Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-01-10
A BIG CRASH IN SOUTH DAKOTA.
THE STATE TREASURER FATS FOR
AN IMMENSE sum.
The Redneid National bank Closed
as pesuIt--He owes s35O,oOO and
the Wreck Is COmpiete-Makes No
Excuses-other Business Troubles.


Redfeld, s. D., Jan. e.--Probably the
most startling failure that has ever
occurred In South Dakota or the North
west, was reported to-day in word re-
oeived from waiter Taylor. the out
going state treasurer and president OF
the First National Bank and North
western Mortgage Trust company OF
this city that he would not appear to
make his settlement at Pierre with
his successor. TTeasurer-elect Phillips,
OF Deadwood.
The news Of the closing OF his bank
came like thunderclap from a clear
sky, because both Taylor and the flnan-
cial institutions with which he was
connected were regarded as firm and
reliable beyond question. The news
from Pierre demonstrates that no mon
ey Is held 10 the credit of the state
treasurer ana nOua is held in the bank
here. 1t is estimated that about $780,
900 Is missing with TaylOS Aside from
the financial loss, the action OF Taylor
II felt terribly by all who have known
ana dons business with him and the
financial houses with which he has
been connected In years past. He and
Ills enterprises here have handled many
thousands Of eastern capital and his
bank here mas always been regarded as
one ot the sOundest. safest institutions
in the state.
on Tuesday morning his bank here
opened Tor business as usual and the
cashier r. W. Humphrey states that
1t held so per cent OF deposits in cash
and 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 sub
lect to examination b. the comptroller
OF the curnency and that official was
notified Mt once. The action was taken
TOR the protection OF the bank and its
many depoait1rs. Cashier Humphrey
declares tina. dcposltors Will be paid In
pull as soon Is the government examin-
err concludes his examination, as there
Is an excess OF fully $685. 900 in good
paper besides about ~ per cent de-
pJsited in other banks.
The bank here Is not compromised
III - e.ally BY Taylor's default
II Is state authOrtatlyely that after
the examination Of the bana All It's
Cr'd't Is restored Il will reu',;..'z. IN
Oprn u for business. Iie w1.,t b;,w
taHs upon Taylor and as hUuI,mer.
mHLr of whom resIis h-g4 unl are
representative and lealils business
mn ot Reddeld
layIor was last seen IN ,ht,lyo
January by a citizen Of this place He
ven from Chicago to i,tS IprE sir,e
wn'ch time no Information has bse,i re-.
eeived as to his whe. eaU1i;s and 1t
Is MT known whether the tie hnl his
bundsmen have been ( ot sctei In any
way UG not by him
The following letter was received I'M
!eF date OF January IS tAa max
heT'' me envelope WA posimarkrd
New York, January 6. 1t will throw
muen hgnt upon this ma ser ana >, ,tla
all doubts as to Mr.. Taylor; djs.o-
pear1rCe:
u coz Frank: am competed to
lnIf I'm you that l will nor return T.,
he field or Pierre / hive co,tnt,l
on trends assistance Ia ,naIx;u.; M
my settlement with the stnt, md felt
M It would be done until within
thi last few days ~. r,ilcyeJ
% know that the First N,rL,npi az
Rtdteld is In no way omp.umitii ami
hoT. Its affairs Will be aep; IN eoni
condition.
80 here Is no reason vAy rho lanl;
fholld not continue its ruSlncis. \
oN'r no excuse, although nave May,
w. w. TAYLOR
II develops that plaster mortgure
reached Redtield Wednesday morlin,
anu was duly filed in the register OF
detdsF office, transferring 10 COM
pany OF Chicago all his real estate and
chatteis in Sphinx county, Next To tho
state The blow falls terribly hard on
ma p.iucipal bondsmen. who reside
mere; Tney qualified in sums repre-
senuns all they have In the world
The entire city used the bank for a de-
affected all the arteries of trade and
social life. AZ an indication OF his
standing heretofore In the state and
the utter lack Of suspicion as to any
9ues lonablg designs, it is noted that
Governor sheldon paws a complinSo1,
10 Taylor'a efficiency IN his message TO
the legislature. -
Complroller BclSels has wired tina.
examiner Zimmerman has been or
charge OF the hank 'NNs