New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-01
STEALING TWO MILLIONS.
Continued from First Page.


al had no suspicion that anything was wrong
with the banks accounts" he began until yester-
day. would have trusted Mr.. Baldwin, the CASH
| ier with as much money as he wanted If it was at
| nv disposal and have always regarded him as an
upright faithful officer of the bank. AS to the IN
stitution have always thought that it was as good
| bank as there was in the world, managed faith
| fully, economically and judicously.
"The first intimation that there was trouble with
| the accounts was made by Mr.. Baldwin to stephen
| II. Condct. Yesterday morning. He requested Mr..
Condict to meet him at the bank at ii o'clock, on
what he termed important business. Mr.. Condict
was there punctually, little dreaming of the dis
closures to be made, and only wondering what Mr.
| Baldwin could want him for. Mr.. Baldwin, with
tears in his eyes and detected cOuntenance, said to
| Mr. COndict:
"'The Mechanics National Bank of Newark is in
solvent to the amount of two two and half mill
| ion dollars.
| "Nr Condct looked at the cashier in amazement,
| thinking that the statement not true. when
he had sufficiently recovered his breath Mr.. Condict
asked how the deficiency had occurred Mr., Bald
win replied that it had been done through his lend
ing money to G. Nugent & Co. The general factsl In
this stupendous embozzlement were then related to
Mr. Condct by the defauter. When the cashier had
finished the story of his crime Condict went tho
houses of the other directors, and after consultation
it was agreed that we should meet last evening at
the house of President Halsey at 7 o'clock There
were present eight nine of the directors, every
one of whom would have declared the day before
that the bank was as prosperous at any time in
its history.
MIR. BALDwINs PRESENCE.
"Whilc listening to the statement from Mr. Con-
dict, as related by Baldwin to him, we were sur
prised by the appearance Of Mr.. Baldwin. He re-
peated the same thing He simply told us that he
had lent the money to c. Nugent IL Co., and always
expected to get il back The Board after consulta
ton sent for ex-senator Frclinghuysen to nave his
| advice and opinion as to what we should
do. He came. and after learning the
facts advised that committee should be appointed
to 60 to Washington to present the matter to the
Controller. The Board appointed George A, lialsey
and II. G. Howell. They started on the 1880 tram
last night to consult the Controller OF the Treasury
in reference TO the matter aud to act in accordance
with his directions. They to telegraph the re-
| suit to-day, but have not seen any message from
them yet. Mr.. Frclinghuysen also advised the APP
pOintmcnt OF 4 committee 10 select counsel and 10
see G. Nugent Il Co and learn If they would make
over 10 the bank their property. The committee
appointed consisted of Mr.. Condict and Mr. Bond
The committed saw J. c. Emory and consulted with
him as counsel. At an early hour In the
evening he called Mr. Nugent, who declined
to do anything until he could consult with
counsel. The Board also appointed Mr.. Bond com
mittce to take the necessary steps 10 put Mr. Bald
win under arrest, which was done at 10 o'clock this
morning by going to Mr. Kcasby, United states
District-Attorney. Mr.. Shelley. the Bank Examiner,
is at the bank to-day in general charge Of the ac-
counts.
WISHING TO CONFESS.
"When Mr. Baldwin was before u.s. continued
the director, che appeared to he anxious to make
clean breast of the matter. He said that he fully
realized the grave nature of the offence, and admit
ted that he ought TO be dealt with in the seycrrst
manner the law would allow.
""Therc is no excuse for my misdeeds, he sad.
and | now see what 1 ought to have
seen years ago. stand before you
tonight pcrjurcr, n forger. ialsfer and a Grim
inal
He declared that the whole amount of the de-
fcieucy would reach between two aud two and a
half millions. Years ago Nugent wanted some
money for his business and appealed to Mr.. Bald
win for a loan for a short time Mr. Nugent
was well known in the city "a prosperous mcr-
chant and he was heavy dcpostor in the bank. He
was liked aud respected, and for that reason Mr..
Baldwin thought that loan for short time would
only be doing Mr. Nuccnt favor. The loan was
no. a very large one and Mr.. Baldwin covered 1t mp
in the accounts and made no statement Of the mat
ter to the directors lie took the money from tho
sum which the bank had deposit with tho
Mechanics Bank of New-York. We were supposed
10 have on deposit there about T2,oOD.OOO, which
wa, money deposited with us, We paid nothing for
the use Of the money. and received interest from
the Ncw-York bank. So you see Mr. Baldwin had
a mnc 20 work on. We trusted him implicitly and
s long ~ his figures and accounts IN the bank were
all straight we never questioned his integrity.
" After the first cmbczzlcncut others followed,
and from bad it went to worse through long period
Of years The cashier could draw drafts upon the
Ncw-York bank the necessity of the case re-
quired lie could draw from $4,000 to $4,000
from the deposits there aud fix the acco unit, as
though nothing had been drawn. In that way he
managed to draw the - OOO,OOO and all the time
we supposed that we had that amount 10 credit
We thought that the accounts he rendered were |
straight and right.
TIE USE OF TIE MONEY.
GLOW the money was used is a. yet n mystery. |
Mr.. Badwin's explanation is that it all went to |
Nugcnt 81 Co. | know nothing different, but my |
own private opinion that il not all used iii |
Nugelts business II must have been lost in spccu-
lations and believe although / don't know any
thing about it, that in the end 1t will be
found that Nugcnt and Baldwin specialized to-
eethcr Last week Mr.. Baldwin got behind with |
the Mechanics National Bank Of Ncw-York, and he
oyerdrew the account 800, 600. He didn't make 1t
good and Mr.. Sherman wrote him a sharp letter,
stating that he must get the money or the security.
or he would take steps TO get II in the proper ana
legitimate way This OF course frightened Mr.. Bald
win. and he made the deficiency good By /
giving bills payable which were credited
to the bank. When the cashier
found that the Bank Examiner to be on hand to
day, lac knew that the cmbe2zlemcnt would be dis
covered and then he decided to make a clean breast
of it. When Mr. Baldwin was giving the facts to