The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-04
Statement from the Former Regard
ing His Enterprises and His Deal
ings with the Chemical Bank.
PROMINENT MEN INTERESTED
IN THE BIG COMPANIES MIR. GRABLE
HAS BEEN PROMOTING.
President Williams, of the Bank,
Among the Number-Nr. SiIVer's Sc
curities Probably Not ValueIess.


ST. LOUIS, Feb. 3.--Mr Francis Cradle,
to whom Mr.. William j. Quinlan. jr., CASH
ier of the Chemical National Bank of New
York, loaned $4,000 of the banks money,
in consequence of which Mr.. Quinlan saw
fit to resign his position, is now in this city.
Mr.. and Mrs. Francis Cradle and Mrs j.
NJ. Latimer the latter the mother of Mrs.
Cradle, are occupying a magnificent suite
of rooms at the Planters Hotel They ar
rived here on Tuesday of this week, and
have been quietly attending to their own
affairs. The CRADLES are registered from
New York city and Mrs. Latimer from New
Orleans. The length of their stay is indefi-
mite Mr.. Cradle to-day gave out the fol-
lowing signed statement:
Il have just read with the deepest pain
and regret of the resignation of w. j. Quin-
Ian, jr., cashier of the Chemical National
Bank of New York. He has been my friend
for twenty years, and / have been de-
positor at the Chemical Bank for more than
six years past My intimate business rela-
tons with him during this period have al
ways been of the most pleasant character.
1t seems unnecessary for me to say to
any one familiar with Mr.. Quinlans ster-
ling integrity that he has never profited
one cent from any of my business transac-
tions with him. One year ago my obliga-
tions to the bank were $1S0,000, and six
months ago 1 had paid up every dollar. The
present indebtedness has been incurred
since that time.
II never knew nor have l ever heard of
the Mr.. Silvers mentioned in the dispatches
as being debtor of the bank, nor is he
now nor has he ever been connected with
any of my interests in any way.
'Mr. Williams, the president of the Chem
ical National Bank, has been a stockholder
for several years in one of the town-site
companies I organized, and has expressed
his complete satisfaction with his invest
ment.
The work have been doing is that of
opening a new country, stretching for five
hundred miles along the Burlington line,
beginning at Alliance Neb, and ending at
Billings, Mont, and including the branch
line of one hundred miles through the Black
hills to Deadwood. Only those who have
had experience in building up towns and
villages have any idea of the enormous cost
There are forty-two towns in our territory.
I have built about five hundred miles of
canals and laterals for irrigation and pub
lic purposes and a large number of storage
have thereby opened up thousands of acres
for settlement and established farming COM
munities of many homes. have followed
the same plan which Greely, Col, was
built up, where farm land is worth $50 to
$500 per acre.
From the day the Union Hill Company
and the Edgemont and Union Hill smelling
companies were organized work has never
ceased. These united companies own in all
over two hundred mines near Deadwood and
the Homestalxe. smelter and stamp mill,
completed, and another stamp mill and
smelter in process of construction. Thou
sands of feet of development work has been
done on these properties, at the cost of
hundreds of thousands of dollars l believe
the mines, when fully developed and
worked will prove of the richest paying
properties in the United States.
Nearly every stockholder in each of the
companies has been out to see the proper
ties, either before or after investing, and
there never has been a doubt expressed as
to the value of the property; but on the
contrary, in their many personal letters to
me and letters to home newspapers, have
expressed their complete satisfaction
Many of our stockholders made several
trips during the progress of the work up to
the present time, and continued to express
themselves as satisfied. At least six among
the best mining experts in the United States
have made most favorable reports
In all of the foregoing work have given
every moment of my time for seven years
| believe | have averaged eighteen hours
a day, and during all these years / have
not had a single days vacation. 1t has
been my constant and earnest endeavor to
hriF1 ooh of ttaca
highest point of profit. to the stockholders
Every dollar of my own money is invested
in this work, and the money of those asso-
eiated with me, and have felt it was based
on good properties that would be of ever
increasing value. If the years Of devotion
have given to this work are not crowned
with success 1 shall be completely worn out
and broken in health and lose every dollar
in the world
After Mr.. Cradle gave out his statement
it was impossible to reach him in any man
nor He left orders at the hotel office that
he would see nobody and would receive no
communications whatever, except tele-
grams, of which a great number were sent
UP during the afternoon and evening His
secretary, Mr.. Chance, who has been kept
busy to-day standing off newspaper men
who were anxious to get a talk with Mr.
Cradle, was equally reticent. At the re-
quest of a representative of the Associated
Press the secretary handed Mr.. Cradle a
copy of the late New York and Philadelphia
dispatches, making additional disclosures in
regard to the Chemical National Bank af-
fair and CRADLES business methods. He
read the dispatches, but refused flatly to
make any statement other than had been
given out early in the day. Mr. Chance
however unloosened enough to say that he
tMr Cradle )thought the matter had began
to assume more promising aspect and
that he would eventually come out of the
trouble with flying colors. Publicity had
been given TO the matter by certain New
Workers who were antagonistic to Mr.
Grable and his projects. Mr.. Chance de-
ciared that the matter would soon be
shown in its true light.
THE CHEMICAL NATIONAL.
Cashier QuinIan's Action Discussed by