New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-10
STATE TREASURER DEFA CLTS
SOUTH DAKOTA RECEIVES SHOCK
". W TAYLOR. IT'S CHIEF rlNANctN oFIl'tH.
GONE AND TIE TREASURY EMrTi-AM''N N
or ns SHORTAGE NoT KNowN. BIT


or ns SHORTAGE NoT KNOWN. BIT
THOUGHT TO nE HEAVY
Pierre :. j.. Jan State Treasurer " "
Tavlor president Il the First National Bank. n
Redfisld : D. which failed to-day i1 do
faul,cr but no one knows either IA" amount n
the dcfaIcation or the method of his crime Under
the statute Taylor should have turned over tnr
cash To- his successor yesterday. but on Saturday
he tclegraphed from Nrw-York that Dee could
not get here before iaie last night When the
train arrived At ? O'Clock this morning he was
not on board and his bondsmen and friends be-
came convinced that their suspicious were c"i-
rect-that he had dciaultcd.
II has been known for some time that he wa
embarrassed FOR money H. was caught in the
Chemical National Bank failure al Chicago Tor
a large amount. and los, 10000 in the bank at
Mlbank. ;. D.. as well as $1,000 in that at Get
tysburg. 5. H.. which failed at the time Of the
panic. Altogether he lost 100000
state Examiner Myers said that last April hc
called on Taylor for q statement of his accounts.
The statement gave the names OF fifteen or
twenty banks Ia which he had deposited money.
and the examiner received a verihcation from
the banks as to the amounts held by them. II
these statements were correct. Taylor vas all
right I'm April. In November Mr.. Myers called
for q similar report. but Taylor. after repeated
promises make II. did not do so. Moreover.
he has been out OF the State since some time
In November. and his precise movements are
not known. This circumstance causes great en-
barrassment To Taylor's friends who say h"
has taken poor counsel In Lot facing the music
and making "a clean staten, Mt Of the whole
matter There ought now To be in the treasury
$4,000 but no except Taylor knows where
the money Is deposited, and consequently IL ~
impossible To tell what the shortage IL.
About the first Of this month Taylor was I"
take up $50 900 Of funding warrants. If these
warrants were paid, the shortage VIII not be
very large: otherwise II Will be very heavy.
TaylOr's relatives are wealthy and influential.
His father. William Taylor. is one Of his bonds
men, the others being ox-Govornor M"neti"'
Speaker Howard. Oi R"dhcld, ana ROBERT Mc'"y'
OF Aberdeen.
Walter W Taylor was born in Indiana In lsii'
and associated with hia father In the wholesale
coal business AT Lafayette. that state lie came
10 Dakota in 1886 and established the First Ma
tcnal Bank Of Rcdtield which h" soon made on"
of the leading financial institutions OF TINS region
He took an active part la politics rom IN" nlS';
was prominent in the struggle for Statehood ana
was a delegate from Sphinx County 10 me mrs.
state Convention. held in Huron IN IsS' VIVA
the approval of The convention oi lS'o held a.
Mitchell he entered the race for State Treasurer
and secured the nomination, after an cXcI'lhR
contest. lie was reel cted for sccond 'e'"''
which he completed on January ! Iast. ... -
II the dcfalcatiOn Is large, as the pondslh'h "
ueve IL will place the state in an embarrassing
pos!,ion The limit Of indebtedness mas been
passed largely No paper or bonds can ne so,a ,
and there s "A deficiency In revenue. IL u ho" ~"
pOssbc 10 make bOtf ends meet ~,
Late developments show that me dcia , ,a''on
of Taylor has not been ovcfesllinat'u. i"e'v
should have been 1870 900 In the treasury. Al
,hc funds In sight consist Of about Sloooo IN tmne me
pierre banks. ON December 81 "A dfait oi sooooo
was sent 10 Taylor at Ncw-York. tnoris nav
heen made to stop this draft. but II Is tnought
,n mo too late The Chase National Bank oi New
York which holds the warrants. te.egrapned 10
d.v they had not been paid. ana that layior h"s
,ot heen seen there for several days
AdvIccs from Aberdeen are n the erect una.
"a vlor took little money with him. bu lost IL an
,hrough his friends. whom he helped during .he
an.nrial panic. When he wanted the money re-
,,,rncd his friends were not able 10 accommodate
tIn, Among the persons To whom ne loahea
',o,. are said Ia be several state oiilclals, ana
80 ,inInal prosecutions are Instituted there VIII
he come sensational developments before the case
" emo time ago Taylor went To New-iorK 10.
-, ,,,rnose of raising funds 10 close MS account
IL, The state. but recent advices are 10 me Ell
W., that he said he was unable 10 negotiate
,aa and he announced HE intention OF never re-
i,ra i"a.., IA Dakota His friends he bitterly re-
Ia ched for not coming To his ala IN tHe oi
need -. !. ,.s goro IN a foreign
IL -, ~ Uis bonI OF s325. 900 Ii said to be good'
but II will not cover the loss.