The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-02-04
New York Institution Loans $780,.
900 on Doubtful Security.
MORE OR LESS CONFLICTING
STATEMENT REGARDING AFFAIR.
Loan Made by Cashier Without Consult
ing Eank Officers-Attempt to Mix the
President Up With the Affair.


President Up With the Affair.
New York, February 3-Neither Francis
G. Cradle nor John S. Silver, the men to
whom Cashier VIM. j. Quinlan of the
Chemical National bank loaned 1888, 900
on Western stocks, was at his office here
today. President Williams, of the bank,
said today that nothing had been found
to justify the bank in bringing criminal
action against Mr.. Qu;nlan. He said Mr.
Silver called on him late yesterday after
noon, after the matter had become public
and handed him $4,000 worth of securi-
ties. Mr.. Williams today seemed doubt
Nful about their value, but declared that
they might after all prove to be worth
more than at first thought.
MIR. Silver, when seen today at his Office
here said that he owed the money to the
Chemical National bank and that he was
going to pay it. He declined to give any
description of the additional securities
which he handed to Mr.. Williams yester-
day.
The officers of the Chemical National
bank were in communication by telegraph
with the banks in the various parts of the
country to trace the course of the certified
checks given by Cashier Quinlan to
Messrs. Silver and Cradle, and to ascer-
tain whether financial institutions else
where had advanced money on drafts such
as were accepted as security at the
Chemical bank. The directors of the
1,ov b t1o,, INC all 6au !, o.
means of recovering as much as may be
of the money loaned by Mr.. Quinlan.
William II. Kurts, who said he had
been associated with Cradle in many of
his deals was seen today. He said:
Mr.. CRADLES dealings with the Chemical
National bank have extended over con-
siderable period. AS understood from
officials. 10 my knowledge he has owed
the bank $4,000 at one time and
liquidated the debt until only $l9, 900 was
left. Thus he has gone on contracting
obligations and discharging them. At the
beginning of last week the total amount
of CRADLES Indebtedness to the bank was
S2O1 500. It seems that Mr.. Quinlan had
not reported the latest transaction to
President Williams. Becoming little
anxious, Mr.. Quinlan made asstatement
of Mr.. CRADLES account before President
Williams and the directors made no COM
plaint on this head, knowing Mr.. Cradle,
but sent a message inviting him to wait
upon them. Mr.. Cradle called there and
the result of the conference was that Mr..
Cradle gave the directors demand n ote
for $201 ,O09. The directors then agreed to
afford q margin of time in which TO pay
the note. Mr.. Hurts said he knew moth.
ing about Silver. sit was this matter
of Silver's,'' said he. "that precipitated
the crisis and brought about all. the mis-
chief. 1t preyed upon Mr.. Quinlan.'
President Williams yesterday declared
he knew nothing about Cradle and had
not heard of him until Quinlan told his
story. Kurts's statement is fiat con
tradicticn of what President Williams
said.
Judge f. G. Hamer. of kearney, Neb.,
who said he was Mr. CRADLES counsel,
was at Mr. CRADLES office today. He be-
lived that If Cradle had not been pressed
he could have easily paid off his present
indebtedness to the bank. - CRADLES
WESTERN companies, he stated, were all
prosperous. He said he supposed CRADLES
property, if realized on, would bring ST.
0O0, 600 over and above Mr.. CRADLES total
Indebtedness, Judge Hamer, was shown
a despatch from Omaha Stating that,
among Others, he was suing the property
of Grable for $1,000 Judge Hamer said
he knew nothing of this suit.
President Williams, of the Chemical
National bank, was shown the despatch
from st. Louis containing an interview
with the Globe, stating that Mr..
Williams had been stakeholder in one of
CRADLES companies for several years,
said:
ut is wrong for this man to try to mix
me up in his schemes. 1t is true that l
have been connected with one OF his COM
panies, but it was a trif1ing matter, not
more than two or three thousand
dollars"
Mr. Williams said he did not remember
the name of the stock in which he was
interested. He admitted, however, that
the Chemical National bank had accepted
a demand note of $201, 500 from Cradle
agreeing at the same time not to press
Cradle for the money.
Francis Halpin. assistant cashier of
the Chemical National bank. was today
appointed cashier to succeed Mr.. Quin-
Ian.
Cnnn, M Dill AnEI CLIA