The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-01-19
BORROWED on BOGUS.BOyOS.
4 New York Broker Floats Sl66, 900 Of
Forged Paper.

The Bank Where He Placed II as Collat-
eral Becomes Suspicious and an In
vestiFation Reveals the Correctness
of It's Conjeotures The Broker Con-
fesses on Being Arrested-The Pris-
oner Edwin o. QuiRley Of the Firm OF
Quigley & Tuttle.
New York. Jan. lS.-Edwln q. Ouirlev OF
Quigley a Tutue. bonk brokers, at No.
Wall street. was arrested this morning by
Detective Reilly. ON the complaint OF
President William p. ST. John OF the Mer-
camille National Bank. lie is charged
with having secured loans Of SlA00O on
$4,000 city of Cleveland. O.. S6s 900 city OF
Springfield, o.: $4,000 city OF Harrisburg,
Pa, and 5000 city Of GAINESVILLE. O.. bonds,
"A total OF $4,000 forged bonds. ouigley
confesses TO the forgery and exonerates
his partner. who is a resident OF New
Haven. Quigley is resident OF Orange.
n. j.. and claims that he lost the money
in speculation.
The forgery was discovered yesterday.
when the Mercantile Bank presented at
the American Exchange National Bank
coupon from a Cleveland city bond for
payment Quigley was arrested this
morning and taken to the Mercantile Bank,
where he confessed.
President st. John had been at work all
night and attachments were Immediately
levied upon Qugley's office. and his va
rioua brokers in wall street His prop
erty I'm Orange Is I'm the name of his wife,
and cannot be reached. President st. John
said the banks apparent loss will be
greatly reduced by the levies under at
tachment. The firm OF Quigley a. Tuttle,
dealers Ia county and municipal bonds,
and other Investments securities. was or
Eanized In 1880, Quiglcy having been con-
nected with firm Of older customers OF
tho firm. The firm was organized under the
advice Of MIR. Tuttle's father. one of the
most substantial and best posted citizens
OF New York, himself a long time friend
OF the bank. Evidence OF confidence in
the firm on the part OF money institu-
tions and others throughout New Eng
land, and tho business like conduct OF the
account, left no room for suspicion OF
Quigley at any point The bonds forged
wero of cities whose credit is high and
they were hypothecated TO the bank in
parcels from time TO time, under eN-
changes Of collateral among the differ
ent loans. Quiglcy attributes his down
fan to spccuiations OF which he kept no
record, depending on memoranda. In ap-
plying to another broker for a valuation
to question the validity OF the Cleveland
bonds and 10 silence tho doubt sent the
coupon to the American Exchange Ma
tional Bank, with the result noted.
Quigley Is about 80 years old. and was
originally "a civil engineer. lie then be-
came connected with the bond house OF
S. A. Kcan q Co. of Chicago, which es-
tablishod q branch house In New York.
Quigley coming on as an employe. He
then entered into copartnership with
Farson. Leach q Co, Withdrawing later
10 form the firm Of Qulgley, Hartman &
Tuttlc, Hartman Withdrawing later.
William r. Tuttlo is the son of the late
John y. Tuttle, treasurer OF the New
Haven Savings Bank. who died two years
ago, leaving considerable sum TO his son.
Mr.. Tuttle has been located in New Haven
for a firm which did big business in
bonds with New England institutions.
1t Is believed that Quigley resorted to the
experiment Of borrowing money on forged
bonds to conceal his outside losses from
his partner, who relied upon Quigley for
the management OF the FIRMS business.
IL Is not believed that he lost all of the
money in speculation, as he states He
was very high liver and a member OF
all the swell Orange clubs. He was also
Interested in trotting horses and had a
stock farm in New Jersey. He speculated
In Wall street through a number Of brolx-
ers. but his largest speculations were In
bonds. Iie Is supposed 10 have lost heavily
on account Of the decline in the new per
cent. government bonds, in which he was
largely interested.
Tho coupon on the Cleveland city ~ per
cents was presented for payment only to-
verify a suspicion that the bonds were
forged. No attempt TO collect the coupons
had even been made as Qugley apparently
only used the bonds for hypothecatior
with the bank and substituted other bonds
when the alleged coupons became dus
and tore off the coupons before returning
the bonds for further rehypothecation. It
Is not known whether Quigley sold any OF
these forged bonds or used them I'm New
England for purposes Of borrowing money.
His principal account was with the Mer-
camille National Bank although he ses
cured loans from other sources upon coi-
lateral as Is customary with bond brokers
doing large business.
There was no assets at his office, but
an attempt will be made to recover as far
as possible from his partner, who is sup
posed TO have a large property in New
Haven. The bank does not know yet how
far futile can be held responsible for the
operations Of Quigley, but are investigat-
ing the matter.
At the same time that Quigley was
brought to the general sessions building.
Mr.. Battle went before the grand jury
with Lawyer Bronell and the case was
presented An Indictment was found at
once for forgery in the first degree
Quigley was then arraigned before Re-
corder Goff. He was very much broken
up. When asked 10 plead he stood with
bowed head and murmured guilty" He
was at once taken back to the rombs.
TARHEEL sEEAToRsHIPs.