13856. 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: fb062893

Response Measures

None

Description

The New Hampshire Banking Company suspended on April 29, 1897. Press reports tie the suspension to the collapse of the Globe Savings/Globe National Bank in Chicago and allegations against C.W. Spalding; officers stated the suspension was voluntary to protect depositors. Later reporting (article 11) indicates the bank went into the hands of an assignee, consistent with permanent closure/receivership.

Events (1)

1. April 29, 1897 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension linked to collapse of the Globe Savings Bank in Chicago and alleged embezzlement/financial troubles involving Charles W. Spalding (the president's son), undermining confidence and deposits. Officers described action as voluntary to protect depositors but attributed trouble to connections with the Chicago failure and loss of depositors over time (had limited withdrawals for over a year).
Newspaper Excerpt: Nashua N. H., April 29.-The New-Hampshire Banking Company suspended this afternoon.
Source: newspapers

Newspaper Articles (11)

1. April 30, 1897 New-York Tribune New York, NY

Article from New-York Tribune, April 30, 1897

Click image to open full size in new tab

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 Vice-President Charles Holman of the Board of Trustees says that none of the trustees have withdrawn any of their deposits.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.

2. April 30, 1897 The Sun New York, NY

Click image to open full size in new tab

Article Text

NEW HAMPSHIRE BANK FAILS. An Institution of Which €, 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.

3. April 30, 1897 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, April 30, 1897

Click image to open full size in new tab

Article Text

NEW HAMPSHIRE BANK SUSPENDS. Was Involved in the Globe Bank Failure in Chicago. 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 than $25 a month. The suspension caused no surprise and has been expected for some time. Vice President Holman of the board of trustees states that none of the trustees have withdrawn any of his deposits. The bank has a guaranteed 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 first was $849,652.51, it being the second largest bank in the city. Treasurer Farley made the following statement: "This action was voluntary on the part of the officers and was done for what they considered for the best interest of the depositors. While the bank will probably sustain some losses from the numerous financial troubles in the past few months, the guarantee fund will probably cover all shrinkages which are in sight at this time. The restoration of confidence and resumption of deposists seem to be put so far in the future by recurring disturbances, that it would cause the bank to continue to sell its securities to meet the demand upon it, thereby reducing its earring capacity and ability to earn satisfactory dividends before it was reasonable to expect a return of business, hence the action which has been taken was deemed advisable by all interests."

4. April 30, 1897 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, April 30, 1897

Click image to open full size in new tab

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.

5. May 1, 1897 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, May 1, 1897

Click image to open full size in new tab

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.

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

Article from The Copper Country Evening News, May 1, 1897

Click image to open full size in new tab

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 5, 1897 The Star Reynoldsville, PA

Click image to open full size in new tab

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.

8. May 6, 1897 River Falls Journal River Falls, WI

Article from River Falls Journal, May 6, 1897

Click image to open full size in new tab

Article Text

THE EAST. 1 boiler of an engine on the Pittsburgh & Lake Erie railway exploded near Montour Junction. Pa., scalding six trainmen. In a fire in Brooklyr N. Y., Mrs. John Newell and her two children, aged eight and five years, and Mrs. Celia Barnett were burned to death. In Philadelphia several hundred women assembled to take part in the national convention of working women's societies, whose chief object is the betterment of the condition of the working women. The death of Dr. Traell Green, an eminent physician and famous scientist, occurred at his home in Easton, Pa., aged 84 years. At the age of 57 years Jeremiah W. Coveney, postmaster of Boston, died at his home in Cambridge of pneumonia. At Nashua, N. H., the New Hampshire Banking company suspended, owing depositors $849,352. At the leading clearing houses in the United States the exchanges during the week ended on the 30th ult. aggregated $855,566,196, against $934,219,710 the previous week. The decrease as compared with the corresponding week of 1896 was 13.3. In all sections of the country a five per cent. advance in the price of window glass has been made. In New York old Trinity church, which for 200 years has stood at the top of Wall street, began its bicentennial celebration. At Bonny Eagle, Me., John L. Lane, wife and child were found dead. All had been shot. At the age of 86 years ex-Congressman John J. Perry died suddenly at his home in Portland, Me. For the week ended on the 1st the percentage of the baseball clubs in the National league was: Philadelphia, .889; Baltimore, .875; Cincinnati, .857; Louisville, 833: Pittsburgh, .600; Brooklyn, 333; Washington, .333; St. Louis, .286; New York, 286; Cleveland, 236; Chicago, .250; Poston, .143. Fire. fed by petroleum, swept through several big business buildings in Pittsburgh, Pa., causing a loss estimated at $4,000,000.

9. May 6, 1897 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, May 6, 1897

Click image to open full size in new tab

Article Text

TERSE TELEGRAMS. The New Hampshire Banking company of Nashua, N. H., suspended. The amount due depositors is $849,332. 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. The president has decided not to interfere in the case of Joseph Dunlop. proprietor of the Chicago Dispatch, who was sentenced to two years' imprisonment forsending ohscene matter through the mails. Thomas Redmond, alias "Texas Tom," a follower of the race tracks, was sentenced in Chicago to life imprisonment, for the murder of John Stuart. Harry D. Butler, of Chicago, got into n dispute with his wife and had begun to abuse her when a boarder, Harry Randall, interfered, and fatally shot Butler. A column of Spanish troops commanded by Col. Estruch, which has been operating against the insurgents in the vicinity of Muleta, Guajabon and Charcos, province of Pinar del Rio, has captured five insurgents camps. A story comes from the Kentucky backwoods in effect that five bold moonshiners living in a mountain cave have been killed by armed citizens who went gunning for them.

10. May 6, 1897 Warren Sheaf Warren, MN

Click image to open full size in new tab

Article Text

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, formerly 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, III., 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 com-, pany at Dayton, O., filed a mortgage to the Illinois Trust & Savings bank for $3,000,000.

11. January 26, 1904 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, January 26, 1904

Click image to open full size in new tab

Article Text

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.