The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-03-28
RISE OF A POOR BOY.
Industrious Bootlack Becomes q
Napoleon Of Finance.
HELPED TO WRECK MANY BANKS.
Anassed $3.50. 600 BY HIS Nerve. with
81 Capital-Bansred Enbarrass-
nsnt Of Another Big Bsnk.

NEW YoRK, March 27.-rSpecial. 1.-Two
days ago the announcement that the
Washington National bank. whose Offices
overlook Battery park, had closed its
doors created the greatest establishment,
and since then Bank Examiner Hepburn
has been busy investigating its accounts.
The chief debtor of the concern is John 8.
Silver, who was also prominent in the
wreck Of the American Loan and Trust
Company during the squeeze in Wall
street last fall. The man who has thus
como under notice through his skill
as bank wrecker turns out to be
Napoleon Of finance in the same class
with Ferdinand Ward, now of Sing Sing,
and Henry 8. Ives, erstwhile of Ludlow
street Jail. Since the Washington bank
closed its doors his financial exploits are
coming to light. Not so many years ago
Silver was an honest bootblack. OF late
he was hand and glove with George Pell,
now in Sing Sing, and with Pelrs assistant,
James A. Simmons and General Peter
Classen, also under conviction for wreck
ing the Sixth National bank and inciden-
tally cleaning out the Lennox Hill and
Equitable banks. President Evan s.
Sherman, of the Washington, who
extended to Silver such unheard-of
accommodations, says he knew Mr.. Silver
as boy in Stonington, Conn. It is now
said that Silver, as boy, polished shoes
in Stonington, and Mr.. Sherman is re-
ported to have made the financier's ac-
quaintanee while having his uppers rubbed
up. Mr.. Silver certainly made his mark
since coming to New York.
So far as can be ascertained, with little
or no other capital than brass, he has
rolled up obligations to the banks of at
least $3.50, 900, and there are said to be more
banks to hear from. He had various sys-
TENS of working. One was to gain control
Of . few shares of stock, IS he did in the
Washington National and American Trust,
and through the prestige thus gained get
big loans on doubtful collaterals. He also
appears to have opened small accounts in
number. By keeping train of checks
in constant motion among them he was
able to command q great deal of money.
He has some interest in an Ala
bama railroad, on whose stock he
often raised money, and by these
and other methods he had shot up like
rocket in the financial armament, and if
he has property to make good his quarter
million Of debts it has escaped the vigil
lance of those who feel they are entitled
to it.
Bank Examiner Hepburn is still at work
over the books ofthe Washington National
bank. The clerks Of the institution are
still at their desks. Hepburn said this
morning that there were no new develop
ments. It is stated that the directors will
have meeting to see If anything can be
done to re-organize the institution.
There were reports about Wall street
this afternoon that the Mechanics and
Traders bank, of Broome street and
Broadway was hard pressed for money,
and the directors were having difficulty in
getting assistance. Meyer Shalmessenger,
who was president up to January last.
said tonight that he considered the bank
in sound condition. In the November
troubles they had to borrow 81 ,00O, 900 in
clearinghouse certificates. but these were
repaid. President Boskowitz could not be
seen tonight.
MILWAUKEE,. March N.-The wholesale