12375. Portsmouth Trust & Guarantee Company (Portsmouth, NH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
November 17, 1884
Location
Portsmouth, New Hampshire (43.072, -70.763)

Metadata

Model
gpt-5-mini
Short Digest
a2cd8da50c61ae4e

Response Measures

None

Description

State bank commissioners obtained an injunction (Nov 17, 1884) restraining the Portsmouth Trust & Guarantee Company from doing business; an assignee/receiver was appointed. Deposits are reported and directors expect depositors ultimately paid, but the institution was enjoined and placed in receivership, so this is a suspension by government action leading to closure/receivership. OCR typos in some articles: 'Portsmonth' -> Portsmouth.

Events (2)
1. November 17, 1884 Receivership
Newspaper Excerpt
Judge Clark has appointed Charles H. Rollins, the former treasurer of the institution, assignee.
Source
newspapers
2. November 17, 1884 Suspension
Cause
Government Action
Cause Details
Bank commissioners obtained a Supreme Court injunction restraining the company from doing business after directors reported the guarantee fund was impaired about $74,000 due to depreciation in real estate.
Newspaper Excerpt
Bank Commissioners had obtained an injunction from the Supreme Court restraining the Portsmouth Trust and Guarantee Company of this city from doing business.
Source
newspapers

Newspaper Articles (3)
1. November 18, 1884 New-York Tribune New York, NY
Article from New-York Tribune, November 18, 1884

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Article Text

A TRUST COMPANY SUSPENDED. PORTSMOUTH, N. H., Nov. 17.-It was learned this morning that the Bank Commissioners had obtained an injunction from the Supreme Court restraining the Portsmouth Trust and Guarantee Company of this city from doing business. The institution was incorporated in 1871 with a capital of $100,000 and a guarantee fund of the same amount for the protection of depositors. In a published statement the directors express the opinion that If they had been let alone they would have been able to repair the guarantee fund and to restore the losses of the company, which have been $74,000. Judge Clark has appointed Charles H. Rollins, the former treasurer of the institution. assignee. The real estate in Massachusetts belonging to the Trust Company is in Lynn and Boston, and it is anticipated that a forced sale will yield much less than the amounts lent on mortgage. There are $417,000 on deposit by 682 depositors who are generally poor people, but there is little doubt that thep will be paid in full after a short delay. The only loss will fall on the incorporators and other stockholders.

2. November 18, 1884 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 18, 1884

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Article Text

RAILWAY AND COMMERCE. FORCIBLY CLOSED. PORTSMOUTH, N. H., November 17.-Bank commissioners obtained an injunction from the supreme court restraining Portsmouth Trust and Guarantee company, of this city, from further continuance of business. THE WEEK'S CLEARANCES, BOSTON, November 17.-Leading clearing houses of the United States report that the total gross exchanges for the week ending No. ember 15th were $757,862,305, a decrease of 28.2 per cent compared with the corresponding period a year ago. CUTTING AFFRAYS. CHICAGO, November 17.-The Burlington road to-day announced a passenger rate of one dollar for Kansas City to Chicago, and the Chicago and Alton made the rate two dollars from Chicago to Quincy. Illinois, and Hannibal, Missouri. THE ROUTE renewed. LOUISVILLE, Ky,, November 17.-The New Albany and Chicago to-night resumed running through trains to Chicago to Cincinnati over its own tracks to Indianapolis, hence oyer those of the Hamilton and Dayton. BUSTED BLUE STONES. KINGSTON, N. Y., November 17.-Wm. B. Fitch, a blue stone dealer, assigned to-day, giving seven preferences, Liabilities estimated at $150,000. Judgment of $10,000 in favor of the Ulster County bank forced the assignment. Fitch was the largest blue stone dealer in the state. He is a democratic elector. He was mysteriously shot in New York city a short time ago. CHEAP RATES TO CHICAGO. KANSAS CITY, November 17.-Rebate tickets to Chicago were sold to-day at the regular effices at $1. The cut was made by the Burlington, and promptly met by the other lines. A railroad man expressed the opinion that one of the objects of the sweeping reduction was to close up the brokers. The St. Louis rate is still $4. A DRIVING ASSOCIATION INSOLVENT. CHICAGO, November 17.-Confession of judg ment for about $6,000 entered against the driving park to-day. The management consents to immediate sale to satisfy creditors and a receiver was appointed. The liabilities are estimated at $25,000. It has property and franchises worth much more

3. November 18, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, November 18, 1884

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Article Text

Bank Suspended. PORTSMOUTH, N. H., Nov. 18.-The bank commissioners obtained an injunction from the supreme court restraining the Portsmonth Trust and Guarantee company, of this city, from further continuance of business. The institution was incorporated in 1871 with a capital of $100,000, and a guarantee fund of the same amount for the protection the depositors. The directors issued a state. ment showing that the guarantee fund has been impaired through depreciation in real estate. The amount of impairment is stated to be about $74,000. The directors state that all depositors will eventually be paid in full. The deposits amount amount to $417,000, with 680 depositors mostly poor people. The only loss will fall upon the stockholders.