The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-04
4GRE:AT scIlEMER.

L. ~ IN, Chemical National Hank, OF
~, yo,L, Leaned Money, was n fiust
Much OF the Property I, Quite Vale
III, aud can be Realized OF. /.
CHICAGO, Febi 1.-The Tribune says:
.na.lss the last ten years in which
,.,nsI, Cradle. the man to whom
r,,sI., oulnlan. OF the Chemical Ma
mi bank, OF New York, loaned in
u. p.ahborhood OF $4,000 OF the
LAYS ,lnds. has been engaged in float.
-, me stocks, bonds and mortgages Of
n, western enterprises among inves-
~, in the east, no, less than $500, 900
las been realized,
Isunateiy associated With Nf. Cradle
- bspa ", X. kurtE. formerly OF KAN
a. cts and Omaha. and now OF New
York, ~. !, ..,,,
,,1rs a; lac two men arc located In
nsiaIs!ph!A. New Jersey, Connecticut.
WSTI chuse,ls and New York. Com
.syIcu, furnishes the longest list al
,Sauch the amounts VIII be smaller
han In Philadelphia and New York. In
,int state a specially vigorous effort
sJs made 10 interest small holders 20
'.y.,, 4 large uumber of school
:s,rbsrs and ministers invested. Offices
rsy, 6leaed in many OF the leading
,,rss a: Connecticut and Massachu-
,,,ts and maintained IN q lavish style
,ySIis the stocks and bonds we're being
,WsnS,tJ Of. Money was not required
sof the transfer OF stock In any of the
.n,erprises II good notes we're TO beihad,
s,J AZ result to-day many people find
,hsn;selves In straltcned circumstances
Sr being compelled 10 meet notes now
coming due.
For many years Mr.. CRADLE has en-
,std friendly relations with some OF
IL western officials OF the Chicago,
Tu,llnSton aad Quincy railroad. So
close were these relations that he was
l.t in on the ground floor for town sites
when the company extended Its lines TO
The Black Hills. He went ahead OF the
tuIldrrs and secured the land where the
company was TO locate It's stations
f.or, ore end OF the extension 10 the
othes. Where the two branches Joined
me liue 10 Dcadwood and tie extension
IA billings, Mont, was selected us the
sic for the end OF the division and here
/; was deemed certain that good sized
town would go up. Here the town OF
Edgenont was laid out Mr., Cradle Sc
cured a title 10 the lands around the
,pactlon points the same as he had at
lie stations along the line.
He had been attracted to the posi-
tnues OF improving the country
,arough which the railroad line passed
ty irrigation. and two irrigating COM
par!es we're formed. II is said that
both his big Irrisating schemes ore good
ones, and /. they had been properly
managed they would have made good
returns but with that restlessness OF an
insltlate promoter. he 10 sooner got an
enterprise under way than he ceased 10
look after active operation and vas on
with tie next.
There was stone In the vicinity OF
Edgenont and he conceived the idea
that that town should be the great
manufacturing point Of the country for
erIndstones. He forthwith organized
the Edgemont Stone Company with
capital OF s25o,000 and spent a large
sun in building the plant for. the max
ing o, grirdstones.
The town needed buildings. He or
gar!zed building syndicate, got a
large amount OF eastern capital into 1t,
End began putting up buildings right
aud left along the business streets Of
the place. Most OF the buildings were
rented, and it Is claimed that this part
OF a scheme for making q metropolis OF
Edgemont was not bad one, il It, too,
had been properly managed. The
buildings are there and II the title has
been not alienated By mortgages the
owners Of stock In the syndicates ought
10 be able 10 realize something for the !
noref which they put into 1t.
With enough business for ten men TO
look ate. properly. Mr.. Cradle did not
yet have enough 10 do. for he started
the construction OF smelter at Edge
mont, wllica he believed was to be the
tssinaiHs OF one OF the greatest smelt-
ilg plants In the west. The srnelter is
not yet completed, but It represents an
outlay OF at leas; 100000. In 1896 Mr..
Cradle brought into existence the I'm
ion Hill Mining Company. For a num-
Der OF gears he had been accommodating
mining claims In the Black Hills dis
ty!ct.
When Ar. Cradle had some fifty OF
these claims he thought II was time to
aest company and By getting eastern
capital interested he might be able 10
Go something with the properties which
had tied up a good deal OF his ready
money. Accordiag!s he gave several
excursions OF; 20 the Black Hills from
chicago and Omaha, about two years
ago. and the claims were carefully ex-
amiHed by eastern capitalists. The
prospective mines. EoIever, were near
Inc great Homestake mine. which had
turned out millions FOR therlate Senator
Hearst and his associates.
The hnanc!2! operations leading 10 the
formation Of the Union Hill Mimi.
Company we're somewhat peculiar. It
had a capital Stock Of 5000 coo and of
this M:. Cradle received $3.50, 900 in
payment for the fifty claims which he
decided over 10 the COMPANY. The re-
naming 100000 worth OF stock was
held in the treasury and was to be sold
ana the proceeds devoted to the opening
o. the mines.
Mr. Cradle went cut to sell his stock.
ne gave away fair percentage oft TO
get people interested IN the company,
ana soia aoout 'l,eg9, 900 at prices rang
':'s from me- cents on the dollar down.
Atter ne had got this for along ne
DROUGHT into being another company.
Mh'cl ne called the Edgemont and In
ION hili smelling Company, which was
slIea capital stock OF $3.50. 600. Thei