IOWA MUTUAL BUILDING AND LOAN ASSOCIATION

IOWA MUTUAL BUILDING AND LOAN ASSOCIATION. The company was founded on April 16, 1890 with Christian Anton VOELKER, president and J. A. Althauser, vice-president. Thirty-five stockholders began the company and $40,000 in stock had been purchased by the second day of operation.

Unlike two other building and loan associations in the community which followed the "local" plan of organization limiting their business to the county, the new company was incorporated on the "national plan" to do business throughout Iowa. (1)

In 1899 Iowa Attorney General Remley petitioned the court to appoint a receiver for the company. The petition stated that no meeting of the association had been held in several years except one in May, 1898. At that meeting F. C. Spinney was chosen president although at other times C. A. Voelker acted as though he had the position. Spinney never filed a bond as required by law. (2)

On April 10, 1898 Joseph J. Ott was appointed receiver. The court determined that the affairs of the Iowa Mutual Building and Loan Association had been managed in a grossly careless, negligent manner and in violation of the law since May 26, 1898. The rights of the stockholders had been ignored. (3)

In 1902 Ott and Judge Matthews who appointed him were charged with fraud in the administration of the Association. This, according to the publishers of the Herald, was led by the publishers of the Dubuque Times and the Globe-Journal to secure the election of the republican county political ticket. (4)

The 1890-91 Dubuque City Directory listed the northeast corner of 13th and Clay.

---

Source:

1. "Building and Loan," Dubuque Daily Herald, April 17, 1890, p. 4

2. "Wants a Receiver," The Dubuque Herald, April 2, 1899, p. 8

3. "Appoints a Receiver," The Dubuque Herald, April 11, 1899, p. 8

4. "Ott Maligned," The Dubuque Herald, November 1, 1902, p. 4