GELPCKE, WINSLOW AND COMPANY

GELPCKE, WINSLOW AND COMPANY. The company was the agent of the North German Line between Bremen and New York and the Hamburg American Steampacket line between Hamburg and New York.

The 1858-1859 through 1859-1860 Dubuque City Directory listed 126 Main.

The failure of Gelpcke & Co., May 6, 1861, caused great excitement among the depositors and throughout the business circles of Dubuque. A large crowd collected at the bank. It became rumored that Theodore Gelpcke had left the city, taking all the gold with him.

About fifty men gathered at his residence on Locust street with the intention of searching the premises. Upon learning that he was not at home the crowd, now about one hundred, moved down Main Street, where they were addressed at the WASHINGTON HOUSE by William Boyd ALLISON, who stated that he, as assignee, was preparing a statement of the bank's condition. He said he had $5,000 of the bank's cash and that the amount due depositors was about $40,000, and notes soon due to the amount of about $12,000 more. He promised to do all he could for depositors.

Rev. Mr. Dennis also addressed the crowd (now over 200) and advised calm. He said on authority that 50 to 60 per cent of the bank's debts would be paid. The crowd slowly dispersed. In June the assignee paid 20 per cent: total liabilities about $37,000. (1)

See: GELPCKE v. DUBUQUE

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Source:

1. Oldt, Franklin T., History of Dubuque County, Iowa. Chicago: Goodspeed Historical Association, 1880. Online: http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-15-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml (Number 15)