the depositors will re by steamer A large number of special Valdez on the next trip of the ceive dollar for dollar, as soon as the police have been hired and no disorder Portland
4.
October 17, 1907
The Alaska Prospector
Valdez, AK
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# Alaska Home Rail-way Stops Work
All work on the Alaska Home Railway came to a stop yesterday when orders were issued to cease operations entirely and discharge the employees. For several days there have been premonitions of financial trouble for the road, although advices from Seattle came daily to the effect that there was plenty of money available
Yesterday word was received that all hopes of raising the amount necessary to continue operations was gone and consequently all work has been stopped, and the men will be in town today.
The Reynolds bank, which was forced to suspend payment a few days ago, has assets sufficient to meet all obligations, and there is little doubt but what all the depositors will receive dollar for dollar, as soon as the assets can be negotiated.
As soon as details of the existing conditions can be received from Seattle they will be published, but at present there seems to be no one in town who knows the real facts of the matter.
All of the property of the company is tied up this morning, the creditors having attached everything in sight yesterday. The locomotive, rails, and railroad supplies of all kinds are covered by attachments, and it will probably be some time before the citizens of Valdez will have an opportunity to ride on a train again.
The city council has made arrangements to handle the three or four hundred employees who will be in today. They will be fed for a few days until they have a chance to leave town by steamer A large number of special police have been hired and no disorder or disturbance of any kind will be tolerated.
Negotiations are now underway which may result in the affairs of the company being cleaned up within a day or so, but until these negotiations are completed nothing can be done to relieve the situation.
# Pledges Not to Borrow
The management of the Alaska-Yukon-Pacific Exposition will not ask congress for a loan, nor will it request any aid further than an ample appropriation for Uncle Sam's participation A section pledging this policy has been inserted in the bill that will be introduced at the forthcoming session of congress.
Mrs. F. D. Kelsey is expected in Valdez on the next trip of the Portland.
5.
October 17, 1907
The Daily Alaskan
Skagway, AK
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WITH THE EXCHANGES Since Seattle added to her area large sections of country in all directions round about her, she is said to be now the sixth largest city in point of area in the United States, New York, New Orleans, Chicago, Philadelphia and San Francisco are the cities of larger area. - -Oregonian. An exchange says: "Senator Beveridge talks." We were not aware of the fact before, that Senator Beveridge was dumb all thesey ea:s.-Wrangell entine'. ...... That which makes the difference between one man and another-between the weak and the strong, the great and the insignificant is energy-invincible determination- an unwavering purpose. The Dougles Island News. An Indiana shoemaker add cted to the disreputable habit of beating his wife came near to a fatal end the other day. After one of his customary performances a big crowd of steelworkers gathered, threw a rope around his neck and, after dragging him through the streets kicking and equirming, hung him to a cross-arm of a telegraph pole. A patrol wagon arrived in time to save his life. He has pledged all sorts of goodness in future. That is the kind of treatment that sets wife beaters to thinking.-Ketchikan Miner. ...... The suspension of payment by the Reynolds bank at Valdez will cause quite a financial flurry in local money circles, as nearly every business man in Valdez had a bunch in it. But we shall hope for the best, as it may be only temporary Every handicap possible has been thrown in the way of the progress of the undertaking and the Guggenheims are not lacking in funds to swamp almost any competitor. If Tacoma has any snap to her she will now take charge of the whole business and carry it through to a finish, for it would have the best wishes of all Alasans.-The Juneau Record.
6.
October 20, 1907
Tonopah Daily Bonanza
Tonopah, NV
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SEATTLE, Oct. 19.-The D. H. Reynolds Alaska bubble has collapsed. Following the failure of the Reynolds bank at Valdez, work has been suspended on the Alaska Home railway, another Reynolds venture. From 500 to 600 men are clamoring for their pay and over half this number arrived at Valdez today. They were greatly wrought up on finding that the Reynolds bank, in which many were depositors, had suspended payment. Violence is feared and Governor Hogg is holding himself in readiness to call out the troops. The following cablegram today outlines the tense condition at Valdez: "Work on the Alaska Home railway was suspended yesterday. Between 300 and 400 men coming to town today. No funds are available to pay them. Violence is feared.
7.
October 20, 1907
Tonopah Daily Bonanza
Tonopah, NV
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ALASKA BUBBLE BURSTS The city has appointed fifty extra policemen to handle the situation. SEATTLE, Oct. 19.-D. H. Governor Hogg all ready to call the troops at the first sign of rioting. Reynolds, promoter of the ReyAll railroad property has been atnolds Alaska Company and the tached by creditors. The feeling is Alaska-Nome railway, has bookgeneral that the Reynolds bank will ed passage for himself and wife be able in a short time to meet its on the Yucatan, which sails for obligations with no loss to depositors, Valdez on Sunday. He will inIf its obligations are not met it will quire into the affairs of the susentail a terrible financial hardship to pended Valdez bank. Cable adlocal merchants. vices from Valdez are to the efTo the people of Valdez suspension fect that instead of the situaof work on the railroad is far more tion due to the failure of Reyserious that the failure of the bank. nolds' bank being cleared, comThey have subscribed liberally toplications have SO thickened ward the construction of the road, that there is danger of riot and which now appears to be involved in destruction of property. No a seemingly interminable litigation. money has been received at ValReynolds sold stocks in the road dez to pay off the 600 employes throughout the East, it is said, even of the Alaska Nome railroad, to bellboys and working girls. who are without means to secure food or shelter. The affairs Reynolds formed many companies and corporations, each with a fabuof the Reynolds Alaska Development Company have become lous capitalization largely on paper. The character of the campaign planSO complicated, it is said half ned by Reynolds and begun by him the town will have to pass into the hands of a receiver. in a whirlwind performance of about three weeks before he reached Seattle may be indicated by excerpts from SEATTLE, Oct. The D. H. news matter printed in his paper, Reynolds Alaska bubble has collap"The Daily Prospector of Valdez." In a recent issue of that paper Reysed. Following the failure of the nolds gives the following statement Reynolds bank at Valdez, work has of his enterprises: been suspended on the Alaska Home railway, another Reynolds venture. "Many have expressed the belief From 500 to 600 men are clamoring that Reynolds was merely the agent for their pay and over half this numof Wall street in this, but such is not ber arrived at Valdez today. They the case. Realizing that the funds that must pay for things must come were greatly wrought up on finding that the Reynolds bank, in which from the public, he is backed solely many were depositors, had suspendby the people, who trust him implicited payment. Violence is feared and ly, Probably it will be a surprise Governor Hogg is holding himself in to many to know how comprehensive readiness to call out the troops. The and far-reaching the Reynolds system following cablegram today outlines has grown in the past few years. The the tense condition at Valdez: foundation of the whole structure 's "Work on the Alaska Home railthe Reynolds Alaska Development Company, with a capitalization of way was suspended yesterday. Be$3,000,000. This stock is selling at tween 300 and 400 men coming to town today. No funds are available 300 per cent premium and advanced 100 per cent in March, during the to pay them. Violence is feared.
8.
October 20, 1907
The Salt Lake Herald
Salt Lake City, UT
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HUNDREDS LEFT WITHOUT MEANS Reynolds Failure at Valdez, Alaska, Threatens to Be Productive of Trouble. Seattle, Wash., Oct. 19.-Cable advices received here last night from Valdez by local Alaskans are to the effect that instead of the situation due to the failure of the Reynolds bank being cleared, complications have SO thickened that there is danger of a riot and the destruction of property. No money has been received at Valdez to pay off the 600 employes of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds Alaska Development company affairs have become SO complicated that it is expected half the town will have to pass through the hands of a receiver. It has developed that Reynolds had branch offices in New York, practically all the New England states, Wisconsin, Iowa, Nebraska, Maryland, Georgia and Louisiana in the south. Eastern financial companies named as depositaries are: Elliot National bank, Boston; First National bank, Ottawa, Ill.; Chase National bank, New York, and Girard Trust company of Philadelphia. Federal post office inspectors and representatives of the treasury department are now at Valdez awaiting developments since Postmaster J. A. Boyle became involved. H. D. Reynolds, promoter of the Reynolds Alaska company and the Alaska Home railway, has booked passage for himself and wife on the Yucatan, which sails for Valdez Sunday. He will inquire into the affairs of the suspended Valdez bank.
9.
October 20, 1907
The Birmingham Age-Herald
Birmingham, AL
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DANGER OF A RIOT. No Money Has Been Received To Pay Off Employes. Seattle, Wash., October 19.-Cable advices received last night from Valdese, Alaska, say that following the failure of the Reynolds bank complications have so thickened that there is danger of à riot and the destruction of property. No money has been received at Valdese to pay off 600 employes of the Alaska-Nome railroad, and they are without means to buy food and shelter. The affairs of the Reynolds Alaska Development company have become so complicated that it is feared that half the town will have to pass through the hands of a receiver. It has developed that the Reynolds bank has branch offices in New York, in nearly all the New England states, in Wisconsin, Iowa, Nebraska, Maryland, Georgia and Louisiana. Federal postoffices inspectors and representatives of the treasury department are now at Valdese awaiting developments following the connection of Postmaster J. A. Boyle with the situation.
10.
October 21, 1907
Omaha Daily Bee
Omaha, NE
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IN ALASKA FAILURE BANK Collapse of Reynolds Concern Involves Half of Valdez. SEATTLE, Wash., Oct. 20.-Cable advices received here last night from Valdez by local Alaskans are to the effect that instead of the situation due to the failure of Reynolds bank being cleared, complications have so thickened that there is danger of a riot and the destruction of property. No money has been received at Valdez to pay off the 600 employes of the AlaskaNome railroad, who are without means to secure food and shelter. and the affairs of the Reynolds-Alaska Development company have become so complicated that it is said half the town will have to pass through the hands of a receiver. It has developed that Reynolds had branch offices in New York, practically all the New England states, Wisconsin, Iowa, Nebraska, Maryland, Georgia and Louisiana in the south. Eastern financial companies named as depositories are: Elliott National bank, Boston; First National bank, Ottawa, III. Chase National bank, New York, and Girard Trust company, of Philadelphia. Federal postoffice inspectors and representatives of the Treasury department are now at Valdez awaiting developments since Postmaster J. A. Boyle became involved. H. D. Reynolds, promoter of the Reynolds Alaska company and the Alaska-Nome railway, has booked passage for himself and wife on the Yueatan, which sail for Valdez Sunday. He will inquire into the affairs of the suspended bank at Valdez.
11.
October 22, 1907
The Semi-Weekly Messenger
Wilmington, NC
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CONDITION IN VALDEZ Danger of Riot and Destruction of Property Following Bank Failare. Seattle, Washington, October 19 Cable advices received last night from Valdez, Alaska, say that following the failure of the Reynolds bank complications have so thickened that there is danger of a riot and the destruction of property. No money has Dean recei.ed at Valdez to may off six hundred employees of the Alaska-Nome railroad, and they are without money to buy food and shelter The affairs of the Reynolds Alaska Deelopment Company have become so complicated that it is feared half the town will have to pass through the hands of a receiver. It has developed that Reynolds had branch offices in New York, in nearly all the New England states, in Wisconsin, Nebraska, Georgia and Louisiana. Federal postoffice inspectors and representatives at Valdez are waiting developments following the connection of Postmaster J. A. Boyle with the situation.
12.
October 23, 1907
The River Press
Fort Benton, MT
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Fears Riot At Valdez. SEATTLE, Oct. 19.-Cable advices received here last night from Valdez are to the effect that, instead of the situation due to the failure of the Reynolds bank being cleared, complications have so thickened that there is danger of a riot and the destruction of property. No money has been received at Valdez to pay the hundreds of employes of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds-Alaska Development company's affairs have become so complicated that it is expected half the town will have to pass through the hands of a receiver. Federal postoffice inspectors and representatives of the treasury department are now at Valdez awaiting developments since Postmaster J. A. Boyle became involved.
13.
October 25, 1907
The Coalville Times
Coalville, UT
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HUNDREDS LEFT WITHOUT MEANS The Reynolds Failure at Valdez, Alaska, Threatens to be Productive of Trouble. No Money to Pay Off the Working Men, and Half the Business Men of the Town Are on the Verge of Financial Collapse. Seattle, Wash.-Cable advices recelved here from Valdez by local Alaskans are to the effect that Instead of the situation due to the failure of the Roynolds bank being cleared, complications have so thickened that there is danger of a riot and the destruction or property. No money has been received at Valdez to pay off the 600 employees of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds Alaska Development company affairs have become so complicated that it is expected half the town will have to pass through the hands of a receiver. It has developed that Reynolds had branch offices in New York, practically all the New England states, Wisconsin, Iowa, Nebraska, Maryland, Georgia and Louisiana in the south.
14.
October 25, 1907
The Kendrick Gazette
Kendrick, ID
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RIOT THREATENS VALDEZ. Receiver Probable for Half of the Town. Seattle, Wash., Oct. 22.-Cable advices received here by local Alaskans are to the effect that instead of the situation due to the failure of the Reynolds bank being cleared up, complications have so thickened at Valdez that there is danger of a riot, and the destruction of property. No money has been received at Valdez for the payment of the 600 employes of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds Alaska Development company affairs have become so complicated that it is expected half the town will have to pass through the hands of a receiver.
15.
October 25, 1907
Troy Weekly News
Troy, ID
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RIOT THREATENS VALDEZ. Receiver Probable for Half of the Town. Seattle, Wash., Oct. 22.-Cable advices received here by local Alaskans are to the effect that instead of the situation due to the failure of the Reynolds bank being cleared up, complications have so thickened at Valdez that there is danger of a riot, and the destruction of property. No money has been received at Valdez for the payment of the 600 employes of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds Alaska Development company affairs have become so complicated that it is expected half the town will have to pass through the hands of a receiver.
16.
October 26, 1907
Pullman Herald
Pullman, WA
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RIOT THREATENS VALDEZ. Receiver Probable for Half of the Town. Seattle, Wash., Oct. 22.-Cable advices received here by local Alaskans are to the effect that instead of the situation due to the failure of the Reynolds bank being cleared up, complications have so thickened at Valdez that there is danger of a riot, and the déstruction of property. No money has been received at Valdez for the payment of the 600 employes of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds Alaska Development company affairs have become so complicated that it is expected half the town will have to pass through the hands of a receiver.
17.
October 30, 1907
Washington State Journal and Adams County News
Ritzville, WA
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RIOT THREATENS VALDEZ. Receiver Probable for Half of the Town. Seattle, Wash., Oct. 22.-Cable advices received here by local Alaskans are to the effect that instead of the situation due to the failure of the Reynolds bank being cleared up, complications have so thickened at Valdez that there is danger of a riot, and the destruction of property. No money has been received at Valdez for the payment of the 600 employes of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds Alaska Development company affairs have become so complicated that it is expected half the town will have to pass through the hands of a receiver.
18.
October 31, 1907
The Idaho Recorder
Salmon, ID
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HUNDREDS LEFT WITHOUT MEANS The Reynolds Failure at Valdez, Alaska, Threatens to be Productive of Trouble. No Money to Pay Off the Working Men, and Half the Business Men of the Town Are on the Verge of Financial Collapse. Seattle, Wash.-Cable advices re ceived here from Valdez by local Alaskans are to the effect that instead of the situation due to the failure of the Roynolds bank being cleared, complications have so thickened that there is danger of a riot and the destruction or property. No money has been received at Valdez to pay off the 600 employees of the Alaska-Nome railway, who are without means to secure food and shelter, and the Reynolds Alaska Development company affairs have become so complicated that it is expected half the town will have to pass through the hands of a receiver. It has developed that Reynolds had branch offices in New York, practically all the New England states, Wisconsin, Iowa, Nebraska. Maryland, Georgia and Louisiana in the south.
19.
October 31, 1907
The Alaska Prospector
Valdez, AK
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New Fire Hall. The Council has purchased a lot for the fire department and work on a new building capable of accommodating all of the apparatus of the department. will be started at once. A tract 30x50 has been bought at the rear of the lot owned by Mrs. Crary n the corner of Broadway and Second street, and a fire house occupying the entire lot will be started as soon as possible. The new building will be. put up with the idea of improving upon it HS fast as the department has the necessary money and will eventually be a firstclass city building. There will be a large well sunk and cribbed up under the bouse and connected with the creek, thus giving an unlimited supply of water The first floor of the house will be devoted to the apparatus and on the second floor will be Council chambers and rooms for the use of the tire department. At a meeting of the creditors of the Reynolds bank, held last night, it was decided to ask for a receiver and J C. Martin was chosen as the receiver The papers are being made out today. Mr. Martin is one of the heaviest losers in the bank failure. Leroy Tozier, one of the Fairbanks delegates to the Juneau convention, IS now on the way out over the trail. He expects to caten the Portland going south The tax rate for the current year was fixed by the Council last night at two per cent. It was thought that a one per cent rate could be adopted this year, but owing to the nusual expense incurred in handling the indigent laborers. it was necessary to make it two.
20.
March 25, 1908
Douglas Island News
Douglas, AK
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Valdez, March 14.-Bankruptcy proceedings against the Reynolds Alaska Devolopment Company and the Rey. nolds bank were brought before the court here today. Judge Reid allowed the motion to consolidate the two petitions, and pending the decision in the matter of bankruptcy, appointed E. E. Ritchie receiver, stating that the present/revenues from the company's property are squandered. The bankruptcy case will. be tried as soon as possible, but probably not before the October term. Attorney Ingersoll, for Reynolds, during his argument said that Reynolds dissipated $500,000 of the funds of the development company and was evidently insane. Creditors suing represent $111,000. The company's property here is valued at $200,000, and the monthly income from rentals is $800. Judge Reid leaves for Fairbanks to hold court as soon as the wind storm abates.