Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1898-02-11
HOT SPRINGS, SOUTH DAKOTA, FRIDAY. FEBRUARY
FRANCIS CRADLE ovEn-nEAcHEs

NhA.N-NShS SU.NIlfs Wv IL tsS.
His Eastern Creditors Crowd Him to- the
| Wall Before He Realizes Upon
Any of His Big Schemes.
For the past week the eastern papers
have been filled with sensational reports
regarding the financial failure of Francis
Cradle and the probable collapse of his
many great enterprises. 1t seems that
he he made very large loans of the
Chemical bank of New York, through
the cashier, and without the approval
of the president. The security given
was upon some of CRADLES western en-
terprises. The cashier became uneasy
over the non payment of the first notes
when due and finally explained to the
bank officials what he had done. and
handed in his resignation as cashier.
From this all sorts of rumors have
been published, stating that the Sc
curities were fakes and worthless, etc.
Attachments were at once issued by
the hundreds by people who had claims
against anything with which Francis
Cradle was connected. For few days
there was much traffic between Edge
mont and the court house, and now
the county records indicate that claims
have been filed to the extent of about
S6O,Ooo. Lawrence county. and others
where Glable was interested, tell
similar story. Just what effect this is
going to have OH the enterprises re-
mains to be seen.
\ Philadelphia special, of the lth
inst. says:
"The gentlemen in this city who are
interested in some of the mining en-
terprises which were promoted by
Francis Cradle state that they have no
particular interest now in Cradle or
his doings. Ex-Gov. Robert Il. Patti
son, president of the Edgemont and
Union Hill Smelling company, was
seen and stated thrt Cradle had not
been connected with the Union Hill or
Edgemont companies since September
last. These companies on January IL
consolidated under the name of the
Edgemont and Union Hill Smelling
company. He said CRADLES actions
could in no way involve the company.
"One of the directors of fthe company
made the following statement, which
was approved by President Pattison:
MIR. CRADLE" he said. ''acted only as
a promoter of our company, and since
last September he has had no connec-
tion with it whatever. Shortly before
that the company purchased 200 claims
held by him for stock valued at s1.SOO.-
GO, but since then all of the stock has
been purchased, and the company can
i'll no way be involved.
"'He came to this city highly indors-
ed and strongly recommended by bank
ers. merchants and business men
Throughout the west, and also by many
in the east. No one invested in his
schemes blindly. All of the investors
who became interested visited the
property and made thorough inspec-
tion of it. All who were interested
pronounced in its favor, and there is
no reason for "a change of mind. He
did not eXaggerate the advantages. and
we are therefore surprised over the
stories which have been published con-
cerning him. Before the Edgemont
and Union Hill Smelling company was
organized we had experts visit the To-
cality, and they reported in it's favor.
'"lt is the general opinion here that
MIR. CRADLES troubles have been caused
by the fact that he has over-extended d
his capital in the many enterprises in
which he was interested. Last October
our office was moved from New York
to this city. We are now building
smelters. and as soon as they are COM
pleted we will go ahead.'"
\ 1t is pity that good men are not al
ways good looking and fascinating in
their manners; otherwise the matinee
girl would make heroes of them instead
of such scamps and bigamists as Rat.