New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-02
THE RUINED NEWARK BANh'

IdE hOlNE Eli NE w AA
ppop,prv NOPE THAN $2,246.O00 SIoLbN'
So, -, ,o,,rrrnr OF TUE CRIME OF CASHIER DALI
,,,,, or THE MECHANICS NATIONAL bANh' w
,rsSvx,,n ny FURTHER INvEsTIGAiloN-lnn dnn me
SIM EMBEZzLED LIKELY TO EAChED -','' ,,.,
rT,, c,surR,s ONE PER CENr-DsBELIhf
wu,r An. THE MONEY WENT TO THE NCGENio
OPINIONS OF PERSONS INTERESTED
Further inquiry in regard to the emDezlie.
,nent Of Cashier Baldwin in the Mechanics
National Bank of Newark shows that ne hau
made arrangements with G. Nugent a. TO- "
receive a commission of one per cent OH al
loans. The United States District-Attoriey u
the district has made demand on Nugen''
counsel to surrender all the stock and properly
of the firm when receiver shah nave peo"
annointed. Mr. Baldwin has given 10 DlS'IicV-
Attorney Keasbey the books In when he hep,
O. nrivate record with c. Nugent a Co'' anu
these indicate that the firm has overdraWn l's
account S515,OOO in this year alone. Inc
Ranl, Examiner estimates the sum stolen AT
Sc. 246.OOO, and thinks further mvesuga-
t;on will increase rather than dlmlnsn
the amount. Some Of the directors do not be-
]eye that Nugent obtained all the money.
FURTHER DETAILS OF THE CRIME.
pJNoRs AFLOAT IN NEWARK-DiSBELlEf Thai NJ
GENT HAD ALL THE BENEFIT OF THE THEfis-
HOW BALDWIN MANAGED THE FMBEzzlEMENIs
THE PRESIDENT OF THE BANK CHARGED WITH
CRIMINAL NEGLIGENCE.
Excited grours on the street corners men gesti-
,ulating wildly and emphasizing their remarks by
nointinr in the direction of the Mechanics National
Rank. were the only signs yesterday in Newark 10
indicate that the most popular financial institution
in the city had closed its doors with deficiency OF
two millions but perhaps they were enough Inc
business men in the city had not recovered from the
shock which the announcement Of the failure had
caused them. The dishonest transactions OF the
cashier according to his own confession, ana the
alleged knavery of Christopher Nugent were
topics of conversation in which men dlSagreeu'
Some persons believed the cashiers story
implicitly They say that he has told enough al
ready to send him to State Prison for years, and to
oompel him to sever all relations, both business and
social. in the City of Newark. They argue, there
fore. that he would have no motive In making any
statement except true one.
On the other hand old residents of the city assert
that the cashiers story is incredible That any one
man should allow another to borrow from him stolen
money 70 the amount of two millions they declare is
too ridiculous and absurd TO warrant belief. Ihey
explain the cashiers story by saying that when ne
found himself entrapped he tried to enlist the SYM
pathy of the public by saying that Nugent
had rome around his neck aud could enforce
his demands by threats of exposure. Some even
went so far as to say that Mr.. Baldwin was insane
Arumor to that effect spread through the city and
was believed by many. However, it proved to be
as false as many other rumors, which were heard on
all corners did At one time it said by persons,
who asserted that they had received their informa-
tion from an authoritative source, that Christopher
Nugent had shot himself. The story was denied
many times by his brother and his lawyer.
WHERE HAS THE MONEY GOMEZ
What has become of the embezzled money is a
ouestion that has not yet been solved. The cashier
asserts that he has speculated only few times, and
then with small amounts; and he declaree that his
ventures were always successful 1t not knownpos-
itivey that Nugent has ndulgcd in any specqlatons
and his friends declare that his business has com
manded all his time and attention. But the Story
is generally dscredited that the sum of two millions
has been used in the morocco business alone. Inc
only real development yesterday was the admission
of the cashier that he lent the money TO Nuget ior
o commission of one per cent. The positive denlai
of Nugent that he has received the sum alleged
by the cashier is readily believed since their
system of business has become known. The two
men were accustomed to meet on several evenings
m the week in a restaurant in Market-st. Nugent
would make his demands for more money, and the
cashier would request some kind OF paper TO cover
the amount distracted. To avoid inconvenience 1t
was finally decided that Nugent should sign III
blank half dozen checks and the same number OF
notes and drafts for the use OF the casheI whenever
required. So it became the custom for the cashier
10 have in his pocket number OF notes and checks
signed by Nugent.
1t is not known that Nugent was always told the
exact sum which the cashier filled III on the lines
left blank Several of these notes and checks
seen Yesterday by o TRIBUNE reporter. They were
signed in an irregular handwriting. such any man
accustomed to manual labor would be apt TO write.
The amounts and dates were written in the neat
business style of person educated in bank. The
sums ranged from $4,000 to 100000 and some Of
the notes promises to pay two years after date
A statement was prepared from the private books
kept by the cashier showing the amounts deposited
and drawn by G. Nugent d Co. in the ten months
of this year. The table is rs follows: