New York Trust Company - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: January 10, 1895
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c5b3dfff

Response Measures

None

Description

Article (The Seattle Post-Intelligencer, 1895-01-11) reports that the New York Trust Company 'is certainly defunct' in connection with Treasurer/President William Taylor absconding and large shortages. OCR errors in article corrected (e.g., 'Tayle' -> Taylor). No explicit run or depositor run described; evidence indicates bank failure/closure tied to bank-specific malfeasance/shortage.

Events (1)

1. January 10, 1895 Suspension

Cause: Bank Specific Adverse Info
Cause Details: President/treasurer William Taylor absconded amid large shortages and alleged misuse of funds; bank declared defunct thereafter.
Newspaper Excerpt: The New York Trust Company, of which Taylor president, is certainly defunct.
Source: newspapers

Newspaper Articles (1)

1. January 11, 1895 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, January 11, 1895

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Article Text

DAKOTA'S BIG THE Treasurer Taylor Took a Sum When He Went East. HE IS NOW SAFELY HIDDER After the Storm Is Over and as Bank Have Stttled : WILL I / and Square Things With Then, Chicago, Jan. 10.-W. I. secretary of the Western and Irrigation Company, with this city, said today that he William Walter Taylor, the treasurer of South Dakota, who Taylor was in Chicago, January that time," said Mr. turned all of his assets over bondsmen. I am sure be than able to meet the deficiency in the stafe treasury. He tas for double the amount required, on account of the shrinkage will not be able to realize in once. The state will not loss I am sure Mr. Taylor has money with him, and, for that he got very litle of it originally. tain persons whose names care to mention, received of have been aware of the state wf lor's affairs for four weeks Who left Redfield in 1890 I resigned the sition of cashier in the First national bank of Redfield. of which % was president. We were clossly clated in business affairs, and we were warm friends he - concerning the state of affairs In he left Pierre. "Mr. Taylor called at my office during the last two weeks, and I think be callet again when I was not there. In the three months Taylor had made great forts to realize on assets consisting real estate and first mortgages amount of nearly $500,000. These have been turned over to the bundetus and the state will not lose a cant. a Taylor never speculated except too legit imate manner. The shortage upward of $300,000, $100,000 of which cash traced to the failure of the n tional bank of this city and other bests in which he had deposited state funds. "I do not know where Mr. Taple # now, and do not know how long mained in Chicago. He is not for any, and the only reason he left Plane to give his bondsmen an opportunity to realize on his assets and arrange : ters." Pierre, S. D., Jan. 10.-The attorney eral has brought suit on the head Treasurer Taylor. It is understand the bond will be contested. Ex-Get. Mallets, who justified for $50,000, wires that be = be here tonight and will straighten the shortage. As his proportion, however, only 10 per cent. of the shortage, the state officials do not place much reliance It is believed Taylor is in hiding to East. It is known that when be left had fully $250,000 in cash and he casis have drawn in New York $100,000 BE believed that he has certain confederate who are keeping him advised of the R ceedings. A strong attempt is being here to throw doubt on the validity bonds, and it is suspected that the you is to force the state into & compress with the bondsmen for a moderate and then, when a settlement is completed and Taylor is promised Immunity, to make good the losses of his bondsmen. All sorts of rumors have been set the here by Taylor's friends to provent right prosecution. It is said by them the shortage was due to the liberality which he supported various banks the panic and received notes on which # had realized nothing. The state officials are makies attending efforts to raise sufficient cash to the various state institutions running and a peremptory call for taxes to pected to produce enough to ride OFF the difficulty for some time, but the auditor feels positive that South Dakes must default on the bond Interest in uary. Meanwhile every effort . being made to apprehend Taylor. Redfield. S. D., Jan. 10.-Bank Erande Zimmerman is busy at the books of First National bank. He says take a week to learn the exact the business. The general opinion vorable to allowing the bank ganize and reopen for business. have been rife today that Taylor complices with him here to work. If he went to New surmised that he may have some unknown port. He has in-law who commands a from that city. The New York Trust Company, of which Tayle president, is certainly defunct. to Tacoma. Jan. 10,-William absconding state treasurer of South kota, has many acquaintances leader state who knew him as the Redfield forces in the famous field contest over the location of ty seat of Spink county, South eight years ago. Taylor invested money in realty in this state. his acquaintances think he lost the New York stock market, as . heavy was warmest friends too there. They say he went Into projects to keephis money together. Pierre, S. D., Jan. 10.-Deputy Burrington today received from