Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1895-01-17

Redfeld, S. D., Jan. 10.-Probably
the most startling failure that ever
occurred in South Dakota or in tho
northwest was revealed when the
news was received that William Wal.
ter Taylor, the outgoing state treas
urer and president of the First Na-
tional bank and Northwestern Mort.
gage Trust company, of this CITY
would not appear to make his settle
ment az Pierre with his successor
Treasurer-elect Phillips, of Deadwood.
The news and the closing of his bank
here came like a thunder clap AID.
vices from Pierre demonstrated that
no money is held there to the credit of
the state treasurer and none is held in
the bank here. 1t Is estimated that
about S350,OUo Is missing with Taylor
He and his enterprise here handed
many thousands of eastern capital and
the bank here has always been re.
garded as one the safest institu-
lions 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
tie examination, as there is an excess
of fully sixty thousand In good paper
besides about forty per cent. deposited
in the other banks. rhe bank here is
not compromised financially by Tay.
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 a 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.
II develops that 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 OIL his prin-
cipal bondsmen who reside here. They
had qualified in sums representing all
they have in the world. The entire
city used the bank for a depository;
hence a deadly paralysis has affected
all arteries of trade and social lfe.
The Wreck Complete.
Aberdeen, $ d., Jan. 10.-From abb
solutely reliable sources it is learned
chat the defalcation Of State Treasurer
Taylor will reach 100000. Practical
~ 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-
siderinS the times, yet never dreamed
the truth. When the officials make an
Investigation of the treasnrer's office
they will be simply appalled, at the
condition Of affairs.
Taylor came to Dakota from Indi-
ana in 1856, and established the first
national bank of Redfeld, 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; surplus OF
$4,000, and did large business.