USA > New Hampshire > Hillsborough County > Nashua > History of the city of Nashua, N.H. > Part 89
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When it became evident in the summer of 1893 that a stringency in the money market was immi- nent, eastern capitalists, large and small, including a large number of banking institutions, refused to renew the short time paper and other loans guaranteed by western investment companies, and millions of paper went to protest. The lack of confidence in many investment companies had become fixed at an earlier date, but a much larger number were in good standing until the summer of 1893; but the panic showed unmistakably the inability of these western investment companies to carry the burdens they had assumed ; failure after failure followed, until this particular class of corporations has become a thing of the past.
Not only have the stockholders in the various companies suffered a total loss, but the direct and indirect obligations of these companies have not been met. New Hampshire was a large investor in western securities through these companies, and, in common with other towns and cities in the state, Nashua suffered its share of losses. The writer of this article has taken some pains to make an estimate of the losses to Nashua people and institutions by reasons of this western loan craze, and places the same at two millions and a half. The city has, however, with this exception and the disaster attendant upon the building of the Acton railroad, been free from financial misfor- tunes, and on the whole has had a most prosperous career during the many years of its corporate existence, and to-day the credit of the city, its corporations, and of its business men is of the highest character.
The history of the banking institutions of a town or city is in no small degree the history of the financial interests of the place. In the following brief review of the banks which have for sixty years served the people of Nashua, the names of a large number of citizens prominent in business matters during the same time appear. If to any it may seem a waste of valuable space to devote several pages to lists of bank officials, let it be remembered that in no other way can the memory of these servants of the public, these workers in the building of our prosperous city, be so well preserved.
The year 1835 marks an important era in the history of Old Dunstable, or modern Nashua. The old Nashua bank, the first in town, was chartered by the state and organized at that time. The first president was Daniel Abbot. John M. Hunt served the bank as cashier during the thirty years of its existence.
The capital of the bank was $100,000. Its business came from all parts of Hillsborough county. Its second president was Isaac Spalding. It is a matter of common report that the bank never lost a dollar upon any loan. The bank was located in Exchange building on Main street near the bridge. The directors at the beginning of the enterprise were :- Daniel Abbot, president ; Jesse Bowers, Jesse Esty, Zebediah Shattuck, James Pierce and Isaac Spalding.
In 1865, after an honorable record, the managers of the bank, many of whom were well advanced in years, and not caring to reorganize as a national bank, decided to wind up the business of the insti- tution. The officers of the bank at the close of business were :- Isaac Spalding, president; John M. Hunt, cashier; directors, Isaac Spalding, Zebediah Shattuck, James Pierce, Ebenezer Dearborn, Clark C. Boutwell, Perley Dodge and Edward Spalding.
The Indian Head National bank was incorporated as a state bank in 1851 and converted into a national bank in 1865. Its place of business until the early part of the year 1894 was in the depot building of the Nashua & Lowell railroad. Its banking house is now located in Whiting building, where it has ample accommodation for its business, including safety deposit vaults for the accommo- dation of its customers.
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HISTORY OF NASHUA, N. H.
Its first board of directors was made up as follows :- Joseph Greeley, William D. Beasom, Josiah G. Graves, Thomas W. Gillis, John H. Gage, John Reed and Francis Winch.
Its capital at the time of organization was $100,000. At the present time it is $120,000. During an existence of nearly half a century the following residents of Nashua have served the bank as presi- dents :- Joseph Greeley, for two years ; William D. Beasom, seventeen years ; Calvin B. Hill, eleven years ; Edward Spalding, seven years ; George Stark, one year ; Charles H. Campbell, three years ; David A. Gregg, (in office), three years. Cashiers :- Albert Mckean, sixteen years ; John G. Kim- ball, eight years ; Frank A. McKean, twenty years ; Ira F. Harris, now in office ; John B. Tillotson, assistant cashier. The following is the present board of directors :- David A. Gregg, William H. Beasom, Virgil C. Gilman, James H. Tolles, William W. Bailey, Horace C. Phaneuf, William J. Flather.
The Pennichuck bank was chartered by the the state and commenced business in the second story of Noyes block in 1855. Its capital was $100,000. The directors of the bank at the time of its organ- ization were-Aaron W. Sawyer, president; Alfred Greeley, Charles F. Gove, Aaron P. Hughes, Israel Hunt, Henry J. Chapman and Charles H. Campbell. Harrison Hobson, cashier.
At the end of ten years profitable business the stockholders, having received annual dividends averaging nine per cent., decided not to organize under the national banking act, but to go out of business. At the time the affairs of the bank were closed the following citizens made up its board of directors :- Aaron W. Sawyer, president; Henry J. Chapman, Bernard B. Whittemore, Hiram M. Goodrich, Alfred Greeley, Luther H. Clement, Charles P. Gage. Harrison Hobson, cashier.
Mr. Hobson did all the work in the bank for the first seven years of its existence. After that he received some assistance from his daughter. According to Mr. Hobson's recollection he was not absent from town during the first seven years of his service.
The First National bank was organized June 4, 1863, with a capital of $100,000. It was located in the second story of Nutt's block and there remained for a period of four years. In 1867 the substantial banking house which it now occupies was erected on land purchased of Col. L. W. Noyes. It has a Corliss burglar proof safe of the latest pattern and other modern business appointments.
Its first board of directors consisted of the following citizens: Thomas Chase, Edward H. Spalding, Charles H. Nutt, Edward P. Emerson and Luther A. Roby. Thomas Chase served as president eight years; Edward H. Spalding, three years; Edward P. Emerson, eight years; and George A. Ramsdell, thirteen years. John A. Spalding was cashier from the organization of the bank to January, 1895, when he was succeeded by his son, William E. Spalding. John A. Spald- ing's term of office exceeded that of any cashier at any time connected with the Nashua banks. As vice-president he still gives his entire time to the interests of the bank.
The present directors are George A. Ramsdell, president; John A. Spalding, vice-president; Luther a Roby, Charles Holman, Solon S. Whithed, Charles H. Burns and Joseph W. Howard.
The Second National bank commenced business March 1, 1875, with a capital of $100,000, which was afterwards increased to $150,000. Its location has been from the beginning in Merchants' Exchange, where it is the owner of quarters ample enough for its extensive business, and furnished with all modern improvements in the matter of safes and vaults.
Jeremiah W. White, Charles Williams, George H. Whitney, Samuel K. Wellman, William D. Cadwell, Seth D. Chandler, and Evan B. Hammond composed its first board of directors.
Jeremiah W. White was president of the bank from the date of its organization until Feb. 23, 1892, when he was succeeded by Frederick W. Estabrook, now in office. Cornelius V. Dearborn was cashier until January 14, 1876, when he was succeeded by Frederick A. Eaton, the present cashier.
The present board of officers is made up as follows: Directors, Frederick W. Estabrook, presi- dent; Seth D. Chandler, Charles H. Burke, Lester F. Thurber, Walter A. Lovering, Fayette S. Sargent and Albert Shedd. Frederick A. Eaton, cashier. Joseph L. Clough, assistant-cashier.
At an early day in the history of our cotton manufacturing companies a savings bank depart- ment was established in each of the corporations as an incentive to the operatives to save their earnings. There was but little formality about the business; the regular counting-room force doing the necessary work, and the corporation guaranteeing the safety of the deposit. Five per cent interest was allowed; no depositor was allowed to have more than five hundred dollars in the hands
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HISTORY OF NASHUA, N. H.
of the corporation. The savings bank department was continued until about the time of the organization of the first savings bank in town. The savings deposits in the hands of the Nashua company at one time amounted to $44,000 and in the Jackson company to $18,000.
The first regular savings bank in Nashua was chartered and ommenced business in 1854, relieving the corporations of the self-imposed burden of caring for the savings of their employes. Its corporate name was the Nashua Savings bank, and it has had a continuous existence until the present time. Its first board of trustees was made up as follows: Edmund Parker, president; Josephus Baldwin, George Y. Sawyer, Thomas Chase, Henry Parkinson, Caleb J. Emery, Augustus G. Reed, Harrison Hobson, Franklin Munroe, Israel Hunt, Frank Fletcher, Edward Spalding and Aaron P. Hughes.
Its first treasurer was Aaron P. Hughes, who filled the office ten years. He was succeeded by Dr. Edward Spalding, who served thirteen years, and he, in turn, by Virgil C. Gilman, who filled the position eighteen years and was succeeded by George F. Andrews in May, 1895.
The following well known citizens have acted as president of the bank: Edmund Parker, two years ; Edward Spalding, eight years; Isaac Spalding, nine years; Clark C. Boutwell, five years; William W. Bailey, seven years; Joseph W. Howard, now in office.
The amount of deposits as shown by the last bank commissioners' report was $2,666,713.93.
The bank was located at the time of its organization in Exchange building, afterwards in Telegraph block. It now has ample accommodations in Odd Fellows building.
The trustees of the bank at the present time are Joseph W. Howard, Charles H. Campbell, Charles J. Hamblett, George W. Currier, George H. Alley, James H. Tolles, George B. McQuesten, Charles H. Burke and Charles W. Stevens.
The City Guaranty Savings bank was chartered as a mutual savings bank in 1863, re-chartered as a guaranty savings bank in 1891, with a guaranty fund of $65,000. Its location from the beginning has been in the second story of the First National bank building.
The following well known citizens composed its first board of trustees: Thomas Chase, Benjamin F. Emerson, Benjamin Saunders, Albert Mckean, John G. Blunt, Matthew Barr, Luther A. Roby, Thomas J. Laton, Daniel Hussey, Edward H. Spalding, John Reed, Hiram T. Morrill and Charles H. Nutt.
Its presidents have been Thomas Chase, Edward P. Emerson, Luther A. Roby, Stephen D. Greeley, Charles H. Burns.
The treasurers have been Edward H. Spalding, Elbridge P. Brown and George A. Ramsdell. The deposits as shown by the last report of the bank commissioners were $432,750.75. Its present board of directors is composed of the following gentlemen: Charles H. Burns, president; George A. Ramsdell, treasurer; trustees, Charles H. Burns, George F. Wilber, George B. McQuesten, W. B. Rotch, Luther A. Roby, Edward O. Blunt, D. A. Fletcher, Daniel T. Buttrick, George A. Ramsdell, Mark R. Buxton, James M. Swallow, Andrew N. Shepard, Franklin M. Winn, John A. Spalding and James H. Reed.
The Mechanics Savings bank was incorporated in 1869, with the following board of trustees : Henry Parkinson, Dana Sargent, Charles P. Gage, Allen Wilson, Benjamin P. Moore, Israel Hunt, Daniel F. Runnells, George H. Whitney, John D. Chandler, Seth D. Chandler, J. Abbott Marsh and Samuel Greeley. Cornelius V. Dearborn, treasurer.
It was located for a few years in the County Record building. Upon the organization of the Second National bank this savings bank was removed to the banking rooms of that institution. On account of heavy losses from Western investments the bank is now (1897) in the hands of a receiver, who has already paid to depositors thirty per cent of their claims.
The New Hampshire Banking company commenced business May 1, 1880, and was one of the first guaranty savings banks established in the state. It has a guaranty fund of $125,000.
Business was commenced in very modest quarters in the one story building north of the Main street bridge. It remained in this location over thirteen years, until November, 1893, when it removed to its present commodious quarters in Whiting building.
The first board of trustees was composed of Hiram T. Morrill, Solomon Spalding, Archibald H. Dunlap, David O. Smith, Edward Hardy, George W. Davis, Albert A. Rotch, Charles H. Nutt,
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HISTORY OF NASHUA, N. H.
Webster P. Hussey, Eugene F. Whitney. Hiram T. Morrill was elected president and John G. Kimball, treasurer. Mr. Kimball remained treasurer until the later part of 1886, when he was succeeded by William A. Farley.
The present officers of the institution are: Trustees, Solomon Spalding, Edward Hardy, David O. Smith, George Phelps, Solon S. Whithed, Charles Holman, James H. Dunlap, E. F. McQuesten, Charles F. Tessier, and Clarence L. Trow. Solomon Spalding, president. William A. Farley, treasurer.
The amount of deposits, as shown by the last report of the bank commissioners, was $1,077,439.14.
The Security Trust company was organized in 1889 with a capital of $200,000. Its spacious banking rooms are located in Masonic temple and are provided with the most modern conveniences, including safety deposit vaults for the accommodation of customers and others. In addition to its general banking business, it has a savings bank department, in which the deposits, as shown by the last bank commissioners' report, amounted to $386,496.67.
The following gentlemen composed its first board of directors: David A. Gregg, Frank E. Anderson, George A. Rollins, Edward O. Blunt, Francis Coggin, Allen Wilson, Lester F. Thurber, George B. Clifford, Fayette S. Sargent, George E. Anderson, E. A. Bayley, Elbert Wheeler, Henry A. Cutter and J. E. Clifford.
Since its organization David A. Gregg has served as president, and Fayette S. Sargent as treasurer. Its present board of directors, 1897, is made up as follows: Lester F. Thurber, George A. Rollins, Horace C. Phaneuf, Frank E. Anderson, George B. Clifford, Fayette S. Sargent, David A. Gregg, D. E. Proctor, Frank W. Maynard, E. H. Wason and E. O. Wood.
The Nashua Trust company was incorporated in 1889, and commenced business in February, 1890, with a capital of $150,000. Its banking rooms, centrally located in McQuesten block, have all conveniences for doing a large banking business. In addition to its general banking business it has a savings bank department. The amount of savings bank deposits as shown by the last report of the bank commissioners was $138,479.32.
Its first board of directors was made up as follows: Frank Jones, Henry O. Kent, Oscar C. Hatch, George E. Gage, George Van Dyke, Eugene F. McQuesten, George H. Knowles, A. W. Newell, E. A. Smith, Freeman Higgins, James H. Tilton, E. M. Shaw, R. H. Cheney, Charles F. Eastman, Milton A. Taylor, Frank P. Maynard and Sherburne R. Merrill.
Frank Jones, the first president of the company, served in that capacity until January, 1892, when he was succeeded by George B. French, who still holds the office. John P. Goggin has filled the position of treasurer since the company's organization.
The present board of directors, 1897, is composed of the following gentlemen: President, George B. French, John H. Clark, John A. Fisher, Arthur P. Baker, Eugene F. McQuesten, William S. Norwell, R. H. Cheney, George E. Gage, Webster P. Hussey, William D. Swart, Moses W. Webber, Augustus W. Shea, Elijah M. Shaw, F. R. Priest, and John P. Goggin, treasurer.
Sakams dell
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HISTORY OF NASHUA, N. H.
STILMAN SAMUEL DAVIS.
Stilman S. Davis was born in Dunstable, Mass., Oct. 14, 1826, died in Nashua May 26, 1886. He was a son of Dea. Mial and Lucy (Hutchins) Davis.
His immigrant ancestor on the paternal side, Barnabas Davis, came to this country from Tewksbury, Eng., in
STILMAN SAMUEL DAVIS.
1635, and settled at Charlestown, Mass., and eventually owned a good share of the land now composing Charles- town, Mass., receiving the deed from the original Mr. Bunker. On the maternal side he was a descendant of Scotch-Irish ancestors.
Mr. Davis was educated in the public schools of his native place and at the Nashua Literary institution of which David Crosby was principal. He came to Nashua to reside when he was seventeen years of age, and for a number of years followed the occupation of a wood- turner and cabinet-maker. His first venture for himself was in the soap manufacturing business, for which he erected a commodious building on Front street on the site of the Howard Furniture company's warehouse. The enterprise was a success, but for all that he gave it up and bought the M. D. Knowlton paper-box manufactory. By introducing modern machinery and systematic meth- ods he built up a large and profitable business and con- tinued in it, although suffering one or two heavy losses from fire, until his death, after which it was sold to William H. Campbell, who conducts it at the present time.
Mr Davis was a Nashuan who responded with alacrity to every public demand made upon his time, and who was always to be found in the foremost ranks of those who were endeavoring to aid their fellow-men and make Nashua an ideal city. He represented Ward One in the
common council in 1855, but, his time being so occupied with other affairs, declined further political honors, including a nomination as representative. He served the country four years during the war as paymaster in the navy, being in the Mississippi river squadron and under fire in several of its severest engagements. Fol- lowing the war he settled the affairs of the Cutting Machine company and resumed his business. Mr. Davis was a member of Rising Sun lodge, A. F. and A. M., Meridian Sun Royal Arch chapter, Granite lodge, I. O. O. F., of which he was noble grand three years, and, 1853, of the grand lodge of the same order of the state, of which, 1857, he was grand master and grand repre- sentative to the Sovereign grand lodge of the United States. He was also a member of John G. Foster post, G. A. R., the Knights of Honor and Sovereigns of Industry. In 1870 Mr. Davis became a member of Nashua lodge, K. of P., and February, 1871, he was elected grand chancellor of the grand lodge of New Hampshire, which office he held two years, meanwhile representing it in 1871 in the supreme lodge. His energy and execu- tive ability attracted attention and commanded the respect of the members of the order, and when, in 1874, owing largely to disaffection in Southern and Western jurisdictions, it was a serious question whether it was to live or die, he was elected supreme chancellor of the order throughout the world. Mr. Davis was a persuasive speaker, conservative in his views, a peace-maker and a thorough organizer, and therefore the field before him gave him the opportunity of his life. He held the office four years (being re-elected in 1876), during which time he visited the lodges in every state and territory and in Canada, made appeals for harmony, settled all differ- ences, organized new bodies, made masterly reports, and put the order on its feet and gave it the prosperity and high standing it enjoys to-day. That he accomplished all this and laid the order under obligations to him was abundantly shown by more than 2500 of its members who came from near and remote places to attend his obsequies. Mr. Davis was a member of the First Baptist church. He served it many years on the prudential committee as its clerk, and, being a good singer, as chorister. His demise was sudden. Mrs. Davis had been dangerously ill for some time and he had been confined to the house with palpitation of the heart-she died at early candlelight, and, fifteen minutes later, while contemplating his loss and overcome with sorrow, he sank into a chair and expired. Their funeral took place at the Baptist church, and they were buried in one grave in the presence of the largest gathering of the people and secret order men ever assembled in the city.
Mrs. Davis' maiden name was Alvina C. Swallow; born Dec. 30, 1828; married Nov. 15, 1848. She was a daughter of Bera Swallow of Tyngsboro, Mass. Two sons were born to them: Stilman Eugene, born Feb. 13, 1850, who married Martha L. Hutchins of Carlisle, Mass .; Frank E., born Aug. 13, 1862, married Jan. 24, 1883, Amy E. Green of Nashua; Mary Bradley, adopted, graduated Smith's college, married October, 1895, Arthur L. Franks of Manchester.
PATRICK BARRY.
Patrick Barry, son of Welsh and Mary (O'Brien) Bar- ry, was born in County Leitrim, Ireland, Feb. 2, 1837.
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HISTORY OF NASHUA, N. H.
He was educated in the public schools of his native place and came to America, Aug. 8, 1853. He went to work as a farm hand on the old Daniel Webster place at Marsh- field, Mass., and remained there until 1858. He then went west and remained about a year. In October, 1859,
PATRICK BARRY.
he came to Nashua and during the next year was employed by John M. Flanders as a carpenter. The succeeding year was spent on a farm in Hollis; then two years in the employ of the Nashua Iron and Steel company and two years in Otterson's foundry, where he learned the moulder's trade. In October, 1863, he was drafted into the army, but, for reasons which were satisfactorily ex- plained at that time, he furnished a substitute, for which he willingly gave up every dollar he possessed. He worked in Hudson at chopping wood, and at Wilton for the Boston & Lowell railroad, where he had a paying contract to fit wood for locomotives and used horse power machines. In 1868 he returned to Nashua, and during the next four years was employed at the works of the Francestown Soapstone company. His next shift, for, as will be noted, Mr. Barry is a versatile man, was to the Nashua Fire department as a driver ; then to the police department, where he served four years and won the reputation of being one of the shrewdest and most suc- cessful detectives of criminals in New England. In 1869 he formed a co-partnership with John H. Vickery, under the name of Barry & Vickery, and embarked in the coal business. The Nashua Coal company, in which he is interested, is, with the former business of J. W. White, the successor of the firm. Mr. Barry, who has secured a competency for old age, is now engaged in taking care of his real estate and attending to his business as an under- taker, he being the oldest in that line in New Hampshire. He is a man who appreciates the humorous side of life and contributes to the goodfellowship of Nashuans, is ever ready to lend a helping hand in celebrations and donates from his means to the causes that appeal for help. Mr. Barry has served Ward Five one term in the common council and two terms in the legislature. He is a director in the Nashua Building and Loan association,
the Nashua board of trade, the Nashua Coal company, and organized the Nashua Co-operative Iron Foundry company, of which company he was president for nine years after its formation, a member of the Church of the Immaculate Conception, the Ancient Order of Hibernians, the Nashua Foresters and Literary society, also a member of the Knights of Columbus.
Mr. Barry was united in marriage, Aug. 8, 1861, with Annie Moran, daughter of John and Mary (McGlynn) Moran. Six children have been born of their marriage : John W., born Feb. 14, 1863, died Dec. 25, 1880; James, born July 13, 1866, married Mary Gleason of Nashua ; Timothy, born in June, 1868; Matthew, born May 30, 1871 ; Patrick, born Sept. 8, 1873; William, born March 3, 1878.
BENJAMIN BAILEY OTIS.
Benjamin B. Otis was born at Canaan, April 1, 1850. He is a son of Paul and Laura M. (Knight) Otis. (For ances- tors see sketch of his father.)
Mr. Otis, who came to Nashua in 1852 with his parents, was educated in the public schools of Nashua and gradu- ated at Bryant & Stratton's business college in Boston. His business, being the successor of his father, is that of a dealer in sash, doors and blinds .. Mr. Otis has always been an active and progressive citizen who believes in Nashua and has done and is doing his part to further all the ends it aims at. He represented Ward One in the common council in 1891 and 1892 and in the board of aldermen in 1893 and 1894, and was elected to the legisla- ture to represent the same ward in the session of 1895 and 1896. He was a member of the City Guards when it was a crack military company, is a director in the Nashua Trust company, and the administrator of the estate of his father. He attends the First Congregational church. Mr. Otis
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