New Hampshire Banking Company (Nashua, NH)

Episode Information

Episode UID
1032540691168
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
103254069 hash
Start Date
April 29, 1897
Location
Nashua, New Hampshire (42.765, -71.468)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1e3910b6861f2231

Response Measures

None

Description

Sources state the suspension was voluntary and that the bank went into hands of an assignee afterward.

Events (1)
1. April 29, 1897 Suspension
Cause
Correspondent
Cause Details
Collapse of the Globe Savings/Globe National Bank of Chicago and consequent loss of depositor confidence; bank had been restricting withdrawals for over a year.
Newspaper Excerpt
The New Hampshire Banking Company suspended this afternoon.
Source
newspapers

Newspaper Articles (12)
1. April 30, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 30, 1897

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Article Text

Spalding's Father's Bank Closed. NASHUA, N. H., April 29.-The New Hampshire Banking Company suspended this afternoon. Solomon Spalding, father of Charles W. Spalding, of the broken Globe Savings Bank, of Chicago, is president of the institution. For the past four years the bank has been gradually losing depositors, and for more than a year past has refused to honor withdrawals to a larger amount that $25 a month. The suspension caused no surprise. Vice President Charles Holman, of the board of trustees, states that none of the trustees has withdrawn any of his deposits. The bank is a guarantee bank with a guarantee fund of $125,000, and had a surplus and interest account of $34,193 at its last report, April 1. The amount due depositors on April 1 was $849,352. the bank being the second largest in the city.

2. April 30, 1897 New-York Tribune New York, NY
Article from New-York Tribune, April 30, 1897

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Article Text

BANK IN NASHUA, N. H.. SUSPENDS. ITS PRESIDENT IS THE FATHER OF SPALDING, THE CHICAGO BANKER Nashua N. H., April 29.-The New-Hampshire Banking Company suspended this afternoon. Solo, mon Spalding. father of Charles W. Spilding, of the broken Globe Savings Bank of Chicago, is prestdent of the Institution. For four years the bank has been gradually losing depositors, and for more than a year it has refused to permit withdrawals to a larger amount than $25 a month. The suspension caused no surprise. Vice-President Charles Holman of the Board of Trustees says that none of the trustees have withdrawn any of their deposits. It is a guarantee bank. with a guarantee fund of $125,000. and had a surplus and interest account of $34,193.70 at its last report, on April 1. The amount due depositors on April 1 was $819,352 51, it being the see ond largest bank in the city.

3. April 30, 1897 The Sun New York, NY
Article from The Sun, April 30, 1897

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Article Text

NEW HAMPSHIRE BANK FAILS. An Institution of Which โ‚ฌ, w. Spalding of Chicago Was President Goes Down. NASHUA, N. H., April 29.-The New Hampshire Banking Company Savings Bank of this city suspended business this morning and is not likely to resume. The President of the institution is C. W. Spalding, cashier of the defunct Globe National Bank of Chicago, and the downfall of the local institution is supposed to be directly due to the collapse of the Chicago bank.

4. April 30, 1897 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, April 30, 1897

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Article Text

New Hampshire Bank Suspends. Nashua, N. H., April 30.-The New Hampshire Banking company suspended yesterday. Solomon Spalding, father of Charles W. Spalding, of the broken Globe Savings bank, of Chicago, is president of the institution. For the past four years the bank has been gradually losing depositors, and for more than a year past has refused to honor withdrawals to a larger amount than $25 a month. The suspension caused no surprise. The amount due depositors on April 1 was $849,352, the bank being the second largest in this city.

5. April 30, 1897 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phล“nix, April 30, 1897

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Article Text

Suspension of a Bank at Nashua, N. H. The New Hampshire Banking company of Nashua voluntarily suspended yesterday. Solomon Spalding, father of Charles W. Spalding of the broken Globe savings bank of Chicago, is president of the institution. For years the bank has been gradually losing depositors and for more than a year has refused to honor withdrawals to a larger amount than $25 a month. The institution is a guarantee bank, with a guarantee fund of $125,000, and had a surplus and interest account of $34,193.70 at its last report, April 1. The amount due depositors on April 1 was $849,352.51, it being the second largest bank in the city.

6. April 30, 1897 The Evening Tribune Pawtucket, RI
Article from The Evening Tribune, April 30, 1897

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Article Text

CLOSED ITS DOORS. New Hampshire Bank at Nashua Has Suspended Business. Nashua, N. H., April 30.-The New Hampshire Banking company has suspended. Solomon Spalding, father of Charles W. Spalding of the broken Globe Savings bank of Chicago, is president of the institution. For the past four years the bank has been gradually losing depositors, and for more than a year past has refused to honor withdrawals to a larger amount than $250 a month. The suspension caused no surprise, and has been expected for some time. Vice President Charles Holman of the board of trustees, states that none of the trustees have withdrawn any of their deposits. The bank is a guarantee bank, with a guarantee fund of $125,000,and had a surplus and interest account of $34,193.70 at its last report, April 1. The amount due depositors on April 1 was $849,352.51. Treasurer Farley makes the following statement: "This action was voluntary

7. April 30, 1897 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, April 30, 1897

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Article Text

Banking Company Suspends. NASHUA, N. H., April 29-1h New Hampshire Banking compa y suspended this afternoon. Solomo, Spalding of the broken Globe Saving a bank of Chicago is president of 11 e institution. The suspension caused no surprise. The bank is & guarantee bank, with B guarantee fund of $125,000, and had B surplus and interest account of $74,000 at its last re,or, Aprillet. Tue amount due depositors on April 1st was $849,852, the bank being the second largest in the city.

8. May 1, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 1, 1897

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Article Text

Spalding's Typewriter Owns Up. CHICAGO, April 30-Miss Sarah Louise Ervin, private secretary of President Spalding, of the defunct Globe Savings bank, testified before the senatorial investigating committee today that SpaidIng had given her about $75,000, with the understanding that he would secure a diVorce and marry her. NASHUA, N. H., April 30.-The New Hampshire Banking Company suspended yesterday. Solomon Spaldings, father of Charles W. Spalding, of the broken Globe Savings bank of Chicago, is president.

9. May 1, 1897 The Bryan Daily Eagle Bryan, TX
Article from The Bryan Daily Eagle, May 1, 1897

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Article Text

New Hampshire Bank Fails. Nashua. N. H., April 30.--The New Hampshire Banking company has suspended. Solomon Spalding father of Chas. W. Spalding of the broken Globe bank of Chicago, is president of the bank. The suspension caused no surprise. The bank is a guaranty bank, with a guarantee fund of $125,000 and held a surplus and interest account of $34,193 at its last report April 16. The amount due depositors April 1 was $843,193. the bank being the second largest in it , city.

10. May 5, 1897 The Star Reynoldsville, PA
Article from The Star, May 5, 1897

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Article Text

TERSE TELEGRAMS. The New Hampshire Banking company of Nashua, N. H., suspended. The amount due depositors is $849,352. John A. Bantey. the defaulting ex-State treasurer of Nebraska, was arrested on a charge of embezzling $180,000. William P. Nicholls, president of the defunct Bank of Commerce, was convicted of the embezzlement of $20,000,at New Orieans, La. General Miles received the consent of the president to his projected trip to Turkey and Greece. He will be gone two or three months. The gold prbduction of California last year was $17,181,562. and increase ovor 1895 of $1,847,245, and of silver $422,436 a decrease of $177,353. Thomas Redmond, alias "Texas Tom," a follower of the race tracks, was sentenced in Chicago to life imprisonment, for the murder of John Stuart. Officials of Utah are on their way to Washington to invite President McKinley to the celebration of the centennial anniversary of the settlement of that state. Harry D. Butler, of Chicago, got into a dispute with his wife and had begun to abuse her when a boarder, Harry Randall, interfered, and fatally shot Butler. A column of Spani-h troops commanded by Col. Estruch, which has been operating against the insurgents in the vicinity of Muleta, Guajabon and Charcos, province of Finnr del Rio, has eaptured five insurgents camps.

11. January 6, 1898 Iron County Register Ironton, MO
Article from Iron County Register, January 6, 1898

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What Has Been Done During the Past Twelve Months. THE YEAR 1897 A BUSY ONE All of the Important Happenings the World Over Briefly Noted in Chronological Order. BUSINESS AND INDUSTRIAL NOTES Disasters of Various Kinds-Crimes, Suicides and Lynchings- Year's Famous Dead -Political Events-Sporting BANK FAILURES. Jan 2-State savings, Whitehall, Mich Citizens' national, Fargo, N. D. Omaha (Neb.) savings, $850,000. Jan 4 Germania ($1,000,000) and West Side, St. Paul, Minn First City, Nora Springs, Ia. Merchants' national, Devil's Lake, N. D. Jan 7. Commercial, Eau Claire, Wis Bank of Canton, Minn Citizens', Lanesboro, Minn. Jan 8-Bank of North St. Paul, Minn. Jan I-First national, Alma, Neb. Jan 12-Bank of Mayview, Mo. Jan 13-Seattle (Wash.) savings. Jan 14-Merchants' national, Ocala, Fla. Jan 15-Citizens' state, Fullerton, Neb. Jan 16-Bank of Conway, Mo. Jan 18-German national, Louisville, Ky. First national, Newport, Ky Minnesota savings, St. Paul. Jan 21-German savings, Des Moines, Ia., $554,000 Jan -Upland (Ind.) bank (voluntary suspension Farmers' and Merchants' bank, Excelsior Springs, Mo. Jan 25-Pottsdam (N. Y.) national. Jan 26-First national, Olympia, Wash. Jan 29-Wautauga bank, Johnson City, Tenn. Jan 30-Dime savings, Chicago. Feb 2-First national, Oakesdale, Wash. (voluntary suspension) Moscow (Ind.) national. Feb -First national, Griswold, Ia. o Feb 5-First national, Franklin, Northwestern national, Great Falls, Mont., $700,000. Feb 8-State savings, Atlanta, Ga. Feb 9-Farmers' and Merchants', Freeport, Ill. (voluntary suspension). Feb 10-Bankers' exchange, Minneapolis, Minn. Feb 13-State trust and savings, West Wis. Superior, Commercial savings, Leeds, la Merchants' national, Helena, Mont., $1,000,000. Feb -Merchants: national, Jacksonville, Fla State national, St. Joseph, Mo. Feb 24- -German-American, Tonawanda, N. Y. (Resumed March 8.) Feb -Bank of Lithonia, Ga Security Loan and Trust company, Des Moines, Ia. Commercial. Milwaukee, Wis. Feb 27- Mullanphy savings, St. Louis, Mo., $500,000. Mar 8-Lexington savings, Baltimore. Mar 12-Bank of Mulhall, O. T. Mar 22-West Point (Ga.) state bank. Mar 23-Farmers' and Merchants', Paris, Tex. Mar 24-De Kalb county bank, Maysville, Mo. Mar 27-American exchange, Buffalo, N. Y. (voluntary suspension). Apr 5-Globe savings, Chicago, $640,000. Apr 27-N. Barnes, Son & Co., bankers, Norfelk, Va. Apr 28-Bank of Hutchinson, Kan William Van Ordstrand & Co., bankers, Heyworth, III. Apr 29- New Hampshire Banking Co., Nashua, $849,352. May 3-J. B. Wheeler & Co., bankers, Manitou and Aspen, Col. May -Exchange bank, Atkinson, Neb. Dalles (Ore.) national. May 12-Traders', Lynchburg, Va. May 19-Miners' state, Cripple Creek, Col. Belknap savings, Laconia, N. H. May 20 State, Monticello, Ind State national, Logansport, Ind Third national. New York. May 21-First national, Orleans, Neb. May 24-Bank of Johnston, Neb. Jun 1-Merchants', Lincoln, Neb. Jun 9-Boone county, Harrison, Ark. Jun 14-First state, Fenton, Mich. Jun 29-Union Trust and Savings, Tacoma, Wash Keystone national, Erie, Pa. (voluntary). Jul 7-First national, Mason, Tex. Jul 14-Nebraska national, York, Neb. Jul 23-Bank of Monmouth Springs, Ark. Jul 31-First national, Asheville, N. C., (voluntary). Aug 1-People's savings, Mount Pleasant, Mich Aug 27-Bank of Minneapolis, Minn. Aug 31-State, Ambia, Ind First state, McPherson, Kan. Sep 2-First national, Greensburg, Ind. Sep 14-Bank of Durand, III. Sep 18-First national, Benton Harbor, Mich. Sep 20-Bank at Rico, Col. Sep 29-Bank at Montrose, Col. Oct 18-City, Sherman, Tex. Oct 19-Edgerton (Wis.) bank. Oct 21-Bank of Lodi, Wis. Oct 2-National of Asheville, N.C. Nov -John A. Willard, banker at Mankato, Minn.: $480,000. Nov 13-Bank of Antigo, Wis Banks at Leavenworth, Marengo and English, Ind. Nov 16- Della county (Col.) bank. Nov 20- State bank of Holstein, Neb. Dec 2-Piedmont state, at Morgantown, C. N. Dec 13-Stock exchange, at El Reno, O.' T. Dec 21-First national, Pembina, N.D. Dec 3-Chestnut Street national, and Chestnut Street Trust and Savings Fund Co., Philadelphia; $3,000,000.

12. January 26, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 26, 1904

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Nashua Company, the first defalcation in the city occurred at Indian Head National Bank in 1895, when Cashier Frank MeKean fled to Buenos Ayres leaving a shortage well up in the vicinity of $100.000. McKean's wrongdoing ,however, had no effect on the Indian Head Bank, as it is one of the strongest financial institutions in New Hampshire. During the troublesome times of 1893 and 1894, the Mechanics' Savings Bank and the Nashua Savings Bank of this city failed owing depositors large amounts. In 1897. the Security Trust Co. of this city, and Grand Forks, N. D., was placed in the hands of assignees and was wound up. About the same time the Globe Savings Bank of Chicago, of which Charles Spaulding .formerly of Nashua, was president, failed. Of the $200,000 capital, Nashua people held $100,000 and their losses through this crash were considerable. The affairs of the New Hampshire Banking Co., of Nashua were SO affected that it went into the hands of an assignee. Nashua investors were heavily interested in the Sioux City National Bank and the Union Stock Yards Bank of Sioux City, Iowa, and during the panic of 1893. heavy assessments were levied on the stockholders. Nashua people lost similarly through the failure of the Omaha Exchange Bank of Omaha. Neb., and through the closing of various other Western concerns. In all it is estimated that within 10 years citizens of Nashua have lost fully $2,000,000 through the embarrassment of banking institutions.