The Alaska citizen., 1911-02-22

When Mir McCord received tn, above telegram he sent the follow ing to McGOwan & Clark. Fairbanks
 Seattle, Wash. Jan. 3. 1911. MCGowan X Clark. Fairbanks. Alaska
 Bank could not arrange for over draft. Jackson & Barnette have triod every possible means here ant Frisco. Banks refuse accept Bar Hgtte's guaranty and collateral After full conference advise you tC apply immediately for receiver Suggest Coleman. Griffin. Preston in order named. Arrange If possible for Jackson's appointment on arriv al January twenty-ffth to thirty first. Any event arrange with re ceiver Jackson appointment chief assistant. Barnette has written will deposit 500 ,000 to my credit in or. der to place him on the same basis other creditors In regard to his special deposit of $2oo,000. Consider appointment receiver necessary step reorganization bank. Jackson tele- graphed Hawkins close immediately Would suggest prompt action is i'm perative. E. S. M'CORD."
 At the same time the above tole- gram was sent, Mir Jackson sent the following telegram to MT Flaw kins:
 Seattle. Wash. Jan. 3, 1911 r. W. Hawkins, Washington-Alaska
 bank, Fairbanks, Alaska:
 Could not arrange for over-draft. Barnette and have exhausted every resource. It is absolutely necessary 10 close bank immediate ly on receipt of telegram. Do not accept any more deposits. Do not pay any more checks. Have tele- graphed McGowan & Clark to ap- ply immeditely for receiver. Will sail on sixteenth.
 j. A. JACKSON, Vice-Pres." :"
 Later on without any instructions from me, or without my knowledge, Mr. McCord sent the following telegram:
 Seattle, Wn., Jan. I. 1911. McGOwan & Clark,
 Fairbanks, Alaska.
 Barnette wires me deposited fifty thousand dollars my credit, Los An geles bank. Bank confirms Deposit made guarantee Barnette pro rata upon his two hundred thousand de p0sit with other creditors if bank fails pay depositors in full; there fore not available dividend. Will re- ceiver. with sanction court, release Barnette liability every kind provid ed fifty thousand paid immediately 10 receiver. Answer
 F. S. MCORD.
 When I sent the above telegram to Mir. McCord, the plan I proposed appeared to me to be what I want ed to do, but after deliberating 1t that if it were possible 10 do so, l wanted to see that each de posit0r got his money in full.
 My plans at present are that want to arrange with the larger de- positOrs to allow the collections made by the receivers to apply to- wards paying off some five hundred If the smaller deposit0rs in full.
 As many here know, l have in vested heavily in Mexico property and my holdings there are consid- cred valuable. To be more explicit the bulk of my fortune is invested there. What l plan to do is to place a deed to this property in trust. as security, until such time as all depCsitors are paid in full. Al present no complete arrange ments or plans have been agre ed on, but what I want to do is to make some arrangement that is agreeable to all the depOsitors. and that will pay them in full, and will also pro feet me from immediate sacrifice of property that I consider extremely valuable If the plans 1 have in mind at present are not agreeable, we can no doubt formulate some that are. l am not so very partic- ular as to plans, but whatever is done I want all to be satisfied.
 If such arrangements as I have outlined above can be made I am willing to pay six per cent. inter- est, from the time the bank closed, to such large depositors as will wait for their money allowing these small accounts to be paid up in full.
 would like to add that after the reorganization of the Fairbanks Banking company I was made presi- dent at a salary of $500 month. l was paid this for a short time, but as the bank was not making money I voluntarily devoted my time to the interests of the bank without com pensation.
 During the summer of 1908, my self and associates were working very extensively on Dome and Vault creeks and during this whole sea son I only made one trip to the creeks, devoting my time exclusive ly to the affairs of the bank. In order that my interests on the creeks should be protected, l was paying out s26 day for work that I could have done myself, if l had not been devoting my time to the banks affairs.
 might further say that I can cas- fly account for about sS,O00 that I expended in the interests of the bank. for which I have not received, and have never asked compensation.
 The following is report of my Mexico holdings as given by MT. Beggs, who put in considerable time on the planation and studied condi- tions thoroughly.
 Seattle, Jan 30, 1911. MT. F. r. Barnette,
 Seattle, Washington
 Dear Sir-In reply to your request to give an estimate of the value and also of the productive value of your plantation at San Bias, Mexico, will say, that in addition to a per