Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-02-03


he booming. and us II furthor Induce
ment to get people to put their money
into the stock, the following letter was
given out:
New Yory. Jams. 1s97.--To the stock
holders and dcard Of directors OF the
EdgeInunt and Union FIN smelting Co.:
Gentlemen-This is to certify that l
have entered into an agreement with
Mr.. +. c. Cradle for the erection at
Edgemout, 5. D., of n smelter fully
equipped with modern appliances. the
same to be erected complete and ready
for operation within four months from
this date. payment for same having
been fully provided for without further
charge against your company. Yours
truly, John Il. Searles."
Mr.. Saarles' position as the executive
head of the sugar trust added great
weight to the standing Of the company
It, was NJ this time that the prominent
citizens who had lent their names SO
freely to float the enterprise began to
realize the position In which they would
be placed In the event of Its collapse.
At meeting Of the Philadelphia CAPT
talists who like Cashier Qdinl1n had
been led into bad thing u Wns de-
cided to take heroic measurca.
Cradle was turned out of the manage
ment of the company. The sale OF stock
was stopped so far as the Philadelphia
people could prevent It, An executive
committee OF five members was chosen
to look after the affairs w. w. kurtz
was deposed as secretary. To prevent
the appointment of receiver and the
wiping out of the interests of the thou
sand or more stockholders 1t Was deter
mined TO float a bond issue Tor SbO0,VOo
and the proposition was brought before
the annual meeting of the stockholders
in Jersey City, January l2th. Up to
last Saturday only 100000 had been
subscribed. but it is believed that the
bond subscription Will be successful
and the property saved TO the stock
holders, In which case considerable
money will be expended in further de-
velopment work. The new people IN
control OF the company. 1t is SAID, WIN
take legal steps to compel MI. Searles
to build a smelter. Thus, In the end.
there may he some returns. IL If SAID
that Cradle has not been able TO sell
all of the 900 stock and that n
considerable part Of 1t is pledged Tor
loans.
CRADLE EXPRESSES HIMSELF.
ST. Louis, Feb. 3.-Mr. Francis
Cradle. to which MIR. VIM. Quinlan Jr.,
cashier of the Chemical National Bank.
| New York, loaned $500, 900 of the bank S
money in consequence of which Mr..
| Quinlan saw fit to resign his position
as cashier is in this city.
Mrs. Cradle, and her mother, are oc-
| at the Planters Hotel. The party ar
rived here Tuesday. Feb, !, and have
| been quietly attending to the " own
| affairs and inaccessible to the reporters
of the local press. The Grailes are reg
istered from New York city, and Mrs.
Latimer from New Orleans The
length of their stay here is indefinite
| Mr.. Cradle furthers the following
| statement to the Associated Press this
| afternoon:
II have just read with the deepest
pain and regret of the resignation OF
Mr.. VIM, j. Qunlan Jr.. cashier of the
Chemical National Bank of New York
He has been my friend for twenty
years. l have been deposltor at the
Chemical Bank for more than six years
past and my intimate business rela-
tons with him during this period
have always been of the most pleasant
| character. 1t seems unnecessary for mt
to say TO any one familiar with Mr.
Quinlan's sterling integrity that he hai
never profited one cent -ffom any o
my business transactions with him.
zone year ago my obligations to thu
bank were $4,000 and six months ag'
had paid up every dollar. The pres
ent Indebtedness has been incurred
since that time.
Il never knew, nor have I ever hear,
of, the Mr.. Silvers mentioned in thu
dispatches as being debtor of tn
bank nor is he now nor has he eve
been connected with any of my inter
ests In any way.
mfr. Williams, president of tn
Chemical Bank. has been stockholde
for several years in one of the town
site companies / organized. and ha
expressed his complete satisfaction
with his investment.
1.-THE work ! have been doing I
that of opening up new countr!
| t,l,f fp, al
lington line, beginning at Alliance
Neb., and ending at Billings. Mont
and including the branch line of 10
miles through Black Hills to Dead
wood. Only those who have had exper
ience In building mp towns and vii
lagos have any idea of the enormou
cost. There are forty-two towns II
our territory l have built about so
miles of canals and laterals for irriga
ton and power purposes and larg
number of storage reservoirs tributar,
to these towns and have thereby opene
up thousands of acres for settlemen
and establishment of farming communi
ties of many homes. | have followe,
the same plan on which Greedy. Colo
was built up. where farm land In wort
$50 to 5000 per acre. From the day tn
Union Hill company, and the Edge
mont and Union HIN Smelling com
panes were organized work has neve
I
in all over 200 mines near Deadwoo
and the Homestake. n smelter an
stamp mill completed and anothe
stamp mill and smelter in process o
construction. Thousands Of feet of de
velopment work has been done on thes
properties, at the cost Of hundreds q
thousands of dollars. | do believe tn
mines when fully developed and worke
will prove one of the richest payin
properties in the United states.
Nearly every stakeholder in eac
of the companies have been out to Sc
the properties, either before or after In
vesting and there has never been
doubt expressed as to the value OF tn
property. but on the contrary in tn
many personal letters to me and let
tiers to home newspapers, they hav
expressed their complete satisfaction
Many of our stockholders made severn
trips during the progress of the wor
up to the present time and continue
to express themselves ms satisfied, A
least six among the best mining expert
of the United States have made favor
able reports.
In all of the foregoing work, I hav
given every moment of my time 10
seven years. believe have average
is hours a day, and during all thes
years l have not had single day
vacation.
1T has been my constant and earnes
endeavor to bring each OF these enter
prises to the highest point OF profit I
| all tho stock holders Every dollar n