Suspension clearly linked to failure/suspension of A.C. Probert's Washburn private bank; bank later reopened by depositors' agreement.
Events (3)
1.June 1, 1893*Receivership
Newspaper Excerpt
the Shell Lake Savings bank here, which assigned two years ago, and reopened by consent of depositors in March, 1894, was sold by the sheriff under execution ... (1895 article referring to assignment two years prior).
Source
newspapers
+7 days
2.June 8, 1893Suspension
Cause
Local Banks
Cause Details
Suspended following failure/suspension of A. C. Probert's private bank at Washburn, whose troubles undermined confidence in Shell Lake.
Newspaper Excerpt
SHELL LAKE, Wis., June 8.-The Shell Lake Savings Bank suspended yesterday.
Source
newspapers
+9 months
3.March 22, 1894Reopening
Newspaper Excerpt
The bank is now open and doing a prosperous business. (cases against president and cashier dismissed; compromise effected with depositors).
Several Small Failures-Assets More Than Liabililies. CHATTANOOGA, TENN., June 8.-D. B. Loveman, one of the leading dry goods merchants in the South, filed a deed of trust with the county register last evening for the benefit of certain preferred creditors. He named as his assignees H. Clay Evans, of Chattanooga, late first assistant postmaster general, and Louis Black, of Cleveland, O. The aggregate indebtedness is $130,736; assets $250,000. CHICAGO, June 8.-Conrad Niehoff, private banker, 49 Lasalle street has made an assignment. Assetts, $90,000; liabilities, $60,000. WILMINGTON, DEL., June 8.-Bellah and Company, wholesale dealers in iron and steel, have failed. ASHLAND, Wis. June 8. -The Bank of Washburn closed yesterday. The officers claim the suspension is only temporary. SHELL LAKE, Wis.. June 8.-The Shell Lake savings bank suspended yesterday. NEW YORK, June 8.-The Richmond Terminal sold at one today, the lowest point ever reached.
2.June 8, 1893Evening StarWashington, DC
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Article Text
More Western Banks Close
ASHLAND, WIS.. June 8.-The Bank of Washbun closed its doors yesterday morning. Officers claim that suspension is only temporary on account of financial stringency, and that it will reopen in a few davs. SHELL LAKE. WIS.. June 8.-The Shell Lake Savings Bank suspended yesterday.
3.June 9, 1893The Morning NewsSavannah, GA
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Article Text
Two Banks Closed in Wisconsin
Ashland, Wis., June 8.-The Bank of Washburn closed its doors yesterday. The officers claim that the suspension is only temporary. A SHELL LAKE BANK SHUT, Shell Lake, Wis., Jtine 8.-The Shell Lake Savings Bank suspended yesterday.
4.June 9, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Depositors Are Uneasy
SHELL LAKE, Wis., June 8. - The Shell Lake Savings bank has closed its doors, supposed to be owing to the suspension of A. C. Probert's private bank at Washburn. Depositors are uneasy, yet great confidence is reposed in the management of the bank.
6.June 10, 1893The Madison Daily LeaderMadison, SD
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Article Text
Depositors Are Uneasy
SHELL LAKE, Wis.. June 10.-The Shell Lake Savings Bank has closed its doors, supposed to be owing to the suspension of A. C. Probert's private bank at Washburn. Depositors are uneasy, yet great confidence is reposed in the management of the bank.
7.October 21, 1893The Madison Daily LeaderMadison, SD
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Article Text
Arranging For Resumption
SHELL LAKE, Wis., Oct. 21.-A. C. Probert, president of the suspended Shell Lake Savings bank, also the Bank of Washburn and the Bank of Prescott, has just returned from a trip to the East, and has notified his depositors that he has partially perfected arrangements which will enable him to resume. Mr. Probert and his cashier are under arrest on several charges, and if the settlement is made it is believed by many that it means the criminal proceedings will be dropped.
8.March 23, 1894St. Paul Daily GlobeSaint Paul, MN
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Article Text
THE BANK ALL RIGHT
Cases Against the President and Cashier Dismissed. Special to the Globe. SHELL LAKE, Wis., March 22.-The criminal cases which were pending against A. C. and Edwin Probert, president and cashier of the Shell Lake Savings bank, have, on motion of the district attorney, been dismissed at the term of circuit court just held here by Judge R. D. Marshall. This was a foregone conclusion, as after the excitement following the bank failure last June had subsided it was readily perceived that everything was done in good faith by the bank officers, and that it was only under the stress of the panicky times which took down older institutions that they succumbed. A compromise was effected with the depositors, whereby the creditors will be paid off in quarterly payments extending over a period of two years. The bank is now open and doing a prosperous business.
9.September 24, 1895St. Paul Daily GlobeSaint Paul, MN
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Article Text
Shell Lake Bank Sold
SHELL LAKE, Wis., Sept. - -The Shell Lake Savings bank here, which assigned two years ago, and reopened by consent of depositors in March, 1894, was sold today by the sheriff under execution, and bought in by Capt. Bourne, of this place. The bank was to pay in four payments, three of which are now past due. and unpaid. The bank is still open for business.
10.September 25, 1895The Madison Daily LeaderMadison, SD
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Article Text
Bank Sold by Sheriff
SHELL LAKE, Wis., Sept. 25.-The Shell Lake Savings bank here, which assigned two years ago, and reopened by consent of depositors in March, 1894, was sold by the sheriff under execution
Shell Lake, Wis.-The Shell Lake Savings bank here, which assigned two years ago, and reopened by the consent of the depositors in March 1894, was sold by the sheriff under execution, and bought in by Capt. Bourne, of this place.
SHELL LAKE, Wis., Sept. 24.-The Shell Lake Savings bank here, which assigned two years ago, and reopened by consent of depositors in March, 1894, was sold by the sheriff under execution.
13.September 26, 1895The Sauk Centre HeraldSauk Centre, MN
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Article Text
Bank Sold by Sheriff
SHELL LAKE, Wis., Sept. 25.-The Shell Lake Savings bank here, which assigned two years ago, and reopened by consent of depositors in March, 1894, was sold by the sheriff under execution.
14.September 27, 1895Little Falls Weekly TranscriptLittle Falls, MN
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Article Text
Bank Sold by Sheriff
SHELL LAKE, Wis., Sept. 24.-The Shell Lake Savings bank here, which assigned two years ago, and reopened by consent of depositors in March, 1894, was sold by the sheriff under execution.
SHELL LAKE, Wis., Sept. 25.-The Shell Lake Savings bank here, which assigned two years ago, and reopened by consent of depositors in March, 1894, was sold by the sheriff under execution
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Shell Lake Savings Bank · Episode ID 2644989091122