The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-19
A FORGER FOR $l44. 900.
EDWIN O. QUIGLEY. OF QUTGLEY q
FUTILE. BROKERS. ARRESTED.
He Sscured the Money From the Mer.
camille National Bssk ON Forged City
Bonds-Plead GWilty.

ley. of Qugley & Tuttle. bond brokers. at
No. Wall street, was arrested this morn
ing by Detective Reilly on the complaint
OF President William p. st. John. Of the
Mercantile National Bank. He Is charged
with having secured loans OF Sl44,cO on
s,7 600 city of Cleveland, o.; s6s,O0 city
of Springfield, o.; $500 city of Harris
burg, Pa, and $500 city of GAINESVILLE
O.. bonds, total of sles,oo9 forged bonds.
ouigley confessed to the forgery. and
exonerates his partner, who is resident
of New Haven. Quigley Is resident OF
Orange, n. j., and claims tnat ne 1851
the money in speculation. Ine forgery
was discovered yesterday, when the Mer-
camille Bank presented at the American
Exchange National Bank coupon troh
a Cleveland city bond for payment. Quls-
ley was arrested this morning and taken
to the Mercantile Bank, where he con-
fessed. President st. John had been at
work all night, and attachments were i'm
media tely levied upon Quigleys office and
his various brokers in Wall street. His
property in Orange is in the name or his
wife. and cannot be reached. president
ST. John said the banks apparent loss
will be greatly reduced by leyies under
attachments.
HISTORY OF THE FIRM
The firm of Quigley & Tuttle, dealers In
county and municipal bonds and other In
yestment securities, was organized IN
1880. Quigley having been connected win
a firm of older customers or the nrH'
The firm was organized under the ADVICE
of Tuttle's father, one of the most SUD
stantial and well-posted citizens OF Ne"
York, himself longtime friend OF the
bank. Evidence of confidence in the hrm
on the part of moneyed institutions and
others throughout New England, and the
buslness-like conduct of the firm, left no
room for suspicion. The bonds forged
were of cities whose credit is high, and
they were hypothecated to the bank In
parcels from time to time, under ex-
changes of collateral among the dlnerent
loans. Quigley attributes his downfall TO
sneculations. of which he kept no record,
depending on memoranda. In applying TO
another broker for valuation or securi-
ties. the Mercantile Bank was led 70
question the validity of the Cleveland
bonds, and TO silence the doubt sent the
coupon TO the American Exchange Ma
tional Bank, with the result noted.
Quigley Is about thirty-fve ye1rs old,
and was originally a civil engineer. lie
then became connected with bond houses
in New York. He then entered into a
copartnership with Farson, Leach u Co,
Withdrawing later TO form the firm OF
Ouigley, Hartman q Tuttle, Hartman
Withdrawing later
William +. Tuttle Is the son of the late
John B. Tuttle, treasurer of the New
Haven Savings Bank, who died two years
ago. leaving a considerable sum TO his
son. futile has been located in New
ha MI
business in bonds with New England In
stitutioI :.
HE WAS A HIGH LIVER.
1t Is believed that Quigley resorted to
the expedient of borrowing money on
forged bonds 10 conceal his outside losses
from his partner, who relied upon Qulgley
for the management of the firms busi-
ness. 1t is not believed that he lost ali
OF the money I'm speculation, as ne states.
He was a very high liver. and member
OF all Of the swell Orange clubs. lie was
also Interested In trotting horses, ana
had d stock farm in New Jersey lie
speculated in Wall street through num-
Der of brokers. but his largest Speculd-
lions were In bonds. He is supposed to
have lost heavily on account of the de-
cline i'm the new per cent. Government
bonds, in which he was largely Interested.
The coupon on the Cleveland city II
per cents was presented 4or payment
only TO verify a suspicion that the bonds
were forged No attempt 10 collect the
coupons had ever been made, as Qu.gley
apparently only used the bonds Tor
hypothecation with the bank, and substi-
tuted other bonds when the alleged cou-
pons became due, and tore off the cou-
pens before returning the bonds for
further rehypothecation.
IL Is not known whether Qui2ley SOLD
any of these forged bonds or used them
in New England for purposes OF borrow
ing money. His principal account was
with the Mercantile National Bank, al
though he secured loans from other
sources upon collateral, as is customary
with bond brokers doing a large business.
RESPONSIBILITY OF HIS PARINER.
There were 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 Tuttle can be held responsible for
the operations of Quigley, but are lnYesti-
eating the question. At the same time
that Quigley was brought TO the General
Sessions building Mr.. Tuttle went before
the grand jury with Lawyer Brownell and
the case was presented. An indictment
was found for forgery in the first degree.
Quigley was arraigned before Recorder
Goh. lie was very much broken up.
When asked TO plead he stood with bowed
head and murmured Guilty" He was
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