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State Money Gone

State Money Gone image
Parent Issue
Day
11
Month
January
Year
1895
Copyright
Public Domain
OCR Text

Redf ki.1). S. I)., Jan. 10.- Probablj . the most Sbartling failuro th.it ever oc curretl in Soutb Dakota or tho northwest was revealed in news received (rom William Walter Taylor, the outgoing state treasurer and presidont of the First ,'atlonal bank and Northwestern Mortgage Trust company.of this city, that he would not appear to make his Bettlèïnent at Pierre with his successor, Treasurer-Klect Phillips, of Dcadwood. The news and the olosing of his bank hcro came like a thundor clap from a eloar sky, as both Taylor and the finaneial institutions with which he was connected were regardud as finn and reliable beyond qucstion. The news froni Pierre dcinonstrates that no money is held thero to the credit of tho state treasurer and none is heldin the bank lic re. M in h Money MlSH'uig with Iliin. It is estimatcd that about $350,000 is missing wiih Taylor. Aside from tho flnancial loss the aetion of Taylor is feit terribly by all who have known and done business with him and the flnancial enterprises with which he has been connected in years past. He and his enterprises hcre have handled many thousands of castern capital, and his bank hero has always boen rcgardi'd as ono of the firin, safe institutions in the state. On Tuesrlay morniiifr his bank here oponed for business as usual, and the cashier, F. W. Huniphrey, Informa us that the bank held 50 per cent. of its deposits In cash and in bonds of approved reserve agents east. There was a qulet run on the bank Tuesday by parties w ho had their euspicions iroused by recelylng private Information from Pierre tJiat Taylor had not shown ud thcre and that somothinsr was wronir. Bank Will Pay All lts lii-lits. ïhe bank officials decided to close the bank subject to exaniination by the controller of the currency, and that official was notifiel at once. The action was taken for the protection of the bank and its many depositors. Cashier Humphrey declaros that deposits will be paid in fuíl as soon as the govornment examiner concludes his exaniination, as thre is an excess of fully $60,000 in good paper, and besidos about 40 per cent. deposlted in other banks. ïho bank here is not comproinised linancially by ïaylor's default. It is stated autlioritativcly that after the oxamination of the bank and its credit is restorcd it will reorganize and open up for business. The worst blow falls upon Taylor, and liis bondsmen, many of whoin reside here and are representative and leading business men of Redfleld.

Article

Subjects
Ann Arbor Argus
Old News