The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-11-02
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BALDWIN's BAD BUSINESS,
Further Details of the Bank
Business.
MOral-Haye NO confidence ia
Business.

Il Il
for believing the rumors that some
of the directors knew more about
the matter than they now admit.
Baldwin stated, to-day, that he re-
| ceived 1 per cent. commission from
Nugent for negotiating his paper
and taking charge of his banking
business. Counsel for Baldwin said
he believed his client would be
enabled to prove the truth of all he
had said in his confession with re-
gard to the transactions of
Nugent & Co. with the bank. It
is already ascertained that, during
August, September and October, the
firm had drawn from the bank
nearly 100000. He thought the
figures were about $4,000. With
such drafts as this it would not take
long to draw out S2,000,o00. Of
course, there had been some money
paid into the bank by Nugent s. Co,
but the payments did not reach
so per cent. of the drafts.
Counsel for Nugent said he would
be able to show that Baldwin's con-
fession was false. Nugent & Co.
had not drawn any such amount as
$2,000,000 in excess of credits, and
he doubted even if the excess would
be. one-tenth of that amount. The
firm was making up from its own
books a statement of the moneys
In, and drawn out of the bank
which went into the Mechanics
Bank. The fact of the whole affair
is that Baldwin was financial man
ager of the firm and had been for
about eight years; neither Chris
topher nor James Nugent were the
fnanciers or claimed to be, and
Baldwin had the power of attorney
to fill up signed notes and checks.
How easy it would be for him to fill
up such notes and place them among
the banks papers, instead of depOs-
iting the receipts Of the firm to
their credit.
A friend Of Cushier Baldwin said
he was with him the day Garfield
was buried, and the former asked
c. Nugent for money. Nugent said
he had a large quantity Of material
laid no and would soon be enabled
to pay in about 100000. Hethought
it was evident that Nugent
knew that there have been money
overdrawn to large extent.
Baldwin was very pale when he
spoke to Nugent, as if suffering
from great anxiety, PhineaS Jones,
one of the bondsmen for Baldwin,
was in better frame Of mind this
afternoon. He said he could not
tell now who were on the bond with
himself, as it was so long and he
had had no previous use to think
over the matter. He supposed he
would have to make good the
amount of his bond (S20000 and
was glad it was not more, as it
might easily have been, such was
his confidence in BaldWin'S integ-
rity.
Baldwin was practically raised in
the bank. He was spoken of by every
body. He was president, secretary |
and teller in one, and everything was |
referred to him. Said one director:
Baldwin made semi-weekly visits |
to Wall street and it is more than
probable that the bulk Of the sum
which he distracted from the 6ank
was sunk in stock speculation.
George Wilkinson, president Of the
National Bank, and |
John II. Kase, president of the
Second National Bank, corroborated
his. Mr.. Kase said: l do not think
Nugent & Co. are so heavily in
7olved as Baldwin would like peO-
Die to believe.
District Attorney Keasley is in
7estigating the account Of Nugent
Z Co. with the bank up tOnOOn. lie
discovered the firm had drawn from
he bank on checks, more than
81, 500,e since January 1st, and he
S endeavoring to find what amount
If deposits had been made to meet
,hese drafts. He had found deposits
to $4,000 in September
Ind October Keasley said: Nugent
las had the rope around the
cashiers neck, but now / have one
around his, and l intend to draw it
light. Counsel for Nugent said his
client was in the habit Of leaving
blank drafts at the bank, and that
he cashier filed them up with
to suit himself, and used
hem in Wall street speculaions.
E. T. c. Young, president of the
First National Bank Of Jersey
City, says Baldwin was not
a fast liver. He had never known
him to do any specializing, and he is
inclined to believe Baldwin's story
that Nugent S. Co. pulled him down.
A rumor is ,afoat in Jersey City
that the Central Railroad Company.
New jersey had very large
amount on deposit in the bank.
Examiner 81. S. Shell
ley expects to complete his work to-
morrow, but cannot tell exactly
when he will forward his report to
the comptroller of currency. There
seems to be no doubt, from the adj
missions of the examiner, as well
as the statements Of Baldwin and
others, that depositors cannot rea-
lie more than so per cent, while
lose all and must pay
100 per cent. besides. The stock
holders are generally men of great
wealth, though there are instances
where the losses will be severe, and
in cases some female holders are al