New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-01

Withdrawals. The Merchants FIRE INSURANCE anu
State Banking Company, of Newark, were also ue-
positors. The latter institution had been aecus-
tened to check on the Mechanics. The presluehl
yesterday stated that the bank was not anecueu'
and in case of run it was prepared to meet it. Inc
firms of Clark Bros Lister Bros, T. I. Howeh ~
Co.. and other large manufacturing firms had con-
siderable deposits. The Republican nominee ior
Sheriff had all his cash deposited in the bank ana
Judge Teese, the Democratic nominee for senator
who is also counsel for the Mutual Beneht Lile' ~
a considerable loser. large number OF business
firms had all their cash in the bank, and so also u
q number of benevolent institutions.
LIABILITY OF STOCKHOLDERS.
The stockholders arc liable to the full amount Oh
their stock and some of the directors are nea'S
stockholders The Halseys are reported 10 hoiu pe-
tween $125, 900 and $200,0O0 which VIII orine
their loss over a quarter of Million should moth
ing be saved from the wreck.
SKETCH OF THE BANK AND THE THIEF
Oscar L. Baldwin, the cashier was arrested at lbs
house. in Central-ave., early yesterday morning he
was i'll, and the deputy marshal who made the ar,
rest held him under surveillance at the mouse untl
he conld find bondsmep. The arrest was made on
complaints of A. @. Keasby and James r. Bond De-
fore United States Commissioner Z. =. heasDy'
The ~6dayits set forth that Oscar l.. Baldwin had
from time to time, without the knowledge or au-
thority of the Board of Directors, wlliuly mlsap-
piled the funds OF the bank to the extent OF over
So 600 900; and that the bank had become ruined
and insolvent; that he had made divers false en-
tries in the books, reports and statements Oh ule
bank with intent to injure and defraud the bank as
sociation Later in the day. the United States Com
missioner fixed the amount of bail at $25,OOO, ana
William A. Freeman, William IL. Baldwin and
I,t+o Of II be-
came bondsmen. The names of the cashiers original
bondsmcn include those of Congressman Phineas
Jones and Matthias NJ Dodd. Mr.. Jones stated yes
terday that the bond was made fifteen years ago,
and that he had forgotten the amount as well as
the names Of the other bondSmen. Mr.. Joncss husi-
ness partner is William ii. Baldwin, brother oil
the cashier The latter was also indebted TO mnlor
loans made.
Cashier Baldwin has held his position since ls6l'
previous TO which time he assistant cashier Tor
about nine wears. He is between forty-iye and hity
years of age Early in life he held a position IN the
business office OF The Necdrk Daily ddrertis, ana
while still boy entered the employ of the bank.
The bank was chartered in 1s31 with capital OF
$500 600 and surplus $4,000 On June ., 1860,
il was organized as a National Banking Association
Dividends were declared February l and August
l. As cashier, Mr.. Baldwin has enjoyed the ui-
limited confidence of the business and social COM
munty of Newark. The Mutual Benefit l-lic lnsur
ance Company of which he is director, offered INN
n prominent postion at one time, which hc declined
HIS salary was 81 800 year. He was prominent
vestryman Of Trinity Episcopal Church Of Newark
and was identified with various church interests
The or dit of the bank stood well that its STOCK
has sold for nearly double its par value within
week and was regarded "git-edged invest
ment up to the day OF the failure, as the semi-an-
nual dividend WIS seven per cent. The result Of the
investigation in progress will have to be waited
for TO show what assets are left for the stock
holders and depositor1 but there is well founded
belief that these VIII bearn no comparison 60 the
amount of loss and the fear is entertained that thc
failure will prove cerous blow to the business III
tercsts OF Newark and will unsett!o confidence IN
other and stable financial institutions in the city.
TIE BANK BUILDING.
The bank building is an imposing structure when
compared with the other buildings in the ncirhbor-
hood 1t stands In Broad-st. fe" doors above
Market-st 1t is built of brown-,tonc and Is three
stories i'll height. few steps above the street Is
the large countng-room, the interior of which can
be seen distinctly from tho street through several
large plate-glass windows. The building Is about
fifty feet wide and nearly all this space is occupied
by the countingroom. Within the room a long par
tition separates the clerks room from the depos-
tors. The officers rooms are comfortably though
not luxuriously furnished.
ARREST OF MR.. NUGEST.
A warrant was issued late Yesterday afternoon by
Commissioner Keasby for the arrest Of Christopher
Nugcnt. The warrant was served on Mr.. Nugcnt al
o'clock last evening at his handsome honsc, IN
Clinton-ave. by United States Marshal Buuct.
The charge was aiding and abctting Baldwin in the
robbery of the funds of the bank based on allcga-
tions made III Baldwin's statement to The Commits
sioner. Nugent was suffering from nervous prosra-
ton, and his attending physician, Dr. OGornaI.
had piyen orders that no one should be allowed to
see him The Commissioner went 10 the house soon
after the arrest and accepted bail III the sum ol
S25 coo. The bondsmen are George Il. Jcnkinson,
of the firm of f. B. Pedde d Co., and James Smith,
ir The admission was made by Nugent that lac had
had transactions with the Mechanics Bank for
three years past and might owe it money. He
could not say whether he wasndebted to it asmuch
500 OOO lie had made assignment OF his property
OF business His counsel said last evening that he
was undecided what 10 do in the matter. 1t was
understood last night thlt attachments would be
made on different property belonging to Baldwin
and Others nclud ing theatre.
A statement obtained some cTcdcnce last even
ide that Goshen Baldwin was insane aud that his
avowals were simply the imaGinings of disordcred
mind that the loss of the bank was no less than a
quarter of a million.
FACTS GATHERED II THIS CITY
ATTACHING THE STORE or c. NUGENT & Co-cOy-