Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-01-17

The state Treasurer Missing.
Redneld, S. D., Jan. Especial: The
most startling failure that has ever
occurred in South Dakota or the north
west was revealed this morning In the
news received from VIM. Walter Fay
lor. the sstgoing state treasurer. and
president Of the First National bank
and the Northwestern Mortgage Trust
company. Of this city. h a he would not
appear to make his settlement at
Pierre with his successor, Treasurer
elect Phillips, of Deadwood. The news
and the closing of his bank here ann
like a thunder clap from a clear sky,
because both Taylor and the financial
institutions with which he was con-
nected were regarded as solid and re-
liable beyond question. News from
Pierre shows that no money is held
there to the credit of the state treas
urer. and none is held In the bank here.
1t IL estimated that about $500 0 is
missing with Taylor. Aside from the
financial loss the action of Taylor Is a
shock to all who have known and done
business with him n the financial
enterprises with which he has been
connected In past years. He n his
enterprise here have handled many
thousands OF eastern capital. and his
bank here has always been regarded
as one OF the safest institutions in the
state.
On Tuesday morning his bank
opened for business as usual. Cashier
+. w. Humphrey informs The
correspondent that the bank held so
per cent. OF Its deposits in cash and In
bonds Of approved reserve agents east.
There was a quiet run on the bank
Tuesday by parties who had their sus-
picions aroused by private Information
from Pierre that Taylor had not
shown up there and that something
was wrong.
Claims Depositors Are Safe.
The bank officials decided to close the
institution subject to examination ky
the comptroller OF the currency. s1d
that official was notified at once The
action was taken for the protection OF
the bank and It's many deposiscrs
Cashier Humphrey declares h a de-
positors will be paid In full as soon as
the government examiner concluden bis
examination. as there is an excess OF
fully $50. 900 In good paper and besiGes
20 per cent. deposited in other banks.
The bank here is not compromised
financially by Taylor's defalcatioA It
is stated authoritatively that after IKE
examination OF the bank and its credit
is restored 1t will %reorganize and open
up for business.
Taylor was last seen In Chicago OF
January I by a citizen of this place.
Es went from Chicago to New York.
since which time no information has
been received as to his whereabouts.
and 1t is not known whether the state
or his bondsmen have been protected
in any way or not by him. No bank
elsewhere Is involved. Pierre Rauks
were suspicious OF Taylor's abeence
and withdrew their deposits from the
bank here before 1t closed.
a Tell Tals Letter.
The following letter was received
Wednesday morning. January 8, under
date Of January 6. by the bank here.
The envelope was postmarked New
xOAAs aAOhAS " ~ ~ IN ~Aio
tant light upon the matter and settle
all doubts as to Mr.. Taylor's disappear
ance:
Dear Frank: I am compelled to In
form you that I will not return to Red
field or Pierre. l have counted on f9iands
assisting in making up my settlement
with the state, INK felt that it wo,jli be
lone until the last few days. I feel re-
lieved to know that the First National
OF Redfield Is not in any way right1ully
compromised by my misfortunes, and
hope that Its patrons will believe you,
a they should. for "ou nave kept the
banks affairs in a good. safe condition.
There IL no reason WIN the bank should
not continue its business. / offer no ex-
cuses FOR my condition, although I have
many and believe myself. Yours truly.
wv. w. Taylor"
reached Redfield Wednesday moSninr
n was duly filed in the registpr Of
deed'e ONCE transferring to a
y IN Chicago all his real estate and Chat.
tells In this city and Sphinx county.
Next to the state the blow falls terri.
bly, hard on his principal bond1men.
who reside here. They qualified In
sums representing all they have N the
world. The entire city used the bank
Tor 9 depository. hence the news has
pALdAy ZAuS eueCC on everyone.
Taylor IL about Al years old. married,
but has no children. Hc came to Red
Aeld from Lafayette. Ind, about the
j ]K OF 1885 n opened up q banking
aslness. He soon secured the entire
md. two banks here going out OF busi.
ness. Taylor got into politics ana &C.
cured the nomination for state treas.
urer at the republican convention at
Mitchell In 1890. and In 1892 secured the
denomination for the same offlae at
Madison. AS an indication Of his gen.
eral standing heretofore In the state
and the utter lack of suspicion rs to
any questionable designs 1t is noted
that Gov. Sheldon pays a compliment
to Taylors efficiency In his message to
the legislature.
: Comptroller EckeIs has wired that
Examiner Zimmerman has beeA or
dered to come here at once n take
charge OF the bank.
Excitement at Pierre.
Pierre. Jan. Especial: The Taylor
defalcation has absorbed all interest
here. It Is learned that the only state
money to be found Is $15.0 0 In Taylor's
bank At Redfield and $4,000 In a