1.
August 2, 1915
The Cordova Daily Times
Cordova, AK
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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.
2.
August 2, 1915
The Alaska Citizen
Fairbanks, AK
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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.
3.
August 2, 1915
Rock Island Argus
Rock Island, IL
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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.
4.
August 3, 1915
The Seward Gateway
Seward, AK
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STATEMENT BY VALDEZ BANK OFFICIALS GIVE FULL ACCOUNT REASONS FOR OF SUSPENSION. In the Valdez Miner of Sunday last a statement is given by the Valdez Bank & Trust company which seems to show that the institution is in a perfectly solvent condition. The following is the statement: Valdez, Alaska, July 31, 1915. To the depositors of the Valdez Bank & Trust Company: Some time ago the stockholders and directors of the Valdez Bank & Trust Company, decided to liquidate their assets, pay off depositors and retire from business. The cause for this was the limited field of activity and the general business depression throug-out the territory. This plan was being followed out when the fire put upon us a sudden drain for cash, and made collections difficult because of the lack of cash in town. This afternoon it was decided to close the bank. The banking board of the territory has been notified and the winding up of the bank's affairs will be in its hands. The bank has deposits which must be paid to the extent of $16,000.00. As security for this amount there are loans amounting to $38,000.00; bank building of the value of $12,500.00; equipments, stocks and other investments of the value of $6,000.00. In addition there is liability on the part of the stock holders to the extent of the full capital stock, $25,000.00. The affairs of the bank will in all probability be in such shape that deposits will be paid off within thirty to sixty days. Now that the bank has been closed, payment of these deposits is not dependent upon the collection of loans, but upon the disposition thereof, a much speedier method. From the foregoing it can be seen that the bank is solvent and we ask your patience and cooperation. Signed, M. F. HENDRICKSON, Assistant Cashier.
5.
August 4, 1915
Douglas Island News
Douglas, AK
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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.
6.
August 7, 1915
Iditarod Pioneer
Iditarod, AK
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LOSSES IN CONFLAGRATION CAUSE BANK TO SUSPEND VALDEZ, Aug. 2. -The directors of the Valdez Bank & Trust Company today decided to suspend because of the hard times and losses sustained in the recent fine. The institution owes to depositors $16,000, and there are assets of $50,000.
7.
August 10, 1915
The Seward Gateway
Seward, AK
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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.
8.
August 10, 1915
The Chitina Leader
Chitina, AK
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BANK AT VALDEZ CLOSES ITS DOORS VALDEZ, Aug. 2.-The Valdez 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.
9.
September 23, 1915
Valdez Daily Prospector
Valdez, AK
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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."
10.
October 8, 1915
Valdez Daily Prospector
Valdez, AK
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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
11.
October 8, 1915
Valdez Daily Prospector
Valdez, AK
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DEPOSITORS WILL 3 RECEIVE CHECKS 3 ) Receiver Dimond Will Issue Checks on First Bank of Valdez for Amounts Due Depositors. ) As will be seen by notice in another column in this issue of the Prospector, Attorney A. J. Dimond, receiver of the Valdez Bank & Trust company, has received funds from the stockholders of the bank to pay off the depositors whose money has been tied up since July 31, when the bank closed its doors. Owing to the cable being out of commission, which prevented direct communication with Seattle, the matter has been in abeyance for several days but Mr. Dimond received a cable this morning notifying him that money sufficient to pay off the depositors of the bank was in the GermanAmerican bank, of Seattle, and that checks drawn by him in payment of the accounts would be honored by the First Bank of Valdez. The amount which the outside stockholders of the local bank placed to the credit of the receiver is $22,500, sufficient to pay off most of the depositors and outstanding drafts of the bank. The total amounts of deposits and unhonored drafts aggregates in excess of $25,000 and a number of the largest depositors agreed with the receiver to waive payment of their accounts at this time in order that the other depositors might receive their money. Among the creditors of the bank who have shown such commendable public spirit are : S. A. Hemple, M. Morie, the Valdez : Drug company, John Lyons and Arthur Lang. Beginning Monday checks will be issued to depositors by Receiver Dimond for the amounts to their credits as shown by the bank's books. Depositors are requested to send their bank books to the receiver in order that their accounts may be balanced and payments made. -
12.
October 9, 1915
Valdez Daily Prospector
Valdez, AK
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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
13.
October 11, 1915
Valdez Daily Prospector
Valdez, AK
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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.
14.
October 14, 1915
Valdez Daily Prospector
Valdez, AK
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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.
15.
November 20, 1915
Iditarod Pioneer
Iditarod, AK
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ALASKA Paying the Depositors The receiver of the Valdez Bank & Trust Company paid to the depositors of that defunct institution on October 11 a little more than $20.000
16.
November 29, 1915
Valdez Daily Prospector
Valdez, AK
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DISTRICT COURT RULES THAT MUNICIPALITY HAS NO JURISDICTION OVER WATERFRONT DECISION OF THE CITY MAGISTRATE AGAINST THE VALDEZ In the appeal case from the assessIn the district court this morning ment of personal property, in which Judge Fred M. Brown handed down DOCK COMPANY SET ASIDE AND ASSESSMENT OF PROPERTIES his decisions in the Valdez Dock comMeyer Blum, E. B. Wheat and John OUTSIDE CORPORATE LIMITS NULLIFIED - ASSESSMENT ON pany's case as well as the appeal Lyons were assessed for shares in the cases from the decisions of the board APPROACH TO DOCK IN CORPORATE LIMITS STANDS- DISFirst Bank of Valdez, the appeal was of equalization of the Valdez City sustained. The Court criticised the CRIMINATION AGAINST STOCKHOLDERS OF FIRST BANK OF council. assessor for listing these stocks VALDEZ CONDEMNED-ASSESSMENT AGAINST VALDEZ BANK & The Valdez Dock company's case while no great effort had apparently was an appeal from the city magisTRUST COMPANY REDUCED ONE-HALF. been made to assess other stocks. altrate's court in which the company though it was well known that other was fined $50 for violation of Ordistocks of considerable value had not nance No. 90. The findings of the been listed, court reverses the ruling of the city 'The Valdez Bank & Trust comThe assessment against the Geo. lumber, coal and hay of the company magistrate and holds that the munipany's appeal from the assessment of cipal authorities have no jurisdiction C. Treat property on Alaska avenue on the dock. $25,000 was sustained and the asbeyond the corporate limits of the was allowed to stand although the In the tax appeal cases in the corsessment reduced to $12,500. The city. Court believed it was too high. but assessor had lumped the real estate porate limits the court in most cases The decision is very lengthy and not exorbitantly so. sustained the board of equalization, and capital stock of the bank at $25.goes exhaustively into the questions In the case of Thos. Donohoe vs. but declared that he was opposed to 000 but the court ruled that the capof the right of incorporated cities in ital stock was worthless as the bank Town of Valdez, appealing from the property being assessed beyond its Alaska controlling waterfront propassessment against his office building value. had suspended. erty and ruled that the ordinance and law library the court reduced the The case of the First Bank of ValThe appeal case of J. M. Lathrop was of no effect as it was not susamount from $2000 to $1000. The dez vs. Town of Valdez is before the vs. Town of Valdez against the astained by law. Counsel for the deassessment against Mr. Donohe's real sessment of the building occupied by court this afternoon. The plaintiff fense had contended that the muniestate on Court street was allowed to appeals from the fixtures of the bank the Prospector office was decided in cipal authorities had no jurisdiction stand. being assessed separate from the capfavor of plaintiff. The city assessor over the waterfront unless such auThe assessment of $2000 against ital stock of the bank on the grounds had put a value of $1500 on the thority had been expressly granted the approach to the dock which is inthat they are part 8f the capital property which the court reduced to by the territorial legislature or by side the corporate limits was sustainstock and therefore being subjected $500 as two-thirds of the property is congress. The decision also disposes ed. to double taxation. outside the city limits. of the tax assessments against the