The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-03

power to make the loan, but it is held
that in transaction involving SO large
al amount of money he should have
consulted the president.
The Chemical National bank is one
of the most prosperous institutions of
it's kind in the country and should the
amount loaned by Mr.. Quinlan prove
loss, the banks credit would not be
affected. It's shares Of the par value Of
500, have sold for more than $4,000 each
within a short time.
The directors are Gen. G.. Williams,
james A. Roosevelt, Frederick w. Ste
Vens and Robert Goelet. Cashier Quin-
Ian also was a director. The latter is
fifty-three years of age. During the
twenty years he was cashier, he never
took a vacation.
The amount loaned to Cradle was
100000. John S. Silver, Of this city,
representing the Carbon company, OBJ
tanned $4,000
Gen. Williams, who is president of
the bank, as well as director, IN dis
cussing the matter said: I'VE have
charge of nearly the whole of the loans
to our profit and loss account, although
we are satisfied that we shall receive
part of the money eventually"
QuinIan Crazy.
I'm my opinion" he continued, Mr.
Quinlan has been made the victim of
clever schemers. 1 believe that he has
been mentally irresponsible for months,
though there was nothing apparent in
his actions to betray this to US.
"Mr. Quinlan had known Mr.. Cradle
for some time, and six weeks ago, when
the latter asked for loan of $4,000 to
help along some scheme of his, Mr..
Quinlan gave it to him. Then came
another, loan of $4,000, which was also
granted. Next Silver was brought into
the deal"
What is Silver's buslness?" Presi-
dent Williams was asked.
Chiefly to get money out of banks"
was the terse reply.
Then Mr.. Williams continued: "Quin-
Ian was induced to make the first loan,
believing the security to be all right
The amount was small, but, when a
start had been made, the men wanted
more money.
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 $4,000.
I'm this way, in a little more than
six weeks the amount of the loans was
run up to almost $500, 900. 1t was not
until it had reached this figure that we
knew anything about it. Then, for the
first time, Mr.. Quinlan seemed to real
1Ze that something might be wrong
with his accounts. So last Sunday he
called on me at my home.
81 was simply dumbfOunded. I had
never before had the slightest suspicion
but what Mr.. Quinlan was all right
mentally. Then I realized that some
thing must be wrong, or he would new
er have loaned money to Cradle and
Silver or have advanced even the most
trivial sums on the security they had
given him. I examined it and decided
1t was almost worthless, and made up
my mind that the bank would lose ev-
cry cent 1t had advanced.
Mr.. Quinlan combatted this idea.
He still insisted that the security was
good and would fully cover the amount
he loaned.
"I was not able to persuade him
otherwise, and at last told him he must
resign, and do this at oHce, in letter
to the directors. He was fearfully
broken up by my decision. But he did
what I told him to do. The letter was
written Monday and briefly stated the
case When it had been given to the
directors, Mr. Quinlan left the bank for
his home in Brooklyn. 1 suppose he is
there now"
In QuinInn's Defense.