Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-02-04
CRADLES STORY.
A Promoter of Vast Enterprises
in the West.
Defends His Companies and Says Mr..
Williams of the Chemical National is
Interested in One of Them.

cashier of the Chemical National Bank
remains a chief theme of conversation
in financial circles Of the city.
Francis E. Cradle, one of the men to
whom Cashier Quinlan loaned money, is
not in the city
CRADLES business address in New
York is given as 81 William street. AT
that address it was ascertained that Mr..
Cradle was once president Of the Ed
monitor Stone Company, and that six
months ago the company moved to
Philadelphia Later Cradle had desk
room in the office of w. A. hurtz, also
a promoter, at 100 Broadway. At that
office it was stated that Cradle was
president of the Interstate Land and
Canal Company, in which eX-Cfov. Pat
tison and Benjamin Tracy are said to
be interested. 1t was also stated in that
office that Cradle had been out of town
for weeks
President G. C. Williams. Of the Chem
ical National Bank, said today that
nothing had been found - justify the
bank in bringing any criminal action
against Mr. Quinlan. President VIII
liams said Mr.. Silver, to whom also a
large loan had been made by Mr. Quin-
Ian, called on him late yesterday after
noon, after the matter had become pub
lie, and handed him $64, 900 worth of Sc
curities. Mr.. Williams today seemed
doubtful about the value OF the securi-
ties, but declared that the securities
might after all prove to be worth more
than it was thought.
Mr.. Silver was seen at his office in
this city today He said that ne owed
the money to the Chemical National
Bank, and that he was going to pay
it. He declined to give any description
of the additional securities which he
handed to Mr.. Williams yesterday. The
officers of the Chemical National Bank
We're in communication by telegraph
with the banks in various parts of the
country, to trace the course of the certi-
fled checks &3ven by Cashier Quinlan to
| Messrs, Silv4r and Cradle, and to ascer-
tain whether financial Institutions else
where had advanced money on drafts
such as were accepted as security at the
Chemical National. The directors of the
bank were in session all day discussing
means of recovering as much as may be
| possible of the money loaned by Mr..
Quinlan.
! William H Kurtz, who said he had
/ been associated with Cradle in many of
| his dealings, was seen here today. He
said: "Mr. CRADLES dealings with the
1 Chemical National Bank have extended
over considerable period As 1 under
1 stand from him. he was well known to
| all the bank officials. To my knoWl-
edge, he has owed the bank $4,000 at
one time, and lquidated the debt until
only $4,000 was left Thus he has gone
on contracting obligations and discharg-
ing them. AT the beginning of last
week the total amount of CRADLES in
| debtedness to the bank was $201, 800. 1t
seems that Mr.. Quinlan had not report
ed the latest transaction to President
Williams. Becoming little anxious,
/ Mr.. Quinlan made a statement of Mr..
| CRADLES account before President VIII
| dams and the directors. The directors
made no complaint on this head, know
| ing Mr.. Cradle, but sent a message in
| wiling him to wait upon them. Mr..
1 Cradle called there, and the result of
I the conference was that Mr.. Cradle
| gave the directors demand note for
/ $201, 500. The directors then agreed to
| afford him margin of time in which to
| pay the note"
| Mr. Kurtz said he knew nothing about
Silver. ut was this matter of Silver"
4 said he, that precipitated the crisis
/ and brought about all the mischief 1t
preyed upon Mr.. Quinlan. President
| Williams yesterday declared he knew
nothing about Cradle and had not heard
of him until Quinlan told his story. Mr..
! Kurtz's statement is fiat contradlc-
| ton of what President Williams said.
Judge F. G. Hammer of Kearney, Ne
/ braska, who said he was Mr.. CRADLES
counsel, was at Mr. Cradles office today.
Judge Hammer said that Cradle had
never failed in any Of his enterprises.
| He confirmed Mr.. Kurtz's statement
4 that Cradle had reduced an indebted
ness Of $40, 900 to the Chemical Nation
al Bank to $4,000 within less than a
year. He believed that if Cradle had
not been pressed, he could have easily
paid off his present Indebtedness to the
bank CRADLES western companies, he
stated, were all prosperous. He said he
supposed CRADLES property, if realized
on, would bring 81, 000, 900 over and above
| Mr.. CRADLES total Indebtedness. Judge
| Hammer was shown a dispatch from
Omaha stating that, among others, he
was sueing the property Of Cradle for
$4,000. Judge Hammer said he knew
nothing of this suit. President Will
liams of the Chemical National Bank,
when shown the dispatch from ST. Louis
containing an interview with Cradle
stating that Mr.. Williams had been a
| stakeholder in one of CRADLES compan-
| les several years, said:
at 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 companions, but it is trifing mat
ter not more than two or three thou
sand dollars"
Mr.. Williams said he did not remem-
! Der the name of the stock in which he
was Interested; he admitted, however,
! that the Chemical National Bank had
| accepted demand note Of $201 800 from
Cradle, agreeing at the same time not
to press Cradle for the money.
Francis Halpin, assistant cashier of
the Chemical National Bank, was today
appointed cashier to succeed Mr. Quin-
! Ian.
/ The Mail and Express this afternoon
/ says:
John S. Silver is the president of the
New York Carbon Works, sthe last re-
port of which (No, 1920 was filed at
Trenton February g. 1897. It was or
ganized under the laws Of New Jersey.
/ with an Office at No. AZ Oliver street,
\ Newark. N. j.. with William Mills as the
agent In charge. According to the re-
port John S. Silver is president of the
company, George w. Mills vice presi-
j dent William S. Silver of Orange. N. J..
secretary, and William H. II. James of
lair treasurer. Besides these AL
12r tower Of New York city was one
directors. Upward c. 5000, 900 was
eat Mr.. Quinlan to this company on
4ul enable securities. The carbon com
was organized originally as the
N York Carbon and Transfer Paper
aipany. On May 8, 1894, its charter
orfeited for non-payment of taxes
b pril g. 1895, 1t was reincorporated
8H5e the name of the New York car
li vorks, with capital stock Of $780,
A0 On September q, 1895. its capital
t7,a was increased to $225.00
Giable and Silver worked together. it
would seem, but not in such a way as
70 be responsible for one anothers trans
.ct1ns. AS one bank man puts it, they
] --A-a like the two blades of a nair Of