The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1881-11-18


n. D., closed to-day. The announcement
excited universal surprise and establishments
Isfc Mechanics Bark has been inc
leading financial institution Of Newark Tor
the past tIfty years, and IN al that time 70
whisper 10 rs discredit had been heard. u
was the heaviest bank Ia the State 81 New
Jersey. and IL transactions were 81 mag
nitude and importance known 20 no other
suburban hank. The story of the ruin,so far
~ Il can be given A present, was Obtained
from one Of the Directors, gentleman
whose whole fortune Is swallowed by the
catastrophe "sunday morning." be said,
:. Oscar 4. Baldwin,the Cashier Of the bank,
sent for Stephen II. Condict, one Of the pi-
lectors, and asked him 10 call AZ the bank
/ building at eleven o'clock. Mr.. Condict
called At the hour fixed, and Bald
win informed him that the bank
was ruined. II seems that the Bank
Examiner, e. II. Shelley, who has been
in town for the past ten days. examining
National Banks. had notified Baldwin
Thursday that the bank would be examined
Monday. and this precipItated the dis
closure. Al seven o'clock last evening
meeting Of the Directors was held ~ the
residence OF Joseph A. Halscy. in Park
Place. az which there was full attendance.
Mr.. Condict told the other Directors what
Baldwin had said 70 him, adding that The
shortage Of the institution would probably
amount 70 5000 600 or S2,5oo,ooo. When
the establishment rising from this startling
announcement had subsidized. Mr.. Baldwin
was called before the Board and made
statement OF financial operations for the
past twelve years. such a. perhaps has no
parallel In the history OF banking. lie said
!, that the whole amount. say y. 10000, had
gone into the hands Of single firm, Messrs.
G. Nugent A. CO.. morocco manufacturers,
Of Newark, and that he had never bene tited
\ by the defaIcai:nn TO the amount Of dollar
He had loaned money % Nugent 4 GO. some
twelve years ago. without authority from
the Board OF Directors and without The
customary collateral. and had ever since
\ been trying 10 cover his tracks. Nugenf, ac-
cording his story. said that he owned VA
Y ,iahle property and would be able 70 take Up
X all his notes, provided little time was
a given him. Whenever note became Que
Nugent would pay portion q \ ard then
4 give another note and borrow an additional
4 sum OF money. Al Ia 9Th Baldwin protest
y ed but Nugent quickly shut him up by cay
T. ing: You and are both In the hole 4
" this thing T. exposed II VIII ruin you as wei
a. me. You have been lending me money
y, without collateral and without he consen
y" 81 yol.r Board Of Directors. cay NOTHING
re about II, and will be able before long 4
n null through POwerIess 10 resist, the un
I. fortunate Cashier continued 70 advanc
4. money 70 Nugent 4 60. until the amour
II. Win Kent 4 knowledge OF these transaction
ma from the Directors l cannot tell you; but
~ pfc>ume TINT he used our balance ~ VI
Mechanics Bank OF New York Tor that PM
pose. We have had an average daily pa
IT. ance of from n 800 900 10 ,2.N0Q,oW ~ ina
~ in.fitution for several years, and Il wa
~. very easy for our Cashier 20 make "
Of II without our knowledge, since \
~ could keep bis books in such way q.
ne seemingly preserve that balance intact. y,
nd sides. all q "a had the most pei,ee. s" y.
dence IN his integrity. and kncwtnat ne VI
4 business man Of rare Shrewdness and app
IN. Nv theory II that when BALDWIN four
himself involved 70 the amount q f1W!s
or 1910, 900 ~ his note transactions "a
m Nugent. he went into wall street Win w. w.
dj- inr himself. Bad luck Or bad juugmc
dragged hm deeper and deeper into Y
mirc and the result was his disclosure
NC last evening. lie told me that every uoli
m n the missing money had gone into n
,ity gents business; hut this can not beiieN
n 4 should have said that the netcs given
III Nurent 10 Baldwin for the money o.
hank were never seen Of heaiu 2 ~
Directors. - ~ 'aJ u,,s w" Tx HANK Examir
OF was hoodwinked can not az nn' NJ e N
Il annual examination our PAM 1sm wv o'', !" J,
"a. clean record. For myself, ! nsn r,cn v
limited connosncc - pa as,"a,. INV INV,
W snousn' n ''o"e
late N AFTER hearing BALDWIN rn's ~ 81,
NV the Director continued, INNS sa''ep ~ NV. \ !
.ar erick z, trclingnuysen y g2 , anl y,
,,,x po'ntsa msss cor, n,j,,ee ~ VIII wash,
y. I'm sr1 consnlt witt thc Comptroller n