The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-11-02

BALDwIN's BREAK.
His Confession and Contrite-
- ness. easr. ar--.
How the Rogue Played 10 ON
ID 900 the officers.

and he was content to pass his life in
| prison. ST shall never be seen on Broad
street again. he exclaimed. The bust
| ness Of the morocco firm Of @. Nugent
& Go. is said to amount TO 100000 q
| year. They employ 800 men, and the
weekly pay roll amounts to 81. 800.
s'When Baldwin was before us,n said q
director to q Tribune reporter, she ap-
| pesred anxious to make clear breast of
the matter. he said be fully realized
the grave nature of the ofense, and sd-
mitted that he ought to be dealt with in
the severest manner the law would
allow. "There is no excuse for my mis-
deeds" he said, sand now see what I
have seen years ago. l stand before you
tonight peIjurer, forger, falslfer and
criminal" think, gentlemen" he said
in conclusion, "yOu ought to send for the
officers and put me under arrest for mis-
apprepristing your money and money
belonging TO other persons. 1t is yeur
duty to send me TO jail, and only ask
one privilege, Of going home to inform
my wife and family OF my misdeeds.
They know nothing about this affair. l
never expect to 60 to the bank again, but
instead I expect to 60 to Jail and from
there to states prison, and there will
have to spend my days. If l had not
been too much of @ coward would not
have been here to tell you this story to-
night. I should have killed myself.
Since I have chosen to live I must
suffer" Shortly after the last statement
ofthe bank was published its popularity
attracted the attention of the officers of
the Mechanics National Bank Of this
city. 1t had been observed at once by
officers of other banks at Newark, who
wondered at the statement but could not
prove it false. The popularity
was the large amount due
from reserve agents, nearly 81, 500, 600.
New York, to which the Newark bank
an explanation of this item from its
cashiers. Baldwin's explanation was
that the money belonged to the Mutual
Benefit Life Insurance Company, of
Newark; that the bank was paying a
small tate Of interest On it, and was loan
ing it to two New York banks at coz
siderable higher rate. The transaction,
according to Baldwin, was productive of
handsome profit to his corporation,
which was therefore interested in not
disturbing the loan. There was nothing
in this to arouse suspicion, but when the
cashier, in reply 10 the natural question,
asked to be excused from coming to the
New York bank to which he had lent
money, officers of the New York bank
became somewhat alarmed and deter
mined to ascertain the correctness of
Bsldwin's statement. They were not
quick enough, however, and the failure
of the Newark bank came before they
had learned the representations of Cashier
Baldwin were false. In preparing for
the examination of his bank, Baldwin,
on Saturday, made last effort to de.
ceive the national bank examiner. He
called at the Mechanics National Bank,
New York, which had $4,000 in paper
as collateral security for loan of over
$3OO,O0O The absence of so large an
amount of its bills receivable would be
fatal to his passing examination,
especially when he was forced to repre-
sent still larger sums as being due
from its New York correspondent Step
ping into the New York Bank he suR-
gesteG that he would like to exchange
the collateral securities which that bank
held. He wished, he remarked, to make
some comparisons of the paper with his
books, He was informed that none of
the notes would mature for at least thirty
days, and Eome of them not for two or
three months. he was reminded also
that the books Of his bank must show
plainly the record of the notes Of which
he had full list. But Baldwin is un-
dersteod TO have been still anxious to
make the exchange, Snd to have urged it
on various pretexts. It was not until
after considerable conversation, however,
that he revealed the fact that he had no
securities with him with which to make
the exchange. He remarked that he
would bring over new collateral securi-
ties on Monday, ailer having examined
the former ones. TO this proposition the
officers of the New York Bank opposed
mos. decided negative. Baldwin was
incensed at the refusal, and remarked
with considerable asperity, ''If the
Mechanics National Bank of New York
Is III go poor strait as not to be allowed
such a simple transaction, I want to
know 1t, It's time to know it too"
Its not business, Baldwin, and that you
90 Know replied President Sherman.
Nugent, when arrested, said ne might |
owe the bank money; he could not say |
whether he was indebted to it as much |
as 100000.
The Times says member of the board |
of directors Of the Newark bank who lost
ell by the failure, says Baldwin talked |
with tears in bis eyes while making his
confession, but smoked a pipe Vigor-
ously to countersct his nervousness.
New York, 1.-The Tgi6u3ae's Newark
says: & statement obtained some cred.
ence last evening that Baldwin was IN
sane, and that his avowals were simply
imSginings Of disordered mind; that
the loss OF the bank was no more. than
S25e. 900.
After hearing Baldwin's confession,
the board decided TO 60 straight to the
governor with the facts, so the board of
might be held guiltlesa. -I+ ! !
No failures are expected on account of
the Mechanics National, of Newark. !
The World comments On the Newark
Bank failure: The law which was found
sufficient to imprisen the directors of the
Glasgow Bank, amid general applause.
does not seem sufficient in this country
to &flict any penalties on anybody ex-
cept upon Baldwin himself liable for
the extreme penalty for
which is imprisonment for ten wears.
Nothing can be done to the directors un-
less they were actively and not merely
pRssively concerned in the robbery.
The Peoples Bank has claim against
the Newark Mechanics Bank for S2s 600
and g COLI exchange one ofSl2OO0 A