12356. Nashua Trust Company (Nashua, NH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust
Start Date
January 25, 1904
Location
Nashua, New Hampshire (42.765, -71.468)

Metadata

Model
gpt-5-mini
Short Digest
c3fe5295c6c11aff

Response Measures

None

Description

Multiple contemporary articles (Jan 25–26, 1904) report treasurer John P. Goggin arrested for embezzling $80,000–$100,000 and the Nashua Trust Company did not open its doors and was placed in charge of the state bank commissioners pending examination. No run on the bank is reported; coverage describes a temporary suspension and hope that depositors will not lose funds, so I classify this as a suspension (temporary) with expected reopening rather than a permanent failure.

Events (1)
1. January 25, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Treasurer John P. Goggin arrested for embezzling between $80,000 and $100,000; illegal manipulation of notes and long-running shortage discovered, prompting directors to close the bank and commissioners to take charge.
Newspaper Excerpt
The Nashua Trust company did not open its doors and the institution is in charge of the state bank commissioners pending a further examination.
Source
newspapers

Newspaper Articles (12)
1. January 25, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 25, 1904

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THIS ONE GOT $80,000 Man Bank Another Goes Wrong. ClosInstitution Remained Bank ed To-Day-State Are in Commissioners of Charge Nashua Trust Co. Bank. John P. Gog- Co, ashua, N. H., of the Jan Nashua 25.-Jone Trust with from emtreasurer to-day, charged of money arrested a sum is placed The was eazlement The of amount $100,00marshal at the by the did not is between bank. was $80,000 made Trust and Co city institution open detected its in airest The charge doors Nashua pending to-day of the and a state further the bank examina- recently commis saybank "sioners tion. shortage was who notified at Concord. the by The the directors, commis missioners at once took posted charge a The ings commissioners company Bank affairs would and not a thor- open the of the that the to-day, pending books. The ordered. notice for basimination of was capital eugh of the treasure Trust Co has a carries depos- to arrest Nashua usually $600,000 The $150,000 and amount from department partment, of its running in in the had savings a check in deposit which will to total swell $1,000,000. The $650,000 bank also the deposits carried by the bank Gogsoon after not was about was announced his position stocks, but ac- acIt arrest speculations that in intimatel to his qualities given having friend. his gin's cording qualated due to to with those assistance bank's affairs, from time to arraignment time Up to to a the time made of no soon statement after He his was arin appear. court given Goggin a hearing not guilty. his the held before was rest and $10,000 pleaded bondisborough for county prominent ance grand jury. one of the most Goggin is in New wide acquaintance known bank only has a he is well Lowell came and about was he this bankinfassachungen not state, officials chaches circles but the in Boston, time towns. he ten He years made Gogother here from in a short trust company and his ar ago and of the popular blow to the his business He treasurer became verstunning a and, in fact, to old city. family. gin rest camessociates as is about 40 years hope and entire has banking a circles that here permanent the defalcation held would not company In out today result in the The made bank have of affairs of themselve the the with statement aminers lapse of those the in touch to the opinion and the will yet, but here incline will lose nothing the concern busieventually of the one been business as that hope deposites is be out able that to resume most in States. United withness. This city has in the bank troubles years. 25, unfortunate.ru losses or a about of instiits past population Pour banking their Nashua since city in in the has a 1893 have closed several forced tutions 000 and in the and banks have been losses sustained is It states, doors foreverothwos chiefly through in the western ten of Nashua citizens the neighboring to suspend in investmated that within have lost through tutions. cations, here of 2,000,000 000 banking previous defaic fifth first bank to suspend have been Trust Co, the is the of a In Nashua official. the of Frank Indian the to close through its doors, wrong 1895, Head McKeaned an bank leaving alleged the but bank $100,000, the shortage National of business. banks include and failed the Nashua large owing and of this city depositors The bank, bank amounts, which the Trust was which Forks, placed Grand of the New and assignees inwas Co, which wavGlobe asHamps the hands shire the Banking failure Chicago of and the which the rolved in of Spaulding, was the institutioning of of signed. father ings the of latter Chicago bank. held bank. in the were National and bank City, $100,000 Globe investors stock the Siour also Stock City Yards in bank trouble leaved and the in Union which heavy were assess- EX Omaha of bank of Sioux in 1893 in and the Omaha, failed Neb.

2. January 25, 1904 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 25, 1904

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Failures. Baltimore, Jan. 25.-E. N. Morrison & Co., German street stock brokers, failed today for $750,000. The failure was caused by cotton and lack of money for margins. A receiver has been asked for. The assets of the firm are said to be $500,000. Nashua, N. H., Jan, 25.-The Nashua Trust Company, of this city, closed their doors this morning. John T, Goggin, the treasurer and secretary, has been arrested charged with the embezzlement of from $80,000 to $100,000. Attorneys Marbury and Gosnell, representing 150 creditors, precipitated the disaster and the Morrisons, unable to meet demands, were compelled to accede. Edwin G. Bartjer and Frank Gosnell were named as receivers with bond of $200,000 each. A member of the firm said : "The high price of cotton is the cause of our failure." Philadelphia, Jan. 25.-The private banking firm of E. D. Haines & Co., at Westchester, Pa., has closed its doors and a-receiver has been asked for. The firm was established in 1868.

3. January 25, 1904 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 25, 1904

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S Treasurer of Nashua Trust Company Arrested. 1 Charged With Appropriating t the Bank's Money. 1 2 IS CLOSE TO $100,000. Concern Did Not Open Its Doors Today. 1 Is in the Hands of the State Bank Commissioners. Nashua, N. H., Jan. 25.-John P. Goggin, treasurer of the Nashua Trust company, was arrested today charged with embezzling a sum of money from the bank. The amount is placed at between $80,000 and $100,000. The Nashua Trust company did not open its doors and the institution is in charge of the state bank commissioners pending a further examination. Goggin was held in $10,000 bonds for the grand jury. He made no statement but it was said that his downfall was not due to speculation, but to his having given assistance from time to time to a friend. Goggin is one of the most prominent bank officials in New Hampshire. He came here from the west about ten years ago and in a short time he was made treasurer of the trust company. He is about 40 years of age and has a family. In banking circles here the hope was held out today that the defalcation would not result in the permanent closing of the company. The company has a capital of $150,000 and usually carries deposits running in amount from $600,000 to $650,000 in the saving department. The bank also had a check department, the deposits in which will swell the total carried by the bank to about $1,000,000.

4. January 26, 1904 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, January 26, 1904

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NASHUA BANK FAILS. John P. Goggin, Treasurer, Arrested. $100,000 Shortage. NASHUA, N. H., Jan. 26.-The illegal manipulation of notes held by the bank during a period covering nearly a quarter of a century and subsequent attempts to make good a shortage by speculation are the causes assigned by the directors of the Nashua Trust company for the arrest of their treasurer, John P. Goggin, and the closing of the doors of the institution. Many of the notes accepted by the treasurer without the knowledge of the directors were taken for accumulated interest on other notes dating back several years. Goggin's shortage is estimated at $100,000, $25,000 of which is said to have been lost in speculation. The bank officials had attachments placed on all the property in this city and at Manchester of George E. Gage of Malden, Mass., to protect a promissory note for $20,000 given the bank by Mr. Gage some time ago. The directors stated that similar proceedings would be instituted against another debtor of the bank. but the name of the debtor was not disclosed. While investigation of the institution's affairs has been in progress for some time, the exact amount that the stockholders will be called upon to make good is not determined. At a late hour Goggin was still at the police station, having been unable to secure sureties for $10,000, the amount of bail fixed in the local police court. Mr. Goggin's counsel maintains that his client has unwittingly been the victim of another to whom he was under obligation.

5. January 26, 1904 The Daily Pioneer Bemidji, MN
Article from The Daily Pioneer, January 26, 1904

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TREASURER OF NASHUA (N. H.) TRUST COMPANY ACCUSED OF EMBEZZLING $100,000. LOANED THE MONEY TO A FRIEND MAN UNDER ARREST PROMINENT IN FINANCIAL CIRCLES IN NEW ENGLAND STATES. Nashua, N. H., Jan. 26.-John P. Goggin, treasurer of the Nashua Trust company, has been arrested charged with embezzling a sum of money from the bank. The amount is placed at between $80,000 and $100,000. The Trust company did not open its doors during the day and the institution is in charge of the state bank commissioner pending a further examination. Goggin was held in $10,000 bonds for the grand jury. He made no statement, but it is said that his downfall was not due to speculation, but to his having given assistance from time to time to a friend. Goggin is one of the most prominent bank officials in New Hampshire and is well known in banking circles in Boston, Lowell and other Massachusetts cities. He came here from the West about ten years ago and in a short time he was made treasurer of the Trust company. He is about forty years of age and has a family. In banking circles here the hope was held out that the defalcation would not result in the permanent closing of the company. The Nashua Trust company has a capital of $150,000 and usually carries deposits running in amount from $600,000 to $650,000 in the savings department. The bank also had a check deposit department, the deposits in which will swell the total carried by the bank to about $1,000,000. Attorney J. J. Doyle, counsel for Goggin, declared that his client was the victim of a former bank official of the city who-was instrumental in securing a position for Goggin at the Nashua Trust company. Goggin believed this man to be reliable, Mr. Doyle said, and he had intended to make the shortage good. The loans said to have been made by the treasurer extend over a period of several years, but the exact shortage has not been ascertained.

6. January 26, 1904 New-York Tribune New York, NY
Article from New-York Tribune, January 26, 1904

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TRUST COMPANY CLOSED. Treasurer Manipulated Notes Twent ty-five Years, It Is Said. Nashua, N. H., Jan. 25.-The Illegal manipulation of notes held by the bank during a period covering nearly a quarter of a century and subsequent attempts to make good a shortage by speculation are the causes assigned by the directors of the Nashua Trust Company for the arrest to-day of its treasurer. John P. Goggin, and the closing of the doors of the institution. Many of the notes accepted by the treasurer without the knowledge of the directors were taken for accumulated interest on other notes dating back several years. Goggin's shortage is estimated at $100,000. $25,000 of which is said to have been lost in speculation. The bank officials to-day had attachments placed on all the property in this city and at Manchester of George E. Gage, of Malden, Mass., to protect a promissory note for $20,000 given the bank by Mr. Gage some time ago. The directors stated to-night that similar proceedings would be instituted against another debtor of the bank, but the name of the debtor was not disclosed. While investigation of the institution's affairs have been in progress for some time, the exact amount that the stockholders will be called upon to make good is not determined At a late hour to-night Goggin is still at the police station, having been unable to secure sureties for $10,000, the amount of ball fixed in the local police court today. Mr. Goggin's counsel maintains that his client has unwittingly been the victim of another to whom he was under obligation.

7. January 26, 1904 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 26, 1904

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SUSPENSION OF A BANK CAUSED BY DEFALCATION New Hampshire Institution Official Said to Have Aided Friend to Extent of $100,000. CLOSING IS TEMPORARY NASHUA, N. H., Jan. 25.-John P. Goggin, treasurer of the Nashua Trust Company, was arrested to-day, charged with embezzling a sum of money from the bank. The amount is placed at $100,000. The company did not open its doors to-day, and the institution is in charge of the state bank commissioners pending a further examination. Goggin was held in $10,000 bonds for the grand jury. Bond was given to-night and he was released. He made no statement, but it was said that his downfall was due to his having given assistance from time to time to a friend, Goggin is one of the most prominent bank officials in New Hampshire and is well known in Boston and other Massachusetts cities. He came from the West about ten years ago, and in a short time was made treasurer of the trust company. He is about forty years old and has a family. In banking circles here the hope was held out to-day that the defaication would not result in the permanent closing of the company. Attorney J. J. Doyle, counsel for Goggin, declared that his client was the victim of a former bank official of this city, who was instrumental in securing a position for Goggin at the Nashua Trust Company. Goggin believed this man to be reliable, Mr. Doyle said, and he intended to make the shortage good. The loans said to have been made by the treasurer extended over a period of several years, but the exact amount had not been ascertained to-day. Bank Commissioner Baker said that the stockholders will lose money, but he does not think the depositors will suffer. He says that the bank was closed chiefly to prevent a run. The last statement of the trust company shows assets of $1,198,000; stocks and bonds, $387,675; loans, $40,225; mortgages, $287,000. The capital stock is $150,000. Surplus and undivided profits, $60,000. Deposits. $985,000. An attachment for $50,000 was placed on the property held by Goggin in this city by the bank to-day. Real estate of George E. Gage, of Manchester. was levied upon to recover on a promissory note for $20,000. Another attachment for $16,000 also has been filed against real estate owned by Gage in this city. Gage was formerly a bank official here. The directors of the Nashua Trust Company issued a statement assuring depositors that they will lose nothing. Goggin has been removed from the office of treasurer and Joseph L. Clough has been appointed to fill the vacancy temporarily. Since 1890 four local banking institutions have closed their doors, and banks in several neighboring towns have been forced to suspend, chiefly through losses sustained in investments in 'the Western States. It is estimated that within ten years citizens of Nashau have lost fully $2,000,000 through the embarrassment of banking institutions.

8. January 28, 1904 Jamestown Weekly Alert Jamestown, ND
Article from Jamestown Weekly Alert, January 28, 1904

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TREASURER OF NASHUA (N. H.) TRUST COMPANY ACCUSED OF EMBEZZLING $100,000. Nashua, N. H., Jan. 26.-John P. Goggin, treasurer of the Nashua Trust company, has been arrested charged with embezzling a sin of money from the bank. The amount is placed at between $80,000 and $100,000. The Trust company did not open its doors during the day and the institution is in charge of the state bank commissioner pending a further examination. Goggin was held in $10,000 bonds for the grand jury. He made no statement, but it is said that his downfall was not due to speculation, but to his having given assistance from time to sime to a friend. Goggin is one of the most prominent bank officials in New Hampshire and is well known in banking circles in Boston, Lowell and other Massachusetts cities. He came here from the West about ten years ago and in a short time he was made treasurer of the Trust company. He is about forty years of age and has a family. In banking circles here the hope was held out that the defalcation would not result in the permanent closing of the company. The Nashua Trust company has a capital of $150,000 and usually carries deposits running in amount from $600.000 to $650,000 in the savings department. The bank also had a check deposit department, the deposits in which will swell the total carried by the bank to about $1,000,000. Attorney J. J. Doyle, counsel for Goggin, declared that his client was the victim of a former bank official of the city who was instrumental in securing a position for Goggin at the Nashua Trust company. Goggin believed this man to be reliable, Mr. Doyle said, and he had intended to make the shortage good. The loans said to have been made by the treasurer extend over a period of several years. but the exact shortage has not been ascertained.

9. January 28, 1904 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, January 28, 1904

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TRUSTED MAN GOES WRONG Been Going Wrong for Twenty-Five Years and the Bank Is Out $1,00000. Nashua, N. H., Jan. 26.-The illegal manipulation of notes held by the bank during a period covering nearly a quarter of a century, and subsequent attempts to make good a shortage by speculation. are the causes assigned by the directors of the Nashua Trust company for the arrest of their treasurer, John P. Goggin, and the closing of the doors of the institution. Many of the notes accepted by the treasurer without the knowledge of the directors were taken for accumulated interest of other notes dating back several years. Goggin's shortage is estimated at $100,000, $25,000 of which is said to have been lost in speculation. After being held at the police station until 11 p. m. Goggin was released on bail, bonds for $10,000 being furnished by his father, John J. Goggin, and nine others. Goggin's counsel maintains that his client was unwittingly the victim of another to whom he was under obligations.

10. January 28, 1904 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, January 28, 1904

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PROMINENT MAN ARRESTED. J. P. Goggin, Treasurer of Nashua, N. H., Trust Company, Charged with Embezzling Large Amount. Nashua, N. H., Jan. 26.-John P. Goggin, treasurer of the Nashua Trust company, arrested Monday charged with embezzling a sum of money from the bank. The amount is placed at between $80,000 and $100,000. The Nashua Trust company did not open its doors Monday and the Institution is in charge of the state bank commissioners pending a further examination. Goggin was held in $10,000 bonds for the grand jury. He made no statement, but it was said that his downfall was not due to speculation, but to his having given assistance from time to time to a friend. Goggin is one of the most prominent bank officials in New Hampshire and is well known in banking circles in Boston, Lowell and other Massachusetts cities. He came here from the west about ten years ago and in a short time he was made treasurer of the trust company. He is about 40 years of age and has a family, In banking circles here the hope was held out Monday that the defalcation would not result in the permanent closing of the company. The Nashua Trust company has a capital of $150,000 and usually carries deposits running in amount from $600,000 to $650,000 in the savings department. The bank also had a check deposit department, the deposits in which will swell the total carried by the bank to about $1,000,000.

11. January 30, 1904 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, January 30, 1904

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News of the Week. Of every 100 alcoholies attacked by pneumonia, 70 die, while of every 100 non-alcoholics SO attacked only 23 die. The new trans-Canadian route from Liverpool to Yokohama will be 2,200 miles shorter than that across the United States. John P. Goggin, treasurer of the Nashua (N. H.) Trust Company, has been arrested on the charge of embezzling $100, 000. Fifty-nine per cent. of deaths from consumption are people under 45 years of age, 29 per cent. from 45 to 60, and 12 per cent. of people over 60. A steel like grass from the volcanic slopes of Oran, Algeria, is SO elastic that it can be used instead of springs in the manufacture of furniture. Most dromedaries, according to menageries proprietor, are particularly fond of tobacco smoke, and can be made to do almost anything under its influence. Now that cotton presses reduce the size of a bale until it weighs 45 pounds to the square foot, one ship will carry the product of 40,000 acres of average cotton land. Great damage was done to fruit trees in Orange county, N. Y., by sleet January 22. The damage to peachgrowers is estimated at $100,000, many orchards being ruined. George A Rose, cashier of the Produce Exchange National Bank, Cleveland, Ohio, has been indicted for stealing $189. 000 of the bank funds. The bank has been closed. The Metropolitan Arm Museum of New York has just purchased an old chariot for $50 000. It was unearthed near Rome some time ago, and is 000 years old and splendidly preserved. The Masonic Temple in Chicago was damaged to the extent of $20,000 by fire, January 23, and a panie started among the 4000 occupants of the building: all escaped without serious injury. Second Assistant Postmaster General Shallenberger. in his annual report, says nearly 16. 000 000 000 pieces of mail matter were handled and that its trans portation cost more than $63,000, 000. J 1. Broderick. formerly president W L. Coldness formerly cashier, and Walter Brown, formerly director of the Indiana National Bank. have been arrested at Elk hart. Indiana, for embezzlement of $542. 000. S. B. Allen, president of the Farmers and Merchants National Bank at Cle burne. Texas. has been arrested, charged with the embezzlement of $29 000 of the bank funds He was released on $8. 000 bond Willard Catt. alleged to have been the the leader of the ging of ruffians who as saulted Mrs. Lafe Dedman, of Petersburg Indiana in the presence of her husband was apprehended at the home of Peter Gladish. but afterward escaped L. Wolfson's large dry goods store at San Antonio, Texas, which carried stock of goods valued at $333 000, was destroy ed by fire last Sunday The building was valued at $85,000. Considerable damage was done to surrounding property More than $12,000 worth of jewelry was found on James Walters, said to be one of the cleverest diamond thieves in the country. when he was arrested at Minne apolis. January 23, charged with having robbed Baroness Helena Radzikwele of $6000 worth of diamonds at the Colonial Hotel in San Francisco. The town of Aalesund, Norway, was completely destroyed by fire January 23. but there was no of life. The damage is estimated at $4,000,000 The entire population is homeless Provisions and medical stores, which are greatly needed, have been sent from several cities. Aale sund is a busy seaport trading town of Norway with over 8000 inhabitants At Jonestown, Miss., on the night of January 22. a large store was turned com pletely over, a residence was demolished, and the warehouse of the Jonestown Cotton Oil Company was unroofed and the con tents materially damaged by an electric storm, Negro cabins suffered to a great extent. Three cars on the Yazo and Mississippi Valley tracks were completely demolished by lightning. Disastrous floods occurred Friday and Saturday of last week in New York, New Jersey Delaware, Maryland, Virginia, Pennsylvania, and along the Ohio and Mis sissippi rivers and their tributaries. Mil lions of dollars damage resulted to property and much distress prevails among those who were compelled to abandon their homes. caused by the intense cold of Sat urday night and Sunday. Fire Chief Musham, in a report to May or Harrison, in Chicago, placed the blame for the Iroquois Theatre catastrophe upon the management and builders of the play house Harry Klawans, son of a wealthy Chicago man, has been arrested. charged with having in his possession plunder taken from the body of William M. Reid, of Waukegan, Illinois, who was burned with his wife in the theatre fire. United States enator Burton, Repub lican, Kansas, has been indicted by the Federal Grand Jury at St. Louis, charged with having accepted five checks of $500 each from the Rialto Grain and Securities Company while he was a United States Senator. It said he accepted the money as reward for preventing the issuance of a fraud order against the company. The Senator, in Washington, said that the money paid him was for his services as at torney for the Rialto Company The oyster-shucking industry on the ocean side of the Virginia Eastern Shore is fast growing in extent and prominence Over 3,000 gallons of shucked oysters are daily shipped from Onaneock to city markets. Orders are taken from Jacksonville Florida, to Portland. Maine, and from Montreal, Canada, to Omaha, Nebraska Several thousand people are employed This section is without the Baylor survey and is known as the "planting district. It was developed by private parties plant ing oyster on barren rock. Right Rev. Thomas Underwood Dud ley, Episcopal Bishop of Kentucky, died in New York, January 23. He was one of the most eloquent preachers among the Episcopal clergy. He was born on September 26, 1837, at Richmond, Va. and was graduated from the University of Vir-

12. February 4, 1904 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, February 4, 1904

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Resume of the news. From the Capital. Mr. and Mrs. John T. Brown of Reinecretary Moody asks for an approbeck, Iowa, are dead at Pendleton, Ore., ation of $34,000,000 to $30,000,000 murder and suicide. the navy next year. Business troubles led Carl Cooper. : the Grand Army service pension head of the Cooper Brewing company becomes a law it will cost the of Chicago, to shoot himself. ernment $200,000,000 a year. Frank Krueger committed suicide at n order will be issued at the direcFremont, Neb., by taking strychnine in of President Roosevelt reviving beer. He had a brother in St. Paul. Indian agency at Yankton, S. D. ExAld. Daniel E. Lozier of Grand ecretary Shaw says emphatically Rapids, Mich., accused of accepting a re is no truth in the report that he bribe to aid the Lake Michigan water about to retire from the cabinet. deal, changed his plea of not guilty to he department of agriculture has guilty. ed a bulletin on "Meat on the Hamlet was tried for the murder of m," written by Andrew Boss of the Polonius before the Yale law school nesota agricultural college. mock court at New Haven, the jury he house committee on Indian afstanding nine for convition and three 8 is expected to report for passage for acquittal. resentative Marshall's bill opening Simeon M. Ayres of New York called lands of the Devils Lake Indians to up members of his family over the teleement. phone and bade them come to him. representative Spalding of North Then he took carbolie acid, being dead ota has introduced bills providing when they arrived. the erection of statues to the memJohn P. Goggin, treasurer of the of Alexander Hamilton and WillNashua Trust company of Nashua, N. McKinley. H., was arrested, charged with embezenator Hanna, who is III with the zling between $80,000 and $100,000. The in Washington, is much better. company has suspended temporarily. physician has ordered him to re-