gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d3acb753f4bb38d8
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
Articles use variants Cocheco/Cochecho; closure followed discovery of large shortages by assistant cashier Harry Hough.
Events (4)
1.April 29, 1865Chartered
Source
historical_nic
2.June 5, 1899Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large shortages and alleged embezzlement by assistant cashier/paying teller Harry Hough (shortages ultimately estimated near $100,000).
Newspaper Excerpt
The doors of the Cocheco National Bank were also closed
Source
newspapers
3.June 6, 1899Receivership
Source
historical_nic
4.June 6, 1899Receivership
Newspaper Excerpt
National Bank Examiner Carroll has been appointed receiver of the Cocheco National Bank of Dover, N. H.
Source
newspapers
Newspaper Articles (20)
1.June 6, 1899Daily Kennebec JournalAugusta, ME
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Article Text
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, 1899Barre Evening TelegramBarre, VT
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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, 1899Evening StarWashington, DC
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Article Text
Bank Examiner in Charge. The controller of the currency has closed the doors of the Cocheche National Bank of Dover. N. H., and E. H. Carroll, a national bank examiner, has been placed in charge as receiver. There is said to be a considerable shortage, and Mr. Carroll is now trying to ascertain the amount. Harry Hough, the paying teller, is said to have disappeared.
4.June 6, 1899The Wilmington Daily RepublicanWilmington, DE
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Article Text
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, 1899The Evening HeraldShenandoah, PA
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Article Text
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.
6.June 6, 1899The Providence NewsProvidence, RI
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Article Text
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.
7.June 7, 1899Wheeling RegisterWheeling, WV
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Article Text
RECEIVER FOR A BANK. WASHINGTON, June 6.-Comptroller Dawes to-day appointed National Bank Examiner E. H. Carroll as receiver for the Cochebo National Bank, of Dover, N. H.
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
9.June 8, 1899The Somerset ReporterSkowhegan, ME
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Article Text
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.
10.June 8, 1899The Providence NewsProvidence, RI
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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
11.June 12, 1899The Providence NewsProvidence, RI
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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.
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, 1899Cameron County PressEmporium, PA
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TWO BANKS CLOSE. Man Who was an Official in Both Institutions is Missing and a Shortage in His Accounts is Reported. 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, and National Bank Examiner Carroll is expected to take charge of the national bank at once. Hough, besides being treasurer of the savings institution, was paying teller of the national bank. The closing of the banks caused considerable excitement in the city and the depositors learned after the notices were posted that State Bank Commissioners Hatch, Baker and Cummings made an examination of the books of the savings bank last Saturday and, finding that the accounts were not straight, applied for the warrant for the arrest of Treasurer Hough. The treasurer could not be found here yesterday. The suspension of the two banks leaves this city with no financial institution except the Strafford national and the Strafford savings banks, the Dover national bank and the Dover savings bank having collapsed several years ago, following the discovery of a heavy shortage in the accounts of Cashier Isaac Abbott, who afterwards committed suicide. The capital of the Cocheco national bank is $150,000.
14.June 21, 1899Kansas City JournalKansas City, MO
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Gives Up His Plunder. DOER, N. H., June 20.-Harry Hough. assistant cashier of the Cocheco National bank of Dover, who, after three weeks' absere. was arrested in Boston yesterday and brought to this city, has returned $5.500to the receiver of the bank. It was claimed that Hough took $3,000 in gold and $2.500in bills from the bank vault the day he let town. The sum has been returned.
15.June 21, 1899The Age-HeraldBirmingham, AL
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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 22, 1899The Manitowoc PilotManitowoc, WI
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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.
17.June 23, 1899The Mankato Free PressMankato, MN
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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.
18.July 19, 1899The Daily Morning Journal and CourierNew Haven, CT
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Cocheco Bank Dividend. Dover, N. H., July 18.-Receiver Carroll of the Cocheco National bank is making preparations to declare the first divídend and as soon as the necessary authority is received from Washington he will begin issuing receivers' certificates. Mr. Carroll will not estimate the amount of the dividend.
19.December 22, 1899The Portland Daily PressPortland, ME
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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.
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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
