Article Text
# WANTS SETTLEMENT # FOR UNPAID STOCK Fairbanks, April 19.-Receiver Noyes is to demand from the stockholde.s of the old Fairbanks Bank settlement for their unpaid portion of stock. Many subscribers hold shares which were never paid for.
9. Fairbanks Banking Company (Fairbanks, AK)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- September 14, 1909
- Location
- Fairbanks, Alaska (64.838, -147.716)
Metadata
- Model
- gpt-5-mini
- Short Digest
a72e0135
Response Measures
None
Description
Articles describe the Fairbanks Banking Company having closed twice, a reorganization, and the appointment/action of a receiver (F. G. Noyes). The coverage centers on unpaid stock notes, loans carried as capital, and a later receivership — indicating bank-specific adverse problems (misstated capital, bad stock notes) rather than a depositor run or rumor. No explicit description of a depositor run is given. I therefore classify this as a suspension that resulted in permanent closure/receivership. Dates: some references point to problems in September 1909; receiver activity is documented in April 1912 and December 1912 coverage of the related trials. Corrected OCR artifacts (e.g., 'stockholde.s' -> 'stockholders').
Events (2)
1.
September 14, 1909
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Capital was overstated via notes for stock carried as loans; unpaid stock subscriptions and past-due notes impaired capital leading to closure/suspension of the bank; disagreement over Barnette's purchase of Gold Bar stock and misreporting of cash versus stock-notes in reports contributed to insolvency.
- Newspaper Excerpt
- the $78,000 in notes, which had been paid in, and which were past due on September 14, 1909
- Source
- newspapers
2.
April 19, 1912
Receivership
- Newspaper Excerpt
- Fairbanks, April 19.-Receiver Noyes is to demand from the stockholders of the old Fairbanks Bank settlement for their unpaid portion of stock. Many subscribers hold shares which were never paid for. (Iditarod Pioneer, 1912-04-20). | F. G. Noyes, receiver; ... testified (Alaska Citizen, Dec.1912).
- Source
- newspapers
Newspaper Articles (3)
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Article Text
might have had something to do I with the bank's suspension. don't remember of Capt. Barnette having over forty or fifty thousand dollars in mining property on Domie creek. Mining property was considered a good deal. J. 1.. Tole, sworn: I was a stockholder and depositor of the Fairbanks Banking company. The bank closed twice. On the reorganization I had a conversation with Barnette. He told me Clarence Berry was to take a large block of stock. I agreed to take from three to live thousand dollars' worth. I attended the reorganization meeting and there were 12 directors elected. The statement was then made that stock should be paid for in stock or in notes. Afternoon Session. Chas. Pajoman, indicted for violating election law at Afognak. arraigned and given until Saturday morning al 10 a. m. to plead. Court fixed bond at $2.000. If a lesser bond will guarantee the presence of defendant, court will consider the matter. Jury directed to sign a verdiet regarding defendants being placed in jeopardy in former case. F. G. Noyes, receiver Washington-Alaska bank: I have tried to collect on these stock notes. Have collected but little. Witness identified certain bank exhibits. Jno. 1.. Proctor: Examined the books and papers of bank in question. Those notes were traced back as credit on stock account and made up part of capital stock. Sixteen hundred and ninety-six shares were issued all paid for but about $21,000. The total number of shares issued was 202,200: some was Petired after that. These stock notes were carried in the loans and discounts and are entered as if they were loans for capital stock.
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Article Text
# Facts Upon Which Two Decisions Were Based VALDEZ. Dec. 9. Armstrong notary. testifies that the Gold Bar stock is worth $500,000, Dick Woods testified today that there was always disagreement in the Fairbanks Banking company over Barnette's purchase of the Gold Bar stock. The case is moving slowly. VALDEZ, Dec. 9. The joint trial of Captain Barnette and B. R. Dusenbury on the charge of making false reports, will come to an end tonight. Judge Lyons announcing that he will hold a night session. The witnesses for the government were F. G. Noyes, receiver; James W. Hill, one of the owners of the old Fairbanks Banking company; C. C. Page, clerk of the court; Chas. W. Taylor, who was secretary of the depositors' committee at the time of the first failure of the bank; Ray Brumbaugh, the Fairbanks Hardware man; A. T. Armstrong, of Seattle, one of the officers of the Gold Bar Lumber company; Dr. W. G. Cassels, of Fairbanks; John L. Proctor, bank examiner, and R. C. Wood, president of the First National Bank, of Fairbanks. The defense introduced as witnesses: John L. McGinn, the Fairbanks attorney; and J. S. McKenzie, receiver for the Gold Bar Lumber company. Defendant Dusenbury also took the stand in his own behalf. McGinn, testifying in behalf of the defense, stated that he had advised Captain Barnette to file the report which represented that there had been paid into the bank the sum of $17.600 in money, when, as a matter of fact, there was only $145,000 in money, the balance being in notes for stock which were held by the bank. McGinn told the court that he could not remember whether either Barnette or Dusenbury had sworn to the report, although he was the notary. R. C. Wood testified that the purchase of the Gold Bar stock by Captain Barnette had been the cause of considerable disagreement among the stockholders. Attorney A. R. Heilig, of Fairbanks, states that he has not been retained by Captain Barnette in any case to be tried here. He is attending the hearing, he says, so that he may watch the proceedings, the trial for false report being similar to the case which he will be called upon to defend, when W. H. Parsons is placed on trial. VALDEZ, Dec. 10. - Judge Lyons pronounces Barnette and Dusenbury not guilty upon the charge of making a false report of the condition of the Washington-Alaska bank. The court, before which the case was tried, based its decision on the testimony of John L. McGinn, who stated that he had advised Barnette and Dusenbury that they could include in their report as money actually paid into the bank for stock the notes which were given by numerous of the stockholders. The court held that if Barnette and Dusenbury had been so advised by their attorney their action did not indicate that there had been any intent on their part to deceive or defraud. The court stated further that there was not sufficient evidence to show that Barnette and Dusenbury had tried to defraud the creditors of the bank by putting in the Gold Bar stock at an increased value of $93,000, as it had not been shown beyond a reasonable doubt that the interest of the Fairbanks Banking company in the Gold Bar Lumber company was not worth $341,000 at that time; and it had not been shown beyond a reasonable doubt that the $78,000 in notes, which had been paid in, and which were past due on September 14. 1909,