The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-05
Troubles of PhiladeIphians who Are
Stockholders in an Irrigation ca
nal and Land Company.
CRADLE STILL IN ST. LOUIS
ONE or THE PROMOTERS BANKS
FORCED TO CLOSE IT'S DOORS.
Rhode Island Locomotive Works, with
Liabilities Of s6I6,7O3, Files
Petition of Insolvency.

PHILADELPHIA, Feb. 4.-The Inquirer
will say tomorrow that the Interstate Canal
and Irrigation Canal and Land Company,
one of the enterprises of Francis c. Cradle,
has announced to it's creditors that it has
not a dollar in it's streasury with which to
pay notes. 1t follows with a statement from
the treasurer of the company, George b.
Luper, who is also second vice president of
the Security Trust and Life Insurance Com
pany, of this city. Mr. Luper said he could
not tell what would be done; that as treas
urer, he was not director; that he had
been elected treasurer last July; that 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 immediate application for
the appointment of a receiver or not The
capital stock of the corporation he knew
was 81 900, OOO but only about $500 900 of stock
had been issued. This had been issued
mainly to Cradle for eight thousand acres
of land including 1900 town lots, the prop
erty lying in and around Edgemont town
of loo 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: 1.-THE at
tachment issued by George a. Fletcher, of
Mitchell, Fletcher & Co., against CRADLE
with service on the Corn and Exchange
National Bank, J. Wesley Supplee and John
II. Graham as garnishees, led to the in
formation that some of these parties hold
large amounts of the stock of the Inter-
state Land and Canal Company, and Of the
1Tpf. ~
pany as collateral, which it was thought by
the attaching creditors might be more than
sufficient to pay the claims of those holders.
The holders of the collateral, how
ever, state that there would be
John +. 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 $S7 900. He
holds stock of CRADLES companies to the
amount of $50 500 as collateral, on his own
of others. George a. Fletcher's attachment
Is for $4,000. His partner, Samuel S.
Mitchell, was in Mr.. Cradles ventures to
the extent of 5000, and holds enough stock
as collateral to keep him nearly whole.
David Jones, one of the directors of the
Edgemont and Union Hill Smelling Com
pany, treasurer of the Carriage Cycle Com
pany and heater and range dealer, in
terested to the amount or $4,000 Wosten-
croft Sons. gun wadding, Of Frankfort,
who recently assigned TO their father, held
CRADLES paper to the amount of $4,000, and
this was said TO be what led to their fail
ure Crater & Sons, of Es ston, Pa, We're
in it to the extent Of $4,000
Mr.. Luper named as some Of the direc-
tors of the Interstate company A. l.. Shar-
rock, of EdgemOnt; NJ L. Parrote, of
Omaha H. A. Goddard, editor of the Edge
mont Express, and a man named Sterner,
of Jersey City. The president, he said, was
a General Middleton. of New York The
work that has been done on the canals
must have cost a great part of the $780, 600
issued in stock to raise money for the en-
terprise. Mr.. Cradle was paid to. manage
the work tho property. Among the
notes that have found their way into the
hands of Mr.. Graham, garnishee in one of
the attachments are a lot of G. B. Harris,
one of Grdble's managers, and of men
named Vrooman. De Wort Zubriskie, an
officer in q New York bank. a Mr.. Story of
Philadelphia, Messrs. jenkins, Marshall and
Short, of New York, and "A lot of other
people all around the country. On notes
of this kind discounted for Cradle by Mr..
Graham to the extent of $4,000 Cradle paid
$1,000 Mr. Graham is hunting fer bal
ance of about $4,000.