gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c1d7cc29bfea0518
Response Measures
None
Description
Suspension prompted by a large fire in town that produced cash drains; bank entered receivership and paid depositors.
Events (4)
1.August 2, 1915Suspension
Cause
Local Shock
Cause Details
Losses and sudden cash drain caused by a recent Valdez city fire combined with general hard times made conversion of assets to cash impractical.
Newspaper Excerpt
The directors of the Valdez Bank & Trust Co., today suspended business... losses occasioned ... by the recent fire.
Source
newspapers
2.August 3, 1915Other
Newspaper Excerpt
J. H. Cobb will leave for Skagway on the next boat to make application to Judge Jennings for the appointment of a receiver for the Valdez Bank and Trust company, recently insolvent.
Source
newspapers
3.August 6, 1915Receivership
Newspaper Excerpt
A. J. Dimond ... has been named temporary receiver for the affairs of the Valdez Bank and Trust Company.
Source
newspapers
4.October 11, 1915Other
Newspaper Excerpt
DEPOSITORS ARE RECEIVING THEIR CHECKS TODAY. Receiver A. J. Dimond ... is paying off the depositors as fast as they present their claims.
Source
newspapers
Newspaper Articles (18)
1.August 2, 1915The Daily AlaskanSkagway, AK
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Article Text
VALDEZ BANK CLOSES DOORS Valdez, Alaska, Aug. 2-The directors of the Valdez Bank & Trust Co., today suspended business, partly because of the hard times * and partly because of losses occasioned Whether the by 'the recent fire. suspension will be permanent or onl temporary is not known yet, and will not be determined until a and meeting of the stockholders depositors is held. It is generally hoped that arrangements will be made for a reopening. The bank owes depositors sixteen thousand dollars, 'and has assets of fifty thousand.
2.August 2, 1915The Alaska Daily EmpireJuneau, AK
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Article Text
VALDEZ TRUST COMPANY QUITS VALDEZ, Aug. 2.-The Valdez Bank and Trust Company suspended for business Saturday afternoon. A statement issued by the company says the bank owes deposits of $16,000 and although its assets are $50,000. it was decided that a suspension at this time would be good business, owing to the losses the company sustained in the Valdez fire of two weeks ago, which destroyed its building and other property owned by the company. The board of directors met Friday evening and voted to close the bank. The Valdez Bank and Trust company was given a charter on January 16, 1913. It was organized by A. E. Grigsby, D. H. Sleem and John Feinbloom of Valdez, and in its articles of incorporation the capital-stock was set forth as $25,000. A 50-year charter was issued. The first board of directors was composed of D. H. Sleem, A. E. Grigsby. B. F. Millard, and Edward Eckern of Valdez, and A Eckern of Portland. The amount of indebtedness to which the company might be subjected was limited to 50 per cent of its assets.
3.August 2, 1915The Cordova Daily TimesCordova, AK
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Article Text
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.
4.August 2, 1915The Alaska CitizenFairbanks, AK
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Article Text
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.
5.August 2, 1915Rock Island ArgusRock Island, IL
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Article Text
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.
6.August 3, 1915The Alaska Daily EmpireJuneau, AK
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Article Text
COBB TO APPEAR FOR DEFUNCT VALDEZ BANK J. H. Cobb will leave for Skagway on the next boat to make application to Judge Jennings for the appointment of a receiver for the Valdez Bank and Trust company, recently insolvent. Mr. Cobb is attorney for the Territorial Treasurer.
7.August 4, 1915Douglas Island NewsDouglas, AK
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Article Text
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.
8.August 5, 1915The Ketchikan MinerKetchikan, AK
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Article Text
Valdez, Aug. 2_At a meeting of the Valdez Bank and Trust company directors, it was decided yesterday to suspend the business of the bank. This was decided on owing to the fact that the general conditions in Valdez are SO unsatisfactory, and the loss of SO much property in the 10cent fire. The bank owes depositors about sixteen thousand dollars. with assets of about fifty thousand.
9.August 6, 1915The Cordova Daily TimesCordova, AK
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Article Text
DIMOND NAMED BANK RECEIVER A. J. Dimond, of the law firm of Donohoe & Dimond, has been named temporary receiver for the affairs of the Valdez Bank and Trust Company. The appointment is made until the return of Judge Brown to Valdez. Mr. Dimond acts for the Territorial Banking Board to conserve the assets of the bank for the depositors and stockholders.
10.August 7, 1915Iditarod PioneerIditarod, AK
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Article Text
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.
11.August 10, 1915The Seward GatewaySeward, AK
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Article Text
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.
12.August 10, 1915The Chitina LeaderChitina, AK
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Article Text
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.
13.September 11, 1915The Alaska Daily EmpireJuneau, AK
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Article Text
VALDEZ BANK TO PAY DEPOSITS VALDEZ, Sept. 1.-Assistant Cashier M. F. Hendrickson, of the Valdez Bank and Trust Company received a wire from his father, the Portland banker, asking for the exact amount of money necessary to pay off the depositors and holders of drafts of the Valdez Bank and Trust Company, which recently closed its doors, because of its inability to convert its assets into cash. The telegram also informed Mr. Hendrickson that the necessary money would be forthcoming to pay all creditors of the bank. The affairs of the bank are now in the hands of A. J. Dimond, who was appointed temporary receiver by Judge Jennings.- (Valdez Prospector.)
14.October 8, 1915Valdez Daily ProspectorValdez, AK
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Article Text
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
15.October 9, 1915Valdez Daily ProspectorValdez, AK
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Article Text
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
16.October 11, 1915Valdez Daily ProspectorValdez, AK
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Article Text
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.
17.November 20, 1915Iditarod PioneerIditarod, 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
18.November 30, 1915Valdez Daily ProspectorValdez, AK
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Article Text
Court Doings. In the case of Mrs. Hattie Woodin vs. W. W. Harvey & Co., the motion to continue was over-ruled and the case submitted to the Judge, who entered judgment for the plaintiff in the sum of $200. This was a suit over the rent of a horse. Findings of fact, Conclusions of Law, and Decree were filed in the cases of M. Blum, E. B. Wheat and John Lyons vs. Town of Valdez, and the Valdez Bank & Trust Co. vs. Town of Valdez. Smith vs. the Granby Consolidated Mining Co. case was dismissed. The suit was settled out of court the plaintiff receiving $1000.00. Order on Receiver's report was entered in the case of Territory of Alaska vs. Valdez Bank & Trust Co.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
