Show THE NEWARK FAILURE another victim of the seductive attractions tr of wall street particulars of the collapse of the mechanics bank ily by IV U telegraph Telee Telez raph mPh to the I HERALD I eralda NEWARK nov L the following facts in the embezzlement caso case of or cashier casl iier baldwin of the mechanics national bank of this city were made public yesterday little did baldwins baldvins Bald wins old church frienda friends think as they sat in church last night that one of their leading lights wag was at that moment con confessing conf easing himself a thief it appears that at one time baldwin wag was one of the trustees tru of a prominent savings institution which deposited in the mechanics chanice cs bank through some mistake he lie resigned and the savings institution withdrew their account from the mechanics thus escaping being engulfed in the present failure of the latter at the newark mutual benefit life insurance co of which baldwin in is a trustee the excitement is intense the president left e for or new ew york ork immediately med tite upon the receipt of the news the cc company pany is ia involved it is understood quite bite heavily one of the officers of t th ie insurance coin company pany said they had never before experienced such a shock baldwin was a roan man of unimpeachable character he lie was married and was the father of four children in social circles lie was regarded as one of the leaders and liis his reputation as a financier was unexceptionable baldwin positively refuses to see anybody with exception of his personal friends to people calling at his house his son answered liis his father being sick could not see anybody at all especially no reporters bald wins wife and his children two boys of 15 and respectively and two i Is of f 11 and years stayed at his K ido all day baldwin saul to A friend I am guilly and wl willing I ina to go lo 10 the penitentiary at U S commissioner keasby and a district attorney called at liis his house together with a she shorthand rt reporter and ex judge wor bald baldvins baldwins w wins ins attorney baldwin pos positively iti N I y denied he had used any f funds n of f tl the I b bank for private speculation and eaid said since tha the organization of the bank the tile firm ofa nugent co have been among their principal customers since 1872 that firm made irregular loans and I gave them money without security and without tho the knowl knowledge edgo of the board of directors nu cn b by threatening me lie would tell tell al all I a about out these crooked transactions compelled me to give him money from time to time sometimes nugent paid back to the bank 50 per month but ho lie always di drew more than ho lie p paid aid I hoped all these years nugent co would refund these sums knowing the firm to be very wealthy nugent co were well aware odthe of the fact that I used the funds of the band for the sums I loaned them up to date nugent co have received more than 2000 out of tha the funds of the bank the modus operandi was that nugent t co gave checks for new york firms to pay some money to the bank from timo to time the funds of tho the bank were used to p pay ay the drafts of the firm the entries in tho the book arc are falsified BO so that tile directors thought the siness the was alrig alright lit christopher nugent a morocco manufacturer odthe of alie firm CN C nugent A co was arrested last evening eve nine at his house by a deputy U marshal on a charge of aiding and abetting cashier baldwin in embezzling funds he ila gave bail to answer tho the charge cliame the arrest waa was made on the voluntary statement of the cashier in regard to tho the loans of nugent nug ants bondsmen were n ere geo B jenkinson on and jas snyder the complaint against nugent was made by U S commissioner A R keasby the bank seems to have been inextricably ably involved with the extensive morocco manufacturing firm of C nugent co which firm again is announced hopelessly involved ayrea by reason of the failure of tho the bank the state banking company whose funds were nightly deposited at the mechanics chanice cs W were somewhat embarras ed by the failure of the latter but drew from it some in bonds which were w ere also deposited therland there and sited them in the essex county bank bank where funds were then secured to go on with tho the business busi nesa of tho the company quito a run was made upon it and alderman Werden moyer drew out bis his entire deposit the company however only had about in the mechanics and the officers havo have no fears of its eafen safety among tho the depositors who airi wiri will greatly y feel their loss just at t this tima M c are tho tile republican nominee for sheri sheriff william tand the democratic tic candidate for senator judge wright lost every dollar in cash wh ho he had the stoc stock kwas was beldin held in largo large amounts by the president and his family and each director held considerable sums as well the mutual benefit life insurance co were large depositors but not to BO so great an amount lately as before A meeting of the finance committee of the aqueduct board was h held eld in tho the afternoon to hear a statement as to the amount the board had on deposit in the mechanics the secretary reported that th the e board bad had in round numbers belonging to the sinking fund the there re on deposit that had recently been paid in from temporary loans and waa was awaiting investment that tho the balance of the general fund was in round numbers and the special tax account i about making in all tho payment of interest falling du due e on nov has been provided forand for and the board expect to meet all claims for interest and payment duo due at the national state bank oscar L baldwin the default defaulting iPg cashier la is the eon son of caleb baldwin and entered the mechanics bank as a boy occue occupying in a minor position he ile roso rose gray gradually lually until about 1852 when he lie became assist assistant plit cashier at about the beginning of the war he lie succeed succeeded ed as cashier and has occupied that position ever since ho ile was prominent in public and social life and sfa was ft a director in the mutual benefit life insurance co this company once offered him a prominent position but he lie refused it il hia his salary as cashier was OW per annum personally personally ho be was popular and rand his b is relations an and friends I include the most prominent ent people in newark for several years baldwin adwin had been engaged eked in speculation in wall street and it is s believed that the misfortunes of the bank are duo due to this fact that there have been other causes is known but the bulk of the mo money has undoubtedly been sunk in stocks A number of dividends payable at tile bank arc are said to have been declared by various companies and money was deposited to met meet them now of course they are able the last aemi semi annual dividend of the bank was for seven per cent the tile stockholders of the bank are liable for the tile full amount of their hold holdings n that is to say each stockholder jr for must pay besides losing the value of his idock s tock the th government bank examiner arrived at the bank monday tu morning orning and with the aid of the clerks began his examinations various rumors have been set afloat concerning other banks but have been disproved without exception so far as known no other institution is affected to any extent the effect upon the business community has not yet shown itself but will undoubtedly bo be developed short the mechanics bank ayas was chartered in 1831 and organized as a national bank in 1863 the actual loss it it is believed will reach fully nugent N states the amount discounted by y the bank for his firm is only about a comparatively small portion t of baldvins baldwins Bald wins defalcations the bank building is estimated worth 50 then there is supposed to be cashon cash on hand assets under tho head of bills receivable this may possibly change these figures it is estimated however the depositors will not get beet over 60 50 cents on the dollar dollars balowin baldwin sons joseph hensler and Gott Gottfr fri ioA ica knieger Kni egor brewer arc are among ano largest depositors nugent offered monday borni morning ng to confess judgment for on liis his indebtedness sunday morning was the tile earliest period when any of the directors had any intimation that the afla affairs iri of the bank were wrong the first intimation was given by balda baldwin in himself ba baldwin thep dw in when first spoken to about broken the tho matter paid said he be ful fully v y realized the grave nature of the offense and admitted lie ought to be dealt w with ith in the severest manner the law would allow there is no excuse for my misdeeds ho he said and I now see only what I have seen years ago I stand before you tonight to night a perjurer a forger fals falsifier afier an and gri criminal minal I think gentlemen t I le e said FEW in conclusion cl you might send for the officers and and put ine under arrest for mis appropriating your money and money noney belonging to other persons it is is your duty to send me to todail jail and I only ask tho the one privilege of going home to ili inform in my y wife T I e and chi children il dren of my illy misdeeds they know nothing about this affair I never expect to go to the bank again but instead I expect to go to jail and from there to the states prison and there I will have to end my days lays if I had not been too inu much eh of a coward I would n not ot have been here to tell you this st story t tonight I would bavo shot ayt myself I have chosen to live and hence I must submit to suffer |