USA > New Hampshire > Hillsborough County > Nashua > History of the city of Nashua, N.H. > Part 88
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Captain Spalding was educated in the public schools of his native place. He came to Nashua in 1828 and entered the grocery store of Hugh Jameson on the north side of the river, which was then the business section of the town. He worked as a clerk for Mr. Jameson three or four years and then bought him out and embarked in business for himself. He dealt in general merchandise, and after being in business about five years, John Reed
was in partnership with him from 1836 to 1846, when he began to enlarge in the department of flour and grain, which finally became his exclusive business. He sold out to Henry Stearns in 1873, and in 1880 took up bank- ing, in which he still continues active, being president of the New Hampshire Banking company and Guaranty Savings bank from 1885 till the present time, an institu- tion that owes its high standard largely to his financial and executive ability. In fact Captain Spalding has been a leader, as well as pioneer in Nashua, and meets, as he has earned, the good will of the public and the friend- ship of those with whom he has been associated.
In 1835 Captain Spalding built a residence in what wasthen, literally, the woods, but which has since become Orange street and one of the most attractive thoroughfares in the city. It was the first brick house built by any individual in Nashua, and he has lived in it fifty- nine years. Cap- tain Spalding has had much to do in public affairs and has been faithful to every trust. He was one of the leading spirits in forming the Nash- ua Artillery com- pany, in which he served in subordi- nate positions and as commander. On the night of June 16, 1841, he en- cainped with the company on Bun- ker Hill, and as- sisted the men in taking their field- piece to the top of the monument, where, the cap- stone not having been put in place, a salute was fired. In the years that Nashville existed as a town, Captain Spalding was one of the most active participants in its affairs. He served on its board of selectmen, and was one of a few whose advice was sought in all public matters. Captain Spald- ing has also been a public spirited man in the affairs of the city of Nashua. He has served several years as a member of the board of assessors and was justice of the police court from 1873 to 1876. He is president of the Wilton railroad company at the present time and trustee
SOLOMON SPALDING.
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HISTORY OF NASHUA, N. H.
of an educational institution located at Andover, which is supported by contributions from people of this and other states and for which Nashua citizens do their share.
Captain Spalding was united in marriage Feb. 26, 1834, with Sarah D. Edson, daughter of Asa C. and Theodosia Edson of Springfield, Vt., who died June 25, 1883. Seven children were born of their marriage: Solomon Warren, born May 13, 1856, died Sept. 16, 1838; John Andrew, born Jan. 24, 1841, married Lizzie Weaver Oct. 5, 1871, lumber merchant in Philadelphia; Charles Warren, born June II, 1843, graduated at Dartmouth college, married Lizzie Mitchell Sept. 1, 1864, banker at Chicago; Sarah Greeley, born Sept. 19, 1845, married John J. Whit- temore, Oct. 3, 1872; Mary Elizabeth, born May 3, 1847, married Eugene F. McQuesten, M. D .; Edward Clarence, born Aug. 30, 1851, died Jan. 30, 1890; Everett Sargent, born Aug. 30, 1851, died Aug. 23, 1853.
ELBRIDGE PUTNAM BROWN.
Elbridge P. Brown, son of of Israel and Edith (Herrick) Brown, was born in Cavendish, Vt., Oct. 4, 1820. He was educated in the schools of Warren, to which place his
ELBRIDGE PUTNAM BROWN.
parents removed when he was a child, at Rumney, where they became residents when he was sixteen, and at the seminary at Newbury, Vt. He remained at Rumney till 1856, when he located in business at Madison, Wis. A year later, in the autumn of 1857, he came to Nashua and his home has been here ever since. While residing in Warren and Rumney he followed agricultural pursuits, taught school eight or ten years, and held the office of deputy sheriff. In Madison, Wis., he managed a saw and grist mill, and in Nashua he was in the furniture and
crockery business until 1872, and after that was in the hardware business about a year with R. O. Messer. In 1876 he was chosen treasurer of the City Savings bank, which position he held until 1891 ; he was treasurer of the Indian Head and Capitol Fire Insurance companies during their entire existence. The success of all his business ventures, the sound condition of the savings bank- which enabled it to weather every financial crisis-and the satisfactory showing of the insurance companies when their affairs were liquidated are evidence of his financial ability and that he has conscientiously performed every trust that has fallen to his lot. Mr. Brown has assisted and encouraged many enterprises besides those mentioned, and has been a valuable citizen in many ways in helping Nashua and Nashuans to better circumstances than those in which he found them in 1857. No man counts more friends in the city and state and no man more richly merits them.
Although he has been a busy and burdened man in mercantile, banking and financial interest, he has yet found time to participate in other affairs and to contribute of his experience to the advantage of the city. He served the city as overseer of the poor in 1866 and 1867, was city marshal in 1871 and again in 1874 and deputy sheriff from 1872 to 1875. He has rendered valuable service as a mem- ber of the board of assessors, represented his ward in the legislature of 1869 and 1878, and in constitutional conven- tion of 1876, serving in each body on the most important committees. In 1881 he was the Democratic candidate for senator from the Nashua district, and his popularity was such that he overcame the large Republican majority of two years before and lacked only twenty votes of an election. Mr. Brown is a member of Rising Sun lodge, A. F. and A. M., and a Scottish Rite mason of the 32d degree, being a member of Edward A. Raymond consis- tory. He is also a charter member of Pennichuck lodge, I. O. O. F., and the Nashua grange. His summer home, a beautiful spot of earth on the banks of Winnipisi- ogee lake, is at The Weirs, and there, and at a Nashua summer resort on the shore of a lake in Rumney, he spends many happy weeks during the summer vacation seasons and royally entertains all friends and acquaint- ances who happen that way. Mr. Brown was united in marriage April 18, 1848, with Abby A. Eastman, daughter of Joseph and Abigail (Taylor) Eastman. No children.
WILLIAM EDWARD SPALDING.
Col. William E. Spalding was born in Nashua Dec. 13, 1860. He is a son of John A. and Josephine E. (Eastman) Spalding. (For ancestors see sketch of his father.) Colonel Spalding was educated in the public schools and at the Nashua Literary institution of which David Crosby was principal, following which he pursued a course of study at the Massachusetts Institute of Technology in Boston. During his school days and vacations he was employed in the First National bank as messenger and in other capacities, and after completing his business educa- tion he became permanently identified with it. He has held every position in the bank including book-keeper and teller, up to and including that of cashier, being elected to the last responsible place in January, 1895, to succeed his father. That he performs his duties in a manner satisfactory to the officers and stockholders of the institution is shown by his promotion.
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HISTORY OF NASHUA, N. H.
Colonel Spalding has also been prominent in public affairs. In 1885 he represented his ward in the common council, and in 1890 he was chosen city treasurer, a
WILLIAM EDWARD SPALDING.
position to which he has been elected every year since then. He is treasurer of the Edgewood Cemetery asso- ciation, and of the Wilton railroad since 1880. He was adjutant of the Second regiment, New Hampshire national guards until 1885, when he resigned and accepted an appointment as aide-de-camp on the staff of Gov. Charles H. Sawyer, in which position he served in 1887 and 1888 with the rank of colonel. Colonel Spalding is the admin- istrator of the estate of Edward H. Spalding, and has served as administrator and in other fiduciary capacities in settlement of estates in the probate court of this and other counties with singular fidelity and ability. He is vice-president of the City Guards club and a member of the Nashua Boat club and First Congregational society.
Besides the public and private trusts mentioned Colonel Spalding has served the community by giving freely of his time and talent to make success of entertainments to raise funds for worthy charitable objects, while in many other ways, in society and in his citizenship, he has con- tributed his full share to make Nashua a live and pro- gressive place.
Colonel Spalding was united in marriage May 29, 1889, with Florence Dexter, daughter of Edwin D. and Julia B. Dexter of Windsor Locks, Conn. The children of their marriage are: Dexter Edwin, born Oct. 19, 1890; Sylvia, born June 9, 1894.
FAYETTE STEPHEN SARGENT.
Fayette S. Sargent was born in Piermont, July 30, 1860. On the paternal side his great-grandparents were Jacob and Peggy ( Patten ) Sargent: grandparents, John and Eliza (Eaton) Sargent; father, Andrew Sargent, all of Candia. On the maternal side his great-grandparents were Moses and Mary ( Hook) Bean; grandparents, Stephen M. and Mary (Brickett) Bean : mother, Mary Julina Bean, all of Candia. Mr. Sargent was educated in the public schools of Bradford, Vt., to which place his parents removed when he was five years of age. He remained at home, being employed as a book-keeper, until 1882, when he came to Nashua and accepted the tellership of the Second National bank. In 1889 he resigned this position to become the treasurer of the Security Trust company, a position which he still holds. In all positions which he has been called upon to fill Mr. Sargent has enjoyed the respect and esteem of his fellow- citizens, as is in evidence from the marks of favor which he has received at their hands.
Mr. Sargent is a director of the Second National bank, and also a director in the bank of which he is treasurer. He represented Ward Six in the common council in 1894; attends the services of the First Congregational church. Mr. Sargent was united in marriage Oct. 4, 1887, with Hannah F. Hall, the second daughter of William and Betsey (Eaton) Hall of Revere, Mass. Her grandparents were Zachariah and Hannah (Tucker) Hall of Revere,
-
FAYETTE STEPIEN SARGENT-
and Moses W. and Louisa (Lawence) Eaton of Frances- town. Two children have been born to them : Hall, born July 10, 1888, and Margaret, born June 19, 1890.
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HISTORY OF NASHUA, N. H.
CHARLES WARREN SPALDING.
Charles W. Spalding was born in Nashville, now Nashua, June 14, 1843. He is a son of Solomon and Theo- dosia (Edson) Spalding. (For genealogy see sketch of his father.)
Mr. Spalding was educated in the public schools of Nashua and at Dartmouth college, where he was gradu- ated in the class of 1863. Following his graduation he took up civil engineering and located at Danbury, Conn., where he remained two years. From 1863 to 1872 he was a resident of Glenwood, Iowa. While in Glenwood he was county surveyor of Mills county two terms (four years), tax agent and after- wards secretary of the land department of the Chicago, Bur- lington & Quincy railroad. From 1872 to 1882 he resided in Burlington, Iowa, and since the last date given his home has been in Chicago, I11. In 1876 Mr. Spalding resigned his office in the land de- partment of the rail- road and engaged in the wholesale coal business. He organ- ized the firm of Spalding, Mitchell & Co. Mr. Spalding is manager of Red Oak Investment com- pany of Red Oak, Iowa, and president of the Globe Savings bank of Chicago.
He is a Unitarian, a freemason, a member of the University of Illinois and its treas- urer, member of the Iroquois club and trustee of Dartmouth college, to which place of honor he was chosen in 1892 to represent the western alumni. Mr. Spalding, whose life is a busy one, has undertaken the task of revising and republishing the Spalding Memorial, a genealogy of the Spalding family that was originally published in 1872 by Rev. Samuel J. Spalding of Newburyport, Mass.
Mr. Spalding was united in marrriage Sept. 1, 1864, with Lizzie K. Mitchell, third daughter of Abraham and Catherine (Adams) Mitchell of Nashua. Mrs. Spalding is a granddaughter of Capt. Laban Adams of Boston who kept the old Lamb tavern in Washington street, upon the site of the present Adams house. One son was born of of their marriage: Charles Rawson Spalding, born at Nashua, Aug. 7, 1867.
ALBERT MCKEAN.
Hon. Albert Mckean was born in Deering in 1810, died in Nashua in 1887. He was of Scotch-Irish descent, his immigrant ancestor being among the first of the settlers at Londonderry. He was a man of influence in the com- munity in which he lived. (See History of London- derry.)
Mr. McKean was educated in the public schools of his native town, and beyond that acquired, unaided, a thor- ough knowledge of book-keeping and practical informa- tion concerning the things that concern business and pub- lic affairs. He came to Nashua in 1833, and for many years was engaged in the West India goods trade, his brothers being his partners. During the existence of the town of Nash- ville he was conspicu- ous in the manage- ment of its interests. He served the town several terms as chairman of the board of selectmen and as a member of the com- mittee that built the first bridge of any im- portance over the Nashua river on Ca- nal street. He was also town agent for the purchase and lay- ing out of the Am- herst street cemetery. In 1843 and 1844 he represented the town in the legislature and in 1851 the district in the senate. In 1874 he represented the the first district in Gov. James A. Wes- ton's council.
CHARLES WARREN SPALDING.
From 1852 to 1885 Mr. Mckean was one of the most promi- nent bank managers in southern New Hampshire. In the first year mentioned he organized the Indian Head State bank, for which he obtained a charter when he was a member of the legislature, and became its cashier. He held the position, making a national bank of the institution in 1865, till 1867, when the management changed and he established the private banking house of A. Mckean & Co., in rooms in Merchants' Exchange. In 1872 he became teller in the Indian Head National bank, with his son as cashier.
Mr. Mckean was united in marriage May 30, 1835, with Vienna Paine. Three children were born to them : Frank A., married Clara A. Bowers; Susie A., married George F. Andrews; Mary E., married Isaac N. Andrews.
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HISTORY OF NASHUA, N. H.
FINANCE AND BANKING.
BY GEORGE A. RAMSDELL.
F ROM the earliest settlement of Old Dunstable there has been no time in its history when there were not residents otherwise employed than in agricultural pursuits and mechanical operations absolutely necessary to the town. While we have a reasonable amount of productive land within the present limits of the city, the products of the farm have never been a large factor in the business of the town or city.
Old Dunstable was, and Nashua has been, the gateway to a large portion of the business of New Hampshire. Within the memory of men now living a tonnage of vast proportions passed through this locality by canal, baggage wagons, and sleds from the northern and western part of the state; from the entire state of Vermont, and a considerable portion of Canada. Until the extension of the railroad system through the section referred to, many of the lines of passenger and freight traffic centered here. A large proportion of the merchandise from Boston was received in large invoices and distribution made to points north and west. Mercantile and financial business which began to develop in the early settlement of the neighborhood, in the gathering and sale of peltry of every kind, afterwards appeared fully developed in the handling at this point of a vast tonnage of the products of the sea and land. For these reasons men of the requisite business ability and financial resources were from time to time attracted to this place, and have at all times in its history been found in unusual numbers.
Not many towns and cities in the state can show as large an amount of property per capita as the territory which is now the second city of the state, and during the last century many large fortunes have been here accumulated. The capital, which at an earlier day was used in large amounts in business, which without much exaggeration could be called interstate traffic, as it gradually ceased to be needed for such purposes, found its way into manufacturing, bank and railroad stocks.
A substantial amount of the cotton factory capital was contributed by Nashua people. A large proportion of the cost of building the railroads terminating here was furnished by citizens who were and are the holders of local bank stocks. The remaining industries which from time to time have been organized in Nashua are, and have been to a large extent, owned by our townspeople. I think it may be said with truth that the leading spirits in every financial enterprise touching our town and city have been its citizens, and that, with few exceptions, the business enterprises here originated have been profitable to the promoters and creditable to the town and city. The only striking exception was the building of the Nashua, Acton & Boston railroad, a line connecting the city with the Fitchburg railroad at a point near Concord, Mass., and this, it is said, would not have happened if certain negotiations for a lease to another railroad had not unexpectedly failed, without the fault of the projectors of the Acton road.
No country has made any considerable progress in commercial affairs and internal development without the aid of a class of men called bankers, and institutions now called banks. Wherever the exchange of products is carried on entirely by barter everything moves at a sluggish pace. Until the opening of the present century the business of our own state was carried on largely by a direct exchange of the goods of the merchant and the crops of the farmer. For a circulating medium, gold and silver, and paper currency of a variable value, issued by the province and continental authority, were used; the silver very largely in the form of Spanish milled dollars.
The first and only bank chartered in the state prior to 1800 was the New Hampshire bank at Portsmouth, commencing business in the year 1797. The first bank chartered in Hillsborough county was called the Hillsborough bank, and located at Amherst. It had an authorized capital of $200,000, and was allowed by the state to issue bills to double the amount of its capital actually paid in. Gov. Samuel Bell was its president, and Charles G. Atherton a prominent director. Business commenced at the new bank Oct. 17, 1806, and the citizens of Dunstable availed themselves of the banking privileges afforded at the shire town of the county, Exeter having for several years prior to this time been their banking town. The life of this institution was short. Availing themselves of their legal right to issue a large amount of bills, the managers found themselves, in the first panic
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HISTORY OF NASHUA, N. H.
they encountered, unable to redeem their promises to pay as fast as payment was demanded by the holders, as the supply of gold in bank was totally inadequate for that purpose, and it could not readily be replenished from collections of the notes and securities of the bank. At the end of three years the bank gave up business, but not without loss to very many outside of the stockholders. Hillsborough county and, of course, Dunstable was without banking facilities from 1809 to 1825, when another bank was put in operation at Amherst, called the Farmer's bank and continued to do business for twenty years.
Amherst was at this time (1825) not only the sole shire town of the county and an important social and business centre, but as populous as Dunstable. For these reasons, from the year 1825 to 1835, the date of the organization of the first bank at Dunstable, all banking business was done at Amherst, with the exception of a small amount at New Ipswich, which had the second bank chartered in the county (1828) called the Manufacturers' bank.
The financial depression of 1837, which to a large extent paralyzed the business of the whole county, was a serious blow to business everywhere, but the old Nashua bank-the only monied institution in town at that time-received and endured the shock without serious inconvenience.
The great financial crisis of 1857 came upon the country at a time when the general business of the city was being largely extended by men of such tireless energy as Josephus Baldwin, Thomas W. Gillis, Leonard W. Noyes, John H. Gage, James Hartshorn, Winslow Ames, George W. Underhill and many others. Several of the minor industries suffered severely and there was much individual loss, but the banks then existing outrode the storm, and in a few years the financial disaster to the town was overcome. The depression of 1873, although it seriously affected business, left no lasting traces of disaster. The panic of 1893, which was one of the most serious monetary convulsions the country has ever seen, and which threatened the existence of every bank in the country not fortified by a heavy surplus, came upon the city and held the banking institutions in its threatening grasp, but, thanks to the good sense of our townspeople, the banks of discount were sustained, instead of be- ing imperilled by the action of our local depositors.
As this panic was occasioned, in part at least, by an almost universal refusal of eastern banks and individuals to continue a large line of loans unwisely made in states west of the Mississippi, the his- torian is inclined to dwell at some length upon what might with propriety be called the catastrophe resulting from western loans. Prior to 1870 but little New Hampshire money had been invested in real estate mortgages in the west. The building of the great western railroad systems opened up for settlement a vast area of land some of which was very fertile, some moderately so, and some which could only be cultivated by irrigation. The business of making loans beyond the Mississippi river for a time was carried on by individuals resident in that section and large numbers of profitable and se- cure investments made. Eastern people were pleased to be able to get good real estate security and from seven to ten per cent. interest, and a demand for such loans increased until investment companies were organized east and west to do a business upon a large scale by its agents and servants, which be- fore had been carried on by individuals who were able to make a personal inspection of the property offered for a loan.
These companies commenced by making loans in the older and better sections of the west where good loans were obtainable and easily disposed of to eastern investors and banking institutions. These loans proved to be what had been anticipated of them, and the investment companies, taking from ten to twelve per cent. from the borrowers, could easily guarantee and pay seven or eight per cent. to the purchaser of the loans. The business proved so profitable that competition became very brisk and in course of time loans were made in all parts of the west apparently without much regard to the security taken. Parties were induced by the investment companies to buy land in western Kansas and Nebraska and those sections of the country where crops cannot be raised without the aid of irrigation. The loan companies would furnish the money to make the purchase and in many cases take a mortgage for the full purchase price. Most of the companies issued what are known as debent- ure bonds, that is, the direct bonds or obligations of the company, secured by an amount of real estate equal or in excess of the face of the bonds or debentures. The companies also made large loans in aid of enterprises established for gas works, water works, electric light works, and other enterprises altogether beyond the demands of the country in which they were located. The com- panies also made loans to a large amount upon the personal notes and obligations of individuals and
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HISTORY OF NASHIUA, N. H.
corporations in the same sections of the country and placed these notes and obligations in the hands of eastern banks and individuals to a very large amount. Of course everything in the west depended upon good annual crops. A large crop with no failures, for the ten years preceding 1893, might have averted what has proved to be a great calamity, but averaging the crops in these states where most of ' the loans were made, from 1887 to 1892 inclusive, not more than one-half a good crop was raised ; that is, the farmers in the west, living upon land mortgaged to the parties in the east had, during those six years, what amounted to one crop in two years. The failure of crops of course affected the ability of town and city borrowers indirectly, as badly as the farmers, and, upon the opening of the year 1893, the interest upon western loans of all kinds was in default to an alarming extent. The same was true of many private and not a few public corporations.
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