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COMMERCIAL NATIONAL BANK

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COMMERCIAL NATIONAL BANK. The officers of the bank included R.E. GRAVES and Henry L. STOUT. The bank was organized on April 11, 1871 and located at 92 Main Street.

The Commercial National Bank closed its doors March 20, 1888. There was due depositors $444,059. E. P. Welles, of Clinton, was appointed receiver. The total liabilities were $518,310. The IOWA IRON WORKS owed the bank $145,000. Certain members of the bank had withdrawn large sums.

The receiver charged violations of the law by the bank officials and on that ground asked for the forfeiture of its charter; he also charged that false statements had been made. In the end the bank paid about 70 cents on the dollar. See: BANKS AND BANKING.

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Source:

"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the OLD JAIL 2007-2010

Oldt, Franklin T. History of Dubuque County. http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-21-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml