The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-09
CRADLE, TO HIS ACCUSERS
THE CHEMICAL BANK DEBTOR MAKES A
STATEMENT.
He Gives a Synopsis of His Scheme and
BIames President Williams For His
Embarrassment

Omaha, Neb., Feb. S.-Francis c.
Cradle, promoter, arrived in Omoha
from st. Louis to-day and Immediately
went to the home of his local represen-
tative, NJ. L. Parrottc. After repeated
refusals, Mr.. Cradle consented to talk of
terprises.
Il have little to state to the public ut
the present time, other than what has
already been said. i think the newspiI-
perS have misrepresented me in many
things, although l do not know that It
was intentional. l can only say now
that | organized all the companies in
whiGh / was identified upon logical
basis and that there is no reason why
they will not ultimately prove paying in
vestments. | have received many kind
letters from friends both in this city
and iii the Black Hills country who
still express their confidence in me, and
with their assistance, | hope to once
more regain my former position.
The whole trouble was precipitatcd
by the action of President Williams. Of
the Chemical National Bank, Of New
York, III demanding the resignation of
Cashier Quinlan. The various compa-
MES with which l was connected were
in good condition, although it is true
carrying a large Indebtedness, and they
were in no way dissimilar to thousands
of other projects which are at the pre-
sent day backed by large Eastern capt.
tai. TO show you that President Will
liams's action was unwarranted, had =
consultation with him few days pre-
vious to the resignation of Cashier Quinn
Ian and told him that i had already
$1S0,000 on hand with which to pay
the Indebtedness of our companies to the
bank and that with a few weeks time
| could easily raise the rest of the a
mount. He was aware of the fact that
/ had paid off a note of $4,000 which
had been due to the bank upon for
mer occasion and he had no right to
doubt my ability or honesty to do so in
Re present instance. If President VIII
iams had withheld action in the mat
ter for fortnight, his bank would have
received every dollar that was due from
the EdgemOnt companies. As addition
al proof that President Williams did moi
act III good faith. either with Cashier
Quinlan or myself. l viii merely state
that the little flyer lie speaks of invest
ing in connection with the Edgemont
enterprises paid him back in dividends,
three fOurths of the capital he placed in
them.
I'm summing up the work Of Western
developing in which / have been engag-
ed during the past seven years. | find
that the original Edgemont Townsite
Company, capitalized at $4,000. has
paid back to it's stockholders in dividends
nearly three fourths of the money in
vested. This was accomplished in the
face of hard times so it would appear
from this that the so-called schemes
must be in some producing value. The
Union Hill Smelling Company, together
with that built at Galena, costing i'm the
aggregate nearly 100000. In regard as
Il 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 Home
Stake. There has been until lately a.
bout 300 men employed in these plants
and in the mines at an expenditure OF
nearly $1,000 per day. ] think work
will again very shortly be resumed.
I'm organizing the various companies
for the development of the Edgemont
region. / fiOated the bonds OF the Edge
mont Town-site Company, the Edge
mont Irrigation Company, the Edge
mont 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"