The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 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 tbe VIC
-
ne Is NIeht"IIN i~rresponsInle'
New York. Feb. 3-William ]. Ouin-
Ian. Jr. cashier of the Chemical Ma
tional bank. has resigned his nosifion
lie acknovledpad in "a letter to the d.
rectorg that he had loaned s3o3 600 of
the bpnl,s monev without coneutting
the president. and knowing the .direc-
tors would ,ot anrrova ,f tho cotton
He denies that ne nro0ts bv tbe loans
Mr.. Ouinlan lost nearly all his own
private fortune some vaore aeo I'm nro-
~tectinp the name of a relative WIN had
heen circulating on the STOCK r.v-
change during ne manic so tbot he has
nothing with which to make good anv
losses arieino from bie had Indictment in
the present case.
The loans made bv Mr.. Ouinlan were
on western securities of various kinds
and were negotiated nv Francis GrabIe
q romot Of land. mining and irriga-
ton cbemes The first known Of the
affair bv President Williams was when
OuinIan called unon him at his home
on SUNDAY last and made a full state
ment of the transaction. IT is con-
coded that ouir1an ae cashier had the
mower TO make the loan but if is held
that in a transaction involving so large
an amount of money he should have
consulted the president.
Mr.. Williams. president Of the hank.
said; 1--WE think that absolutely the
worst &c known and we are strongly in
hone that Mr. OuinIan's exnecta-
tions are trne and that q large mart Of
the money will he recovered We have
charged off nearly the whole Of the
loan to our pro6t and loss account. AL
thourh we are satisfied that we shall
recover a large mart Of the money
e~ventuauv"
"In nv oniniop" added President
williams, 'Nr. Ouinlan has been made
the victim nf cIevar scbaamers 7 he
lieve that he has been mentally ire
sponsibIe for months tho,ph there was
nothing apnarent in his actions TO he
tray this TO us.
"Mr ouinIan had knov,n Mr. Cradle
for some time and siv ,veaks apo when
the latter asked for a loan of s5 mn In
helm along some scheme Of his Mr.
Ouinlan gave If IN him Then came
another loan of e. nm which ,,as aIso
granted Newt SiIvar was hrougbt into
the deal"
what &c SYyar,s brsrieeso % presi-
dent Williams was asked
"ChieHv to oct money out Of hank,s .,
was tbe terse ren1v
Then Mr. Williams resumed. "Ouin-
Ian ought to have known him but
somehow he did NOT. At anv rate he
was induced to make tbe first loan he
lieving the security to he all RIGHT The
amount was small hut when a start
had been made the men wanted more
money They must have If tbav eaid
mr. else evervfbinp would he lost Then
70 save the first 81 OOO Mr. OuinIap
made Thorn anotbar loan of an enral
amount and to eava the GIN o0o eava
them another s1O OOO
'Tn this wav in a LITTLE moro than
six weeks the amount of the loans was
rim nm IN almost balf q million doI-
lars. If was NOT until If reached this
figure that we knew anvtbing abo,t II
Then for the first time M OuinIan
seemed ia realize that something might
ba v,ropp with e,,cb acts Taet SIM
dav he called on me- at NV home To
saw that I was surprised when he told
mo what had bean done is to n,t If
mildly 7 had never before had the
suenicion bIt what Mr. Ouin-
Ian was all right mentally Then 7
raaIizad that eometbipg vas vyropg y,
he yvouId never have loaned monev IN
Cradle and silver or have advanced
even the most trivial SIMS in the Ca
curitv thev had given him 7 examined
If and decided tbat If wasalrost worth