Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-01-26
SHY IN ACCOUNTS.
Treasurer Goggin Of Nashua
Trust Co. Under Arrest.
Alleged That He Is Short Between
100000 and 100000.
State Examiners in Charge of Bank
Goeein He'd.

Nashua, N. H., Jan. 24.-The alleged
illegal manipulation of notes held by
the bank during period covering
nearly Il quarter of IL century and sub
sequcnt attempts to make good il short
age by speculation, are the causes as
signed by the directors of the Nashua
Trust Co. for the arrest, today, of their
treasurer, John p. Goggin, and closing
the doors of the institution. The treas
urer's shortage is said to amount to
100000.
The bank officials, today, had attach
ments placed on AL the property in this
city and Manchester, n. H., of George
il. Gage of Maiden, Mass, to protect Il
prOmissory note of $500 given by NJ.
Gage some time ago. Their directors
stated that similar proceedings would
De instituted against another debtor of
The bank, whose name was not diSclOs-
ed.
GogSin was arraigned in the local po-
lice court. today, and held in $4,000,
and after waiting until 1890 o'clock to-
night, SuretieS We're furnished by his
father, John Goggin of Manchester, and
nine other men whose names were not
announced, and Goggin was released.
Nashua, N. H., Jan. 25.-JOhn p. Cog
gin, treasurer of the Nashua Trust
Company, was arrested, Monday,
charged with embeZZling a sum of
money, from the bank, placed at be-
tween $4,000 and 100000. The arrest
MAS made b. the city marshal.
The Nashua Trust Company dill not
open its dOois, Monday, and the ;nsti-
tuition is in charge of the State bank
commissioners pending further exam
nation.
The shortage was detected recently
by the directors who notified the saw
inSs bank commissioners at Concord.
The commissioners at once took charge
of the company's affairs, and posted a
| notice that the bank would not open
for business, Monday, pending a thor
Ough examination of the books. The
arrest of the treasurer was ordered.
The Nashua Trust company has a
capital of $l50,000 and usually carries
deposits running in amount from
$4,000 to $650,OOO in the savings de-
partment.
The bank also had check deposit
department, the deposits in which will
swell the total carried by the bank to
about $1000,000.
1t was announced soon after Cog
gins arrest that the alleged defalcation
Was not due to speculation in stocks
but it is attributed by some OF those
most Intimately acquainted with the
banks affairs to assistance rendered
| from time to time by the treasurer to
| = friend.
! Up to the time of his arrangement in
court, GogSin made no statement.
Soon after his arrest by City Marshal
J a. +. Eaton on a warrant charging
, him with mis-appropriating the funds
! of the company he was taken to the
police court and arraigned. The hear
| ing was a purely formal affair and oc-
cuoicd but a few minutes. The treas
urcr pleaded not guilty to the charge
AMI was held i'll 100000 bonds for his
appearance before the HillsborouGh
county grand jury.
Co2f,in is one of the most prominent
Ea0k officials i'll New Hampshire and
| he not only has Il wide acquaintance
| in the state but he is well-knOWn in
| Boston, Lowell and other Massachus
| cts cities with which he has trans
acted considerable business during the
| min" or ten years that he has resided
in Nashua. He came here from the
vest when he was only about 80 years
Of age. In Il short time ne was made
treasurer of the Nashua Trust Com
pany which opened offices in the Ma
sonic Temple building. Through his
marked ability and excellent rcputa-
tiCl he succeeded in building up Il
strong banking institution. which fol-
lowing the numerous financial troubles
i'll this city was regarded as sound and
conservative by business men.
from a small business the deposits of
the company grew rapidly until they
reached total of about $1,G00,0G0.
CoGgin was very popular here and his
arrest came as Il stunning blow to his
business associates and in fact to the
entire city. Even when the bank did
not open its doors, Monday forenoon.
many citizens refused to believe that
Go%gin was responsible for the short
ago in the funds of the institution ana
scores OF citizens were inclined to take
charitable view of the affair and at
tribute GOggin's troubles to a close
friend of his to whom he was supposed
to have loaned money. Goggin is about
10 years of age and has n family. He
was not connected with any other fl
nancial institution in Nashua, but de-
voted practically his entire time to the
business of the trust company.
In banking circles here the hope was
held out, Monday, that the defalcation
would not result in the permanent col
lapse of the company. The bank ex
aminers themselves have made no
statement Of the condition of affairs as
yet but those in touch with the bust
ness here incline to the opinion that
depositors will lose nothing and the
hope is held out that the concern will
eventually be able to resume business.
When Goggins became treasurer he
furnished bonds in So. eco issued by
security company. Whether any con-
siderable portion of the shortage out
side of this sum will be returned 70 the
bank cannot be told with any degree
Of oort n this tiypo