The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1898-02-12
CAREEROF pROMOTERGRABLE.
TOWNSHIP AND MINING BO0MS.
Than 100000 by Floating
Among Eastern investors Stocks,
Bonds and Mortgages eff His
Western Enterprises.

Western Enterprises.
Chicago Feb. 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 100000 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
$4,000 of the banks money without
consulting the president and knowing the
directors would not approve the loan. He
denies that he profted 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 a loss
the banks credit would not be affected.
It's shares of par value of 500 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 a di-
rector. The latter is 80 years old. Dur
ing the 20 years he was cashier he never
took a vacation.
President Williams says: eve 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. / believe that
he has been mentally irresponsible for
months, though there was nothing appar-
ent in his actions to betray this to us.
II want to say this for -Ir. Quinlan.
Not the slightest suspicion Of dishonesty
rests upon him. | do not believe that he
profited 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 a relative, who had
been specializing on the stock exchange
during the panic, so that he has nothing
with which to make good any losses aiis-
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
| %, b 90
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 ne was on
with the next. There was stone in the
vicinity of Edgemont and Cradle organ
lied the Edgemont Stone Company, with
a capital of $250,O00, with the idea of sup
plying the country with grindstones. He
next organized a building syndicate and
with eastern capital began putting up
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 not
completed.
/ For years Cradle has been accumulated
mining claims and, in 1896, having Sc
cured about so claims, he organized tn,
. Great Union Hill Mining Company, Will
; 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 tn
B, Edgemont and Union Hill Smelling Com
< pany with capital of $3,500000. Tn
= property of the first company was grad
I ually absorbed by the new organization
p and the capital placed at S6.000,000 O
e this amount Cradle took S4,S0O.000. b
- this time many people of prominence il
t the east became interested and allowe
Y the use of their names in the list of OF
licers and directors.
q CHARGED with Criminal Neglect.