New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-04
OUINLAN'S QUEER LOANS.
CHEMICAL BANK OFFICIALS TALK OF
THEIR LATE CASHIER.
40 GROUND FOR CRIMINAL ProCEEDINGs. THEY
sAY-srLvER OFFERS MORE SECURITIES
THEY ARE LIKE THE REST
STATEMENT FROM

THEY ARE LIKE THE REST
STATEMENT FROM
CRADLE.
Tho oftcials Of the Chemical Bank and tho
Of the Board OF Directors were all
,resent At the bank all Cay yesterday. Ihey
-,.de a further and most minute investigation
INTO the transactions OF the former cashier or
,,,o hank. William ]. Quinlan. jr.. whose loans
- s3o3 900 to the Western promoters Silver and
cradle upon fimsv collateral Astounded the
honkine world and led TO Mr. Qunlans forced
from the bank The DAYS deVelop-
.,.rts showed that the bank officers believe tha'
here is little or no hope ~ realizing anything
,,,on tho securities held. but 1t also brought
nth The certainty that everything Is kho"fi'
md that the wild stories about further snort
.Sa Of great magnitude are untrue. the day
.,so brought 20 light similar TRANSACTIONS IN
his city and the West in which both promoters
have hgnred.
There seems 20 he no pr"baniltY tha' 'he
nix will bring any criminal charge against
NJ ouinlan. After a careful investigator Il
,ss heen found that he told the whole truth
", Ouinlan. as matter or fact. was PraCu-
o.uv u1trammeled in his power to make loans
,,,hort consultation upon any collateral tha'
canned 20 HIM 20 I've sufficient. and no crimi-
"a, intent can be traced 20 him in me silver
cable matter Al the close Of the meeting
=. The bank Yesterday. after announcing 'he
.r,,,rtrnent Of Francis Halpin WHO mas oeen
Or rho last four years the assistant cashier OF
,bs hank. AMI who lives in Montclair' y D. 10
W ou!nlans post OF cashier George 4. "h'-
,.rs the president Of the institution speaking
.o- the Board ~ Directors said
or.bs-e & nothing more to say we kho"
...ol,,ely tho worst; we are satisfied that MT
o,,,,i,n has told the whole story in MS Iet'er
:, ras,eretion We are convinced that no eN-
.,,,,etion that could possibly be maoe IN any
s,-oc,,on would reveal anything more Inc
whole sum lent has been charged UP 10 Tro'i'
.,d lces and so whatever may come IN ia'ei
es q result Of the leans Will he ciear gam
81 think it Is only fair 10 the puohc' WHOM
ne promptly took into our confidence 'he mo
-. "a ,erA sure we knew all there was to
know 10 state distinctly that MY. Qu'hian Is
,h,a. There is nothing in what he has
dore that snvors - the slightest degree OF cri'i'-
,,,,,, unless something Of the kind should be
considered TO attach 10 his conduc' IN con-
cealing from me and from the Board OF III
rsctors the fact Of the loans TINS oohouc' WAS
as reprehensible ne anything coul1 poss4oY oe'
hut +, does not brand Mr.. Qu!nian thief HIS
oaso, &c all the more remarkable in that walk
ing for years IN the most upright way ana ac'-
NC :, a manner that not alone exhibited
acyu1en and business sagacity. but absolute
integrity. he suddenly displayed this lamenta-
be weakness As have said several times to-
aav &, seems as II the devil, after looking for
thirty-s,x years for the weak spot IN MT. gum
,ar.s a-rnor has at last found It. We do not
Anticipate taking any legal steps against MT
ou,nlan and We do not believe we would have
any case Il we desired. 1t Is needless 10 say
however that do not"
t SILVER OFFERS MORE SECURITIES.
Mr. Williams added that nothing had been
done by Mr. Quinlan, Mr.. Cradle or MI silver
70 make the loss good Mr. Quinlan. Mr. VIII
tarrs says IS doubtless unable to do anything
Late Wednesday afternoon Mr. Silver upon
being asked by the bank to give some security
rendered S64 600 worth Of stock OF one OF his
Concerns as additional security, but the bank
of5cials believe this 70 be Of character similar
70 the security ne gave Mr. Quinlan-no better
Mr. Cradle has not been heard from.
Bank officers In general were dumfounded
yesterday, upon learning the facts In the case,
70 think that men Ike Cradle and Silver should
Re able 10 negotiate loans In any institution
like the Chemical Bank They cannot understand
how Mr. Quinan knowing these men as he must
have known them. could be prevailed upon to
advance them any such Of money. espe-
c!ally after their first notes had gone to protest
Every bank OF standing in the country has on
file many pages OF matter relating TO John S.
Silver who is regarded as an extraordinary
promoter" and TO whose dealings are attrib-
uted largely the troubles OF the American Loan
- o,,A he oh rC RAJ
Silver has better record than Cradle but that
either man could have secured loan from the
Chemical Banks cashier is a matter that bank
officials cannot understand.
There were many exaggerated ,rumors ahoat
Yesterday about the extent Of the Chemical
Banks loss. the culpabilty OF Mr.. Quinlan and
me transactions of Silver and Cradle with other
banks II was reported that these men had
worked their way into the loan accounts OF
other banks. but no foundation could be found
FOR such report, and there is no reason 20 be
Meve that any ground for IL exists. The officers
Of several banks when asked about the posi-
o,lity OF Silver and Cradle securing loans at
other banks laughed at the idea, and said il
was ridiculous No sane bank official. they ar
gued. would make q loan on the collateral that
these men offered
SILVER SAYS HE'LL REPAY HIS SHARE.
John s Silver. when seen in his office at No
30 CoT;landt-st. yesterday and asked about the
Chemical Bank loans. replied sharply: All
have 10 say is that l borrowed The money and
going to repay I; as soon as can" All eff
forts to md out from Mr.. Silver the amount OF
the loan were futile. When asked II 1t was
$4,000. lie said 1t was not quite that much.
Nj Cradle could not be found IN the city yes
erda lear
LOUIS upon 2 business trip. Mr.. Williams said
that Cradle secured the lions share OF the loan
possibly 500 600 and that they hoped TO hear
from him about the matter Then the president
Of the bank added.
The bank may possibly, through inference
suffer an injustice by certain statements thai
have been made concerning Mr.. Quinlan's Close
attention to business II has been said that the
q ..,r..Ldlri,,lz OlIL-a ~