3399. Merchants National Bank (Dubuque, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
846
Charter Number
846
Start Date
September 26, 1873
Location
Dubuque, Iowa (42.501, -90.665)

Metadata

Model
gpt-5-mini
Short Digest
c1ce29bb

Response Measures

None

Description

The Merchants' National Bank of Dubuque suspended payment in late September 1873. Subsequent examinations disclosed large defalcations by officers (cashier R. A. Babbage and president Sheffield); stockholders voted liquidation and a receiver was named. No clear contemporaneous report of a depositor run on this specific bank is given; the causes are bank-specific fraud/insolvency leading to suspension and ultimate liquidation/receivership.

Events (7)

1. February 27, 1865 Chartered
Source
historical_nic
2. September 26, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after inability to procure currency and subsequent discovery of large defalcations by officers (cashier R. A. Babbage and president Sheffield).
Newspaper Excerpt
DUBUQUE, IOWA, September 26.-The Merchants' National Bank, of Dubuque, has suspended temporarily.
Source
newspapers
3. September 27, 1873 Other
Newspaper Excerpt
The Merchants' National has suspended payment entirely. The First National is paying in bills receivable and a small amount in currency. The run on the German Savings and Peoples' Savings Banks seems to have entirely subsided.
Source
newspapers
4. September 30, 1873 Other
Newspaper Excerpt
The Merchants' National Bank of this city will not resume. The stockholders tonight voted to go into voluntary bankruptcy. Gen. O. H. Booth will be appointed Receiver.
Source
newspapers
5. September 30, 1873 Voluntary Liquidation
Source
historical_nic
6. October 1, 1873 Receivership
Newspaper Excerpt
An examination into the affairs of the Merchants' National bank discloses the most barefaced dishonesty and fraud... The stockholders have decided to go into voluntary bankruptcy ... to find property owned by the defaulting officers to make good the claims of depositors.
Source
newspapers
7. October 2, 1873 Other
Newspaper Excerpt
The stockholders of the suspended Merchants' National Bank to-day elected C. H. Booth as cashier ... to settle up the bank's affairs. Mr. Babbage's defalcation is $267,000, and Sheffield's $62,000.
Source
newspapers

Newspaper Articles (19)

Article from Public Ledger, September 26, 1873

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LATEST TELEGRAMS. AMERICAN PRESS ASSOCIATION. VIA 8. P. ANDEA. TELEGRAPH COMPANY. Specials to the]Ledger. The Panic. COUNCIL BLUPPS, IOWA, September 26. There is but little excitement here and no disturbance of business beyond the stoppage of the grain trade. Our banks do not anticipate trouble. They approve the course of the Chicago banks, and will adopt the same should occasion seem to require it. OMAHA, September 26.-The banks here will Not suspend, and have so far paid certificates whether due or not. No united action has been taken. The opinion here as to the action in Chicago is divided. BURLINGTON, IA., September 26.-Our banks have been transacting business, except buying exchange, as usual to day. The news of the action of the Chicago banks occasioned a little excitement at first, but it soon subsided. The general feeling is that the Chicago banks acted wisely. The Burlington banks are strong and do not seem to feel that a pressure will disturb them. There is a little nervousness among merchants and other business men, but no indications of panic. SPRINGFIELD, ILL, September 26.The financial news creates but little excitement here. The officers say that they will open to-morrow and do business as usual. DUBUQUE, IOWA, September 26.-The Meachants' National Bank, of Dubuque, has suspended temporarily. U Other banks are open.


Article from Nashville Union and American, September 28, 1873

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tion of the First National Bank, reported to day a much better exhibit than anticipated, and resolutions were adopted looking to its immediate resumption. According to reports its d mand liabilities are $324,000 against unquestioned and availab e assets of $555,000. The doubtful and unavailable assets being $101,000, making total assets of $656,000. After paying all liabilities the stockholders can realize par on their shares. On reading the report of the committee $200,000 was subscribed towards enabling the bank to resume. Dabuque. DUBUQUE, IA., Sept. 27 The Commercial National Bank of Dubuque is the only National Bank in this city that is meeting all demands in full in currency, and to-day their deposits have considerably decreased. The Merchants' National has suspended payment entirely. The First National is paying in bills receivable and a small amount in currency. The run on the German Savings and Peoples' Savings Banks seems to have entirely subsided.


Article from The Rutland Daily Globe, September 29, 1873

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CHICAGO, Sept. 27-Midnight. The action of the board of trade in stopping option sales for the present and the conservative action of the members for the past few days for voluntarily abstaining from trading in options, have put the grain trade in condition to meet the worst. There is considerable currency coming in from the country for investment in grain, which will aid to lessen the stringency. There is, however, anxious feeling for the future, and intense interest felt in developments of to-morrow. Dis. patches from Dubuque, Iowa, say the Merchants' National bank of that city closes its doors this morning, giving as a reason the impossibility of procuring currency from Chicago. The Commercial National bank of the same place continued to pay out as usual, and though there was something of a run during the day their deposits nearly equaled withdrawals. MEASURES OF BOSTON BANKERS. BOSTON, Sept. 27. At a meeting of the bank presidents of this city, this morning, it was decided to adopt the New York plan, that is to make only small currency payments and to issue ten million dollars of loan certificates.


Article from The Rutland Daily Globe, September 29, 1873

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CINCINNATI, Ohio, Sept. 27. The day has passed quietly in financial and commercial circles. There was positively an improved feeling among all classes. Prices on change stiffened materially, and some articles brought higher figures than since the panic. A number of banks have announced that they would pay all currency checks against new currency deposits, and certify checks against deposits in checks. A fair amount of currency has been paid to mechanics and manufacturers for wages, and no great dissatisfaction was expressed by any one. A much healthier tone has prevailed, and greatly increased hopefulness has been manifested on all sides. AT DUBUQUE. DUBUQUE, I., Sept. 27. The Commercial National Bank is the only national bank in this city that is meeting all demands in full in currency. The Merchants' National Bank has suspended. The First National Bank is paying in bills receivable and small amounts of currency. The run on the German Sayings Bank and the Peoples' Sayings Bank has subsided.


Article from The Rutland Daily Globe, September 29, 1873

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Latest Financial LOUIVVILLE, Sept. 27. SUSPENSIONS The following banks suspended payment temporarily to-day German Bank. Ma. onic savings bank, Western bank. German Insurance bank. Louisville Banking Co., German savings bank, and Central savings bank. The run on these banks has been steadily increasing for three days. All have abundant resources. Other banks have heavily drawn on the suspended banks All the savings institutions are owned chiefly by Germans. PANIC CONTINUES. LITTLE Rock, Sept. 27. The money panic continued to-day. Never in the history of the city has money been so stringent. It is impossible collaterals. to get any money with any sort of CONFIDENCE. CHICAGO, Sept. 25. People generally are taking matters very quietly and there seems to be considerable confidence among bankers that with prudent management and no further trouble East they will be able to pull through. AT CINCINNATI. CINCINNATI, Ohio, Sept. 27. The day has passed quietly in financial and commercial circles. There was positively an improved feeling among all classes. Prices on change stiffened materially, and some articles brought higher figures than since the panic. A number of banks have announced that they would pay all currency checks against new deposits, and certify checks in checks. A currency against deposits fair mechanics amount of currency has been paid to and manufacturers for wages, and no great dissatisfaction was expressed by any one. A much healthier tone has prevailed, and greatly increased hopefulness has been manifested on all sides. AT DUBUQUE. DUBUQUE. I., Sept. 27. The Commercial National Bank is the national bank in this city that is meetdemands in full in currency. only ing all The Merchants' National Bank has suspended. The First National Bank is paying in bills receivable and small amounts of currency. The run on the German Sayings Bank and the Peoples' Sayings Bank has subsided. AT PHILADELPHIA. PHILADELPHIA. Sept. 27. A committee of the stock board had a this afternoon bank at which the latter it presidents, conference with stated the that was not the intentions of banks to force any securities upon the market and they would not do anything that would tend to cause a decline of securities of the stock board. AT CHICAGO. CHICAGO, Sept. 27. The clearing house association held adjourned meeting last night. The committee on Friday night to a plan, submitted appointed report two consider reports and which were essentially the same, the only difference being that one recommended the of the New York adoption recommended plan in all the its details: while the other adoption of something similar to it. After e a prolonged discussion both reports were 1 tabled by a majority vote. The situation 1 here is therefore essentially unchanged. currency a of which went has been no serious e or savings S either and large Considerable there portion national arrived into yesterday, institutions. drain the banks upon e Some suspended banks promise early resumption, and only one, the Manufacturers' National admits it will go into a liquidation and this will pay dollar for dollar.


Article from Chicago Daily Tribune, October 1, 1873

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WESTERN COUNTRY BANKS. MADISON, WIS, Special Dispatch to The Chicago Tyliume. MADISON, Wis., Bopt. 30.-All of our banks, except the Bank of Madison (which still keeps its doors open but is not paying anything at present), are doing business as usual, and people genorally are taking things coally. DAVENPORT, IA. Special Dispatch to The Chicago Tribune. DAYENPORT, Ia., Sept. 30.-There is a great scarcity of money here, and trade is well nigh paralyzed. The banks still adhere to the limited check system, and, of courso, the supply of money la very much limited. The news of the failure of the Chicago Union National created a little feeling among bank men, innsmuch as the Dayenport National had an account there, On account of the scarcity of currency, our prominent lumber firm suspended operations to-day and discharged their men, and one or two other establiabments will do thesamo thing If money is not ensier within two days. Within the past three days several hundred men have been discharged by manufactories and contractors here, and the number will soon grow larger. The savings banks are taking in on deposit more money than they pay out in the National Banks. Tho currency balances are increasing. A meeting of bank officers was held this evening, the import of which has not yet transpired, DUBUQUE, IA, Special Dispatch to The Chicago Tribune. DUBUQUE, Sept.30.-The examination into the condition of the Merchants' National Bank has resulted in antisfying the examiners that the depositors will be paid in full, but that the capital in impaired, and that very likely the stockholders will be obliged to pay in more than the amount of their stock to meet the lis bilities. Messrs. Shefiield, the President, and Bab bage, Cashier, the principal debtors of the bank, Have pledged themselves to surrender all their property to make good the losses caused by their drawing on the funds of the bank. A full statement will probably be made to-morrow. The question is yet undecided as to whether the bank will or not require business. All the other banks ard doing bitéluens au usual. DUBUQUE, In, Bopt. 30,-The Merchante' National Bank of this city will not resume. The stockholders tonight voted to go into voluntary bankruptcy. Gen. O. 11. Booth will be appointed Receiver. The other banks are dolug their usual business. Trade is light KANGAS CITY, MO. Special Dispatch to the Chicago Discuss KANGAS CITY, Mo., Sept. 30. The LIOWS of the failuro of the Union National Bank of Chiloago this morning foll like n bombsbill among the business men of this city, many of them having largo accounts with Obleage tpen who have been depositing in that bank. Great unxiety is fult in regard to our banks here, but the officers of each bay they are confident of being able to pass through without their depositors loaing a dollar. The stock dealora are exclted over the nows from Chicago, but a larké number of care are being shipped on orders received yeaterday. The packers aro handling 4 liberal supply, and the prospect is that they will kill freely next week, but prices requality very low, ADRIAN, MIQII Special Dispatch to The Village Tribune. ADRIAN, Mich., Sept 31.-Friday last the First National Bank refused payment except in email amounts, and its action was afterwards followed by the savings bank and W. II. Stone & Co. There was a little excitement on Saturday, but no run. The bauka are now doing business regularly confidence is restored: merchants deposit freely, and their drafth ara honored at the banks. LOGANSTORT, IND, Special Dispatcle to The Ohlayia Iribune. LOGANSPORT, Ind., Rept. 344-The financial panic line not affected biletures here to any great extent, The national cod bavinge banks have been doing bud. HESH as Instal, all demanda having been promptly met. Fastorn shipments of stock and grain recover 11 temporary check, but now show signe or recovery. FOND DW HA WIB, Special Dispatch to The Chicago Tribuns. FOND Du LAB Wis., Sept. 30.-The banks have had the quicteat day for A month or more, No cau has lost confidence, GRAND HAPTON, MOIL Special Disputch (+ The Chicago Tribuns. GRAND RAPIDA, Mich., Sept. 30.-The financial 1:008 pect here lum rather improved 10-day. Nothing dianstrous seems likely to occur hereaboute, DEB MOINE& IA, Special Dispatch The Chicago Trilune. DESMOINES, In. Hept. JUL-State-Auditor Russell WITH today officially notified that the Dubuque Bayluga Bank had suspended, with liabilities largely 14 or 11a Assets. The action of the Chicago Union National Bank caused Inoro excitement have to-day than we have had during the plante. The Union National is carrying WAN Iowa money on deposit far our banle (11/11) all other outside banks combined. Dusinots at our banks continues good. Deposits under the rule overrunning amounts paid out. INONTON, o. Special Dispatch (o The Clienga Trillions IRONTON, o, Sept. 20.-The. Poard of Trade and business mon of Ironton hill u meeting to-night, at which resolutions were Rdopted and confidente faith full expressing


Article from The Wheeling Daily Register, October 2, 1873

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De. The Merchants' National falcation. DUBUQUE, October 1-An - examination into the affairs of the Merchants' National bank, discloses the most bar faced dishonesty and trauds ever know in the history of banke, and that, by men who have enjoyed the confidence of the community for years. The stockholders have decided to go into voluntary bankruptcy, and stand 38= eesements to make depositors good, and are now rushing around to find property owned by the defaulting officers to make good the claims of depositors and save themselves The stock is swamped. A Savings bank connected with the National bank has been detained to keep up appearance. Falee entries on the books of duesfrom Chicago and New York banks were made to deceive the directors. The public is enraged. The bank enjoyed the confidence of the Catholics and they all deposited there, including the Bishop of this Diocese. It also had church money. Laborers and working men have lost the earnings and savings of a life time. The directors promise a statement to~ day, showing the exact assets and liabilities. The Farmers' Convention. JEFFERSON CITY, October 1.-The - attendance at the Farmers' Mass Convention was very small. The financial prospects are discussed hopefully and sensibly. There is no appearance of panic. General Miner, of St. Louis, delivered the welcoming address, in which be touched upon the transportation question, and urged organization upon agriculturalists of the country. He declared it was infamous that a dozen or so banks in the East should, in a night, jepardize agricultural and commercial interests of the West.


Article from The Rock Island Daily Argus, October 2, 1873

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in TELEGRAPHIC The Inside of one National Bank. In It is Rotten all Through in Its Managers a set of Swindlers. Everybody Cheated. A Better Feeling in Chicago More Failures in the East. C Manufacturers Stopping Work. The Independent Party in California. Dessensions in Sangamon County Gov. Palmer to Speak for the Independent Party at Jerseyville. Other Items of Interest. examina DUBUQUE Iowa. Oct 1 An tion into the affairs of the Merchants tional Bank discloses the most baref the dishonesty and fraud ever known in men history of banks. and that, too. the who have enjoyed stock of the community for The holders have decided go into and stand bankruptcy, rush are and good, depositors make graund to find property owned by the defaulting officers to make good the claim The depositors bank. with the National Bank. has False keep drained to up entries on the books of dues from Chicago and New York banks made deceive the Directors. The public bank the raged The and all deposited there has cluding the Bishop of the diocese who in the vaults, All the hard and the stock dol to make good enough promise when the exact liabilities will be made known de of The feeling CHICAGO, final sus by the Bank the and way, prospect than grain The prices National the Third resume within week probably but appears that will banks able all There right through may in the settlement fficulty but there not believed are as fact the In that much some impro fur begun already dealers in to grain in the and, does some not diminish having been received yester doubtless will dations and by all the banks, resume its usual channels bet much There CHICAGO. to day in Chicago feeling prices grain. The board re to-day action of few days since to in option regard rule considerable trading for future. YORK Oct 1. -The Grant locomo Paterson. on account of the scarcity greenbacks has discharged men additional The the Delaware Lackawa & Railroad tunnel through Ber five hill, suspended. throwing over hundred men out of employment alth Jersey The Cummings Car Company of City has been obliged to suspend although assets more than cover liabilities The trouble large amounts due Railroad connot be John Winthrop Chick. bank suspended this morning Heavy from Western depositors was the They have had no dealing with the Stock Exchange. Palon & Co. Broadway. an old house suspended to-day, but anticipate speedy resumption. IST WASHINGTON Oct. 1. The second Na tional Bank has resumed currency pay ments de The public debt statement shows $1 crease for the month of September of 901 467, and the total debt less cash the Treasury $2 38,793,898. In th Treasury, $94,785 789. At the PHILADELPHIA, Oct 1 reques of th the debtors and by consent petitioners the order requiring Jay Cooke ad to show why they should not be judicated bankrupts, has been continue for week. MILWAUKEE, Oct 1. The Chamber Commerce adjourned till Saturday noon 'Si enable buyers of wheat to have currency pay for it. Market firmer but unsett b, BALTIMORE, Oct 1. -Thos. Kemp& Co suspended to day. Liabilities $80, 000 Assets $40,000. TOLEDO,Oct. At the annual meetin of the Toledo, Wabash & estern Rai road Company. held here to there full representation of stock, and the lowing Board of Directors was elected Di John Tracy, of Illinois Sidney lon Milton Courtright, of Ohio John Co. Casement, Ohio Cable. Illinois John Ross. D Cox. Ohio A J. Cray ford, Indiana A. Schell Kenyon Be Wm. L Scott George Cecil edict John R Cecil: S. W Phelps, diana E While the election was being held. aft the meeting was organized and votes been cast, an -parte preliminary injune ch tion, issued by Judge Paine, of Cleveland was served, restraining certain stock -hold ers from voting. After the election th new Board organized. and elected retary of the Interior J. D. Cox. Preside ST. Lours. Oct. 1.-J. A. Stevens.cashi of the St.Louis Mutual Life Insura Ete


Article from Chicago Daily Tribune, October 2, 1873

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WESTERN COUNTRY BANKS. M'OREGOR, IOWA. Special Dispatch to The Chicago Tribune. MoGiNGOB, Ia., Oct. 1.-Although the First National Bank of this city had been doing a large business with the Union National Bank of Chicago, it loses nothing by the suspension of that bank. The First National Bank of Elkader, Iowa, is able to pay its depositors, dollar for dollar. This institution was nover in bottor condition. ATCHISON, KANSAS. ATCHISON, Knn., Oct. 1.-Financial excitement has entirely disappeared. KANSAS CITY, MO. KANSAB CITY, Mo., Oct. 1.-The financial situation here is gonorally improved, though soino agitation was heard to-day by the announcement of the failure of Northrup & Chick, of New York, with whom banks keep balances. DUBUQUE. Special Dispatch to The Chicago Tribune. DUBUQUE. Oct. 1.-Mr. Shefileld resigned the Presidency of the Merchants' National Bank today, and Mr. Baubage resigued the Cashiorship. Mr. John T. Hancock, a wholegalo grocor. is elected President, and C. II. Booth Cashier. The statement of the Bank Examiner is not published, and what can be ascertained in relation to its affairs leads to the belief that depositora will loso nothing. LATER.-Resolutions have been adopted by the stockholders that the bank go into liquidation. A statement from the President of the Dubuque Savings Institution, an appendage of the Morchants' National Bank, is published to-day, assuring depositors that measures will be taken at onco to ascertain its condition. and to secure na much as possible from debtors to pay its liabilities. The impression provails that this institution is in a bad way, and that dopositors will lose largely. BELOIT, WIS. Special Disputch to The Chicago Tribune. BELOIT, Wis., Oct. 1.-L. O. Hyde it Brittan's bauking-house, of this city, has and very heavy demands upon its resources for several days. but lins proved itself abundantly ablo to meet all claims, and saye it is prepared for every emergency that may arise. Business has been n good deal affected here by the panic, but no failurea have occurred, and the prospect looks fair. LYONS, IA. LYONS, Ia., Oct. 1.-There is no financial oxcitament here. Thore is a disposition among all classes of business men, and farmers also, to sustain our bank,-the First National, of Lyone, In. No one is frightened. Business goes ou ny usual. Our bank is paying all checks and drafts, and receiving na much as it pays out. ABROAD. LONDON, Oct. 2-5 8. m.-The Daily Telegraph'a special dispatch from Borlin HAYB that trade and speculation are almost at a stand-still, and a crisis is apprehended on the Bourso.


Article from The New York Herald, October 3, 1873

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The Merchants' National Bank of Dubuque. DUBUQUE, IOWA, Oct. 2, 1873. The stockholders of the suspended Merchants' National Bank to-day elected C. H. Booth as cashier, vice R. A. Babbage. and George W. Mitchell President, vice F. W. Shefiield, to settle up the bank's affairs. Mr. Babbage's defalcation is $267,000, and Sheffield's $62,000.


Article from New Orleans Republican, October 3, 1873

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BY TELEGRAPH FINANCIAL New York. New YORK, October 2--George Grinnell and Bird & Co., are cited to show cause why they should not be declared involuntary bankrupts. Hearing fixed for the eleventh instant. At a meeting of the Chamber of Commerce to-day a committee was appointed to organize a tribunal of commerce. A proposition to unite with the National Board of Trade was referred to the committee on bankruptoy. In the case of the Midland railroad to-day the counsel for the company denied it was bankrupt, and they were allowed a jury trial. Londoville. LOUISVILLY, October 2.-The Planters' Bank, People's Bank and Louisville City National Bank withdrew from the Clearing House, on the ground that there was no necessity for a combination, and the Clearing House was abolished by mutual consent. Cincienati. CINCINNATI. October 2.-There is nothin particularly new here in financial matters. Things are working quietly among bankers. General markets are recovering from do pression, and the demand for some definite action relative to early currency resumption is increasing. Little Rock. LITTLE ROCK, October 2. - Everybody here now refuses to take city money. Greenback currency is very scarce, and the stringency in money matters is greater than ever. St. Louis. Sr. LOUIS, October 2.A A ge number of merchants in this city have signed a circular, to the effect that they will receive certitied checks on St. Louis banks in payment of any indebtedness, or for any goods or supplies of any kind that may be wanted. It is thought this will restore confidence in all departments of trade and give an im petus to business. Dubuque. DUBUQUE, October 2.-The stockholders of the suspended Merchants' National Bank to-day elected C. H. Booth cashier, vice R. A. Babbage, and George W. Mitchell, president, vice F. W. Sheffield, to settle up the bank's affairs. Babbage's defalcation is $267,030, and Sheffield's 18 $62,000.


Article from The Wheeling Daily Intelligencer, October 3, 1873

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it 3 DUBUQUE. A ffairs of the Merchants' National Bank. a DUBUQUE, Oct 2.-At a meeting. of the stockholders of the suspended Merchants' National Bank, C. H. Booth was elected cashier once R. A. Babbage; G. W. Mitchell, President vice F. W. Sheffield, to settle up the bank's affairs. Notice was then issued that the unmatured collections held by this bank, belonging to its correspondents, will be handed to the Commeruial National Bank of Dubuque, to whom all letters pertaining thereto should be addressed. Cashier Babbages defalcation is $267,000 and Sheffield's $62,000.


Article from The Dallas Daily Herald, October 5, 1873

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NEWS SUMMARY. Mr. Bradlaugh is Denounced for His Atheistic Ideas. Financial Situation Throughout the Country. National Bank Officers Steal $327,000. CAPE OF GOOD HOPE, October 4.Ninety out of one hundred and forty mariners in the hospital, have died of cholera. BALTIMORE, October 4.--Ex-Governor Thomas King Carroll is dead, NEW YORK, October 1.-Mr. Bradlaugh declines to lecture before the Workingmen's Union unless they arrangeWith the Literary Bureau, to which he has sold his lecture services in this country. Many members of the Union denounce Bradlaugh for his atheistic and communist ideas. MEMPHIS, October 4. - Twenty-one deaths yesterday. The Masons and Odd Fellows' funds are exhausted, and they ask aid from their brethren the country. CINOINNATI, October 4.-The finangial trouble is developing a disposition among manufacturers to reduce their force inno hours of work. Séveral have reduced and gilipre will follow unless next week shows Improvement. LOUISVILLE, October 4.- The German Security bank has not suspended. It pays all demands. DUBUQUE, IA., October 4.-The suspended Merchants' National bank has been in proportion to its capital, enjormously swindled, The president stole sixty thousand dollars and the cashier two hundred and sixty seven thousand dollars. LONDON, October, 4.-It is reported that the crops have failed and a famine prevails in some portions of Hungary. ALEXANDRIA, EGYPT, October 4.A financial panie prevails here, WASHINGTON October d.--Extension of the Postal service was ordered to-day on the "Atlantic and Richmond Air Line Railroad from Mount Ajry to Charlotte-one hundred and eighty miles. Leamper & Co., grain dealers, Boston, $300,000; Peak, Opdyke & Co., New York, $250,000. The President says he expects to at-


Article from Chicago Daily Tribune, October 5, 1873

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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.


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,


Article from Dodgeville Chronicle, October 10, 1873

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A dispatch from Dubuque, Iowa, says an examination just made into the affairs of the Merchants' National Bank of that city had shown that R. A. Babbage, the Cashier, had abstracted from the bank, by means of false entries, $267,289, and that the President, Mr. Sheffield, had abstracted $161, 977. The ravages of the yellow fever in Memphis and Shreveport, according to Press dispatches of the 3d, had largely increased. In the former city over 5,000 people had left by of whom were ill at trains, many small the various towns where they went. The Odd Fellows had issued a call for contributions from the Order throughout the United States. There had been 24 yellow fever interments on that day. In Shreveport there were 17 yellow fever interments. The President had ordered 5,000 army rations to be shipped to that place for the benefit of the sufferers. Captain Jack and four of his companions were hung at Fort Klamath, Oregon, on the 3d. The late hour at which the dispatch was received on the morning of the 4th prevented the publication of full particulars. The sentence of Slotuck and Barncho had been commuted to imprisonment for life on Alcatras Island, in San Francisco harbor. The Chicago Times of the 5th says that during the week ending October 4, $15,475,000 in currency had been received by the three express companies having offices in that city. This was, of course, exclusive of sums brought by individuals for investment. The banks of that city had begun to discount sparingly. A Philadelphia special of the 4th says an elaborate deed of trust had been executed by Jay Cooke and his partners, conveying to Mr. Rollins and Mr. Cote all the firm's property, partnership and private, including their the wives' dower right, to be administered for benefit of all the creditors of the firm, and each five per cent. realized to be distributed. This had been done to prevent the disof the estate under the bankrupt act, it was that, by the Cookes would pay and persion ment, thought prudent dollar for manage- dollar and have a large surplus for themselves. A New York dispatch of the 4th announces that Peake, Opdyke & Co., a large dry goods house, had suspended, with liabilities amounting to $2,500,000. Lamper & Co., grain dealers, of Boston, Mass., according to a dispatch of the 4th, had suspended, with liabilities for over $300,000. A Washington telegram of the 4th says that absolute quiet prevailed with regard to the financial situation. A Dubuque (Iowa) dispatch of the 4th says the feeling against the defaulting cashier, Babbage, had become very bitter. The authorities had keen compelled to guard his house with a band of policemen to prevent acts of violence from an outraged community. The virulence of the yellow-fever epidemic at Memphis, according to a telegram of the 4th, had largely increased. Hundreds of the poorer classes were dying uncared for and dying for want of attention. The interments on that day in the potter's field alone, had as reported by the county undertaker, reached thirty in number. The whole number of yellow-fever deaths for the day exceeded forty. This included only paupers and those for whom coffins had been obtained at the undertakers'. A New York dispatch of the 4th says that the arrival of the Polaris survivors in that city, on the steamship City of Antwerp, on that day, had been signalized by the arrest of Capt. Buddington and his confinement in the Navy Yard. Later the Tallapoosa left for Washing ton with them. A New Orleans dispatch of the 5th says the New Orleans National Bank had gone into liquidation. The house of Cavoroc had failed. A New York correspondent, writing from Dundee, Scotland, recently, has reiterated the story of the poisoning of Captain Hall, of the Polaris, and indicated Professor Bessels, of the expedition, as the person who the deed. In arthe facts in the case, committed rive at order to the Secretary of the Navy, according to the dispatch of the 6th, had instituted another examination of the survivors. York dispatch of the 6th announces that the balloon, A New "Graphic" being the Prof. old affair revamped and rejuvenated, with Donaldson and his associates, had started for Europe on the morning of that day. The ascension was an excellent one. Mr. Donaldson was accompanied by Messrs. Lunt and The balloon rose and the Ford. starting-point, floated when rapidly last majesti- from seen cally towards the ocean, and was moving towards Europe. Later, a dispatch had been received:from New Haven, stating that the balloon had reached Canaan, in the northeast corner of the State of Connecticut, in a at when it had been caught Donaldso allowed gas storm. 1:25 p. m., enough the of the to escape to enable them to bring gas-bag near the earth, when they all leaped out, and the balloon escaped. Hearte Nature


Article from Buchanan County Bulletin, October 10, 1873

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THE investigations following the suspension of the Merchants' National Bank in Dubuque, have disclosed the most stupendous case of swindling by bank officers that ever occured in Iowa. R. A. Babbage, the cashier, seems to have had things his own way, and to have used the funds of the bank for outside speculation and investment with the most lavish and reckless manner, and with an utter disregard for the rights and interests of others -in some cases involving the little all of widows and orphans-which marks him as a rurthless scoundrel. Sheffield, the president of the bank, is involved in the matter to the extent of drawing large sums from the bank for his own purposes, but seems not to have been aware of Babbage's villanies, and has made restitution so far as possible by turning over his property to the bank. Babbage, who was the owner of the Iowa Central Stock Farm in Butler county, also turned over considerable real estate and personal property, but doggedly holds on to his palatial residence in Dubuque, hoping to secure immunity from criminal prosecution as the price of its surrender, as yet without success, however. He is a prisoner in his own house, surrounded by the police, as much for his own protection from the vengeance of those whom he has robbed, as for detention.


Article from The Redwood Gazette, October 16, 1873

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The West. In Chicago, on the 30th, matters had very nearly resumed their normal condition, 60 far as the banks were concerned. The effect of the late panic was just beginning to be felt by merchants and traders. Trade was unmistakably dull and collections difficult to be made. A Madison, Wisconsin, dispatch of the 1s announces that the Bank of Madison had failed. A dispatch from Springfield, III., of the°1st, says the Leland House of that city had been damaged by fire to the extent of $10,000. A dispatch from Lansing, Mich., says the corner-stone of the New State Capitol of Michigan had been laid on that day, with appropriate ceremonies. Addresses were made by Hon. Wm. A. Howard and Gov. Bagley. On the 3d, business in Chicago had nearly recovered its wonted aspect. Banks were receiving and paying out currency freely, and the paper that fell due was generally met. Country collections were said to be favorable, and the indications were that the money stringency had very nearly passed. Manufacturing establishments had generally reduced the hours of labor or reduced the wages of labor, and few men, comparatively, had been discharged. A dispatch from Dubuque, Iowa, says an examination just made into the affairs of the Merchants' National Bank of that city had shown that R. A. Babbage, the Cashier, had abstracted from the bank by means of false entries $267,289, and that the President, Mr. Sheffield, had abstracted $161, 977. Captain Jack and four of his companions were hung at Fort Klamath, Oregon, on the 3d. The late hour at which the dispatch was was received on the morning of the 4th prevented the publication of full particulars. The sentence of Slotuck and Barncho had been commuted to imprisonment for life on Alcatras Island, in San Francisco Harbor. A dispatch from Columbus, Ohio, of the 3d announced that Reckley's Bank, of that city, had suspended.


Article from Perrysburg Journal, October 17, 1873

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THE NEW WORLD. On the 3d, business in Chicago had nearly recovered its wonted aspect. Banks were receiving and paying out currency freely, and the paper that fell due was very generally met. Country collections were said to be favorable, and the indications were that the money stringency had very nearly passed. Manufacturing establishments had generally reduced the hours of labor or reduced the wages of labor, and few men, comparativelv. had been discharged. New York dispatches of the 3d say the market had very nearly recovered from the effects of the late panic, although prices continued to rule low. Gold had sold as low as 10984 for Clearing-House certificates, which would be equal to 108 in currency. The failure of Albert Cole, a stock-broker, had been announced. A Washington dispatch of the 3d says that the Mint at Philadelphia had been ordered to coin double eagles at the rate of $10,000,000 a month. The California Mint had also been directed to run at its full capacity in gold coinage and trade dollar. Ex-Governor Cooke, of Jay Cooke & Co., had said that the members of that firm had pooled their private and personal assets, and would place them at the command of their creditors in liquidation of their indebtedness. They propose to pay every cent they owe, both principal and interest. The President had determined to draw upon the $44,000,000 reserve, if necessary, to aid the movement of the crops. A dispatch from Dubuque, Iowa, says an examination just made into the affairs of the Merchants' National Bank of that city had shown that R. A. Babbage, the Cashier, had abstracted from the bank, by means of false entries, $267,289, and that the President, Mr. Sheffield, had abstracted $161,977. The ravages of the yellow fever in Memphis and Shreveport, according to Press dispatches of the 3d, had largely increased. In the former city over 5,000 people had left by the various trains, many of whom were ill at small towns where they went. The Odd Fellows had issued a call for contributions from the Order throughout the United States. There had been 24 yellow fever interments on that day. In Shreveport there were 17 yellow fever interments. The President had ordered 5,000 army rations to be shipped to that place for the benefit of the sufferers. Captain Jack and four of his companions were hung at Fort Klamath, Oregon, on the 3d. The late hour at which the dispatch was received on the morning of the 4th prevented the publication of full particulars. The sentence of Slotuck and Barncho had been commuted to imprisonment for life on Alcatras Island, in San Francisco harbor. The Chicago Times of the 5th says that during the week ending October 4, $15,475,000 in currency had been received by the three express companies having offices in that city. This was, of course, exclusive of sums brought by individuals for investment. The banks of that city had begun to discount sparingly. A Philadelphia special of the 4th says an elaborate deed of trust had been executed by Jay Cooke and his partners, conveying to Mr. Rollins and Mr. Cote all the firm's property, partnership and private, including their wives' dower right, to be administered for the benefit of all the creditors of the firm, and each five per cent. realized to be distributed. This had been done to prevent the dispersion of the estate under the bankrupt act, and it was thought that, by prudent management, the Cookes would pay dollar for dollar and have,a large surplus for themselves. A New York dispatch of the 4th announces that Peake, Opdyke & Co., a large dry goods house, had suspended, with liabilities amounting to $2,500,000. Lamper & Co., grain dealers, of Boston, Mass., according to a dispatch of the 4th, had suspended, with liabilities for over $800,000.