Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-11
FAILED FOR MILLIONS
Banking Firm of CebaIlos & Co.
Go Under.
LOSS GOES TO $3,500,0OO
81 900, 900 is Alleged to Have Been
Stolen by Agent Of Concern.
HE IS NOW SOMEWHERE AT SEA
Concern Had Done Much, It is Said, to
Develop and Aid Progress
in Cuba.
HE IS NOW SOMEWHERE AT SEA


NEW YORK, October 11.-Manuel Sill
veira, the defaultng Havana agent for the
firm of ]. M. Ceballos G. Co., is not on
board the steamer Carmelina, upon which
he left Havana October 2, but on another
steamer, which he boarded at sea two days
after leaving the Cuban capital, according
to information which was given out here
today. 1t is said that the present where
abouts of the Carmelina is known, and that
the destination of the other steamer, to
which Silveira and his family were trans
ferred, also is known.
The charge of defalcation of more than
a million dollars against Silveira was made
according to Attorneys Sullivan and Crom-
well, who made the announcement, after
news of the Carmelina and the other steam
er had been received in this city.
The old and well-known banking house OF
J. NJ Ceballos & Co. of New York and Ha-
vana, yesterday made a general assign
ment for the benefit of creditors to William
V. Rowe of the law firm of Sullivan q
Cromwell with William Nelson Cromwell as
counsel for the assignee.
The assignment, which was not generally
known until late in the afternoon, came as
a surprise to the downtown business world
and was said by the assignee to have been
the result of a rema rkab BILE defalcation by
business associate in Havana, in which per-
fidv and romance would seem to be mingled
This man is Manuel Silviera Of Silviera Il
Co. bankers and merchants of Havana,
who for several years have represented j.
M. Ceballos & Co. in Cuba, and his de-
ficiency is alleged to amount to nearly
81, OO0, 900 in money and other property.
The total failure amounts to So, 100000.
Silviera had announced In the Havana
newspapers his intention of going to New
York for vacation of several months as
he had been putting through some big trans
actions and felt the need OF long rest;
and in letters and cable dispatches to Mr..
Ceballos he had declared his purpose OF
coming to New York to present In person
his accounts to the firm and deliver the bal
ances in hand. He left Havana on OCTOBER
2, and was expected here last Monday.
On His Own Steamer.
It was learned yesterday by cable from
Havana, Mr.. Cromwell said, that, instead
of departing for New York. Silviera had
sailed on one Of his own steamers, the Car
melina, for parts unknown. accompanied by
his wife and children. Every effort is be-
ing made to locate him, and every port
which his steamer might have reached in
the period since he sailed from Havana has
been advised by cable of the circumstances
of the case.
Mr.. Cromwell made this statement yes
terday afternoon:
"Messrs. Ceballos & Co. having had no
premonition of this conduct of their agent
and being confronted with this large loss
and the deprivation of current resources
have. in this emergency, deemed 1t Just
to all having relations with them that they
should make a general assignment, with
out preference in order to insure equality
to all and an opportunity for examination
of their affairs in connection with these
unexpected and amazing deveiopments
Under the extraordinary conditions men,
toned and the suddenness of the disaster
which has fallen upon the firm of Cebalios
& Co., it is impracticable at the moment
to make an intelligent statement OF their
assets and liabilities. In a general way the
liabilities are between three and four mil
lion dollars.
established over fifty years ago. and has
business connections in Spain. Spanish
American and European centers. The firm.
in connection with its American clientele.
has devoted much of its capital to the de-
velopment of important railroads, sugar
plantations and other enterprises in Cuba,
besides having large interests In this coun-
try and steamship connections between here
and Spain and other ports.
THE assets are of very substantial
character but, from hasty examination, 1t Is
manifest to me that they will require care
full outstanding. The accountants are at
work, and we will be able within few
DAYS to make a fuller statement"
The members of the firm Of ]. M. Ceballos
&, Co. are Juan NJ. Cebalos, John S. F1ske
and Anderson c. Wilson. and their offices
in this city have long been at n William
street.
The firm was founded in 1852 by Mr..
Ceballos' father. who was Span1ard. and
is one of the most important houses having
business interests in Cuba 1t formerly
was a large importer of raw sugars and
other products, and of late years has been
extensively interested in the development
Of the resources of the island being as
ISOLATED in many of its enterprises with Sill
veiras firm.
One of the chief of these enterprises,
which was recently brought out, is the
Development Company of Cuba, of which
Mr.. Ceballos is vice president and Mr.
Fiske and Mr.. Silveira are directors. This
company owns many thousands Of acres
of sugar lands in the island.
Not Stock Exchange Member.
The failed firm had no stock exchange
connections, its business being confined
along banking. mercantile and promoting
lines The firms rating has been high, its
credit exceeding the million-dollar mark.
Mr.. Ceballos was seen last night at his
home, No. % East ed street, and asked for
a personal statement on the failure.
Ceballos that it is really too early to say
any more than has already been said. We
anticipated that the public would be con-
siderably interested in this matter and
therefore we had prepared statement
which told the story tersely and completely.
For the present that is all that I care to
state I will not fail to make known to the