David Preston & Co. - Detroit, MI

1. September 26, 1873 Wilmington Daily Commercial Wilmington, DE

Article from Wilmington Daily Commercial, September 26, 1873

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JENKINS & ATKINSON. WILMER ATKINSON, Publisher. For Terms, Etc., See Second Page. Latest General News. The financial situation is simply a calm-perhaps it might be termed a stagnation. The President and Secretary of the Treasury have come to the conclusion that all the necessary relief has been afforded by the Treasury for legitimate business, and consequently the Treasury will buy no more bonds ot present, nor any sterling exchange. Neither will the payment of the November interest be anticipated. Those opposed to the State Government of Louisiana propose to hold a Mass Convention in New Orleans, on November 24th. Its object is to "institute measures looking to the amelioration of the condition of the people, and to memorialize Congress." The discovery of an "immense" mine in Little Cottonwood, Utah, is reported. It is said to be 25 feet in depth, "exposing large deposite of mineral." It was the schooller Whiting that went ashore at Grand Haven. on Wednesday night. Two men were drowned, the others being rescued. The cholera is disappearing in Paris, the deaths being only twenty per day from that cause. The ceremony of turning the first rod for the first railway in Persia took place recently at Reshd. The meeting called by President Wateon. of the Erie Railway, of persons interested in that road, was held yesterday in London, and attended by about a thousand persons. The proceedings were stormy. Mr. W. stated that the road wanted $80,000.000, immediately, to complete improvements and lay a third rail. Worlen, Webb, & Co., Indianopolis: the Selma Saving Bank. Selma, Ga., the State Bank, New Brunswick. N. J., three banks and one banking house at Augusta, Ga., the first National and De Soto Banks, Memphis. the dollar Saving Bank, Atlanta, Ga., David Preston & Co., and F. & L. Seats & Co., Detroit; all suspended yesterday. The grand "Tournai" of the Knights Templar, at the Academy of Music, in Philadelphia, last evening, was a bandsome affair, and attended by a large number of persous.

2. September 26, 1873 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, September 26, 1873

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The Financial Crisis. Stock Exchange Still Closed. New York, 25. Henry Clews & Co. state that the liabilities which their London house e describe as incurred for the account of the f New York house are mainly acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom the drafts will be returned, and who will meet them, being prepared so to do by having the goods in possession against which e the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances render. Their credits are provided by parties on whose account they were issued. Washington, 25. Rumors have reached here that the Secretary of the Treasury advised a temporary suspension of all banks. Secretary Richardson asserts that further than helping the banks by bond purchase which have been made, he has nothing to advise and only to look to the interest of the Government. Other wild rumors were circulated to-day, a large number of which can be traced to no solid foundation. The situation, 80 far as the f Government is concerned, is unchanged since the close of business yesterday, when the purchases of bonds stopped. The arrival of the President to-night may possibly result in additional instructions, but this is merely problematical. There will be a Cabinet meeting to-morrow which will have the weight of financial matters for general consideration by the Heads of Government Departments, and considerable interest is felt in the result. No official here has any idea thnt there will be a called session of Congress, with a view to relieve the financial difficulties. Detroit, Mich., 25. The run on the Savings banks was quite extensive to-day. They all insist upon thirty days notice for large assets. David Preston & Co. and F. L. Seitz & Co. have suspended payment. New York, 25. A meeting of the governcommittee of the stock exchange was held at two P. M., at the call of H. G. Chapman, President. It was resolved to appoint a committee of seven from the body of the exchange to effect clearances of stock. Members will be required to send in a list of all I stocks they may have going in and going out the notice of the committee. It has been suggested that the stock exchange should open for general business, leaving the settlement of contracts growing out of Friday and Saturday's business, and sales under the rule in obeyance. This, it is claimed, would give investors a chance to buy stock and would bring money into the street. There was no meeting of the Erie Railroad Directors to-day, no quorum being present. It is said&that the bulk of street stock business is bogus. Yesterday_there were several purchasers of stock at cash, at the low prices, but the bogus sellers did not make their deliveries. The day closed without any further failures or any fresh outbreak of excitement. The banks to-day in the Clearing House association, pooled their legal tender notes as provided by yesterday's resolutions. The creditors of the National Bank of the Commonwealth had a meeting this afternoon, but pending the investigation by the receiver, no action was taken. h There was no meeting of the Chamber of Commerce this afternoon, the call therefor having been decided illegal. The actual disbursements of greenbacks for the purchase of bonds by the Sub-Treasury since Saturday, was $13,300,000 The Dollar Savings Bank of Atlanta, Ga., and the State Bank of New Brunswick, N.J. suspended to-day. Baltimore, Md.. 25. The banks to-day voted not to pay out money on checks except those required for legitimate business. New Orleans, 25. At a meeting of the Bank officers to-day, it was voted partially to suspend payment owing to the action of the banks in New York and the refusal of western banks to receive checks on New York. Also that the demands upon currency here have been 80 large that all will be exhausted in a few days if the demand continue from the outside.

3. September 26, 1873 The New York Herald New York, NY

Article from The New York Herald, September 26, 1873

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Excitement and Suspensions in Detroit, Mich. DETROIT, Mich, Sept. 25, 1873. The run on the savings banks was quite extensive to-day. They all insist upon thirty days' notice for large amounts. David Preston & Co. and F. L. Seitz & Co., bankers, have suspended.

4. September 26, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 26, 1873

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DETROIT. Special Dispatch to The Chicago Tribune. DETROIT, Mich., Sept. 25.-We have had quite & financial flaring here to-day. There has been a run on the Detroit Savings Bank all day. It has paid all small checks, aud required thirty daye' notico from all others. A large crowd has been in atteudance and the polico have also been present to preserve or. der. The People's Savings Bank was honored WITH A BLIGHT RUN, also, during the whole morning, but the crowd around and In it was not large at any one time. Small depositore were also paid here as fast as they presented their checks as at the other savings bank. On the Wayne County, Mechanica', German, and American there there was not enough of a run to deserve any special mention. Early in the morning a run was commenced at the private banking-house of David Preston & Co., which has for many years dono a largo savings business, and now has many depositors of this class. The bank was kept open for two hours, during which timo a large amount of money was paid out, in the hope that the run might cease and business resumo its regular channels. The ho use had, howover no such resource to full back upon as the notice whi h (Continued on the Eighth Page.)

5. September 27, 1873 Evening Star Washington, DC

Article from Evening Star, September 27, 1873

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Resumption in Detroit, DETROIT, Sept. 27.-David Preston & Co., bankers, of this city, resumed business to-day, after a suspension of two days. The Situation in Ohio ONLY ONE SESPENSION IN TOT one

6. September 27, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, September 27, 1873

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TELEGRAPH [SPECIAL DISPATCHES TO THE GAZETTE.] THEFINANCIALSITUATION NEW YORK, Sept. 27.-The officers of the various banks continue to express great coufidence in the strength of their present situation and ability to come through safely. The Sun says: "We learn from the most that government yes$1,500,000 responsible terday purchased authority the exchange of London the current at the Deand for the partment for $700,000 expenses State Navy Department. The transaction is said to have been made through a private banking house. The government deposited security for the exchange in the Bank of England. DETROIT, Sept. 27.-David Preston & Co., bankers, of this city, resumed business to-day after a suspension of two days. T.T.The banks of this city over in good rul are than at any passed TOLEDO, of them Sept. yesterday of stronger the condition. time Seve- since the beginning run. The single failure of the banking house of Kraus & Smith has had less effect than was apprehended. CLEVELAND, Sept. 27.-There is but little business men in financial cirA cles over the monetary of confidence is a doubt but that the excitement feeling in this among city prevails, Cleveland and troubles. there will all right. have the merescarcely get adopted through sixty days The notice savings plan, banks banks ly as a precautionary measure. NEW YORK, Sept. The specie shipments to Europe to-day amount to $153,717.17 which $150,000 is gold ccio and the remainder silver bars. Sept. 7-10.30 a. m.--Affairs are this P. m. in of is NEW gold very YORK, quiet speculation, which Wall rather street outside excited. 10 there is of any account are Central, 89 Street stocks quotations nothing Pacific Mail, asked; 28a294; doing. Ohio and Mississippi, 25426; Westero Union Telegraph, 53a55. LONDON, Sept. 27.-The steamship Java, which sailed from Liverpool for New York today, took out £500,000 in bullion. NEW YORK, Sept. 27.--A petition has been opened by the brokers requesting the governing committee to open the Stock Exchange Monday. Sept. 27.-At a meeting of the House a was Clearing CHICAGO, As:ociation the committee issue of loan appointed to draft a plan for certificates to be used in the clearing house in the settlement of balances. MILWAUKIE, Sept. 27. The report that the banks here have suspended payment of sums larger than $200,000 is a mistake. No such been taken. are as stopaction business has usual. except that The until banks they the have doing ped advances on produce eastern banks are ready to respond. BOSTON, Sept. 27.-At a meeting of bank of this city, held this morning, it was decided to the 27.- A Loupresidents NEW YORK, adopt Sept. New special York the from plau. isville says it IS reported that all German banks have refused to pay currency for checks this morning. Chicago special says that the Third National Bank is reported closed. Nothing is doing on Change PHILADELPHIA, Sept. -Matters are quiet Third street; the scarcity of currency is the only Many conwith exertions to wages to currency cerns trouble. have pay great large their manufacturing employees, raised sufficient while others have only been able to pay 50 per cent. of wages due. YORK, Sept. .--The petitioners to Committee change, also ask that they susthe NEW Governing will of order the the Stock closing the Exof the rule to of under the rule, for three all parties who contracts days, pension ordering applying the have period outstanding of with members of to margin said stocks to market prices on either by or satisfactory contracts money securities the board Monday, deposited with the party to whom differences shall be due. Clearing House Committee at a meeting resolved to issue loan an amount. The unlimited to-day The bank certificates statement to will not be ready to-day. NEW YORK, Sept. 27.-The Gold Exchange bank is all straight again, every statement has been received. NEW YORK, Sept. 7.-The Clearing House Committee haye decided hereafter not to make public the amount of loan 27.-Street in NEW YORK, Sept. certificates than dealings issued. on a smaller scale yesterday, and little business was were down stocks prices very were pushed further actually by the done crowd and on Broad street. The gold market has been active with frefluctuations in the price. At the openmade at 1141 and as This was a to quent ing 1154. sales were fullowed partly by later due re-action to high This advance was the short contracts. the high covering !rightened 1144. by borrowing assisted Many bears in rates being for some of the bankers gold in order to run the price up sell The free sale acat gold, the scarce advance. for their making and the price down to At one time it was the had sold $50,000,000 but count Government 1141. carried reported from secretly, that 1154 this could not be borrowers paid three per cent opening report authenticated. fell flat for At and the the use of gold. but the rate soon to still later advanced lak again. The Midiand Railroad Accident. 27.-Later shows that the some NEW YORK. injuries Sept. received by inteiligence of the employes 00 the Midland road in yesterday's

7. October 5, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, October 5, 1873

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A CURIOUS CARD. "The suspension and subsequent resumption of business by David Preston & Co., Detroit, have been announced. The card in which Mr. Preston declared his purpose to resume is peculiar, but said to be characteristic. He starts out in this way : It's good. There's light ahead; there's help in God; there's wealth in Jesus; there's power in prayer, I landed in Detroit Nov. 4, 1848. I borrowed $12 to bring me here. I got a situation at $12 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May, 1852, I married a good wife, and in less than one week thereafter I embarked in business under the style of David Preston & Co., bankers and brokers. My entire capital at that time, out of which I had to furnish my home and start my bank, was less than $506. In May, 1854, I had amassed a fortune of near $5,000, and with this increased capital I opened bank in Chicago. In the month of August following, Mr. A. Klemm, our banker at No. 50 Wall stree:, New York, failed with $6,000 of cur money in his possession, which was all we were worth, and a little more. We never realized but $15 out of this $,6000, and yet I did not commit suicide, run away, ccmpromise, nor resign. I prayed, and worked, and paid, and have been doing the same kind of business ever since, and I expect to fight it out this line to the end of my journey.

8. October 15, 1873 The Morristown Gazette Morristown, TN

Article from The Morristown Gazette, October 15, 1873

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A CURIOUS CARD.-The suspension and subsequent resumption of business by David Preston & Co., Detroit, have been announced. The card in which Mr. Preston declared his purpose to resume is peculiar. but said to be characteristic. He starts out this way : It's good. There's light ahead : there's help in God; there's wealth in Jesus; there's power in prayer. I landed in Detroit Nov. 4, 1848. I borrowed $12 to bring me here. I got a situation at $12 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May, 1852, I married a good wife, and in less than one week thereafter I embarked in business under t e style of David Preston & Co., bankers and brokers. My entire capital at that time, out of which I had to furnish my home and start my bank, was less than $506. In May 1854, I had amassed a fortune of near $5,000, and with this increased capital I opened bank in Chicago. In the month of August following, Mr. A. Klemm, our banker at No. 50 Wall street, New York, failed $6,000 of our money in his possession, which were all we were worth, and a little more, We never realized but $15 out of this $6,000, and yet I did not commit suicide, run away, compromise, nor resign. I prayed, and worked and paid, and have been doing the same kind of business ever since, and I expect to fight it out this line to the end of my journey.

9. October 15, 1873 The Fairfield Herald Winnsboro, SC

Article from The Fairfield Herald, October 15, 1873

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A Cprious Card. The suspension and subsequent resumption of business by David Preson & Co., Detroit, have been announced. The card in which Mr. Preston declared his purpose to re. sume is peculiar, but said to be characteristic. He starts 'out in this way : It's good. There's light ahead there help in God ; there's wealth in Jesus; there's power in prayer. landed in Detroit Nov. 4, 1848. 1 borrowed $12 to bring me here. got a situation at $12 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May, 1852, I maaried a good wife, and in less than one week thereafter I embarked in business under the style of David Preston & Co., bankers and brokers. My entire capital at that time, out of which I had to furnish my home and start my bank, was less than $300. In May, 1854, I had amassed a fortuno of uearly $5,000, and with this increased c pital 1 opened tank in Chicago. In the mouth of August following, Mr. A Klemm, our banker at 50 Wall street, New York, faited, with $6,000 of our money in his possession, which was all we were worth, and a little more. We never realized but $15 out of this $6,000 and yet I did uot comusit suicide, run away, compromise, or resign. I prayed and worked, and paid, and have been doing the san:e kind of business ever since, and I expect to fight it out on this line to the end of my journey. Sept. 25, 1873, we closed our doors at 11 o'clock A. M., not because we had sustained any loss, not because of any fraud or darkness behind the scene, but simply because we could not pay in currency or otherwise, on demand, all that we owed. Previous to this, the banks in New York, Baltimore, Chicago, and many other other places had virtually suspended currency payments, only in such small sun's as they saw fit to pay out.-Cincinnati Gazette.

10. October 16, 1873 The Leavenworth Weekly Times Leavenworth, KS

Article from The Leavenworth Weekly Times, October 16, 1873

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A Curious Card. The suspension and subsequent resumption of bu iness by David Preston & Co., Detroit, have been announced. The card in which Mr. Preston declared his purpose to resume is peculiar, but said to be characteristic. He starts out in this way: It's good. There's light ahead; there's help in God; there's wealth in Jesus: there's power in prayer. I landed in Detroit, Nov. 4, 1848. I borrowed $12 to bring me here. I got a situation at $12 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May, 1852, I married a good wife. and in less than one week thereafter I embarked in business under the style of David Preston & Co., bankers and brokers. My entire capital at that time, out of which I had to furnish my home and start my bank, was less than $500. In May, 1854, I had"amaseed a fortune of nearly $5,000,and with this increased capital I opened a bank in Chicago. In the month of August following, Mr. A. Klemm, our banker at No 50 Wall street, New York, failed, with $6,000 of our money in his possession, which was all we were worth, and a little more. We never realized but $15 out of this $6,000, and yet I did not commit suicide, run away. compromise, nor resign. I prayed, and worked, and paid, and have been doing the same kind of business ever since, and I ex. pect to fight it out on this line to the end of my journey. Sept. 25, 1873, we closed our doors at 11 o'clock a. m., not because we had sustained any loss, not because of any fraud or dark. ness behind the scene, but simply because we could not pay in currency or otherwise, on demand, all that weowed. Previous to this, the banks in New York, Baltimore, Chicago, and many other places, had virtually BUSpended currency payments, only in such email some as they saw fit to pay out.

11. October 16, 1873 Eaton Weekly Democrat Eaton, OH

Article from Eaton Weekly Democrat, October 16, 1873

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A Curious Card. The suspension and subsequent resumption of business by David Preston & Co., Detroit, have been announced. The card in which Mr. Preston declared his purpose to resume is peculiar, but said to be characteristic. He starts out in this way : "It's good. There's light ahead; there's help in God; there's wealth in Jesus; there's power in prayer. I landed in Detroit Nov. 4, 1848. I borrowed $12 to bring me here. I got a situation at $12 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May, 1852, I married a good wife, and in less than one week thereafter I embarked in business under the style of David Preston & Co., bankers and brokers. My entire capital at that time, out of which I had to furnish a home and start my bank, was less than $500. In May, 1854, I had amassed a fortune of near $5,000, and with this increased capital I opened a bank in Chicago. In the month of August following, Mr. A. Klemm, our banker at No. 50 Wall street, New York, failed, with $6,000 of our money in his possession, which was all we were worth and a little more. We never realized but $15 out of this $6,000, and yet I did not commit suicide, run away, compromise, or resign. Iprayed and worked and paid, and have been doing the same kind of business ever since, and I expect to fight it out on this line to the end of my journey."

12. October 16, 1873 Marshall County Republican Plymouth, IN

Article from Marshall County Republican, October 16, 1873

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A Curious Card. The suspension and subsequent resumption of business by David Preston & Co., Detroit, have been announced. The card in which Mr. Preston declared his purpose to resume is peculiar, but said to be characteristic. He starts out in this way : "It's good. There's light ahead; there's help in God; there's wealth in Jesus; there's power in prayer. I landed in Detroit Nov. 4, 1848. I borrowed $12 to bring me here. I got a situation at $12 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May, 1852, I married a good wife, and in less than one week thereafter I embarked in business under the style of David Preston & Co., bankers and brokers. My entire capital at that time, out of which I had to furnish a home and start my bank, was less than $500. In May, 1854, I had amassed a fortune of near $5,000, and with this increased capital I opened a bank in Chicago. In the month of August following, Mr. A. Klemm, our banker at No. 50 Wall street, New York, failed, with $6,000 of our money in his possession, which was all we were worth and a little more. We never realized but $15 out of this $6,000, and yet I did not commit suicide, run away, compromise, or resign. Iprayed and worked and paid, and have been doing the same kind of business ever since, and I expect to fight it out on this line to the end of my journey."

13. November 1, 1873 The New North-West Deer Lodge, MT

Article from The New North-West, November 1, 1873

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'A Curious Card. The suspension and subsequent resump tion of business by David Preston & Co., Detroit, have been announced. The card in which Mr. Preston declared his purpose to resume is poculiar. but said to be character istic. He starts out in this way: "It's good. There's light ahend; there's help in God; there's wealth in Jesus; there's power in prayer I landed in Detroit No vember 4. 1848. I borrowed $12.10 bring me here. I gotasituation at $13 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May. 1852, 1 married n good wife, and in less than one week therenfter I embarked in business under the style of David Preston & Co., bankers and brokers. My entire capital at that time. out of which I and to furnish my home and STRIPS my bank. was less than $500. In May. 1854. I has remassed n fortune of nearly $3,000. and with this increased capital I opened bank in Chicago. In the month of August. following. Mr. A. Klemm. our banker at 50 Wall street, New York, failed. with $6.000 of our money in his possession, which all we were worth and n little more. We never realized but 815 out of this $6,000. and yet I did not commit suicide. run away. compromise. or resign. I prayed. and worked and paid, and have been doing the asme kind of husi. ness ever since, and I expect to fight it out on this line to the end of my journey. "September 25. 1873, we closed our donts at 11 a. m. not because we lond sustained any loss, not because cof any fraud or dark, ness behind the scene, bust simply because we could 89608 pay iso currency or otherwise. on demand. all that we owed. Previous w this. the banks in New York, Baltimore, Chicago and many other pinexa had virtually surpended currency payments. only in such amail sums as they saw fit 10 pay out"

14. November 6, 1873 Grant County Herald Lancaster, WI

Article from Grant County Herald, November 6, 1873

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A Curious Card. / The suspension and subsequent resumption of business by David Preston & Co Detroit, have been announced. The card in whieh Mr. Preston declared his purpose to re.. some is peculiar, but said to be craracteristic. He starts out in this way. It's good. There's light ahead, There's help in God, There's wealth in Jesus; There's power in prayer. I landed in Detroit, November 4, 1848. I borrowed $12 to bring me here. I got a situation at $12 per month, and in less than two months I had paid this $12 from my wages. On the 4th of May, 1852, I married a good wife, and in less than one week thereafter I embarked in business under the style of David Preston & Co., bankersand brokers. My entire capital at that time, out of which I had to furuish my home and start my bank, was less than $500. In May, 1854 I had amassed a fortune of near $5.000 and with this increased capitol Liopened abank in Chicago. In the mouth of August fol lowing, our banker of No. 90, Wall street, New York, failed with 6 000 of our money in his posession, which was all we were worth and a little more. We never realized but $15 out of the $6.000; and yet I did not commit suicide, run away, comprom ise or resign. I prayed, and worked, and paid, and have done the same kind of business ever since, and 1 expect to fight it out on this line to the end of my journey. September, 25, 1873, we closed out our doors ot 11 o'clock, a. m, not be. cause we had sustained any loss, not because of any fraud or darkness behind the scene, but simply because we could not pay in currency, or otherwise, on demand, all that we owed. Previous to this the banks in New York, Baltimore, Chicago, and many other places, had virtually suspended currency payments, only in such small sums as they saw fit to pay out.

15. November 12, 1873 The New York Herald New York, NY

Article from The New York Herald, November 12, 1873

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MICHIGAN. Effects of the Eastern Financial Disasters on the State-The Volume of Business a Trifle Less than Uusual-The Lumber Interest-Cheerless News from the Mines. DETROIT, Nov. 8, 1873. When Jay Cooke & Co. failed the people of Michigan looked upon it as a far off disaster in which they could not be greatly concerned. In two days, however, the tidal wave came swelling in and there was a rush of depositors to the savings banks which, foreseeing the evil, took to hiding themselves behind the provision which granted them thirty days' notice and this subdued the excitement measurably. Private banking houses who had been keeping a line of savings account on their own hook were also assailed and the community was startled at the suspension of David Preston & Co., and surprised, perhaps, at the suddenness of it. David Preston was our Jav Cooke. our reli-

9007. David Preston & Co. (Detroit, MI)

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