^nuar&iiaihjiatenmt)
OF SEWARD, ALASKA Established August iv, 1904
Published daily except toumluy by
THE GATEWAY PUBLISHING COMPANY
Entered in the postoffice at Seward, Alaska as
second - class mail matter
H, V. HOBEN and E. F. JESSEN, Proprietors
E. F. Jessen, Editor and Manager
MEMBER OF THE ASSOCIATED PRESS
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Bsws dispatcher credited to it or not otherwise in ibis paper and also the local new
imblished herein.
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BUREAUCRATIC LITANY
And it came to pass in the land which is called Broad
Pass, albeit McKinley Park, that land was set aside, even
as the promised land was set aside for the children of Is
rael, as a sanctuary for the oppressed of the land. And
they did dwell therein; the stately caribou, the gentle
lambs, the pungent goats the redolence of whose aroma
spreadeth even unto the lofty peaks; and the gentle
brown bear, albeit the wolf. All of these dwelt they
therein.
And lo, the wild tribes which are called Sourdough
ites, they of the nomadic spirit and a vicious heart which
maketh them valiant warriors against mosquitoes, over
ran the land. Of the caribou, sheep and goats killed and
ate they them; aye they shooteth the brown bear and the
wolf which preyeth upon the more vicious of the animals,
namely the gentle lamb.
And came the keeper of the king’s kine. Spake he
thus: Thou shalt not carry weapons in the land which
hath been set aside, even tho thou merely wandereth to
other lands and passeth only thru, as the children of Is
rael fordeth the Red Sea—so they said—nor shoot ye
any meat tho thy chops be drooling for moose mulligan
stew. And lest ye err in thy direction hark ye that the
promised land covereth 2400 square miles albeit not a
long walk on an empty stomach if thou persevereth.
Then up spake the vassals of the king’s keeper, say
eth they: Lo, wot ye not that the wolf and brown bear
preyeth upon the other kine even an hundredfold more
than the Sourdoughites; wot ye not we stand in fear of
these playful creatures as we shovel dirt along the king’s
highway? Gettcth us a gat that we may smite these scav
engers hip and thigh, lest we, too, supply the entre for
a Lucullian feast. Daily seeth we these creatures; they
sitteth upon the hills and maketh snoots, they rend the
air o'nights with their laughter. Know ye not that the
Sourdoughites giveth much treasure that the rest of the
land may be free of these beasts, yet ye give them sanc
tuary here?
rn r\uv wtrrviv CATF.WAY
I
r
fron* Two^
ritory of Alaska was created. The
first territorial legislature met
early in 1913. and mindful of the
rather recent disastrous failure,
enacted a banking law—a by no
means perfect measure but a
start.
In view of the limited number
of banks in the territory, a sep
arate department was considered
unnecessary so a board was de
cided upon, this composed of the
governor, the secretary and the
treasurer of the territory. This
board later organized by electing
the governor as chairman and the
treasurer as secretary, such organ
ization being still in effect. The
bulk of the work naturally falls
on the board’s secretary, the oth
er members acting: mostly in an
advisory capacity.
By provisions of a recent law
reorganizing executive offices of
the territory, the secretary of the
territory is replaced by its audi
tor as a member of the banking
board. The original law contain
ed no provision for limitation on
loans, later placed at 50 per cent
of capital and surplus, and still
later placed at 35 per cent, at
which it now stands.
While fundamentally opposed to
branch banking, the original law
contained a branch banking fea
ture, since eliminated. However,
while this feature was in force in
voluntary, and effect, a bank with
three branches was established,
the banking board ruling that
each branch must have assigned
to it the amount of capital re
quired of an independent bank
ha the same location. Banks in
business at the time of the en
actment of the Iawr were given
one year in which to bring their
affairs into compliance therewith.
Happily, with the exercise of for
bearance and cooperation on the
part of the board, all were able
to do this with the exception of
one, which eventually it was ne
cessary to close, with resultant
loss of practically 50 per cent to
the depositors.
Few people outside of Alaska
I realize its magnitude, its area be
! ing about two-fifths of the Uni
ted States proper. Over this vast
country its banks are scattered
lone at Hyder, a mining town at
i the extreme southeastern tip ad
!
J joining British Columbia; anothei
I at Nome, in the extreme north
; western section, separated froir
| Asia by only a few miles, the res!
in between, but most of them ir
j the outheastern panhandle.
Selections Are Carefully Made
1 In such circumstances, exam
inations by a regular force o
examiners would be very expen
s’ve. so the expedient of local ex
' aminers. sanctioned by law, has
be n adopted. Selections are care
, fully made, competent persons !
have been found available, many
; o' them with bank exnerience, j
; a~d at times local knowledge pos
—c-od has proved of material ad
i vantage.
Comprehensive report forms are
j used, in which are listed all loans
and securities claimed owned,
\ thes<? latter being generally left
|for safekeeping with outside cor
j respondent banks, where more
readily marketable in case of
need and because of the expense ;
of shipping in. The reports, when !
completed, are sent to the board
recretarv. who gives them care
ful check in detail. Accounts with
correspondent banks are recon- i
eiled and proved, and schedules
| of bonds and securities owned are
checked against confirmation from
j correspondents. Corrective meas
ures. where necessary, are arrang- j
I ed by correspondence.
Take Pride in Record
Members f the banking board
feel that some pardonable pride
! may be taken in the record of re- j
I cent years since the beginning of J
bank suprvision in the territory.
The condition of territorial banks
has steadily improved. Required
reserves, 20 per cent of all demand
liabilities, in which are included
; time and savings deposits, are
; seldom found insufficient. Ex
! ceptionally strong secondary re- j '
serves in the form of readily mar- j,
! ketable bonds and securities are j J
generally maintained.
Except in the instance of the j
; one forced closing at the begin- «
ning of the period of supervision, !
! no bank depositor in Alaska has J
i suffered a loss. It is true there
have been tense moments, there
have been liquidations, voluntary
and some involuntary, there have
been erorganizations but all ac
complished without loss to depos
itors. The territory experienced
a severe deflation in the last year
of the world war, from which it
has not yet recovered. The in
creased price of all commodities,
writh fixed value of its chief prod
uct. gold, caused a general shut
down of all but the higher grade
properties, with consequent ex
odus of much of its population.
Communities were rapidly deplet
ed, bank deposits were heavily
withdrawn, but no failures result
ed. At present there are four na
tional banks in operation in the
territory and 13 territorial banks,
if we count three branch institu
tions as full-fledged banks, which
they really are as conducted. The
total of bank capital in the ter
ritory is $915,000; surplus, approx
imately $500,000; total assets and
liabilities, approximately $15,000,
000.
CLEANLINESS ana tne best of !
meats our motto. Fry-Bruhn’s.
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COMMERCE CAFE
Seward's Oldest
Established Cafe
GOOD, CLEAN FOOD
Nearest the Dock and Depot
Harry L. Courtland, Prop.
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Pure Bred Stock
Produces all of
Seward Dairy
Milk
Seward
Dairy
LIBERTY THEATER
SATURDAY AT 8 0 CLOCK
THE STORY WITH A BIG PUNCH
THE SIN SISTER”
A thrilling tale of adventure, passion and love, mostly
staged on a private yacht in Bering Sea, and in Nome.
The ship picks up a number of passengers and then is
ice-locked. The efforts of the party to reach the outside
results in an absorbing series of incidents which bring out
their real characters in a most surprising way.
A SPECIAL CAST INCLUDES
NANCY CAROL — LAWRENCE GRAY
JOSEPHINE DUNN MYRTLE STEDMAN
This play shows how shallow and thin is the
sui t ace coat ot politeness worn by modern
men and women. The unusual situations cause
the coats to be discarded with startling results
With it we will give you a two-reel comedy—
“SHAMROCK ALLEY”
And an Educational
ALWAYS
the
NEWEST NOVELTIES
Costume Jewelry and Corsages for
Street or Evening
Large Linen Sport Kerchiefs
Flowers and Linens
T
STEAMSHIP STARR
CAPTAIN C. E. ANDERSON
Next Sailing of Steamer Starr out of Seward
MAY 17, 1930
Chas. A. Jansen, Agent
SAN JUAN FISHING & PACKING j
COMPANY
Phone Madison 139
Seward, Alaska
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A_
THRIFT
TIP
Explore your closet. Somewhere under three sweaters and i
a knapsack, you will find last season’s hat. Bring it in or
phone us and no matter how battered or dirty, a day
with us will evolve a new spring head-piece for you.
GIVE THE HAT A CHANCE!
HATS CLEANED AND BLOCKED |
a
Then, on the other hand, how about that soiled linen? |
Don’t permit friend wife to break her back these fine
days when you have at your beck and call the - |§
SEWARD STEAM LAUNDRY j
CLEANING AND PRESSING
HARRY KAWABE Prop. —.0.— PHONE MAIN 14S
5
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HOTEL GILLILAND
TAXI IN CONNECTION
v*w beds have been purchased; a new heating systeii
las been installed and decorators and carpenters an
going over the entire establishment.
Day or Night
Seward, Alaska
Madison 128
Chas. P. Gilliland
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