Waterbury evening Democrat., 1904-01-25
THIS ONE
 GOT $SO,O0O
Another Bank Man
 Goes Wrong.
Institution Remained Clos. ed TO-Day-State Bank Commissioners Are i'm Charge of Nashua Trust Co. Bank.

|, treasurer of the Nashua Trust Go, was arrested to-day, charged with en1- ezzlement of sum of money from Che bank. The amount is placed at between $S0,00O and $100,0O0. The arrest was made by the city marshal
 The Nashua Trust Co did not open its doors to-day and the institution is in charge of the state bank commis- sioners pending a further examina- t1on.
 The shortage was detected recently by the directors, who notified the say ings bank commissioners at Concord. The commissioners at once took charge Of the company's affairs and posted notice that the bank would not open ] for business to-day, pending thor eugh examination of the books. The arrest of the treasurer was ordered.
 The Nashua Trust Go has a capital of $150,0O0 and usually carries depos- its running in amount from $600,O00 to S650,O0O in the savings department. The bank also had a check deposit de pertinent, the deposits in which will swell the total carried by the bank to about $1,OO0,000.
 It was announced soon after Cog ginis arrest that his position was not due to speculation ill stocks, but ac- cording to those most intimately ac- quainted with the banks affairs, to his having given assistance from time to time to a friend.
 Up to the time of his arraignment in court GOggin made no statement He was given a hearing soon after his ar rest and pleaded not guilty. He was held in $1O,000 bonds for his appear ance before the Hillsborough county grand jury.
 Goggin is ore of the most prominent bank officials in New Hampshire and he not only has a wide acquaintance in this state, but he is well known i'll banking circles in Boston, Lowell and other Massachusetts towns He came here from the west about ten years ago and in a short time he was made treasurer of the trust compaIy Cog gin became very popular and his ar- rest came as a stunning blow to his business associates and, in fact, to the entire city. He is about 40 years old and has a family.
 Insbanking circles here the hop pea1 a1Nas9 held out to-day that the defalcation would not result in the permanent col lapse of the company. The bank eX- aminers themselves have made no statement of the condition of affairs as yet, but those in touch with the business here incline to the opinion that depositors will lose nothing and the hope is held out that the concern will eventually be able to resume busi- ness.
 This city has been one of the most sunfortunate in the United States in it's losses through bank troubles with in the past ten or dozen years Nashua has a population of about 25,- 900 and since 1898 four banking insti- unions in the city have closed their doors forever and banks ill several neighboring towns have been forced to suspend chiefly through losses sus- tained In investments in the western states. It is estimated that within ten years citizens of Nashua have lost fully $2O00,000 through the embarrass- ment of banking institutions While there have been previous defalcations, the Nashua Trust Go, the fifth bank here to close it's doors, is the first to suspend through wrong doing of a Nashua official. In 1895, Cashier Frank McKean of the Indian Head National bank fled. leaving an alleged shortage of S1OO,OOO, but the bank continued business.
 The defunct local banks include the Mechanics Savings bank and the Nashua Savings bank, which failed owing depositors large amounts, the GecuTlty IEuSL 10 OI LHtS city anu Grand Forks, N. D., which was placed i'll the hands of assignees, and the New Hampshire Banking Go, which was in- vofved in the failure of the Globe say ings bank of Chicago and which as- signed. Solomon Spaulding, president of the latter institution, was the father of Charles Spaulding of the Globe bank. Nashua people held S100OOO of stock in the Chicago bank. Chicago investors also were heavily interested in the Sioux City National bank and the Union Stock Yards bank of Sioux City, Ia, which were in trou- ble in 1893 and leavied heavy assess ments, and in the failed Omaha Ex- change bank of Omaha, Neb.