gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
14f449e9b1af4c35
Response Measures
None
Description
Suspension followed a depositor run and injunction; later dividends and payments indicate resumption/partial payout.
Events (4)
1.March 26, 1895Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals after dividend cut and deterioration of western mortgage investments led depositors to demand funds.
Measures
Borrowed $90,000 to meet withdrawals; applied to bank commissioners and sought injunction to stop further forced sales of securities.
Newspaper Excerpt
Application for the injunction was made solely because of the run upon the bank by its depositors.
Source
newspapers
2.March 26, 1895Suspension
Cause
Bank Specific Adverse Info
Cause Details
Injunction obtained because bank could not meet depositor demands without selling securities at a sacrifice due to losses on western farm mortgages and falling deposits.
Newspaper Excerpt
The Nashua Savings Bank... closed its doors this afternoon, an injunction having been issued against it on application of the Bank Commissioner.
Source
newspapers
3.May 13, 1897Other
Newspaper Excerpt
the temporary suspension under which the bank is now laboring; the trustees... sent an answer to the commissioners which will probably result in the payment of a dividend this spring. (meeting of trustees on commissioners' request).
Source
newspapers
4.July 15, 1897Reopening
Newspaper Excerpt
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. Fifty thousand dollars was paid today. This is the second dividend paid since this bank suspended.
Source
newspapers
Newspaper Articles (17)
1.March 27, 1895The TimesRichmond, VA
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Article Text
where the rate of dividends is larger. Then again, being a border bank, a considerable amount of its deposits are from non-resident depositors who came in from Massachusetts when the bank was paying a higher dividend than was paid by Massachusetts banks. The Nashua Savings Bank has in round numbers $2, 600,000 of deposits. Application for the injunction was made solely because of the run upon the bank by its depositors. The bank had already borrowed $90,000 to meet these demands. The assets of the bank, at a conservative appraisal, are more than sufficient to pay all claims. The bank was examined last September and another examination will be made by the commissioners, after which they will apply to the court for some modification of the existing order to give relief to the existing board.
2.March 27, 1895Wheeling RegisterWheeling, WV
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CLOSED ITS DOORS. One of the Largest Banks in New Hampshire Suspends. Nashua, N. H., March 26.-The Nashua Savings Bank, the fifth largest in New Hampshire, closed its doors this afternoon, an injunction having been issued against it on application of the Bank Commissioner. Several reasons are given for this proceeding, the principal one being the large falling off in deposits, thereby compelling the bank to sell its securities to meet calls until a point was reached at which the principal of all depositors would be imperilled if the forced sale continued. Nearly $3,000,000 are involved. News of the suspension of the bank spread quickly and caused great excitement throughout the city, although among many financiers something of the sort has been anticipated for some time. This feeling extended to depositors of the bank, and since January more than $50,000 has been paid them, while notices of withdrawal for April amount to $100,000 more.
3.March 27, 1895The Roanoke TimesRoanoke, VA
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Nashua Savings Bank Suspends. NASHUA, N.H., March 26.-TheNashua Savings Bank, the fifth largest in New Hampshire, closed its doors this afternoon, an injunction having been issued against it on application of the bank commission. It is generally believed that the assets are sufficient to pay the depositors in full, if time is allowed to convert them to best advantage and losses do not incur.
4.March 27, 1895The Morning NewsSavannah, GA
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Article Text
A RUN ON A BANK. It Stops Payment in Order to Avoid Sacrificing Its Securities. Concord, N. H., March 26.-The Nashua Savings Bank has been enjoined upon application of the bank commissioners to the court for the reason that the demand made by its depositors upon the bank for their deposits is such that the bank is unable to meet them without selling its securities at a sacrifice. The bank reduced its dividends Jan. 1 to 3 per cent. Since then the bank has paid to its depositors over $150,000, and the notices of withdrawals for the month of April aggregate nearly $100,000 more. The situation of the bank near the Massachusetts line is such that it is almost as convenient for its depositors to place their money in Massachusetts savings banks, where the rate of dividends is larger. Then, again, being a border bank, a considerable amount of its deposits are from non-resident depositors, who came in from Massachusetts when the bank was paying a higher dividend than was paid by Massachusetts banks. The Nashua Savings Bank has in round numbers $2,600,000 of deposits. The application for the injunction was made solely because of the run upon the bank by its depositors. The bank had already borrowed $90,000 to meet these demands. The assets of the bank, at a conservative appraisal, are more than sufficient" to pay all claims. The bank was examined last September and another examination will be made immediately by the commissioners, after which they will apply to the court for some modification of the existing order to give relief to those depositors who need a part of their deposits.
5.March 28, 1895Hutchinson GazetteHutchinson, KS
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A SAVINGS BANK SUSPENDS. The Oldest Financial Institution of New Hampshire Closes Its Doors. Nashua, N. H., March 27. - The Nashua savings bank, for forty-one years the pride of New Hampshire, regarded as safe and sound as the rock of Gibraltar, has closed its doors, and will probably never resume business. The institution has $2,700,000 in deposit, and its depositors outnumber those of any other bank in the state. Its depositors were mainly poor people, and the excitement last night among the mill help over the announcemennt of the suspension was intense. The bank was heavily loaded with western farm mortgages, and it barely struggled through the panic of 1893, when a run was made on it. The past six months' losses on real estate under foreclosure were $45,000, and inability to collect interest and notes on western holdings, followed by the demands of depositors, has left it with little available cash and quick assets.
6.March 29, 1895Vermont PhœnixBrattleboro, Bellows Falls, Ludlow, VT
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The Nashua Savings Bank Closed--$3,000,000 Involved. The Nashua Savings bank, the fifth largest in New Hampshire, closed its doors Tuesday, an injunction having been issued against it on application of the bank commissioners. Very large falling off in deposits, thereby compelling the bank to sell its securities to meet calls, until a point was reached at which the principal of all other depositors would be imperiled if the forced sale continued, caused the suspension. Nearly $3,000,000 are involved. The officials say the bank will pay dollar for dollar, time only being needed to dispose of the securities at advantage.
7.March 30, 1895Spirit of the AgeWoodstock, VT
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CLOSED ITS DOORS. Nashua Savings Bank Can't Meet Demands. Injunction Secured Rather Than Sacrifice Assets. Has Deposits of $2,700,000 and Considerable Western Security. With 82,700,000 in deposits and a record of 41 years as a leading bank there, the Nashua, N. H. savings bank has closed. The feeling is intense, for no other bank in the city, and but three in the state had more depositors. It was essentially the poor man's bank, and for two score years all believed in it. Western investments is the cause ascribed for the bank's financial difficulties. The officers struggled since the panic of 1893, but matters grew worse, and the inevitable result followed. On April 1 a large number of withdrawals become due. The bank could not meet them without sacrifleing valuable securities and so decided to close. The directors held a meeting and George Andrews went to Concord and laid the case before the bank commissioners. They applied for an injunction, which was granted by Judge Carpenter. The bank was enjoined for the reason that the demand made by its depositors is such that it is unable to meet them without selling its securities at a sacrifice. Since Jan. 1 the bank has paid to its depositors over $150,000, and notices of withdrawals for the month of April aggregate nearly $100,000 more. The bank had already borrowed $90,000 to meet the demands.hoping that they would not continue. The bank had a hard run in the summer of 1893, but several men came forward and saved it. Two causes led to bad trust in the institution. The notices of withdrawals were not lived up to, the bank not always of late honbring the legal notices. Then in January of this year it was discovered that the bank had been paying only three per cent interest for a year when depositors thought theold four per cent rate was still in force. Then the statement of January last was far from satisfactory. It showed continued losses since the one issued six months before, and included $45,000 more on real estate under foreclosure than the previous one. It believed that the assets are sufflcient to pay the depositors in full. if time is allowed to convert them to the best advantage and losses do not occur. 1
8.April 3, 1895The Manning TimesManning, SC
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Article Text
A Novel Case. CONCORD, March 26.-Nashua Savings Bank has been enjoined upon application of the bank commissioners to the court, for the reason that the demand made by its depositors upon the bank for thir deposits is such that the bank is unable to meet them without selling its securities at a sacrifice. The bank has in round numbers $2,600,000 of deposits. Application for the injunction was made solely because of the run upon the bank by its depositors. The bank had already borrowed $90,000 to meet these demands. The assets of the bank, at a conservative appraisal, are more than sufficient to pay all claims.
9.April 4, 1895The Coconino Weekly SunFlagstaff, AZ
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A SAVINGS BANK SUSPENDS. The Oldest Financial Institution of New Hampshire Closes Its Doors. NASHUA, N. H., March 28. - The Nashua savings bank, for forty-one years the pride of New Hampshire, regarded as safe and sound as the rock of Gibraltar, has closed its doors, and will probably never resume business. The institution has $2,700,000 in deposit, and its depositors outnumber those of any other bank in the state. Its depositors were mainly poor people, and the excitement last night among the mill help over the announcemennt of the suspension was intense. The bank was heavily loaded with western farm mortgages, and it barely struggled through the panic of 1893, when a run was made on it. The past six months' losses on real estate under foreclosure were $45,000, and inability to collect interest and notes on western holdings, followed by the demands of depositors, has left it with little available cash and quick assets.
10.April 11, 1895The Daily BulletinHonolulu, HI
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Article Text
Failed for Three Millions. The Nashua (N. H.), Savings Bank went down March 26. It was the third largest savings bank in the state, having deposits of nearly $3,000,000, and of such a character as to its depositors that it was locally known as the poor man's bank. It was established forty-one years ago, and had made in its paliny days great profits. Western investments have caused the bank's suspension, together with the general business depression.
11.April 19, 1895Echo De L'ouestMinneapolis, MN
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La Saving Bank de Nashua, N H., qui a suspendu ses paiements, il y a quelques jours, avait près de trois millions de piastres de dépôts faits en grande partie par des ouvriers.
12.May 13, 1897The Portland Daily PressPortland, ME
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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.
13.May 13, 1897The Providence NewsProvidence, RI
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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.
14.May 13, 1897The Evening TribunePawtucket, RI
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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.
15.May 14, 1897Daily Kennebec JournalAugusta, ME
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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.
16.July 15, 1897The Providence NewsProvidence, RI
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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.
until the beginning af the next school year—United States now the world's greatest producer and exporter of meats -Strikes begun by Boston granite cutters and Woburn leather workersDemocrats in the house want the suppressed opinion on Puerto Rico sent to congress-District Attorney Gardiner may charge Recorder Goff and Jury Foreman Haven with conspiracy-Undue concessions said to have been granted Driggs-Seabury Gun and Ammunition company-Rev. Dr. Daniel Merriman, senior Protestant clergyman in Worcester, resigns his pastorate Four-year-old child burned to death in East Weymouth, Mass-Unsuccessful effort to find missing Arthur Dent of Lowell in the city's canals-Another attempt to be made to secure a curfew ordinance in Somerville, Mass. TUESDAY, APRIL 3. Aggressive tactics which the Boers are now employing have caused a distinctly uneasy feeling in England—Between 25,000 and 30,000 coal miners in the Pittsburg district struck, and 10,000 more are expected to go out-Dr. Newell D. Hillis of Chicago resigns from the Presbyterian church-Death of Dr. Francis G. Warren, a former mayor of Biddeford. Me-Charge of misconduct against General Dyrenforth dismissed -American artists deny insinuations from abroad in connection with the exhibit at Paris-Judge Cantrill charges grand jury which is to investigate the Goebel murder-Sugar refiners' war extends into the coffee trade-Wellesley college students score a success in the junior play given by the class of 1901 -Queen Victoria leaves Windsor for Treland-Second place on the McKinley ticket has not been offered to Secretary Long-Thomas B. Luce appointed assignee of Nashua (N. H.) Savings bank -Proposed reduction of Spanish war taxes will be defeated by opposition of senate managers--Fire in a hat store causes a panic in the Albemarle hotel in New York city-Lynn's new public library building thrown open to the public-Eastern Baseball league refuses to take in Baltimore and Washington on the terms offered-Waltham and Quincy city governments vote to Investigate the price of gas-Governor Roosevelt signs the bill repealing the Horton boxing law--T. W. Lawson to establish a big sheep ranch in Kentucky-Dave T Sullivan whips Eddie Gardner in a glove fight in Brooklyn-Clinton, Mass., Italn ians make a demonstration against the water board's methods-Eastern Dock and Construction company buys 50 acres of land at Quincy, Mass-Vermont sud preme court lessens severity of prohibitory law as applied to property owners n -General Alexander Harbison elected C mayor of Hartford. r WEDNESDAY APRIL 4. S Boers advancing upon Bloemfontein t and a great battle impending-Senate passes Puerto Rican bill; free trade voted down-Admiral Dewey expresses d willingness to accept nomination for the presidency if the people so desire g First step in movement to defeat Bryan taken by Brooklyn (Democrats--Queen Victoria arrives at Kingstown, Ire Delegates to national convention chosen by Addicks faction of Delaware Repubr licans-Strike of 50 more weavers of n the Queen City cotton mill in Burlington, 1Vt-Webster Davis' resignation accepted-Quincy granite manufacturers off'st striking cutters 33 cents per hour for an eight-hour day-Sundry civil e bill to authorize expenditure of $450,000 t, for work in Boston harbor-Repubiio cans make gains in municipal elections in Nebraska-Fitzsimmons and Ruhlin m matched to fight 25 rounds June 215 Lynn furnished a sensation in the arrest of Miss Anna L. Parker on a forgery charge- Jury not vet complete for trial
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
