The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1898-02-05
.CAREEROF PROMOTERGRABIE
TowHsITE AND MINING BooMs.
ln Ten Years Has nenfTnea Not Less
Than es,O0O,e0o ~ Rnsnfsnx
Among Eassern Invesssrs sfeeks,
Benas ana Mosfsaeer - Ms
Wesfern EnseFprfsen.


Chicago Peb. According 10 the Til
balne, Praneis GsabIe, the man 10 who.n
Cashier Quinlan Of the Chemical National
bank loaned IN the neighborhcod u ezso.-
600. has, during the past 10 years. real
lied not less than ss.0O00O0 by floating
among Investors in the east, stocks. bonds
and mortgages Of his western enferprfzes.
VIM J. Quinlan, JF.. cashier o. the
Chemical National hank of New York.
has resigned He acknowledged ii his
letter 70 the directors that he loaned
100000 Of the banks money without
consulting the president and knowing che
directors would mot approve the loan. He
denies that he pr06ted By the loans.
The Chemical National bank 4 one 81
the most prosperous institutions Of this
kind in the country and should all the
amount loaned By Quinlan prove loss
the banks credit would net be affected.
IT. shares Of par vaIne Of 500 have sold
for more than $4,000 each. The directors
ire George G. Williams. James 4. Roo.e.
welt, Frederick w. Stevens and Robert
Gcelet. Cashier Qninlan was also a d.
rector The latter Is 50 year, old. Dur
ing the 20 years he vas cashier he never
look a vacation.
President Williams says. 1--WE have
sharged of nearly the whole Of the loans
10 our profits and loss. although We are
satisfied that we shall recover Z large
part Of the money eventually
In my opinion said President VIII
AIMS. MIR. Quinian has been made the
victim Of elever schemers believe that
ne has been mentally irresponsible for
months. though there was nothing appar-
mt in his actions to betray this TO ia
= want TO say this fer .ir. QuinIan.
Not the slightest suspicion 81 dishonesty
rests upon him. do not believe that NJ
9rofted by these loans to the extent Of
me cent
Mr. QHinlan lost nearly all Ct his own
private fortune some years ago in pro
tcting the name Of relative, who had
been speculating on the stock exchange
Turing the panic, 70 that he has nothing
With which to make good any Losses aris-
ng from his bad judgment in the present
use.
- ~AANaAt rNAANr - ~ At1C NhAEIetO
bune. Grable enjoyed friendly relations
With some Of the western officials Of the
Burlington road. and through them Was
let in ON the ground floor for townsites
when the company extended its lines 10
the Black Hills He went ahead Of the
builders and secured land where the com
pany was to locate its stations. from one
md Of the extension 20 the other.
At the junction Of the Deadwood and
Billings. Mont-s branches, the town Of
SdgemOnt was laid out. Grable secured
title to the lands around the junction.
He formed two irrigation companies and
1 is said both schemes. il properly man
'ged, would have made good investments.
irable. however, with the restlessness az
he Unsuitable promoter. no sooner got one
Enterprise under way when ne Was on
Sith the next There was stone in the
iicinity Of Edgemont and Cradle organ
zed the Edgemont Stone Company, with
capital Of $4,000. with the idea Of sup
dying the country with gTindstones. He
next organized a building syndicate and
with eastern capital began putting up
fNAoAA4fsN tA%AN NAAu VII @AoAA@ Atr UUal-
less streets
Construction Of one Of the greatest
melters in the west was the next scheme
m his program. Over 100000 has al
eady been put in the smelter and it is net
ompleted.
For years Cradle has been accumulated
mining claims and. in 1896, having Sc
aned about 50 claims. he organized the
srat Union Hill Mining Company. with
capital Of $2.OOO,OoO. of which he con.
rolled over seven-eighths, Cradle sold
bout half his holdings at prices frcm so
ents on the dollar down
At this point Cradle organized the
sdgement and Union Hill Smelling Com
any with a capital Of $3500OO0. Tho
property OF the first, company was grad.
ALLY absorbed by the new organization
nd the capital placed at S6O00O00 0f
his amount Cradle took $4.S00 O00 by
his time many people OF prominence in
he cast became interested and allowed
he use of their names in the list Of Of