New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-04

believes that Mr.. BALDWIN has useu ms pIdliN
notes to cover his irregularities with the pahk,
and asserts in the most positive manner tnat nc
never received the money which the cashier mas
credited TO him. He denies having had the CONVEX
satIOn on the day when the President was burieu re-
in which, Mr.. Baldwin alleged he told Nugeht tno o
amount TO which the loans had swelled. Inc nIse @
intlmation that he had of the amount he SayS, mao
last Sunday, when Mr.. Baldwin went to ms i,ouse
and said that he owed the bank two mi mon ooli;s
He simply told Mr.. Baldwin that he did not owe $50 so
much money, hut nothing was then SAID aDoHI 'to
cashier having confessed the irregularities "
Stephen II. Condict, one of the directors. A. p,1
Mr.. Nugent and his counsel declare that Mt. bau I
win probably possesses large ME 81 46IeS t nerbap
the sum of all the notes may ainonht 10 lNo .ho
lions, almost any sum- But they say Una. Ills lI1oo
notes are mostly renewals. In some cases they TeP
sent one loan thirty-two times, renewals having
been made every three four nonl hS toT years. nj
instance of the manner IN which Mr. BALDWIN hutu Ii
notes of renewal was told yesterday by one OF WI.
Nugens counsel Nugent wanted his lawyers 70 sur SUE
A. A. Smalley for an indebtedness of about SZu'uOo
and told his counsel to go TO Mr.. BALDWIN Ior silg
notes The cashier produced notes which amounted
to over 1000, but ii was found that some ol 'cn
were renewals, and judgment was only oDialleu iol
$19,63S Ii Mr.. Nugents story is believed lhere lS
way of accOun ing for the loss OF the money! eN
cept through speculation in Wall street.
THE RECEIVER IN CHARGE OF THE BANK.
There WAS no news at the bank yesterday. FRED
ericl, Frelinghuyscn, the receiver, took lorlhai
charge of the banks affairs. He had nothing to say
except that he would try to wind up the business as
sneodiIv ~ possible ue gave bonds in the sum of
SEQ 600 and his father ex-senator Frelinghuysen,
became his bondsman. Mir. Shelley. the examiner,
prepared statement yesterday showing that there
were L. O27 dcpositors. OF these 80 had accounts
of less than $50 So for less than 800; 29S r
less than $500; III for less than $1,000; 1856 for
less than - 900: 80 for less than SlO,OOO, ana 81
for III o 900 or over. The Finance COMMITTEE OF G
Newark Water Board presented a statement at the
meeting of the Board yesterday, showing that Inc
Boards account in the bank was Tl3l 81 -. me
Presbyterian Church of South Orange had SO,ooO
deposited in the bank.
Creditors OF Dennis Osborn, wholesale grocer
and liquor dealer, whose failure is due to the rum OF
the Mechanics Bank held meeting in Newark, AT :
u. III. Yesterday The creditors present rep cSrntru
$l14,OOO MIR. Osborn offered 20 per cent, 0Ht
the prnpoSition was not accepted. IL was hnaliN
agreed 10 accept 33 l3 per cent. payable IN lHsal-
ments OF six, twelve and eighteen months. me
ndeb edness shown TO be Tl24,ouo OF whIch
$4,000 was owing to the Mechanics BANK
NUGENT AND BALDWIN CoNTRAsrED.
Christopher c. Nugent is Roman Catholic, and
nearly all of his workmen in Newark are Roman
Catholics He has been frequent contributor TO
his church and the charities connected with the
church. and his name has appeared for considerable
amounts in the lists of contributions. lie has also
paid the expenses of placing elaborate windows III
Roman Catholic churches. lie has been lavish in
his hospitality and not uufrequently entertained
dignitares of the church at his home in Clinton
ave. Newark When the new Bishop of the Roman
Catholic Diocese of Newark was consecratcd. Mr..
Nugent entertained Mayor Grace, who had been
present at the conservation. with other prominent
visitors His family consists of wife. two sons
and two daughters He is Democrat in politics
and has been known to influence the votes Of his
employees in local contests. On two or three occa-
siOns there were strikes among the workmen, bnt
Nugent stood firm and made no concession as lie was
bitterly denounced and local daliy paper That took
sides with HIM - BONcOtlcu" by llt tl;tle
unions. 4 man who has known Nugent for five
years said yesterday that Nugcnts persistent pur-
pose was to break down all opposition IN ms trdic
and to establish "A monopoly. He had caused the
ruin Of some morocco manufacturers IN Newark,
and compelled Others to quit the business. lie ac-
complished this by selling and buying at prices that
made a profit impossible. lie was utterly selfish,
and did not hesitate to allow paper to 20 to pro est
although he would pay 10 aitcTward. An extreme
morocco manufacturers IN Newark.
Oscar Baldwin is Nugeuts opposite in appearance
and manners Baldwin has always had a taste
for politics. said director Of the Mutual Benefit
Life Insurance Company, Of Newark lie was
never u delegate to any convention and never can
dldate for anything; but he liked to lllucnce
nominations and 10 work behind the scenes. be-
lieYe good deal of money was thus absorbed that
is now credited to Nugents account \ local bOll-
tician in commenting on BaldwiH's political pTed-
lictions, said that any candidate Of his party tina.
Baldwin OppO ed for nomination for Office had
slim chance of getting such a nomination; nut II was
evident that he always actIael IN his prcicren-
by desire to promote the interests OF the bank No
matter which political party got control OF the Imam
ces of city or county tie Mechanics Bank remained
the depository of the city and county moneys One
fact contributed 10 this, the Board OF Directors al
ways contained due proportion OF influential men
in both parties, who are OF course IN perfect accord
in this matter. Baldwin belonged TO Que OF the
oldest families in Newark, and It's branches extend
throughout Essex County
There is one thing which has been overlooked
the remark OF a manufacturer TO the reporter
" The Mechanics Bank has contributed more Than
any other Newark institution TO building up the
manuta featuring industries Of the city. Ii has
always been generous in helping manufacturers
and its name was therefore 10 missioner / have
heard President iiasey say that he conld recall a
score of men who began years ago with perhaps
fifty dollar deposit and whO with help and cncOur-
agcmont from the bank, prOspered, and their ac-
counts grew into hundreds OF thousands of dollars
year. The loss which the Newark community
tains by the failure OF the bank is only fraction OF
the benefit which the bank has brought to it,"
PREVIOUS EMBELzLEMENT
II has transpired in the course of theipresent in
vestigation of the affairs of the Mechanics Bank
that an embczzement occurred about about three
years ago. Examiner Shelley spoke to Mr.. Baldwin
In relation to the matter. Mr. Baldwin said that
the amount was about $4,000 and gave the name
of the corresponding clerk at that time as that of
the defaulter. A director of the bank was
questioned last evening in regard to the matter lie
stated that it was true that such an en-
bezzlement had occurred, but he had not
known what the previous amount was and had not
thought it was 50 much stated. He learned of
the embeZZlement some time after il happened ana
after the guilty clerk had been discharged from the
bank by Mr.. Baldwin. The latter told him about it
and said that he had securities turned over 10 him
which, with the amount of the clerks bonds,
nearly made up the amount in default, and that Inc
would be responsible for the remainder of it. The
director remarked that he had forgotten the occur
renee and would look into it again. II was not
stated that Baldwin had made the loss good to the
bank with the securities and bonds obtained from
the defaulter The director said that if 1t had been
uac a the time he WOuiu have MAJ iut ma
amount embeZzled out of his own pocket rather
than have an exposure that would reflect upon the
bank.
Stephen II. Condict, who has been a director of
the Mechanics Bank for thirty years, has been er-
rOneousy reported to have been the vice-proMdent.
and to have received salary. The bank never had
o. .cc- llrc ilenI and Mr.. EnnlicL nail