13852. Nashua Savings Bank (Nashua, NH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
May 12, 1897
Location
Nashua, New Hampshire (42.765, -71.468)

Metadata

Model
gpt-5-mini
Short Digest
b576fa46

Response Measures

None

Description

Articles from May 1897 report the bank was under a temporary suspension and trustees met at the request of the bank commissioners; by July 15, 1897 the bank paid dividends and was paying depositors (second dividend since suspension). No explicit independent run (panic) causing suspension is described; the sequence is suspension then reopening/payment.

Events (2)
1. May 12, 1897 Suspension
Cause
Government Action
Cause Details
Bank commissioners requested the bank pay a dividend or take definite action regarding a temporary suspension; trustees held a secret meeting to respond to commissioners' request.
Newspaper Excerpt
the temporary suspension under which the bank is now laboring
Source
newspapers
2. July 15, 1897 Reopening
Newspaper Excerpt
The depositors of the Nashua Savings Bank received a dividend of 10 per cent today. ... This is the second dividend paid since this bank suspended.
Source
newspapers

Newspaper Articles (7)
1. April 6, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, April 6, 1897

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Article Text

GLOBE SAVINGS BANK FAILS Organized With Eastern Capital, and Altgeld as Vice President. Chicago, April 5.-The Globe Savings bank, organized in 1891 with eastern capital, assigned this morning to the Chlcago Title and Trust company. Ex-Governor John P. Altgeld assisted in the organization and was Its first vice president. The last statement, published February 13, showed a capital of $200,000 and a surplus of $12,600 with deposits of $142,000, and savings $318,000. The Globe Savings bank had no connection with the Globe National bank |and cleared through the Northwestern National bank, which gave notice to the other clearing house banks this morning that they would not clear the checks of the Globe Savings bank. The stock of the Globe Savings bank is held entirely in the east. An assessment of 50 per cent was recently made upon the stockholders and they are fighting for It. Nashua, N. H., April 5.-The assignment of the Globe Savings bank of Chicago is a serious blow to many Nashua investors, as about $100,000 in stock is held here. The shareholders were recently called upon to pay an assessment in order to help the bank. which several weeks ago announced that its finances were seriously crippled by uncertain western securities, many of which had depreciated fin value. The Nashua Savings bank is the largest loser, being a shareholder to the extent of $20,000. The local bank was enjoined from paying out deposits sometime ago.

2. April 10, 1897 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, April 10, 1897

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Article Text

A bill in equity has been filed in the county court at Pittsburg, Pa., by George Sheppard and other bondholders against the McKeesport, Duquesne and Wilmerding Railway Company. The plaintiffs ask for an aocounting of the earnings of the defendant company, and that a receiver may be appointed to take possession and manage the road. James B. Brewster & Co., reorganized, manufacturers of carriages, New York city, have assinged. Mary A. Keller and her husband, Jerome W. Keller, of Adams county, Pa., have as signed; also James 0. Fohl, of the same county. The following assignments in Pennsylvania were announced in the Philadelphia Ledger on Wednesday : The Safe Deposit Building and Loan Association of Philadelphia; the Lebanon rolling mills; the Monroe Brick and Tile Company at Kunkletown; Cornly Walton, large farmer, of Montgomery county; C. Henry Gabel, of Pottstown; Charles, Moses and Catharine Berk, of near Reading; George T. McIntyre, merchant, of Carlisle, and Henry Gable, contractor, Pottstown. During the first quarter of 1897 the Reading collieries have only worked twenty-three and a quarter days, and there IS great destitution among the miners. CHICAGO, April 5.-The Globe Savings Bank, organized in 1891 with Eastern capital, assigned this morning to the Chicago Title and Trust Company. The last statemeni, published February 13, showed a capital of $200,000 and surplus of $12,600, with deposits of $142,000 and savings $313,000. Nashua, N. H., April 5.-The assignment of the Globe Savings Bank, of Chicago, is a serious blow to many Nashua investors, as about $100,000 stock is- held here. The Nashua Savings Bank is the largest loser, being a shareholder to the extent of $20,000. The local bank was enjoined from paying out deposits some time ago. J. H. Aldrich, for several years cashier and paymaster in Kansas City, Mo., of the Kansas City, Fort Scott and Memphis Raihroad, has been arrested, charged with embezzling $27,000 of the company's money. Charles Fangmeyer, proprietor of Guy's hotel, Baltimore, Md., has assigned. The American Signal Company, same city, has also assigned. The weavers in the Stone Worsted Mill at Pascoag, Rhode Island, have struck for an advance of pay. The First National Bank of Springfield, N. Y.. is in trouble.

3. May 13, 1897 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, May 13, 1897

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Article Text

Nashua Bank's Troubles. Nashua, N. H., May 12.-The trustees of the Nashua Savings bank held a protracted meeting this evening caused by the request by the bank commissioners, that the bank should pay depositors a dividend or take some definite action regarding the temporary suspension under which the bank is now laboring, and also by the urgent demands of depositors for their money. The meeting was secret, but the trustees state that they sent an answer to the commissioners which will probably result in the payment of a dividend this spring. Many votes were taken on the various phases of the matter, but their result is not made public. As there are about $2,500,000 in deposits held in the bank, there is much feeling about the bank's action.

4. May 13, 1897 The Providence News Providence, RI
Article from The Providence News, May 13, 1897

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Article Text

NASHUA SAVINGS BANK. Nashua, N. H., May 13.-The trustees of the Nashua Savings bank held a protracted meeting last evening, caused by the request of the bank commissioners that the bank should pay depositors a dividend or take some definite action regarding the temporary suspension under which the bank is now laboring, and also by the urgent demands of depositors for their money. The meeting was secret, but the trustees state that they sent an answer to the commissioners, which will probably result in the payment of a dividend this spring. Many votes were taken on the various phases of the matter, but their result is not made public. As there is about $2,500,000 in deposits held in the bank there is much feeling about the bank's action throughout the county. MEDICAL EXAMINERS APPOINTED. Concord, N. H., May 13.-Governor Ramsdell and the council announce the following appointments in the state medical examining board to represent the homeopathists: George W. Flagg, M. D., of Keene, member for five years; Arthur J. Todd. Mc D., of Manchester, four years; R. V. Sweet, M. D., Rochester, three years; G. H. Morrison. Whitefield, two years. No information has been received as to the eclectic school of physicians, which is entitled to representation under the law. Appointments from it were therefore deferred.

5. May 13, 1897 The Evening Tribune Pawtucket, RI
Article from The Evening Tribune, May 13, 1897

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Article Text

Dividend In Sight. Nashua, N. H., May 13.-The trustees of the Nashua Savings bank held a protracted meeting last evening, caused by the request of the bank commissioners that the bank should pay depositors a dividend or take some definite action reyarding the temporary suspension unBer which the bank is now laboring, and also by the urgent demands of depositDrs for their money. The meeting was secret, but the trustees state that they sent an answer to the commissioners, which will probably result in the payment of a dividend this spring. Many votes were taken on the various phases of the matter, but their result is not made public. As there is about $2,500,900 in deposits held in the bank there is much feeling about the bank's action throughout the county.

6. May 14, 1897 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 14, 1897

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Article Text

CONDENSED DISPATCHES. Frank Safford. 9 years old. fell into a small pond at Lowell, Mass., Wednesday evening. and was drowned. He was engaged in fishing with some young companions, who were unable to rescue him. He was the son of Frank Safford. a clerk in the employ of the Boston & Maine. Mrs. Lillian M. N. Stevens of Portland, Me., vice president at large of the National W. C. T. U., sailed from Montreal, Wednesday, for England as a delegate to the annual meeting of the British Woman's Temperance Association. A very serious accident occurred at the Armstrong lime kiln, above Fairville, five miles from St. John, N. B., Wednesday, by the premature explosion of a blast. Thomas Love, an employee at the works, was killed, and Walter Turnbull was very seriously injured. Love lived at Green Head. He was married and had three children. The trustees of the Nashua Savings Bank held a protracted meeting, at Nashua, N. H., Wednesday evening, caused by the request of the bank commissioners, that the bank should pay depositors a dividend or take some definite action regarding the temporary suspension under which the bank is now laboring. and also by the urgent demands of depositors for their money. The meeting was secret, but the trustees state that they sent an answer to the commissioners which will probably result in the payment of a dividend, this spring. Many votes were taken on the various phases of the matter, but their result is not made public. As there are about $2,500,000 in deposits held in the bank, there is much feeling about the bank's action.

7. July 15, 1897 The Providence News Providence, RI
Article from The Providence News, July 15, 1897

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Article Text

WERE ON HAND EARLY. Depositors in Nashua Savings Bank Anxious For Their Money. Nashua, N. H., July 15.-The depositors of the Nashua Savings Bank received a dividend of 10 per cent today. They began to call for their money long before the bank opened. There were from 50 to 75 persons continuously in line, most of them women. They were paid off as fast as the money could be counted out. Fifty thousand dollars was paid today. This is the second dividend paid since this bank suspended.