New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-01
LARCENY, SAYS INVENTOR
Edward F. Cragin Held in Bail
ON Richard H. Kings Charge.
WANTS HIS $1,000 FEE BACK
ALLEGES Failure of Agreement to
Finance Secret Silver Alloy
Process.

Edward r. Cragin. president and dlre'''i
80 ,ho AMERICAN Farm Tractor Company
and of the New York Finance ana Secuii
tjes Companv. was held in $1,000 pall ioi
further examination yesterday oy Mag
istrate Rutts in the Tombs court OF d
charge of grand larceny made by hicidru
II King who lives at No 256 clinton
street BROOKLYN. Mr.. King is an inventor
and promoter. and alleges that Mr.. Cragh
took 5000 from him and led him to believe
that he could finance "A secret process io'
making an untarnishable alloy of silver.
Mr.. Cragin's bail was furnished DIV the
| American Surety Company, ana MS case
will come up again on Friday. JoIh W.
! Hart formerly an Assistant Dlsrlct Az
! tcrnev who is counsel for tragln' salu
that the case had been taken to the DIS
trict Attorney, and that after conference
Mr. King had agreed TO drop his charges
until he had tried civil procedure MY
| Hart said that he was much surprised
when he learned that a warrant had peeh
issued for his client AM that Mr.. 'raGih'
although likewise surprised. had iin'hedl-
| ately given himself NJ.
Mr.. King obtained an introduction to Mr..
| Cragin in February and interested INN III
| his ALLOW He told Mr. cragin that the
| process was a secret one and extremely
valuable. and that hc wanted his help IN
+ organizing the Imperial Silver Company. TO
which King was to turn over all his rights
in tue process. Mr. King said that he had
/ spent $4,000 in perfectins II.
/ Mr.. King went to Mr.. CraCin's office. In
the American Surety building. at no lol
Broadway. on March H. Or. Edwords, "A
/ friend Of Mr. Cragin from California, tn
! whom Mr.. Cragm had talked Of the silver
! alloy project. was present. Dr. Edwords II
! of Il scientific turn of mind and was
greatly Interested in the new process. Mr..
! Kings attorney also was present 4 con
tract was drawn up and signed. Part of
the contract was read by Mr.. Hart in the
| police court yesterday.
| In it Mr.. King agreed TO pay 'as a re-
! tainer" 5000 to CraGin, who was to pro-
mote the company for him. II was also
agreed. Mr.. King says. that a considerable
| portion OF stock was to be taken over later
by Cragin and Edwords
| Mr. Hart said last night that his client
, was fully convinced at that time OF the
value Of the process. and proceeded at once
TO boom ii. Among others to whom he
/ preached thu subject was George G. Ed
wards. director Of the International Sill
| yer Company. Mr. Edwards, whose home
is in Bridgeport, was interested. Mr.. Hart
says TO the extent that he suggested an
! investment Of $4,000. But Mr. Edwards
wanted a sample Of the alloy first
Mr. Hart says that his client asked Mr.
King for sample and it was refused
| in
stion more thoroughly. and saws that he
found reason TO believe that the process
was not so valuable as he had at first be.
lieved. Most OF the 5000 retainer had been
| spent in promoting the scheme Mr.. KING
demanded the money back If Mr. Cragir
was going to abandon him Mr.. Cragin re-
fused. Then Mr.. King went 10 the Distric,
Attorney
| Mr.. King says that when he paid the
1900 he believed that Mr.. Cragin intended
to take up his proposition in earnest. tina,
plans had been made TO capitalize the I'm.
perial Silver Company at 81. go 80. Of which
S,U.uO was 10 be In common stock and
10000 in preferred. His confidence in Mr.
Cragin was increased. lie said. when he re-
celVed a letter from Mr. Cragln saying that
| MT. Edwards, OF the International Silver
Company. was ready to buy 5000 worth of
| stock. Later. he says he learned that AR
Edwards had no such intention. Mr.. Hart
expects to have Mr.. Edwards present at
the next hearing.
Mr' Cragin lives at No. POS Rugby Road
fIatoush He conducted a series Of Satur.
DAY DISCUSSIONS At the Republican Club
during the winter Of 1911. and on the com.
pietion OF the series his fellow members of
the Republican Club gave him dinner a,
compliment 10 his ability. lie wrote r.
president Roosevelt in September 1903 ON.
posing The purchase OF the Panama Canal
| MT Cragln favored the Nicaragua route