Encyclopedia Dubuque
"Encyclopedia Dubuque is the online authority for all things Dubuque, written by the people who know the city best.”
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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
DUBUQUE CLEARING HOUSE ASSOCIATION
DUBUQUE CLEARING HOUSE ASSOCIATION. The Dubuque Clearing House Association was organized April 16, 1891, as a local bank organization that established rules for the operations of member banks. The organization at first consisted of eight members: First National, Second National, Dubuque National, Dubuque County, Iowa Trust & Savings, German Trust & Savings, German, and Citizens' State. The meetings were held at the office of the Dubuque National. The first officers were : P. J. Lee, president ; E. W. Duncan, vice-president; James Harragan, manager.
On October 28, 1907 the following notice appeared in the Telegraph-Herald:
The action taken locally and by clearing houses in New York and Chicago limited banks but protected investors against removing cash from circulation thereby harming business. The action was totally supported by the newspaper which claimed such action protected depositors.
Locally, the Clearinghouse acted as a spokesperson for member banks announcing legal holidays or hours of operation.
In 1936 during the GREAT DEPRESSION, the Clearninghouse and other agencies published uplifting advertisements.
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Source:
Oldt, Franklin T. History of Dubuque County, Iowa. http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-23-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml
