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Fairbanks was founded due to gold discovered near there which caused the ensuing gold rush of 1903-04. The town was named after Sen. Charles Fairbanks of Indiana, a friend of Judge James Wickersham. The city's economy is linked to its role as a supply and service point for Interior and Arctic industrial activities. The economy was given a large boost by the construction of the Trans-Alaska Pipeline.Old mining claims have been reopened and and active mining is once again making Fairbanks a small scale boom town.
Fairbanks is Alaska's second largest city. There are about 24 major hotel and motels in the area with many Bed & Breakfasts also available. There is a Youth Hostel in the summer months. There are at least 100 restaurants, from deluxe (and expensive) to pancake houses and fast food drive-ins, in the area.
Several international, interstate, and intra-alaskan air cariers serve Fairbanks. There is a local bus service and a scheduled bus service to Anchorage, about 5 taxi and cab companies and several car rental agencies.
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