The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-10

Re{ifeld. S. d. Jan. 9-Probably the
most startling failure that has ever oc-
CURED in South Dakota or the northwest,
" as revealed today in word received from
William Walter Taylor, the outgoing
state treasurer and president of the First
National bank, ana Northwestern Mort
gage Trust company OF this CITY. that he
would not appear to make his settlement
at Pierre with his successor Treasurer-
Elect PhilIipps, Of DeadWood The news
and closing of his bank here came like
q trunder-clap from a clear sky because
both Taylor and the financial. institutions
Mulch he was connected. with. were re-
garded as firm and reliable. The news
from Pierre demonstrates that no money
/ - heid there to the credit OF the state
treasurer and none is held in the bank
here. It is estimated about SSS5o, 600 is miss
ing with Taylor. Aside from the financial
loss, the action Of Taylor is feis terribly
| py al Wnc have known and done business
Win MIN, and the financial enterprises
With Which he has been connected in years
past lie and his enterprises have handled
many thousands Of eastern capital. and
\ his bank here has always been regarded
as one of the firm, safe institutions in the
Estate.
Bank Opens as Usual.
| On Tuesday morning his bank here
ol'ened for business as usual and the
asher, + w. Humphrey, states 1t held
In bonds of approved reserve agents in
4 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 Wrcrg. The bank officials decided IL
close the bank subject TO the decision Of
! the comptroller of the treasury. This
action was taken for the protection of tht
&c nix and its many depositors. Cashier
Humphrey declares depositors will be-
lpafd in full as soon as the government
there is an excess of fully $4,000 in goot
paper, besides about 40 per cent. deposited
in other banks. The bank here is no
compounded financially by Taylor's de
fault. 1t is stated authoritatiVely tina
latter examination of the bank and it
lcredit is restored, it will reorganize ant
ireopen for business.
The worst blow falls on Taylor and hi
bondsnen, many Of whom reside her
and are representative and leading mel
of Redfteld. Taylor was last seen in Chi
cago january 4. He went from Chicag
Ito New York since which time no in
formation has been received as to hi
whereabouts, and Ut is, not known Wherh
er the state or his bondsmen have beel
protected IN any way or not by him. n
bank elsewhere is involved in the default
pierre banks were suspicious of Taylor
absence and withdrew their deposits from
the bank mere before it closed.
Sends Il Letter.
The following letter was received to
day, under date of January g. by tn
bank here The envelope was post
, Innarked New. York, January 6. 1t Wi
, throw important light on the matter an
settle all doubts as to Taylor's disaE
|pearance:
Dear Frank am compelled to in
form you that / will not return to Red
field or Pierre. / have counted on friend
assisting in making. up my settlenen
? done until the last few days. I feel Re
lieved to know the First National {
Redfield is not in any way Tightfull
compromised by my misfortune and hop
. THAT it's patrons will believe you as the
should for you have always kept til
4 banks affairs in good and safe c9nd
" ton. There is no reason why the ban
| should not continue IT'S business. / offs
g no excuse for my condition, although
: have many, and believe myself,
f "W. W. TAYLOR
: 1t develops that a plaster mortgae
: reached Redfield Wednesday mornin
c and was duly filed in the register I
> deeds Office, transferring ito a compar
:, in Chicago all his real estate and cha
,, tells in this city and in Sphinx county.
> Next to the state the blow falls teri
bly, hard on his principal bondsnen WI
reside here They qualified in sums re
regenting all they have in the worl
The entire city used the bank for, d d
e pository, hence a. deadly paralysis hi
" affected all the arteries of trade and s
. C,on7r1trol1er Eckels has wired that e
IS aminer Zimmerman has Deen ordered
e come here at once and take charge
4. the hank