20474. Bank of Redfield (Redfield, SD)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 11, 1895
Location
Redfield, South Dakota (44.876, -98.519)

Metadata

Model
gpt-5-mini
Short Digest
54c7ea68

Response Measures

None

Description

The bank closed its doors after William W. Taylor (state treasurer and bank president) was reported to have absconded with large state funds (embezzlement). Articles describe the bank as having closed its doors (Jan 11–17, 1895). Depositors' committee sought reorganization and the Comptroller delayed appointing a receiver to allow reorganization, indicating an attempt to reopen rather than immediate permanent closure. No clear evidence of a full-scale run causing suspension; closures attributed to Taylor's default. A receivership application existed (Jan 16) but receiver not yet appointed.

Events (3)
1. January 11, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
State Treasurer William W. Taylor alleged to have absconded with approximately $250,000–$350,000 of state funds; his default compromised the bank and led to closure of the Bank of Redfield's doors on or about Jan 11, 1895.
Newspaper Excerpt
The bank at Redfield, of which he was president, had closed its doors.
Source
newspapers
2. January 16, 1895 Other
Newspaper Excerpt
Comptroller Eckels has five applicafor the receivership of the bank of Redfield, S. D.... The dispatch reporting above also states that no receiver will be appointed for some time yet.
Source
newspapers
3. January 20, 1895 Other
Newspaper Excerpt
The depositors' committee here has secured the co-operation of Congressman Pickler to assist their case with the comptroller... secured from him the promise to withhold the appointment of a receiver for the bank until the stockholders and depositors have had ample opportunity to reorganize the institution.
Source
newspapers

Newspaper Articles (7)
1. January 11, 1895 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, January 11, 1895

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Article Text

TreasAmount Which South Dakota's Embezurer Is Thought to Have zled Is Very Large. NEARLY HALF A MILLION Should Be in the Treasury, $250,000 but It Is Not--Probably Has Cash With Him. REDFIELD, S. D., failure Jan. 11.-Probably that has North- ever occurred the most startling in South Dakota during or the the day Walter in west was received revealed from William state treasurer word the outgoing First National and Taylor, president and Northwestern of the this city, Mortgage that he not appear his Trust bank company of to make his settlecould Pierre of ment at elect Phillips with Deadwood bank successor, clear here Treasurer- and closing of his from a The news like a thunderclap and the finansky, cial came because institutions both Taylor with which he was Reliable connected Were Regarded as Firm The and news from is question. no money beyond Pierre treasurer, held there demonstrates is and estimated to none the is credit that that held Taylor. of about in the the Aside $350.- bank state here. It missing with the action of 000 is the financial loss by all who have him from is felt terribly business with with known Taylor the and financial done connected enterprises in years which and past. He he and has been his thousands enterprises of has here Eastern always have regarded handled capital and many his as bank one here of the firm, safe Failure. institutions been in the state. Bank here of the his bank Tuesday as usual that On Cause business morning ,states and the opened for F. W. Humphrey, deposits in cash cashier, cent of approved reserve it held 50 bonds per of a quiet run agents and in East. Tuesday There was by parties by receiv- who on the bank suspicions aroused from Pierre had their private information shown up there ing Taylor had not was wrong. and that that something decided to by close the The bauk to and that the bank the The acsubject of officials currency examination once. of controller notified at protection official was taken for many the depositors. tion was bank and its declares that the Humphrey Paid in Full Cashier Deposits government Be examiner there is concludes as soon as his the faily $60.000 examination, in as good deposited paof cent not besides The bank in other an per, excess banks. about financial anthoritatively 40 per by here/is Taylor bank compromised It is stated of the default. after the examination it will reorits credit up for and and that open is restored Taylor business. The his ganiza blow and falls upon whom reside here a bondsmen, orst representative many of and Taylor leading was eit and are men of Redfield. Jan. business seen in Chicago He on went 4 from by time Chi last of this place. since which izen cago to Information New York, Has Been and Received it is not as to No his wheth whereabout r the in or his any bonds way known been protected elsewhere men have him. No bank Pierre hanks involved or not by in the default. of Taylor's from absence the were withdrew suspicious their deposits bank closed. and bank here the before state the the blow bondsmen falls ter Next hard to on his principal They qualified th in hence ribly sums who representing reside The entire here. all city they used have a the in deadly bank o paralysis life. world. for a depository, is affecting all the arteries trade and social Taylor's Record. Taylor is about 41 yours old, married He came to th but has from no Layfayette, children. Ind, a banking about field busi ness. field of 1885 and secured opened the entire fall He soon going out of secured basiness th two other banks into politics treasurer and at th nomination Taylor got for convention state at Mitchell renomina tion Republican 1890, for and the in same 1892 secured office at the Madison. Sheldon Backs Down. go PIERRE, S. Jan. 11. The

2. January 16, 1895 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, January 16, 1895

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Article Text

Comptroller Eckels has five applicafor the receivership of the bank of Redfield, S. D., of which Jus. A. Ward of Pierre, Fletcher of Aberdeen, L. L. Lostutter of Iroquois, J. W. Martin of Watertown, and E. M. O'Brien of Yank ton, are leading candidates. The dispatch reporting above also states that no receiver will be appointed for some time yet.

3. January 17, 1895 The Pioneer Press Miller, SD
Article from The Pioneer Press, January 17, 1895

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English language shall be permitted to vote in the state. WILLIAM BENZ was killed and his wife and child fatally injured at a railway crossing in Bloomdale, O. HENRY M. BURR & Co., one of the largest wholesale and retail millinery stores in Boston, failed for $100,000. WILLIAM W. TAYLOR, treasurer of South Dakota, was said to have absconded with $350,000. The bank at Redfield, of which he was president, had closed its doors. AN epidemic of grip is raging in New York city. P. G. MCLOUGHLIN, an old and highlyrespected member of the Chicago board of trade, dropped dead on the street. THE governor's message, submitted to the legislature of Oklahoma, declares for immediate statehood. AT Lewiston, Pa., Wesley Paulding shot and killed his wife and 4-week-old child and then went to the barn and hanged himself. ORSON W. ROLLINS and his wife were found dead at their home in Minneapolis under suspicious circumstances. Gov. MCKINLEY sent a car load of provisio hs to the starving miners of the Hocking valley in Ohio. THE whole number of immigrants that arrived in New York during December was 11.106. Of this number 166 were debarred entrance as paupers and fifty-three as contract laborers. THE Wyeth horse collar factory was burned at St. Joseph, Mo., the loss being $150,000. THREE men were instantly killed by a nitro-glycerine explosion at St. Mary's, O. W. W. KENT was elected president of the Western Baseball association at Des Moines to succeed David Rowe. REV. W. E. HINSHAW was seriously and his wife fatally wounded by thieves at their home in Belleville, Ind. THE Fidelity Loan and Trust company at Sioux City, Ia., passed into the hands of receivers with liabilities of $4,200,000. As A result of eating poisoned cheese twenty-seven people of East Bradford, Pa., were sick. THE Godley flourmill and an elevator containing 20,000 bushels of wheat were destroyed by fire at Scottsville, N. Y., causing a loss of $125,000. Gov. UPHAM sent his first message to the Wisconsin legislature, discussing various state questions. SIXTEEN THOUSAND election clerks were found inefficient at New York and will receive no pay. EXCHANGES at the leading clearing houses in the United States during the week ended on the 11th aggregated $1,039,136,951, against $944,978,348 the previous week. The increase, compared with the corresponding week in 1894, was 4.2. ACTUATED by insane jealousy, Louis Gross shot and killed his wife and himself during a quarrel in their home in New York city. A TREASURY statement shows the expenditures SO far this month exceed receipts by $6,213,743, which makes the deficiency for the fiscal year up to date $33,778,204. Gov. RUDD was inaugurated at Sacramento, Cal., a parade of civic and military organizations preceding the ceremony. JOHN E. MOORE, landing agent at Ellis Island, N. Y., in his report for 1894 says that during the year 92,561 cabin passengers and 188,164 steerage passengers landed at Ellis Island. "Boddy" WOODEN and George Mappe, both colored and murderers of Marion Ross, were hanged in the jail at Chattanooga, Tenn. TWENTY buildings were destroyed by fire in the mining town of Foster, Ia. RESOLUTIONS calling for the revision of football rules to prevent brutality were adopted at a meeting in Chicago of presidents of northwestern universities. Gov. MATTHEWS read his biennial message at a joint session of both houses of the Indiana legislature. SAMUEL D. PETERSON, of New Ulm, Minn., was given a verdict for $10,000 against the Western Union Telegraph company, which transmitted an anonymous libelous telegram. H. C. FRICK retired from the presidency of the Carnegie Steel company at Pittsburgh, Pa. John G. A. Leishman is his successor.

4. January 17, 1895 Warren Sheaf Warren, MN
Article from Warren Sheaf, January 17, 1895

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WEST AND SOUTH. THE republicans organized the West Virginia legislature at Charleston for the first time in twenty-five years. AT a railway crossing in Bloomdale, of, William Benz was killed and his wife and child fatally injured. IN the Michigan senate a bill was introduced providing that no person who is not able to read and write the English language shall be permitted to vote in the state. AT the age of 75 years J. H. French died at Beloit, Wis. He was United States treasurer under Lincoln. IT was said that William W. Taylor, treasurer of South Dakota, had absconded with $350,000. The bank at Redfield, of which he was president, had closed its doors. THE Thirty-ninth general assembly of Illinois convened at Springfield and effected a permanent organization. THE death of Gen. Alfred W. Ellet, a prominent figure in the war of the rebellion. occurred at El Dorado, Kan. IN Ohio Gov. McKinley sent a car load of provisions to the starving miners of the Hocking valley. THE legislature of Illinois in joint session canvassed the vote for state officers and declared the republican candidates elected. A RECEIVER was named for the Fidelity Loan and Trust company at Sioux City, Ia., the liabilities being 200,000.

5. January 17, 1895 The Farmers' Union Memphis, MO
Article from The Farmers' Union, January 17, 1895

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FINANCIAL AND INDUSTRIA -The 119-inch mill at the Homeste: works is working and the strike at th place is broken. The mass meeting pr posed was not held. A crowd of 4 gathered. but there were no speech All the furnaces at the Edgar Thoms works at Braddock are also workin and the steel mill resumed in all depat ments. The failure of W. II. Taylor, the ou going South Dakota State Treasurer. appear to turn over his office to his su cessor. caused :: sensation. Mr. Tayl cannot be located, but his bank at Re field closed its doors. and he is short large amount of State funds. just ho much cannot be learned. but the bool show that about $250,000 should be . hand. Public Examiner Meirs has n been able to secure a statement of whe the funds are deposited. At a convention of miners in Massillo district it was resolved to remain or until the operators agreed to pay $1.75 cay. The American Biscuit Manufacturir Company has ent the prices of cracke from 15 to 20 per cent. Creditors of the Fidelity Loan an Trust Company of Sioax City had a mee ing to consider the question of a receive ship. The company is one of the leadin financial concerns in the Northwest. TI application grows out of default on $30 000 interest due on Jan. 1 on the con pany's debenture bonds. The liabilitie

6. January 19, 1895 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, January 19, 1895

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gan senate providing that no person who is not able to read and write the English language shall be permitted to vote in the state. MRS. EDWARD KUHN, her mother and two brothers were indicted at Shelbyville, Ind., for poisoning the former's husband. WILLIAM BENZ was killed and his wife and child fatally injured at a railway crossing in Bloomdale, O. HENRY M. BURB & Co., one of the largest wholesale and retail millinery stores in Boston. failed for $100,000. WILLIAM W. TAYLOR, treasurer of South Dakota, was said to have absconded with $350,000. The bank at Redfield, of which he was president, had closed its doors. AN epidemic of grip is raging in New York city. P. G. McLouGHLIN, anold and highlyrespected member of the Chicago board of trade, dropped dead on the street. THE governor's message, submitted to the legislature of Oklahoma, declares for immediate statehood. AT Lewiston, Pa., Wesley Paulding shot and killed his wife and 4-week-old child and then went to the barn and hanged himself. ORSON W. ROLLINS and his wife were found dead at their home in Minneapolis under suspicious circumstances. Gov. MCKINLEY sent a car load of provisions to the starving miners of the Hocking valley in Ohio. THE whole number of immigrants that arrived in New York during December was 11,106. Of this number 166 were debarred entrance as paupers and fifty-three as contract laborers. THE Wyeth horse collar factory was burned at St. Joseph, Mo., the loss be'000'091$ Sup THREE men were instantly killed by 7S 18 exploising B 'O W. W. KENT was elected president of the Western Baseball association at Des Moines to succeed David Rowe. REV. W. E. HINSHAW was seriously and his wife fatally wounded by thieves at their home in Belleville, Ind. THE Fidelity Loan and Trust company at Sioux City, Ia., passed into the hands of receivers with liabilities of As A result of eating poisoned cheese twenty-seven people of East Bradford, Pa., were sick. THE Godley flourmill and an elevator containing 20,000 bushels of wheat were destroyed by fire at Scottsville, N. Y., causing a loss of $125,000. Gov. UPHAM sent his first message to the Wisconsin legislature, discussing various state questions. SIXTEEN THOUSAND election clerks were found inefficient at New York and will receive no pay. EXCHANGES at the leading clearing houses in the United States during the week ended on the 11th aggregated $1,039,136,951, against $944,978,348 the previous week. The increase, compared with the corresponding week in 1894, was 4.2. ACTUATED by insane jealousy, Louis Gross shot and killed his wife and himself during a quarrel in their home in New York city. A TREASURY statement shows the expenditures so far this month exceed receipts by $6,213,743, which makes the deficiency for the fiscal year up to date Gov. RUDD was inaugurated at Sacramento, Cal., a parade of civic and military organizations preceding the ceremony. JOHN E. MOORE, landing agent at Ellis Island, N. Y., in his report for 1894 says that during the year 92,561 cabin passengers and 188,164 steerage passengers landed at Ellis Island. "BODDY" WOODEN and George Mappe, both colored and murderers of Marion Ross, were hanged in the jail at Chattanooga, Tenn. TWENTY buildings were destroyed by fire in the mining town of Foster, Ia. RESOLUTIONS calling for the revision of football rules to prevent brutality were adopted at a meeting in Chicago of presidents of northwestern universities. Gov. MATTHEWS read his biennial message at a joint session of both houses of the Indiana legislature. SAMUEL D. PETERSON, of New Ulm, Minn., was given a verdict for $10,000 against the Western Union Telegraph company, which transmitted an anonymous libelous telegram. H. C. FRICK retired from the presidency of the Carnegie Steel company at Pittsburgh, Pa. John G. A. Leishman is his successor. Gov. UPHAM, of Wisconsin, placed exGov. Peck on the retired list of the national guard with the rank of commander-in-chief. THE Norwegian Lutheran seminary

7. February 2, 1895 The Kimball Graphic Kimball, SD
Article from The Kimball Graphic, February 2, 1895

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BANK OF REDFIELD. The Depositors' Committee Expects to Reorganize the Institution. Redfield, Jan. 20.-The depositors' committee here has secured the co-operation of Congressman Pickler to assist their case with the comptroller of the currency at Washington. In response to telegrams Mr. Pickler wires that he has interviewed Comptroller Eckels and secured from him the promise to withhold the appointment of a receiver for the bank until the stockholders and depositors have had ample opportunity to reorganize the institution. Examiner Zimmerman's report was sent to Washington on Saturday last. While he is prevented from forestalling his report he said that the bank's affairs were in good condition, and that but for State Treasurer Taylor's connection with it it would never have been compelled to close its doors. Depositors without exception are willing to accept time certificates and CO Scribute business to put the bank into operation again. Telegrams were sent to Taylor's relatives in Lafayette insisting upon their immediate representation here as the largest stockholders for the reorganization of the bank. They hold a majority of the stock and the resumption of the institntion is largely contingent upon their immediate action.