The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-09
F. C. CRADLES TROUBLES
THE PROMOTER TALKS ABOUT HIS
FINANCIAL DIFFICULTIES,
And Charges President Williams, of
the New York Chemical National
Bank, with Acting Too Hastily.

OMAHA, Neb., Feb. S.-Francis G. Cradle
promoter, arrived in Omaha from st. Louis
to-day and Immediately went to the home
of his local representative. M. l.. Parrotte
After repeated refusals, Cradle consented
to talk of the present condition of his va
rious enterprises. Mr. Cradle looks as
though he had undergone a severe mental
strain. 81 have" said he, little to state
to the public at the present time other than
what has already been said. / think the
newspapers have misrepresented me in
many things although / do not know that
it is intentional. / can only say now that |
organized all the companies with which
was identified, on logical basis, and that
there is no reason why they will not ulti-
mately prove paying investments. l have
received many kind letters from friends,
both in this city and in the Black Hills
country, who still express their confidence
in me- and with their assistance l hope to
once more regain my former position.
1.-THE whole trouble was precipitated by
the action of President Williams, of the
Chemical National Bank of New York,
in demanding the resignation of Cash
Ter Quinlan. The various companies
with which l was connected were
in good condition, although, it is
true carrying large Indebtedness, and
they were in no way dissimilar to thou
sands OF other projects which at the
present day backed by large Eastern capt.
tai. To show you that President Willamss
action was unwarranted L had consulta-
ton with him a few days prior to the res
ignation of Mr.. Quinlan and told him that
had already 600 on hand with which to
pay the indebtedness of our companies to
the bank and that with few weeks time
| could easily raise the rest of the amount.
He was aware of the fact that l had paid
off note of $4,000, which had been due
the bank on former occasion, and he had
no right to doubt my ability or honesty to
do so in the present instance. If President
Williams had withheld action in the matter
for fortnight, his bank would have re-
ceived every dollar that was due from the
Edgemont companies AS additional proof
that President Williams did not act in good
faith, either with Cashier Quinlan or my
self, | will merely state that the little
flyer he speaks of investing in, in connec-
ton with the Edgemont enterprise, paid
him back in dividends. three fourths of the
capital he placed in them.
In summing up the work of Western de-
velopng, in which | have been engaged
during the past seven years, / find that
the original Edgemont Town Site Company,
capitalized at $4,000, has paid back to its
stockholders in dividends nearly three
fourths of the money invested This was
accomplished in the face of hard times, so
schemes must be of some producing value
The Union Hill smelling property, together
with that built at Galena, costing in the
aggregate nearly 100000, I regard as a good
investment The mines from which these
plants received their ore are among the
richest in the State and are not second to
even the famous HOmestake. There has
been, up until lately 300 men employed in
these plants and in the mines at an expen-
diture of nearly $1,000 per day 1 think work
will again very shortly be resumed.
I'm organizing the various companies for
the development of the Edgemont region,
floated the bonds of the Edgemont Town
Site Company, the Edgemont Irrigation
Company the Edgemont Stone Company
and the Union Hill Mining and Smelling
Company Each of these was dovetailed
into the other so that all would support the
one which preceded it, When the crash
came it paralyzed each and every one of
them"
Mr.. Cradle says he will remain in this
city for several days to recruit his nerve
forces and then visit Edgemont, returning
East later to replace his Edgemont invest
ments on solid financial footing.