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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.
