13772. Colebrook Savings Bank (Colebrook, NH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 30, 1898
Location
Colebrook, New Hampshire (44.894, -71.496)

Metadata

Model
gpt-5-mini
Short Digest
186c9976

Response Measures

None

Description

The Colebrook Savings Bank suspended in late December 1898 after discrepancies/shortages in accounts (treasurer/cashier Harry F. Bailey implicated). State commissioners investigated and the bank was permitted to reopen (June 10, 1899). No contemporaneous article describes a depositor run; primary cause was bank-specific adverse information (account shortages/embezzlement).

Events (2)

1. December 30, 1898 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discrepancies/shortages in the savings bank accounts; alleged falsification of accounts by treasurer Harry F. Bailey and funds missing/overdrafts linked to national bank connections.
Newspaper Excerpt
The Colebrook Savings bank has suspended business pending the examination being made by the state commissioners. ... The bank will suspend payment for ten days.
Source
newspapers
2. June 10, 1899 Reopening
Newspaper Excerpt
WILL REOPEN DOORS. Bank Commissioners Will Permit Colebrook Savings Bank to Resume Business. ... It suspended last winter at the time of closing of the Colebrook National bank. ... no depositor will lose a dollar, although it is thought that the stock may be somewhat impaired. Additional bonds have been filed to ensure every depositor full payment.
Source
newspapers

Newspaper Articles (10)

Article from The Portland Daily Press, December 31, 1898

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Article Text

BAILEY TO BE ARRAIGNED. Colebrook, N. H., December 30. -State Savings Bank Commissioners Baker and Hatch today began an investigation of the affairs of the Colebrook Savings bank of which Harry F. Bailey, cashier of the Colebrook national bank, is treasurer. Cashier Bailey will be arraigned before United States Commissioner Shurtleff tomorrow on a charge of falsify ing his accounts and his reports to the United States examiners and the comp. troller of the currency. He will be defended by W. P. Buckley of Lancaster. The government will probably be represented by District Attorney Charles Hamblett of Nashua, who is at present here in connection with the failure of the national bank The Colebrook Savings bank bas suspended business pending the examination being made by the state commissioners. The result of the examination of the Colebrook Savings bank shows a forced balance of about $14,000 and to make good this amount, Cashier Bailey's sureties have been called upon. The bank will suspend payment for ten days. It is understood that the trouble with the accounts is chiefly in the line of technicalities.


Article from The Worcester Spy, December 31, 1898

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Article Text

COLEBROOK BANK CASE. Cashier Bailey Will Be Arraigned in Court Today. Colebrook, N. H., Dec. 30.-State Savings Bank Commissioners Baker and Hatch today began an investigation of the affairs of the Colebrook Savings Bank, of which Harry F. Bailey, cashier of the Colebrook National Bank, is treasurer. Cashier Bailey will be arraigned before United States Commissioner Shurtleff tomorrow on a charge of falsifying his accounts and his reports to the United States examiners and the comptroller of the currency. The amount involved IS $21,000. The investigation of the savings bank accounts ended tonight, and as a result the institution will suspend business for 10 days and a demand has been made on sureties for Treasurer Harry F. Bailey for $10,125 in cash, the amount due the saving bank out of the funds of the national bank. It is evident from the conditions revealed that the national bank shortage may seriously embarrass the savings department.


Article from St. Johnsbury Caledonian, March 29, 1899

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Article Text

NEWS IN GENERAL. America's Growing Power. The Russian government, through Count Cassini, the ambassador here, has informed the state department that it is prepared to negotiate a reciprocity treaty with the United States. A number of other European governments, notably Great Britain, France, Germany, Austria, and Italy, have recently shown a disposition to expedite negotiations toward the same end. Although some of these countries have made overtures to the state degartment in connection with reciprocity agreements, they did not, until lately, evince any great desire to press the business to a conclusion., Now. however, for some reason, they are all anxious to make treaties as soon as possible, and it is probable that the negotiations with some of them will be concluded shortly. The expected expansion of American trade in the Pacific through the acquirement of the Philippines and the Hawaiian Islands is believed to be the moving cause in this revival of interest. Colebrook Banks. A delegation of interested persons who went to Washington recently with the affairs of the Colebrook National Bank, which was compelled to close its doors some time ago, has returned and report its interview with the comptroller as satisfactory. It is expected by the first of April the bank will be unning again. The bank suspended last fall after it was found out that the treasurer had permitted heavy overdrafts on the part of certain stockholders. It is understood the overdrafts have been made good. The Colebrook Savings Bank, forced to suspend after the national benk closed, will resume business soon, and a new national bank, organized with a capital stock of $50,000, will open its doors within a short time. The new bank will be the Farmers and Traders National Bank. To Investigate Nature of Malaria. Prof. Robert Koch, the celebrated bacteriologist, who, in 1883, at the head of the German cholera commission, visited Egypt and India and then discovered the so-called "Comma" chclera bacillus, will start with an expedition next month for the tropics, to continue his investigation as to the nature and origin of the malaria. The German Reichstag has made a grant of 60,000 marks in aid of the undertaking.


Article from The Providence News, June 10, 1899

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Article Text

WILL REOPEN DOORS. Bank Commissioners Will Permit Colebrook Savings Bank to Resume Business. Colebrook, N. H., June 10.-The bank commissioners after a final inspection of the Colebrook Savings Bank have concluded to permit the bank to reopen. It suspended last winter at the time of closing of the Colebrook National bank. The books are in rather bad shape and it will take two or three weeks to get them straightened out, but the trustees say that no depositor will lose a dollar, although it is thought that the stock may be somewhat impaired. It is understood that additional bonds have been filed to ensure every depositor full payment. The management probably will continue, Mr. Currier, the cashier of the national bank being treasurer of the savings bank.


Article from The Providence News, September 13, 1899

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Article Text

BAILEY ARRESTED. State Bank Commissioners Take Action Against Former Treasurer of Colebrook Savings Bank. Colebrook, N. H., Sept. 13.-Harry F. Bailey, formerly cashier of the Colebrook National Bank, and treasurer of the Colebrook Savings Bank, which suspended last winter, owing to discrepancies in the accounts of each, is under arrest charged with embezzlement of funds from the savings institution. The arrest, which was ordered by the New Hampshire bank commissioners, was made by the sheriff of Coos county. Bailey is held in the sum of $5000 for the October term of the Supreme Court. When the Colebrook National Bank was closed last December by order of the national bank examiners, Bailey was placed under arrest by the United States authorities, and bound over to the spring term of the United States court at Portsmouth. Strong influence was brought to bear, however, and as many believed Bailey had done no intentional wrong, the case against him was not pressed. The state bank commissioner who found a shortage in the accounts of the Colebrook Savings Bank was not willing to compromise matters, and a few days ago they decided to have Bailey taken into custody on account of the bank affair. Both banks were closed for several months, but are now doing business.


Article from The Indianapolis Journal, September 14, 1899

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Article Text

Former Bank Cashier Under Arrest. COLEBROOK, N. H., Sept. 13.-Harry F. Bailey, formerly cashier of the Colebrook National Bank and treasurer of the Colebrook Savings Bank, both of which suspended last winter, owing to discrepancies in the accounts, is under arrest, charged with embezzlement of funds from the savings institution. Bailey was given a hearing to-day and held in $5,000 bonds for the October term of the Supreme Court.


Article from The Portland Daily Press, September 14, 1899

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Article Text

Annie H., b m, by Alcantara 4 1 1 (Haines) 8 2 2 Easter, blk f (Pinkham) 2 8 3 L. J. B., b g (Brackett) 8 7 4 Frank Onward, bg (Stanwood) 5 3 5 Otho, blk g (Mitchel) 7 4 7 Little Glimmer, b g (Stuart) 6 5 6 Tom O'Neil, blk g (Woodbury) 1 6 dr Lady Grassmere, b III (Howe) Time-2.28 1-4, 2.36 1-2, 2.30. CASHIER BAILEY ARRESTED. Colebrook, N.H, September 18.-Harry F. Balley, formerly oashier of the Colebrook National bank and treasurer of the Colebrook Savings bank, which suspended last winter owing to discrepancies in the accounts of each, is under arrest charged with the embezzlement of funds from the savings institution. The arrest, which was ordered by the New Hampshire bank commissioners was made by the sheriff of Coos county. Bailey is held in the sum of $5.000 for the October term of the Supreme court When the Colebrook National bank Was closed last December by order of the National bank examiners, Bailey was placed under arrest and was bound over to the spring term of the United States court at Portsmouth. Strong influence was brought to bear, however, and as man? believed Railey had done no intentional wrong, the case against him was not pressed. The state bank commissioners who found a shortage in the accounts of the Colebrook Savings bank, were not W lling to compromise matters and a few days ago they decided to have Bailey taken into custody on account of the savings bank affairs. Both banks were closed to business for several months but are now doing business.


Article from The Madison Daily Leader, September 15, 1899

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Article Text

Bank Official Under Arrest. COLEBROOK, N. H., Sept. 15. -Harry F. Bailey, formerly cashier of the Colebrook National bank and treasurer of he Colebrook Savings bank, both of which suspended last winter owing to discrepancies in the accounts, is under arrest charged with embezzlement of funds.


Article from The Mankato Free Press, September 15, 1899

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Article Text

Bank Official Under Arrest. COLEBROOK, N. H., Sept. 14.-Harry F. Bailey, formerly cashier of the Colebrook National bank and treasurer of the Colebrook Savings bank, both of which suspended last winter owing to discrepancies in the accounts, is under arrest charged with embezzlement of funds.


Article from The Providence News, December 21, 1899

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Article Text

PAYMENT IN FULL Depositors in the Cocheco National Bank Will Soon Receive Final Dividend of 25 par Cent. Dover, N. H., Dec. 21.-The depositors in the defunct Cocheco National Bank are to be paid in full without the necessity of the receiver having to assess the stockholders. An order from Washington directs Receiver E.H.Carroll to pay a dividend of 25 per cent. as soon as possible. The payment of this dividend will bring the total disbursed by the receiver since the bank's failure last summer to 100 per cent. The settlement is one of the most rapid known in the history of embarrassed banks in this state, as it generally takes from three to six years to bring about the liquidation of a crippled institution. The settlement of the bank's affairs took about six months. The affairs of the Cocheco Savings bank which was closed at the time of the failure of the National Bank are still in an unsettled condition, but the assignee is making satisfactory progress and it is thought the loss to depositors when the concern is wound up, will be insignificant. Bank Examiner Carroll also has had charge of the affairs of the Colebrook National Bank of Colebrook which was closed a year ago. In a short time he was able to collect $112,000 of the bank's funds and pay up the entire amount due the depositors. The Colebrook National Bank and the Colebrook Savings Bank, which also was temporarily embarrassed, were re-opened and are in good condition