Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1898-02-11
CAREEROF PROMOTERGRABLE
TOWNSHIP AND MINING B0oMs
In Ten Years Has Realized Not Less
Than 100000. by Floating
Among Eastern Investors stocks,
Bonds and Mortgages of His
Western Enterprises.

Chicago Feb. 5.--According to the Tri-
bune, Francis Cradle, the man to whom
Cashier Quinlan of the Chemical National
bank loaned in the neighborhood of $780,
600, has, during the past 10 years, real
lied not less than $3,OO0OOO by floating
among investors in the east, stocks, bonds
and mortgages of his western enterprises.
VIM. j. Quinlan, Jr, cashier OF the
Chemical National bank of New York,
has resigned. He acknowledged in his
letter to the directors that he loaned
$393, 900 of the banks money without
consulting the president and knowing the
directors would not approve the loan. He
denies that he profited by the loans.
The Chemical National bank is one OF
the most prosperous institutions of this
kind in the country and should all the
amount loaned by Quinlan prove loss
the banks credit would not be affected.
It's shares of par value of 800 have sold
for more than $4,000 each. The directors
are George G. Williams, James A. Roose-
welt, Frederick w. Stevens and Robert
Goelet. Cashier Quinlan was also di-
rector. The latter is SO years old, Dur
| ing the 20 years he was cashier he never
took vacation.
President Williams says: "We have
charged off nearly the whole of the loans
to our profits and loss, although we are
satisfied that we shall recover large
part of the money eventually"
"In my opinion" said President Will
Jams, "Mr. Quinlan has been made the
victim of clever schemers. l believe that
he has been mentally irresponsible for
months, though there was nothing appar-
ent in his actions to betray this to us.
81 want to say this for .ir. Quinlan.
Not the slightest suspicion Of dishonesty
rests upon him. / do not believe that he
profted by these loans to the extent OF
one cent"
Mr.. Quinlan lost nearly all of his own
private fortune some years ago in pro
tcting the name of relative, who had
been specializing on the stock exchange
during the panic, so that he has nothing
with which to make good any losses aris-
ing from his bad judgment in the present
case.
For many years, says the Chicago Tri-
bune, Cradle enjoyed friendly relations
with some of the western officials of the
Burlington road, and through them was
let in on the ground floor for townsites
when the company extended its lines to
the Black Hills He went ahead of the
builders and secured land where the com.
pany was to locate its stations, from one
end of the extension to the other.
At the junction of the Deadwood and
Billings, Mont, branches, the town Of
Edgemont was laid out. Cradle secured
title to the lands around the junction
He formed two irrigation companies and
it is said both schemes, if properly man
aged, would have made good investments
Cradle, however, with the restlessness OF
the Unsuitable promoter, no sooner got one
enterprise under way when he was Oh
with the next. There was stone in the
vicinity of Edgemont and Cradle organ
lied the Edgemont Stone Company, with
capital of $250,O00, with the idea of sup
plying the country with grindstones. Hi
next organized building syndicate ant
with eastern capital began putting W
buildings right and left along the bust
ness streets.
Construction of one of the greatest
smelters in the west was the next scheme
on his program. Over 100000 has al
ready been put in the smelter and it is moi
completed.
For years Cradle has been accumulated
mining claims and, in 1896, having Sc
cured about so claims, he organized thu
Great Union Hill Mining Company, will
a capital of $1,000 900, of which he con
trolled over seven-eighths. Cradle sole
about half his holdings at prices from 81
cents on the dollar down.
At this point Cradle organized thu
Edgemont and Union Hill Smelling Com
pany with a capital of $3,500,0OO. Thu
property of the first company was grad
ually absorbed by the new organization
and the capital placed at $6,OOO,OOO. o
this amount Cradle took $4,SOO,O0O. BY
this time many people of prominence il
the east became interested and allowed
the use of their names in the list of of
ficers and directors.