22896. Bank of Shell Lake (Shell Lake, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 20, 1893
Location
Shell Lake, Wisconsin (45.739, -91.925)

Metadata

Model
gpt-5-mini
Short Digest
0e0469d2

Response Measures

None

Description

Articles report the Bank of Shell Lake failed in March 1894 and remained insolvent; its president (Probert) was accused of wrongdoing and arrested. The bank issued extension certificates upon failure and never paid interest or principal; no reopening is reported. OCR errors corrected (Shell 'ake' -> Shell Lake; dispatch misstates Shell Lake as 'Mich.' in Article 1 but context shows Wisconsin).

Events (3)

1. July 20, 1893 Other
Newspaper Excerpt
C. Probert and Edwin Probert, the Wisconsin bankers who operated banking institutions at Washburn, Ashland and Shell Lake, were arrested... The three banks... failed recently, and an examination has shown... that deposits were received over their counters after it must have been known that they were insolvent.
Source
newspapers
2. March 1, 1894* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure tied to alleged misconduct by its president A. C. (or R. C./Probert family) and insolvency; large related-party notes and past-due brewery notes; examiners found banks 'in bad shape.'
Newspaper Excerpt
the condition of the bank, shows that when the bank failed in March, 1894, it gave to its depositors, extension certificates...
Source
newspapers
3. November 27, 1895 Other
Newspaper Excerpt
Notice of suits against him was published a few days ago, the town treasurer attaching the goods of A. C. Probert wherever found. The bank owes the township $21,500... present assets... $45,000 in notes given the bank by its president R. C. Probert...
Source
newspapers

Newspaper Articles (2)

Article from Wheeling Register, July 20, 1893

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Article Text

CONCERNING BUSINESS AND FINANCE. MILWAUKEE, WIS., July 19.-A special dispatch received by the Sentinel late last night from Shell Lake, Mich., says that C. Probert and Edwin Probert, the Wisconsin bankers who operated banking institutions at Washburn, Ashland and Shell Lake, were arrested at Washburn yesterday, charged with having violated the banking laws, The three banks iu which the prisoners were interested failed recently, and an examination has shown, it is said, that all the institutions were in bad shape, and that deposits were received over their counters after it must have been known that they were insolvent. The Proberts, up to the time of the failures, always stood high in northern Wisconsin financial circles and the news of their arrest will cause a sensation throughout the state. Frederick T. Day, the president of the Plamkinton Bank in this city, which recently failed, was located in Flint, Mich., by Sheriff Dunn, of Milwaukee county, yesterday and the capias for his appearance to answer for the grand jury indictment recently rendered against him, served upon him. The banker is in a sanitarium at Flint and as his attending physicians have made an affidavit that to move him now would endanger his life, he will be allowed to remain there under a guard until his health is improved. CHICAGO, July 19.-Dickinson Bro. & King, dealers in Portland cement and building material went into the hands of a receiver to-day. Complainants say the firm has property valued at $260,000 in excess of liabilities. The pressure of the times is said to have made the business unprofitable and it should be wound up. WASHINGTON, D. C., July 19.-The Comptroller of the Currency has been advised that the Hutchinson National Bank, Hutchinson, Kansas, closed its doors this morning. NEW YORK, July 19.-Three judgments aggregating $10,399, against Erastus Wiman in favor of James M. Fitzgerald on three notes, were filed to-day. OKLAHOMA CITY, O. T., July 19.-The Bank of Oklahoma City and the Oklahoma National Bank closed their doors this afternoon. Statements are unobtainable now. WASHINGTON, D. C., July 19,-The mint bureau has succeeded in getting offers of silver at what it considers a fair market price-711/6 cents per ounce-while the gold reserve recovered the ground it lost Monday and again began its "cat in the well" climb toward the hundred million mark. The reserve to-day amounts to $98,387,709, against $97,672,852 yesterday. The currency balance to-day amounts to $25,324,713. TOPERA, KANSAS, July 19.-Information has been received at office of State Bank Commissioner of the failure of the State Bank of Parker, Linn county, and of the Woodson State Bank of Yates Centre, Woodson county. Both are small concerns. WASHINGTON, D.C., July -The Comptroller of the Currency is informed of the failure of the Bozeman National Bank, of Bozeman, Montana.


Article from The Representative, November 27, 1895

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Article Text

THE GOOD TIMES. Let us hear a little more from the great dailles about the booming, splendid good times. Then read such items as this: A New York city friend of ours counted 98 vacant stores on Broadway between the postoffice and Twenty-third street one day last week. When asked the reason for this the answer was almost invariably: "Lost our export trade." Prosperity and the gold basis, don't you know. -Denver Road. Chicago, Oct. 29.-Hundreds of shoppers and clerks witnessed a strange suicide last evening. Mrs. Walsh, weight 200 pounds, jumped from the third story balcony of one of the big department stores and was, dashed to death on the floor of the rotunda. Fayetteville, Ark., Oct. 29.-As the north bound passenger train came over the long trestle south of town yesterday a woman walked out of a car, climbed over a handrail between the coaches, stepped down on the safety chain and threw herself to the ground. The car wheel struck her body. The fall broke her neck and she was dead when picked up. A seven year old child who was with her says her mother was Mrs. Sarah Stafford, and lived at East Second street, Romena, Cal. Shell ake, Wis., Oct. 29.-The Bank of Shell Lake has been done brown by its president. Notice of suits against him was published a few days ago, the town treasurer attaching the goods of A. C. Probert wherever found. The bank owes the township $21,500. State Bank Examiner E. I. Kidd, in his report as to the condition of the bank, shows that when the bank failed in March. 1894, it gave to its depositors, "extension certificates. due in 6, 12, 18 and 24 months with itnerest at 5 per cent. but that neither the interest nor any of the principal of these certificates has yet been paid. The present assets of the bank consist of $1.40 due from the Merchants' National of New York, $17.87 due from the Bank of Minnesota, of St. Paul; $275.36 in cash, $45,000 in notes given the bank by its president. R. C. Probert: $20,000 in notes of the Washburn Brewing company, past due and unpaid, the Brewing company's property having been sold on an execution. No itnerest has been paid on the Probert notes since June 1, 1893, while an examination ofh is private accounts shows that for any itnerest endorsed thereon. there is a corresponding overdraft of his private account. There are also $744 in notes of bankrupt individuals. New York. Nov. 11.-Judge Lacombe in the United States court today handed down a decision confirming the sale of the eNw York, Lake Erie and eWstern railway made on Nov. 7 by a master. and which is in line with the Morgan syndicate's plan of reorganization. The sum paid for the road is $20,000,000. Denver. Col., Nov. 11.-A special to the Times from Albuquerque, N. M., says: Judge Collier today sustained the exceptions filed by the United States Trust company. of New York, to the answers of the defendants in the Atlantic and Paciflc railroad foreclosure sale, thus striking out of these answers all allegations attacking the right of complainants to have an immediate decree of foreclosure of the first mortgage. An early decree and sale will be the result. Rents in Washington. D. C.. have fallen 60 per cent in five years-that's good. "Prosperity and the gold basis" is doing its deadly work. Tacoma, Wash., Oct. 29.-It is alleged that ex-City Treasurer Boggs, who held office from 1890 to 1894. is an embezzler to the extent of $109,000. and that the sheriff is on the road to Jacksonville, Ore., to arrest him. The recent bank failures have disclosed the fact that Boggs deposited a large sum of city warrants in the banks, receiving credits in cash. The wararnts SO deposited are supposed to aggregate $212,000. The German American and Columbia National banks have brought suit to have their accounts with the city offset with these warrants. claiming them to be illegal because issued in excess of legal indebtedness. The city's deposit in these banks aggregate $162,000 cash and if their contention is upheld it is claimed that the city would lose that amount, as it would be morally bound to validate and pay these warrants. These facts have led to 2 close Investigation of Boggs' alleged warrant transactions by the city officials and prosecuting attorney with the result that it was decided Saturday to put him on trial. Washington, Oct. 29.-The comptroller of the currency today received a telegram announcing the suspension of the First National Bank of Wellington, Kan. Bank Examiner Sawyer was placed in charge. The bank has a capital of $50.000, and at last report had a surplus of $32,000. Duluth. Minn., Nov. 15.-Moses Cook, who is wanted here for defrauding 64 firms. all over the Northwest, by purchasing $17,000 worth of goods, hiding them in a brother's store, and then failing with no assets, has been arrested at Wabash, Ind. Grand Forks, N. D., Nov. 15.-O. W. Kerr. of Northwood. was found guilty by the United States court for sending out envelopes with the words "Bad debts collection a specialty.' Judge Thomas will sentence him Monday, court adjourning until that time. Hans Ellington, arrested for contempt of court in connection with the blind pig cases, was discharged by Judge Templeton. Redwood Falls, Minn., Nov. 15.-It is reported on good foundation that the grand jury will return six or seven indictments against the insolvent Citizens' bank officials for mismanagement, this afternoon. Centerville, Ia., Nov. 16.-Merritt Bros., one of the largest merchandising firms of the town, made an assignment this afternoon. and the stock is in the hands of the sheriff. Liabilities SO far foot up to nearly $35,000. with outside firms to hear from: assets unknown as yet. The Standard Coal Company is included in the wreck. Cleveland, O., Nov. 16.-A special to the Leader from Marion, O., says that application was made there today for the ap-