3391. Dubuque Savings Bank (Dubuque, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
October 1, 1873*
Location
Dubuque, Iowa (42.501, -90.665)

Metadata

Model
gpt-5-mini
Short Digest
bdbbd95f

Response Measures

Full suspension

Description

Contemporary articles describe a run precipitated by the 1873 panic that exposed large defalcations by officers; a receiver (W. G. Stewart) was appointed and assessments ordered on stock — the bank was rendered insolvent and went into receivership (permanent closure). Dates are taken from the articles (run in Oct. 1873; receiver/assessments reported in early November 1873).

Events (4)
1. October 1, 1873* Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by the 1873 panic which revealed massive defalcations by the bank's president and cashier (embezzlement/false bookkeeping).
Newspaper Excerpt
The recent panic produced a run upon it for currency, and then the rotten interior under the fair surface was revealed
Source
newspapers
2. November 4, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Appointment of a receiver and assessment on stock following discovery of large embezzlement/insolvency; assets insufficient to cover deposits (receiver reported liabilities ~$117,000, assets ~$44,000).
Newspaper Excerpt
The depositors of the Dubuque Savings Institution held a meeting to-day and agreed to the appointment of a Receiver, and William G. Stewart ... has been appointed.
Source
newspapers
3. November 7, 1873 Other
Newspaper Excerpt
W. G. STEWART, receiver of the Dubuque Savings Bank, has ordered an assessment of 90 per cent on the stock, to pay up depositors.
Source
newspapers
4. November 12, 1873 Receivership
Newspaper Excerpt
The Receiver of the Dubuque Savings Bank has made a report ... liabilities of the bank to depositors amount to $117,000 ... available assets ... about $44,000.
Source
newspapers

Newspaper Articles (7)
1. October 5, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 5, 1873

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Article Text

l'okin, is paying its depositora in full, either in currency or exchanges, AR its customors dictate, DUBUQUE. Special Dispatch to The Chicago Tribuna, DUBUQUE, In., Nov. 4.-Bank Examinor Magruder arrived horo to-day by direction of the Comptrollor of the Currency to deformino whether the Morchants' National Bank should be placed in the hands of a Rocolver. The depositors are signing n polition requesting the Comptroller to lot the Directors of the bank entile up its afTuirs, OR they believe by 80 doing they will the sooner be paid what in due them. The depositors of the Dubuquo Savings Institution hold a meeting to-day and agreed to the appointment of a Recolvor, and William G. Stewart, the present County Treasurer, hus been appointed. It 1A presumed that the assets of this bank will yield 30 per cent to depositors, and that the liability of the stockholders will yield 20 per cent more. DAVENPORT, IOWA. Special Dispatch to The Chicago Tribune. DAVENPORT, Oct. 4.-It has beon Retiled by bank mon hero that the banks of this city will, in all probability, resume full payments by next Thursday. Considorable trouble was experienced by employers in gotting their pay-rolls discharged to-day. It WAR apprehonded yesterday that there would be a run on the savings banks to-day, but such line not beon the case. Sinco yesterday, over 100 loaded cara of grain and stock have been shipped to Chicago.

2. October 6, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 6, 1873

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WESTEEN COUNTRY BANKS. SPRINGFIELD, Special Dispatch to The Chicago Tribune. SPRINGFIELD, ILL., Oct. 1.-In n reported interview with A. 11. Burley, who recently visited this city, be is made to any, in the Chicago Times, that the savingsbank: in this city had $13,000 in the Union National, of Chicago, at the time of its suspension. There is not one word of (ruth in the statement, which is not bolleved to have been inado by Mr. Burley. The savings-bank, as shown by their books, had a little over $8,000 in the Union National at its suspension, and, in consideration of the savingsbank opening an account with the Northwestern Nntional, of Citiengo, that bank agreed to credit the havings-bank with the balance due them from the Union National, and for which amount they could draw at any time if needed. So they have not now ono dollar in the Union National, GALYA, ILL. GALVA, Ill., Oct. 4.--The banking-house of L. W. Beek han not benu affected by the panic. It is paying out currency, and doing busjuets as usual. The grain business in revivirg. PERIN, ILL Special Dispatch to The Chienge Trilmine. PERIN, Ill., Oct. J.-Tue First National Bank, of Pekin, is paying its depositors in full, either in currency or exchanges, UK its automera dictate, DUBUQUE. Special Dispatch to The Chicago Trilune. DUBUQUE, In., Nov. 4.-Bank Examiner Magruder arrived here to-day by direction of the Comptroller of the Currency to determine whether tho Merchants' National Bauk should Le placed in the hands of a Receiver. The depositors are signing a petition requestiug the Comptroller to let the Directors of the bank settle up its affairs, ILH they believe by so doing they will the sooner be paid what 1H due them. The depositors of the Dubuque Savings Institution held a meeting to-day and agreed to the appointment of a Receiver, and William G. Stewart, lum the present County Treasurer, beon appointed. It is presumed that the ussets of this bank will yield 30 per cent to depositors, and that the liability of the stockholders will yield 20 per ceut more. DAVENPORT, IOWA. Special Digutich in The Citiento Trilume. DAVENPORT, OAL 4.-It bas been Fettled by bank men here that the butils of this city will, in all probability, remuno full payments by next Thursday. Considerable trouble was experienced Ly employers In getting their pay-rolls discharged to-day. It was apprehended yesterday that there would be a run ou the savings banks to-day, but such line not been the caso, Sluce yesterday, over 100 loaded cars of grain and stock have been shipped to Chicago. ABROAD. LONDON, Oct. 4.-Steanehip Prelsin,from Piymouth, to-day, for New York, took $16,000 in specie,

3. October 8, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 8, 1873

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lu England it has appeared at Hull. THE DUBUQUE DEFALCATION. - Our Westero exchanges bring the details of the financial operations of two enterprising gentlemen, Messrs Babbage and Sheffield, who were respectively Cashier and President of a complex establishment in the thriving city of Dubuque, Iowa, known as the Merchants' Bank and Dubuque Savings Institution. The story is not it new one, and it has been told over and over again is these days of defalcations. These two officers had the complete control of the funds of the establishment, and they did what they pleased with the money, and it pleased them to convert it to their own private use and benefit. The method was the same as has grown familier Worthless securities, wild-cat everywhere. railway bonds, a falsification of the books, and direct abstraction of the money, brought the bank down to practical insolvency, when it was to all appearances in the most thriving condition. The recent panic produced a run upon it for currency, and then the rotten interior under the fair surface was revealed, and the President and Cashier were found to have robbed it of three hundred and odd thousand dollars, and to have covered up their crime as we have stated. A remarkable thing in regard to these breaches of trust by officers of banks is the opportunities afforded for their. One or two or three men are permitted to hold the absolute disposition of hundreds of thousands of dollars without either being overseen or made responsible to any efficient authorty. There is nothing to prevent them from abusing the contidence placed in them. They may go ou for year after year making a wrongful use of the money and hiding their tracks by means of their false book-keeping until an extraordinary occurrence strips the mask off them and reveals them as the scoundrels that they are. But although in every section of the country precisely this experience has been met with, yet the lesson seems to have been thrown away. The same faulty system prevails, and every now and then a erash comes. After the warnings which have been given it is singular that the people whose money lies at the mercy of bank officers do not insist that there shall be some accountability to them. The Dubuque case is on a parallel with that of the Brooklyn Trust Company and the fault in both instances is the same.- Bultimore American.

4. November 7, 1873 River Falls Journal River Falls, WI
Article from River Falls Journal, November 7, 1873

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Article Text

The West. A BEVERE storm on Lake Michigan-the hardest sitice 1859 caused a great loss to the shipping interest. The lower part of the city of Milwaukee was submerged for two days, and considerable damage was done to that portion of the city by the flood. PATSEY MANLEY, a horse trader, who was to have fought Martin Broderick in the same in which Allen and Hogan was expected to fight in, was found in a dying condition in St. Louis, He Was shot through the left breast, and Mike McCoole, the prize tighter, has been arrested as his murderer. THE Pacific Express, on the C. and N. W. R., was run into by a freight grain near Cedar Rapids, Ia., on Thursday. J.B. Watkins, Superiotendent of the Iowa Division, was killed by the cars. No one else was injured. A MOB of disguised men, eixty strong, attacked a party of seven deputy sheriffs, guarding the jail at Centerville, Ind., which the workmen are tearing down to remove to the new county seat. After fiving one hun dred shots from the small arms, without serious results, a six-pound cannon loaded with spikes, nails, and scraps of iron was fired at the doors, which being demolished, the mob occupied the Sheriff's residence, forming a part of the jail building. RICHARD EDWARDS, of Cincinnati, aged 41 years, shot and killed Juo. Edwards, his father, through the abdomen. Richard Edwards is under arrest for murder. The testimony is complete as to the circumstance, Richard says his father was drunk, abused his mother, and that he left the house and went to change his pistol from his coat to his pants pocket, when it went off and shot his father, who was following several feet be! and him. THE Pan Handle shops at Indianapolis are again working their full force, the men dis. charged a few weeks ago being re-employed, A HOUSE occupied jointly by John and Jonathan Rob' ins and their families, in Mercer county, Mo., was burned last week. Two of their children perished in the flames: two were fatally burned, and two others escaped. NEARLY 600,000 people have visited the Chicago Exposition, THE failure of James Matthews' bank at Negaunee, frightened small depositors, mainly miners, in the banks of the iron region, and a run upon the banks in Marquette, Ne. gaunee and Ishpeming was the consequence. Business men are not at all alarmed, and continue to deposit. It IS not kno an that the banks have shown any signa of weakness The citizens' banks are being prepared for all emergencies. THE aggregate receipts of wheat at Chicago, Milwankee, Toledo, Detroit, Clevelaud, St. Louis, and Daluth, from Jan. to Oct. 18, inst., were 52,159,793 bushels, while the receipts for the corresponding period of last year were only 29,619,477 bushels. The ship. ments for the same period from the ports mentioned were 44,935,762 this year, compared with 22,834,793 in 1872. W. G. STEWART, receiver of the Dubuque Savings Bank, has ordered an assessment of 90 per cent on the stock, to pay up depositors. THE Silver-plating Company, of Aurora III., having reduced the wages of their employes 20 per cent., several of the men quit work, and more threaten to do so unless the company return to the customary wages. The scarcity of money has compelled this sudden change The C1

5. November 8, 1873 The Superior Times Superior, WI
Article from The Superior Times, November 8, 1873

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A SEVERE storm on Lake Michigan-the hardest since 1859-caused a great loss to the shipping interest. The lower part of the city of Milwaukee was submerged for two days, and considerable damage was done to that portion of the city by the flood. PATSEY MANLEY, a horse trader, who was to have fought Martin Broderick in the same in which Allen and Hogan was expected to fight in, was found in a dying condition in St. Louis, He was shot through the left breast, and Mike McCoole, the prize fighter, has been arrested as his murderer. THE Pacific Express, on the C. and N. W. R. R., was run into by a freight train near Cedar Rapids, Ia., on Thursday. B. Watkins, Superintendent of the Iowa Division, was killed by the cars. No one else was injured. A MOE of disguised men, sixty strong, attacked a party of seven deputy sheriffs, guarding the jail at Centerville, Ind., which the workmen are tearing down to remove to the new county seat. After firing one hun dred shots from the small arms, without sebus results, a six-pound cannon loaded with spikes, nails, and scraps of iron was fired at the doors, which being demolished, the mob occupied the Sheriff's residence, forming a part of the jail building. RICHARD EDWARDS, of Cincinnati, aged 41 years, shot and killed Jno. Edwards, his father, through the abdomen. Richard Edwards is under arrest for murder. The testimony is complete as to the circumstance. Richard savs his father was drunk, abused his mother, and that be left the house and went forchange his pistol from his coat to his pants pocket, when it went off and shot his father, who was following several feet behind him. THE Pan Handle shops at Indianapolis are again working their full force, the men dis. charged a few weeks ago being re-employed, A HOUSE occupied jointly by John and Jonathan Robbins and their families, in Mercer county, Mo., was burned last week. Two of their children perished in the flames; two were tatally burned, and two others escaped. NEARLY 600,000 people have visited the Chicago Exposition. THE failure of James Matthews' bank at Negaunee, irightened small depositors, mainly miners, in the banks of the iron region, and a run upon the banks in Marquette, Negaunee and Ishpeming was the consequence. Business menare not at all alarmed, and continne to deposit. It IS not known that the banks have shown any signs of weakness. The citizens' banks are being prepared for all emergencies. THE aggregate receipts of wheat at Chicago, Milwaukee, Toledo, Detroit, Clevelaud, St. Louis, and Duluth, from Jan. 8 to Oct. 18, inst., were 52,159,793 bushels, while the receipts for the corresponding period of last year were only 29,619,477 bushels. The shipments for the same period from the ports mentioned were 44,935,762 this year, compared with 22,834,793 in 1872. W. G. STEWART, receiver of the Dubuque Savings Bank, has ordered an assessment of 90 per cent. on the stock, to pay up depositors. THE Silver-plating Company, of Aurora, Ill., having reduced the wages of their employes 20 per cent., several of the men quit work, and more threaten to do so unless the company return to the customary wages. The scarcity of money has compelled this sudden change

6. November 12, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 12, 1873

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WESTERN COUNTRY BANKS. EAST BAGINAW, MICH. Special Dispatch to The Chicago Tribune, EAST SAGINAW, Nov. 11.-At the meeting of the DIrectors of T. P. Sheldon, banker and bankrupt, held to-day, the creditors failed to elect an Assignee. The high est number of votes received wha by Bernard Hanch, 82, it requiring 1S7 to elect. The liabilities of the bank are $110,000, only $70,200 of which have been proven. Special Dispatch to The Chicago Tribune. DUBUQUE, In., Nov. 1.-The Receiver of the Dubuque Savings Bank has made a report to the District Court, now in session, to the effect that the liabilities of the bank to depositors amount to $117,000, besides interest : and the available assets, without assessing the stockholders, amount to only about $44,000, lonving a deficit of $73,000. The Receiver informs the Court that he has made an B68CBBment on the stockholders of the 'amount due on the stock. from which ho expects to realize not more than $40,000 from the stockholders, some of them being insolvent. He asks the Court to confirm and ratify his doings. It is rumored that some if not all of the stockholders will resist the collection of anything from them to make up the deficit referred to. Judge Wilson, of the District Court, has charged the Grand Jury very pointedly that it is. their duty to investigate the criminal conduct of the bank officers here who robbed the Merchants' National and Dubuque Savings banks. The course of Judge Wilson is uni+ versaily commended. WATERLOO, IA. A bank failure took place yesterday at Waterloo, that of H. M. Crittenden & Co. Their institution was a savings bank, and the liabilities are said to be about $50,000. Tho assets are not stated, but supposed to be sufficient to pay depositors,

7. December 11, 1873 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, December 11, 1873

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# STATE ITEMS. Whooping cough is prevalent at Cedar Rapids. Burlington has outraged itself in the capture of a burglar. Oskaloosa has sent thirty-three tons of coal to the suffering homesteaders. Farley run out a quarrelsome citizen with the rogue's march the other evening. Keokuk's Board of Trade is organized under State law, and in full operation. The city of Des Moines has purchased one hundred tons of coal for the homesteaders. Cresco has organized a series of griddle cake sociables, which are both popular and profitable. Jackson county dedicated a new court house, Thanksgiving day, at Maquoketa. Davenport letter carriers, in November, delivered 14,139 letters and collected 18,574. The Dubuque Savings Bank has been proved to have been insolvent for two years before the crash came. Cedar Rapids has a female convict who spends her time in writing religious poetry. Des Moines spiritualists declare against the Woodhull free-love dogma, and for proper legal marriages. Three straight drinks of McGregor whisky smashed two buggies, broke two heads a good deal, and cost about $300. Judge Meservey, of Fort Dodge spent his Thanksgiving in soliciting donations of coal to send to the suffering settlers of Northwestern Iowa. Dubuque is generous toward the suffering homesteaders. It has contributed over $1,000 in goods and money. At a recent commercial caucus, it was found that Davenport has 784 business houscs; Dubuque 664; and Burlington 562. From the Grinnell Herald we learn that they have an enterprise in that city in the shape of glove making and tanning for the same. The past season they have tanned 1,200 goat skins. Burlington has inaugurated a night school for the winter. It has about forty pupils, from seven to thirty-five years of age—among them several ladies. Kempf, a brewer at Dubuque, wanted the council to pay him $270 for coal burnt during the fire which destroyed his brewery, alleging negligence on the part of the fire department. He did not get it. A firm in Clinton requests its debtors to pay up in the following words: "awud ov ywo waunt luny moure hin-fermathim whitch ov cwoarse youe duvyoust drought hintow thea stwoorhoff." Who could refuse such an elegant invitation. The new code provides that the Lieutenant Governor shall receive only the pay of a Senator, and that the Speaker of the House shall not be paid any more than his salary as a Representative—only this and nothing more. H. M. Belvel, who was a candidate before the last Legislature for Sergeant-at-Arms—as Republican ther—is the anti-monopoly candidate now. He is connected with the Wayne County News. The Dallas Gazette says: Highway robbers and horse thieves are becoming altogether too numerous in these parts. One night last week two ruffians stopped Dr. Campbell while he was nearing De Soto and demanded his money. Having only ten cents about him they indignantly refused to accept that, and ordered him to pass on. Last Monday night some one entered the stable of Lewis Jolly and took therefrom a dark sorrel horse and saddle. The Keosauqua Republican has a story of a plucky woman: "Mrs. Bennett, who lives about half a mile above town, killed a deer with an axe last Saturday. Some hunters with their dogs had been chasing the animal for a couple of days. In its flight the deer ran into Mr. Bennett's yard, where the dogs caught it. No one else being at home, Mrs. Bennett ran out with an axe and knocked it in the head and had venison for supper.