Security Trust Company (Nashua, NH)

Episode Information

Episode UID
4161719691162
Episode Type
Suspension โ†’ Closure
Bank Type
trust
Bank ID
416171969 hash
Start Date
October 10, 1896
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
7951c6420e2b6c44

Response Measures

None

Events (3)
1. October 10, 1896 Suspension
Cause
Government Action
Cause Details
State Bank Commissioners petitioned for injunction; assignee appointed and company enjoined from doing business.
Newspaper Excerpt
Lester F. Thurber...has been appointed assignee of the Security Trust Company, of Nashua, and the company has been enjoined from doing business in this State.
Source
newspapers
2. December 21, 1897 Other
Newspaper Excerpt
The company is in the hands of a receiver...net loss on the Security Trust company will be in the neighborhood of $50,000.
Source
newspapers
3. February 7, 1898 Receivership
Newspaper Excerpt
F. S. Sargent, Receiver of the Security Trust Company of Nashua, New Hampshire...Notice is hereby given to all persons...to present their claims...Dated this 7th day of February, A. D. 1898.
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 16, 1896 Cottonwood Report Cottonwood, ID
Article from Cottonwood Report, October 16, 1896

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Article Text

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.

3. October 16, 1896 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phล“nix, 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.

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

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Article Text

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.

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

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Article Text

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.

6. 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.

7. February 16, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 16, 1898

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Article Text

RECEIVERS NOTCE. 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.

8. February 23, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 23, 1898

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RECEIVERS NOTCE. 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.

9. March 2, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, March 2, 1898

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RECEIVERS NOTCE. 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.

10. January 26, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 26, 1904

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Nashua Company, the first defalcation in the city occurred at Indian Head National Bank in 1895, when Cashier Frank MeKean fled to Buenos Ayres leaving a shortage well up in the vicinity of $100.000. McKean's wrongdoing ,however, had no effect on the Indian Head Bank, as it is one of the strongest financial institutions in New Hampshire. During the troublesome times of 1893 and 1894, the Mechanics' Savings Bank and the Nashua Savings Bank of this city failed owing depositors large amounts. In 1897. the Security Trust Co. of this city, and Grand Forks, N. D., was placed in the hands of assignees and was wound up. About the same time the Globe Savings Bank of Chicago, of which Charles Spaulding .formerly of Nashua, was president, failed. Of the $200,000 capital, Nashua people held $100,000 and their losses through this crash were considerable. The affairs of the New Hampshire Banking Co., of Nashua were SO affected that it went into the hands of an assignee. Nashua investors were heavily interested in the Sioux City National Bank and the Union Stock Yards Bank of Sioux City, Iowa, and during the panic of 1893. heavy assessments were levied on the stockholders. Nashua people lost similarly through the failure of the Omaha Exchange Bank of Omaha. Neb., and through the closing of various other Western concerns. In all it is estimated that within 10 years citizens of Nashua have lost fully $2,000,000 through the embarrassment of banking institutions.