The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1898-02-03
AN OBLIGING CASHIER
Loaned Nearly Half a Million Dol
lars on Insecure Securities"
HIS RESIGNATION DEMANDED.
The President OF the Bank Believes
the Cashier Has Been Made the Vic-
tim of Clever Schemers, and That
He Is Mentally Irresponsible.

the Cashier Has Been Made the Vie.
tim of Clever Schemers, and Thai
He Is Mentally Irresponsible.
New York, Feb. William J. Quln-
Ian. Jr.. cashier of the Chemical Ma
tional bank, has resigned his position
He acknowledged in letter to the di-
rectors that he had loaned $S93.000 OF
the banks money without consulting
the president, and knowing the direc-
tors would not approve Of the action.
lie denies that he profits by the loans.
Mr.. Quinlan lost nearly all his own
private fortune some years ago in pro-
tecting the name Of a relative who had
been specializing on the Stock Ex-
change during the panic, so that he has
nothing with which to make good any
losses arising from his bad judgment In
the present case.
The loans made by Mr. Quinlan were
on western securities of various kinds,
and were negotiated by Francis Cradle,
a promoter of land, mining and irriga-
tion schemes. The first known Of the
affair by President Williams was when
Quinlan called upon him at his home
on Sunday last and made a full state
ment OF the transaction. 1t is con-
ceded that Quinlan, as cashier, had the
power to make the loan, but 1t Is held
that in transaction involving so large
an amount Of money he should have
consulted the president.
Mr. Williams. president of the bank,
said: I'VE think that absolutely the
worst is known, and we are strongly in
hope that Mr.. Quinlan's expecta-
tions are true. and that large part OF
the money will be recovered. We have
charged off nearly the whole of the
loan to our profit and loss account al
though we are satisfied that We shall
recover Il large part of the money
eventually"
''ln my opinion" added President
Williams, "Mr. Quinlan has been made
the victim of clever scheamers. l be-
lieve that he has been mentally ire
sponsble for months, though there was
nothing apparent in his actions to be-
tray this to us.
Mr.. Quinlan had known Mr.. Cradle
for some time. and six weeks ago. when
the latter asked for a loan Of $1,000 to
help along some scheme of his, Mr..
Quinlan gave 1t to him. Then came
another loan of $1,000, which was also
granted. Next Silver was brought into
the deal"
What is Slver's busnless?" Presi-
dent Williams Was asked.
Chiefly to get money out Of banks"
was the terse reply.
Then Mr.. Williams resumed: "Quin-
Ian ought to have known him, but
somehow he did not. AL any rate he
was induced to make the first loan, be-
licving the security to be all right. The
amount was small, but when a start
had been made the men wanted more
money. They must have it. they said,
or else everything would be lost. Then,
to save the first $1,000, Mr.. Quinan
made them another loan OF an equal
and to save the $4,000 gave
them another $4,000.
I'm this way, in a little more than
six weeks. the amount OF the loans was
run up to almost half million dol
lars. 1t was not until it reached this
figure that we knew anything about it.
Then for the first time Mr.. Quinan
seemed to realize that something might
be wrong with such acts. Last Sun
day he called on me at my home. To
say that ] was surprised when he told
me what had been done Is to put 1t
mildly. T had never before had the
slightest suspicion but what blr. Quin-
Ian was al! right mentally. Then l
realized that something was wrong. or
he would never have loaned money to
Cradle and Silver or have advanced
sven the most trivial sums in the Sc
,urity they had given him. examined
t and decided that 1t was almost worth
ess, and made up my MIND that the
bank would lose every cent II had ad-
;anced.
MIR. Qu!nlan comhatted this idea He
still insisted that the security was good
md would fully cover the amount loan
ID, l was not able to persuade him !
otherwise, and at last told him that he
rust resign. He was fearfully broken |
Up by my decision. but did as told
lin. When the letter had been given
o the directors Mr. QuinlaD left the
'ank for his home In Brooklyn. | sup.
'ose he is there now.
i want TO say thlS Tor MIR. Qunian.
Not the slightest suspicion of dishon-
sty rest upon him. Every dollar of
his banks money which he gave out
vent to these two men, and he would
lever have given them any thing, to
ay nothing of the large amounts they
btained, unless they had made him
cieve their securities were good.
Il am firmly of the opinion that Mr..
luinlan is out of his head, and that
is trouble is due to overwork He has
cen with us &c years, and has made
is way from the Office boy. During all
hat time he has been indefat gable in
is labor"