Encyclopedia Dubuque
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MOLONEY, Lawrence: Difference between revisions
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MOLONEY, Lawrence. (Ireland, 1819--Dubuque, IA, 1864). | MOLONEY, Lawrence. (Ireland, 1819--Dubuque, IA, 1864). When Lawrence was about ten years old, his parents immigrated to the United States, arriving in Dubuque shortly after the Black Hawk Purchase. Lawrence, soon after attaining his majority began accumulating property on every favorable opportunity. He erected a three-story brick building on the south half of the lot later occupied by the A.A. Cooper building, corner of Third and Main streets, which he used for a general store several years. In the meantime General Gehon bequeathed him considerable land, and a smaller bequest was made by a Mr. Slater. These bequests were made in testimony of the high esteem in which those gentlemen held Mr. Moloney. | ||
The financial boom | The great financial boom that struck Dubuque in the year 1855 caused a rapid advance in all kinds of property, especially real estate. In 1856 Moloney was rated as being worth $250,000. That year he had the idea of tearing away the frame building adjoining his store, on the north side, and erecting in its place a three-story brick building. He was offered $30,000 for the ground, including the brick store, which he occupied, but he decided to build. He could see his way clear without going in debt, and he felt that with the property clear he was running no risk. The workmen, however, in excavating the foundation, undermined the north wall of the store, and it had to be taken down. This changed the plans adding to the expense. | ||
The building was completed about the time the panic of 1857 struck Dubuque. Real estate values and rents fell. The paper money was nearly worthless by the failure of the banks; gold and silver were needed in New York City where it went to pay debts. Mr. Moloney borrowed $10,000 from Mr. Corwith, banker, of Galena; at 10 per cent for five years, when the mortgage was foreclosed, and the house that cost $55,000 and the ground for which he had been offered $30,000 sold for this sum with interest. | |||
Mr. Moloney died in 1864, leaving an estate consisting of considerable land, most of which was taken to satisfy a claim made by the E. Shine Estate. | |||
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Source: | |||
Irish in Iowa. Online: http://www.celticcousins.net/irishiniowa/irelandbios6.htm#moloney | |||
[[Category: Business Leader]] | [[Category: Business Leader]] | ||
Revision as of 19:29, 6 April 2014
MOLONEY, Lawrence. (Ireland, 1819--Dubuque, IA, 1864). When Lawrence was about ten years old, his parents immigrated to the United States, arriving in Dubuque shortly after the Black Hawk Purchase. Lawrence, soon after attaining his majority began accumulating property on every favorable opportunity. He erected a three-story brick building on the south half of the lot later occupied by the A.A. Cooper building, corner of Third and Main streets, which he used for a general store several years. In the meantime General Gehon bequeathed him considerable land, and a smaller bequest was made by a Mr. Slater. These bequests were made in testimony of the high esteem in which those gentlemen held Mr. Moloney.
The great financial boom that struck Dubuque in the year 1855 caused a rapid advance in all kinds of property, especially real estate. In 1856 Moloney was rated as being worth $250,000. That year he had the idea of tearing away the frame building adjoining his store, on the north side, and erecting in its place a three-story brick building. He was offered $30,000 for the ground, including the brick store, which he occupied, but he decided to build. He could see his way clear without going in debt, and he felt that with the property clear he was running no risk. The workmen, however, in excavating the foundation, undermined the north wall of the store, and it had to be taken down. This changed the plans adding to the expense.
The building was completed about the time the panic of 1857 struck Dubuque. Real estate values and rents fell. The paper money was nearly worthless by the failure of the banks; gold and silver were needed in New York City where it went to pay debts. Mr. Moloney borrowed $10,000 from Mr. Corwith, banker, of Galena; at 10 per cent for five years, when the mortgage was foreclosed, and the house that cost $55,000 and the ground for which he had been offered $30,000 sold for this sum with interest.
Mr. Moloney died in 1864, leaving an estate consisting of considerable land, most of which was taken to satisfy a claim made by the E. Shine Estate.
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Source:
Irish in Iowa. Online: http://www.celticcousins.net/irishiniowa/irelandbios6.htm#moloney