The Anaconda standard., 1898-02-03
CONCEALED THE LOANS
Cashier Quinlan of the Chemical
National Forced to Resign.
LONG, FAITHFUL SERVICE
He Was the Victim of Clever Schemes
Upon Which He Loaned $3o3oOo.
but Out of Which He Made Not
One Cent-Bank's Credit O. K.

New York. Feb. 2.-William j. Quin-
Ian. jr., cashier of the Chemical Ma
tional bank, has resigned. He ac-
knowledged in a letter to the directors
that he loaned $393,000 of the bank s
money without consulting the president
and knowing the directors would not
approve the loan. He denies he profited
by the loans.
Mr. Quinlans letter of resignation to
the directors, dated Jan. 81 is as fol-
lows:
within the last few months l have
made loans without consulting the
president, to the amount of about three
hundred and ninety-three thousand
dollars (S393, ,000), on collaterals, which
] knew that you would not approve,
and hence l have concealed these loans
from you by methods which were not
right
n have not been interested person
ally in them and have not received one
dollar of the proceeds of them, nor in
but one instance received any benefit
from them, and then but for lnodef-
ate amount; nor have | ever speculated
to the extent of single share in wall
street My error has arisen from over
confidence in the presentations ON
which these loans We're made, ana
while l hope eventually no loss VIII
arise from them, l acknowledge the
justice of the request for my resigna-
ton. which is hereby presented, both as
q director and as cashier of the Chem1-
cal National bank. This terminates
faithful service tuntil the above) of 70
years to the institution which has
justly been the pride of my life"
The loans made by Mr.. Quinlan We're
on Western securities of various kinds,
and were negotiated by Francis Cradle,
a M land mining and lffl22-
tion schemes.
The first known of the affair by Pres
ident Williams was when Quinlan
called upon him at his home on Sunday
last and made full statement. 1t is
/ conceded that Quinlan. as cashier,
4 had the power to place the loan. but it
is held that in a transaction involving
SO large an amount of money he should
have consulted the president. Mr..
/ Williams said to-day:
We think that absolutely the worst
I is known, and are strongly in the hopes
| that Mr. Quinlans expectations are
true and that ii large part of the
money will be recovered. We would
rather face the matter and let the pub
/ lie know the whole truth
The Chemical National bank is one of
the most prosperous institutions of this
kind in the country and should all the
amount loaned by Mr.. Quinlan prove a
( loss the banks credit would not be af-
I fected. Its shares of the par value of
500 have sold for more than $1,000 each
within a short time. The directors are
| George Williams. James A. Roosevelt.
Frederick w. Stevens and Robert Goe-
let Cashier Quinlan was also direc-
tor. The latter is 50 years of age. Dur
| ing the 90 years he was cashier he never
/ took vacation.
Francis Halpin. assistant cashier. is
acting cashier of the bank pending the
selection of n successor to Mr.. Quinlan
The amount loaned Cradle was 5000 900
John s. Silver of this city. representing
a carbon company. obtained S193,000
Mr.. Williams added: We have
charged off nearly the whole of the
loans to our profit and loss. although
we are satisfied that we shall recover
a large part of the money eNentu
ally"
In my opinion said Presiden
Williams Mr.. Quinlan has been made
the victim of clever schemes. ! belieV'
that he has been mentally irresponsible
for months though there was nothin;
apparent in his actions to betray thi
to us.
Il want To say this for Alr. Quinlan
Not the slightest suspicion of dIshon
esty rests upon him. ] do not belieN
that he prolited by these loans TO tn
extent of one cent"
Mr. Quinlan lost nearly all his owl
private fortunte some years ago in pro
tecting the name of a relative who ha
been specializing on the stock eNchang
during the panic. so that he has noth
ing with which to make good any iosSe
arising from his bad judgment in In
present case.
Gus Heege Dead.