St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1899-06-07
Treasurer Hough Missing.


ing description Of Hough.
The financial community in this Sec
ton Of the state received another shock
through the closing yesterday OF the
doors of two Of the best known banks
in this city. The Cocheco Savings bank
was enjoined from paying out or receiv-
ing money, and warrant was issued
for the arrest Of Its treasurer, Harry
Hough, who Is charged with shortage
of $500.
The doors of the Cocheco National
bank were also closed, and National
Bank Examiner Carroll Is temporarily
In charge. While Hough was not an Of
fetal of the National bank, he acted as
assistant cashier, did all the bookkeep-
ing Of the institution, and had free ac-
cess to the documents. 1t is believed
that Treasurer Hough left the city for
Boston on an early train Sunday MORN
ing, but up to late hour last night 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
pppVO
that amount was drawn from the STRAIT
ford Savings bank yesterday by Treas
urer Hough's wife and paid to Trustee
| Mason, who turned 1t over to the Cocheco
Savings bank to settle the shortage. This
will not deter the county officials, as well
as the officials of both banks, from secur-
ing the arrest of Hough, as he is charged
with a shortage of the National bank
| funds.
The closing of the banks caused con-
siderable excitement in the city, but the
depositors recognized the fact that they
could do nothing until the books are eX-
amined and action is taken by the courts.
1t was learned, when notices were post
ed on the bank doors, that State Bank
Commissioners Hatch, Parker and Cum
mings were in this city last Saturday
and made an examination of the books
of the Savings bank. They learned that
the accounts were not straight and af-
ter holding a brief conference, Commits
tloner Cummings applied for warrant
FOR the arrest of Treasurer Hough. A
shortage Of $4,000 was found.
National Bank Examiner Carroll says
he is unable to say what the shortage of
the National bank will be after a full
examination has been made. Every
thing that has so far come to light places
it at about $1,000. Mr.. Carroll made the
discovery over week ago that there was
something irregular in the accounts, and
he has been working on the case since
that time. Last Saturday he discovered
a shortage of $500 in the Savings bank
and $4,000 in the National bank ac-
counts. Hough was confronted with the
situation and paid back $4,000. He fur
Their agreed to pay the remaining $4,000 to
the National bank Monday morning.
This promise is the reason why he was
not placed under arrest at that time.
The treasurer's father, Ralph Hough,
who is one of the directors of the Ma
tional bank says his son went to Boston
for the purpose of raising money from
brokers to pay the shortage, and he ex-
pected him to return yesterday. The
directors claim they knew nothing of the
shortage until Saturday night, when
they were informed by the examiners.
Cashier Harrison Haley Of the Ma
! tional bank said that Hough had full
access to the books of the institution
at all times, as he acted as assistant
cashier, yet he was not an official of the
bank.
Mr. Haley says he knew Hough had
been specuMting, and was also aware
Of the fact that there were worthless
checks in the bank, with no collateral
behind them. He called Hough's at
tention to the matter few days ago,
| ha 10 oil ~, =
as his relatives would assist him.
Houghs friends believe that he will re-
turn.
The suspension of the two banks
leaves the city with no financial institu-
ton, except the STAFFORD National bank
and STAFFORD Savings bank, 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 COM
mitted suicide. The capital Of the Co
checo National bank is $150,O0O.
1t was late Saturday night when Bank
Commissioner Cummings received ar
order from Judge Pike Of the supreme
court, enjoining the Savings bank from
paying or receiving any money, pending
an examination.
A thorough examination of both bank.
ing institution will be made. Until thai
time it will be difficult to ascertain their
condition, so far as shortages are con
cerned.
1t is alleged that Houghs irregular.
tiles were discovered through the sale
: of property, and the failure to make g
return of the money received. The Co
, checo Savings bank held a mortgage
on the German estate in this city ant
proceeded to foreclose, the purchase
paying Hough $4,000 in a check on tn,
Strafford Savings bank, which, 1t i
claimed, was not turned over to the Co.
checo Savings bank. This $500 was the
amount made good yesterday by Mrs
: Hough. 1t was discovered last Sat
; urday that the payment for the property
). had not been made through the proper
, channel.
, Bank Examiner Carroll telegraphet
the situation to the comptroller of tn,