MOLONEY, Lawrence

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 began accumulating property and 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.

The great financial boom that struck Dubuque in 1855 caused a rapid increase in the value of 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.

The building was completed about the time the PANIC OF 1857 struck Dubuque. Real estate values and rents fell. Paper money was nearly worthless due to 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, a banker from 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:

Goodspeed, Weston Arthur, History of Dubuque County, Iowa. Chicago: Goodspeed Historical Association, 1911, p. 754

"Irish in Iowa." Online: http://www.celticcousins.net/irishiniowa/irelandbios6.htm#moloney