Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-06

ESPECIAL TELEGRAM TO THE DIsPATcH.I
NEW YORK, May 5.-One of the profess
slonal traders on the Stock Exchange, who
mas been trying to keep prices down
while the silver boom has carried them up,
has disappeared. He is said to have lost
his head, but those members of the Ex-
change who did business with him last
Thursday, when he sold large amounts Of
stocks. expressed the opinion at the time that
his lndulgences had been such that he
might better have refrained from appearing
in public. His name is Washington Quin-
Ian, and it came to the surface to-day that
the stocks he sold on Thursday and Friday
were for his own account, and not, as some
of his fellow brokers imagined at the time,
in execution of an order. Quinlan is fair
type of class that has of late years been
increasing in the membership of the Stock
Exchange.
A RICH MANS SON.
He is the son of the late W. j. Quinlan,
the wealthy lace importer. who founded the
Che mical National Bank. His father left
him, according to all accounts, about $780,
900, and after travelling and enjoying life
in other ways for few years, he determined
to buck the tiger in Wall street.
Now, at the age of 35, he is discred-
tied in Wall street, and to-day about 13, 900
shares of stock that he had sold short were
bought in under the rules of the Exchange.
1t is generally estimated he was short about
$50, 900, but many of the brokers with whom
he had made contracts suspected something
wrong on Saturday, and closed the contracts
themselves. Quinlan is said to have boasted
to some of his friends on Friday that he was
short q, 900 shares. A large part of his
sales on Thursday were on seller, three
days option. From which it is inferred
that he expected or hoped the market would
go his way before those contracts came due
on Saturday or yesterday.
HIS LOSSES FIGURED UP.
The Stock Exchange was formally noti-
fed of Mr.. Quinlan's disappearance from
business in a note from his counsel of which
the following is copy. It was addressed to
Secretary George w. Ely and signed by
Solomon Hanford:
On behalf of the family of Mr. Washington
Quinlan. one of your members, l beg to notify
you of his disappearance, due, as they are
From the clerks in his Office it is learned that
there are several outstanding contracts made
by him with members of the exchange. This
notice is given that the other parties may take
measures to protect themselves.
The brokers were not inclined to takeQuin-
1an's disappearance seriously. They fig
ured up that he stood to lose $50, 900 to
100000, and was ashamed to face the
music. 1t is believed that claims against
him are good. He was last seen at
the New York club at 2 o'clock Saturday
morning. At that time his condition was not
such as to inspire confidence. Quinlan
Joined the Stock Exchange in 1885, One of
his brothers, W. j. Quinlan, Jr., is the
present cashier of the Chemical Bank, and
another brother, James, is assistant treas
urer Of the Greenwich Savings Bank. His
lines of short stock are said to have included
every active stock on the list.
A GOOD START IN LIFE.
An intimate friend of Mr.. Quinlan made
the following statement tonight concerning
the matter:
"Mr. Quinlan's father left fortune of
about So, 900, 900, which was divided equally
among his four sons, W. T. Quinlan,
James Quinlan, Joseph Quinlan, an invalid,
and Washington Quinlan. All the brothers
who have engaged in business have
done we'll and added considerably to the
$3.50, 900 their father left to each one. Each
son has the reputation of being worth some
thing more than 81, 900, 900. Washington
Quinlan is unmarried. He has apartments
at the New York Club. He entered
life as clerk in the Mercantile
Bank and served in that capacity for sew
eral years. His health gave out, and he re-
signed his place and began travelling. He
travelled all over Europe and this country
until December, 1886, when he bought seat
in the Stock Exchange and began general
room trading business, specializing on his
own account. He did hardly any commits
sion business"
DETECTIVES LOOKING FOR HIM.
So far as it is yet known nobody has seen
him since he left the New York club. No |
body saw him on Saturday or Sunday, and |
On Sunday night some of his friends, know
ing OF the big contracts which he had to |
fulfill on the succeeding day, notified the |
police OF the West Thirtieth street station. |
Detective Kemp was assigned to the task of |
looking Mr. Quinlan up. He got no trace |
Of him. In the meantime Mr.. Quinlan's |
Drothcs wore notified of his disappearance.
At 2:15 o'clock Mr.. QuinIan's contract
expired and the stocks were bought under
he rule. There were only requests to buy
in 13, 200 shares, but 200 shares were al
ready covered.
Mr.. Quinlan's friends have several
theories concerning his disappearance.
Many think that his absence is but tempo
,ary and that he will turn up in o few days.
others say that Mr.. Quinlin has been act
ng very strangely for some time and that