Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-11-01
A BROKEN BANK,
AND ACASHlER WHO SPECulATeO IN
WALL STREET,
Getting Away With the Millions Inc Safe
Was Too HeaYy-Surprised Directors
Ruined DepositorS - Business
Suspensions - Peculators in
Prison.
THE BEST FlNAECIeR:lN NEW JERSEY.
A BROKEN BANK.

Collapse Of the FOr5mCSs Bank n n ew
/ jersey.
New NoEN, October &l.-The Posts
| Newark, y. j., special says: The di-
rectors of the Mechanics National
/ Bank, the largest bank ill Newark, this
morning announced its suspension. A
meeting OF the directors was held yes
] terlay afternoon, and Cashier .. l..
] Baldwin stated that the bank WAS nos in
condition TO pay, and that the liabili-
| ties were SO great that further attempt
/ To carry on business would be useless.
| The directors then offered to subscribe
| five hundred thousand dollars 10 put
/ the bank IN condition Tor business,
but the cashier responded that two mil.
/ lion dollars would not DO it. The direc-
tors then decided TO suspend business
at once. The banks last statement, is
! sued in October, showed liabilities as
! follows. Capital stock. $500, coo; sur.
| plus, 100000: National bank notes,
| coo: dIvieends unpaid. $39, 9,620; de-
| posts, S2,4l7,2l5; certified checks, S6%,-
| 4O7; cashiers check, s., 7,&6G; due other
| National banks, >l&4,532; due State
banks, S70,9l2.
The following is the board 0i directors,
! Joseph 4. Halsey, Oscar l.. Baldwin,
| Stephen II. CondiCt, George A. Halsey,
| Lewis &. Troyer. James +. Bond, Wm.
! Clarke, Henry e.. HOwese and Joseph
| Heisler. Joseph A. I!alsey is President
| and Oscar l.. Baldwin Cashier. the
/ last NAMED officer was manager OF the
/ bank and is considered responsible for
| the trouble. The
! News Came Like Thunder Clap
! on the community. There was a suspi-
/ cion that the institution was not the
] strongest in Newark. The directors
| have been considered the most trCstwor-
| thy body OF meu III the city, aud the
| reputation of Baldwin as a tinancler
! probably stood first in the State. TIE
| bank is closed 10 all corners,
and no official facts have been
made known beyond the arrest oi Bald
! win on a charge ut embeZZlrment and
sending ior government examiner.
The New York correspondent of the
! bank was sEe Mechanics National Bank
| OF New York. The latter institution
loses nothing. Baldwin called at this
! bank on Saturday and wished TO with
| draw some OF the colaterals he had
pledged there, but this was not per-
mitted, and his inability to get hold OF
! them may have forced the disclosure OF
| the rOttenness OF his bank. The firm OF
! Nugent * Co. has suspended. The con-
| reru was involved with the broken
bank. Other failures are expected. 1t
! is said all that is left oil the resources
of the bank is fifty thousand dollars
/ Cashier Baldwin was arrested by 4
| United States marshal on al affidavit OF
director, who charged him with cor
Tossing 10 the board Yesterday that he
| had trauduleutv misused over S2,0OO.OOO
OF its funds. The directors are in ses-
sion with closed doors, and the Wild
est TumOrS are ahOat walch
it IS impossible 10 verify. No suspicion
is vet felt toward any other than the
cashier, who had the unlimited conf
dence of the president and board OF
directors. The cashier, fearing a visit
from the national bank examiners, call
ed the directors together yesterday and
confessed the
Terrible Condition of Affairs.
The city and county had about SiO,WO
each on deposit. The water board
Sl36, 900, and manufacturing companies
smaller amounts preparatory to the
November dividends. Ii is not known
where the money has gone, but ii is
! alleged that the cashier has been en-
gagged in Wall street speculation. II,
as seems probable, Baldwin goes to State
prison, there will he three bank cashiers
in confinement there, Baldwin and Hid.
den, OF Newark, and Berry, OF Hacken.
sack. Ii appears that Baldwin has got
away with everything but the safe,
which was q very heavy one.
The bank held all the deposits OF the
| oli Mutual Life Company, amounting
to, it is said, between 100000 and
Il 100000. As this sum was available,
not penny, 1t is believed, will be saved
from the general wreck.
Current rumoy is OF course endless
and varied. The main fact l5
The Old and Painful Story.
stock gambling, robbery ana ruin.
| Cashier Baldwin is at his own house in
bed. The affidavit upon which Baldwin
VAS arrested allege a confession OF crime
and that the distractions were covered
No by false entries, that the amount
taken exceeds two illion dollars, and
that the bank is iusolvent and ruined.
What this implies NAV be Imagined
/ lrom the Tact that the Mechanics bank
has hitherto stood in the very front rank
I among the Newark banks, having been
) / most prosperous during the half century
I since It's charter, and has been
paving dividends OF 1t per cent, :
per cent. semi annually. In i4ct the
! Mechanics was considered the strongest
and safest bank in NewarS-almOst too
. Z prudent and conservative. Its Board of
. | directors includes some of the wealthiest
: and foremost CltiE' How the loss
, will b, distributed cannot now be known.
II is reported that there will he some
VERY painful and rulnOuS commercial
after claps' in the way OF failures OF
houses which the Mechanics bank had
, been carrying. Supposed instances are
, freely uamed, hTt It would OF course be
unjust Ia give publicity to these
names at the present time when
= nothing is positively known. The
I 4, iaultius cashier has long been
both esteemed aud liked in Newark. and
P hS fellows in office IN other banks in
? | Newark seem TO he
J As Much Grieyed As Surprised
This is saying much, sine, the surprise
. Is simply boundiess. Asone prominent
citizen remarked, he would rs soon have
, thought Of some one Of the churches
turning over and standing on the top OF
the spire. While Baldwin was maxim.
; this statement To !..r directors on sun.
dav and cOnfcssing his own guilt. the
bells on Tr.pi'y Episcopal Church. ot
, which l,' vas 4 member aud 70 which
: he had subscribed Ihsraiiy, were calling
tn faithful 20 worship. Little indeed
dill BLldwin's old church friends think
as they Si' in church last night that one
2 ol them 'rtlius lights W At thar uo-
. meat yuui"sSlng h!ma,.l - 4 thief
10 II appears Baldwin Ms At one time
a trustee ut a prrmr. rut Newark saving
;. insuutinu which deposited in the
, Mechanics hunk frrtuuy soma mis-