The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-03
Mr.. QUINLAN'S LARGE LOANS
Lead to His Resignation Of His Posi-
ton as Cashier.


New York, Feb 2.-William ]. Quinlan,
Jr., cashier of the Chemical National
bank, has resigned his position. He ac-
knowledged in a letter to the directors
| that he had loaned 1893, 900 of the bank s
money without consulting the president
! and knowing the directors would not APP
prove of the action. He denies that he
profited by the loans.
Dir. Quinlan's letter Of resignation is
as follows:
New York, January 81 1898.
To the Directors Of the Chemical National
Bank:
Gentlemen-Within the last few months
have made loans without consulting the
president, to the amount of about 1888. 900
on eollaterals which knew that you
would not approve and hence have con-
cealed these loans from you by methods
which were not right.
have not been interested personally in
them and have not received one dollar of
the proceeds of them, nor in but one in
stance received any benefit from them
and then but for moderate amount; nor
have ever specuiated to the extent of
single share in Wall street. My error
has arisen from the over-confidence in the
representations of those TO whom these
loans were made and while 1 hope event
ually no loss will arise from them, 1 ac-
knowledge the justice of the request for
my resignation. which 1 hereby present,
both as a director and as cashier of the
Chemican National bank. This termi-
mates a faithful service( until the above
of thirty-six years to the institution,
which has justly been the pride of my
life. Respe ctfully,
(Signed) WILLIAM j. QUINLAN, JR.
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 irrigation
schemes.
The first known of the affair by Presi-
dent Williams was when Quinlan called
upon him at his home on Sunday last and
made a full statement. 1t is conceded
that Quinlan, as cashier, had the power
to- make the loan, but it is held that in
a. transaction involving so large an
amount of money he should have consult
ed the president. Mr.. Williams said to-
day:
''We think that absolutely the worst is
known and are strongly in hopes that Mr..
Quinlan's expectations are true and that
a large part of the money will be recov-
cred. We would rather face the matter
and let the public know the whole truth
The Chemical National bank is one of
the most prosperous institutions of its
kind in the country, and should all the
amount loaned by Mr.. Quinlan prove a
loss the banks credit would not be az !
fected. Its shares, of the par value of
500, have sold for more than $4,000 each
within a short time. The directors are
George g. Williams, James A. Roosevelt,
Frederick ". Stevens and Robert Goelet
Cashier Quinlan was also a director. The
latter is SO years of age. During the TWEEN
ty years he was cashier he never took a
vacation.
Francis Halpin. assistant cashier. is act
ing cashier of the bank pending the Sc
lection of the successor of Mr.. Quinlan.
The amount laned Cradle was 500. 600
John S. Silver. of this city. representing
a carbon company obtained s193, 900.
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