The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-04
CRADLE BANK ACCOUNT.
THE NAN WHO BORROWED THE
MONEY! ABLE TO REPATIT.
President williams Admits That the
Chemical Bank Accepted CRADLES Note
and Agreed Not to Press Him.

position as CASHIER II now III 'hiS wy
Mr.. Cradle was engaged to-day In pre-
pairing a written statement OF the tran
saction for publication at the request OF
a representative OF the Associated Press
which hs gave out this evening. Aside
from this statement he would say noth-
ing.
The statement. among other tnlhgs'
contained 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 MN
during this period have always been OF
the most pleasant character IL seems
unnecessary for me 10 say 10 any one
familiar with Mr.. Quinlan's sterling In
tegrity that he has never profted one
cent from any Of my business transac-
tions with him.
HAD PAID UP.
zone year ago my obligations 10 the
bank were $4,000 and six months ago
| had paid up every dollar. The pres
ent indebtedness has been incurred since
that time.
the MIR. Silver mentioned In the dispatch
Is as being a debtor OF the bank, nor Is
ne now nor has he ever been connected
with any of my interests In any way.
MIR. williams. the president OF the
Chemical National bank, has been a
stakeholder for several years in one OF
the town site companies ! organized and
has expressed his complete satisfaction
with his investment.
''The work [ have been doing Is that
of opening q new country stretching Tor
800 miles along the Burlington line, be-
ginning az Alliance, Neb., and ending at
Filings Montana, and including the
branch line OF 100 miles through the
Black HIS to Deadwood. only those
who have had experienced in building up
towns and villages have any idea OF the
enormous cost There are torty-t"o
towns in our territory.
1T has been my constant and earnest
endeavor To bring these enterprises to
their highest point or profit to all the
stockholders Every dollar OF my own
money is invested i'm this work, and the
money of those associated with me, and
| nave felt we arc based on good proper
ties which will become very valuable
THE PRESIDENTS ADMISSION.
NEW YORK. Feb. 23.-President VIII
liams, OF the Chemical National Bank,
when shown the despatch from st. Louis,
containing an interview with Cradle, in
which the latter said that Mr.. Williams
mad been stockholder is one of his
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
companies, but 1t was a trllling matter.
not more than two or three thousand
dollars"
Mr.. Williams said he did not remem-
Der now the name Of the stock in which
he was interested. He also admitted the
truth OF a statement made by w. III.
Kurtz, friend OF CRADLES, that on
Thursday last the Chemical National
Bank had accepted a demand note of
sol 500 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 bringing a criminal action against
Mr.. Quinlan.
President Williams said Mr.. Silver call
ed on him late yesterday afternoon, after
the matter had become public. and handed
him s6f 900 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.
MR.. SILVER TALKS.
John s. Silver, one OF the men whose
borrowing led TO the resignation OF
Cashier Quinan. 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 he did not owe as
much as ne had been said to owe which
was $4,000. but that whatever the sum
was he would pay II.
The officers OF the Chemical National
Bank were In communication by telegraph
with banks in various portions OF the
country 20 trace the course Of the certi-
fed checks given by Cashier Quinlan 10
Messrs Silver and Cradle and TO ascertain
whether finarclal institutions elsewhere
had advanced money on drafts such as
were accepted as security at the Chemi-
cal National Bank.
The directors Of the bank were In Sos
sion all tho day. discussing means for
recovering as much as possible OF the
money loaned by Mr.. Quinlan.
William H. Kurtz. who Is said 10 be
associated with Cradle in many OF his
deals said to-day:
Mr.. CRADLES dealings with the Chem
ical National bank have extended over
a considerable period. As l understood
from him. ne was well known 10 all the
bank officials. TO my knowledge he
owed the bank $4,000 AT one time and
liquidated the debt until only $4,000 was
left. Thus ne has gone on contracting
obligations and dscharging them. At
the beginning OF last week the total
amount OF CRADLES indebtedness TO the
bank was s20l,5oo.
AGREED NOT TO PRESS HIM.
at seems that Mr.. Quinlan had not re-
ported the latest transactions to Presi-
dent williams. Becoming a little anxious
Mr.. Quinlan made a statement of Mr..
CRADLES account before President Will
liams and the directors at last Thurs
days meeting. Ths directors made no
complaint on this head, but sent mes
sage 10 Mr.. Cradle to walt upon them.
Mr. Cradle called there and the result OF
the conference was that Mr.. Cradle gave
the directors a demand note for sDl.5Oo.
The directors then agreed not 70 press
him, but to afford 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 paper.
1T was this matter Of Silver" said
Mr. Kurtz that prscipitated the crisis
and brought about all the mischief. 1t
prayed upon Mr.. Quinlan.'
Judge +. T.. Hamer. OF Kearney, Neb.,
who was said to be Cradles counsel
said that If his client had been pressed
he could have easily paid off his present
Indebtedness 10 the Chemical National