First National Bank (Redfield, SD)

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TAYLOR TOOK IT ALL Sensational Failure of a Banker and Politician. BIG MONEY INVOLVES The State Treasurer of South Dakota Short Nearly Half a Million Doilars-Disappears Suddenly. REDFIELD, S. D., Jan. 9.-The most startling failure that has ever occurred in the Northwest was revealed to-day in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company, that he would not appear to make a settlement at Pierre with his successor. The news and the closing of his bank here came like a thunder clap from a clear sky, because both Taylor and the financial institutions which he was connected with were regarded as firm and reliable. It is estimated $350,000 is missing with Taylor. Upon Tuesday morning his bank here opened for business as usual and the cashier, F. W. Humphrey, states it held 50 per ceut. of the deposits in cash and in bonds of approved reserve agents in the east. There was a quiet run on the bank Tuesday by parties who had their suspicious aroused by receiving private information from Pierre that Taylor had not shown up there and that something was wrong. The bank officials decided to close the bank subject to the decision of the comptroller of the currency. Cashier Humphrey declares there is an excess of fully $60,000 in good paper, besides about 40 per cent. deposited in other banks. The bank here is not compromised financially by Taylor's default. PIERRE. S. D., Jan. 9.-The alleged failure of W. H. Taylor, the outgoing state treasurer, to turn over the office to his successor yesterday has started some rumors of an investigation. Taylor, seemingly, cannot be located, but his bank at Redfield closed its doors last evening, and he is alleged to be short a large amount of state funds, just how much cannot now be learned. Ex-Governor Mellette, one of his bondsmen, is now on the road from Indiana and other bondsmen are on his track. MINNEAPOLIS, Minn., Jan. 9.-A special to the Journal from Aberdeen, S. D., says: It is learned that the defalcation of State Treasurer Taylor will reach $25,000. Taylor was last seen in Chicago Jan. 6. He went from Chicago to New York, since which time no information has been received as to his whereabouts. The following letter was received to-day under date of Jan. 6 by the bank here. The envelope was postmarked : NEW YORK, Jan. 6. DEAR FRANK:-I am compelled to inform you that I will not return to Redfield or Pierre. I have counted on friends assisting in making up my settlement with the state and felt that it would be done until the last few days. I offer no excuse for my condition, although have many, and believe myself. Yours truly. W. W. TAYLOR. It develops that a plaster mortgage reached Redfield Wednesday morning and was duly filed in the register of deeds' office, transferring to a company in Chicago all his real estate and chattels in this city and in Spink county. The blow falls hard on his principal bondsmen, some of whom reside here. Exam, iner Zimmerman has been ordered to come here at once and take charge of the I bank.

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Deep Snow at Roanoke

ROANOKE, VA., January 9.-(Special.) The heaviest snow of the season felt last night and to-day. It is 8 inches deep. and telephone- and telegraph-wires are badly disarranged. STATE TREASURER NON EST. He Is Also Heavily Short-His Bank Closes Its Doors. PIERRE, S. D., January 9.-State-Treasurer Taylor, who should have turned over his cash to his successor yesterday, falled to appear, and his bank, the Redfield National, has closed Its doors. When last heard from Taylor was in New York. On Saturday he should have had $350,000, and should have paid $190.000 Saturday to take up funding warrants in New York. His bonds are $350,000, but will stand 50 per cent. shrinkage. It has been known for some time that Treasurer Taylor was hard-pressed. He was caught in the Chemical National Bank failure at Chicago for a large amount, and he lost $20,000 in the bank at Milbank, and $10,000 in that at Goldisburg, which failed during the panic. Altogether he lost $100,000. The First National Bank at Redfield, Taylor's bank, closed its doors yesterday.

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SOUTH DAKOTA SCOOPED

Her Treasurer Missing With $350,000 to Turn Over to His Successor. Pierre, S. D., Jan. 9.-State Treasurer Taylor, who should have turned over his cash to his successor yesterday, failed to appear, and his bank, the Redfield National Bank, has closed its doors. The last heard of Taylor he was in New York. On Saturday he should have had $350.00, and should have paid $190,000 Saturday to take up funding warrants in New York. His bonds are for $350,000, but will stand 50 per cent. shrinkage. It has been known for some time that Treasurer Taylor was hard pressed. He was caught in the Chemical National Bank failure at Chicago for a large amount, and he lost $20,000 in the bank at Milbank, and $10,000 in that at Geldisburg, which failed during the panic. Altogether he lost $100,000. The First National Bank at Redfield, Taylor's bank, closed its doors yesterday. The bank is in a good condition, and it is thought will pay all its debts. The banks at Pierre wil not lose anything. If the defalcation is as large as the bondsmen believe, it will place the state in a very embarrassing position. The limit of indebtedness has been passed largely. No warrants or bonds can be sold, and there is a considerable deficiency in the revenue. Without this it would have been a difficult problem to make both ends meet, now it is impossible. Taylor has always had a high reputation as a financier and a man of integrity. The school fund also loses $50,000.

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STATE MONEY GONE South Dakota's Treasurer is Also Missing, AND WITH HIM THE SUM OF $350.000 Last Heard from at New York, Whence He Writes a "Letter of Regret" - State Treasury Looted of About All Therein and His Bondsmen Left to Hold the Empty Bag-Bad Case of Official Rascality. REDFiELD, S. D., Jan. 10.-Probably the most startling failure that ever oc* curred in South Dakota or the northwest was revealed in news received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company, of this city, that he would not appear to make his settlement at Pierre with his successor, Treasurer-Elect Phillips, of Deadwood. The news and the closing of his bank here came like a thunder clap from a clear sky, as both Taylor and the financial institutions with which he was connected were regarded as firm and reliable beyond question. The news from Pierre demonstrates that no money is held there to the credit of the state treasurer and none is held in the bank here. Much Money Missing with Him. It is estimated that about $350,000 is missing with Taylor. Aside from the financial loss the action of Taylor is felt terribly by all who have known and done business with him and the financial enterprises with which he has been connected in years past. He and his enterprises here have handled many thousands of eastern capital, and his bank here has always been regarded as one of the firm, safe institutions in the state. On Tuesday morning his bank here opened for ousiness as usual, and the cashier, F. W. Humphrey, informs us that the bank held 50 per cent. of its deposits in cash and in bonds of approved reserve agents east. There was a quiet run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not shown up there and that something was wrong. Bank Will Pay All Its Debts. The bank officials decided to close the bank subject to examination by the controller of the currency, and that official was notified at once. The action was taken for the protection of the bank and its many depositors. Cashier Humphrey declares that deposits will be paid in full as soon as the government examiner concludes his examination, as thre is an excess of fully $60,000 in good paper, and besides about 40 per cent. deposited in other banks. The bank here is not compromised financially by Taylor's default. It is stated authoritatively that after the examination of the bank and its credit is restored it will reorganize and open up for business. The worst blow falls upon Taylor, and his bondsmen, many of whom reside here and are representative and leading business men of Redfield.

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ITS TREASURY LOOTED South Dakota's State Treasurer Gone With $350,000. LAST HEARD FROM IN NEW YORK. Taylor Wrote From There That He Would Not Return, as He Could Never Make Good the State Funds-Last Seen In Chicago. Had Speculated Wildly. REDFIELD, S. D., Jan. 10. .Probably the most startling failure that has ever occurred in South Dakota or the northwest was revealed in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company of this city, that he would not appear to make his settlement at Pierre with his successor, Treasurer Elect Phillips of Deadwood. The news and closing of his bank here came like a thunder clap from a clear sky, because both Taylor and the financial institutions with which he was connected were regarded as firm and reliable beyond question. The news from Pierre demonstrated that no money is held there to the credit of the state treasurer, and none is held in the bank here. It is estimated that about $350,000 is missing with Taylor. Aside from the financial loss the action of Taylor is felt terribly by all who have known and done business with him and the financial enterprises with which he has been connected in years past. He and his enterprises here have handled many thousands of eastern capital. and his bank here has always been regarded as one of the firm, safe institutions in the state. On Tuesday morning his bank here opened for business as usual, and the cashier, F. W. Humphrey, states that it held 50 per cent of deposits in cash and in bonds of approved reserve agents in the east. There was a quiet run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not shown up there, and something was wrong. The bank officials decided to close the bank, subject to examination by the comptroller of the currency, and that official was notified at once. The action was taken for the protection of the bank and its many depositors.

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AOTHER CRASH

State Treasurer Taylor said to be Short Some $352,000 in his Account With South Dakota. His Redfield Bank Suspended, and he is Said to Have Gone to New York City. A report reached here yesterday that State Treasurer W. W. Taylor had been found short in his account with the state about $352,000, and that the last heard of him he wes in New York City. The report says his Redfield bank suspended this week; that this big sum was school land money; that he had lost about $50,000 in various state banks, etc. First reports are usually sensational. We hope for beter news when all is known.

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ITS TREASURY LOOTED South Dakota's State Treasurer Gone With $350,000. $ 2 LAST HEARD FROM IN NEW YORK, Taylor Wrote From There That He Would Not Return, as He Could Never Make Good the State Funds-Last Seen In Chicago. Had Speculated Wildly. REDFIELD, S. D., Jan. 10.-Probably the most startling failure that has ever occurred in South Dakota or the northwest was revealed in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company of this city, that he would not appear to make his settlement at Pierre with his successor, Treasurer Elect Phillips of Deadwood. The news and closing of his bank here came like a thunder clap from a clear sky, because both Taylor and the financial institutions with which he was connected were regarded as firm and reliable beyond question. The news from Pierre demonstrated that no money is held there to the eredit of the state treasurer, and none) is held in the bank here. It is estimated that about $350,000 is missing with Taylor. Aside from the financial loss the action of Taylor is felt terribly by all who have known and done business with him and the financial enterprises with which he has been connected in years past. He and his enterprises here have handled many thousands of eastern capital, and his bank here has always been regarded as one of the firm, safe institutions in the state. On Tuesday morning his bank here opened for business as usual, and the cashier, F. W. Humphrey, states that it held 50 per cent of deposits in cash and in bonds of approved reserve agents in the east. There was a quiet run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not shown up there, and something was wrong. The bank officials decided to close the bank, subject to examination by the comptroller of the currency, and that official was notified at once. The action was taken for the protection of the bank and its many depositors.

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TREASURER MISSING

A Large Amount of State Funds Have Also Disappeared. PIERRE, S. D., Jan. 10.-W. W. Taylor, the outgoing state treasurer, having failed to put in an appearance to turn over the office and make a settlement with the treasurer-elect, an investigation proves that he has defaulted to the extent of about $300,000. Taylor went to New York some time ago, and a letter just received from him states that he relied on friends to assist him, but they have failed. Taylor was also president of the First National bank at Redfield. and this bank has closed its doors subject to examination by the comptroller of the currency. PIERRE, S. D., Jan. 11.-The house and senate suspended the rules and passed a joint resolution offering $2,000 reward for the arrest and delivery of the defaulting treasurer, W. W. Taylor.

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Bankrupting a State,

PIERRE, S. D., Jan. 9.--State Treasurer Taylor, who should have turned over his cash to his successor yesterday, failed to appear and his bank, the Redfield National Bank, has closed its doors. When last heard of Taylor was in New York. On Saturday he should have had $350,000, and should have paid $190,000 Saturday to take up funding warrants in New York. His bonds are $350,000, but will stand 50 per cent. shrinkage. It has been known for some time that Treasurer Taylor was hard pressed. He was caught in the Chemical National Bank failure at Chicago for a large amount and he lost $20,000 in the bank at Milbank, and $10,000 in that at Geldsberg, which failed during the panic. Altogether he lost $100,000. The First National Bank at Redfield, Taylor's bank, closed its doors yesterday. The bank is in good condition and it is thought will pay all its debts. The banks at Pierre will not lose anything. If the defalcation is as large as the bondsmen believe, it will place the State in a very embarrassing position. No warrants or bonds can be sold, and there is a considerable deficiency in the revenue. Without this it would have been a difficult problem to make both ends meet; now it is impossible. Taylor has always had a reputation as a financier and a man of integrity. The school fund may lose $50,000.

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TO REORGANZIE THE BANK

Stock Holders Petition Comptroller Eckles to That Effect. Redfield, S. D., Jan. 15.-A meeting of the depositors of the defunct Taylor bank. representing about $35,000 of the deposits. indorsed the petition to Comptroller Eckles to continue the bank under a reorganization. Examiner Zimmerman is at present in charge as temporary receiver.

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Washington, Jan. 11. - Controller Eckles has been notified of the suspension of the First National Bank of Redfield, S. D., and has ordered Bank Examiner Zimmerman to take charge of the bank.

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MADE A BIG HAUL

A South Dakota Banker and State Treasurer Disappears. REDFIELD, S. D., Jan. 10.-The most startling failure that has ever occurred in the Nortwest was revealed today in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company, that he would not appear to make a set tlement at Pierre with his successor. The news and the closing of his bank here came like a thunder-clap from a clear sky, because both Taylor and the financial institutions which he was connected with were regarded as firm and reliable. It is estimated $350,000 is missing with Taylor. Upon Tuesday morning his bank here opened for business as usual and the cashier, F. W. Humphrey, states it held 50 per cent of the deposits in cash and in bonds of approved reserve agents in the east. There was quite a run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not showed up there and that something was wrong. The bank officials decided to close the bank subject to the decision of the comptroller of the currency. Cashier Humphrey declares there is an excess of fully $60,000 in good paper, besides about 40 per cent deposited in other banks. The bank here is not compromised financially by Taylor's default.

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STATE TREASURERS SHORT W

W. TAYLOR, OF SOUTH DAKOTA, A DEFAULTER. It is Alleged That More Than $350,000 is Missing The State is Practically Bankrupt-The Treasurer Loaned the State Money and Could Not Get It Back. Probably the most startling failure that has ever occurred in the Northwest. was revealed when William Walter Taylor, the outgoing State Treasurer and President of the First National Bank and Northwestern Mortgage Trust Company, of Redfield, South Dakota, sent word from New York that he would not appear to make his lettlement at Pierre with his successor, Treasurer-elect Phillips, of Deadwood. Both Taylor and his financial institutions were regarded as firm and reliable beyond ques:ion. No money is held either at Redfield or in Pierre to the credit of the State Treasurer, and it is estimated that about $350,000 is missing with Taylor. There was a quiet run on the bank by parties who had their suspicions aroused, and the bank officials decided to close the bank subject to examination. Cashier Humphrey declares that depositors will be paid in full, as there is an excess of fully $60,000 in good paper, besides about forty per cent. deposited in other banks. The worst blow talls upon Taylor and his bondsmen, many of them leading business. men of Redfield. Taylor was last seen in Chicago, and thence went to New York. In his letter from New York he says: "I am compelled to inform you that I will not return to Redfield or P.erre. I have counted on friends assisting me in making up my settlement with the State, and felt that it would be done until the last few days. I have no excuse to offer for my condition, although I believe I have many." It has been known for some time that Treasurer Taylor was hard pressed. He was caught in the Chemical National Bank tailure of Chicago for a large amount, and lost $22,000 in the bank at Milbank, and $10,000 in that at Gettysburg, which failed during a panic. Altogether he lost $100,000. Taylor has always had a high reputation as a financier and a man of integrity. The school fund may lose $50,000. The whole State is torn up over the defalcation. State officers are paralyzed. and no one knows either the amount taken or the method used. It is utterly impossible to tell anything about the amount. There are no records to show where the money is deposited. Taylor should have had on hand $346,000. He had set aside $190,000 to pay warrants which were due in New York. Three weeks ago Taylor went to New York, and it is understood that he has been trying to raise money to cover the shortage. His father is very wealthy and his connections are so influential that it is 8 surprise that he could not flx matters up. Mr. Taylor, Sr., is in Pierre, as is ex-Governor Mellett, who was the chief bondsman. Other bondsmen are Speaker Howard and Bob McCoy. of Aberdeen. The total bond was $350,000. If it is a large defalcation, as the bondsmen appear to believe, it will place the State in a very embarrassing position. The limit of indebtedness has been passed largely. No paper or bonds can be sold, and there is a deficiency in revenue. It is now impossible to make both ends meet.

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BANK MAY RESUME

Depositors of the Redfield Institution Want a Reorganization. PICKLER TAKES A HAND. Eckels Will Not Push the Matter of a Receiver Just Now. OF REPORT ZIMMERMAN Shows the Bank's Affairs to Be in Excellent Condition. Special to the Globe. REDFIELD, S. D., Jan. 28.-The depositors' committee here have secured the co-operation of Congressman Pickler to assist their case with the controller of the currency at Washington. In response to telegrams, Mr. Pickler wires that he has interviewed Controller 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. Bank Examiner Zimmerman's report was sent to Washington on Saturday last. While he is prevented from forestalling his report, he assured your correspondent that the bank's affairs were in good condition, and that, but for State Treasurer Taylor's connection with it, would never have been compelled to close its doors. Depositors without an exception are willing to accept time certificates and contribute business to put the bank into operation again. Telegrams were sent the Taylors in Lafayette today insisting upon their immediate representation here, as the largest stockholders, for the reorganization of the bank. They hold a majority of the stock, and resumption is largely contingent upon their immediate action. The county board in session today ac⑉ cepted the additional bond of County Treasurer Myer for $30,000. Representative men on the east side of the county qualified in $1,000 each. The treasurer's full bond amounts to $105,000.

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REORGANIZE TAYLOR'S BANK

Creditors Willing to Do All They Can 1 Help Start It Again. REDFIELD, S. D., Jan. 29.-The dopositors' committee here have secured the co-operation of Congressman Pieldon to assist their case with the comptroller of the currency at Washington. In response to telegrams Pickler wires that he has interviewed Comptroller Eckets and-secured from him a promise to withhold the appointment of a receiver for the bank until the stockholders and depositors have had ample opportunity to reorganize the bank. The depositors, without an exception, are willing to nocepf time certificates, and contrib to business to pat the . bank into operation again:

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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.

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BANK MAY RESUME BUSINESS

Closed Redfield Institution Likely to Be Reorganized. The depositors' committee at Redfield 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. While he is prevented from forestalling his report he has given assurance that the bank's affairs were in good condition and that but for State Treasurer Taylor's connections with it it would never have been compelled to close its doors. Depositors without exception are willing to accept time certificates and contribute business to put the bank into operation again. Telegrams were sent to Taylor's relatives in Lafayette insisting upon their immediate representation as the largest stockholders; for the reorganization of the bank. They held a majority of the stock and the resumption of the institution is largely contingent upon their immediate action.

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Taylor's bank at Redfield will go into liquidation and it is reported that Jas. A. Ward. late democratic candidate for governor will be appointed receiver. Redfield will soon have two other banks to take its place-one from Mellette and another from Doland.

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A Washington dispatch of the 27th slates that Comptroller Eckels has appointed R. W. Bourne, of New York, permanent receiver for the First National bank of Redfield, S. D. Bourne will take charge of the institution next week.

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Receiver for Taylor's Bank

WASHINGTON, March 1.-Comptroller Eckels has appointed R. W. Bourne of New York permanent receiver for the First National bank of Redfield, S.D. Mr. Bourne will take charge of the institution early next week.

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Receiver for Taylor's Bank

WASHINGTON, Feb. 28.-Comptroller Eckels has appointed R. W. Bourne of New York permanent receiver for the First National bank of Redfield, S. D. Mr. Bourne will take charge of the institution early next week.

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GLAD TIDINGS.

The Creditors of Taylor's Redfield Bank to Receive a Dividend of 25 Per Cent by August.

All Hope of Receiving Anything Practically Given Up—Mr. Bourne's Successful Efforts.

Washington, July 15.—About the last week in July or the first week in August there will be something like $25,000 distributed among the people of Redfield and vicinity. The money will be paid out by W. R. Bourne, receiver of the defunct First National bank of Redfield. That gentleman has been notified that he has with Comptroller Eckels enough cash on hand to warrant him in distributing a dividend of 25 per cent to the creditors of Mr. Taylor's bank who have proved their claims. Mr. Bourne will begin making out the necessary checks just as soon as he gets Mr. Eckels' letter, which has been forwarded to him. This work will occupy him a week or ten days, and then the checks must come back to Washington for the comptroller's signature. It will require three days to bring them to Washington, one day to sign them and three days more to get them back, so that the actual distribution will not begin until the first week in August.

Mr. Bourne is entitled to great credit for his efforts in collecting enough cash to warrant the payment of a first dividend of 25 per cent. The failure of the bank was bad enough in itself, but coming, as it did, on top of Taylor's defalcation, and when everyone in South Dakota was suffering from the money famine it seemed for a long time as though no dividend at all could be paid this year, or at least not one of more than 10 per cent.

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Receiver Bourne of Taylor's defunct Redfield bank has declared a dividend of 25 per cent to be paid in cash about August 1.