MERCHANTS' NATIONAL BANK - Revision history

Randylyon at 16:54, 29 July 2024

2024-07-29T16:54:51Z

← Older revision		Revision as of 16:54, 29 July 2024
Line 5:		Line 5:
	On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants' Bank, not knowing which banks might be involved, rushed to withdraw their deposits. At the end of the day, bank officials found themselves without enough money to open the following day. (1)		On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants' Bank, not knowing which banks might be involved, rushed to withdraw their deposits. At the end of the day, bank officials found themselves without enough money to open the following day. (1)

	[[Image:~~merchantsnationalbank1~~.jpg\|left\|thumb\|350px\|]]On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)		[[Image:merchantsnationalbank12.jpg\|left\|thumb\|350px\|]]On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)

	The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property in Dubuque including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)		The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property in Dubuque including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)

Randylyon at 16:52, 29 July 2024

2024-07-29T16:52:37Z

← Older revision		Revision as of 16:52, 29 July 2024
Line 5:		Line 5:
	On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants' Bank, not knowing which banks might be involved, rushed to withdraw their deposits. At the end of the day, bank officials found themselves without enough money to open the following day. (1)		On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants' Bank, not knowing which banks might be involved, rushed to withdraw their deposits. At the end of the day, bank officials found themselves without enough money to open the following day. (1)

	On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)		[[Image:merchantsnationalbank1.jpg\|left\|thumb\|350px\|]]On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)

	The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property in Dubuque including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)		The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property in Dubuque including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)

Randylyon at 03:03, 27 April 2024

2024-04-27T03:03:25Z

← Older revision		Revision as of 03:03, 27 April 2024
Line 7:		Line 7:
	On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)		On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)

	The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)		The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property in Dubuque including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)

	[[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.

Randylyon at 01:55, 22 January 2021

2021-01-22T01:55:08Z

← Older revision		Revision as of 01:55, 22 January 2021
Line 1:		Line 1:
	[[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. The 1873-74 ''Dubuque City Directory'' listed 96 Main as the business address.		[[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]] served as cashier. The 1873-74 '''Dubuque City Directory''' listed 96 Main as the business address.

	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]].		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]].

Randylyon at 20:20, 16 October 2015

2015-10-16T20:20:58Z

← Older revision		Revision as of 20:20, 16 October 2015
Line 10:		Line 10:

	[[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.

			On March 5, 1874 stockholders of the bank met to decide when to close the business, dispose of the bank's assets, and dissolve the business. (5)

	---		---
Line 22:		Line 24:

	4. "Sale of the Sheffield Farm," ''Dubuque Herald'', October 31, 1873, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18731031&printsec=frontpage&hl=en		4. "Sale of the Sheffield Farm," ''Dubuque Herald'', October 31, 1873, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18731031&printsec=frontpage&hl=en

			5. "Caught on the Fly," ''Dubuque Herald'', March 4, 1874, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18740304&printsec=frontpage&hl=en

Randylyon at 03:08, 11 October 2015

2015-10-11T03:08:30Z

← Older revision		Revision as of 03:08, 11 October 2015
Line 7:		Line 7:
	On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)		On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)

	The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property including buggies, sleighs, harness, blankets, and horses were sold at auction.		The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property including buggies, sleighs, harness, blankets, and horses were sold at auction. (4)

	[[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.
Line 20:		Line 20:

	3. Ibid.		3. Ibid.

			4. "Sale of the Sheffield Farm," ''Dubuque Herald'', October 31, 1873, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18731031&printsec=frontpage&hl=en

Randylyon at 02:46, 1 May 2015

2015-05-01T02:46:59Z

← Older revision		Revision as of 02:46, 1 May 2015
Line 3:		Line 3:
	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]].		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]].

	On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants Bank, not knowing which banks might be involved, rushed to ~~withdrawn~~ their deposits. At the end of the day, ~~the~~ bank officials found themselves without enough money to open the following day. (1)		On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants' Bank, not knowing which banks might be involved, rushed to withdraw their deposits. At the end of the day, bank officials found themselves without enough money to open the following day. (1)

	On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)		On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling an estimated $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)

	The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property including buggies, sleighs, harness, blankets, and horses were sold at auction.		The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property including buggies, sleighs, harness, blankets, and horses were sold at auction.

Randylyon at 02:44, 1 May 2015

2015-05-01T02:44:38Z

← Older revision		Revision as of 02:44, 1 May 2015
Line 3:		Line 3:
	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]].		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]].

	~~In 1878~~ the ~~first indication of a 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~~. ~~At its last statement~~, ~~the bank had shown larger~~ deposits ~~than any other bank here —$298,239~~.~~49. An examination~~ of the ~~remaining records showed a deficiency of $329~~,~~000~~. (1)		On September 26, 1873 customers arriving at the bank was shocked to find a small sign with one word--Closed. The decision to close the bank had occurred the night before at a meeting of the directors. The previous day word from Chicago was received that several Dubuque banks would suspend operations because of tight money in the East. Depositors in the Merchants Bank, not knowing which banks might be involved, rushed to withdrawn their deposits. At the end of the day, the bank officials found themselves without enough money to open the following day. (1)

	The bank failed. Sheffield ~~turned over his property~~, ~~but~~ Babbage ~~left~~ the ~~city and country~~. Their private property including buggies, sleighs, harness, blankets, and horses, were sold at auction. ~~(2)~~		On Saturday, [[BOOTH, Caleb H.\|Caleb H. BOOTH]] was appointed custodian of the bank's assets. The following Wednesday, a U. S. bank examiner announced that the bank was in good financial condition. Further investigation, however, found that the bank's books had been altered with false entries totaling $200,000. Babbage and Sheffield were accused to taking the missing funds. (2)

			The bank failed and depositors lost everything. It was finally determined that Babbage had taken $267,289 and Sheffield $62,188. Babbage fled at night in a closed carriage to Maquoketa where he boarded a train for Portland, Maine. He later sailed to South America and then moved to London where he worked as a commission merchant. Sheffield moved to the eastern United States working in a company manufacturing wagons. (3) Their private property including buggies, sleighs, harness, blankets, and horses were sold at auction.

	[[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.
Line 13:		Line 15:
	Source:		Source:

	1. ~~Oldt, Franklin T.~~, '''~~History of~~ Dubuque ~~County~~, ~~Iowa'''~~. ~~Chicago: Goodspeed Historical Association, 1880~~. ~~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~~		1. "1873 Bank Closing Panicked City," ''Telegraph Herald'', March 6, 1960, Dubuque News, p. 1

			2. Ibid.

			3. Ibid.

	~~2. Ibid.~~

	"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the [[OLD JAIL]] 2007-2010		"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the [[OLD JAIL]] 2007-2010

Randylyon at 20:17, 15 April 2015

2015-04-15T20:17:39Z

← Older revision		Revision as of 20:17, 15 April 2015
Line 13:		Line 13:
	Source:		Source:

	1. Oldt, Franklin T., ''History of Dubuque County Iowa''. Chicago: Goodspeed Historical Association, 1880. 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		1. Oldt, Franklin T., '''History of Dubuque County, Iowa'''. Chicago: Goodspeed Historical Association, 1880. 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

	2. Ibid.		2. Ibid.

Randylyon at 18:39, 15 September 2013

2013-09-15T18:39:05Z

← Older revision		Revision as of 18:39, 15 September 2013
Line 1:		Line 1:
	[[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. The 1873-74 ''Dubuque City Directory'' listed 96 Main as the business address.		[[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. The 1873-74 ''Dubuque City Directory'' listed 96 Main as the business address.

	~~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]].		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 a 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~~.		In 1878 the first indication of a 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. At its last statement, the bank had shown larger deposits than any other bank here —$298,239.49. An examination of the remaining records showed a deficiency of $329,000. (1)

			The bank failed. Sheffield turned over his property, but Babbage left the city and country. Their private property including buggies, sleighs, harness, blankets, and horses, were sold at auction. (2)

	[[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.
Line 11:		Line 13:
	Source:		Source:

	1. Oldt, Franklin T., ''History of Dubuque County Iowa''. Chicago: Goodspeed Historical Association, 1880. 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		1. Oldt, Franklin T., ''History of Dubuque County Iowa''. Chicago: Goodspeed Historical Association, 1880. 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

			2. Ibid.

	"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the [[OLD JAIL]] 2007-2010		"Butchers, Bankers, and Cabinet Makers," Booklet accompanying the Robert Reding exhibit at the [[OLD JAIL]] 2007-2010