12289. Cochecho National Bank (Dover, NH)

View Charter #1087 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1087
Charter Number
1087
Start Date
June 5, 1899
Location
Dover, New Hampshire (43.198, -70.874)

Metadata

Model
gpt-5-mini
Short Digest
368d507cf22b2bae

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1899-06-06
Date receivership terminated
1901-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
46.3%
Share of assets assessed as doubtful
35.8%
Share of assets assessed as worthless
17.9%

Description

The Cochecho (Cocheco) National Bank of Dover closed June 5–6, 1899 after discovery of large shortages traced to assistant cashier Harry Hough. A national bank examiner was appointed receiver and the bank did not reopen; later reports (Dec 1899) state depositors will be paid in full. Cause: bank-specific embezzlement/defalcation by an officer.

Events (6)
1. April 29, 1865 Chartered
Source
historical_nic
2. June 5, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of shortages and alleged misappropriation by Harry Hough, assistant cashier/treasurer of related savings bank; investigations found large deficits (reported ultimately up to ~$100,000).
Newspaper Excerpt
The doors of the Cocheco National Bank were also closed and National Bank Examiner Carrol is temporarily in charge.
Source
newspapers
3. June 6, 1899 Receivership
Source
historical_nic
4. June 6, 1899 Receivership
Newspaper Excerpt
National Bank Examiner Carroll has been appointed receiver of the Cocheco National Bank of Dover, N. H.
Source
newspapers
5. June 20, 1899 Other
Newspaper Excerpt
Harry Hough ... was arrested in Boston ... has returned $5,500 to Receiver Carroll of the bank.
Source
newspapers
6. December 21, 1899 Other
Newspaper Excerpt
The depositors of the Cocheco National bank are to be paid in full ... the total disbursed by the receiver since the bank's failure last summer to 100 percent.
Source
newspapers

Newspaper Articles (21)
1. June 6, 1899 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 6, 1899

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BANKS CLOSED. Two More Dover, N. H., Banks Are in Trouble. Treasurer Hough of Cocheco Savings Bank Short About $3500. Cocheco National Bank Also Involved and Both Institutions Are Closed. Dover, N. H., June 5.-The financial community in this section of the state received another shock, today, through the closing of the doors of two of the best known banks in this city. The Cocheco Savings Bank was enjoined from paying out or receiving monel, and a warrant was issued for the arrest of its treasurer, Harry Hough, who is charged with a shortage of $3500. The doors of the Cocheco National Bank were also closed and National Bank Examiner Carrol is temporarily in charge. While Hough was not an official of the National Bank, he acted as assistant cashier, did all the bookkeeping of the institution, and had free access to the documents. It is believed that Treasurer Hough left the city for Boston, on an early train, yesterday morning, but up to a late hour tonight, the officials of Strafford county have been unable to locate him. While the warrant was sworn out for Hough on the charge of a shortage of f - the Sevinrs Bank

2. June 6, 1899 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, June 6, 1899

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Receiver Appointed, -Washington, June 6.-National Bank Examiner Carroll has been appointed receiver of the Cocheco National Bank of Dover. N. 11. The bank closed yesterdav afternoon aiter the flight of Harry Hough, the paying teller. Mr. Carroli reports that he is at work trying to ascertain the shortage.

3. June 6, 1899 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, June 6, 1899

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Banks Closed, Treasurer Accused. Dover, N. H., June 6.-The Cocheco Savings bank, of this city, was enjoined yesterday from paying out or receiving money, and a warrant was issued for the arrest of Harry Hough, the treasurer, who is charged with a shortage of $3,500. The Cocheco National bank also closed its doors. Hough, besides being treasurer of the savings institution, was paying teller of the national bank. The treasurer could not be found here, and it was learned after investigation that he left Dover on Sunday. His friends believe that he will return. The suspension of the two banks leaves this city with no financial institution except the Strafford National and the Strafford Savings banks.

4. June 6, 1899 The Evening Herald Shenandoah, PA
Article from The Evening Herald, June 6, 1899

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Banks Closed. Treasurer Accused. Dover, N. H., June 6.-The Cocheco Savings bank, of this city, was enjoined yesterday from paying out or receiving money, and a warrant was issued for the arrest of Harry Hough, the treasurer, who is charged with a shortage of $3,500. The Cocheco National bank also closed its doors. Hough, besides being treasurer of the savings institution, was paying teller of the national bank. The treasurer could not be found here, and it was learned after investigation that he left Dover on Sunday. His friends believe that he will return. The suspension of the two banks leaves this city with no financial institution except the Strafford National and the Strafford Savings banks.

5. June 6, 1899 The Providence News Providence, RI
Article from The Providence News, June 6, 1899

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The suspension of the two banks leaves this city with no financial institution except the Strafford National Bank and Strafford Savings Bank the Dover National Bank and Dover Savings Bank having collapsed several years ago, following the discovery of a heavy shortage in the accounts of Cashier Isaac Abbott, who afterward committed suicide. The capital of the Cocheco National Bank is $150,000. James E. Lothrop is president, and the directors are as follows: A. P. Pinkham, Amos W. Downing, of Haverhilf; Ralph Hough, Timothy Snell and J. E. Lothrop. It was late last Saturday night when Bank Commissioner Cummings received an order from Judge Pike, of the Supreme Court, enjoining the savings bank from paying or receiving any money, pending an examniation. The trustees of the Cocheco Savings Bank are Capt. M. S. Hanscom, Eben C. Burley, John H. Henderson, B. F. Tennant, Wm. F. Nason and A. T. Pinkham. A thorough examination will be made of both banking institutions, and until that time it will be difficult to ascertain their condition, so far as shortages are concerned.

6. June 7, 1899 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 7, 1899

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RECEIVER ACCEPTED. Washington, June 6. -Comptroller Dawes today accepted National Bank Examiner E. H. Carroll as temporary receiver for the Cocheco National bank of Dover, N. H. The commissioners are of the opinion that depositors would be paid in full. The future of the National bank has not been decided, but it is a general opinion that it will not be reopened. Dover, N. H., June 7.-United States Attorney Hamblett of Nashua arrived here this afternoon as did also United States District Commissioner Kelly of Portsmouth. After a brief conference among those who are directly interested in the affairs of the two banking institutions, Mr. Hamblett had a complaint sworn out before the United States district commissioner for the arrest of Hough, the complaint alleging the misappropriation of $10,000 of the funds of the Cocheco National bank. The warrant was placed in the hands of United States Marshal Nute of Farmington, who will start out tomorrow in search of the miss. ing treasurer of the savings bank and assistant to Cashier Haley of the National bank.

7. June 7, 1899 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, June 7, 1899

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Treasurer Hough Missing. Dover, N. H., June 6.-Harry asurer of the Cocheco Savings being sought by the police. tches have been sent from Dover : a description of Hough. The financial community in this n of the state received another shoc rough the closing yesterday of ors of two of the best known this city. The Cocheco Savings is enjoined from paying out or receive 5 money, and a warrant was r the arrest of its treasurer, Harr ough, who is charged with a shortag $3500. The doors of the Cocheco Nation nk were also closed, and Nation nk Examiner Carroll is temporari charge. While Hough was not an lal of the National bank, he acted sistant cashier, did all the bookkee $ of the institution, and had free ss to the documents. It is believe at Treasurer Hough left the city ston on an early train Sunday g, but up to a late hour last night icials of Strafford county have able to locate him. While the warrant was sworn out ough on the charge of a shortage 500 of the funds of the Savings at amount was drawn from the rd Savings bank yesterday by er Hough's wife and paid to Trust ason, who turned it over to the Coche vings bank to settle the shortage. 11 not deter the county officials, as the officials of both banks, from g the arrest of Hough, as he is charge th a shortage of the National nds. The closing of the banks caused lerable excitement in the city, but positors recognized the fact that uld do nothing until the books are nined and action is taken by the It was learned, when notices were on the bank doors, that State ommissioners Hatch, Parker and ings were in this city last Saturd d made an examination of the the Savings bank. They learned e accounts were not straight, and r holding a brief conference, Comm oner Cummings applied for a warra r the arrest of Treasurer Hough. iortage of $3500 was found. National Bank Examiner Carroll : is unable to say what the shortage e National bank will be after a amination has been made. ing that has SO far come to light at about $7000. Mr. Carroll made scovery over a week ago that there mething irregular in the accounts, > has been working on the case at time. Last Saturday he discover shortage of $3500 in the Savings id $13,000 in the National bank unts. Hough was confronted with tuation and paid back $9000. He er agreed to pay the remaining $4000 e National bank Monday mornir his promise is the reason why he

8. June 8, 1899 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, June 8, 1899

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New Hampshire has more bank wreckers and bank looters to the square mile than any other State in the Union. There have been enough developments in this line to allow a good long rest now. The latest in this line is in Dover in that State and the Cocheco Savings Bank is the victim, and Harry Hough, the treasurer, is the looter. The amount does not appear to be known yet. The Cocheco National Bank of Dover is also involved in the shortage and it is supposed that both banks may go into the hands of the receiver and be closed. The treasurer above named is missing.

9. June 8, 1899 The Providence News Providence, RI
Article from The Providence News, June 8, 1899

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HIS SHORTAGE STILL GROWS. Hough Ruined the Cocheco SavS ings and National Banks. S WAS NO RESPECTER OF PERSONS His Father as Well as Many Widows and Orphans Among His Victims. DIDN'T CARE HOW HE SECURED MONEY Itis Believed He Took $40,000 From the National Bank-Now Probably Seeking Passage to a South American Port. Dover, N. H., June 8.-Several important points were brought forth yesterday in the case of the defalcation of Harry Hough. The first is that the Cochecho Savings Bank, as well as the Cochecho National Bank, will never again open its doors for business. The second is that Harry Hough adopted some very harsh methods of raising money when hard pushed, robbing his own father, as well as widows and orphans, and perhaps ruining estates. The third is that the officials here are well satisfied that Hough has adopted the sea as the best route of escape from this pursuers, and is now trying at some Southern port, if he has not already engaged passage, at Baltimore, to board a vessel bound for some South € American city. The fourth is that Mr. Harrison o Haley, the cashier of the national bank, was compelled to mortgage his homeS stead property for $6000 to cover some o unsecured notes which he had put in the bank. S The case grows worse and worse for Harry Hough as the investigation proE ceeds, and indications multiply that S when he wanted money he did not care whose he secured, as long as he got It. e He seems to have labored for years = under the old-time delusion of the unS lucky stock manipulator that some day luck would come his way, and he could repay those from whom the borrowed without their knowledge or consent. Although fit is not probable that he took more than $40,000 of the national 0 bank's funds, it is known that he reF ceived large sums from other sources, SO that the total amount of embezzleb ments will undoubtedly exceed $50,000. e There is only one bright feature in S the lamentable affair Harry Hough was remarkably considerate for unfortunate p members of his family. For two widowed sisters and their children he had W the utmost affection, and the did not of spare of the means at his command regardless of where the money came he

10. June 12, 1899 The Providence News Providence, RI
Article from The Providence News, June 12, 1899

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BANK'S LOSS $100,000. Bank Examiner Carroll Makes Prel!minary Report on the Cooheco institution. Washington, June 12.-Mr. Murray, the acting comptroller of the currency, has received a report from Mr. E. H. Carroll, national bank examiner, who was appointed receiver of the Cochecho National bank of Dover, N. H., which was closed on June 5. The receiver is engaged in obtaining security for a number/ of doubtful loans which had been made by the cashier and assistant cashier and so far has.succeeded in obtaining collateral for about $10,000 of such loans. The receiver says he is hopeful of recovering at least a portion of the missing funds alleged to have been taken by the assistant cashier and of obtaining further security for some of the outstanding debts which must still be classed as doubtful. The losses of the bank are reported as estimated at $100,000. So far as the investigation has gone, the receiver says it shows a very bad condition of affairs and some days will be required to arrive at the true facts.

11. June 13, 1899 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, June 13, 1899

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FACTS BRIEFLY STATED. Admiral Dewey's flagship Olympia sailed Tuesday from Hong-Kong for Singapore returning to the United States. Col. R. F. Maddox, head of the banking house of Maddox, Rucker & Co., died at his home in Atlanta, Ga., of paralysis. The Reformed Presbyterian nationa synod decided to meet May 30 next at Ce t darville, O., for their annual conference. Frederick O. Prince, a well-known bank er and former mayor of Boston, died Tues day, aged 84 years. Death was due to lung trouble. The five-ton schooner Coke has saile from San Francisco for Manila. Capt Freitch, the sole occupant of the little ves sel, expects to reach the Philippines in 6 days. The tracks of the White Pass railway will be completed to Lake Bennett by July 1. The schedule time from Puget Sound ports to Dawson will then be about eight days. The exposition of natural and manufac tured products of the south will take place at the Grand Central palace in New York commencing October 25 and ending December 1, 1899. For three days the mercury has regis tered in the nineties in Pittsburgh, Pa Many of the mills have been forced to shut down temporarily, and a large number of prostrations have occurred. H. H. Byrd, of Tallapoosa, Ga., secretary of a colony now being formed in that lo cality for settlement in California, write that the organization is growing fast, and that it will probably comprise some 50 members. Mr. Robert Wallace, liberal, member of the British parliament for East Edinburgh who, while speaking during the debate Monday on the grant to Gen. Kitchener, of Khartoum, was seized with cerebral paraly sis, is dead. The seventh annual convention of the Illinois Printing Crafts union convened in Ottawa, Ill., Tuesday, for a three days' ses sion, representatives from Chicago, Elgin Aurora, Peoria, Springfield, Danville and Ottawa are present. Harry Hough, treasurer of the Cocheco savings bank, of Dover, N. H., has been arrested and the bank closed, a shortage of $3,500 being charged against him. The Cocheco national bank, of which Hough was teller, has also suspended. The fifth annual convention of the Na tional Association of Credit Men opened a Buffalo, N. Y., and will continue for three days. The question of petitioning congress to amend the bankruptcy act will be the most important subject considered. The fifteenth annual meeting of the Amer ican Medical association opened in Colum bus, O., Tuesday. Doctors from all parts of the United States are present, and it is expected that the total attendance will reach in the neighborhood of 2,500 persons The grand lodge of odd fellows for the state of Wisconsin convened in annual ses sion in Oshkosh Tuesday with 600 members present. The state encampment Daughters of Rebekah is also in session, with an at tendance of 30. The sessions last three days. A cyclone struck the southwest part o the town of Ryan, I. T., and totally wrecked two houses. The Davidson hote was partially destroyed. No lives were lost, but a cyclone cellar staved the Shel ton family, whose house was torn to shreds. By direction of the president, the acting secretary of war has issued an order for the reestablishment of the military de partment of Texas and the assignment o Col. Chambers McKibben, of the Twenty first infantry, to command of the depart ment. The cabinet Tuesday transacted no busi

12. June 14, 1899 The Wellington Enterprise Wellington, OH
Article from The Wellington Enterprise, June 14, 1899

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LATER. E. H. Carroll, national bank examiner, who was appointed receiver of the Cocheco national bank, of Dover, N. H., which was closed on June 6, estimates the losses of the bank at $100,000. With a view to increasing the efficiency of the artillerists manning the batteries protecting the shores of the United States, instructions have been given by the war department for additional practice with the great guns. It is announced that the chewing gum trust is now an actuality. The company has been organized, the stock all underwritten and the working details completed. The concern has a capital stock of $9,000,000. All the important plants of the country are in the combine. Capt. Fisher. of the Yale track team, says: "We have received word from England that our acceptance of the English universities' challenge has been received and all negotiations have been completed. The American team, composed of Yale and Harvard athletes, will sail from New York July 5. The date fixed for the meet is July 22." The monthly statement of the exports of domestic products of the United States shows that during May, 1899, the exports were $50,345,679, as against $73,122,571 for May, 1898. For the eleven months of the present fiscal year the exports amounted to $667,869,281, as against $747,565,807 for the corresponding period last year. A dispatch from El Roy. Wis.. says that rain on the 12th caused the Baraboo river to overflow and the flats for miles are flooded. With the near expiration of the time allowed by the Dingley act for the negotiation of reciprocity arrangements, there appears to be a renewal of the efforts of other nations to participate in the benefits to be derived from these conventions, and gratifying progress is being made by the special plenipotentiary charged by the state department with the conduct of these negotiations. The freight handlers (housemen) at the New York Central, Lehigh Valley, Wabash and Great Northern docks. in Buffalo, N. Y., did not report for duty on the 12th in obedience to the order to strike in sympathy with the men out at the Erie and Lackawanna docks. The town of New Richmond. Wis., was struck by a tornado on the 12th and it is estimated that 150 persons were killed. Many of the houses were consumed by fire after the cyclone. Many people were killed while attending a circus which was showing there.

13. June 15, 1899 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, June 15, 1899

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ded the gathering or Christra entists at the mother church ton. Iary Berman, five years L ', of ven, Conn., was branded thr es by a red-hot iron by two o escaped. X-Senator Gorman picked milita 1 and trusts as the issues on eunited democracy ought to do next year. Comptroller Dawes appointed nal Bank Examiner E. H. receiver for the Cocheco Nation k of Dover, N. H. ittorney-General Monnett ved notice on the sugar trust is doing business illegally in 1 he will prosecute. he engineering bureau of the artment has completed plans for ge electric power plant for oklyn navy yard. Richard Croker, it is said, is ed to come home by Tamma ders, uneasy over Sheehan's 1 the Mazet committee. Samuel McKinney's wife told phia police he had killed a man ington, N. Y., and robbed Jo endell, of Fifth avenue. The navy department has direct e enlistment of 270 naval es. Sixty will be received on chmond at League island. The late Sam T. Jack in his will ests his widow to marry his broth mes C. Jack, and also gives the all his theatrical interests. The molders' strike, which has now at Montreal for four is settled, the greater part of n's demands being conceded. President Thomson of the Penns nia Railway company and Dr. W. bore, permanent clerk of the terian general assembly, are A storm of wind and rain swept e north of Iowa. Telegraph and hone wires are prostrated, but r as can be learned no one was red. Three squads of Osage Indian d light horsemen evicted indred intruders from the Osage an reservation. The destruction ops is great. Mrs. Burke-Roche may become ervoy against her will by the cted decease of her husban other, as her divorce has never cognized in England. The New York grand jury of ester county dismissed the hristian Scientists charged using the death of Mrs. Charlo . Barguet of Mt. Vernon. Secretary of Agriculture Wilson the opinion that the canned ckers have lost by the er the beef furnished to the iring the war with Spain. Major R. H. Pratt, superintend : the Indian school at Carlisle, id that there were in the school tal several cases of varioloid, e under strict quarantine. The president has delegated nt Secretary Cortelyou as secret , the president during the absence ecretary Porter, who sailed for pe for an indefinite period. An officer of the Woman's temple hicago said that $200,000 of the 00 necessary to retire the temple onds and secure the legal contro e building has been provided for Dr. J. P. Greene, president of Villiam Jewell college at Liberty, ho was asked to accept the presid 7 of the Southern Baptist theolog eminary at Louisville, has decline E. Hardan, former cashier of ank of Liberty, and a prominent

14. June 21, 1899 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, June 21, 1899

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CASE OF CASHIER HOUGH. Has Returned $5,500 of Missing Bank Funds to the Receiver. Dover, N. H., June 20.-Harry Hough, assistant cashier of the Cocheco National bank of Dover, who, after three weeks' absence was arrested at the Park Square station in Boston, yesterday and brought to this city last evening, has returned $5,500 to Receiver Carroll of the bank. It was claimed that Hough took $3,000 in gold and $2,500 in bills from the bank vault the day he left town. This sum has been returned. Mr. Hough remains at his home in this city to-day in charge of United States Marshal Nute. His counsel, Mr. Kivel. went to Portsmouth, believed to be bearing collateral sufficient to secure Hough's release on the $10,000 bond fixed at the hearing last evening by Commissioner Kelley.

15. June 21, 1899 The Age-Herald Birmingham, AL
Article from The Age-Herald, June 21, 1899

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Has Returned Stolen Money Dover, N. H., June 20.-Harry Hough, assistant cashier of the Cocheco National bank of Dover, who, after three weeks' absence. was arrested in Boston and brought to this city, has returned to the receiver of the bank $5,500, the amount he is said to have taken.

16. June 21, 1899 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 21, 1899

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HOUGH FURNISHES BAIL. He Also Returns $5500 of the Stolen Funds of Cocheco Bank. Dover, N. 11., June 20.-flarry Hough, assistant cashier of the Cocheco National Bank, who left town, nearly three weeks ago, with a large amount of money belonging to the institution, and who was arrested in Boston, yesterday, and brought to this city, last evening, has returned $5500 to Receiver Carroll of the bank. United States Commissioner Kelley of Portsmouth, arrived here. tonight, and accepted bonds for Hough. The bail was furnished by his mother-inlaw, Mrs. Almira J. Morrill, who qualified for $10,000; Mrs. Sarah J. Hough, mother of the treasurer and assistant cashier, qualified for $5000, while Freeman N. Davis qualified for $2500. Marshal Nute then left the house. Sheriff Hayes was out of town, tonight, and did not arrest Hough on the Savings Bank warrant as had been predicted.

17. June 22, 1899 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, June 22, 1899

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Gave Up the Cash. Dover, N. H., June 21.-Harry Hough, assistant cashier of the Cocheco National Bank of Dover, who after three weeks' absence, was arrested in Boston Monday and brought to this city, has returned $5,500 to the receiver of the bank. It was claimed that Hough took $3,000 in gold and $2,500 in bills from the bank vault the day he left town. The sum has been returned.

18. June 22, 1899 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, June 22, 1899

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HARRY HOUGH RETURNS. Dover, N. H., June 20.-Harry Hough, as. sistant cashier of the Cocheco National Bank. Dover, who left town nearly three weeks ago with a large amount of money belonging to that institution, and who was arrested at Park Square Station, Boston. yesterday, was brought here last evening. He has returned $5500 to Receiver Carroll. It is alleged Hough had $3000 in gold and $2500 in bills taken from the bank. This he returned.

19. June 23, 1899 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, June 23, 1899

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Returned Stolen Money. DOVER, N. H., June 21.-Harry Hough, assistant cashier of the Cocheco National bank of Dover, who, after three weeks' absence, was arrested in Boston and brought to this city, has 1eturned $5,500 to the receiver of the bank. It was claimed that Hough took $3,000 in gold and $2,500 in bills from the bank vault the day he left town.

20. December 22, 1899 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 22, 1899

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DEPOSITORS WILL GET ALL Dover, N. H., December 21-The de. positors of the defunct Cocheco National bank are to be paid in full without the having to assess necessity of a receiver the stockholders.

21. December 22, 1899 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, December 22, 1899

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Dover, N.II., Dec. 22. The depos itors of the Cocheco National bank are to be paid in full. An order from Washington directs Receiver J. 11. Carroll to pay a dividend of 25 per cent, as soon as possible, which will bring the total disbursed by the receiver since the bank's failure last summer to 100 percent.