Evening journal., 1898-02-10
CRADLE IN OMAHA.
He Discusses Chemical Bank
President Williams.
SAYS HIS ACTION WAS UNWARRANTED
The Promoter Adds That tho Various
Companies In Which He Was Inter-
ested Were In Good Condition,
Though Greatly In Debt.

OMAHA, Feb. 9.-Francis c. Cradle,
promoter, arrived in Omaha from st.
Louis yesterday and Immediately went
to the home of his local representative,
M. l.. Parrotte Mr.. Cradle who looks
as though he had undergone a severe
mental strain, said:
81 have little to state to the public
at the present time other than what has
already been said. / think the news
papers have misrepresented me in many
things, although l do not know that it
was Intentional. 1 can only say now
that 1 organized all the companies in
which ] was identified upon a logical
basis, and that there is no reason why
they win not ultimately prove paying
investments. l have received many
kind letters from friends both in this
city and in the Black Hills country,
who still express their confidence in me,
and with their assistance 1 hope to re-
gain my former position.
THE whole trouble was precipitated
by the action Of President Williams Of
the Chemical National bank of New
York in demanding the resignation Of
Cashier Quinlan. The various compa-
nies with which 1 was connected were
in good condition, although, it is true
carrying a large indebtedness, and they
were in no way dissimilar to thousands
Of other projects which are at the pres
ent day backed by large eastern capital.
ITO show you that President Will
liams' action was unwarranted 1 had q
consultation with him a few days pre-
vious to the resignation of Cashier
Quinlan and told him that I had already
$1S0000 on hand with which to pay the
| Indebtedness Of our companies to the
bank, and that within a few weeks
time I could easily raise the rest of the
amount. He was aware of the fact
that I had paid off a note of S1S0,0O0
which had been due the bank upon a
former occabon, and he had no right to
/ doubt my ability or honesty to do so
in the present instance.
IF President williams had withheld
action in the matter for a fortnight, his
! bank would have received every dollar
| that was due from the Edgemont COM
panies. As additional proof that Presi-
dent Williams did not act in good faith
either with Cashier Quinlan or myself
I will merely state that the little fiier
he speaks Of investing in in connection
with the Edgemont enterprises paid hin
back In dividends three-fourths of the
capital he placed in them.
"In summing up the work of western
developing in which 1 have been engag-
ed during the past seven years, find
that the original Edgemont Town Site
| company capitalized at S175,000. has
paid back 10 it's stockholders in divi.
dends nearly three-fourths Of the mon
| ey invested This was accomplished il
the face Of hard times, so it would ap-
pear from this that the so called
schemes must be of some producing
value.
"The Union Hill Smelling property
together with that built at Galena, cost
ing I'm the aggregate nearly $500 600. I re
gard as a good investment. The mine
from which these plants receive thei
ore are among the richest in the stat
and are not second to even the famou
! HomestalSe. There have been until late
ly 800 men employed in these plants ant
In the mines at an expenditure of near
" $1,000 per day. I think work vii
again very shortly be resumed.
'In organizing the various companie
for the development of the Edgemon
region I fioated the bonds of the Edge
mont Town Site company. the Edge
mont Irrigation company the Edgemon
Stone company and the Union Fill Min
ing and Smelling company. Each q
these was dovetailed into the other s
that all would support the one whic
= preceded It. When the crash came,
paralyzed each and every one of them.
Mr.. Cradle says he will remain in thi
city for several days to recruit and the
visit Edgemont, returning east later I
replace Edgemont Investments upon
solid financial footing.