Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-03-20
Former New Hampshire
Finsncier Is Dead.
Passes Away on Friday at His
Home In LdConia. a..
Long In Poor Health He Finally
Sueeumbs to Paralysis.

Lacona, y. H. March 19,-The ca
reer OF Il once notable figure in New
Hampshire finance closed at sunset
tonight in the passing of DR.. Joseph
Clifford Moore. who died ut his cot
t:.sc III L.aiepOrt, where since his
downfall from q position Of power and
influence. he had lived the quiet life
of country physician. In the height
OF his career DR.. Moore was known as
the New Hampshire Napoleon OF fl
nance" and in addition to controlling
banks and other corporations was
factor IN politics to be reckoned with.
The failure Of the National Bank of
the Commonwealth Derryfield Savings
Bank and Peoples Fire Insurance Co.
all OF Manchester III 1893. following
the flight of Charles f. Morrill,, CASH
Ter OF the National Bank and treasurer
Of tie other concerns, to Argentine
republic, where he died seven or eight
years ago. ended the business life OF
DR.. Moore. who was president of all
three
Joseph G. Moore was born in Lou
don, ~ f.. Aug. %, 1916, the son OF
Dr. D. F. and Frances S. Moore. His
father was Well-knOwn physician
with a somewhat limited practice. Jo-
seDh worked in summer and went to
school in winter. and after time
saved money enough to pursue
course at the New York Medical Col
lcse On his return in 1866 he went in
to the practice of medicine with his
father in Lake Village and for lS
years followed country physicians
routine. He found time and money TO
invest in a number of business enter
pr;ses. and gained an insight INTO
methods and plans which aided him
greatly aftcrward in the prosecution
of his various business matters.
In 1879 he went to Manchester and
with Dr. j. II. Riedell. then of Boston
and Stillson Hutchins of Washington.
D. c.. purchased the Evening Union
and established a morning paper of
the same name. In time DR.. Moore be-
came sole owner of the Union. which
was financial success.
In tho state election of 1880 he was
made a member of the State Senate
from the 9Th Senatorial district. His
chief work during his term of office
was his part in securing the passage
of the measure which created the pres
cIV SIGtt fbodlu VI
In 1884 Dartmouth College. at its
June commencement, conferred on him
the degree of Master of Arts. In 1886,
DR. Moore established the Peoples
Fire Insurance CO. He became presi
dent and made Charles F. Morrill, of
Manchester treasurer. This was
Moores first business connection with
Morrill,. The names of both men be-
came we'll known throughout New
England in after years. through the
multiplicity of their undertakings and
questionable methods, which in the end
cost tie people of Manchester direct
money loss of more than $1,000,000.
Dr. Moore's first ventures were appar-
emily profitable. Through his prompt ac-
ton in forming the Peoples Fire lnsur-
arce Co. he had ingratated himself into
the good opinion of Frank Jones. the
Portsmouth millionaire brewer and rail-
road operator. through whose endeavors
principally a new insurance law had been
enacted. and the doctor secured from MIR.
Jones considerable help in forming the
insurance company and i'll financing sev-
cral of the corporations which aftcrward
were organized by him. In 1889 Moore or
ganized the Merrimac Mortgage & Deban-
ture Co.. which afterward became the
Derryteld Savings Bank, with office in
Manchester The bank was apparently
success for a time. but it seems not to
have been enough of a bank for the doc
tor. for within Il short time the Nation
al Bank Of the Commonwealth of Nam
chester was chartered and established.
with DR. Moore as president-as he was
aal.l a,1- nd n
surance company-and Mr.. Morrill, was
made cashier, he also being treasurer OF
the other two concerns. 1t afterwards
developed that the three institutions had
been conducted with the capital of one.
Or Moore also invested money in sew
cral corporations.
DR. Moore's troubles began in 1892.
when he induced Warren Lane. then
cashier of the Merchants National Bank
of Manchester. to lend him $4,000 without
the knowledge of the directors The
downfall of Lane shook the public conf
dence in the National Bank of the Com
monwealth and Derry field Savings Bank.
During the panic of 1928 the national bank
examiner visited the commonwealth
Bank several times. but on each occasion,
although the institution was insolvent,
the government officials were deceived
bv securities which had been switched
from the savings bank and fire insurance
COMPANY Within week the comptrol-
Ter of the currency issued two calls. each
to be of the same date.
Distracted by the perpeXities Of his po-
stion Cashier Morrill, took what cash
Was available and fed to the Argentine
Rcpublic The doors OF all three institu-
tions were closed forever, and indictments
against Moore and Morrill, were brought
by the federal and state courts Dr-
Moore escaped conviction for banking If
Irregularities. but later served short term
in prison for over-issuing stock of one
of his other companies. The funds of the
wealthy Brookhouse estate OF MancheS-
ter were almost wholly dissipated in the
failure of the bank.
The bank crash which began in Man
chester in 1893 spread indirectly 10 many
other places in the state and it took New
Hampshire nearly a dozen years to recoV-
er from the blow. DR.. Moore always at
tributed his troubles to the panic which
was general throughout the country.