The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-03


the banks money without consulting
the president and knowing the directors
would not approve of the action. He
denies that he profited by the loans.
The loans made by Mr.. Quinlan were
on western securities of various kinds
and were negotiated by Francis Cradle,
a promoter of land, mining and irriga-
ton schemes.
THE DISCOVERY.
The first known of the affairs by
President Williams was when Quinlan
called upon him. at his home on Sunday
last and made full statement 1t is
conceded that Quinlan, as cashier, had
the power to make the loan, but it is
held that in a transaction involving so
large an amount of money he should
have consulted the president. Mr..
Williams said today:
I'VE think that absolutely the worst
is known and are strongly in the hopes
that Mr.. Quinlan's expectations are
true and that a large part of the money
will be recovered. We would rather
face the matter and let the public
know the whole truth
Mr.. Williams added: I'VE have
charged off nearly the whole of the
loans to our profit and Joss, although
we are satisfied that we shall recover
large part of the money eventually"
VICTIM OF sCHEMERS.
I'm my opinion said President Will
liams, Mr.. Quinlan has been made the
victim of clever schemers. 1 believe
that he has been mentally irresponsible
for months, though there was nothing
apparent in his actions to betray this
to US.
Mr. Quinlan had known Mr.. Cradle
for some time, and six weeks ago, !
when the latter asked for a loan of
$4,000, to help along some scheme of his. |
Mr.. Quinlan gave it to him. Then came
another loan of $4,000 which was also !
granted. Next Silver was brought into /
the deal Then. to save the loan first |
made, Mr.. Quinlan made another loan |
of an equal amount, and, to save that, /
he gave them another.
HALF A MILLION.
I'm this way. in little more than six !
weeks, the amount of the loans was /
run up to almost half million dollars. |
1t was not until it reached this figure |
that we knew anything about it. Then.
fer the first time, Mr.. Quinlan seemed !
to realize that something might be
wrong with his accounts. So last Sun
day he called on me at my home.
Il was simply dumbfounded. I had
never before had the slightest suspicion
mentally. Then 1 realized something
must be wrong, or he would never have
loaned to Cradle and Silver, or have
advanced even the most trivial sums on
the security they had given him. 1 ex-
amined it, and decided it was almost
worthless, and made up my mind that
the bank would lose every cent it had
advanced.
COMBATED IDEA
Mr.. Quinlan combated this idea. He
still insisted that the security was good,
and would fully cover the amount he
had loaned. l was not able to persuade
him otherwise, and at last told him he
must resign, and do this at once, in a
letter to the directors. He was fear
fully broken up by my decision, but
did as ] told him. The letter was
written Monday, and briefly states the
cause
"Then, when it had been given to the
directors. Mr.. Quinlan left the bank
FOR his home in Brooklyn. 1 suppose
ne is there now"
NOT DISHONEST.
Il want to say this for Mr. Quinlan:
Not the slightest suspicion of dishon-
,sty rests upon him. L do not believe
hat ne profited by these loans to the
xtent of one cent"
Cradle was once president of the Ed
nonton Stone company, and six months
lgo the company moved to Philadel-
,hia. 1t is stated that Cradle was once
resident of the Interstate Land & Ca
lal company, and that he still is presi-
ent of the Union Hill Milling company,
n which Ex-Governor Pattison and
Senjamin Tracey are said to be inter-
sted Cradle could not be found to-
light.
JOHN SILVER. b.
John Silver is connected with the .
Jew York Carbon company, the head :
uarters of which are at Newark, n. J.
Silvers name has been before the
ublic many times in recent years. He c
'as alleged to be responsible for the /
allure of the American Loan G. Trust 4
by making loans to Messrs. I
'elden and McTighe, who had the con-
ract for the construction of the De- J
atur, Chesapeake & New Orleans rail- :
Dad +
He denied the statements made q
gainst him at that time however
Silver also gained a certain notoriety r
/ connection with the failure of the d
National bank on March o
}, 1894.
The retirement of Henry Buckhout +
ON the vice presidency of the Third
ational bank several years ago was I,
lrectly due to his relations with Sill S
er. /
QUINLAN'S LOSS. n
s
Mr.. Quinlan lost nearly all his pri- $
ate fortune some years ago in protect I
e the name of relative who had been
on the stock exchange dur
g the panic, so that he has nothing =
it'll which to make good any losses Il
rising from his bad judgment in the t
resent case. 4
RICH BANK :,
The Chemical National bank is one T
the most prosperous institutions of =
5 kind in the country and should all q
lie amount loaned by Mr. Quinlan 3