Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1881-11-04

| ton ), 2O9 of the revised statutes Of the
United States, and prays he may be
apprehended and dealt with according
TO law.
THE TOPIC OF CoNy ERSATIoN.
New YORK. Nov. 1.-The failure of
the Mechanics National bank of Ne
wark was the one topic of conv arsation
on the street. No failures resulting
from it were reported up to noon, and
it was said by parties not unlikely TO
know that none were expected.
THE PRESIDENT SUED.
NEWARK, n. j.. Nov. 1.-Warren
Alderman, former director of the
Mechanics National bank, who remou-
strated against the one man power, has
begun suit against President Halsey for
a debt caused by negligence. Nugent's 5
counsel deny that he received large
amounts as stated by Cashier Baldwin.
They say he cannot ascertain how the
accounts stood at the bank because
| Baldwin had them so fearfully mixed
up and they were in the latters power.
None of the other banks are seriously
involved with the Mechanics.
The president of the Mutual benefit
life insurance company telegraph their
agents that the bank failure does not
embarrass them their deposits having
been steadily reduced since. May last.
The receipts from the agencies have
been deposited in the state bank.
TIE "rosr" AMAZED.
New YORK, Nov. 1.-The Post says
1t is now understood that the Mechan-
les national bank of Newark, loses by
its cashier, about 5000 600. The al
lodged use made of the money by him
is even more amazing, and there is
reason for doubling whether the true
explanation Of the true disposition Of
the funds have yet been made. At the
same time nothing has come to light
III Wall street, which shows that the
money was lost in stock exchange spec
ulations. The fear that there would be
! a run on the savings bank IN New Jer
sey, has not been realized.
NEWARK, n. j., Nov. district At
torney Keasby has demanded the sur
render of the property of the Nugent
factory on the ground that it was accu-
mulated by money obtained from the
bank under a promise of turning it
over to the bank in case of neces-
sity.
New YORK, Nov. 1.-Early yesterday
morning a representative of the Erea-
ina Post met gentlemen who inquired
of him if there was not rumor of
trouble in Newark bank, and being told
: Il, g,il
simply, '.Mechanics?" Yes; then said
he: at is because it has been robbed
by its cashier. and the money has gone
in stock speculation. On further in
quiry the gentleman said, that in a
certain building, not remote from the
Mechanics hank, which building was
under the control of the defaulting
cashier and some of his friends, per-
son had for some time occupied an Of
flee, which suited him entirely and
which he was not disposed to vacate,
when, to his astoniShment, he was re-
quested to surrender it, but he was of
fered finer and more attractive quar-
tiers in some building at lower rent, and
of course. willingly accepted the trans
action. On becoming known, it was
thought to be queer, and naturally
provoked inquiry and observation.
Then it was found that a ticker
and telephone communication with
Wall street, had been put into the
room, which was furthermore connect
ed by a speaking tube with not re-
mote banking house. Thereafter the
cashier and some of his friends were
constant visitors at the room, and the
person who tells this story says that he
shortly gave up the Mechanics bank,
and looked upon the crash as merely a
matter oftime. This is directly from
the man who had an unusual opportu-
nifty Of knowing and observing, but is
absolutely contradicted by the state
ments of the cashier, and of brokers
with whom he is reported to be most in
timately connected. 1t now seems
likely that there will be entirely new
and surprising developments within a
few days, which will involve others be-
sides the cashier.
New YORK, Nov. 1.-The Peoples
bank mas claim against the Mechan-
les bank of Newark of $4,000. and
the Corn Exchange bank of $4,000.
| The Express says a gentlemen well ac-
quainted with the condition of the
leading moneyed Institutions of this
| city said this afternoon that the knowl-
edge of the Newark banks condition
| was on Wall street a month ago. He
said the paying teller of one of the
most prominent banks on lower Broad
way told him that three weeks ago
messenger from a neighboring bank
rushed into the office and blurted out,
|; "There is big hole in the Mechanics
bank in Newark to be made up. Look
out boys, stand from under" The tel
ler was paying out when he heard the
intelligence, and told the messenger to
be silent as he was reporting damaging
facts not alone to the Newark institu-
ton. but also to the city banks. The
messenger afterward confirmed what
he had said by remarking that the ru-
NOR had Just got among the clerks in
in his bank, and he thought it a good
piece of news This" said the gen.
tlemen, 81 have from the paying teller
himself, and have good reason to be-
lieve him."
New YORK, Nov. LIN the wreck OF
| the Mechanics National bank of New
ark what strikes business men as very
strange, is that the directors first and
the bank examiners next, should have
never thought it worth while to verify
the statement Of Cashier Baldwin that
the bank had over 500, 900 in deposit
with New York agents. An attempt
to verify this would have exploded the
deception at once; and, as said, when
| there was an item of this kind of about
| five times the amount of capital, it
would have been thought that verii-
cation would have been made. There
Is vet no reason for believing the ru-
| NOR that some Of the directors knew
more about the matter than they now
admit. 1t seems that United States
District Attorney Keasby became salts
fed after the hasty examination of the
book OF the Mechanics bank, and the
papers relating To Nugent & Co,
surrendered by Cashier Baldwin,
that the assertions Of Baldwin In
his voluntary statements were substan-
italy true, hence he made the demand
OF Judge Jesse, Nugent's counsel, that
the property now in the hands of Nu-
gent & Co., be Immediately surrendered
to a receiver, in partial restitution of
the amounts distracted by Nugent in