9074. Preston Bank (Detroit, MI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
September 25, 1873
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini
Short Digest
7afe1d0a

Response Measures

None

Description

Newspapers describe Preston & Co. (later Preston Bank) as having 'suspended' during the panic of 1873 for a brief period (two days) and then resuming business; obligations were met in full. This appears to be a brief suspension tied to the 1873 financial panic, followed by reopening. Dates are inferred from the Sept. 27, 1873 newspaper report saying business 'resumed to-day after a suspension of two days.'

Events (3)

1. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Temporary suspension during the financial panic of 1873 (general banking panic and related runs/suspensions).
Newspaper Excerpt
Resumption in Detroit, Preston & Co. bankers, of this city DETROIT, Sep resumed business to-day after a suspension of two days.
Source
newspapers
2. September 27, 1873 Reopening
Newspaper Excerpt
DETROIT, Sep resumed business to-day after a suspension of two days. The Situation in Ohio ... The banks of this city yesterday in good condition. ... Resumption in Detroit, Preston & Co. bankers ... resumed business to-day after a suspension of two days.
Source
newspapers
3. April 24, 1887 Other
Newspaper Excerpt
About a year ago it was reorganized under the name of the Preston Bank. ... the Detroit institution was compelled to close its doors temporarily. However, all obligations were met in full and business resumed. David Preston, banker, died suddenly ... April 24, 1887.
Source
newspapers

Newspaper Articles (3)

Article from Evening Star, September 27, 1873

Click image to open full size in new tab

Article Text

STRENGTH OF THE NEW YORK BANKS the Sept 27 The officers of va. rious banks continue NEW YORK, to express great confidence and in the strength of their present situation ability to come through safely THE NEW SUN SAYS T The Sun says: W learn from the most reexchange sponsible authority that the governm ment en London yesterpurchased $1,500,000 departday current expenses of the for the $700,000 for the State department. ment and action is said to have been made The trans private banking house The govern- the ment deposited through security for the exchange in Bank of England PECIE SHIPMENTS of to which to $50,000 Europe is in to-day gold coin, amount and the remainder silver STREET bars Nothing is doing on Change THIS MORNING. III Attairs are NEW YORK, Sept 11.30 street outside of ervomet this a. m in Wall rather excited. In very speculation whield is account doing are Central stocksthere is nothing of any asked Ohio Street guotations Pacific Mail 28a29 % Lake Shore, and Mississippi, 5a68 W estern Union Telegraph, 83a85. TO THE OPEN 53a55, Wabash 40a41 Rock Island, EXCHANGE rePETITION petition has beenopened the brokers the questing A the governing committee to open TOTAL IMPORTA stock exchange Monday F THE WEEK $10,902,468. of which 87,464 were merchandise. and were dry goods The amount of dry goods marketed THE PETITIONERS was $3,803 836. the governing committee of the Stock Exto that they will order the suspenston change of also ask the rule applying to the closing of of three conall tracts under the rule, parties for who the have period outstanding days, ordering with members of the board to margin said stock contracts to market prices securities on Monday, deposited either the with party by money or satisfactory to whom differences shall bedue. SE HOL C LEARING COMMITTEE a meeting THE to-day, resolved to issue bank state loan certicates at to an unlimited amount. The ment will not be ready to-day. GOLD EXCHANGE BANK is all straight again THE Every statement has been received THE CLEARING HOUSE COMMITTEE have decided hereafter not to make public the amount of loan certificates issued STREET DEALINGS IN smaller scale than yest day, and were on business wasactually and prices Broad street were very little pushed down further by the crowd on THE GOLD MARKET frequent inetuations in has been a At the opening sales were made at This the price. and later as high as 115% This advance was fol partly Ivwed by due to the overing of short contracts, the high many bears being fright by of in bankers assisted gold making borrowing rates for gold Some scarce and sel The free sale in order to run the price their acthe count carried price at advance down from 115 to 115 that the governAt one time it was reported but this repaid ment port could had sold not be authenticated. for At the the use open- of again. ing gold, but the rate 80011 fell to flat and still later Tuesday, The advanced stock Ex change to be Re expened 2.-The of the president has Exchange NEW YORK, Sept issued the following notice Stock The New York Stock Ex change will hour open The for "uesday next at the regular business of business will be arranged Monday details morning at the meeting of the governing committee. of the Brunswick. N J Suspension State Bank BRESTED THE DEFAULTING BANK OFFICERS TO BE New YORK Sept The Brunswick, N.J. State Bank have decided to suspend that indeti- it is to go on. Governor nitely as they find on examini ation Parker is makimpossible efforts to arrest Woodworth and ing vigorou the cashier, though it was reported Appleton, that they had fled to Europe It is vesterday that warrants are out also for the reported The total defales of the bookkeeper. $600,000. tion arrest will amount to between @500,000 to Philadelphia Has the Prevailing Complaint. TOO RCE. CURRENC Sept. Matters are quiet PHILADELPHIA, The scarcity of currency is the only trouble 3d street Many large nufacturing raised sufficient con cernshave with great wages to their employes, while cent others have only currency been able to pay 50 per wages due. A Sept special of Bank Suspensions in Lonisville, from Louis German as reported that all the checks bank ville have refused to pay currency for this morning Second Dispatch Louis NEW YORK Sept. special asonic from Sav German Insurance Western ville saysthe Central Savings and There is no on run ings, German suspend Louisville bank have the temporaril other banks The ended banking company has David Resumption in Detroit, Preston & Co. bankers, of this city DETROIT, Sep resumed business to-day after a suspension of two days. The Situation in Ohio TOLEDO TOLEDO, ONLY ONE Sept. 27 The banks of this city vesterday in good condition. time since Sevpassed over stronger than at any eral of them are the run. The single failure of the beginning banking house of of raus & Smith has bad the less effect than was apprehended LEVELAND. EXC TEMENT IN BUT LITTLE Sept There is but little exeitement among CLEVELAND, business men in financial air A cles in this enty over the monetary and troubles. there is feeling of confidence prevails Cleveland banks a doubt but that the banks scarcely all right The savings have will get adopted through the sixty days' notice plan, merely as pre cautionary measure. Chicago PLAN THE H ASSOCIATION OF Sept CLEAR 27 At a meeting of the CHICAGO. house association a committee was cer- apclear draft plan for the issue of loan the pointed fificates to to be used in the clearing house in Reported settlement Closing Chicago, of a National Bank that Sept in A Chicago special says closed NEW the YORK Third National bank is reported Milwankie. MILWAUKIE,Sept The report that of sums the here have spended payment such action The larger banks than $200 is a mistake banks are No doing business has been taken except that they have stopped are adrespond. vances usual on produce until the eastern banks ready Boston to Adopts the New York Plan of bank Sept. 27.-At s meeting BOSTON, of this city held this morning, it was presidents decided to adopt the New York plan The More Specie Coming steamship from London. Java sailed 000 in bullion. from LONDON, Liverpool Sept for New York to-day with £500, New York Notes. PASSION OF M RDEK NEW GREEN'S YORK, Sept. 27 John reen, alias state John McDonald, an inmate of the Massachusetts James has confessed to ha ing raurdered Island, on the Graham, prison, in his store at Little Neck, Long Green says night of Fortuary 7th last. convict, and anMichael ynch, fellow with him in the murder other that pers B were associated MIDLAND RAILROAD ACCIDENT WORSE


Article from New-York Tribune, April 25, 1887

Click image to open full size in new tab

Article Text

DAVID PRESTON. DETROIT, April 24.-David Preston, banker, died suddenly of heart disease this morning. He was in good health yesterday. Mr. Preston was born at Harmony, Chautauqua County, N. Y., September 20, 1826. He settled in this city in 1848. Four years later, with a capital of $450, he opened a banking-house, which for over thirty years was conducted under the firm name of David Preston & Co. About a year ago it was !reorganized under the name of the Preston Bank. He was also a member of the Chicago firm of Preston, Kean & Co. The Chicago bank was not affected by the panic of 1873. but the Detroit institution was compelled to close its doors temporarily. However, all obligations were met in full and business resumed. Mr. Preston is best known as a leading Methodist and Prohibitionist. In 1881 he was a delegate to the Ecumenical Council at London, England. He ran for Governor on the third party ticket in 1884, and in the recent campaign took an active part. His estate is worth nearly a million. He leaves a widow and several children.


Article from The Times, May 6, 1887

Click image to open full size in new tab

Article Text

magnates. The bride $1.000,000 received Pacific her father a check for and from residence in New York. a Glasgow chamber of commerce the The adopted a resolution declaring countries has system of other asking to British trade, and relarevise her protective injurious England chamber fiscal afthat Manchester free tions. its unabated confidence firms the best commercial as the only large trade About The contract transcon- policy. in remade in Chicago for of one huncently freight was that go over tinental loads of staves, to at an dred California car fast freight line, new rate the of 60 per cent. The roads is aavance by the American Canaon salmon to $1.45 to Chicago. but $1. the $1.40 dian Pacific made a cut to Governor Lee. of Virginia. Adam in Bad- contradicting a statement surrender by at Apthat after the and family pomattox, eau. General Lee by a Federal some time fed people of were for shows that the Lee's resikept General much with provisions, commissary Rienmond filled among the of dence which was distributed firm in a plan A with its employes poor. arranged manufacturing carpenters Cincinnati of has profits. The nine for sharing will from May 1 work makers of per threaten to strike Detroit a reduction of wages. at hours Milwaukee against day. The cigar next Satur- Cin- The day the stove foundries closing means of idleness all summer cinnati thousand men. for several at Louisville have caught The police to the Kentucky penitentiary named and sent keeping a mulatto for who confesses the assault safe perpetra- upon Turner, the recent terrible him tion of Bowman. She interrupted work of robbing a glass the and broke a wine before fragments Jennie the in daytime. upon his face poker. residence he in in overpowered her with a A cyclone which, on Thursday part of even- Vering, visited the Missouri, northern killed twenty- Osage, non county, in the townships of on Frifive persons Blue Mound. Early portion of Metz, morning and a considerable tornado, day was ravaged by a reported the Kentucky greatest Paris, where damage houses being were unroofed from for four hundred after yards. stating that his Robert negotiations Garrett, with completed, the Ives remarked syndicate are combination of and Pennit that Central, the Reading, almost rendered Lehigh, the necessary Jersey for the to New Baltimore and York, with sylvania from Philadelphia roads as the Ohio terminus, tendered to build for which Staten purpose Island he had been ample capital. Preston, the well-known of David died in Detroit on Sunday, of 60. He heart banker, disease. the Prohibition at the age candidate years for Governor WSS once founded of Michigan. a banking-house Many panic in ago he At the outbreak of the at DeChicago. he suspended payment within three of troit 1873 for ten days, pay but all indebtedmonths was ready leave to a large surplus. He leaves ness in full and a widow and several children. bureau of agriculture all reports causes The the losses of hogs from amounting to that been very heavy, have $6,000,000 during per number of 27; nearly largest been: In Virginia, deaths the year. hundred Mary- The and have North Carolina, Mississippi, 19; Tennessee, 18. and Missouri, iana, Illinois, at 8 cent. in land, Arkansas, estimated 20; 5 in Louis- Ohio, Wis- The loss in is Michigan. 11 in Indiana, 10 in Iowa and 5 4 in Kansas. consin, and Minnesota, 13 in and The teraverage Nebraska, loss for all the states ritories is 18.4.