Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1881-11-04

Judge Jesse asked TO De allowed 10
have an expert examine the matter,
and pledged himself that the pros
erty should be left undisturbed until
the examination was completed and
he could give his answer. Baldwin stated
to the district attorney that he received
per cent. commission from Nugent
for negotiating his paper and taking
charge of his banking business. The
counsel for Baldwin stated that he be-
lieved his client would be enabled to
prove the truth of all he said in his
confession with regard to the transac-
tions of G. Nugent 4 Co, with the
bank. 1t has already been ascertained
that during August, September and Oc-
tober, the firm had drawn from the
bank nearly S500,0O0 He thought The
figures were $4,000. With such drafts
as these it would not take long to draw
out $1,000 600.
Of course there had been some
money paid into the bank by Nugent
Il Co., but the payments did not reach
90 per cent. of the drafts.
The counsel for c. Nugent said he
would be able soon to show Baldwins
confession to be false c. Nugent 4
Co. had not drawn such an amount as
$1,000, 600 in excess of credit, and he
doubted even if the excess would be one
tenth that amount. The firm was max
ing up from their own books state
ment of the monies paid in and drawn
out Of the bank for number Of years
past, and this he thought would effect
the books figures.
c. Nugent 4 Co has rot made an
assignment, nor do they intend to do
SO. The story that the bank was TO be
preferred creditors, was also
an error. At present it was the nten-
ton of Nugent 4 Co. to remain still
and abide events vixen ii would be
found that the people had been miSled
as to the way the money had gone.
The bank claimed that Nugcnt 4 Co.
had drawn 100000 the past three
months. The counsel said a firm which
employed 700 hands day and night
would have large pay roll, and that
alone was over 100000 per month
Then there was material to be pur-
chased and other expenses; but was it
not unlikely that there would be some
receipts to counte~balance this large
All the money received
went into the Mechanics bank, and
this is what the statement now being
made out by the firm is to show. The
fact of the whole affair is, Baldwin was
financial manager of the firm, and had
been for about eight years; neither
Christopher nor James Nugent were
financiers or claimed to be, and Bald
win had power of attorney to fill up
signed notes and checks. How easy il
would be for him TO fill up such notes
and place them among the banks pa
pers instead of depositing the receipts
ofthe firm to their credit The pass book
would show the notes as deposits and
the firm know nothing about it. A
friend of Cashier Baldwin said he was
with him on the day Garfield was bur
led, and heard the former ask c. Nu-
gent for money. Nugent said he had
a large quantity Of material made up
ana would soon be enabled to pay in
about 100000. This, he thought, was
evidence that Nugent knew his ac-
count had been overdrawn to large
amount. Baldwin was very pale when
he spoke to Nugent AS if he was suffer
ing from great anxiety. Phineas Jones,
one of the bondsmen for Baldwin, was
in a better frame Of mind this after
noon. He said he could not tell now
who were on the bond with himself rs it
was so long ago, and he had had no
previous cause to think over the mat
ter. He supposed that he would have
to make good his bond (S20,000) and
he was glad that it was not more, as it
might easily have been. Such was his
confidence in Baldwin's Integrity as
president of the bank
Geo. A. Halsey said That so much
confidence was placed in Baldwin, that
his bond was not even thought Of until
this trouble occurred. Geo. A. Halsey,
director, has returned from Washing
ton, where he saw comptroller of curren-
cy; the latter said he had been great
ly amazed at the failure, having had a
very high opinion of Baldwin.
f. NJ. Douglass, cashier Of the Ger
mania National bank, said in conver-
sation with reporter: 1t has been
the talk of the city four or five years
past that Nugent & Co. had been up
held by Baldwin, cashier Of the Me
chan;cs' bank. Baldwin was practical
ly raised in the bank. He was spoken
of by everybody, president, secretary
and tellers, as Oscar, and everything
was referred 10 him No, / don't think
this will cause any inconvenience to
other banks. think the only firm
that will he seriously inconvenienced IS
Nugent 4 Co. 1t was said this morning
that they have suspended, and if
this is true | doubt if their creditors
get more than twenty-five cents on
a dollar" When asked whether he
believed Cashier Beldwin's statement
that all the amount Withdrawn
from the bank had been loaned Nu-
gent 4 Co., was true. Douglass said:
Il do not. Baldwin made simi-weekly
visits TO Wall streer, and it is more
than probable that fully or Cloths of
the sum which he distracted from the
bank were sunk in stock speculation" "
George Wilkinson, president Of the
Second national bank, and John II.
Kase, president of the second national
bank, corroborated what Douglass said.
Mr.. kase said in the course Of further
81 don't think Nugent
& Co. are as heavily involved as Bald
win would like to have the people be-
heve. Nugent said this morning that
he was not indebted to the Mechanics
bank for more than S20O,0OO or $780,
600, and he did not propose to turn over
his entire assets to the bank; that if he
was com PEELED to make an assignment
he would do so on equitable terms with
all his creditors, but that he hoped to
be able to resume business in week
or two.
District Attorney Keasby in investi-
eating the account Of Nugent & Co.
with the bank, up to noon, discovered
the firm had drawn from the bank on
checks more than l 100000 since Jan.
18th, and he Is endeavoring to find
what amounts of deposits have been
made to meet these drafts. He had
found deposits amounting to 10000 in
September and October. Keasby said
to reporter, and he spoke very earn
estly: "Nugent has had a rope around
the cashiers neck, but now j have one
around his, and ! intend to draw it
tight"
NEWARK, Nov Limited States Dis
trict Attorney Keasby tonight makes
the following statement Of the drafts
and deposits by Nugent in the bank
during 1880: In Oct. he drew s223, 900
- a L