Encyclopedia Dubuque
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M. MOBLEY'S EXCHANGE AND BANKING HOUSE
M. MOBLEY'S EXCHANGE AND BANKING HOUSE. The successor to the MINERS' BANK, the institution was purchased by Mordecai MOBLEY and renamed. He was twenty-one years of age at the time. (1) A rumor about the bank caused a heavy run on deposits on September 11, 1857, by the German and Irish population which held his certificates of deposit.
Observing this run, a notice was quickly issued by forty of the best business concerns and wealthiest citizens of the city pledging themselves to sustain "his entire ability to redeem any promise or other pecuniary liability at call." The men thus voluntarily backing Mr. Mobley were worth nearly $4,000,000. Despite their backing, the bank failed. It was succeeded by J. K. GRAVES AND COMPANY. (2)
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Source:
1. "Pioneer Dead," The Dubuque Herald, December 10, 1898, p. 15
2. Ibid.