New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-06
PRICE THREE CENTS.
FLIGHT AFTER BIG LOSSES.
WHERE IS WASHINGTON QUINLAN, THE
BROKER?
A /. HIGH-RoLLING" STOCK EXCHANGE TRADER
DISAPPEARS, LEAVING MANY MOURN.
ING CREDITORS.

over losses have made reckless drives at tho
| market in the hope of provoking collapse in
| prices only 20 hurl themselves into deeper fnan-
! cial mire. Washington Quinlan, who has been
| something of high-roling" trader at the Stock
! Exchange, has disappeared from the view Of his
friends. leaving behind large sum in differences
speculations over which many brokers are
mourning. Although no failure has been an
nounccd, the missing man is delinquent on his
contracts although his creditors hope, through
his seat in the Board and his other property, to
cover 'hcir losses.
Mr.. Quinlan has been member of the Stock
! Exchange for little over three years. Within
| that time he has attracted attention as a trader
! Of some consequence but he never swung the
! lines of stock he did last Thursday, and since
! that time he has been missed by his business
| sociatcs. On that day he conspicuous in the
| bOard-room by his free selling OF stocks, par
| ticnlarly in the crowd around the post where
Chicago, Burlington and Quincy is dealt in. lie
sold 1000 shares of this stock from lo7 SIS up
10 lOs, although at the top figure his sales were
few. The day after, c. c. Roumage & Co., at
No l6 Broad-st, borrowed for his account large
amount of stock to make delivery with. but at the
close of the day there many brokers who
had not received the stocks they had purchased
from Quinlan the day previous. On Saturday
where the seller was hiding himself. At the office
OF the broker the clerks could give satisfactory
answer TO inquirers. Yesterday morning many
private settlements made on contracts en-
tered into by Quinlan, and in the early afternoon
it was learned that solomon lfanford. of No. 35
William-st., counsel for the Quinlan family, had
sent notice TO Secretary Ely Of the Exchange,
stating that Broker Quinlan missing and
that his friends feared his absence due to
mental arrangement Mr. IIanford said he gave
notice that the parties interested in outstanding
contracts might protect themselves.
Through the afternoon heavy purchases were
made under the rules to close Mr. Quinlan's
short contracts amounting in all 10 1900 shares.
They consisted of 300 shares OF Louisville and
Nashville, $500 of Delaware, Lackawanna and
Western, 900 of s. Paul, 1900 Of Chicago,
But t.neton and Quincy, 1900 of Sugar Refncries
Company, 900 of Missouri Pacific and 800 shares
Of Western Union. These purchases by no means
represented the total amount of stock of which
Quinian was short. In addition TO the 1900
shares of Quincy, bought under the rule at loa
11O1-s. it is understood that differences on
$500 shares were arranged privately between
brokers' 1t is also understood that Qninlan
was snort about 5000 shares of Chicago, Rock
Island ard Pacific Here would be 2o.6oo shares
accounted for. and it is believed that the total
amount RANGED from % 900 10 80, 900 shares
The known differences on the liquidation of the
contracts in the Quincy stock were fully per
cent. The differences the other stocks Ragged
probably from / 10 2 per cent. The total loss to
Quinlans account on his plunging' is varously
estimated at from $4,000 to $4,000. IL was
impossible TO obtain even any approximate esti-
nate from the clerks in M Quinlans Office
Mr.. Roumaee, the broker who borrowed so
large a part of Mr. Quinlans stock TO deliver,
slid Yesterday that he could not explain the
Of the missing mans disappearance. He had
done business for him (Quinlan al different times
and had always supposed he was a responsible
man. Mr.. Roumage said that with Quinlans
seat and the other property of which he was pos
sessed there little doubt in his mind that
the creditors would he paid in full
II was generally believed IN Wall street that
Qulnlans extraordinary plungng Oh Thursday
was the result OF desperation al losses on the
bear side of the market, aggravated by eXcesses
in liouor In reply 10 some sharp criticisms
70 the proprety Of members of the Exchange ac-
ccptin2 offers from man evidently not III con-
troll OF his faculties 1t was declared ina nat drin wnie
ing when he was selling stocks so freely on
Thursday, IL was not true tnat ne appeared 10
bc beyond reason Nevertheless ii was common
rcport that he had been drinking heavily, and
that his manner indicated wlldness and disorder
1t is supposed that when Qulnl9n found Ihuis-
day night that the market was hnoNant IN sp'c
of all his selling, and that his operations hai
only added TO previous losses, he felt himself
unable to face tie situation. lie was last seen
by an acluaintance, 50 far as now known, at
u. m. on Saturday at the New-AorK CIup' "nerc
lie lived.
When nothing was heard Of him later on Sat
urday or on sunday. his relatives ana friends oe,
came alarmed, and late Sunday night sent word
TO The police OF the Nineteenth Precinct asking
them to look for him. Word was sent TO Mr.
lIauford who is counsel for the family and he
decided 10 inform the Stock Exchange as already
no;cd. Here is the text OF the letter TO >ecre-
tary Ely:
Dear Sir: on behalf of Washington ouinl4n: ono
Of yolr members. beg 70 nohy yon oi ,oG niI Ga''p
mental d.ran.cmcn,. From the clerks in his Office
il is learned TIA, there several out,tandn; con
Th,, notice IS given you In ordcr tia; parties in in
terest may take measures TO protect themselves
Mr. Quinlan was below medium height and
far from robust in build. lie wore black mus
tache and had a pleasant face. and he is said TO
have been genial Ill manner lie was supposed
to be wealthy by inheritance from his father; and
his family was of a standing 10 give coHhuerce
among the men with whom he dealt III the IN
change. His connections were believed 70 give
him certain amount of commission puSii.ess, pui
nevertheless his operations wore generally looked
upon US "scalping" based upon his own Judg-
ment or information His supposed responsi-
bilty. however. sufficiently esteemed to az
given 10 brokers by him or in direct dealings
With him The announcements of his dsap-
,earance led many ignorant in9nirers TO the
,hice Of J.. G.. Quinlan n Co.. in New-st This
firm. however had no connection with him nor
locs any relationship eAi,t -
Washington Qunlan is about thirty-eight
,ears Old. He was born in NcwiorS, his father
being William j. Quinlan. an importer of laces.
who made considerable fortune before he re-
red from business Washington Qulnlan has
hrec brothers. William J. QGnlan. jr, cashier
# the Chemical National Bank James Quinlan.
assistant treasurer Of the Greenwich Savlnes
i,nl and Joseph Quinlan who is an Invalid.
WASHINGTON is younger than his brothers. ihe
ather. dying. left considerable fortune, which
,as in fact estimated to he worth between one
md Two million dollars Washingt ID, after
caving school became clerk in the Mercantile
Bank. but gave up his place In a few years,
wing to ill-health lie then went 10 Enrope, and
,as made two or more trips abroad. besdes an
Ntcndcd tour of this country. In 1856 ne went
mo business as a broker. He entered the Stock
Exchange on December Of that year. His
llicc was ~ 40 Wall-st.
Mr. Quinlan lived at the New-iork Club and
vas a frequent visitor at the nion League Club,
q which he also belonged. lie dressed exceed