Encyclopedia Dubuque
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MERCHANTS' NATIONAL BANK: Difference between revisions
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[[Image:merchantsnationalbank.png|left|thumb|350px|]]MERCHANTS' NATIONAL BANK. Located at Main and 5th [[STREETS]], the bank opened for business on May 1, 1865. F. H. W. Sheffield was the president and [[BABBAGE, Richard A.|Richard A. BABBAGE]] cashier. | [[Image:merchantsnationalbank.png|left|thumb|350px|]]MERCHANTS' NATIONAL BANK. Located at Main and 5th [[STREETS]], the bank opened for business on May 1, 1865. F. H. W. Sheffield was the president and [[BABBAGE, Richard A.|Richard A. BABBAGE]] served as cashier. The 1873-74 '''Dubuque City Directory''' listed 96 Main as the business address. | ||
Babbage came to Dubuque in 1856 and sold real estate before opening a private bank that prospered. In 1865 he was bought out and made cashier of Merchants' National whose officers included such prominent Dubuque residents as [[ALLISON, William Boyd|William Boyd ALLISON]], [[STOUT, Henry L.|Henry L. STOUT]], and [[HANCOCK, John T.|John T. HANCOCK]]. | |||
The | On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants' Bank, not knowing which banks might be involved, rushed to withdraw their deposits. At the end of the day, bank officials found themselves without enough money to open the following day. (1) | ||
[[Image:merchantsnationalbank12.jpg|left|thumb|350px|]]On Saturday, [[BOOTH, Caleb H.|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2) | |||
The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property in Dubuque including buggies, sleighs, harness, blankets, and horses were sold at auction. (4) | |||
[[WELLINGTON, William E.|William E. WELLINGTON]] was appointed to settle the bank's affairs and later bought its assets. | [[WELLINGTON, William E.|William E. WELLINGTON]] was appointed to settle the bank's affairs and later bought its assets. | ||
On March 5, 1874 stockholders of the bank met to decide when to close the business, dispose of the bank's assets, and dissolve the business. (5) | |||
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Source: | Source: | ||
1. "1873 Bank Closing Panicked City," ''Telegraph Herald'', March 6, 1960, Dubuque News, p. 1 | |||
2. Ibid. | |||
3. Ibid. | |||
4. "Sale of the Sheffield Farm," ''Dubuque Herald'', October 31, 1873, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18731031&printsec=frontpage&hl=en | |||
5. "Caught on the Fly," ''Dubuque Herald'', March 4, 1874, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18740304&printsec=frontpage&hl=en | |||
"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the [[OLD JAIL]] 2007-2010 | "Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the [[OLD JAIL]] 2007-2010 | ||
[[Category: Banks]] | [[Category: Banks]] | ||
Latest revision as of 16:54, 29 July 2024
MERCHANTS' NATIONAL BANK. Located at Main and 5th STREETS, the bank opened for business on May 1, 1865. F. H. W. Sheffield was the president and Richard A. BABBAGE served as cashier. The 1873-74 Dubuque City Directory listed 96 Main as the business address.
Babbage came to Dubuque in 1856 and sold real estate before opening a private bank that prospered. In 1865 he was bought out and made cashier of Merchants' National whose officers included such prominent Dubuque residents as William Boyd ALLISON, Henry L. STOUT, and John T. HANCOCK.
On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants' Bank, not knowing which banks might be involved, rushed to withdraw their deposits. At the end of the day, bank officials found themselves without enough money to open the following day. (1)
On Saturday, Caleb H. BOOTH was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)
The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property in Dubuque including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)
William E. WELLINGTON was appointed to settle the bank's affairs and later bought its assets.
On March 5, 1874 stockholders of the bank met to decide when to close the business, dispose of the bank's assets, and dissolve the business. (5)
---
Source:
1. "1873 Bank Closing Panicked City," Telegraph Herald, March 6, 1960, Dubuque News, p. 1
2. Ibid.
3. Ibid.
4. "Sale of the Sheffield Farm," Dubuque Herald, October 31, 1873, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18731031&printsec=frontpage&hl=en
5. "Caught on the Fly," Dubuque Herald, March 4, 1874, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18740304&printsec=frontpage&hl=en
"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the OLD JAIL 2007-2010