RAPID GROWTH OF
BANK OF SEWARD
IN TWENTY YEARS
Leading Financial Institu
tion Southwestern Alas
ka—Huge Resources.
PIONEER BANK E R S
Sufficient Funds On Hand
To Give Every Resident
Thousands of Dollars
From a temporary frame building
and deposits of $5,000 in 1905, to a
fireproof, concrete structure, housing
deposits of over $422,000 in 1925—
this is .but a glimpse of the measure
in which the Bank of Seward has
kept pace with the development of
Seward itself.
The pioneer Bank of Seward was
early taken over by its present own
ers, and consolidated with the Bank
ing department of Brown & Hawkins,
bankers and merchants, and its
growth has been steady since the be- ]
ginning.
Charles W. Brown has for years
presided over the destinies of the
Bank of Seward, as president, with
active management in the hands of
H. S. Balderston, vice-president and
cashier, assisted by O. Ulshagen, for
merly with the First National Bank
of Seattle, as assistant cashier.
Among other members of the board
is Maurice D. Leehey, prominent Se
attle mining lawyer.
Consequently much of the bank’s
success is due to the fact that the
entire management and board is
made up of men who know their Al
aska, and have lived in it, and come
prepared to cope with questions
which would puzzle the best of bank
ers “Outside.”
Mr. Brown is a pioneer of the vin
tage of ’97, while Mr. Balderston’s
northern experience covers a space
of twenty years. He came to Sew
ard in 1915, after liquidating the af
fairs of the First Bank of Katalla,
which withdrew from business after
■the coal lands were bottled up.
The Gateway representative look- j
ed over the statement which Mr. Bal- j
derston handed him, and got a mild
shock out of the figures, which show
ed resources of over $460,000 on hand.
It meant several thousand dollars
for every man, woman and child in
the Terminal City!
Mr. Balderston explained the figures
and incidentally threw some inter
esting lights on Banking in Alaska.
« “Alaska banks are so far removed
from the big banking centers,” he
said, “that we are obliged to carry
an unusually large* reserve in cash”—
and, he pointed out that of the $422,- j
000 of deposits some $148,000 were
lying in cash in the bank’s vaults,
and on deposit with National Banks j
in the States; in addition the state
ment showed over $85,000 worth of i
United States bonds and other gilt
edge securities.
Of course money that lies in the
vault can't produce anything, and
this accounts in some measure for
the high interest rate which Alas
kan banks charge.
Speaking of high interest, Mr. Bal
derston gave another reason for it,
and with it a fine picture of the
Bank’s idea about its proper work in
the Territory.
“An Alaskan banker must, at times,
.make loans which would seem im
possible to a (brother (banker in the
States,” he said. “We must remem
ber that all pioneer countries need
capital and t/hat the development of
a new mine, or the opening up of a
new logging camp is not exactly the
same as the operation, say, of an
old established factory in the thick
ly settled community, with markets
near at hand.
“The banker in Alaska is the first
one approached when new develop
ments are projected, and, as no one
is better posted concerning local
conditions than he is, it is almost
impossible for new industries to get
loans elsewhere.
“His duty to the community de
mands that he be liberal with the
loans upon which the country’s de
velopment depends, and his duty
to the depositors is plainly to see
that no loss accrues to them.
“And, I am happy to say, the banks
of Alaska have a phenomenally suc
cessful record. There has only been
one bank failure in the history of
the Territory, and that was during
a gold rush years ago.
“So far as the Bank of Seward is
concerned, its surplus of over $12,
500 indicates that it has had success
with its loans, and its deposits indi
cate that it has the entire confidence
of the community.”
As THE Financial institution of
Seward, the bank’s interests are
widespread. It draws upon the en
tire westward area, the Kenai pen
insula and a good part of the rail
road belt, and its depositors are scat
tered over enough territory to make
six or eight states outside. It is to
day the only bank in Southwestern
Alaska west of Valdez and south of
Anchoraae.
The Bank owns and occupies the
first floor of a handsome concrete of
fice building on Main street, and is
completely equipped with all modern
appliances which one would look for
in a big metropolitan institution,
from fireproof vaults and magan
ese safes to electric posting machines.
And its officers show visitors thru
the banking rooms and display their
statement of condition with a two
fold pride, for, as they put it, "The
splendid success and surprising
growth of the Bank of Seward is not
merely a favorable reflection on tire
management—it is proof positive of
the Success and Prosperity of Sew
ard itself for the bank is a barometer
of the community.
Since Alaska was taken over by the
United States from Russian it has
produced nearly $75,000,000 in wrealth
annually, and has repaid its original
cost several hundred times.
SCENE ALONG THE NASH ROAD
, ...
PLANT OF THE SAN JUAN FISHING & PACKING COMPANY, AT SEWARD, ALASKA
(Continued from Page Four)
Philippines to do missionary work, re
turning to Washington after two years
He then transferred to the Puge
Sound conference. In 1905 he cann
to Douglas, Alaska, and one year late
found him at Nome. Here it was In
did missionary w<?rk as well. 190
found him stationed at Fairbanks am
builded the church and; parsonage am
in a few years he was back in West
ern Washington. Here he spent 1
years at missionary work and preach
ing. Four years ago last fall Mr. am
Mrs. Dunlap came to Seward. Thee
dore Dunlap, a son of Rev. and Mrs
Dunlap is now at Porto Rico, a head
- professor of chemistry in the Univer
- sity of Porto Rico.
Rev. R. V. B. Dunlap, whose varied
t abilities are employed in the entire su
2 pervision of the new buildings, as
r well as of the maintainance and direc
2 tion of the entire mission plant, in
) eluding the welfare of the children and
1 teachers, is probably one of the best
1 known missionaries in Alaska today.
- Mrs. Dunlap is assistant superinten
L dent under him.
The Jesse Lee Home will in time
1 be one of Seward’s largest enterprises
. and one to which we will point with
. pride.
DAUGHTER OF MR. AND MRS.
ANTO JOHANSON DEAD
Word was received in Seward this
week that the five year old daughter
of Mr. and Mrs. Anton Johanson, for
merly of Seldovia, had died in Anacor
tes of scarlet fever.
The family left for the Outside last
fall intending to make their home in
the state of Washington. The father
was formerly in the employ of the Fi
dalgo Island Packing Company and
the little girl was loved by all who
knew her. Her death is a blow to
the whole community.
Brings the Yuletide Smile
There are few things in life
more highly desired at Christ
mas time than quality Jewel
ry. And here is a Store that
features nothing but the high
est standard of Merchandise,
marked so reasonably low that
every gift-seeker will respond
to this announcement.
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