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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.
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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.)
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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
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DETROIT. Sept. 27. David Preston & Co, bankers of this city, resumed business to-day after a suspension of two days.
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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.
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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.
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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."
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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."
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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"
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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.
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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-
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DAVID PRESTON DEAD. The Famous Banker Prohibitionist Dies at His Detroit Home. DETROIT, Mich., April 24.-This morning at 6 o'clock David Preston, the banker, died suddenly of heart disease. He was in good health yesterday, but dropped dead this morning soon after rising. Mr. Preston was born at Harmony. Chautanqua county, N. Y., Sept. 20, 1826. In 1848 he came to this city. where he has since resided. In 1852, 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 is also a member of the Chicago firm ot 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 was resumed. Mr. Preston is best known as a leading Methodist and prohibitionist. He has been a delegate to several general conferences of the Methodist Episcopal church, and in 1881 was a delegate to the Ecumenical council at London, Eng. Until 1884 he was a Republican, but that year he became a party Prohibitionist, running for governor on that ticket, and polling a large vote. In the recent campaign he took an active part. His estate is worth nearly $1,000,000. He leaves a widow and several children.
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OBITUARY. David Preston, A Prominent and WidelyKnown Business Man of Detroit. DETROIT, Mich., April 24.-This morning, at 6 o'clock, David Preston. banker, died suddenly of heart disease. He was in good health yesterday but he dropped dead this morning soon after rising. Mr. Preston was born at Harmony, Chautauqua county, New York, Sept. 20, 1826. In 1848 he came to this city, where he has since resided. In 1852, with a capital of $450. he opened a banking-house, which for over thirty years was conducted under firm-name of David Preston & Co. About year ago it was reorganized under the name of the Preston Bank. He was also a member of the Chicago firm of Preston, Keane & 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 was best known as a leading Methodist and Prohibitionist. He has been a delegate to several general conferences of the Methodist Episcopal Church, and in 1881 was a delegate to the Ecumenical Council at London. Eng. Until 1884 he was a Republican. but that year he became a party Prohibitionist, running for Governor on that ticket and polling a large vote. In the recent campaign he took an active part. His estate is worth nearly a million. He leaves a widow and several children.