The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-05


BEATRICE. Neb., Feb Al. S. Gra-
bic, ex-mayor of Beatrice and brother
of Francis G. Cradle, was in the city
today, and while here talked at length
regarding his brothers business trou-
bic. j. S. Cradle left Beatrice two
years ago to take up work for his
brother and since then has been close
ly connected with his interests.
He said: This company has mines
and a stamp mill at Galena and a
smelter at Edgemont, all of which we
have been constantly working on, de-
veloping the mines and hurrying to
completion the smelter, on which, un-
less it has been stopped since l left
there, work lis still going on. Francis
Cradle has had no connection with the
company, except as a Stockholder, for
more than three months, but it is the
money which he individually put up to
pay for construction and development
work which has caused his embarrass-
ment.
He sold stock of his own and ad-
vanced $1S0,000 for this work. Last
month the company met and voted
$4,000 of stock, out of the proceeds of
the sale of which they were to reim-
burse Francis, but it was not done.
Had it been done, Francis would have
been able to have paid the bank all his
Indebtedness. The properties are all
bound to become valuable and will pay
handsomely in the end
ASHEVILLE, N c., Feb. 4-W. J.
Quinlan, the Chemical National bank
cashier, loaned the First National
bank, of this city, which failed some
months ago. 100000.
ST. LOUIS, Feb. 4-Mr. Francis C.
Cradle, the promoter and financier is
still in the city. He stays in his rooms
at the Planters hotel, where his meals
are served, and refuses to see anybody
except a few personal friends and at
torney, with whom he has had several
consultations. Mr.. Cradle absolutely
refuses to say anything further about
his business affairs, and his future
movements are kept secret.
PHILADELPHIA, Pa, Feb 4-The
Inquirer will say tomorrow that the
Interstate Canal & Land company.
one of the enterprises of Francis C.
Cradle, has announced to its creditors
that 1t has not dollar in it's treasury
with which to pay notes. The state
ment comes from the treasurer of the
company, George B. Luper, who is
also second vice president of the Sc
curity Trust & Life Insurance COM
pany, of this city. Mr. Luper said he
could not tell what would be done,
that as treasurer he was not a di-
rector; that he had been elected treas
urer last July; that he had never been
present at a meeting of the company;
that he did not know whether an ex-
tension of time would be granted or
not, and that he could not tell whether
there would be immediate application
for the appointment of a receiver or
not.
The capital stock of the corporation
he knew was $1,000,000, but only about
$500, 900 of stock had been issued. This
had been issued mainly to Cradle for
5000 acres of land, including 2,200 town
lots the property lying in and around
Edgemont, a town Of 1900 people,
whose name also appears in the title
Of another of CRADLES ventures, the
Edgemont & Union Hill Smelling
company.
Among the notes that have found
their way into the hands Of Mr.. Gra-
ham, garnishee in one of the attach
ments, are lot Of G. B. Harris, one
of CRADLES managers, and of men
named Vrooman, Dewort, Zubrlskie an
officer in a New York bank; a Mr..
Story, of Philadelphia; Messrs. Jen-
kins, Marshall and Short, OF New
York, and a lot of other people ali
around the country. On notes of this
kind discounted for Cradle 4 by Mr..
Graham to the extent of $4,000, Cradle
paid $11,000. Mr.. Graham is hunting
for a balance Of about $4,000.