The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-02-04
MAN OF MANY SCHEMES
Cashier Quinlan Was No Match
for Promoter Cradle.
MANY IRONS IN THE FIRE
He Has Made Not Less Than Three Mil
lions by Floating His Enterprises in
the East-His Creditors Are
Jumping on Him.

Chicago, Feb 3.-According TO the
Tribune this morning. Francis Cradle.
! the man TO whom Cashier Quinlan of
| the Chemical National bank of New
! York loaned in the neighborhood of a
| quarter of a million dollars. has, dur
ing the past 10 years, realized not less
/ than three million dollars by floating
among investors in the East stocks
| bonds and mortgages on his Western
| enterprises. For many years, says the
| tribune, Cradle enjoyed friendly reia-
tions with some 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 company was Ia locate its stations
from one end of the extension to the
other.
At the junction of the Deadwood and
Billings, Mont, branches the town of
Edgemout was laid out. Cradle Sc
cured title To lands around the juno
tion. He formed two irrigation COM
panes and II is said both schemes IL
properly managed, would have made
good investments. Cradle. however
with the restlessness ot an insatiate
promoter. no sooner got one enterprise
next. There was stone in the vicinity
OF EdSemont and Cradle organized the
Edgemont stone company with Il capi-
tai stock of Il quarter of a million tor
supplying the country with grindstones
He next organized a building syndicate
and with Eastern capital began put
ting up buildings right and left along
the business streets. The construction
OF one of the greatest smelters i'm the
West was the next scheme on his pro-
gramme over hundred thousand
dollars has already been put in the
smelter and II is not completed.
For years Cradle has been accumu-
lating mining claims and in 1896 hav-
ing secured about 80 claims, he organ
lied the great Union Hill Mining COM
pany. capital S2,000.000, of which he CON
trolled over sevev.-eighths. Cradle sold
about half of his holdings at prices of
80 cents on the dollar down. At this
point Cradle organized the Edgemont
Union Hin Smelling company. capt.
tai 81, 900. The property of the first
company was gradually absorbed by
the new corporation and the capital
placed at $4,000 900. OF this amount
Cradle took $4,000. 900. by this time
many people of prominence in the East
became interested and allowed the use
of their names in the list of officers and
directors.
Mr.. Cradle after getting his various
enter pIlSES on IUbt was enabled to go
forth with a formidable list of COM
panies Nouching for his schemes, his
prospectus carrying the names of Rob-
ert r. Pattison of Pennsylvania. BEN
jamin f. Tracey of New York Thomas
#. Bradley, Philadelphia, and q. A.
Fletcher. While Cradle was out sell
ing stock, work was being pushed on
the Black Hill claims and everything
seemed to be booming. As a further in
ducement to get people To put their
money into the stock. the following
letter was given out, dated New York,
Jan ;, and addressed to the stoekhold-
efs and board of directors OF the Edge
mont & Union Hill Smelling company.
This is TO certify that have entered
into an agreement with Mr. +. c. Gra-
hle for the erection at Edgemont, So.
OAK, of "A smelter fully equipped with
modern appliances, the same to be
erected complete and ready for opera
tion within four months from this
date, payment for same having been
fully provided for without further
charge against Your company" This
letter was signed John +. Searles."
Mr.. Searles position as the executive
head of the sugar trust, added great
weight To the standing of the company.
it was at this time that the prominent
citizens who had lent their names so
freely 10 float the enterprise began to
realize the position in which they would
At a meeting of the capitalists who
like Cashier Quinlan. had been led into
a bad thing. IL was decided to take
heroic measures.
Cradle was turned out of the manage
ment Of the company. The sale OF u ok t
was stopped fsr IL Tie Ph;la fnlpcil /
people could prevent IL. An exec: I'VE /
committee of live mvnbers WAS chosen +
to look after its affairs. ". w. kurtz f
was deposed as secretary. 70 prevent
the appointment of a receiver and a +
wiping out of the interests Of the thou +
sand or more stockholders. 1t xas de- +
termined 10 float a bond issue for $780, /
600. and the proposition was brought up
before the annual meeting of the stock F
holders In Jersey City Jan. Il. Up To T
last Saturday only $4,000 had been 1
subscribed but IL is believed that the +
bond subscription will be successful and f
the property saved to the stockholders.
in which case considera BILE money will 1
be expended in further development t
work
The new people in control of the COM
pany. it is said, will take legal steps to +
compel MIR. Searles to build the smelter.
Thus, in the end. there may be some
returns Ii is said that Cradle has not F
been able To sell all nf the 81 500. Goa
stock. and that a considerable part OF
1t Is pledged for loans.