New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-03
MIR. QIlNLAN FORCED OUT.
Continued from FIRST pnEe.

Continued from Hrst pnEe.
being his brother He a. the Office Tor
short time yesterday afternoon. and while ne
was there refused 20 see any person or discuss
the pres complication.
TALK WITH MR.. WILLIAMS
President Williams when seen at his home
No 81 West y-eighth-s,. last night, .aid;
There is no question that Mr.. Qanlan had
the right to make these loans. The only thing
is that he ought not 10 have made them without
consulting ne or the directors. FOR sna"
amounts no such consultation is necessary, out
when the amounts reach to anything like the
sum represented by this transaction the superior
officers are always consulted. II the rules or the
bank observed In my opinion, MI tauih-
Ian has been made the victim OF clever scheners'
Mr.. Quinlan hal known Mr.. Cradle for some
time and six weeks ago, when the latter asked
for a loan OF 5000 to help along some scheme
Of his. Mr.. Quinlan gave it 10 him. Then came
another loan Of 5000 which was also granted.
Next Silver was brought into the deal"
What Is Silvers business President Will
Jams was asked.
Chiefly to get money out or banks. was Inc
terse reply.
Then Mr. Williams continued: II do not see
how Mr.. Quinlan could have been so taken In,
for the name OF this man Silver has been print
ed time and again in the papers In connection
with transactions by which he and other people
lost money Quin!an ought 10 have known or
I.
induced to make the first loan, believing
the security to be all right. The amount was
small, at any rate, but when a start rad been
made the men wanted more money They must
have il. they said 0r else everything would be
lost.
Then TO save the first $1,000 Mr.. Quinlan
made them another loan of an equal AMOUNT
and to save the $4,000 gave them another So
600 In this way in little more than six
weeks. the amount Of the loans was run up to
almost 100000 1t was not until Il reached
ia Gptir hat We Il
Then for the first time Mr.. Quinlan seemed TO
realize that something might be wrong with
his acts. So last Sunday he called on me at
my home To gay that was surprised when he
told me what he had done is 10 put II mildly
Il simply dumfounded. Then realized that
something must be wrong or ne would never
advanced even the most trivial sums on the
security they had given him. | examined II and
UP my mind that the bank would lose every cent
It had advanced. Mr. Quinlan combated this
idea He still insisted that the security was
good and would fully cover the amount he had
loaned. | was not able 10 persuade him
otherwise and at last told him he must resign
and do this at once in letter 10 the directors.
He was fearfully broken up by my decision, but
did told him
THE letter was written Monday and briefly
states the case.
Then when it had been given to the directors,
Mr.. Qunan left the bank for his home In Brook
lin I suppose he IS there now.
NO SUSPICION OF DISHONESTY.
81 want to say this for Mr.. Ouinlan. Not the
slightest suspicion OF dishonesty rests upon him.
do not believe that he profited by these loans
to the extent Of one cent Every dollar OF this
banks money which he gave out went to these
two men. and he would never have given them
anything to say nothing OF the large amounts
they obtained. unless they had made him be-
leve their securities were good am firmly OF
the opinion that Mr.. Quinlan is out Of his head,
and that his trouble is due to overwork. He has
been with US thirty-sx years and has made his
way up from office boy During all that time he
has been interchangeable in his labor
1T is not true that he never took vacation |
We would be suspicious OF a man who would
not. and would believe he had something
he wished 10 hide. Mr.. Qulnlan took vacations |
but when he was at the bank h gave himself no |
rest He would work until midnight II any
thing demanded his presence at the bank and |
would be here Sundays and holidays clearing |
up the odds end ends of work which he could |
not finish during regular banking hours He |
took vacations. but took them grudgingiy. and |
though he would so away for n week or so In |
the summer he always wanted 70 he back at =
work. and would return sooner than we usually !
expected him. OF the men who got the money |
from Quinlan, Silver is the only one known TO !
Mr. Quinlan said that Silver was the presi- |
dent Of carbon concern at No 30 Cortlandt-st.. |
and that Cradle. whom he had known some |
time. was, in addition to his Arizona land deals. |
part owner of stone company. whose Offices /
are at No. = William-st. 1t at those ad-
dresses that he said we could find the men"
\
The Chemical Bank Is a famous old institu- |
ton. Its stock sells AZ a higher price than that |
Of any other bank In America. The last sale
was a. 81 100 for share OF tie par value of |
500 The capital stock is only 100000. For
a long time LOO per cent or $50 year on each }
500 Of stock. has been paid In the weekly
bank statement of Saturday last the surplus Of
the bank was given S1i54 700 In this
statement the banks deposits were reported as
being 81, 100 and its loans as being S24-
9H.3OO. Its holdings OF specie (god) were
stated 10 be So.12i3OO. and its holdings Of legal
tenders (bills) SI.Sil 500 The bank has no
circulation (National bank notes. as II has
been contrary To It's policy.
President Williams grew up" with the harl.
He was settling clerk for the bank M the |
tablished. more than forty years ago
The building occupied by the Chemical Rank !
IS an unpretentious one. The interior fttirgsare
rather anti1uated. The president has a din,iv
lighted room In III" centre Of tho building
and next to his room is one occupled hv /
Mrs Hety Green. who Is large stock |
holder In the bank. Opposite the antranc. !
10 the presidents room Is round revolving |
stand. behind which Mr.. ounlan had an OLA
fashioned desk. He was the active" man IN !
he bank. and his place was made accessible
or people who had business with the institu,ion
People WHO had occasion to visit the hank fr.
iuently soon became familiar with the small
'ound. pleasant face OF the cashier adorne5
81 y reddish 'muttOn-chop" whlskers and mus
ache slightly tnged With gray
MIR. QUINLAN'S QUIET LIFE