Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-04
THE QUINLAN LOANS.
MIR. CRADLE MAKES A STATEMENT
WITH RESPECT TO THEM.
PRESIDENT WILLIAMS BROUGHT In.
This Gentleman, However, Demurs
to the Indictment-siIvcr Says He
Is sound-Testimonyt to Effect That
Cradle Is, Too.


ST. LOUIS, MO, February 2-Mr.
Francis Cradle. TO whom Mr.. William j..
Quinlan, Jr.. cashier of the Chemical Ma
tional Bank, OF New York. loaned xssS.Ovv
OF the banks money, in consequence OF
which Mr.. Quinlan saw fit to resign his
position as cashier. is now in this city.
MIR. Cradle was engaged to-day in pre-
| pairing a written statement of the trans
action for publication, at the request OF
a representative of the Associated Press,
which he gave out this evening. Aside
from this statement he would say no.
thing.
The statement among other things. con-
| tains the following:
II have just read with the deepest pain
and regret Of the resignation Of Mr.. W..
j. Quinlan, Jr., cashier Of the Chemical
National Bank. of New York. He has
been my friend for twenty years, and L
have been a depositor at the Chemical
Bank for more than six years past. My
intimate business relations with him du-
ring this period have always been OF the
most pleasant character 1t seems unne-
cessary for me to say to any one familiar
| with Mr.. Quinlan's sterling integrity that
| he has never profited one cent from any
| of my business transactions with him
| "One year ago my obligations to the
| bank were slS0,O00, and six months ago
had paid up every dollar. The present IN
| debtedness has been incurred since that
| time.
| DOESN'T KNOW SILVER.
II never knew, nor have 1 ever heard
of, the Mr.. Silver mentioned In the dis
| patches as being a debtor to the bank,
| nor is he now. nor has ne ever BEEN
| connected with any Of my interests in any
| wav.
| mfr. Williams, the president OF the
| Chemical National Bank. has been a
stockholder for several years in one or
the town-sitc companies / organized, and
| has expressed his complete satisfaction
| with his investment.
'The work l have been doing is that
| Of opening a new country. stretching tor
| 500 miles along the Burlington line, begin
| ming at Alliance, Neb and ending al
| Billings, Mont, and including the branch
| line of 100 miles through the Black Hills
to Deadwood. Only those who have had
| experience in building up towns and vii
| lagos have any idea of the enormous cost.
| There are forty-two towns in our terri
| tory.
"It has been my constant and earnest
endeavor TO bring these enterprises TO
their highest point Of profit to all the
stockholders. Every dollar Of my own
money is invested in this work, and the
money of those associated with me- and
l have felt that we are based on good
| properties, which will become very valua
| ble."
MR.. WILLIAMS OBJECTS.
Williams, of the Chemical National
Bank when shown the dispatch from
| ST. Louis, containing ALI interview with
Cradle, in which the latter said that Mr..
/ Williams had been stockholder in one
| of his companies for several years said:
ut is wrong for this man to try to mix
| me up I'm his schemes 1t is true that
| 1 have been connected with one of his
| companies, but II was a trifiing matter,
| not more than 5000 or 5000"
Mr.. Williams said he did not now re-
member the name of the stock in which
| he was Interested. He admitted the
| truth of a statement made by w. II.
| Kurtz, a friend of CRADLES, that on
| Thursday last the Chemical National
| Bank had accepted a demand note CT
| $2Ol, 800 from Cradle, agreeing at the same
time not to press Cradle for the money.
President Williams further said that
nothing had been found to justify the
bank in beginning a criminal action
, against Mr. Quinlan
President Williams said Mr. Silver call
ed on him late yesterday afternoon, af-
ter the matter had become public and
handed him $4,000 worth of securities.
Mr.. Williams to-day seemed doubtful
about the value of the securities, but
finally declared that they might after all
prove to be worth more than he at first
thought.
WHAT SILVER SAYS.
John S. Silver, one of the men whose
borrowing led to the resignation of
Cashier Quinlan, was at the office Of the
New York Carbon Company, of which
he is the chief executive officer, to-day
To a question regarding his obligations
to the bank, Mr.. Silver said that he
did not owe as much as he had been
said to owe. which was $l5O,OOO but that
whatever the sum was he would pay it,
The officers of the Chemical National
Bank were in communication by tele-
graph to-day with banks in various parts
of the country. 10 trace the course of
the certified checks, given by Cashier
Ouinlan to Messrs. Silver and Cradle,
and to ascertain whether financial in
stitutions elsewhere had advanced money
on drafts. such as were accepted as Sc
curity at the Chemical National Bank.
The directors of the bank were I'm
session all day, disc. .Esing means for ie-
covering as much as possible Of the
money loaned by Mr.. Quinan.
William II. Kurtz. who is said to be as
socated with Cradle In many of his
deals. said to-day:
"Mr CRADLES dealings with the Chemi-
cal National Bank have extended over a
considerable period. As | understood
from him. he was well known 10 all the
banks officials. To my knowledge he owed
the bank $4,000 at one time, and hqui-
dated the debt until only $4,000 was left.
Thus he has gone on contracting obliga-
tions and discharging them. AT the be-
ginning Of last week the total amount OF
CRADLES Indebtedness TO the bank was
s20l 800
.It seems that Mr.. Qunlan had not
renorted the latest transactions TO Presi-
dent williams Becoming a little anxious
Mr. Ouinlan made a statement OF Mr..
crahle's account before President VIII
Hams and the directors at last Thurs
dov'e meeting. The directors made no
comnlaint on this head. but sent mes
eooe 10 Mr. Cradle TO wait upon them.
Mr. CRADLE called there, and the result
~ the conference was that Mr.. Cradle
80 the directors "A demand note for
SoC zoo The directors then agreed not TO
nress him. but to afford him margin or
lime In which 10 pay the note
Mr. Kurtz said he knew nothing about
c,,,,er and had never endorsed any OF
Silver's paper
L u Il