New Hampshire Trust Company (Manchester, NH)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
July 23, 1893
Location
Manchester, New Hampshire (42.996, -71.455)
Bank Type
trust

Metadata

Episode ID
Bank ID
City ID
330868243
Model
gpt-5-mini
Short Digest

Notes

Suspension was ordered by the state Bank Commissioner as a precaution during the 1893 panic; a receiver was later sought and the company was wound up.

Events (3)
1. July 23, 1893 Run
Cause
Macro News
Cause Details
Extraordinary calls for money/withdrawals during the financial disturbances of July 1893 (widespread panic)
Newspaper Excerpt
where a solvent institution is unable to meet extraordinary calls for money paid in.
Source
newspapers
2. July 23, 1893 Suspension
Cause
Government Action
Cause Details
State Bank Commissioner served papers closing the bank's doors as a precautionary suspension to protect depositors and creditors
Newspaper Excerpt
Late Saturday evening Bank Commissioner Lyford served papers closing the doors of the New Hampshire Trust Company of this city
Source
newspapers
3. November 11, 1895 Receivership
Newspaper Excerpt
the state bank commissioners made an application to the supreme court for a receiver for the New Hampshire Trust Co. for the benefit of its creditors.
Source
newspapers

Newspaper Articles (21)
1. July 24, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, July 24, 1893

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Article Text

A Bank's Doors Closed. MANCHESTER (N. H.), July 23.-Late Saturday evening Bank Commissioner Lyford served papers closing the doors of the New Hampshire Trust Company of this city, after a full consultation with the officers of the institution, and for the protection of its depositors and creditors. It is expected that the suspension will be only temporary. The Bank Commissioner said to-night that it is only a precautionary measure to meet an emergency like the present, where a solvent institution is unable to meet extraordinary calls for money paid in. The capital of the concern is $500,000.

2. July 24, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 24, 1893

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TRUST COMPA NY CLOSED. A Precautionary Step to Protect the Depositors. MANCHESTER, N. H., July 23.-Late Saturday evening Bank Commissioner Lyford served papers closing the doors of the New Hampshire Trust Company of this city, after a full consultation with the officers of the institution and for the protection of its depositors and creditors. It is expected the suspension will be only temporary. The Bank Commissioner said to-night that it is only a precautionary measure to meet an emergency like the present, where a solvent institution is unable to meet the extraordinary calls for money. The paid-in capital of the concern is $500,000.

3. July 24, 1893 The Herald Los Angeles, CA
Article from The Herald, July 24, 1893

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A STARTLING THEORY. THE SINKING OF THE VICTORIA DUE TO A CONSPIRACY. Irish Revolutionists Claim the Honor of Having Sent the British Battle Ship to the Bottom of the Sea. NEW YORK, July 23.-A new and startling theory is advanced as to the cause of the sinking of the British battleship Victoria by the Camperdown. Irish revolutionists claim the sinking was the result, not of accident, but a deep laid plot, which has for its object the destruction, if possible, of the British navy and the infliction of dire injury on England in every quarter of the globe. A circular signed "The Executive," a copy of which a morning paper succeeded in obtaining, and which has been promulgated in Irish Nationalist circles, claims for the revolutioniete the honor of striking a heavy blow to England. Referring to Admiral Tryon's maneuver, the circular, which bears date July 10, says: "Admiral Tryon is not guilty of the loss of the Victoria. He is a victim of the sins of his country. The maneuver which he proposed the fleet should perform would have been successfully carried out had our brave brothers in England's service not been equal to the opportunity and given themselves a willing sacrifice for the cause of Ireland. "We have eworn brothers now on almost every English warship. We have them in English regiments, at home and abroad, and wherever the English flag our floate there also may men be found. We are now in a position which we never before attained of striking England in every corner of the globe. Forward, brothers; the fight must go on unceasingly; no opportunity must be lost of striking England, nor must we hesitate to use against her whatever science and inventive genius may place in our hands." New Hampshire Trust Company Closed. MANCHESTER, N. H., July 23.-Late Saturday evening Bank Commissioner Lyford served papers closing the doors of the New Hampshire Trust company of this city, after a full consultation with the officers of the institution, and for the protection of its depositors and creditors. It is expected the suspension will be only temporary. The bank commissioner said tonight it is only a precautionary measure to meet an emergency like the present, where a solvent institution is unable to meet the extraordinary calls for money. The paid-in capital of the concern is $500,000.

4. July 24, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, July 24, 1893

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Article Text

New Hampshire Trust Co.'s Doors Closed MANCHESTER, N. H., July 23.-Late Saturday evening Bank Commissioner Lyford served papers closing the doors of the New Hampshire Trust Company, in this city, after a full consultation with the officers of the institution and for the protection of its depositors and creditors. It is expected that the suspension will be only temporary. The bank commissioners said tonight that it is only a precautionary measure to meet emergencies like the present where a solvent institution is unable to meet exteaordinary calls for money.

5. July 24, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 24, 1893

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Article Text

A Temporary Suspension. Manchester, N. H. July 24.-Late Saturday evening Bank Commissioner James C. Lyford served the papers closing the doors of the New Hampshire Trust Company of this city. This action was taken after full consultation with the officers of the institution, and offered protection for its depositors and creditors. The suspension of business will be but temporary.

6. July 24, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 24, 1893

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Article Text

BIG TRUST COMPANY FAILS. One of the Heaviest Institutions of Its Kind in New Hampshire Gone Up. MANCHESTER, N. H., July 23.-Late Saturday evening Bank Commissioner James C. Lyford served the papers closing the doors of the New Hampshire Trust Company. of this city, one of the heaviest institutions of the kind in the State. This action was taken after full consultation with the officers of the institution and for the protection of its depositors and creditors. The proceedings are similar to those pursued in the case of the Security Trust Company of Nashaua, with the expectation that the suspension of business will be temporary. The company has a paid-in capital of $500,000.

7. July 25, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 25, 1893

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MORE BANKS IN TROUBLE. New Hampshire Concerns Yield to the Pressure. TWO IN MANCHESTER FORCED TO SUSPEND PAYMENT. One Is the Bank of the Commonwealth With Assets and Liabilities of About $650,000-The Officers of the Other, the Bank of New England, Say Depositors Will Not Lose - Savings Banks Demand Notice of Withdrawals. MANCHESTER, N. H., July 24.-The National Bank of the Commonwealth will suspend payment tomorrow morning. This action was determined on at a meeting of the directors tonight. The national comptroller was notified. The bank was the youngest of the six national banks here. It had risen to be second in the amount of deposits. Its assets and liabilities are about $650,000; deposits, $310,529; capital stock, $200,000. The suspension of the New Hampshire Trust Company and the Bank of New England precipitated the Commonwealth's suspension. The Bank of New England, which suspended this afternoon, had a capital of $100,000. Its officers say the depositors will lose nothing. The savings banks of the city have voted to demand the 90 days notice authorized by law on all withdrawals of over $100. The remaining national banks will stand by each other, and establish a clearing house for mutual protection.

8. July 27, 1893 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, July 27, 1893

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The New Hampshire Panic. MANCHESTER, N. H., July 25.-The Nalional Bank of the Commonwealth suspended payment this morning. This action was determined on at a meeting of the directors last night, and the national comptroller was notified. Its assets and liabilities are about $625,000; deposits, $310,529: capital stock, $200,000. The suspensions of the New Hampshire Trust company and Bank of New England precipitated the Commonwealth's suspension.

9. July 27, 1893 The State Republican Jefferson City, MO
Article from The State Republican, July 27, 1893

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THE EAST. FIRE destroyed property valued at $800,000 at Long Island City, L. I., and hundreds of families were homeless as a result of the blaze. IN a coal mine at Edwardsville, Pa., an explosion fatally injured William Jones. Martin Brennan, B. Wilson and Patrick Malai. THE run from Southampton to New York was made by the American line steamship Paris in 6 days 9 hours and 80 minutes, breaking all previous records. MISSES MABEL 11 ALLETT and Elizabeth Walters, of New York city, were drowned while bathing in the surf at Shell Bank. Long Island. IN the National league the percentages of the baseball clubs for the week ended on the 22d were as follows: Philadelphia, .649; Boston, .639; Pittsburgh, 1576; Cleveland, .568; Brooklyn, .507; Baltimore, .471; Cincinnati, .464: St. Louis, .468; New York. 444; Chicago, .443; Washington, .403; Louisville, .361. THE doors of the New Hampshire Trust company at Manchester, the largest financial institution in the state, made an assignment. AN explosion of dynamite in New York killed Marie A. Posey and her little girl and two more of her children and Mamie McAdam were fatally injured. MRS. W. C. CONNELLY and her adopted daughter were fatally burned while burning rubbish at Pittsburgh, Pa. AT Belvidere, N. J., the Oxford Iron & Nail company failed for $225,000. EAST of Deer Island, Mass., an inknown yacht was capsized and John W. Johnson, Albert T. Scott and Joseph Murphy were drowned.

10. July 27, 1893 The Manchester Journal Manchester, Bennington, VT
Article from The Manchester Journal, July 27, 1893

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Vermont has suffered seriously from the failure of western investment companies and one home company, and now New Hampshire is having her toro at it. The Security Trust Co. of Nashus and New Hampshire Trust Co. of Manchester have been compelled to stop business. Two large national banks in the latter city have also suspended, and the savings banks have voted to demand the 90 days notice authorized by law, on large deposits.

11. July 27, 1893 River Falls Journal River Falls, WI
Article from River Falls Journal, July 27, 1893

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# THE EAST. THROUGH the death of an uncle in India Mrs. Conrad Veilham, of Tonawanda, N. Y., has fallen heir to $4,000,000. PITTSBURGH advices say that the plate glass trust has collapsed and that the many idle factories throughout the country will resume operations. THE late Anthony J. Drexel's will was probated in Philadelphia. It shows that he left about $30,000,000. NAPHTHA exploded in the sweat-band factory of J. D. Campbell in Brooklyn, N. Y., killing J. D. Campbell and his son and John and Jacob Weiss, brothers. THE death of Charies F. Washburn, head of the barbed wire firm of Washburn & Moen, occurred at Worcester, Mass., of apoplexy, aged 66 years. ANOTHER confession has been made by P. J. Gallagher, this time reiterating the guilt of Dempsey in the Homestead (Pa.) poisonings. FIRE destroyed property valued at $800,000 at Long Island City, L. I., and hundreds of families were homeless as a result of the blaze. In a coal mine at Edwardsville, Pa., an explosion fatally injured William Jones, Martin Brennan, B. Wilson and Patrick Malai. THE run from Southampton to New York was made by the American line steamship Paris in 6 days 9 hours and 30 minutes, breaking all previous records. MISSES MABEL HALLETT and Elizabeth Walters, of New York city, were drowned while bathing in the surf at Shell Bank, Long Island. In the National league the percentages of the baseball clubs for the week ended on the 22d were as follows: Philadelphia, .649; Boston, .639; Pittsburgh, .576; Cleveland, .568; Brooklyn, .507; Baltimore, .471; Cincinnati, .464; St. Louis, .463; New York, .444; Chicago, .443; Washington, .403; Louisville, .361. THE doors of the New Hampshire Trust company at Manchester, the largest financial institution in the state, made an assignment. AN explosion of dynamite in New York killed Marie A. Posey and her little girl and two more of her children and Mamie McAdam were fatally injured. MRS. W. C. CONNELLY and her adopted daughter were fatally burned while burning rubbish at Pittsburgh, Pa. AT Belvidere, N. J., the Oxford Iron & Nail company failed for $225,000. EAST of Deer Island, Mass., an unknown yacht was capsized and John W. Johnson, Albert T. Scott and Joseph Murphy were drowned.

12. July 27, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, July 27, 1893

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LATER NEWS WAIFS. FINANCIAL AND COMMERCIAL. TACOMA, WASH. - The Trader's Bank suspended. An early resumption is expected. MILWAUKEE-The Commercial Bank has assigned. THE Johnson County Savings Bank, Missouri, suspended Thursday. Depositors will be paid in full. SAN BERNARDINO, CAL. -The First National bank reopened by permission of Comptroller Eckels. The bank is in fine condition. The Farmers exchange bank will reopen in a short time. Confidence is again restored. PITTSBURG BANKS SOUND. -The report of the Comptroller of the Currency shows that the 29 National banks of Pittsburg are in sound condition. The reserve held by the n July 12 was 21 35 per cent. This Comptroller Eckles regards as indicating that there is no alarm or distrust in the community. The First National Bank, of Russell, Kas, has failed. The announcement Saturday that the First National Bank of Vernon, Tex., has failed was erroneous. The New Hampshire Trust Company, of Manchester, N. H., one of the heaviest financial institutions in the State, has been enjoined from continuing business. - The Bank of Grand Avenue, Kansas City, Mo., on Saturday resumed business. The First National Bank of Santa Anna, Cal., which closed four weeks ago, reopened its doors again Saturday. The Kentucky National Bank, Louisville, a government depository, suspended. Liabilities of $2,742,624 01, balanced by resources. The Milwaukee National Bank of Wisconsin and the Southside savings bank, both of Milwaukee, closed their doors.

13. July 28, 1893 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, July 28, 1893

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New Hampshire Bank Failures. Withdrawal of deposits compelled the Security Trust company of Nashua, N. H., to close its doors. It will pay all liabilities. The capital and surplus amount to $250,000. Bank Commissioner James C. Lyford served the papers last Saturday evening, closing the doors -of the New Hampshire Trust company of Manchester, N. H. This action was taken after full consultation with the officers of the institution, and for the protection of its depositors and creditors. The proceedings were similar to those pursued in the case of the Security Trust company of Nashua, with the expectation that the suspension of business will be but temporary. They were simply of a precautionary nature, enabling the institution to realize cash from the assets, without sacrificing them in a falling market. The company has a paidup capital of $500,000. The bank of New England and the National bank of the Commonwealth of Manchester suspended Monday. The former had a capital of $100,000 and the latter $200,000. It is thought that there will be no loss to depositors.

14. January 5, 1894 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, January 5, 1894

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Talk of a Receiver. MANCHESTER, N. H., Jan. 5.-The New Hampshire Trust company sent out notices to holders of its debenture bonds asking them to consent to the exchange of the present bonds for a new issue of 4 per cent ones. If the bondholders refuse to accede to this request, the circular says that the company will have to go into the hands of a receiver for liquidation.

15. January 5, 1894 The Providence News Providence, RI
Article from The Providence News, January 5, 1894

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The New Hampshire Trust Company. MANCHESTER, N. H., Jan. 5.-The New Hampshire Trust company sent out notices, to holders of its debenture bonds asking them to consent to the exchange of the present bonds for a new issue of 4 per cent ones. If the bondholders refuse to accede to this request, the circular says that the company will have to go into the hands of a receiver for liquidation.

16. November 11, 1895 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 11, 1895

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New Hampshire Trust Company Falls MANCHESTER, N. H. Nov. 11.-Late Saturday night the State Bank commissioner made application to the supreme court for a receiver for the New Hampshire Trust Co. for the benefit of its creditors. The liabilities are put at $4,882,632 in the Trust departmentand $272,187 in the saving department,

17. November 11, 1895 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, November 11, 1895

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NEW HAMPSHIRE FAILURE. Collapse of Rotten Trust and Savings Concern in Virtuous New England. Manchester, N. H., Nov. 11.-Late on Saturday night, the state bank commissioners made an application to the supreme court for a receiver for the New Hampshire Trust company for the benefit of the creditors. The liabilities of the concern are $8,882,682 in the trust department and $272,187 in the savings department. The company holds mortgages and liens on 1,000 parcels of land in the two Dakotas and Minnesota, on which it CRN not now realize. The last published statement of assets puta them at $402,526.

18. November 15, 1895 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, November 15, 1895

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BIG CONCERN IN TROUBLE. New Hampshire Trust Company Facing Serious Difficulties, Manchester, N. H., Nov. 12. - The state bank commission Saturday evening applied to the supreme court for a receiver for the New Hampshire Trust company. Their action was unknown to the officers, and it is asserted was taken in the interest of the creditors. The company's liabilities in its trust department are $4,882,632.10, and in its savings department $272,187.14. It holds mortgages and liens on 1,000 parcels of land in the two Dakotas and in Minnesota, which at this time it is impossible to realize on. It also holds much valuable real estate hereabouts. Its last statement of assets shows $402,526.56 charged to profit and loss in the trust and $43,780.92 in the banking department. President Hiram Duplon emphatically asserts that the action of the commissioners is extremely discourteous, and he resents it. He thinks the company can pull through and says the directors will fight the court proceedings. No detailed statement of the condition of the company is obtainable.

19. November 20, 1895 The Providence News Providence, RI
Article from The Providence News, November 20, 1895

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Talk of Reorganization. MANCHESTER, N. H., Nov. 20.-Hiram D. Upton has resigned as president of the New Hampshire Trust company. Foster R. Clement of Minneapolis will succeed him. President Upton's action is said to be the outcome of the recent petition for the appointment of a receiver made by the state bank commissioners. It is claimed that to offset this petition an attempt will be made to reorganize the company, and that President Upton's resignation is one of the first steps toward the consummation of this plan.

20. November 22, 1895 The United Opinion Bradford, VT
Article from The United Opinion, November 22, 1895

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Talk of Reorganization. MANCHESTER, N. H., Nov. 20.-Hiram D. Upton has resigned as president of the New Hampshire Trust company. Foster R. Clement of Minneapolis will succeed him. President Upton's action is said to be the outcome of the recent petition for the appointment of a receiver made by the state bank commissioners. It is claimed that to offset this petition an attempt will be made to reorganize the company, and that President Upton's resignation is one of the first steps toward the consum mation of this plan.

21. January 31, 1907 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 31, 1907

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WINDING UP AFFAIRS. Assignee of New Hampshire Trust Co. Wants to Make Final Settlement. Manchester, N. H., Jan. 30.-Arthur S. Bunton, assignee of the New Hampshire Trust Co. of this city, Minneapolis and Fargo, N. D., which failed for several million dollars in 1893, the year of the last financial panic, is endeavoring to finally wind up the affairs of the corporation. The superior court has been petitioned to order a final dividend paid to bondholders. When trustees were appointed in 1894 to look after the interests of the bondholders there were $4,261,425 in bonds outstanding. Ninety-nine per cent. of that amount has since been paid to the 2400 bondholders and there is now in the hands of the surviving trustees $222,800. Chief Justice Wallace will fix the final dividend in a few days. The accounts of the bond department of the company were separate from those of the depositors, who lost heavily by the failure.