The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-01-11
Amount Which South Dakota's Treas
urer Is Thought to Have Embez-
zled Is Very Large.
y NEARLY HALF A MILLION
Should Be in the Treasury, but 1t Is
Not---Probably Has s25O,OOO
Cash With Him.

hEUBAEhDs 0s iG.s @o&s AAs = A0S%SAy
the most startling failure that has ever
occurred in South Dakota or the North
west was revealed during the day 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
could not appear 10 make his settle
ment at Pierre with his successor,
Treasurer-elect Phillips Of Deadwood.
The news and closing of his bank here
came like thunderclap from o clear
sky, because both Taylor and the finan-
cial 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. It IL estimated that about $780,
600 is missing with Taylor. Aside
from the financial loss the action OF
Taylor 10 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
iy,sfi +ut;ora in Tho state
Caass OF the Bank Failure.
On Tuesday morning his bank here
opened for business as usual and the
cashier, r. w. Humphrey, Estates that
it held 5O per cent of deposits In cash
and in bonds Of approved reserve
agents East There was q quiet run
on the bank Tuesday by parties who
had their suspicious aroused by receiv.
ing 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 examination by the
controller Of the currency and thai
official was notified at once. The &C
ton was taken for the protection oi
the bank and its many depositors
Cashier Humphrey declares that
DeposIts Wjn Be Paid i'm FuIl
as soon as the government examinel
concludes his examination. as there Il
an excess of fully $50. ooO in good pa
per, besides about 40 per cent depositet
in other banks. The bank here is no
compromised financially by Taylor
default It is stated authoritatiyel.
that after the examination OF the banl
and it's credit is restored il will reor
ganizs and open mp fur business. Tn
v orst blow falls upon Taylor and hi
bondsmen, many OF whom reside her
and are representative and leadiill
business mon of Redfeld. Taylor wa
last seen in Chicago on Jan. 4 by cit
izen Of this place. He went from Chi
cago to New York, since which time
No Information Has Been Received
as TO his whereabouts, and 1t 10 no
known wheth + the state or his bonds
men have been protected i'm any wa
ar not by him No bank elsewhere
involved lin the default. Pierre hank
were suspicious OF Taylor's absenc
and withdrew their deposits from th
bank here before the bank closed
Next to the state the blow falls tel
ribly hard ON his principal bondsmeI
who reside here. They qualified
sums representing all they have In th
world. The entire city used the ban
for depository, hence q deadl
paralysis is affecting all the arteries !
trade and social life.
Tayior's Record.
Taylor ia about Al years old, marriet
but has no children. He came to Ret
field from Layfayette, Ind, about Il
fall of 1885 and opened q banking bus
ness. He soon secured the entire fiel'
two other banks going ont Of busines
Taylor got into politics and secured Il
nomination for state treasurer at q
Republican convention at Mitchell
1890, and In 1892 secured the renomin
tion for the same Office at Madison.
sheldon BACKS Down.
pxrppr ~ m lam IN =. The evrs