18381. First Trust Company (Portland, OR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
July 10, 1913
Location
Portland, Oregon (45.523, -122.676)

Metadata

Model
gpt-5-mini
Short Digest
d99b23a4

Response Measures

None

Description

Articles (dated July 10, 1913) state the First Trust Company of Portland 'closed' and asked appointment of a receiver after the state commissioner refused a permit under a new law requiring $100,000 capital. No run or heavy withdrawals are mentioned; receivership/liquidation was regulatory-driven.

Events (2)

1. July 10, 1913 Receivership
Newspaper Excerpt
The First Trust company of Portland closed its doors today and asked for the appointment of a receiver. Officials stated that trustees appointed by the stockholders were now winding up the company's affairs. They said creditors would be paid in full.
Source
newspapers
2. July 10, 1913 Suspension
Cause
Government Action
Cause Details
Refusal of the state commissioner of corporations to issue a permit under a new law requiring trust companies to have $100,000 capital; led company to close and liquidate.
Newspaper Excerpt
The First Trust company of Portland closed today and asked for appointment of a receiver. The refusal of the state commissioner of corporations to issue it a permit under a new law that requires trust companies to have a capital of $100,000, is said to have caused the company's decision to liquidate.
Source
newspapers

Newspaper Articles (2)

Article from The Birmingham Age-Herald, July 11, 1913

Click image to open full size in new tab

Article Text

Wire Sparks Oakland, Cal., July 10.-Mrs. Anita Baldwin McClaughry, daughter of the late E. J. (Lucky) Baldwin and beneficiary under his will to the amount of $10,000,000 of his estate, was granted an interlocutory decree of divorce from Hull McClaughry today on the ground of cruelty, MeClaughry made no defense. Madrid, July 10.-King Alfonso today signed a decree calling for volunteers for Morocco and also providing for the payment of a commission to private organizations supplying men. Portland. Ore., July 10.-The First Trust company of Portland closed today and asked for appointment of a receiver. The refusal of the state commissioner of corporations to issue it a permit under a new law that requires trust companies to have a' capital of $100,000, is said to have caused the company's decision to liquidate. New York, July 10.-Sixteen members of the Cleveland Baseball club of the American league today joined the baseball players' fraternity. This gives the fraternity répresentation in every club of the two major !eagues and a membership a trifle in excess of 400. Beaufort, N. C., July 10.-The four masted schooner Josephine, lumber laden bound from Philadelphia for Key West. and Tampa, Fla., is ashore on the Beach at Portsmouth, N. C. Jacksonville, Fla., July 10.-C. S. Wilson, a real estate dealer, and M. Ellison, a merchant, were drowned today when their row boat capsized on Trout creek near here. Montgomery, July 10.-A special to the Advertiser from Pensacola, Fla., says that the saw and planing mills of the Gulf Lumber company at Santa Rosa, Fla., and 100,000 feet of lumber, were destroyed by fire today. The loss is given at $50,000. San Francisco, July 10.-By a decision of the California railroad commission made public today, the state takes unto itself the power to regulate the rates of steamship companies plying over regular routes from one California port to another, even though the ships making such trips traverse the high seas. Rochester, N. Y., July 10.-At the afternoon business session some changes were made in the constitution and by-laws of the Order of Elks. They were not make public. At the conclusion of the night session, the officers elected Tusday were installed. Washington, July 10.-On account of the lengthy session of the Senate today, the agricultural committee was unable to take up final consideration of the bill of Senator Smith of South Carolina to regulate the sale of cotton futures.


Article from The Salt Lake Tribune, July 11, 1913

Click image to open full size in new tab

Article Text

TRUST COMPANY IS COMPELLED TO CLOSE PORTLAND, Or., July 10.-The First Trust company of Portland closed its doors today and asked for the appointment of a receiver. The refusal of the state commissioner of corporations to issue It a permit under a new law that requires trust companies to have a capital of $100,000 is said to have been the cause of the company's decision to liquidate. Officials stated that trustees appointed by the stockholders were now winding up the company's affairs. They said creditors would be paid in full. The company was formed with a capital of $500,000, which subsequently was reduced to $20,000. As a result of the reduction it was unable, under the new law, to continue in business.