New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-03
New-York. January 81, 1898
THE MEETING OF DIRECTORS.


The directors present TO receive the letter were
Mr. Williams the president; Frederick W.
Stevens. the vice president. and James A. Roose-
welt. Mr. Qulnlan ct the time was waiting at
the Astor House a few blocks away. hear
of the action of his colleagues. The resignation
Of NJ Quinlan as cashier and director was ac-
cepted. and Francis Halpin. the assistant cashier
was designated to act as cashier until successor
shcdd formally be appointed. The business OF
the bank proceeded as usual. and public In
formation OF the resignation OF Mr.. Qunan was
obtained until yesterday. when the whole story
came out.
The trouble OF Mr.. Qunan due to the
making Of loans 10 Francis c. Cradle and John
q Silver To the first. Cradle. S243,OD was lent,
and to the second. Silver. $4,000 The loans
10 Silver were made between January and
January IS and those to Cradle extended over
l. longer period. The loans to John Silyer
began with one Of 5000 on January 4. and
loans to him succeeded each other in rapid sue
oession until the total Of s1JO000 was reached.
Silver's method to secure cash on drafts
drawn by him on out-of-town concerns. and TO
guarantee the collection Of these drafts he de-
posted with the cashier. II IS reported. stock OF
the New-York Carbon Company. a concern with
works ct Railway ~ J. Silver. It said, had
pany's stock to Quinlan and 1t is supposed that
# is 10 this Mr. Quinlan referred in his letter
az the one instance in which he benefited
Used AS COLLATERAL IT IS SAID
The securities which Cradle understood
70 have used as collateral for his loans were the
stocks and bonds Of the Interstate Land and
Canal Company a Western irrigation company,
and the Edgemont and Union Hill Smelling
mir
Favs River County s. ID. These com
nanies occupy a somewhat elaborate suite OF
offices on the fourth floor Of the American
Surety Company's building at No. 100 Broad
way The Offices contain, in addition to eight
rolltop desks, a picture of the "Grable block,
with n woman mounting bicycle In front OF 1t
There is nothing to indicate where the "Grable
block" is situated. but presumably 1t Is In
Omaha where Cradle formerly had interests,
and where there were interested with him, 1t
is said. Ex-Governor Pattison of Pennsylvania
and the late Benjamin Butterworth Commits
s,oner Of Patents Cradle also had the Edge
mont Stone Company. with an office formerly at
No. - Willlam-st The office of this company
was several months ago removed to Philadel-
phia. It is said the stock of this company was
used with the stocks OF the other companies IN
obtaining loans from Mr. Quinlan.
Mr. Cradle was at his Office FOR a time yester
day but he left It In the afternoon. He has been
living at the Waldorf 1t was said last evening
that he was out OF town. He seems to be the
promoter OF the town OF Edgemont and circu-
lars say that 100000 has been spent there In a
wear In building operations. which include
$50 900 addition to the woollen mill in the place
MR.. SILVER NOT AT HIS HOME
The home Of John s. Silver at No "a West
Nlnetieth st. was closed last night when
Tribune reporter called there. The house Is
fine four-story brownstone front. Every curtain
was drawn. and II showed signs OF complete de-
sertion The night watchman who patrols the
block made the statement that Mr.. Silver had
lived there for the last fourteen months. lie
added that Mr.. Silver had returned TO his nome
late Tuesday night and that some time yester-
day he and his family had left the house. Sew
eral people had been hunting for Mr.. Silver last
night He the watchman. had tried to ma
some OF the numerous servants OF the house
but they had all gone. and apparently no one
was IN charge.
When Silver was president OF the Charleston.
Sumter and Northern Railroad Company he
succeeded in obtaining large sum from the
American Loan and Trust Company, which
failed in February, 1891. losing 100000 through
its transactions with Mr.. Silver When the
Washington National Bank failed on March
"a 1891 after a career OF six months, 1t was
found by the bank examiner that John 5 Silver
had obtained $4,000 from the bank on what
the Federal officer called the fmsiest sort OF
security" The collateral realized about $4,000
on sale AZ the time Silver got the loan he had
n balance OF less than 500 In the bank. He
WAS then member Of the firm Of Burns Silver
& Co. dealers m railway supplies, at No. i'll
Broadway His recent transactions have been
A, u N.,
20 Cor;landt-st William S. Silver presumably
Continued "a eighth page.
THE EVENING POST