The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-06
CAN STAND THE LOSSES
CHEMICAL BANK NOT WORRYING
ABOUT CASHIER aUINLAN's LOANS.
John :. SiIver's Operations-A Gift t.
His Wife-Mr. CRADLES Land and
Irrigation Company.

NEW YORK, Feb. 5.-George Williams
president of the Chemical National Bank
when asked to-day whether there were any
further developments in the Quinlan-Silver-
Cradle matter said: I'VE have been per-
fectly frank in taking the public into our
confidence and telling them of our losses
through Mr.. Quinlans loans. 1t is no more
than right that the public should look at
the other side of the account, which is that
our profits the past year were over 81 100 900,
and that we can soon make up these losses
and have still a handsome investment for
the + 'tunate stockholders Mr.. Williams
added that this would be the last commune
cation he would make TO the press.
Some of the facts elected at the supple
mentary proceedings against John S. Silver,
president of the New York Carbon Com
pany, We're made public to-day The pro-
ceedlngS have been taking place at the re
quest of his counsel, and during his exam
nation Silver was required to make some
admissions under oath, of his connections
with the New York Carbon COMPANY and
also of a present which he made his wife
of q house West Ninetieth street. This
was required of him, because when the
Third National Bank went into liquidation
Silver owed it $4,000 This claim was turned
over to the City National Bank which had
assumed the task of settling up the defunct
banks business. Through its counsel it
subsequently obtained judgment against
Silver which has yet to be satisfied
stated that he received $1,000 a year as pres
ident of the company, and admitted that in
addition to his salary he had deceived about
$4,000 from the company. In further ex-
PLANTATION of his connection with the carbon
company Mr.. Silver said Il am president
of the New York carbon works, but l have
no stock in the company. ] have had no
stock i'm it during the last two years except
ing ten shares that | do not now own | do
not own any real estate anywhere. do not
own any stocks or bonds. | have no evil
dence of debts due me. / have about $500 900
in judgments against me, perhaps more
than that" Questioned concerning the
house iii which he lives he said: Mrs Sill
yer owns the house"
There was much interest to-day also in
the Interstate Lands and Canal Company
in which Francis G. Cradle has large inter-
ests. Extensive inquiries are being made
regarding it. Lawyer Abner Mckinley,
whose name appears in some of the litera-
ture which the Lands and Canal Company
has sent out, as counsel for the corporation
said when questioned concerning this: Il
was approached some time ago by Wade
with Mr. Cradle in some way, / think his
secretary. This young man asked me if
would accept a retainer as counsel for the
Interstate Lands and Canal Company, and
replied that if after L had examined into the
plan / found it to be reputable and prac-
teal / would have no objection. This is as
far as / got in the transaction"
Gen. A. b. Nettleton. assistant secretary
of the United States during the Harrison
ADMINISTRATION, VINO - pItSiutUl Oh the III
terstate Lands and Canal Company, had
this to say: Il accepted the presidency of
the Interstate Lands and Canal Company
about six months ago. after having salts
fed myself by such investigation as l could
make that the undertaking one of
merit. which / still believe it to be. It's
properties are undoubtedly OF large value
and should easily make good the invest
ment which has gone into them. provided
they are not wantonly slaughtered The
company has sold only a trifiing amount OF
its stock, as am Informed and believe. so
the general public has no pecunary interest
in the outcome. The funds for carrying on
it's extensive work of irrigating canals res
ervoirs. etc. have been mainly advanced
by few capitalists who inaugurated the
enterprise. | have only a nominal interest
in the corporation, and had nothing TO do
with its formation. but | know OF no reason
why it should not, like its predecessors,
prove an honorable success. / know Moth
ing whatever of Mr.. CRADLES relations with
the Chemical Bank