The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-02-11
NAPOLEON OF FINANCE.
Francis Cradle Works His
Schemes on a Large Scale.
TOYS WITH MILLIONS AS A CHILD.

New York's Strongest Financial 1nstttv-
tions-Promoter and His Financial |
Schemes Are Well Known to People of
Nebraska and the Black HIS.
CHICAGO, Feb. 3.-The Tribune prints
the following account of the operations
of Francis Cradle, the promoter of gi
gantic land, mining and irrigation
schemes, and to whom the secret loan
of $393, 900 by William j. Quinlan,
cashier of the Chemical National bank
of New York, caused the latter's sud-
den resignation yesterday. Cradle and
his financial schemes are well known
to the people of Nebraska and the
Black Hills.
The fall of Cashier Quinlan from his
place in the Chemical National bank,
owing to unauthorized loans Of $685., 900
Of the bank money to Francis Cradle,
the promoter Of western tOwnsite, iIrl
cation, manufacturing and mining
schemes, reveals Mr.. CRADLES NanOl-
comic career as Il promoter. During the
last 10 years, in which he has been ell
gagged in floating the stocks, bonds aud
mortgages Of his western enterprises
$4,000, 600 has been realized Intimately
associated with Mr.. Cradle has been
w r. Kurtz, formerly Of Kansas City
and Omaha and now of New York.
The principal persons interested III
the sDeculations OF the two men are To-
Gated in Philadelphia New Jersey, Con-
necticut, Massachusetts and New York.
Connecticut furnishes the longest list,
although the amounts will be smaller
than Ill Philadelphia and New York.
For many years Mr.. Cradle had been
in close relations with the officials Of
the Chi ,ago, Burlington and Quincy
railroad and he WAS let in Oh the ground
floor for townsites when the company
extended its lines to the Black Hills.
He had been attracted to the possibili-
ties Of improving the country through
which the line passed by irrigation,
and two companies We're organized.
The townsite and irrigation schemes
were but the forerunner OF the Union
Hill Mining company, which Mr..
Cradle brought into existence early in
1896 For number of years he had
been accommodating mining claims III
Uno bldck Hills ulSbl1Ct. w IIcu Nil
Cradle had some so Of these claims he
thought it was time to float a company
Accordingly he gave several excursions
out to the Black Hills from Chicago and
Omaha about two years ago. The pros
pective mines We're near the great
Homestake mine, which has turned
out millions for the late Senator Hearst
and his associates
Pattison Takes a Hand.
Thomas Bradley Of Philadelphia, who
was large stakeholder in stone com
pany at Edgemont, was also a director
in a security trust company OF Philadel
phla, of which Robert E. Pattison, the
Democratic politician and former gov
ernor of Pennsylvania, was president
Mr.. Bradley induced Governor Patt.sol
to be one Of the party of six to visit TIL
Black Hills in May, 1885, Governo
Pattison was greatly taken with tn
outlook and on the way back he agrees
to take the presidency Of the compan..
which was to be formed
Soon after glittering prospectus Q
the Union Hill Mining company mad
it's appearance. The company had
capitat stock of $2,O00,000 and of tbi
Mr.. Cradle received 81 100000 in pay
ment for the so claims, which he decide
over to the company. The remainin
$500, 900 worth of stock was to be sol
and the proceeds devoted to openin
the mines. Mr.. Cradle went out
sell stock. He sold about $l,0O0,OO0 {
prices ranging from 30 cents on tt
dollar down.
After he had got thus far along,
brought into being another compan.
which he called the Edgemont al
Union Hill Smelling company, whic
was given capital stock OF So, 500, 90
Then the property OF the first compar
was transferred to the new corporate
and it's capital stock increased
$6,OOO,OOO. Of this amount Mr.. Grab
took $4,SOO,O00 and s1,200,000 was lie
to be sold and the proceeds devoted
the development Of the property.
CHICAGO, Feb. 3.-Francis Cradle
president Of the Consolidated Go
Fields company of the Black Hills.
the Great Northern hotel he has {
elaborate suite of rooms, containi1
raised maps Of the mining regions co
trolled by the company, charts OF mi
erology and specimens of ore. A lar
staff of clerks give to the rooms bu