Nashua Trust Company (Nashua, NH)

Episode Information

Episode UID
54001971249
Episode Type
Suspension β†’ Reopening
Bank Type
trust
Bank ID
5400197 routing
Routing Number
54-0019
Start Date
January 25, 1904
Location
Nashua, New Hampshire (42.765, -71.468)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
67aee9294e7d3e88

Response Measures

None

Description

Articles report temporary closing by state bank commissioners after treasurer's alleged embezzlement; no clear article shows permanent failure or receivership.

Events (1)

1. January 25, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged embezzlement by treasurer John P. Goggin (shortage ~ $80,000–$100,000) led directors to close the bank and state examiners to take charge.
Newspaper Excerpt
The Nashua Trust Company did not open its doors today, and the institution is in charge of the state bank commissioners, pending a further examination.
Source
newspapers

Newspaper Articles (13)

Article from Evening Star, January 25, 1904

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J. P. GOGGIN ARRESTED TREASURER OF TRUST COMPANY AN EMBEZZLER. Said to Be Nearly $100,000 Short in His Accounts at Nashua, N. H. NASHUA, N. H., January 25.-John P. Goggin, treasurer of the Nashua Trust Company, was arrested today, charged with embezzling a sum of money from the bank. The amount is placed at between $80,000 and $100,000. The Nashua Trust Company did not open its doors today, and the institution is in charge of the state bank commissioners, pending a further examination. Goggin was held in $10,000 bonds for the grand jury. He made no statement, but it was said that his downfall was not due to speculation, but to his having given assistance from time to time to a friend. Goggin is one of the most prominent bank officials in New Hampshire, and is well known in banking circles in Boston, Lowell and other Massachusetts cities. He came here from the west about ten years ago, and in a short time he was made treasurer of the trust company. He is about forty years old and has a family. In banking circles here the hope was held out today that the defalcation would not result in the permanent closing of the company. The Nashua Trust Company has a capital of $150.000, and usually carries deposits running in amount from $600,000 to $650,000 in the savings department. The bank also had a check deposit department, the deposits in which will swell the total carried by the bank to about $1,000,000.


Article from The Providence News, January 25, 1904

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The shortage was detected recently by the directors, who notified the savings bank commissioners at Concord. The commissioners at once took charge of the company's affairs and posted a notice that the bank would not open for business today, pending a thorough examination of the books. The arrest of the treasurer was ordered. The Nashua Trust company has a capital of $150,000 and usually carries deposits running in amount from $600,000 to $650,000. It was announced soon after Goggins' arrest that the alleged defalcation was not due to speculation in stocks, but it is attributed by some one of those wost intimately acquainted with the banks affairs to assistance rendered from time to time by the treasurer to a friend. Up


Article from Waterbury Evening Democrat, January 25, 1904

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THIS ONE GOT $80,000 Man Bank Another Goes Wrong. ClosInstitution Remained Bank ed To-Day-State Are in Commissioners of Charge Nashua Trust Co. Bank. John P. Gog- Co, ashua, N. H., of the Jan Nashua 25.-Jone Trust with from emtreasurer to-day, charged of money arrested a sum is placed The was eazlement The of amount $100,00marshal at the by the did not is between bank. was $80,000 made Trust and Co city institution open detected its in airest The charge doors Nashua pending to-day of the and a state further the bank examina- recently commis saybank "sioners tion. shortage was who notified at Concord. the by The the directors, commis missioners at once took posted charge a The ings commissioners company Bank affairs would and not a thor- open the of the that the to-day, pending books. The ordered. notice for basimination of was capital eugh of the treasure Trust Co has a carries depos- to arrest Nashua usually $600,000 The $150,000 and amount from department partment, of its running in in the had savings a check in deposit which will to total swell $1,000,000. The $650,000 bank also the deposits carried by the bank Gogsoon after not was about was announced his position stocks, but ac- acIt arrest speculations that in intimatel to his qualities given having friend. his gin's cording qualated due to to with those assistance bank's affairs, from time to arraignment time Up to to a the time made of no soon statement after He his was arin appear. court given Goggin a hearing not guilty. his the held before was rest and $10,000 pleaded bondisborough for county prominent ance grand jury. one of the most Goggin is in New wide acquaintance known bank only has a he is well Lowell came and about was he this bankinfassachungen not state, officials chaches circles but the in Boston, time towns. he ten He years made Gogother here from in a short trust company and his ar ago and of the popular blow to the his business He treasurer became verstunning a and, in fact, to old city. family. gin rest camessociates as is about 40 years hope and entire has banking a circles that here permanent the defalcation held would not company In out today result in the The made bank have of affairs of themselve the the with statement aminers lapse of those the in touch to the opinion and the will yet, but here incline will lose nothing the concern busieventually of the one been business as that hope deposites is be out able that to resume most in States. United withness. This city has in the bank troubles years. 25, unfortunate.ru losses or a about of instiits past population Pour banking their Nashua since city in in the has a 1893 have closed several forced tutions 000 and in the and banks have been losses sustained is It states, doors foreverothwos chiefly through in the western ten of Nashua citizens the neighboring to suspend in investmated that within have lost through tutions. cations, here of 2,000,000 000 banking previous defaic fifth first bank to suspend have been Trust Co, the is the of a In Nashua official. the of Frank Indian the to close through its doors, wrong 1895, Head McKeaned an bank leaving alleged the but bank $100,000, the shortage National of business. banks include and failed the Nashua large owing and of this city depositors The bank, bank amounts, which the Trust was which Forks, placed Grand of the New and assignees inwas Co, which wavGlobe asHamps the hands shire the Banking failure Chicago of and the which the rolved in of Spaulding, was the institutioning of of signed. father ings the of latter Chicago bank. held bank. in the were National and bank City, $100,000 Globe investors stock the Siour also Stock City Yards in bank trouble leaved and the in Union which heavy were assess- EX Omaha of bank of Sioux in 1893 in and the Omaha, failed Neb.


Article from Alexandria Gazette, January 25, 1904

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Failures. Baltimore, Jan. 25.-E. N. Morrison & Co., German street stock brokers, failed today for $750,000. The failure was caused by cotton and lack of money for margins. A receiver has been asked for. The assets of the firm are said to be $500,000. Nashua, N. H., Jan, 25.-The Nashua Trust Company, of this city, closed their doors this morning. John T, Goggin, the treasurer and secretary, has been arrested charged with the embezzlement of from $80,000 to $100,000. Attorneys Marbury and Gosnell, representing 150 creditors, precipitated the disaster and the Morrisons, unable to meet demands, were compelled to accede. Edwin G. Bartjer and Frank Gosnell were named as receivers with bond of $200,000 each. A member of the firm said : "The high price of cotton is the cause of our failure." Philadelphia, Jan. 25.-The private banking firm of E. D. Haines & Co., at Westchester, Pa., has closed its doors and a-receiver has been asked for. The firm was established in 1868.


Article from The Providence News, January 25, 1904

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# TREASURER EMBEZZLED. Continued From Page One. Attorney J. J. Doyle, counsel for Gog- of a former bank official of this city, o fa former bank official of this city, who was instrumental in securing a position for Goggin at the Nashua Trust company. Mr. Doyle stated that Goggin believed this man to be reliable. Efforts were begun this forenoon towards securing bonds for Goggin's release. Mr. Doyle said that Goggin had intended to make good the shortage. Goggin was placed under arrest at his home early in the day following a long examination of the books by the directors and clerks of the bank. The men were at work yesterday and all last night. The loans made by the treasurer without the sanction of the directors extend over a period of several years, and the exact shortage was not known today. So far as could be told by the hasty examination of the accounts it would reach at least $80,000. Bank Commissioner A. W. Baker, who reached here soon after the bank commission was notified of the trouble, says that the stockholders will loose money, but he does not think that the depositors will suffer. The commissioners in order to prevent a heavy run, by depositors, closed the bank temporarily but it is thought that heavy assessments will have to be levied on the stockholders if an attempt is made to resume business. Sheriff Nathaniel Doane of Hillsborough county, in behalf of the Nashua Trust company, has placed an attachment for $30,000 on the real estate of George E. Gage of Manchester. The attachment was placed to recover on a promissory note for $20,000. Mr. Gage was formerly a bank official here. According to the last official statement of the bank the capital stock paid in was $150,000, par $100; surplus, $55,000; total deposits, $900,000; dividends five per cent per annum. The officers were George B. French, president; John H. Goggin, treasurer; George A. French, Fred K. Priest, William D. Swart, John A. Fisher, George W. Currier, R. S. Milliken, William S. Norwell, Milton A. Taylor and E. F. McQuesten, directors.


Article from Daily Kennebec Journal, January 26, 1904

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SHY IN ACCOUNTS. Treasurer Goggin of Nashua Trust Co. Under Arrest. Alleged That He Is Short Between $80,000 and $100,000. State Examiners in Charge of BankGoggin Heid. Nashua, N. H., Jan. 24.-The alleged lilegal manipulation of notes held by the bank during a period covering nearly a quarter of a century and subsequent attempts to make good a shortage by speculation, are the causes assigned by the directors of the Nashua Trust Co. for the arrest, today, of their treasurer, John P. Goggin, and closing the doors of the institution. The treasurer's shortage is said to amount to $100,000. The bank officials, today, had attachments placed on all the property in this city and Manchester, N. H., of George E. Gage of Malden, Mass., to protect a promissory note of $20,000 given by Mr. Gage some time ago. Their directors stated that similar proceedings would be instituted against another debtor of the bank, whose name was not disclosed. Goggin was arraigned in the local po-


Article from The Bennington Evening Banner, January 26, 1904

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- NASHUA BANK FAILS. John P. Goggin, Treasurer, Arrested. $100,000 Shortage. NASHUA, N. H.. Jan. 26.-The illegal manipulation of notes held by the bank during a period covering nearly a quarter of a century and subsequent attempts to make good a shortage by speculation are the causes assigned by the directors of the Nashua Trust company for the arrest of their treasurer. John P. Goggin, and the closing of the doors of the institution. Many of the notes accepted by the treasurer without the knowledge of the directors were taken for accumulated interest on other notes dating back several years. Goggin's shortage is estimated at $100,000, $25,000 of which is said to have been lost in speculation. The bank officials had attachments placed on all the property in this city and at Manchester of George E. Gage of Malden, Mass., to protect a promissory note for $20,000 given the bank by Mr. Gage some time ago. The directors stated that similar proceedings would be instituted against another debtor of the bank, but the name of the debtor was not disclosed. While investigation of the institution's affairs has been in progress for some time, the exact amount that the stockholders will be called upon to make good is not determined. At a late hour Goggin was still at the police station, having been unable to secure sureties for $10,000, the amount of bail fixed in the local police court. Mr. Goggin's counsel maintains that his client has unwittingly been the victim of another to whom he was under obligation.


Article from New-York Tribune, January 26, 1904

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TRUST COMPANY CLOSED. Treasurer Manipulated Notes Twent ty-five Years, It Is Said. Nashua, N. H., Jan. 25.-The Illegal manipulation of notes held by the bank during a period covering nearly a quarter of a century and subsequent attempts to make good a shortage by speculation are the causes assigned by the directors of the Nashua Trust Company for the arrest to-day of its treasurer. John P. Goggin, and the closing of the doors of the institution. Many of the notes accepted by the treasurer without the knowledge of the directors were taken for accumulated interest on other notes dating back several years. Goggin's shortage is estimated at $100,000. $25,000 of which is said to have been lost in speculation. The bank officials to-day had attachments placed on all the property in this city and at Manchester of George E. Gage, of Malden, Mass., to protect a promissory note for $20,000 given the bank by Mr. Gage some time ago. The directors stated to-night that similar proceedings would be instituted against another debtor of the bank, but the name of the debtor was not disclosed. While investigation of the institution's affairs have been in progress for some time, the exact amount that the stockholders will be called upon to make good is not determined At a late hour to-night Goggin is still at the police station, having been unable to secure sureties for $10,000, the amount of ball fixed in the local police court today. Mr. Goggin's counsel maintains that his client has unwittingly been the victim of another to whom he was under obligation.


Article from Richmond Daily Palladium, January 26, 1904

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Bank Compelled to Close. Nashua, N. H., Jan. 26.-The illegal manipulation of notes held by the bank during a period covering nearly a quarter of a century and subsequent attempts to make good a shortage by speculation are the causes assigned by the directors of the Nashua Trust cΓ΄mpany for the arrest of their treasurer, John P. Goggin, and the closing of the doors of the institution. Gog. gin's shortage is estimated at $100,000.


Article from The Denison Review, January 27, 1904

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for them. They will be given a chance to offer bonds for their appearance when wanted. Mitimuses were made out for the arrest of the other men. A special grand jury will convene next week to decide what action shall be taken on the report of the coroner's jury. The charges as far as the city officials are concerned. which the grand jury will consider, is malfeasance in office. Convictions mean their removal from office. in addition to other penalty. Treasurer Gets Away With $100,000. Nashua, N. FL., Jan. 26.-The illegal manipulation of notes held by the bank during a period covering nearly a quarter of a century and subsequent attempts to make good a shortage by speculation are the causes assigned by the directors of the Nashua Trust company for the arrest of their treasurer. John P. Goggin, and the closing of the doors of the institution. Many of the notes accepted by the treasurer without the knowledge of the directOTS were taken for accumulated interest on other notes. dailing several years back. Goggin's shortage is estimated at $100,000. $25,000 of which is said to have been lost in speciale tion.


Article from Jamestown Weekly Alert, January 28, 1904

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TREASURER OF NASHUA (N. H.) TRUST COMPANY ACCUSED OF EMBEZZLING $100,000. Nashua, N. H., Jan. 26.-John P. Goggin, treasurer of the Nashua Trust company, has been arrested charged with embezzling a sin of money from the bank. The amount is placed at between $80,000 and $100,000. The Trust company did not open its doors during the day and the institution is in charge of the state bank commissioner pending a further examination. Goggin was held in $10,000 bonds for the grand jury. He made no statement, but it is said that his downfall was not due to speculation, but to his having given assistance from time to sime to a friend. Goggin is one of the most prominent bank officials in New Hampshire and is well known in banking circles in Boston, Lowell and other Massachusetts cities. He came here from the West about ten years ago and in a short time he was made treasurer of the Trust company. He is about forty years of age and has a family. In banking circles here the hope was held out that the defalcation would not result in the permanent closing of the company. The Nashua Trust company has a capital of $150,000 and usually carries deposits running in amount from $600.000 to $650,000 in the savings department. The bank also had a check deposit department, the deposits in which will swell the total carried by the bank to about $1,000,000. Attorney J. J. Doyle, counsel for Goggin, declared that his client was the victim of a former bank official of the city who was instrumental in securing a position for Goggin at the Nashua Trust company. Goggin believed this man to be reliable, Mr. Doyle said, and he had intended to make the shortage good. The loans said to have been made by the treasurer extend over a period of several years. but the exact shortage has not been ascertained.


Article from The Democratic Advocate, January 30, 1904

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News of the Week. Of every 100 alcoholies attacked by pneumonia, 70 die, while of every 100 non-alcoholics SO attacked only 23 die. The new trans-Canadian route from Liverpool to Yokohama will be 2,200 miles shorter than that across the United States. John P. Goggin, treasurer of the Nashua (N. H.) Trust Company, has been arrested on the charge of embezzling $100, 000. Fifty-nine per cent. of deaths from consumption are people under 45 years of age, 29 per cent. from 45 to 60, and 12 per cent. of people over 60. A steel like grass from the volcanic slopes of Oran, Algeria, is SO elastic that it can be used instead of springs in the manufacture of furniture. Most dromedaries, according to menageries proprietor, are particularly fond of tobacco smoke, and can be made to do almost anything under its influence. Now that cotton presses reduce the size of a bale until it weighs 45 pounds to the square foot, one ship will carry the product of 40,000 acres of average cotton land. Great damage was done to fruit trees in Orange county, N. Y., by sleet January 22. The damage to peachgrowers is estimated at $100,000, many orchards being ruined. George A Rose, cashier of the Produce Exchange National Bank, Cleveland, Ohio, has been indicted for stealing $189. 000 of the bank funds. The bank has been closed. The Metropolitan Arm Museum of New York has just purchased an old chariot for $50 000. It was unearthed near Rome some time ago, and is 000 years old and splendidly preserved. The Masonic Temple in Chicago was damaged to the extent of $20,000 by fire, January 23, and a panie started among the 4000 occupants of the building: all escaped without serious injury. Second Assistant Postmaster General Shallenberger. in his annual report, says nearly 16. 000 000 000 pieces of mail matter were handled and that its trans portation cost more than $63,000, 000. J 1. Broderick. formerly president W L. Coldness formerly cashier, and Walter Brown, formerly director of the Indiana National Bank. have been arrested at Elk hart. Indiana, for embezzlement of $542. 000. S. B. Allen, president of the Farmers and Merchants National Bank at Cle burne. Texas. has been arrested, charged with the embezzlement of $29 000 of the bank funds He was released on $8. 000 bond Willard Catt. alleged to have been the the leader of the ging of ruffians who as saulted Mrs. Lafe Dedman, of Petersburg Indiana in the presence of her husband was apprehended at the home of Peter Gladish. but afterward escaped L. Wolfson's large dry goods store at San Antonio, Texas, which carried stock of goods valued at $333 000, was destroy ed by fire last Sunday The building was valued at $85,000. Considerable damage was done to surrounding property More than $12,000 worth of jewelry was found on James Walters, said to be one of the cleverest diamond thieves in the country. when he was arrested at Minne apolis. January 23, charged with having robbed Baroness Helena Radzikwele of $6000 worth of diamonds at the Colonial Hotel in San Francisco. The town of Aalesund, Norway, was completely destroyed by fire January 23. but there was no of life. The damage is estimated at $4,000,000 The entire population is homeless Provisions and medical stores, which are greatly needed, have been sent from several cities. Aale sund is a busy seaport trading town of Norway with over 8000 inhabitants At Jonestown, Miss., on the night of January 22. a large store was turned com pletely over, a residence was demolished, and the warehouse of the Jonestown Cotton Oil Company was unroofed and the con tents materially damaged by an electric storm, Negro cabins suffered to a great extent. Three cars on the Yazo and Mississippi Valley tracks were completely demolished by lightning. Disastrous floods occurred Friday and Saturday of last week in New York, New Jersey Delaware, Maryland, Virginia, Pennsylvania, and along the Ohio and Mis sissippi rivers and their tributaries. Mil lions of dollars damage resulted to property and much distress prevails among those who were compelled to abandon their homes. caused by the intense cold of Sat urday night and Sunday. Fire Chief Musham, in a report to May or Harrison, in Chicago, placed the blame for the Iroquois Theatre catastrophe upon the management and builders of the play house Harry Klawans, son of a wealthy Chicago man, has been arrested. charged with having in his possession plunder taken from the body of William M. Reid, of Waukegan, Illinois, who was burned with his wife in the theatre fire. United States enator Burton, Repub lican, Kansas, has been indicted by the Federal Grand Jury at St. Louis, charged with having accepted five checks of $500 each from the Rialto Grain and Securities Company while he was a United States Senator. It said he accepted the money as reward for preventing the issuance of a fraud order against the company. The Senator, in Washington, said that the money paid him was for his services as at torney for the Rialto Company The oyster-shucking industry on the ocean side of the Virginia Eastern Shore is fast growing in extent and prominence Over 3,000 gallons of shucked oysters are daily shipped from Onaneock to city markets. Orders are taken from Jacksonville Florida, to Portland. Maine, and from Montreal, Canada, to Omaha, Nebraska Several thousand people are employed This section is without the Baylor survey and is known as the "planting district. It was developed by private parties plant ing oyster on barren rock. Right Rev. Thomas Underwood Dud ley, Episcopal Bishop of Kentucky, died in New York, January 23. He was one of the most eloquent preachers among the Episcopal clergy. He was born on September 26, 1837, at Richmond, Va. and was graduated from the University of Vir-


Article from Wausau Pilot, February 2, 1904

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ACCUSED OF TAKING $100,000. Treasurer Goggin of Nashua Trust Co. Lost Money Aiding a Friend. John P. Goggin. treasurer of the Nashua Trust Company, was arrested in Nashua, N. H., charged with embezzling a sum of money from the bank. The amount is placed between $80,000 and $100,000. The Nashua Trust Company did not open its doors Monday and the institution is in charge of the State bank commissioners pending a further examination. Goggin was held to the grand jury in $10,000 bonds. He made no statement, but it was said that his downfall was not caused by speculation, but by having given assistance from time to time to a friend. Goggin is one of the most prominent bank officials in New Hampshire. He is about 40 years old and has a family. In banking circles the hope was held out that the defalcation would not result in the permanent closing of the bank. The Nashua Trust Company has a capital of $150,000 and usually carries deposits running from $600,000 to $650,000 in the savings department. The bank also had a check deposit department, the deposits in which will swell the total to about $1,000,000.