The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-04
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merchant. and director Union Trust com

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merchant and director Union Trust COM
pany.
Directors.J. z. Andrus, New York City,
manufacturer and investor; ]. T. Orator,
Easton, Pa, merchant and director First
National bank; John Dawson. New York,
builder and contractor; Francis c. Cradle,
Omaha, president State bank. Crawford;
Philip S. Hortz, Philadelphia, director
Southwark National bank; avid Jones.
Philadelphia, iron manufacturer; WD. F.
Kelley. Philadelphia, investments; Benja-
min Butterworth, Washington; William
Archer. New York, builder and contractor;
". X Kurtz. New York. investments; J.
Edward Mastin, New York, banker; c, S.
Middleton. NJ. D.. Philadelphia; Thomas
Bradley, George A. Fletcher. Hon. Robert
E. Pattison, Hon. Benjamin F. Tracy,
New York, John E. Sarles. New York;
]. Wesley Supplee, Philadelphia; Russell
l. Hall. New Canaan, Conn, president OF
the First National bank.
A BOOM LETTER.
While Cradle was out selling stock, work
was being pushed on the Black Hills
claims and everything seemed to be boom
ing. AS a further inducement TO get peo-
the company, the following letter was
given out:
New York, Jan. s. 1887
ITO the Stockholders and Board OF Di-
rectors of the Edgemont and Union Hill
Smelling Company.
"Gentlemen-This is TO certify that I
have entered into an agreement with Mr.
F.. c. Cradle for the erection at Edge
mont, S. D., of a smelter fully equipped
with modern appliances, the same TO be
erected complete and ready for operation
within four months from this date. pay
ment for same having been fully provided
for without further charge against your
company. Yours truly,
JOHN E. sEARLEs."
Mr.. Searles' position as the executive
head of the sugar trust added great
weight to the standing of the company.
INVESTORS GET SCARED.
It was at this time that the prominent
citizens who had lent their names so freely
to float the enterprise began to realize the
position in which they would be placed in
the event of it's collapse. At meeting
OF the Philadelphia capitalists who. like
Cashier Quinlan, had been led into a bad
thing, it was decided to take heroic meas
ures
Cradle was turned out Of the manage
ment of the company. The sale of the
stock was stopped. so far as the Phila-
delphians could prevent. An executive
committee of five members was chosen TO
look after affairs. W. W. Kurtz was de-
posed as secretary. To prevent the ap-
pointment of a receiver and a wiping out
of the interests of the thousand or more
stockholders it was determined to float a
bond issue for $500, 600 and the proposition
was brought before the annual meeting or
the stockholders in Jersey City, jan
uary u.
Up to last Saturday only 100000 had
been subscribed, but it is believed that
the bond subscription will be successful
and the property saved to the stockhold-
ers, in which case considerable money
will be expended in further development
work. The new people in control of the
company. it is said, will take legal steps
to compel Mr.. Searles to build the smell
ter. Thus in the end there may be some
returns. It is said that Cradle has nov
been able to sell all of the $4,000. 900 stock
and that a considerable part Of It is
pledged for loans.