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 | [[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. | ||
Babbage's embezzlement of funds led to the failure of the bank in 1878. 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 first clue of the crime came when a Dr. Sprague came running to the bank announcing that Babbage was burning a large set of the bank's books in a stove. Babbage's crime resulted in a loss to the bank depositors of $267,289. it closed in 1873. | |||
[[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. | ||
Revision as of 03:42, 7 June 2012
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 cashier.
Babbage's embezzlement of funds led to the failure of the bank in 1878. 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.
The first clue of the crime came when a Dr. Sprague came running to the bank announcing that Babbage was burning a large set of the bank's books in a stove. Babbage's crime resulted in a loss to the bank depositors of $267,289. it closed in 1873.
William E. WELLINGTON was appointed to settle the bank's affairs and later bought its assets. 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-17-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml