Oakland County Bank - Pontiac, MI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: July 23, 1842
Location: Pontiac, Michigan (42.639, -83.291)

Metadata

Model: gpt-5-mini
Short Digest: 943652a5

Response Measures

None

Description

Article (New-York Daily Tribune, 1842-07-23) reports the Oakland County Bank at Pontiac, Michigan, is about to be resuscitated and names a new cashier, implying the bank had been suspended and is about to reopen. No run or depositor panic is mentioned; cause of prior suspension is not stated in the article.

Events (2)

1. July 23, 1842 Reopening

Newspaper Excerpt: The Oakland County Bank at Pontiac, Michigan, is about to be resuscitated. E. C. Thurston, from the East, is to be Cashier. The circulation is said to be small, and to command the coin upon presentation.
Source: newspapers

2. * Suspension

Cause Details: Article does not state the reason for prior suspension; only that it is to be resuscitated.
Newspaper Excerpt: The Buffalo Commercial states that the Oakland County Bank at Pontiac, Michigan, is about to be resuscitated.
Source: newspapers

Newspaper Articles (1)

1. July 23, 1842 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, July 23, 1842

Click image to open full size in new tab

Article Text

P The Greenwich Insurance Company have declared a dividend of 10 per cent for the last six months. The North. Western Insurance Company of Oswego, 4 per cent, payable at the Mechanics' Bank 1st August. The stockholders of the Gas Bank of New-Orleans, at a meeting, approved of the arrangement made with Mr. Jaudon, agent of Morrisons, for the setdlement of the debt due by the Bank. Mr. Henry K. Averill has been appointed Receiver of the Clinton County Bank. Counterfeit 5s on the Tolland Bank of Connecticut are very abundant; look out for them. The quotations for American Stocks in London received by the Acadia are merely nominal There is no demand for these securities. Alabama Sterling Bonds, 5 per cent, 359,50-sellers; Illinois 6s 1270, and do Dollar 6s 1860, 19sellers; Indiana 5s 1863, and do Dollar, 21-sellers; Louisiana 5s, 63-sellers: Maryland 2s. 40 to 50; New-York State 5s. 1845 to 1860, 74 to 76; Ohio 6s, 1850 to 1860, 75; Pennsylvania 5s, 1854 to 1865, 45; Canada, 90; South Carelina Sterling, Palmer's 5 per cent, 75. Chandler Starr, Esq., a Bank Commissioner, has made a statement in relation to the frauds of the Commercial Bank of Buffalo, From his statement it appears to be his opinion that in 1338 or 1839, Mr. Pratt, who was then President, used $75,000 of the issues of the Bank for his own purposes, with. out carrying them through the books, intending, when he recovered from his embarrassments, to protect the Bank from his own means. He died in 1840, greatly insolvent. Thesales at the Philadelphia board continue very light. 50 shares U.S Bank at 3: 1020 State 5s, 1856, 381. The Harrisburg Keystoze states that the notes of the Wy. oming Bank are received in the Treasury for dues of the Commonwealth At Cincinnati Exchange is at 4 per cent premium on the East, being a slight decline. At Louisville the rate of Exchange is still 1 per cent. It is less plenty, and not to be bad freely at this rate. Kentucky 30 year bonds, 80; Kentucky $5 scrip. 75. Tennessee paper is not taken freely, as doubt is still felt in regard to resumption. New-Orleans dates to the 11th present no change for the better in money matters. Union Bank notes were down to 20 per cent discount: Consolidated, 33 per cent; Citizens', 38, Canal and Commercial, 28 a 30, City, 19 a 20: Mechanics & Farmers', 12; Louisiana State, 18. At the recest Bank Convention in Virginia, at which it was resolved to resume specie payments on the 15th September next, Dr. Brockenbrough, a good Loco-Foco, said"I am aware that strong prejudices have been excited against the Bank and their managers. To them all the sufferings of the country have been attributed in a summary way by superficial observers. They may take their just share of this charge, and still leave much blame to others They are not to be constituted guardians of the people or of legislative hodies: on the contrary, they are the mere creatures of both. They did not authorize the establishment of nine hundred Banks in the United States: they did not create State debts to upwards of two hundreds of millions of dollars: they did notoriginate the numberless specilations into which men thought proper to engage. They have been swept along with the public current, and were not the source of it. To change the figure, they have been intoxicated by the spirit of the times. Temperance is now the order of the day. and they must take care not to furnish the means of excess to others." The circulation of the Bank of Missouri and branches on the 20th June was $247,730; due Banks, $13,745; Deposites, $872,209; Specie, $822,336; Bank notes, $132,754; due from Banks, $76,854. The suspended debt is $147,480. The Buffalo Commercial states that the Oakland County Bank at Pontiac, Michigan, is about to be resuscitated. E. C. Thurston, from the East. is to be Cashier. The circula. tion is said to be small, and to command the coin upon presentation. SALES OF REAL ESTATE AT AUCTION.-By Wilkins & Rollins 42 Carmine-street-in Chancery-lot 25x80 feet, with dwelling house, at $8,600. Allen-street-in Chancery-lot 20x87b feet on the East side, 60 feet from Delancy-Street, with factory building, &c., at $2,500. Brooklyn Property-in Chancery-10 lots, each 25x100 feet, on the corner of Columbia and Mill-streets, at $500 for the whole.