Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-02-03
CAREER OF Mr.. CRADLE.
MAN WHOM CASHIER QUINLAN TRUSTED,


Francis Cradle, the man to whom
Cashier Quinlan of the Chemical Ma
tional Bank OF New York, loaned In
the neighborhood of S2500oO of the
banks funds, has been engaged In
floating the stocks. bonds and mort
cages of his Western enterprises
among investors in the East from
which not less than S3,0OO.OOO has been
realized.
Intimately associated with Mr.. Ora
BILE has been w. X. kurtz, formerly
of Kansas City and Omaha and now of
New York The principal investors in
the speculations of the two men are To-
Gated in Philadelphia, New Jersey.
Connecticut and New York.
Offices were opened in many of the
| leading towns of Connecticut and Mas
sachusetts and maintained in lavish
| style, while the stocks and bonds were
| disposed of. Money was not required
| for the transfer of stock in any of the
enterprises II good notes wefe to be had
and as result today many people find
| themselves In straitened circumstances
| by having been compelled to meet notes
| now coming due.
| For many years Mr.. Cradle has en-
| joyed friendly relations with some
| Western officials of the Chicago, Bur
| lington & Quincy railroad. So close
| We're these relations that he was let
in on the ground floor for townsites
| when the company extended 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 extern
sion to the other. Where the two
| branches joined-the line to Deadwood
and the extension of Billings, Montana
the town of Edgemont was laid out.
MIR. Cradle secured title to the lands
around the junction points. 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, 1t Is said that both his big
irrigation schemes, II properly man
| aged, would have made good returns
but with the restlessness 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
Edgemont and he conceived the idea
that that town should be the great
| manufacturing point of the country for
grind stones, He forthwith organized
the Edgemont Stone company. with a
| capital of $4,000 and spent a large
sum in building the plant for the max
ing of grind stones.
/ tine town needed puiIulnRS.- lie or
| ganized building syndicate, got n
large amount of Eastern capital into
1t and putting up buildings right and
left along the business streets of the
place. Most of the buildings We're
rented and IL the title has not been
the stock in the syndicates ought to be
able to realize something for their
money.
Mf. Garble next started the con-
struction of n smelter at Edgemont.
which he believed was to be the be-
ginning of one of the greatest smelling
plants in the West. The smelter is not
yet complete, but it represents an out
lay of at least 100000. In 1896 Mr..
Cradle brought into existence the
Union Hill Mining company. For a
number of years he had been accumu-
lating mining claims in the Black Hills
district. When Mr.. Cradle had some
fifty OF these claims he thought 1t was
time to float n company, and by get
ting eastern capital Interested he might
be able to do something with the prop
critics which had tied up a good deal
of his ready money.
Accordingly he gave several excur-
sions out to the Black Hills from
Chicago and Omaha about two years
ago. The prospective mines were neal
the great Homestake mine which had
turned out millions for the late Senator
Hearst and his associates.
The financial operations leading tc
the formation of the Union Hill Mining
company were somewhat peculiar. II
had capital stock of $4,000, 900. and OF
this Mr.. Cradle received s1,s00,0O 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 OPEN
ing of the mines.
Mr.. Cradle went out to sell his stock
He gave away fair percentage of II
to get people interested In the mine
and sold about 81, 900, 900 mt prices rang.
ing from fifty cents on the dollar down
After he had got this far along he
brought into being another company
which he called the Edgemont &
Union Hin Smelling company, which
was given n capital stock of SO. 800 900
Then gradually the property of the first
company was transferred to the new
corporation and its capital stock In
creased to s6000,000- or this amount
Mr.. Cradle took 81, 100000 and $1,000
900 was left in the treasury. The
original plan was continued by which
the treasury stock was to he sold ant
the proceeds devoted to the develop
ment Of the property.
BY this time many people of promin.
ence in the East had been brought t.
a point where they were not only in.
terested in the company but permitted
the use OF their names In the list of of.
; flcers and directors. Mr. Cradle was
enabled to go forth with the following
formidable list of companies who
vouched for the prospects of the min.
Ing scheme:
President-Robert Il. Pattlson. presl.
dent Security Trust company. Phlla-
delphia. Vice President, benjamin II
Tracey, eX-secretary United State,
navy. New York Treasurer. Thomas
f, Bradley Philadelphia, director Sc
curity Trust company. Secretary. q. a
Fletcher merchant and director Unior
Trust company. directors: j. f. An
drus, New York city. manufacturer ant
investor: ], #. Carter. Easton. Pa.
merchant and director of the First Ma.
, tional hank; John Dawson, New York
, builder and contractor; Francis =
Cradle, omaha president State bank
i Crawford; Philip s. Hortz. Phlln.
delnhin director Southwark Nntlonn
bank: David Jones. Philadelphia, iror
manufacturer: w. r, Kelly phlln.
, delphin Investments: BENJAMIN But.
! terworth, Washington; William Arch.
. err, New York. builder and contractor,
w. X. KurtZ. New York. Investments,
j. Edward Mastn. New York. banker;
c. s. Middleton, NJ. D.. PHILADELPHIA,
Thomas Bradley, George A. Fletcher
Hon. Robert r. Pattison, Hon Benta-
, min F. Tracey. John II. Searles. New
York: ]. Wesley Supplee, Philadel-
mia. Russell L. Hall New Canaan