Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1895-01-17

Redfield, S. D., Jan. 1O.-Probably
the most startling failure that ever
occurred in South Dakota or in the
northwest was revealed when the
news was received that William Wal
ter Taylor, the outgoing state treas
urer and president of the First Ma
tional bank and Northwestern Mort
gage Trust company, of this city,
would not appear to make his settle
ment at Pierre with his successor.
Treasurer Phillips, of Deadwood.
The news and the closing of his bank
here came like a thunder clap. Ad-
vices from Pierre demonstrated that
no money is held there to the credit of
the state treasurer and none is held in
about $500 is missing with Taylor.
He and his enterprise here handled
many thousands of eastern capital and
the bank here has always been re-
garded as one the safest institu-
tons in the state. Tuesday the bank
here was opened as usual. There
was a quiet run by parties who had
their suspicious aroused by receiving
information from Pierre that Taylor
had not shown up there and some
thing was wrong. The bank officials
have decided to close the bank sub
iect to examination by the comptroller
of the currency. The action is taken
for the protection of the bank and its
depositOrs.
Will Pay in Full.
Cashier Humphrey declares that de-
pOsitOrs will be paid in full! as soon as
the government examiner concludes
the examination, as there is an excess
of fully sixty thousand in good paper
besides about forty per cent. deposited
in the other banks. The bank here is
not compromised financially by lay
lOr's default. Ii is stated that after
an examination the bank will reorgan-
ize and open for business. Taylor
was last seen in Chicago, January 4.
by citizen of this place He went
from Chicago to New York. since
which time no information has been
received as to his whereabouts. No
bank elsewhere is involved in the de-
fault.
A Plaster Mortgage.
1t develops that a plaster mortgage
reached Redfield Wednesday morning
transferring to company in Chicago
all his real estate and chattles in this
city and Shank county. Next to the
state the blow falls hard on his prin-
clpaI bondsmen who reside here They
had qualified in sums representa- all
they have in the world The entire
city used the bank for a depository
hence deadly paralysis has affected
all arteries of trade and social life.
The Wreck Complete
Aberdeen, S. D., Jan. 1O.-From alb
solutely reliable sources it is learned
that the defalca ton of State Treasurer
Taylor will reach 100000. Practical
ly all the state moneys were in his
hands, except some $4,000 or $4,000
on deposit in the various banks. The
wreck is complete. 1t is known that
for year Taylor had personally been
in bad straits. They knew that he had
been investing money recklessly con-
sidering the times, yet never dreamed
the truth. When the officials make an
Investigation of the treasurer's office
they will be simply appalled, at the
condition of affairs
Taylor came to Dakota from Indi-
ana in 1886, and established the first
national bank of Redfield, which was
soon made one of the leading financial
institutions Of this section. He took
an active part in politics. The bank
had capital of $4,000; a surplus of
$4,000, and did large business.