The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-04
MYSTERIOUS Mr.. SILVER
SEEMS TO BE UNKNOWN TO
CRADLE OK hURTZ.
A STATEMENT FROM Mr.. CRADLE
Seems 10 Invoke President Williams but Mr'
Williams Refuses to Be Mixed Up Rather
Favorable Common; Of 6rabe, but
His prnnerrp is Attached.
His Property is Attached.


New York. Feh 3.-President WI
9laans ur THE Chemical National Bank
wlpen shown the dispatch from ; s~Jouls
containing ara interview with Srabie
IN w4hjch the lar4er sand that Mr.. VII
laarlls had hen a stakeholder in one o
ais companies for several wears said:
lit les wrong for 1ihis man 10 try /
INK me up in Mrs schemes. ii Is true
tIat ] lzape lpeen connected with one
at his companies fsuf it was a 1rifia
lnaItttr, nat more than two or thre
Thousand dollars"
Mr. Williams said me did not now Ne
member the names Of the stock in whic
fe was interested. He also aamifTe
4he TRUTH OF statement made by "
a3. karr-tz. n friend of Cradles that On
Thursday last diile Chemical Nations
Bank had accepted q demand note
S101 600 fralR Cradle. agreeing at IN
same time not TO press GG-atle for IN
money.
President Williams further said thA
natAring had been found 20 justify Ia
bank In beginning a criminal aetio
Against Mr.. teuinlan. President WI
fauts said Mr. silver called on him lat
Yesterday afternoon. after the matte
hsd aaeeome pulslic, and handed him
STA coo worth Of securities. Mr.. VII
liasRs to-day seemed doubtful about IN
value OF the securities but finally de
elarea that they might after ali prov
to he worth more than he at first
thought.
John s. Silver. one Of the men who's
borrowing bed 10 the resignation
Cashier Qninlam. was al the office of tho
New York Carbon Company. Of which
fn is the chief executive officer to-day
70 question regarding dis obligations
TO lie bank. Mr.. Silver said that he did
not owe as much as he had been said 10
oNp. which was $4,000, but that
whatever the sum was he would pay it
The officers of the Chemical National
Bank were in communication by tele
graph with banks in various parts of
the country to trace the course of the
certified checks given by Cashier Quin
Ian to Messrs. Silver and Cradle, and
to ascertain whether financial institH
lions elsewhere had advanced mono
on drafts such as We're accepted Il
security at the Chemical National
The directors of the bank were in session
all the day, discussing means of recov
er.ng as much as may be of the money
loaned by Mr.. Quinlan.
VIM. H. Kurtz. who Is said to hav
been associated with Cradle in many
of his deals said to-day:
Mr. CRADLES dealings with the Chem
ical National Bank have extended owe
considerable period. As / understand
from him he WAS well known to all the
banks officials. To my knowledge b
owed the bank $4,000 at one tina
and liauidated the debt until only So
900 was left. Thus he has gone on con
tracing obligations and dischargin
them. At the beginning of last week
the total amount of CRADLES indebted
ness to the bank was $201 800.
seems that Mr.. Qutnlan had not reported
the latest transactions TO President VII
lams. Becoming a little anxious, Mr.
QuinIan made a statement of Mr.. Ora
bles account before President William
and the directors at last Thursday
meeting. The directors made no com
plaint on this head. knowing Mr.. Cradle
but sent Il message inviting him to wait
upon them. Mr. Cradle called there
and the result of the conference wa
that Mr.. Cradle gave the directors a de-
mand note for $201.500. The directors
then agreed not TO press him, but to af
ford him a margin of time in which
to pay the note"
Mr.. Kurtz said he knew nothing about
Silver and had never endorsed any of
Silver's papers. 1T was this matte
of Silver" said Mr.. Kurtz, THAT pre-
ciDitated the crisis and brought abou
all the mischief. 1t preyed upon Mr.
Quinlan."
Judge f. G. Hamer, of Kearney. Neb.
who was said to be CRADLES counsel
said that if his client had not bee
pressed he could have easily paid off his
present indebtedness to the Chemica
National BANK. CRADLES western com
panies, Judge Hamer said, were all in
a prosperous condition.
Judge Hamer said he supposed Ora
bees property. if realized on, would
bring SlO00.000 over and above Mr.
Cradles total indebtedness.
MIR. CRADLES STATEMENT.
st. Loris. Mo-, Feb. 3.-SIr Francis
Cradle, to whom Mr.. VIM J. Ouinlan.
.Ir.. cashier of the Chemical National
Bank, of New York, loaned 1898, 900 of
the Banks money, in consequence of
which MIR. Ouinlan saw fit to resign his
position as Cashier is now in this city.
Mr.. Cradle was engaged today in pre-:
pairing a written statement of the trans.
action for publication at the request OF
representative of the Associated Press
which he gave out this afternoon. Aside
from this statement he would say moth
ing. The statement, among other things
contained the following:
II have just read with the deepest
pain and regret of the resignat ion OF
Mr. W. ]. Quinlan. Jr.. Cashier of the
Chemical National Bank, of New York
lie has been my friend for twenty years
and / have been depositor at tn,
Chemical Bank for more than six years
past My intimate business relations
with him during this period have Away
leen of the most pleasant character I
seems unnecessary for me to say to any
one familiar with Mr.. Quinlan's sterling
integrity that he has never profited on
cent from any of my business transac
ti0ns with him.
"One year ago my Obligations to TIN