The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1898-02-08
CRADLES STATEMENT
AS TO TRANSACTIONS WITH THE
CHEMICAL BANK

His Western Enter prises-PTesident Will
liams of the Bank, one of tho
ers-Has Property Sufficient to Pay the
Debt.
ST. Louis, February 3.-Mr. Francis
Cradle, to whom Mr.. Thomas J.. Quin-
Ian, Jr., ASHER OF the Chemical Ma
tiona1 bank, of New York, loaned $685.
900 OF the bank's money, in consequence
of which Mr.. Quinlan saw fit to resign
his position as cashier, is now in this
city.
Mr.. Cradle was engaged today in pre-
pairing a written statement OF the
transaction for publication, at the re-
quest OF a representative of the AS
ISOLATED Press, which he gave out this
afternoon. Aside from this statement
he would say nothing. The statement.
among other things, contained h fol-
owing.
Il 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.
liz A1h" DCNh NJ ANA N S'~
years and have been a depositor at
the Chemical bank for more than six
years past. My intimate business re-
lations with him during this period
have always been of the most pleasant
character. 1t seems unnecessary for
me to say to any one familiar with
MI. >Quinlan's sterling integrity that
he has never p~rofited one cent from
any Of my business transactions with
him.
Zone year ago my obligations to The
bank were $3.50, 900 and six months ago
I had paid up every dollar. The pres
ent indebtedness has been incurred
since hat time.
Il never knew nor have I ever heard
Of the Mr.. Silver mentioned in the de-
spatches as being a debtor of the bank,
nor is he now nor HAS he ever been
connected with any of my interests in
amy way.
Mr.. Williams, the president of the
Chemical National bank, has been a
stakeholder for several years in one of
the town site companies L organized
and has expressed his complete salts
faction with his investment. The work
l have been doing is that of opening
a new country, stretching for 500 miles
along the Burlington line, beginning
at Alliance. Neb., and ending at Bill
ings, Mont, and Including the branch
line Of 100 miles Through the Black
Hills to Deadwood. There are forty
two towns in our territory. 1t 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 in
vested in this work and the money Of
those associated with me, and I have
felt it was based on good properties
that would be of very increasing
value"
New York, February 3.-President
Williams, of the Chemical National
bank, when shown the dispatch from
st. Louis, containing an interview
with Cradle, in which the latter said
that Mr.. Williams had been a stock
holder in one of his companies for sew
eral years, said:
''It is wrong for his man to try to
mix me up in his schemes. 1t is true
hat i have been connected with ONE
of his companies, but it was a tri1ing
matter not more than two or three
Thousand dollars"
Mr.. Williams said he did not re-
member the name OF the stock in which
he was interested. He also admitted
liz 1 L vi q \ ~ w
H. Kurtz, a friend of Cradle, that on
Thursday last the Chemica National
bank had accepted a demand note of
$201 500 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 beginning a GRIM
inal action against Mr.. Quinlan.
President Williams said Mr.. Silver
called on him late yesterday after
noon, after the matter had become pub
lie, and handed him $64, 900 worth of
securities. Mr.. Williams today SEEM
ed doubtful DOT the value of the Sc
c~urties, but finally declared that they
might after all prove to be worth more
THAI he at first thought.
John f. Silver, one of the men whose
borrowing led to the resignation Of
Cashier Quinlan, was at the office of
the New DIRK Carbon Company, of
which he is the chief executive officer,
today. To a question regarding his OBJ
litigation to the bank, MIR. Silver said
that he did not owe as much as he had
been said to owe, which was $3.50, 900,
but that, whatever that sum was, he
would pay it.
The officers of the Chemical National
bank were in communication by tele-
graph with banks in various parts of
the country to trade the course of the
certified checks given by Cashier Quin-
Ian to Messrs. Silver and CRADLE, and
to ascertain whether ~inancia inStitu-
itiOns elsewhere 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 recover
ing as much as may be OF tins money
loaned by Mr.. Quinlan.
William H. Kurtz, who is said to
have been associated with Cradle in the
many of his deals, said today:
Mr.. CRADLES dealing With the Chem
ical National bank have extended over
a considerable period. AS 1 understood
from him, he was we'll known to all
the banks officials. To my knowledge,
he owed the bank $40, 900 at one time
and liquidated the lei until only 49,
600 was left. Thus he has gone on
contracting obligations and d~ischarg-
ing them. AT the beginning of last
week the total amount of Cradles