The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-11-02
THE MISSING MILLIONS
OF THENEwARK, NEW JERSEY, BANK
RumOn In Regard to the Disposition Of the Funds
Speculation Ia Wall Street Probable
Explanation OF the Cashiers DSasI.
suCy Blind Bank 0IlslGls.


cashier about S2,6OO,OO0 The alleged
use made Of the money by him is even
more amazing than the amount taken, and
there is reason for doubling whether the
true explanation OF the disposition OF the
funds has been made. At the same time
nothing has come to light in Wall street
which shows that the money was lost in
stock exchange speculations, ThefeaT that
there would be run on the saving banks
in Newp Jersey has not yet been realized.
Early yesterday morning representa-
tive Of the Evening Post met gentleman
who inquired il there was not rumor OF
trouble in Newark bank, Being told
that such report was current, he said,
Simply: "AIeChanlcs?" Yes Then, said
he, "lts because it hHs been robbed by its
cashier, and money has gone into stock
speCulations." On further inquiry, the
gentleman said, that in n certain building
not remote from the Mechanics Bank,
which building was under control Of the
Cashier and some OF his friends, u person
had for some time occupied an office
which suited him entirely, and which he
was not disposed TO vacate, when to his
astOnishment he was requested to surren'
der 1t, but be was offered finer and more
attractive quarters in some building ut II
lower rent, and OF course willingly eX.
changed. The transaction becoming
known was thought to be queer,
and naturally provoked inquiry and
observation. Then 1t was found that II
ticker and telephone, communicating
with Wall street. had been put into the
room, which was furthermore connected
by speaking tubes with the National bank;
ing house. Thereafter the Cashier and
some OF his friends were constant visitors
ut the room, and the person who tells this
story AYERS that ho shortly gave up tho
Mechanics Bank and looked upon the
crush merely as q matter Of time. This is
directly from u mAn who had an unusual
opportunity OF knowing and observing, but
1t IL absolutely contrHdictGd by the state
mCnts OF the Cashier and OF tho brokers
with whom he is reported to be most ntl-
mately connected. 1t now seems likely
tint there will DO entirely new and sur
prising developments within u few days,
which will involve others besides the
Cashier.
NEWARK, N. j., November 1.-District
Attorney Keasbey has demanded tho sur
render OF the property in NugcntS factory,
OH the ground that 1t was acquired by the
money obtained from the bank under the
promise OF turning 1t over in case OF ne
Cessity.
Warren Ackerman, former director Of
the Mechanics bank, who demonstrated
against the one man power, has begun u
law suitagainst President llHlsey for debt
/. caused by the l0ttCr's negligence. Nugents
counsel deny that he received ns large IN
amount as stated by Cashier Baldwin. They
say he can't ascertain how his accounts
stood ut the bank because Baldwin Ind
them so mixed up, and he was In the lat
terIs power. None OF the other banks arc
seriously involved with tho Mechanics
Tho President OF the Mutual Benefit Life
Insurance Company telegraphs their agents
that the banks failure does not embarrass
them, their deposits having been steadily
reduced since May. The receipts from
their agencies have been deposited in the
State bank.
NEw YoRK, November 1.-The Peoples
Bank has claim against tho Mechanics
Bank OF Newark for $4,000 and tho Com
mcrcial Exchange Bank for one Of $3.50
Tho Express says Agent Lcman, well ac.
Quainted with the condition OF the leading
monoyed institutions Of this city, said this
evening that the knowledge of tho Newark
banks condition was on Wall street u
month ago. He said the paying teller In
one OF the most prominent banks on lower
Broadway told him three weeks ngO that u
messenger from neighborng bunk had
rushed into the Office and blurtcd out,
"There's n big hole in the Mechanics bank
in Newark to bo made up. Look out boys,
stand from undcrw The teller was paying
out when he heard the intelligence, and
told the messenger to be silent, as he was
circulating report damaging not alone TO
the Newark institution but also to the city
banks. The messenger afterwards confirm
cd whnt he had said by rGmarklng that the
rumor Ind Just got among the clerks in his
bank, and tlat he thought II good piece
OF news
NIw York, November lin tho wreck
OF the Mechanics National Bank Of New.
ark, what strikes business men ns strange,
IL TINT the directors ilrst and the bank OK.
aniner next, should never have thought II
worth while to verify the statement OF
Cashier baldwin tlat the bank had over
S9,OOOOOO on deposit at New York. The
agents attempt to verify this would have
exploded tho deception at once, and IA
sAid, when there was mn item OF this kind,
about five times the amount Of the capital,
Il would have been thought verinCatiOn
would have been made. There Is yet no
reason for tho rtimOr that some OF the di.
rectors knew more about the matter than
they now admit. II seems TINT United
States District Attorney Keasby became
satisfied, after n liasty examination OF the
hooks OF the Mechanics Bank. and papers
relating TO o. Nugent 4 Co., surrendered
by Cashier Baldwin, TINT the assertions Of
Baldwin In his voluntary statement were
substantially true, hence ho made the dc.
mand upon Judge Teese, Nugent's counsel,
that tho property now in the hands Of MI
gent 4 Co. be Immediately surrendered to
receiver In partial restitution OF the
amounts distracted by Nugent in COM
plicity with Baldwin.
The District Attorney exhibited 10 Teese
some papers on which the clalm Is based
and insisted that the goods now In the
inCtory were produced by the application Of
money drawn from the bank, and were In
fact tie property Oithe bank. Teese asked
10 I've allowed to have nh expert examine
Tic matter and pledged himself that the
property should be left nnGisturbed until
The examination was completed md lie
could give an answer Baldwin stated TO
the District Attorney TINT he received one
per cent commission from Nugent for ne
rotiAtInp bis paper and taking charge OF his
banking business The counsel for lIald.
win said lie believed his client would be
enabled to prove the truth pi al he Ind
said In hls confession with regard 10 the
transactions OF q. Nugcnt 4 Co, with the
bank. II has already been nscertaingd that
during August, September and October the
Arm lad drawn from the bank nearly $500. !.
DO. Iio thought the figures were about
siTB,OO0. With slatl lFaits ps this itwouldi