St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-10
LOOTED TIE TREASURY

thunderbolt, because both bank and MIR.
Tavlor were regarded as unquestionably
firm. The news from Pierre demon
strates 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 $3.50, 900 is missing.
Aside from the financial loss, the action
of MI Taylor is felt terribly by all who
have done business with him, and the
financial enterprises with which he has
been connected in the past years. he
and his enterprises have handled many
thousands of Eastern capital, and his
bank here has always been regarded as
one Of the firm aud safe institutions o
the state.
On Tuesday morning his bank opened
for business az usual, with so per cent
of its deposits in cash and in the hands
of the approved reserve agents East.
There was quiet run on the bank. and
the directors of the bank decided to
close the bank subject to examination
by the comptroller of the currency for
its own protection and of its depoSltors.
The depositors will be paid in full, as
there is an excess of fully 100000 in
good paper, besides about 40 per cent
deposited in other banks.
The bank here is not embarrassed
financially by Taylor's defaulting. 1t
is expected that after the examination,
and with its credit restored, the bank
will reorganize and open for business.
The worst now falls on Taylor. whose
disappearance is ineXplicable at this
time, and his bondSmen, many of whom
reside here and are representative and
leading business men of Redfield. Tay-
lor was last seen IN Chicago on Jan. 4
last by citizen of this place. He wen
from Chicago to New York. since which
time no information has been received
as to his whereabouts. and it is not
known whether the state or his bonds
men have been protected in any waysor
not by him.
No bank elsewhere is involved in this
default. Pierre banks were suspicious
of Taylor's absence, and withdrew their
deposits from the bank here before 1t
closed
Wednesday morning, Jan. 8, by the
bank here. The envelope was post
marked "New York, Jan. g." 1t will
throw important light on the matter and
settle all doubt as to MIR. Taylor's dis
appe arance:
Ny Dear Frank-I am compelled to inform
you that 1 will not return to Redfield or
Pierre. l have counted on my friends as
sisting in making up my settlement with the
state. and felt that it would be done until the
last few days. l feel relieved to know that
the First Nat onal, of Redfield, is not in any
way rightfuly compromised by my mis-
fortune, and hope its patrons will believe in
you as they should, for you have always
kept the banks affairs in a good, safe con-
dition. There is no reason why the bank
should not continue its business. offer no
excuse for my condition, although l Lave
many. am, yours truly,
W. W. TAYLOR.
Walter w. Taylor was born in lndi-
ana about the year 1855. and for time
was associated with his father, William
| Taylor, in the wholesale coal business
at Lafayette in that state. From the
time he was eighteen years of age he
| had almost exclusive charge of the buSl-
ness, and demonstrated truly Won
derful capacity for graSping the details
and intIicacies of very large trade.
He came to Dakota IN 1886 and estab-
lished the First National Bank of Red
| field, S. D., which he soon made one of
the leading financial institutions of this
section of the country. He TOOK an
| active part in politics from the first,
was earnest in the struggle for state
! hood, and was a delegate from Sphinx
county to the first state convention held
| in Huron, in 1889. At the approval of
| the convention of 1890, held at Mitchell,
| he entered the race for state treasurer
| and secured the nomination after one
of the most spirited and exciting con-
| tests ever witnessed in the West. He
was renominated and reelected for a
second term, which he completed on
the 1st of January of the present year.
| 1t develops that a plaster mortgage
reached Redfield Wednesday morning
and was duly filed in the register of
| deeds Office, transferring to a company
| in Chicago all his real estate and chat.
tells in this city and Sphinx county. Next
to the state the blow falls terribly hard
on his principal bondsmep, who reside
here. They qualified in sums represent
ing all they have in the world. The en-
tire city used the bank for depository,
hence deadly paralysis is ffecting all
the arteries of trade and social life. AS
an indication of his general standing
heretofore in the state and the utter
lack of suspicion as to any questionable
| designs, it is noted that Gov. Sheldon
pays complimentto to Taylor'S efficiency
in his message to the Legislature. Comp
troller Eckels has wired that Examiner
| Zimmerman has been ordered to come
here at once and take charge of the
| bank