The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-11-01
sWINDLENG.

New York, S1.-The current of
rumorS is, Of course, endless and
varied. The main fact is a very
painful story Of stock gambling,
robbery and ruin. Cashier Baldwin
is at his own house in bed. The
affidayits upon which Baldwin was
arrested. allege the confession Of a
crime, and that the distractions
were covered up by false entries;
and that the amount taken exceeds
100000, and that the bank is
insolvent and ruined. What
this implies may be imagined from
the fact that the Mechanics Bank
has hitherto stood in the very front
rank among new concerns, having
been most prosperous during the
half century Of its charter, and has
been paying dividends Of II per
cent. to Z per cent. semi-annuallY.
In fact, the Mechanics was consid-
cred the strongest and safest bank
in Newark, almost too prudent and
conservative. Its board of directors
include some of the wealthest and
foremost citizens. Eew the loss will
be distributed cannot now be known.
1t is reported that there will be
some very painful and ruinous com
mercial latter lapses," in the way of
failures of houses which the Me
chanicS' Bank had been carrying.
supposed instances are freely
named, but it would, of course, be
unjust to give publicity to these
names at the present time, when
nothing is positively known. The
defaulting cashier has long been es-
teemed and liked in Newark, and
his fellows in Office in other Newark
banks seem to be as much grieved
as surprised. This is saying much,
since the surprise is simply bound
less. AS one prominent citizen re-
marked, he would as soon have
thought Of one of the churches turn
ing over and standing ON the top Of
the Spire." While Baldwin was
making statement to the directors,
on Sunday, confessing his own guilt,
the bells On the Trinity Episcopal
Church, of which he was a member,
and to which he had subscribed
literally, were calling the faithful
to worship. Little. indeed, did Bald
wins old church friends think, as
they sat in the church, last night,
that one Of their leading lights was
at that moment confessing himself
thief. 1t appears Baldwin was at
one time trustee of q prominent
Newark savings institution, which
deposited in the Mechanics Bank
Through some misunderstanding he
resigned and the savings bank with
drew their account from the Mechan-
les thus guarding against the present
failure. At the Office Of the Mutual
Benefit Life Insurance Company, in
New York, Of which BalWin is a
trustee, the excitement is intense.
The president Of the company left
for New York Immediately upon
the receipt of the news. The COM
panv is involved, it is understood,
quite heavily. One of the officers
of the insurance company said that
they had never before experienced
such a shock. Baldwin was a man
of unimpeachable character. He
was married and was the father of
two children. In social circles he was
regarded as one Of the leaders and his
reputation as a financier was uneX-
ceptionahle. Baldwin positively re-
fuses to see anybody, with the
exception of his personal friends.
To people calling at his house, his
son answers that his father, being
sick, could not see anybody at all,
especially no reporters. Baldwin's
wife and his children, two boys, IS
and 6 years old. and two girls IL and
8 years, stayed at his bedside all
day. Baldwin said to a friend, L
am guilty and willing to go to the
penitentiary." At ) o'clock United
States Commissioner KeasleY and
District Attorney Here the dis
patch breaks.-EDS.