Lewis Swift discovered NGC 7414 = Sw. IV-88, along with NGC 7413, on 2 Sept 1886 and recorded "eeeF; S; R; eee diff; n of 2 [with NGC 7413]." His RA is listed as the same as NGC 7413, which is 15 seconds too small, and 2.5' to the north.
There is nothing near Swift's published position for NGC 7414 or after correcting for the offset in RA for NGC 7413. The RNGC identifies PGC 70008 = PGC 94273 as NGC 7414. This galaxy is located 1.7' north, but 21 seconds of RA further east. Harold Corwin feels the RNGC candidate is a plausible identification, but I'm skeptical based on how faint it appeared in my 18". So, NGC 7414 may be nonexistent (perhaps a faint star). See Harold Corwin's identification notes.
400/500mm - 17.5" (9/2/89): Not seen at 220x.
Notes by Steve Gottlieb