13860. Security Trust Company (Nashua, NH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
October 10, 1896
Location
Nashua, New Hampshire (42.765, -71.468)

Metadata

Model
gpt-5-mini
Short Digest
bf2228da

Response Measures

None

Description

No run is described in the articles. The Security Trust Company was enjoined from doing business and an assignee/receiver was appointed (Oct 1896). Subsequent articles (1897–1898) show the company remained in receivership and was not reopening. OCR minor errors corrected (e.g., enjorned -> enjoined). Cause attributed to difficulty making collections in the West, as reported in contemporaneous dispatches.

Events (4)
1. October 10, 1896 Receivership
Newspaper Excerpt
Lester F. Thurber of this city was appointed assignee of the Security Trust Company of Nashua, upon petition of the state commissioners, and the company has been enjoined from doing business in this state. Thurber will be required to furnish bonds for $60,000.
Source
newspapers
2. October 10, 1896 Suspension
Cause
Local Shock
Cause Details
Reportedly due to difficulty in making collections in the West leading to financial strain and an injunction by state bank commissioners.
Newspaper Excerpt
Lester F. Thurber, of this city, has been appointed assignee of the Security Trust Company, of Nashua, upon petition of the State Bank Commissioners, and the company has been enjoined from doing business in this State.
Source
newspapers
3. December 21, 1897 Other
Newspaper Excerpt
There is no chance of the building being rebuilt, as the company is in the hands of a receiver, having invested about $750,000 in Grand Forks already. ... The net loss on the Security Trust company will be in the neighborhood of $50,000.
Source
newspapers
4. February 7, 1898 Receivership
Newspaper Excerpt
Notice is hereby given to all persons ... to present their claims to the undersigned Receiver of said company ... Dated this 7th day of February, A. D. 1898. F. S. SARGENT, Receiver of the Security Trust Company of Nashua, New Hampshire.
Source
newspapers

Newspaper Articles (10)
1. October 11, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 11, 1896

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Article Text

Trust Company in Trouble. NASHUA, N. H., Oct. 10.-Lester F. Thurber, of this city, has been appointed assignee of the Security Trust Company, of Nashua, upon petition of the State Bank Commissioners, and the company has been enjoined from doing business in this State. Mr. Thurber will be required to furnish bonds for $60,000. The trust company was enjoined previously during the panic of 1893, but later the injunction was modified 30 that it was permitted to do business. The present suspension is said to be due to the same causes which operated before,

2. October 11, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 11, 1896

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TELEGRAPHIC BREVITIES. Domestic. Barnes & Ladow, sash and blind manufacturers of Mechanicville, N. Y., have failed. Jacob Raible of the cooperage firm of Raible Bros. of Cincinnati was shot by Thomas Ballon, whom he had discharged. Leadville Miners' union has called on the engineers and pumpmen to aid in the struggle. Further trouble is now looked for. Bondholders of the Louisville & New Albany have announced a plan for foreclosure and inauguration of a new company. O. B. Tennis, wholesale straw goods, at Chicago, has confessed to judgments aggregating $44,000. Poor collections caused the failure. Harry St. John, son of ex-Governor St. John of Kansas, has died of grip. He was under indictment at Oklahoma City for wife murder. Policyholders in the Massachusetts Benefit Life association have petitioned Governor Wolcott for an investigation of the association's affairs. At We-Wo-Ka. capital of the Seminole nation, an Indian was shot in the presence of a large crowd of persons for a murder committed six months, ago. George Coppell, chairman of the Wisconsin Central reorganization committee, says a plan is now in the hands of a subcommittee. He declines to give details. Lester F. Thurber of Nashua, N. H., has been appointed assignee of the Security Trust company of Nashua and the company has been enjoined from doing business. Buford Overton, who murdered and robbed Gus Loeb and his wife, will be hanged at Harlan, Ky., on Monday. His friends have sworn they will attempt his rescue. Alfred Cummings, a decrepit veteran of the Mexican war, was murdered at his home near Leavenworth, Kan. He was a miser and was evidently killed by a blow from behind with a hatchet. The Minnesota Methodist conference has expelled Rev. J. C. Hall from the ministry. Hall was a St. Paul minister accused of poisoning his wife. He has not yet been tried in civil court. Granville Harbert of Lima, O., and his family were taken violently sick after eating hot biscuits made from flour with which rat poison had been mixed. Harbert and his daughter, Mrs. Albert King, are dead. A. receiver has been asked for in the supreme court at Boston for the Union Loan and Trust company of that city. The president of the company says the bank will be able to increase the reserve fund if it be given a little temporary assistance. Foreign. George du Maurier's remains were cremated at Woking. Funeral services will be held Tuesday at Hampstead church. The czar and ezarina have promised the Due l'Aumales to visit the castie of Chantilly when they revisit Paris in the spring. Hon. L. H. Davies, Canadian minister of marine and fisheries, announces that the commission to inquire into the Bering sea claims will sit at Victoria, B. C., next month.

3. October 16, 1896 Cottonwood Report Cottonwood, ID
Article from Cottonwood Report, October 16, 1896

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rwo EASTERN BANKS IN TROUBLE Nashua Concern Now Has a Receiver. Nashua, N. H., Oct. 10.-Lester F. Thurber of this city was appointed assignee of .he Security Trust Company of Nashua, ipon petition of the state commissioners, ind the company has been enjorned from loing business in this state. Thurber will De required to furnish bonds for $60,000. The trust company was enjoined during the panic of 1893, but latter the injuncion was modified so that it was permitted to do business. The present suspension is said to be due to the same causes which operated before, principally a diffijulty in making collections in the west. F. S. Sargent, treasurer of the bank, stated that the bank had a capitalization of $200,000 and a surplus of $140,000. In the savings department are savings amountng to $300,000 and check accounts of $125,000. Boston Bank Hard Up. Boston, Oct. 10. - An application was presented to the supreme court today by he saving bank commissioners asking for in injunction to restrain the Union Loan ind Trust Company of this city from dong business. The appointment of a reeiver is asked for. The hearing has been ixed for Tuesday next. The company was formed in 1894 with a capital of $100,000. September 10 the :labilities were $363,844, with resources placed it the same figure. Ex-Senator Clark of Lynn, president of the company, says hat he does not fear a run on the institution, and with temporary assistance the bank will be able to comply with the commissioners' demand, that the reserve fund be increased.

4. October 16, 1896 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 16, 1896

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Thetrial of Dr. J. C. Moore, at Nashua, has now been set for the 19th inst. William Phillips of Winchester had one rib broken and his face and body severely bruised by being thrown from his wagon Saturday, his horse having been frightened by a bicycle. The Security Trust company of Nashua has assigned. The company, which did a savings bank business, has a capital of $200,000 and a surplus of $40,000 and the deposits amount to $125,000. It is stated that the depositors will suffer no loss. The policy of insurance for $1200 reported to be held by Carl Britton on his stock, when his store in Westmoreland was recently burned, lapsed Sept. 3, so that Mr. Britton apparently had no insurance. The building, which was owned by Mrs. Kendall, was insured for $600. A second attempt was made to burn the armory of the Keene Light Guard Thursday night of last week. A member who happened to be in another part of the building smelled smoke and discovered a burning pile of wood in the basement. A dipper was found near by which had contained kerosene. A recent unsuccessful attempt was made to rob the safe of Chamberlain, Patten & Co. at Nashua. Eight holes were drilled in the safe, and two explosions of dynamite blew to pieces the outer plate, and made two large holes in the composition, but the inside composition held, and the contents of the safe were not revealed. Clinton Harder of Winchester was badly scalded on Thursday morning of last week while at the breakfast table. In some manner the strings hanging from the neck of his sweater became entangled in the coffee pot, pulling it over upon him. The coffee was boiling hot and literally cooked his flesh, the skin peeling off in large pieces. James Fitch, a prominent farmer of Cornish, ex-selectman, a deacon of the Congregational church, and an agent of the Grange insurance company, has absconded and is a defaulter to the amount of several thousands of dollars belonging to the company. His son drove him to Claremont last week to take the train, and he sent back a letter to his wife stating that he was a defaulter and that they never would see him again. It is said there is a woman in the case. He is said to be owing several men in Cornish sums ranging from a few dollars to $500, some of the men being his bondsmen. He is about 50 years old.

5. October 17, 1896 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, October 17, 1896

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Canada will have 3,000,000 barrels of apples for shipment. The security Trust Company, of Nashua, N. H., has assigned. The company, which did a savings bank business, has a capital of $200,000 and a surplus of $40,000 and the deposits amount to $125,000. A despatch from Grenada, Mississippi, says that the white people of Carroll county are terribly excited over the discovery of a negro plot to inaugurate a war of extermination. The Wilcox and Howe Company, of Shelton, Conn. manufacturers of carriage hardware and bicycles, has been placed in the hands of a receiver. Assets, $149, 000; liabilities, $43,000. The apple crop in South Haven, Mich., is the largest for twenty years. Many of the trees, overloaded with the fruit, are broken down. The winds have blown down thousands of bushels. Almost the whole of England was swept by storms last week, and the coast is filled with wrecks. Great loss of life is feared. Immense damage to farms and forests is reported, while the loss of live stock is unprecedented. The American plate glass plant at Alexandria Indiana, has resumed operations, employing 500 hands. The American Wire Nail Company's mill at Anderson, same state, has started up full with 800 men. Earl Russel caused the arrest in London of Lady Scott, his mother-in-law, on a charge of criminal libel. The charge grows out of Lady Russell's suit for divorce. Lady Scott was released on $5,000 bail. The Archbishop of Canterbury, England, died on Sunday. He was stricken with apoplexy while kneeling in prayer. He was born near Birmingham, July 14, 1829, and was the son of Rev. Edward White Benson, a poor country clergyman. Guayaquil, Ecuador, was in flames on Tuesday of last week. Over 15 squares of the business and residential section were burned; loss over $40,000,000. About 20,000 people are homeless. Later reports say much suffering prevails. The coast, from the Gulf of Mexico to Halifax, was swept by a terrible storm on Friday, Saturday, Sunday and Monday. Fortunately it did not extend inland very far, but great loss to shipping, watering places, &c. is reported. On Friday night of last week, Miss Eva Hull, aged 82 years, of Berwick township, Adams county, Pa., was burned to death. She had a drawer open and struck a match, a spark from which set fire to the contents of the drawer. In endeavoring to throw it out the window her clothing took fire, and she died a few hours later. George J. Marsh, Treasurer of the Cape Ann Savings Bank, at Gloucester, Massachusetts, committed suicide last week by shooting himself. It was learned that he was short $40,000 in his accounts as trustee of the Gilbert Fund. He had been speculating heavily, and it is supposed used money of other estates which he held in trust. A Washington, D. C., despatch says that it is announced that a shortage of between $15,000 and $16,000 has been found in the accounts of Dr. A. C. Patterson, the assistant physician in charge of the criminal and homicidal wards of the Government hospital for the insane, on the outskirts of that city, known as St. Elizabeth's Asylum. The shortage has been made good. On Thursday of last week, Bessie Weiss, aged 14 years, who works in a shirt factory, near Bridgeton, New Jersey, let her hair down, and in stooping to pick up a bobbin the hair was caught and torn from her head by a rapidly revolving shaft. She lingered in great agony until Saturday night when she died. She had been warned frequently about letting her hair fly loosely.

6. October 17, 1896 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, October 17, 1896

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Albert Bray, aged 39, a farmer living Noblesville, Ind., cut the throats ot his near wife, his 9-year-old son, Carl, his 2year-old daughter, Edna, and then killed himself. No cause is known for the deed. Mrs. Henry Grundy. a rich widow aged died nt Youngstown, O., as the result 50, of starvation. Her husband recently died and she afterward refused all food. The Jasper county jail at Paulding, was burned and two prisoners, a Miss., E. A. Strickland and Mollie Daniels, negro woman. were cremated. George Sanders fatally assaulted Fisher with a club a piano tuner named at La Grange, Ind., and then hanged himself to a rafter in a deserted house. Corning, Ia., was visited by a busi- fire which destroyed one-third of the ness houses. the loss being $200,000. Dr. Andrew J. Purdy, aged 50. pasof the Asbury Methodist church at in Buffalo, tor dropped dead on the street Corning, N. Y. For spitting in his son's face Temple J. Houston shot and fatally wounded B. Jenkins at Woodward, O.T. Fred Pratt, the companion of John Sair in the bank robbery and double armurder D. at Sherburne, Minn., was rested at Albert Lea, in that state. James Anderson and Henry Cyat, a colored, were shot to death by both mob near Taylor's Ferry, Ala. They and were accused of having murdered robbed Randolph Falls, a farmer. hurricane caused immense damage A property on the New England coast and to the loss of several lives. At Garfield park, Chicago, James seconds Michael, the Welchman, clipped 18 the American five-mile bicycle was record. off His time for the distance 9:20. Mrs. G. Walsdorfer, of Leo, O., child was playing with her baby. when the with its struck its mother in the eyes finger nails, rendering her hopelessly a blind. The Security Trust company. banking concern at Nashua, N.H., failed for $300,000. Charles Hadworth and Henry Welsh for were executed at Wewoka, O. T., murder. The exports of specie from the port the New York for the week ended on and 10th of amounted to $1,000 in gold $873,740 in silver. The imports were: Gold, $2,213,296 silver, $57,907. Prof. J. A. Blaisdell, aged 69 years. Beloit college. committed suicide at of Kenosha, Wis. Sickness was the cause. Snow fell in portions of Nebraska with a temperature of only ten degrees above zero. After a four months' recess the United in States supreme court reconvened The Washington for the October term. court docket contains 615 cases. against Oc751 at the beginning of last year's tober term. An unknown man jumped into the at Prospect point, Niagara Falls, the and water was immediately swept over American falls. The visible supply of grain in the United States on the 12th was: Wheat, bush434,000 bushels; corn. 14,468,000 els; 52, oats. 9,533,000 bushels: rye, bushels. 2,032. 000 bushels: barley, 2,920,000 The effect of the political agitation business throughout the country upon indicated by the falling off in postal endreceipts is of $63,000 for the quarter ing September 30. The forty-third session of the International Typographical union convened at Colorado Springs. Col. The First national bank of Eddy, N. of M., closed its doors with liabilities $75.000. By the assignment of Printer follow- E. F. Bigelow, of Portland, Conn., the in his papers, which were printed to susestablishment, ing are compelled the The Middletown Tribune, Wespend: Middletown County Record, Colchester the leyan College Argus and the Advocate. Col. J. R. McLain. a large lumber asdealer of Putnam county. W. Va., signed with liabilities of $100,000. Because his sweetheart, Miss Tillie Dietzman. would not consent to marry Philip Zimmer shot and fatally then wounded him. the girl in St. Louis and killed himself Epping, N. H., was visited by a busi- fire destroyed six of its principal $100, that ness houses and caused a loss of 000. While Preserved Grant was Chardon, coma patent medicine at a Mrs. pounding the mixture exploded and in Perry O., and her child were fataMy jured. The Atlantic coast in both directions with New York was strewn from wrecks of bathhouses, piers and yachts, broke result of a high tide which the records. At many resorts summer moorhotels all were plucked from their and floated out to sea. ings Fire destroyed business buildings at at Great Barrington, Mass.. valued $200,000. Bufford Overton was executed at Har- 1895. Ky., for the murder, June 21, Jewish lan, of Gustave and Julia Loeb, two peddlers. PERSONAL AND POLITICAL. Y. Atkinson was reelected gover by a ( W. of Georgia by the democrats 35,000. majority nor of not less than once Gen. George A. Sheridan, political of speaker Louisfamous

7. October 23, 1896 Highland Recorder Monterey, VA
Article from Highland Recorder, October 23, 1896

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THE NEWS. The annual convention of the Commercial Travelers' Home Association met in Binghamton, N. Y No business of a pu'l lie nature was transacted.--The Clincinn ti, Lebanon and Northern Railway. recent purchased by the Pennsylvania Company, re-elected the old directors, except Ra ph Peters, whose place was filled --Eleven judgments, aggregating $90,930, were entered in New York by default against Erastus Wiman, of Staten Island, in favor of Austin B: Flecther on notes made between 1892 and 1895.-The directors of the Central Railroad met in annual session; in Savannah, Ga. The stockholders' annual meet ng was to have been held and a large number of them came into the city, but it was decided to postpone it until November 10. The direotors met behind closed doors. Barnes & Ladow, sash and bllud manufacturers, of Mechanicville, N. Y., are financially embarrassed as a result of the general depression. Figures are not giver. The firm have done a business of $200,000 a year. -F. W. Benham has been appointed receiver for Wilcox & Howe, of Derby, Conn., manufacturers of bicycle forgings. The liabilities of the concern are $43,000; assets, $149,000. The cause of the failure is said tc be the failur 8 of many bicycle concerns which owed the firm.--Application has been made for a receiver for the Union Loan and Trust Company, of Boston, a concern with a capital stock of $100,000 and liabilities of $363,844. The institution is expected to be able to increase its reserve and con tinue in business.- William Matuar, a fore. man, employed by the Brooklyn Gas Com. pany, of New York, wãa assassinated by Rocco Muralotto, a laborer, whom he has discharged. Muralotto fired upon his vic tim at close range with both barrels of & fowling-piece, and killed him instantly. The assassin was arrested. munificent addition to the Yale College library has been announced in the shape of a gift, by J. M. Sears, of the class of '77, now of Boston. The gift consists of 7000 volumes, which constituted the library of Ernest Curteuis, recently sold in Germany. In the collection there are 3,500 bound volumes and 3,500 unbound volumes, largely made up of pamphlets and digsertations.-Lester H. Thurber, of Nashua, N. H., has been ap. pointed assignee of the Security Trust Com. pany, of Nashua, upon petition of the State Bank Commissioners, and the company has been enjoined from doing business in New Hampshire. Mr. Thurber will be required to furnish bonds for $60,000.-Mrs Dora Rosenstadt, aged forty-seven, tried to fill 8 gasoline stove at the home of her son-in-law Jacob Rosenberg, Baltimore, Md., whi e the wicks were burning, when the oil became ignited, and exploded. Mrs. Rosenstadt and the infant daughter of Rosenberg were iatally, and Rosenberg and his wife seriously burned.

8. December 24, 1897 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, December 24, 1897

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COMPANY'S NET LOSS $50,000. Nashua's Defunct Trust Company Not Likely to Rebuild. NASHUA, N. H., Dec. 21-The news of the burning of the Peerless and Nash blocks and the Dakota hotel at Grand Forks. N. D., has just been received in this city, and has created great consternation among the depositors and stockholders in the Security Trust company. James Rus. sell, who has made several trips to the Dakotas in the interests of the trust company, placed the loss to the company at upward of $100,000. The hotel was in the name of George Clifford, former secretary of the Security Trust company. and cost about $175,000. The Nash building is nominally owned by Frank E. Anderson of this city, a heavy owner in the trust company's store, and was mortgaged for $12,000. The Peerless building was encumbered with a $20,000 mortgage, its full value. Each of these buildings was erected with money furnished by the Security Trust company. The hotel is encumbered with $105,000 in mortgages and moreover the interest on the mortgages has not been paid for a long time past and rental for the hotel is away behind. The total insurance on the property is $85,000 and the net loss on the Security Trust company will be in the neighborhood of $50,000. There is no chance of the building being rebuilt, as the company is in the hands of a receiver, having invested about $750,000 in Grand Forks already. The lessees of the hotel also controlthe Brevoort house. and are not regarded as being likely to encourage any one to rebuild the Dakota.

9. December 25, 1897 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, December 25, 1897

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COMPANY'S NET LOSS $50,000. Nashua's Defanct Trust Company Not Likely to Rebuild. NASHUA, N. H., Dec. 23-The news of the burning of the Peerless and Nash blocks and the Dakota hotel at Grand Forks, N. D., has just been received in this city, and has created great consternation among the depositors and stockholders in the Security Trust company. James Russell, who has made several trips to the Dakotas in the interests of the trust company, placed the loss to the company at upward of $100,000. The hote! was in the name of George Clifford, former secretary of the Security Trust company. and cost about $175,000. The Nash building is nominally owned by Frank E. Anderson of this city, a heavy owner in the trust company's store, and was mortgaged for $12,000. The Peerless building was encumbered with a $20,000 mortgage, its full value. Each of these buildings was erected with money furnished by the Security Trust company. The hotel is encumbered with $105,000 in mortgages and moreover the interest on the mortgages has not been paid for a long time past and rental for the hotel is away behind. The total insurance on the property is $83,000 and the net loss on the Security Trust company will be in the neighborhood of $50,000. There is no chance of the building being rebuilt, as the company is in the hands of a receiver, having invested about $750,000 in Grand Forks already. The lessees of the hotel also control the Brevoort house, and are not regarded as being likely to encourage any one to rebuild the Dakota.

10. February 9, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 9, 1898

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RECEIVERS NOT CE. UNITED STATES CIRCUIT COURT-DIStrict of Minnesota, Fourth Division. L. C. Pattee, complainant, VS. Security Trust Company, a corporation, and Lester F. Thurber, defendants. Pursuant to an order made February 4th, 1898, in the above-entitled cause, which order is now on file in the office of the Clerk of said court, Notice is hereby given to all persons residing in the State of Minnesota having claims against the Security Trust Company of Nashua, New Hampshire, to present their claims to the undersigned Receiver of said company, for allowance, on or before June 1st, 1898. All claims not so presented within said time will be barred from participating in the distribution of the assets of said company by the undersigned Receiver. Dated this 7th day of February, A. D. 1898. F. S. SARGENT, Receiver of the Security Trust Company of Nashua, New Hampshire, for the District of Minnesota. Office in Security Building, Grand Forks, No. Dak. Templeton & Rex, Counsel for Receiver, Grand Forks, N. D.