gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
56faaa8d31a681f0
Response Measures
Capital injected, Partial suspension, Full suspension, Books examined
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1895-01-11
Date receivership terminated
1897-09-18
OCC cause of failure
Excessive lending
Share of assets assessed as good
24.2%
Share of assets assessed as doubtful
61.6%
Share of assets assessed as worthless
14.3%
Description
Closure followed discovery of large defalcation by the president/state treasurer W.W. Taylor; comptroller/examiner intervened and a receiver was later appointed.
Events (5)
1.October 2, 1885Chartered
Source
historical_nic
2.January 9, 1895Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors learned State Treasurer W. W. Taylor (bank president) was missing and large state funds were gone, prompting withdrawals.
Measures
Bank officials decided to close the bank subject to examination by the comptroller of the currency.
Newspaper Excerpt
There was a quiet run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not shown up there and that something was wrong.
Source
newspapers
3.January 10, 1895Suspension
Cause
Government Action
Cause Details
Bank closed and placed under examination by the Comptroller of the Currency and examiner Zimmerman ordered to take charge.
Newspaper Excerpt
The bank here closed its doors last evening... the bank at Redfield closed its doors. The bank officials decided to close the bank subject to examination by the comptroller of the currency.
Source
newspapers
4.January 11, 1895Receivership
Source
historical_nic
5.February 28, 1895Receivership
Newspaper Excerpt
Comptroller Eckels has appointed R. W. Bourne of New York permanent receiver for the First National bank of Redfield, S. D. Bourne will take charge of the institution next week.
TAYLOR TOOK IT ALL Sensational Failure of a Banker and Politician. BIG MONEY INVOLVES The State Treasurer of South Dakota Short Nearly Half a Million Doilars-Disappears Suddenly. REDFIELD, S. D., Jan. 9.-The most startling failure that has ever occurred in the Northwest was revealed to-day in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company, that he would not appear to make a settlement at Pierre with his successor. The news and the closing of his bank here came like a thunder clap from a clear sky, because both Taylor and the financial institutions which he was connected with were regarded as firm and reliable. It is estimated $350,000 is missing with Taylor. Upon Tuesday morning his bank here opened for business as usual and the cashier, F. W. Humphrey, states it held 50 per ceut. of the deposits in cash and in bonds of approved reserve agents in the east. There was a quiet run on the bank Tuesday by parties who had their suspicious aroused by receiving private information from Pierre that Taylor had not shown up there and that something was wrong. The bank officials decided to close the bank subject to the decision of the comptroller of the currency. Cashier Humphrey declares there is an excess of fully $60,000 in good paper, besides about 40 per cent. deposited in other banks. The bank here is not compromised financially by Taylor's default. PIERRE. S. D., Jan. 9.-The alleged failure of W. H. Taylor, the outgoing state treasurer, to turn over the office to his successor yesterday has started some rumors of an investigation. Taylor, seemingly, cannot be located, but his bank at Redfield closed its doors last evening, and he is alleged to be short a large amount of state funds, just how much cannot now be learned. Ex-Governor Mellette, one of his bondsmen, is now on the road from Indiana and other bondsmen are on his track. MINNEAPOLIS, Minn., Jan. 9.-A special to the Journal from Aberdeen, S. D., says: It is learned that the defalcation of State Treasurer Taylor will reach $25,000. Taylor was last seen in Chicago Jan. 6. He went from Chicago to New York, since which time no information has been received as to his whereabouts. The following letter was received to-day under date of Jan. 6 by the bank here. The envelope was postmarked : NEW YORK, Jan. 6. DEAR FRANK:-I am compelled to inform you that I will not return to Redfield or Pierre. I have counted on friends assisting in making up my settlement with the state and felt that it would be done until the last few days. I offer no excuse for my condition, although have many, and believe myself. Yours truly. W. W. TAYLOR. It 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 chattels in this city and in Spink county. The blow falls hard on his principal bondsmen, some of whom reside here. Exam, iner Zimmerman has been ordered to come here at once and take charge of the I bank.
2.January 10, 1895Richmond DispatchRichmond, VA
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Deep Snow at Roanoke. ROANOKE, VA., January 9.-(Special.) The heaviest snow of the season felt last night and to-day. It is 8 inches deep. and telephone- and telegraph-wires are badly disarranged. STATE TREASURER NON EST. He Is Also Heavily Short-His Bank Closes Its Doors. PIERRE, S. D., January 9.-State-Treasurer Taylor, who should have turned over his cash to his successor yesterday, falled to appear, and his bank, the Redfield National, has closed Its doors. When last heard from Taylor was in New York. On Saturday he should have had $350,000, and should have paid $190.000 Saturday to take up funding warrants in New York. His bonds are $350,000, but will stand 50 per cent. shrinkage. It has been known for some time that Treasurer Taylor was hard-pressed. He was caught in the Chemical National Bank failure at Chicago for a large amount, and he lost $20,000 in the bank at Milbank, and $10,000 in that at Goldisburg, which failed during the panic. Altogether he lost $100,000. The First National Bank at Redfield, Taylor's bank, closed its doors yesterday.
3.January 10, 1895Rock Island ArgusRock Island, IL
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STATE MONEY GONE South Dakota's Treasurer is Also Missing, AND WITH HIM THE SUM OF $350.000 Last Heard from at New York, Whence He Writes a "Letter of Regret" - State Treasury Looted of About All Therein and His Bondsmen Left to Hold the Empty Bag-Bad Case of Official Rascality. REDFiELD, S. D., Jan. 10.-Probably the most startling failure that ever oc* curred in South Dakota or the northwest was revealed in news received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company, of this city, that 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 came like a thunder clap from a clear sky, as both Taylor and the financial institutions with which he was connected were regarded as firm and reliable beyond question. The news from Pierre demonstrates that no money is held there to the credit of the state treasurer and none is held in the bank here. Much Money Missing with Him. It is estimated that about $350,000 is missing with Taylor. Aside from the financial loss the action of Taylor is felt terribly by all who have known and done business with him and the financial enterprises with which he has been connected in years past. He and his enterprises here have handled many thousands of eastern capital, and his bank here has always been regarded as one of the firm, safe institutions in the state. On Tuesday morning his bank here opened for ousiness as usual, and the cashier, F. W. Humphrey, informs us that the bank held 50 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 suspicions aroused by receiving private information from Pierre that Taylor had not shown up there and that something was wrong. Bank Will Pay All Its Debts. The bank officials decided to close the bank subject to examination by the controller of the currency, and that official was notified at once. The action was taken for the protection of the bank and its many depositors. Cashier Humphrey declares that deposits will be paid in full as soon as the government examiner concludes his examination, as thre is an excess of fully $60,000 in good paper, and besides about 40 per cent. deposited in other banks. The bank here is not compromised financially by Taylor's default. It is stated authoritatively that after the examination of the bank and its credit is restored it will reorganize and open up for business. The worst blow falls upon Taylor, and his bondsmen, many of whom reside here and are representative and leading business men of Redfield.
ITS TREASURY LOOTED South Dakota's State Treasurer Gone With $350,000. LAST HEARD FROM IN NEW YORK. Taylor Wrote From There That He Would Not Return, as He Could Never Make Good the State Funds-Last Seen In Chicago. Had Speculated Wildly. REDFIELD, S. D., Jan. 10. .Probably the most startling failure that has ever occurred in South Dakota or the northwest was revealed in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company of this city, that he would not appear to make his settlement at Pierre with his successor, Treasurer Elect Phillips of Deadwood. The news and closing of his bank here came like a thunder clap from a clear sky, because both Taylor and the financial institutions with which he was connected were regarded as firm and reliable beyond question. The news from Pierre demonstrated that no money is held there to the credit of the state treasurer, and none is held in the bank here. It is estimated that about $350,000 is missing with Taylor. Aside from the financial loss the action of Taylor is felt terribly by all who have known and done business with him and the financial enterprises with which he has been connected in years past. He and his enterprises here have handled many thousands of eastern capital. and his bank here has always been regarded as one of the firm, safe institutions in the state. On Tuesday morning his bank here opened for business as usual, and the cashier, F. W. Humphrey, states that it held 50 per cent of deposits in cash and in bonds of approved reserve agents in the east. There was a quiet run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not shown up there, and something was wrong. The bank officials decided to close the bank, subject to examination by the comptroller of the currency, and that official was notified at once. The action was taken for the protection of the bank and its many depositors.
5.January 10, 1895The Pioneer PressMiller, SD
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AOTHER CRASH. State Treasurer Taylor said to be Short Some $352,000 in his Account With South Dakota. His Redfield Bank Suspended, and he is Said to Have Gone to New York City. A report reached here yesterday that State Treasurer W. W. Taylor had been found short in his account with the state about $352,000, and that the last heard of him he wes in New York City. The report says his Redfield bank suspended this week; that this big sum was school land money; that he had lost about $50,000 in various state banks, etc. First reports are usually sensational. We hope for beter news when all is known.
6.January 10, 1895Evening JournalWilmington, DE
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ITS TREASURY LOOTED South Dakota's State Treasurer Gone With $350,000. $ 2 LAST HEARD FROM IN NEW YORK, Taylor Wrote From There That He Would Not Return, as He Could Never Make Good the State Funds-Last Seen In Chicago. Had Speculated Wildly. REDFIELD, S. D., Jan. 10.-Probably the most startling failure that has ever occurred in South Dakota or the northwest was revealed in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company of this city, that he would not appear to make his settlement at Pierre with his successor, Treasurer Elect Phillips of Deadwood. The news and closing of his bank here came like a thunder clap from a clear sky, because both Taylor and the financial institutions with which he was connected were regarded as firm and reliable beyond question. The news from Pierre demonstrated that no money is held there to the eredit of the state treasurer, and none) is held in the bank here. It is estimated that about $350,000 is missing with Taylor. Aside from the financial loss the action of Taylor is felt terribly by all who have known and done business with him and the financial enterprises with which he has been connected in years past. He and his enterprises here have handled many thousands of eastern capital, and his bank here has always been regarded as one of the firm, safe institutions in the state. On Tuesday morning his bank here opened for business as usual, and the cashier, F. W. Humphrey, states that it held 50 per cent of deposits in cash and in bonds of approved reserve agents in the east. There was a quiet run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not shown up there, and something was wrong. The bank officials decided to close the bank, subject to examination by the comptroller of the currency, and that official was notified at once. The action was taken for the protection of the bank and its many depositors.
7.January 11, 1895Iowa State BystanderDes Moines, IA
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TREASURER MISSING. A Large Amount of State Funds Have Also Disappeared. PIERRE, S. D., Jan. 10.-W. W. Taylor, the outgoing state treasurer, having failed to put in an appearance to turn over the office and make a settlement with the treasurer-elect, an investigation proves that he has defaulted to the extent of about $300,000. Taylor went to New York some time ago, and a letter just received from him states that he relied on friends to assist him, but they have failed. Taylor was also president of the First National bank at Redfield. and this bank has closed its doors subject to examination by the comptroller of the currency. PIERRE, S. D., Jan. 11.-The house and senate suspended the rules and passed a joint resolution offering $2,000 reward for the arrest and delivery of the defaulting treasurer, W. W. Taylor.
8.January 17, 1895Wood County ReporterWisconsin Rapids, WI
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Reaneld, the most startling failure that ever occurred in South Dakota or in the northwest was revealed when the news was received that William Walter Taylor, the out-going state treasurer and president of the First National bank and Northwestern Mortgage Trust company, of this city, 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 came like a thunder clap. Advices from Pierre demonstrated that no money is held there to the credit of the state treasurer and none is held in the bank here. It is estimated that about $350,000 is missing with Taylor. He and his enterprise here handled many thousands of eastern capital and the bank here has always been regarded as one the safest institutions in the state. Tuesday the bank here was opened as usual. There was a quiet run by parties who had their suspicions aroused by receiving information from Pierre that Taylor had not shown up there and something was wrong. The bank officials have decided to close the bank subject 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 depositors will be paid in ful! as soon as the government examiner concludes the examination, as there is an excess of fully sixty thousand in good paper besides about forty per cent. deposited in the other banks. The bank here is not compromised financially by Taylor's default. It is stated that after an examination the bank will reorganize 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 default. A Plaster Mortgage. It develops that a plaster mortgage reached Redfield Wednesday morning transferring to a company in Chicago all his real estate and chattles in this city and Shank county. Next to the state the blow falls hard on his principal 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 life. The Wreck Complete. Aberdeen, S. D., Jan. 10.-From absolutely reliable sources it is learned that the defalcation of State Treasurer Taylor will reach $300,000. Practically all the state moneys were in his hands, except some $15,000 or $50,000 on deposit in the various banks. The wreck is complete. It is known that for a year Taylor had personally been in bad straits. They knew that he had been investing money recklessly considering the times, yet never dreamed the truth. When the officials make an investigation of the treasurer's office they will be simply appalled at the condition of affairs. Taylor came to Dakota from Indiana in 1886, and established the first national bank of Redfield, which was soon made one of the leading financial institutions of this section. He took an active part in politics. The bank
9.January 17, 1895Iowa County DemocratMineral Point, WI
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TO REORGANZIE THE BANK. Stock Holders Petition Comptroller Eckles to That Effect. Redfield, S. D., Jan. 15.-A meeting of the depositors of the defunct Taylor bank. representing about $35,000 of the deposits. indorsed the petition to Comptroller Eckles to continue the bank under a reorganization. Examiner Zimmerman is at present in charge as temporary receiver.
10.January 18, 1895The Pioneer ExpressPembina, ND
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Washington, Jan. 11. - Controller Eckles has been notified of the suspension of the First National Bank of Redfield, S. D., and has ordered Bank Examiner Zimmerman to take charge of the bank.
11.January 18, 1895Great Falls Weekly TribuneGreat Falls, MT
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MADE A BIG HAUL. A South Dakota Banker and State Treasurer Disappears. REDFIELD, S. D., Jan. 10.-The most startling failure that has ever occurred in the Nortwest was revealed today in word received from William Walter Taylor, the outgoing state treasurer and president of the First National bank and Northwestern Mortgage Trust company, that he would not appear to make a set tlement at Pierre with his successor. The news and the closing of his bank here came like a thunder-clap from a clear sky, because both Taylor and the financial institutions which he was connected with were regarded as firm and reliable. It is estimated $350,000 is missing with Taylor. Upon Tuesday morning his bank here opened for business as usual and the cashier, F. W. Humphrey, states it held 50 per cent of the deposits in cash and in bonds of approved reserve agents in the east. There was quite a run on the bank Tuesday by parties who had their suspicions aroused by receiving private information from Pierre that Taylor had not showed up there and that something was wrong. The bank officials decided to close the bank subject to the decision of the comptroller of the currency. Cashier Humphrey declares there is an excess of fully $60,000 in good paper, besides about 40 per cent deposited in other banks. The bank here is not compromised financially by Taylor's default.
12.January 24, 1895The Dakota ChiefGann Valley, SD
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Developments at Redfield. The Board of County Commissioners was in session at Redfield at the invitation of the county treasurer, to look up the accounts of the treasurer's office and discuss the status of his bonds. The defalcation of Taylor and the closing of his bank with some county funds has necessitated some action as to the treasurer's bond. Examiner Zimmerman declines to make any statement as to the bank's condition He intimates that no receiver can be appointed till his report is made to Comptroller Eckels. He says there should not be any valid reasons against the stockholders and depositors of the bank getting together and continuing the bank on depositors' time certificates. There must be many thousands of dollars' worth of good paper, whose value to depositors will be contingent upon time and better financial conditions to collect. Several detectives have been at work, but there is nothing to furnish any clue to Taylor or to connect any one at Redfield with his crimes. It transpires that Taylor disposed of his bank at Mellette, in Spink County, last August, hence the present embarrassment does not effect that institution, which is owned by E. C. Issenhuth and relatives.
13.January 25, 1895Hot Springs Weekly StarHot Springs, SD
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Developments at Redfield. The Board of County Commissioners was in session at Redfield at the invitation of the county treasurer, to look up the accounts of the treasurer's office and discuss the status of his bonds. The defalcation of Taylor and the closing of his bank with some county funds has necessitated some action as to the treasurer's bond. Examiner Zimmerman declines to make any statement as to the bank's condition? He intimates that no receiver can be appointed till his report is made to Comptroller Eckels. He says there should not be any valid reasons against the stockholders and depositors of the bank getting together and continuing the bank on depositors' time certificates. There must be many thousands of dollars' worth of good paper, whose value to depositors will be contingent upon time and better financial conditions to collect. Several detectives have been at work, but there is nothing to furnish any clue to Taylor or to connect any one at Redfield with his crimes. It transpires that Taylor disposed of his bank at Mellette, in Spink County, last August, hence the present embarrassment does not effect that institution, which is owned by E. C. Issenhuth and relatives.
14.January 29, 1895St. Paul Daily GlobeSaint Paul, MN
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BANK MAY RESUME. Depositors of the Redfield Institution Want a Reorganization. PICKLER TAKES A HAND. Eckels Will Not Push the Matter of a Receiver Just Now. OF REPORT ZIMMERMAN Shows the Bank's Affairs to Be in Excellent Condition. Special to the Globe. REDFIELD, S. D., Jan. 28.-The depositors' committee here have secured the co-operation of Congressman Pickler to assist their case with the controller of the currency at Washington. In response to telegrams, Mr. Pickler wires that he has interviewed Controller Eckels and secured from him the promise to withhold the appointment of a receiver for the bank until the stockholders and depositors. have had ample opportunity to reorganize. Bank Examiner Zimmerman's report was sent to Washington on Saturday last. While he is prevented from forestalling his report, he assured your correspondent that the bank's affairs were in good condition, and that, but for State Treasurer Taylor's connection with it, would never have been compelled to close its doors. Depositors without an exception are willing to accept time certificates and contribute business to put the bank into operation again. Telegrams were sent the Taylors in Lafayette today insisting upon their immediate representation here, as the largest stockholders, for the reorganization of the bank. They hold a majority of the stock, and resumption is largely contingent upon their immediate action. The county board in session today ac⑉ cepted the additional bond of County Treasurer Myer for $30,000. Representative men on the east side of the county qualified in $1,000 each. The treasurer's full bond amounts to $105,000.
REORGANIZE TAYLOR'S BANK. Creditors Willing to Do All They Can 1 Help Start It Again. REDFIELD, S. D., Jan. 29.-The dopositors' committee here have secured the co-operation of Congressman Pieldon to assist their case with the comptroller of the currency at Washington. In response to telegrams Pickler wires that he has interviewed Comptroller Eckets and-secured from him a promise to withhold the appointment of a receiver for the bank until the stockholders and depositors have had ample opportunity to reorganize the bank. The depositors, without an exception, are willing to nocepf time certificates, and contrib to business to pat the . bank into operation again:
16.February 2, 1895The Kimball GraphicKimball, SD
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BANK OF REDFIELD. The Depositors' Committee Expects to Reorganize the Institution. Redfield, Jan. 20.-The depositors' committee here has secured the co-operation of Congressman Pickler to assist their case with the comptroller of the currency at Washington. In response to telegrams Mr. Pickler wires that he has interviewed Comptroller Eckels and secured from him the promise to withhold the appointment of a receiver for the bank until the stockholders and depositors have had ample opportunity to reorganize the institution. Examiner Zimmerman's report was sent to Washington on Saturday last. While he is prevented from forestalling his report he said that the bank's affairs were in good condition, and that but for State Treasurer Taylor's connection with it it would never have been compelled to close its doors. Depositors without exception are willing to accept time certificates and CO Scribute business to put the bank into operation again. Telegrams were sent to Taylor's relatives in Lafayette insisting upon their immediate representation here as the largest stockholders for the reorganization of the bank. They hold a majority of the stock and the resumption of the institntion is largely contingent upon their immediate action.
17.February 8, 1895Hot Springs Weekly StarHot Springs, SD
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BANK MAY RESUME BUSINESS. Closed Redfield Institution Likely to Be Reorganized. The depositors' committee at Redfield has secured the co-operation of Congressman Pickler to assist their case with the Comptroller of the Currency at Washington. In response to telegrams Mr. Pickler wires that he has interviewed Comptroller Eckels and secured from him the promise to withhold the appointment of a receiver for the bank until the stockholders and depositors have had ample opportunity to reorganize the institution. Examiner Zimmerman's report was sent to Washington. While he is prevented from forestalling his report he has given assurance that the bank's affairs were in good condition and that but for State Treasurer Taylor's connections with it it would never have been compelled to close its doors. Depositors without exception are willing to accept time certificates and contribute business to put the bank into operation again. Telegrams were sent to Taylor's relatives in Lafayette insisting upon their immediate representation as the largest stockholders; for the reorganization of the bank. They held a majority of the stock and the resumption of the institution is largely contingent upon their immediate action.
18.February 25, 1895The Madison Daily LeaderMadison, SD
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Taylor's bank at Redfield will go into liquidation and it is reported that Jas. A. Ward. late democratic candidate for governor will be appointed receiver. Redfield will soon have two other banks to take its place-one from Mellette and another from Doland.
19.February 28, 1895The Madison Daily LeaderMadison, SD
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A Washington dispatch of the 27th slates that Comptroller Eckels has appointed R. W. Bourne, of New York, permanent receiver for the First National bank of Redfield, S. D. Bourne will take charge of the institution next week.
20.March 1, 1895The Madison Daily LeaderMadison, SD
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Receiver for Taylor's Bank. WASHINGTON, March 1.-Comptroller Eckels has appointed R. W. Bourne of New York permanent receiver for the First National bank of Redfield, S.D. Mr. Bourne will take charge of the institution early next week.
21.March 1, 1895Little Falls Weekly TranscriptLittle Falls, MN
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Receiver for Taylor's Bank. WASHINGTON, Feb. 28.-Comptroller Eckels has appointed R. W. Bourne of New York permanent receiver for the First National bank of Redfield, S. D. Mr. Bourne will take charge of the institution early next week.
22.July 16, 1895The Madison Daily LeaderMadison, SD
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Receiver Bourne of Taylor's defunct Redfield bank has declared a dividend of 25 per cent to be paid in cash about August 1.
Sheriff's Sale of Mining Stock. A sheriffs' sale of 133,395 shares of stock in the Bannister Mining company will take place to-day to satisfy a judgment in the case of R. W. Bourne, receiver of the First National bank of Redfield, N. D., against Wilbur F. Sanders.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
