The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1898-02-04
The Most Remarkable Promoter
Known in the West.
Millions Realized on Bonds, Mortgages and
Stocks He Floated.
Towns;tes, Mining Companies,
Manufacturing Plants and AL
most Every Other Sort of Enter
prise Engaged His Vigorous At
tention.

CHICAGO. feD. o.-I0e tribune
saws: During the last ten years in
which Francis Cradle, the man to whom
Cashier Quinlan of the Chemical Ma
tional Bank of New York loaned in the
neighborhood of $500 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 S3,000,000 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
speculations of the two men are located
in Philadelphia, New Jersey, Connect
cut and New York. Offices We're opened
in many of the leading towns of Con-
necticut and Massachusetts, and main
tanned in a lavish style While the stocks
ard bonds were being disposed Of.
Money was not required for the transfer
OF stock in any of the enterprises if good
notes We're to be had. and as a result
to-day many people find themselves in
Strengthened circumstances by being
compelled to meet notes now coming
due.
For many years Mr. Cradle has en-
ern officials of the Chicago. Burlington
and Quincy Railroad. So close We're
these relations that he was placed on
the ground floor for townsites when the
company extended it's lines to the Black
Hills He went ahead of the builders
and secured the land where the COM
pany 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 extension to Billings,
Montana-the town of Edgemont was
laid out.
Mr.. Cradle secured title to the lands
around the junction point. He had been
attracted TO the possibilities of improv-
ing the country through which the rail-
read line passed by irriga ton, and two
irrigation companies We're formed. 1t is
said that both his big irrigation schemes,
If properly managed. would have made
good returns, but with the restlessness
or an insaHate promoter be 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
Edgemont. and he conceived the idea
that that town should be the great mar
ufacturing point of the country for
grindstones. He forthwith organized the
Edgemont Stone Company, with d capt
tai of S23O.OOO and spent large sum III
building the plant for the making of
grindstones. The town needed build
ings. He, organized a building syndi-
cate, got a large amount of Eastern cap
ital into it, and began putting up build
ings right and left along the business
streets OF the. place. Most of the build
ings We're rented, and if the title has not
been alienated by mortgages, the own
eTs of the stock in the syndcates ought
to be able TO realize something for their
money.
The financial operations leading to the
formation of the Union Hill Mining
Company We're somewhat peculiar 1t
had capital stock OF s., 1000 eco, and of
this Mr. Cradle received 81, 800, 900 in
payment for the fifty claims which he
decided over to the company The re-
naming 100000 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 10 sell his stock
He gave away fair percentage of il
to get people interested in the mine
and sold about 81 COOS 900 at prices
ranging from fifty cents on the dollar
down. After he had got this far along
he brought into being another compa-
NY which he called the Edgemont and
Union Hill Smelling Company, which
was given q capital stock of S3,5000U0.
Then gradually the property of the
first company was transferred to the
new corporation and It's capital stock
increased 10 six million dollars. Of
this amount Mr.. Cradle took 81 800 600
and S1,200,000 was left in the treasury.
The original plan was continued by
which the treasury stock was to be
sold and the proceeds devoted to the
development of the property.
BY this time many people of promi-
nence in the East had been brought 10
point where they were not only inter
ested in the company. but permitted the
use of their names in the list Of officers
and Directors Mr. Cradle was en-
abled TO go forth with the following
formidable list of capitalists who
vouched for the prospectus of the min
ing scheme: President, Robert r.
Pattlson. President Security Trust
Company. Philadelphia; Vice President,
Benjamin f. Tracy. ex-Secretary Unit
ed states Navy, New York; Treasurer.
Thomas Bradley. Philadelphia, Direc-
tor Security Trust Company: Secretary.
G. A. Fletcher. merchant and Director
Union Trust Company: Direetors-J. f.
Androus, New York City. manufacturer
and investor: J. #. Crater, Easton. Pa.
merchant and Director of the First Ma
fional Bank. John Dawson, New York,
builder and contractor: Francis c. Ora
bic. Omaha President State Bank.
Crawford Phillip S. Hortz. Philadel-
phia. Director Southwark National
Bank; Davis Jones, Philadelphia, iron
manufacturer: w. F. Kelly. Philadel-
phia Benjamin Butterworth. Washing
ton William Archer. New York. build
er and contractor; W. X. Kurtz. New
York investor: j. Edward Mastin. New
York banker: c. s. Middleton, NJ D.
Philadelphia: Thomas Bradley, George
A Fletcher. the Hon. Robert r. Patti
son, the Hon. Benjamin F. Tracy, John
F.. Searles, New York: ]. Wesley Sup
plee, Philadelphia; Russell l.. Hall. New
Canaan, Conn, President National
Bank.
While Cradle was out selling stock
work was being pushed on the Black
Hills claims. and everything seemed to
be booming. As a further inducement
to get people to put their money INTO
the stock, the following letter was Civ
en- out:
New York, January 3. 1897.
ITO the stockholders and Board OF
Directors Of the Edgemont and Union
Hill Smelling Company-Gentlemen