12358. New Hampshire Banking Company (Nashua, NH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 29, 1897
Location
Nashua, New Hampshire (42.765, -71.468)

Metadata

Model
gpt-5-mini
Short Digest
482f29601c2c1314

Response Measures

None

Description

Contemporary newspapers report the New Hampshire Banking Company suspended payments April 29–30, 1897. Reports note the bank had for over a year limited withdrawals and that its affairs were affected by connections to the failed Globe Savings Bank (Chicago). Later accounts state the company went into the hands of an assignee, indicating permanent closure/receivership rather than a temporary suspension/reopening. Bank type not explicit from sources.

Events (2)
1. April 29, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Gradual loss of depositors, long-standing refusal to honor withdrawals above $25/month and ties to the failed Globe Savings Bank (Chicago) and its embattled officers; bank dishonor/insolvency concerns led to suspension.
Newspaper Excerpt
The New Hampshire Banking company suspended this afternoon.
Source
newspapers
2. May 1, 1897* Receivership
Newspaper Excerpt
The affairs of the New Hampshire Banking Co., of Nashua were so affected that it went into the hands of an assignee.
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 Vice President Charles Holman, of the board of trustees, states that none of the trustees has withdrawn any of his deposits.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 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.

3. April 30, 1897 The Herald Los Angeles, CA
Article from The Herald, April 30, 1897

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Article Text

Another Bank Gone NASHUA, N. H., April 29.-The New Hampshire Banking company suspended this afternoon. Solomon Spaulding, father of Charles W. Spaulding of the broken Globe Savings Bank of Chicago, is president of the institution. The suspension caused no surprise. The bank is a guarantee bank with a guarantee fund of $125,000 and had a. surplus and interest account of $74,000 at its last report, April I The amount due depositors on April 1 was $849,352, the bank being the second largest in the city.

4. 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.

5. April 30, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, April 30, 1897

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Article Text

SPALDING IS ARRAIGNED And on the Same Day His New Hampshire Bank Breaks. Chicago, April 29.-President Charles W. Spalding of the defunct Gloge Savings bank, who has been in jail since last Saturday, in default of bail, was arraigned this afternoon to answer to charges of embezzlement. He waived examination and was held to the criminal court. Cashier Churchill and Vice President Averill also appeared on the same charge, and their cases were continued. Nashua, N. H., April 29. -The New Hampshire Banking company suspended this afternoon. Solomon Spaldinfg. father of Charles W. Spalding, of the broken Globe Savings bank of Chicago, is president of the institution. The bank is a guarantee bank, with a guarantee fund of $125,000. and had a a surplus and interest account of $74,000 at its last report, April 1. The account due depositors of April 1. was $849,352. the bank being the second largest in the city. Courts and Crops in Payne County. Stillwater, O. T., April 29.-Chief Jus. tice Dale will close his last term of court in Payne county this week. Thed ocket was small and will have consumed only about two weeks when the term is clos. ed. Crops of all kinds are fine. Wheat is heading out and corn and cotton aore large enough to cultivate.

6. May 1, 1897 The Copper Country Evening News Calumet, MI
Article from The Copper Country Evening News, May 1, 1897

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Article Text

Spalding's Father Is President. Nashua, N. H., May 1.-The New Hampshire Banking company suspended Thursday. Solomon Spalding, father of Charles W. Spalding of the broken Globe Savings bank of Chicago, was 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.

7. 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.

8. May 1, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 1, 1897

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BRIEF BITS OF NEWS. A five per cent advance in the price of window glass, including all sections of the country, has been made. P. Nicholas, president of the defunct Bank of Commerce at New Orleans, has been convicted of the embezzlement of $20,000. The federal supreme court has adjourned until May 10 when it will assemble to deliver opinions but not to hear arguments. The Westinghouse Airbrake company at Pittsburg has posted a notice in its foundry announcing a reduction in wages ranging from 20 to 90 cents a day. The plant of the Maryland Steel company located at Sparrows Point, Md., will resume operations in full next Monday after an idleness of three years. The Chinese government has decided to establish and to fortify a naval station at Kiaochau, on the south side of the Shan-Tung promontory, on the Yellow sea. The regents have tendered Harry L. Hutchins, dean of the law department, the presidency of the Michigan university during the period of Dr. Angell's absence as minister to Turkey. The New Hampshire Banking company at Nashua, N. H., has suspended. Solomon Spalding, father of Charles W. Spalding of the broken Globe Sav. ings bank of Chicago, is president of the institution.

9. May 5, 1897 The Ely Miner Ely, MN
Article from The Ely Miner, May 5, 1897

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The Bank of Hutchinson, Kan., a private concern, closed its doors. Consul-General Lee reported to the state department the arrest of two naturalized American citizens in Cuba. A cloudburst in West Guthrie, O. T., destroyed hundreds of houses and 72 persons were known to have been drowned. For miles farms were completely ruined and bridges and tracks were washed out. The estimated property loss is $500,000. The general executive board of the Knights of Labor has formally declared war against the American Federation of Labor. Several hundred women assembled in Philadelphia to take part in the national convention of working womens' societies, whose chief object is the betterment of the condition of the working women. According to returns received at the mint the gold yield last year in California was $17,181,562, which is an increase over 1895 of $1,847,245. The yield of silver was $422,436, a decreased production for the year of $177,353. Gen. Williams, formetly consul general of the United States to Havana, says business is completely prostrated in Cuba, and the inhabitants are reduced from opulence to the direst poverty. In a freight wreck at Warrenton, O., Engineer George Docksettler, of Massillon, was killed and Fireman Muir and Brakeman Jewett were fatally injered. Col. W. J. Calhoun, of Danville, Ill., has accepted the position of special legal counsel for the United States in the investigation of the Ruiz case in Cuba. Loss of life and great damage to marine interests along the west shore of Lake Michigan were caused by a violent northeast gale. The New Hampshire Banking company at Nashua, N. H., suspended, owing depositors $849,352. President McKinley and party returned to Washington from New York. Eugene Taylor, linotype operator on the Denver (Col.) Times, in eight hours made a record of 101,800 ems, beating all previous records. Severe rain and windstorms throughout the lower Mississippi valley did great damage to levees and caused great suffering among refugees camped on the levees without shelter of any kind. Nearly half the people in the overflowed section of Louisiana were without shelter. Fire in the H. P. Eckhardt's wholesale grocery establishment at Toronto, Ont., did $120,000 damage. Later advices from the flooded district in West Guthrie, O. T., say that the death list will not exceed 25, though 50 or more were still missing. Five hundred homes were swept away and the contents ruined. Over 150 houses were wrecked, 20 streets were devastated and ruined, a thousand people were homeless and half as many more destitute. The Central Union Telephone company at Dayton, O., filed a mortgage to the Illinois Trust & Savings bank for $3,000,000.

10. May 13, 1897 Democratic Northwest and Henry County News Napoleon, OH
Article from Democratic Northwest and Henry County News, May 13, 1897

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PASSES EVERY ITEM OF NEWS FOUND IN THIS COLUMN. From the Vast Mass of Sayings and Happenings Which Accumulates From Day to Day Only the Finest Is Separated, Especially For Eusy Readers. Tuesday. Admiral Meade died at Washington. Earthquake shocks were felt in Michigan. J. W. Marks of Chicago purchased Joe Patchen for $15,000. Two thousand miners In the Jellico (Tenn.) district are idle. Civil Service Commissioners Clark and Holtz Harrison. of Chicago were removed by Mayor Joseph B. Doe, ex-assistant secretary of war, denies that he tried to rob the government. Many old and valuable revolutionary documents have been unearthed in the New York capitol. An impersonator of William Moore, missing shoe dealer of Rochester, has been arrested in Cincinnati. Spanish newspapers admit the government is bankrupt and her paper currency is absolutely worthless. Ex-Governor Altgeld admits he recommended Spalding for the treasuryship of Illinois State university. A continuance In the case of Theodore Durrant was denied and he was sent to San Quentin to await execution on June 11. The Ohio Republican association of the District of Columbia took action on the death of Mickael Sells, a native of Georgetown, O. Monday. Ex-Governor Porter of Indiana is dead. A company is forming to drain the valley of Mexico. Colonel and Mrs. Hay lunched with Queen Victoria. The total circulation of national banks on April 30 was $232,802,244. Dr. Hunter, who lost the Kentucky senatorship, called on President McKinley. Two Mormon elders were whipped by religious partisans in Jackson county, Ala. Robert Patterson of Tennessee has been named as consul general at Calcutta. The senate confirmed th nomination of Judge Day as assistant secretary of state. The accounts of the Kentucky penitentiary are alleged to be short about $17,000. The powers are trying toinduce Tnrkey to Greece. withdraw her demand for indemnity from A. E. French was arrested at Williamsport, Pa., for carrying packages and letters over a post road. Thomas L. Lucas & Son of Huntington, Ind., secured loans of $35,000 on mythical property and skipped out. Saturday. Earthquakes were felt in Jamaica. A Chinese murderer was hanged at Spokane, Wash. Lavigne whipped Connolly in 11 rounds in New York. An abundance of natural gas has been struck in Texas. Ambassador Hay visited the Marquis of Salisbury in London. The flooded lands of Arkansas west of Memphis are now visible. Howard C. Hockett, sporting editor of the New York World, is dead. The secondannualconclave of the Knights of Essenic Army is in session in Nashville. The Princess of Wales, a brother of King George, is said to be aiding the cause of Greece. Six negroes, who outraged and murdered two lynched. colored girls at Sunnyside, Tex., were Jose Loretto Cepero, naturalized American who was in prison in Cuba, has been released. Friday. The New Hampshire Banking company of Nashua, N. H., has suspended. A Russian ship is lying at Piraeus ready to embark the royal family. Grosvenor W. Barry has been arrested in New York charged with forgery. General Miles has been granted permission to visit the Levant and other countries. Kentucky Republicans will hold their state convention in Louisville, June 10-15. General Ramon O. Williams says the island of Cuba is ruined for the next half century. John M. Risher, coal operator of Pittsburg, has placed all his property in his wife's name. The Ohio National bank of Columbus, O., has been authorized to begin business. Capital $400,000. President Spalding of the defunct Globe Savings bank of Chicago was bound over for embezzlement. Colonel W. J. Calhoun, who has accepted the mission to Cuba to assist in the hearIng of the Ruiz case, will leave Danville, Ills., for Cuba next Sunday or Monday. Thursday. Brazil (Ind.) miners refuse to work for 61 cents. At Streator, Ills., Frank Duhamells killed John Lebo, 5, with a spade. The Knights of Labor have declared war against the American Federation. At Red Banks, Cal., James Brooks killed Mrs. John Qualle and daughter and then suicided. The western roads have made a low rate for the Christian Endeavor convention in San Francisco. The board of regents of the University of Michigan President

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.