The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-04
CRADLE, The BOOMER
Career of the Man That Broke
Cashier Quinlan.
G00DAT STARTING THINGS
But Always Left Them to Run
Themselves.

Chicago, Feb. 3.-The Tribune says:
During the last ten years, in which Fran
els Cradle, the man to whom Cashier
Quinlan of the Chemical National bank
of New York loaned in the neighborhood
OF S250. 900 of the banks funds, has been
engaged in floating the stocks, bonds and
mortgages of his western enterprises
among investors in the east not less than
100000 has been realized.
Intimately associated with Mr.. Cradle
has been w. K. Kurtz, formerly of Kan
sas City and Omaha, and now of New
York.
The principal investors in the specula-
tons of the TWO men are located in PhiIa-
delphia, New Jersey Connecticut. Massa-
chusetts and New York. Connecticut fur
nishes the longest list, although the
amounts will be smaller than in Phila-
delphia and New York.
Offices were opened in many of the lead
ingtowns of Connecticut and Massac hu-
sets and maintained in a lavish style
while the stocks and bonds were being
disposed of. Money was not required for
the transfer of stock in any of the enter
prises if good notes were to be had, and
as a result today New York people find
themselves in Strengthened circumstances
by being compelled to meet notes now
coming due.
AS a TOWN BUILDER.
For many years Mr.. Cradle has enjoyed
friendly relations with some of the west
ern officials of the Chicago, Burlington
and Quincy railroad. So close were these
relations that he was let in on the ground
floor for townsites when the company ex-
tended its lines to the Black Hills. He
went ahead of the builders and secured the
land where the company was to locate
its stations from one end of the extension
to the other. Where the two branches
joined the line to Deadwood and the ex-
tension toBillings, Mont, was selected as
the site for the end of the divisions, and
here it was deemed certain that a good
sized town would go up. Here the town
of Edgemont was laid out. Mr.. Cradle
secured a title to the land around the
junction points, the same as he had
around the junction points along the line.
He had been attracted to the possibilities
of improving the country through which
the railroad line passed, by irrigation, and
two irrigation companies were formed. It
is said that both his Big irrigation schemes
are good ones and If they had been prop
erly managed they would have made good
returns, but with the residences of an in
satiate promoter, he no sooner got an
enterprise under way than he ceased to
look after active operation, and was on
with the next.
There was stone in the vicinity of Edge
mont and he conceived the idea that that
town should be the great manufacturing
point of the country for grindstones. He
forthwith organized the Edgemont Stone
company, with capital of s25o,O00, and
spent a large sum in building the plant
for the making of grindstones.
The town needed buildings. He organ
lied building syndicate, got a large
amount of eastern capital into it and be-
San putting up buildings right and left
along the business streets of the place.
Most of the buildings were rented, and IL
is claimed that this part of a scheme for
making metropolis of Edgemont is not a
bad one II It, too, had been properly man.
aged The buildings are there, and If the
the owners of the stock in the syndcates
ought to he able to realize something for
their money.
STARTS A SHELTER.
Mr. Cradle next started the construction
of a smelter at Edgemont, which he be-
lieved was to be the beginning of one OF
the greatest smelling plants in the west.
The smelter is not vt complied, but it
rpresents an outlay of at least 800, 600.
In 1896 Mr.. Cradle brough into existence
the Union Hill Mining company. For
number of years he had been accumulat-
ing mining claims in the Black Hills dis
trict
When Mr.. Cradle had some fifty Of these
claims he thought it was time to float a
company, and by getting eastern capital
interested ne might be able to do some
thing with the properties which had tied
up good deal of his ready money.
Accordingly he gave several excursions
out to the Black Hills from Chicago and
Omaha about two years ago. The pros
pective mines were near the great Home
stake, which had turned out millions for
the late Senator Hearst and his associates.
PECULIAR FINANCIERING.
The financial operations leading to the
formation OF the Union Hin Mining COM
pany were somewhat peculiar. 1t had
capital stock OF 10000. and of this Mr..
Cradle received $1,So0.0OO in payment for
the fifty claims which he decided over to
the company. The remaining $3.50. 90 worth
OF stock was held in the treasury and was
to be sold and the proceeds devoted to the
opening OF the mines.
Mr.. Cradle went out toseI his stock
He gave away fair percentage OF It 10
get people interested in the company. and
sold about 5000. 90 at prices ranging from
80 cents on the dollar down. After he had
got this Tar along he brought into being
another company. which he called the
Edgemont and Union Hi Smelling com
pany. which was given a capital stock Of
S. 5o0. or Then gradually the property %
the first company was transferred to the
new corporation and it's capital stock in
creased to ss.oc8.ceo OF this amount Dir.
Grable took 8. $4,000 and SI.2aoe was
left in the treasury. The original plan
was continued BY which the treasury
stock was 10 be sold and the proceeds
devoted 10 the development OF the prop
erty.
ILLCSTRTOUS BACKING.
BY this time many people OF promi-
hence in the east had been brought to
point where they were Tot only interested
IN the company but permitted the use az
their names On the list OF officers and
directors Mr. Cradle was enabled 20 30
forth with the following formidable lis;
OF capitalists. who Voached fo- the pros