The McCook tribune. (McCook, Neb.) 1886-1936, 1898-02-11
TREASURY is EMPTY.
FINANCIAL WEAKNESS OF GRA-
BLE'S COMPANIES.
Many pennsylvanIans Said to Heve Been
Caught in the Wreck Are
Issued Upon Stock Held in that State as
Collateral for Money Advanced.
Nothing to Pay With.

PHILADELPHIA, Feb. 5.-The In
quirer will say tomorrow that
the Interstate Irrigation Canal and
Land company, one of the enterprises
of Francis C. Cradle, has announced
to it's creditors that it has not dol
lar in it's treasury with which to pay
the notes. 1t follows with state
ment from the treasurer of the COM
pany, George B. Luper, who is also
second vice president of the Security
Trust and Life Insurance company
of this city.
Mr.. Luper said he could not tell
what would be done, that as treasurer
he was not director, that he had been
elected treasurer last July, he had
never been present at meeting of
the company, that he did not know
whether an extension of time would
be granted or not and that he could
not tell whether there would be i'm
mediate application for the appoint
ment of receiver or not.
The capital stock of the corporation
he knew was about $1,0O0,000, but
only 100000 of the stock had been
issued This had been issued mainly
to Cradle for 5000 acres Of land, in
Guiding 2,200 town lots, the property
lying in and around Edgemont, a
town Of 1,200 people, whose name also
appears in the title of another OF
CRADLES ventures, the Edgemont and
Union Hill Smelling company. The
Interstate company is a New Jersey
corporation.
The Inquirer article continues:
'The attachment issued by George a.
Fletcher of Mitchell & Co. against
Cradle, with service On the Corn Ex-
change National bank, J. Wesley Sup
pie and John H. Graham as garni-
shees led to the information that
some of these parties hold large
amounts of the stock of the Inter-
state Irrigation Canal and Land COM
pany and of the EdgemOnt and Union
Hill Smelling company as collateral,
which it is thought by the attaching
creditors might be more than suffi-
cient to pay the claims Of these hold
ers. The holders of the collateral,
however, say there will be disappoint-
ment in this respect.
John H. Graham holds notes of
Cradle, and of other people who took
payment for CRADLES stocks with notes
assigned to Mr.. Graham, to the amount
of nearly $4,000. He holds stock of
CRADLES companies to the amount of
S36,500 as collateral on his account, and
as much more on the account of
others.
George H. Fletcher's attachment is
for $4,000. His partner, Samuel H.
-, 10,
the extent of $1,000, and holds enough
stock as collateral to keep him nearly
whole.
David H. Jones, one Of the direct
ors, of the Edgemont and Union Hill
Smelling company, treasurer Of the
Carriage Cycle company and heater
and range dealer, was interested to the
amount of $4,000. Wclstencroft &
Sons, gun wadding, of Frankford, who
assigned to their father, held
CRADLES paper to the amount of $780,
600, and this was said to be what led
to their failure. Crater & Sons of
Easton Pa, were in it to the extent of
S25, 900
'Mr Luper named as some Of the
directors of the Interstate company.
A. L. Sharrock Oh Edgemont, NJ. L.
Parrotte of Omaha, H A. Goddard
editor of the Edgemolt Express, and a
man named Sterner OF Jersey City.
The president, he said. was a General
Of New York. The work
that has been d02e on the canals
must have cost g great part of the |
100000 issued in stock to raise money
for the enterprise Mr. Cradle was
paid to manage the work on the prop
arty.
Among the notes that have found |
their way into the hands Of Mr.. Gra-
ham, garnishee in one Of the attach
ments, are lot of c. B. Harris, one
Of Cradles managers, and men named |
Vro0mer, DeWart, Zeubriskie. an Off
GER in New York bank. a Mr.. Story |
If Philadelphia, Messrs. Jenkins, Mar
shall and Short OF New York, and a
let of other people all around the
On notes of this kind. dis
counted for Cradle by Mr. Graham to
he extent of $4,000, Cradle paid Sill
100 Mr.. Graham is hunting for a bal
lnce of about S75,000.'