13779. Cochecho National Bank (Dover, NH)

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
9d03d1ed

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

Assistant cashier Harry Hough absconded with funds; bank was closed/suspended June 5, 1899 and a receiver (E. H. Carroll) was appointed June 6. No article describes a depositor run; the sequence is a suspension/closure with receivership due to embezzlement and bad loans.

Events (5)

1. April 29, 1865 Chartered
Source
historical_nic
2. June 5, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large embezzlement/shortage by assistant cashier Harry Hough and numerous doubtful loans and worthless investments; estimated shortage about $100,000.
Newspaper Excerpt
the Cochecho National bank of Dover, N. H., which was closed on June 5.
Source
newspapers
3. June 6, 1899 Receivership
Source
historical_nic
4. June 6, 1899 Receivership
Newspaper Excerpt
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 ... Mr. Carroll was appointed receiver on the 6th of June.
Source
newspapers
5. June 20, 1899 Other
Newspaper Excerpt
Assistant Cashier Hough, who absconded the first week in June, with the bank's funds and securities, had been caught, and all of the stolen plunder recovered.
Source
newspapers

Newspaper Articles (4)

Article from The Providence News, June 8, 1899

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Article Text

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


Article from The Providence News, June 12, 1899

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Article Text

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.


Article from The Evening Times, June 20, 1899

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Article Text

Absconding Cashier Captured. The Comptroller of the Currency received a telegram this morning from E. H. Carroll, receiver of the Cochecho National Bank, of Dover, New Hampshire, stating that Assistant Cashier Hough, who absconded the first week in June, with the bank's funds and securieties, had been caught, and all of the stolen plunder recovered. Mr. Carroll was appointed receiver on the 6th of June.


Article from Vermont Phœnix, July 7, 1899

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Article Text

Shortage Estimated at $100,000. Special Bank Examiner A. D. Lynch of Washington and Receiver E. H. Carroll are now going through the affairs of the Cochecho National bank at Dover. The estimate of $100,000 shortage is approximately correct. This includes the losses through worthless investments as well as through the irregularities of Assistant Cashier Hough. An assessment on the stockholders may be necessary.