The Russellville Democrat., 1881-11-10
THE WORST YET.
The Mechanics' National Bank of Newark Falls for s2,O00, ,0OO-The Cashiers
 WondertuI Story


 The closing of the Mechanics National bank of Newark, N J., is one of the biggest sensations ever experienced in that city The cashier is | oscar L. Baldwin, and he, by his confession, Is l the mcans by which the institution has been robbed of over s2,oo0.000 and probably brought to | the end of it's existence He was one of the most respected and popular men in Newark To all intents and purposes he was the bank. The | president Joseph A. Halsey, who lives In Park | place. in one of the elegant mansions facing Military park, is 80 years of age, and besides his present illness has long. been feeble from age The board of directors, which includes the pres- dent and cashier, Is made up of busy men at the | head of big concerns. For these reasons and because they believed Baldwin, second to no body in the State as financer, the business was | virtually wholly in his control
 CALLING THE DIRECTORS TOGETHER. On Saturday Cashier Baldwin requested Ste | phen II. Condict, oue oi the directors. to meet l him at the bank on Sunday morning at II o'clock | Mir Condict is an old resident of Newark He is years of age. and is at the head of large har- ness making establishment. He met the cashier | on Sunday, aud Baldwin revealed enough of the | truth to oause Mir Condict to send notification to the other directors, to meet at the presidents residence at once.
 | Five or six of the directors were out of the l city. The others responded to the call. Director Bond then charged Cashier Baldwin with having speculated. with the Banks funds; l when be got behind in the vain hope of catch ng up and making good the default This Baldwin positively denied. An offer on the part of the | money in the sum.of one million dollars One report has It that Director Clark offered tho sum | in his individual name, but another is that all the directors present agreed to furnish that amount At all events the offer was made and Baldwin replied that 1t would be of no avail He said that the deficiency amounts to more than
 It is not yet known where the money has gone, but 1t is alleged the cashier has been engaged in Wall street speculations If, as seems probable Baldwin goes to state prison, there will be three hank cashiers in confinement there-Baldwin and Holden of Newark, and Berry of Hacken- | sack. II appears that Baldwin has got away with everything but the safe wRlch was very heavy one.
 The bank held all the deposits of the old between seooOoo and Sl 40 .Opo. As this sum was available not a penny, it IS believed, will be | saved from the general wreck.
 THE CASHIERS STORY. Cashier Baldwin of the Mechanics bank while confined to his residence, waited upon by the United States district attorney and Commit- | sioner Keysby, and admitted to ball in the sum of s25 0O
 The manner in which this business was trans ac ed was thus: Nugent would give drafts on friends in New York, which would be credited him cash and Baldwin would use the banks money to take up the drafts when due. The books were 80 falsiled as to show the accounts to be correct Finally, however the losses were placed in the account of the Mecnanics bank of New York, agent of the Newark bank so that while it appeared the Newar bank haa claims for two millions against the New York bank, in
 
 S2 s,000 This difference Is almost wholly due 10 | irregular transactions with Nugent. He said he had speeulated very little and lost nothing in that way.
 The business of the morocco firm Of c. Nugcnt & Cn. is said to amount to over million dollars a year They employ coo men and the weekly pay roll amounts 10 Si0o0.
 'When Baldwin was before us" said director to Tribune reporter. "he appeared to be anxious 10 make clean breast of the matter He sand he fully realized the grave nature of his offence and admitted he ought to be dealt with in he severest manner law would allow. TheTeis no excuse for bis msdeeds he said and 1 now see what ought Co have seen years ago. ,tand before criminal
 that you ought to send fo- officers and put me under arrest for misaRpropriating your money and the money belonging to other persons. It is your duty to send me to jail and 1 only ask the privilege of going home to inform my wiie and family Of my misdeeds. They know nothing about this affair. I never expect to go to the bank again. bat, instead expect to go to jail, and from there to the state prison, where shali have 10 end my days. If had not been too much of a coward would not have been her2 to tell you this story tonight
 I SHOULD HAVE SHOT MYSELF
 Since have chosen to live must suffer-"
 shortly after the last statement of the Newark bank was published, Q peculiarity in it attracted the attention of the officers of the Mechanics National bank of this city It had been observed at once by officers Of other banks at Newark who wondered at the statement, but could not prove it faise. This peculiar feature was the large amount due from reserve agents nearly si 5O0- roo officers of the correspondent bank in New York Co watch the Newark bank then was in- debted about SEQ ,000 sought an explanation of this item from its cashier. Baldwin's explapa- ton was that the money belonged to the Mntual Benefit Life Insurance company of Ne ewark, that the bank was paying small rate of interest on it and WAS leaning it to two New York banks at considerably higherrate. The transaction accord. lngto Baldwin, was
 PRODUCTIVE or HANDSOME PROFIT
 To his corporation therefore was interestrd fn not disturhng the icans. There was not ing m this tO arouse suspicion, but when Inc cashier in reply to q natural question asked to be excused from naming the New Ynri; bank to which he had lent it the officers of the New York bank became what alarmed and determined to ascertain the correctness of Baldwin's statements They were not qnick enough, however and the failure Of the Newark bank came before they had learned that the representations of Cashier Baldwin were false. In preparing for the examination of his bank Baldwin saturday made
 LAST EFFORT TO DECEIVE
 The national bank examiner. He called at the Mechanical bank ia New York which held Si4l.- 600 In paper as collateral security flra a loan of ovrr S6M000 The absence of % large m amount CT its bils receivable would be fatal 70 his pass ing examination, especially when he was forced 70 represent stiil larger surn gs heing dus from iz Nsw 1ofk eoTgespondent stepping inte ihe