USA > New Hampshire > Hillsborough County > Nashua > Nashua's 75 year's of progress 1853-1928 > Part 5
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THE OLD GUARANTY SAVINGS BANK OF NASHUA
This institution, which is the oldest bank in Nashua doing a strictly savings bank business, was incorporated in March, 1891. as the City Guaranty Savings Bank, by an Act of the State Legis- lature. approved February 4. 1925, its name was changed to The Old Guaranty Savings Bank of Nashua.
The late Hon. George A. Ramsdell served as the first Trea- surer from the organization of the bank until his death in 1900, being succeeded at that time by his son, the present Treasurer. Harry W. Ramsdell. The first President of the bank was the late Charles H. Burns, who served until his death in 1909, when Lester F. Thurber was elected to that office, which he still continues to hold.
For many years the bank occupied the second floor of the old First National Bank building but when the First National was merged with the Second National Bank in 1907. the City Guaranty. Savings Bank purchased the property and moved to the lower floor : in July 1921. the Trustees voted to erect a new building for the exclusive use of the bank. on the same site at 119 Main Street, directly opposite City Hall. In May 1922. this building was fin- ished and occupied. It is of modern construction. with a fire- proof Remington & Sherman vault, which is protected by the Bankers Electric Protective Association system: safety deposit boxes are provided for the use of customers and the bank is fully equipped to furnish an up-to-date savings bank service to the peo- ple of Nashua and the surrounding territory, four per cent in- terest being paid upon deposits.
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The original Guaranty Fund or Capital Stock was $65,000., but owing to the rapid increase in deposits, this was soon raised to $90,000., and later on to its present amount $200,000., in addition to this, a Guaranty Fund Surplus of $100,000., has been set aside for the further protection of depositors and undivided profits are now $130,000. Total deposits amount to over $3,625,000., and to- tal assets are over $4,100,000.
The Board of Trustees consists of the following named : George N. Andrews, Charles E. Congdon, Fred D. Cross, Ivory C. Eaton, John H. Field, Edwin D. Flanders, A. Wilfred Petit. Harry W. Ramsdell, George A. Sylvester, George F. Thurber, Lester F. Thurber.
THE OLD GUARANTY SAVINGS BANK OF NASHUA Lester F. Thurber, President.
Harry W. Ramsdell, Treasurer. Fred D. Cross, Assistant Treasurer.
CITIZENS GUARANTY SAVINGS BANK
The progress of any city is always reflected in the statements of its financial institutions, and Nashua lives up to that rule in a splendid manner.
As we look back over the history of the last twenty-five years, it is most interesting to observe the steady, consistent growth of our Banks.
No more outstanding example will be noted than the Citizens Guaranty Savings Bank, located in the Odd Fellows Block. This Bank has had the largest percentage of growth in deposits and assets of any in the city, and has fully justified the faith of its in- corporators.
It was established as a Mutual Savings Bank under the name of the Citizens Institution for Savings, and started business on April 2, 1900, in the McQuesten Block at 94 Main Street In 1917 it became a Guaranty Bank under the present name.
From the beginning, the policy of the Bank has been to ex- tend all possible aid to the builders of homes in Nashua and vicin- ity. Mortgage loans of five percent have always come first, even during the period of high money rates. This spirit of cooperation has placed the Bank in a strong position in the life of the city.
In 1922 the Bank moved to its present location, which it
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equipped with a modern fire and burglar-proof vault, safe-deposit boxes and private booths for its customers. This change proved a great stimulus, and the Bank has forged ahead very rapidly, Assets have more than doubled during the last six years, amount- ing now to $1,125,000.00.
We record with due appreciation, the services of the following men who have served as Trustees, the eleven last-named constitut- ing the present Board: Walter A Lovering, John H. Field, Milton A. Taylor, Charles A. Roby, Arthur K. Woodbury, Henry H. Jewell, Nelson S. Whitman, Kimball Webster, Charles H. Petit, Daniel H. Runnells, James H. Tolles, James B Crowley, Horace C. Phaneuf, Jason E. Tolles, Thomas F. Moran, Stephen D. Sullivan, Edward H. Wason, Michael H. O'Grady, John J. Baker, George E. Buxton, Henri T. Ledoux, Charles T. Lund, Winthrop L. Carter, Jacob C. Mandelson, Kostos G Bouzoukis, Arthur O. Burque and Willis A. Shedd.
Walter A. Lovering served as President from 1900 to'.1904. Edward H. Wason, his successor, from that date to the present
Jason E. Tolles, first Treasurer, served from 1900 to date of his death in 1921. He was succeeded by the present Treasurer, Clarence A. Woodbury.
The Citizens Guaranty Savings Bank looks forward to a still larger growth, and pledges its best efforts in the development of this city in which we take a proper pride.
THE NASHUA BUILDING AND LOAN ASSOCIATION
The Second Largest in New Hampshire, was established forty years ago. in April, 1888, by a group of representative citi- zens. There were thirty-nine incorporators, six of whom are still . living: Frank D. Cook, the first Vice-President, George F. Ham- mond, Fay S Sargent, Arthur E Gay, James A. Sanders and Henry H. Davis.
From the date of its incorporation down to the present time. it has enjoyed a continuous prosperity, and has met the popular approval of thousands of shareholders. It has paid over $1.568,- 000.00 to matured shareholders alone. Probably no financial in- stitution in our city has invested its funds to so large an extent in assisting its citizens to buy or build homes, its motto being, "There is no rent day for the man who owns his home "
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It has had but three Presidents in its forty years of existence ; John A. Fisher, who served continuously for twenty-five years, George H. Alley, who served for thirteen years, and John H. Field, the present incumbent of the office. Its first Secretary, Bertis A. Pease, held the office for ten years. He was succeeded by Joseph L. Clough, who served for something over six years, when he resigned to become the Treasurer of the Nashua Trust Company. He was followed by William C. Small, the present Secretary and Treasurer, who has held the offices since October, 1904. Mr Frederick A. Eaton was the first Treasurer, and held the office until his death, in 1913, when the office was combined with that of Secretary.
The financial growth is attested by the following figures :
1888
$1.000.00
1898
$231,143.88
1908
$232,892 72
1918
$567,099.29
1928
$1.559,228.06
This Association, in common with the other Savings Institu- tions, is under the direct supervision of the State Bank Commis- sioner.
Its present officers and directors are as follows :
President. John H. Field
Vice-President, Joseph L. Clough.
Secretary-Treasurer, William C. Small.
Assistant Secretary, C. Isabelle Baker. Solicitor, Harry P. Greeley.
Directors: George H. Alley, James L. Bickford, Joseph L. Clough, George E. Danforth, Osias O. Deschamps, John H. Field, Edwin D. Flanders, William C. Small, William F. Sullivan.
Its present location is in Odd Fellows Building. Nashua, New Hampshire.
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THE AMERICAN SHEARER COMPANY
One of the oldest of Nashua industries is The American Shearer Company on Main Street. First established on Water Street in 1865, it was incorporated ten years later under its pre- sent name, it having been known as J. K. Priest and Company.
Mr. Priest, who founded this company more than half a cen- tury ago, was possessed of a rare inventive mind. He was re- sponsible for the original production in America of a practical sheep shearing machine, a horse clipping machine, and a toilet clipper. Many of the devices which are now in common use everywhere are of his invention, and the essential mechanical prin- ciples of clipping machines the world over were worked out by Mr. Priest and later developed by his company.
The passing of the horse and its substitution by motor vehi- cles was a blow to an old established industry, which turned its attention more to the manufacture of barber clippers of which it is now one of the largest producers.
The present officers of the firm are: J. K. Priest, President ; Fred R - Priest, Treasurer ; C. A. Priest, Assistant-Treasurer.
ASBESTOS WOOD & SHINGLE COMPANY
One of the principal industries of Nashua is the Asbestos Wood and Shingle Company, a subsidiary of the Johns-Manville Corporation, which has offices and plants all over the United States. When it started in Nashua in 1906, the Asbestos Wood Company employed but 20 men, now there are more than 500 workers attached to the Nashua plant, which spreads out over many acres.
The Nashua Plant is famous for its Asbestos Shingles, and also produces Corrugated Roofing and Siding for Industrial Build- ings, switchboards for Hotels and Steamship Companies, various electrical devices and a wide variety of products constructed of Asbestos Fibre and Cement.
The Johns-Manville Company has educated the public to de- mand of a roof that it should be long wearing, fireproof and at- tractive. As a result. people are demanding a roof that is colorful, substantial and pleasing to the eye.
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The Asbestos Fibre is shipped into the Nashua Plant from the Company's own Mines in Canada. In the Factory the Raw Materials, mostly Asbestos Fibre and Cement, are united under tremendous hydraulic pressure into rigid monolithic "stone" shin- gles. They will not rot, burn, corrode or wear out, and standing as they do, the severest laboratory tests, they are given the highest ratings as permanent and fireproof by the National Board of Fire Underwriters. For half a century Johns-Manville has worked with Asbestos, making Insulations, Brake Linings and similar pro- ducts.
The Officers of the Johns-Manville Company are: Presi- dent, Theodore F. Merseles ; Vice-President, W. R Seigle ; Treas- urer, E. M. Voorhees; Secretary, L. H. Brown. J. C MacIl- dowie, General Manager Nashua Factory.
NEW ENGLAND TELEPHONE & TELEGRAPH CO.
Of the barometers that show a city's growth, perhaps there is none better than the development of its public utilities.
The New England Telephone & Telegraph Company has made marked advances during its forty-eight years of operation in Nashua, and its progress indicates forcibly the gradual growth and material prosperity of the city.
From a meager start in 1880 with thirty-eight subscribers it has grown to a net work of communication lines covering nearly every dwelling and business offices, numbering now over 6400 telephones.
From a few calls a day this business has increased to about 31,000 calls a day. To handle this service there is required a force of about seventy-five regular employees all working to please the public.
The original investment was $10,000, but today that invest- ment has increased to $1,200,000.
The company owns a large building on Factory Street where its exchange is now in operation. The Business office is located in the Odd Fellows block. The Manager is always glad to show the subscribers through the exchange building and explain the workings of the system to them.
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PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
The lighting business in Nashua started in 1852 when four of her leading citizens, believing that the newly incorporated city should enjoy the benefits of improved illumination, organized a company for the pro- duction of gas, whose use was rapidly growing in popularity throughout the country. They purchased land, erected a plant, and started opera- tions. These men were Charles H. Nutt, Francis Winch, Thomas W. Gillis and George Y. Sawyer, Sr.
The site which they chose was on the banks of the Nashua river near Bridge Street where the present plant is located. Their first holder had a storage capacity of only 50,000 cubic feet.
The little plant was not without its problems but under able manage- ment it grew and prospered. The new lighting medium became in- creasingly popular so that in 1872 and 1874 substantial additions were made. It was again enlarged in 1886.
Mr. Alfred M. Norton was early a guiding spirit in the Company's affairs. coming to its organization as Superintendent in 1872 and becom- ing Manager in 1874 which position he held until his death in 1892. During his administration he served as Mayor of the city. He was succeeded by his son Fred. W. Norton who died in 1897 and was succeed- ed by his brother Walter F. Norton now Superintendent of the Gas Department of the Nashua District of the present company.
Rapid developments in the field of electricity lead to the establish- ment of the Nashua Electric Company in 1886 by Fred W. Estabrook, Jeremiah W. White, Frank E. Anderson, George E. Anderson, James H. Tolles and Horace W. Gilman. It erected a plant on Water Street, from which it distributed electricity for arc lighting. L. I. Fletcher was the first Superintendent.
In 1889 this company was consolidated with the gas company under the name of the Nashua Light Heat and Power Company and Mr. George L. Sadler was placed in charge of the Electric Department. Important additions were made to the plant and improved methods in- troduced. The electric generating plant was relocated near the gas works where it still stands. When the art of lighting houses and stores by incandescent lamps had been perfected, the company was one of those early to install machinery for the purpose, and the business rapidly expanded until today there are comparatively few places in the city not using electricity for lighting.
In 1914 the company joined resources with the Manchester Traction Light & Power Company and a transmission line was built connecting the two sources of supply. In 1926 further alliances were made and other sources of power connected when the company became an im- portant constituent of the Public Service Company of. New Hampshire.
As a result of this consolidation the old coal gas generating plant has been replaced by a modern up to date plant with vertical retorts and coke handling equipment, capable of producing 720,000 cubic feet per day. It will meet the city's needs for many years to come. In addition the water gas plant will be held in reserve for emergencies. A new electric transmission line providing another source of power is under construction, and important additions are being made to the lines in the city.
The Company's policy has always been markedly progressive. As a result of a careful study of economic conditions a very material re- duction in the cost of electricity was recently made effective. It is keenly alive to the needs of its customers and its representatives are always glad to do anything in their power to assist customers to make the best possible use of electric service.
The Nashua Officials are: District Manager, George L. Sadler ; Superintendent, Gas Department, Walter F. Norton, Superintendent, Electric Department, Joseph L. Shea.
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PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
Furnishes Electric Service to the following Communities :
Allenstown
Amherst
Ashuelot Auburn
Beechers Falls
Bedford
Belmont
Canaan
Center Ossipee
Chesham
Chesterfield
Chocorua
Colebrook
Columbia
Conway
Conway Center
Dublin
ADMINISTRATION BUILDING
Dunbarton
East Conway
Madison
Spofford Suncook
East Swanzey
East Tilton
Marlboro
Surry
East Weare
Merrimack
Swanzey
Gilsum
*MILFORD
Swanzey Center
Goffstown
Mont Vernon
Grasmere
*NASHUA
Thornton's Ferry
Guilford
New Boston
Weare
Hancock
North Weare
Weirs
Harrisville
Ossipee
Westmoreland
Hooksett
Pembroke
Westport
Hudson
Peterboro
West Ossipee
*KEENE
Redstone
West Stewartstown
*LACONIA
Reed's Ferry
West Swanzey
Lakeport
Riverdale
Whittier
Lemington
Sanbornton
Wilton
Litchfield
Silver Lake
Winchester
Lochmere
South Tamworth
Londonderry
South Weare
Total 76
Furnishes Gas Service to
Hudson
*KEENE
*NASHUA
*LACONIA
Lakeport
*District Offices
Tamworth
West Chesterfield
Hereford. P. Q.
Ossipee Valley
PUBLIC SERVICE COMPANY OF MYar HEW HANY
*MANCHESTER
most up-to-date systems in New England. Pumping Stations of the Pennichuck Water Works, one of the
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LILL
1852
1928
Seventy-Six Years of
Progress
92
PENNICHUCK WATER WORKS
Symbol of
Service and Health
Incorporated 1852
1852
1928
inc
DIC
75
N. MANCHESTER, INDIANA
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