Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1881-11-01
EASTERN DISPATCHES
The Badly Broken Bank OF Newark.
New Jersey-A Calamitous Col.
lapse-Further Particular.


Tia BADLY Broken Bank OF Newark,
New Jersey-l Calamitous Col.
lapse-Further Particular.
NEWARK. N. j.. November 1.-Cashisr
Baldwin Of the Mechanics Bank. while
confined to his residence, was waited
upon by the United States District At
tornsy and Commissioner Ksaysby. and
admitted to bail In s25. 600. his bonds
men are wm. A. Freeman. his brother
(wm. Baldwin, and II. Dodd, Of East
Orange. Baldwin then stated. volun.
tarily, that about 1873 he began to mako
loans to @. Nugens & Co.. morooso
manufacturers, without security and
without the sanction Of the Directors.
Having begun. 10 was In the power Of
Nueent & Co., and continued the 40
CONSIDERATIONS, sometimes leaning them
$50, 900 o month, until II increased to .
ruinsus amount. Nugsnt assured him
that he had large property. and cash
assets In business, and would make oil
loans good. NuRent was we'll to do. and
promised to surrender his property In
case Of trouble. Under these cireum.
stances the loans increased until they
reached over %. 600. 600.
Baldwin positively refused to 500 any
body, with the exception OF his personal
friends. To people calling Of his house
his son answered that his father being
sick could not rec anybody at all. ssps-
cIally reporters. Baldwin's wife and
ohildren-two boys hftsen and six years
old, and two girls eleven and three years
stayed 1t bis bedside all day. Baldwin
said 10 q friend: "I am guilty, and
willing to 90 to the pe~nitsntisry."
Christopher Nugsnt, Of the firm Of O.
Nugsnt & Co., morocco manufacturers.
was arrested last evening at his hsms by
q Deputy United States Marshal on o
charge Of aiding and absttipg Cashier
Baldwin In embezzling the funds. Hs
gave bail In $4,000 10 answer the
charge. His arrest was based on the
voluntary statement OF the Cashier In
regard to leans to Nueent. N~ugsnt's
bondsmen were George B. Jenkinson
and James Snyder. The complaint
against Nugent was made by United
States Commissioners A. Q. Ksasby.
Baldwin was . pillar Of Trinity Epis-
copal Church and o much-rsspscted
member Of society.
The Government Bank Examiner n.
rived at the bank yesterday morning,
and with the aid Of the clerks began his
examination. Various rumors have
been afloat concerning other banks. but
they have been disprovsd without sxcsp-
ton. So far a. known, no other insti.
tuition 10 affected to any extent. The
effect upon the business community ID
not yet shown, but will undoubtedly be
developed today.
The Mechanics Bank was chartered
In 1881 and organized v . National
Bank in 1866. The actual less, It 10 be-
lievsd. will reach 8 .400. 900. Nugent
states that the amount discounted by tho
bank for his firm 10 only about Sl60. 900.
. c0mparati vsly small portion OF the dc.
faleaiion. The bank building is est.
mated to be worth $50 .000. Then there
Ia supposed 10 be cash on hand and as
sets under the head OF bills receivable
which may possibly change those figures
ip the amount Of dspositors' loss. but IL
10 estimated that the depositors will not
get over fifty cents on the dollar.
Baldwin L Sons, Joseph Hensler and
Gottfriend Kruger. the brewer. are
among the largest depositors. Nugsnt
| offered this morning TO confess judgment
for 5000, 900 on his Indebtedness. Yes
tsrday morning was the earliest period
when any OF the directors had any init
nation that the affairs Of the bank were
wrong. The FIRST intim alton wa given
by Baldwin. In addition to the officers
before named a. among the largest stock.
holders are T. F. Frelinghuysen and 7.
T. Kenney.
Baldwin was arrested In bed OF 2 yes
terday. He showed no surprise. and
was evidently expecting arrest. He said
hs would net give bail and he was con.
tent to pass his life in prison. 81 shall
never be seen on Broad street again."
hs exclaimed.
The business Of the Morocco firm OF
G. Nugent & Co. 10 said to amount 10
81. 900. 900 o year. They employ GOO
men and their weekly payroll amounts
to $4,000.
''whsn Baldwin was before u.s." said
q Director to q tribune reporter, ''he ap-
peared anxious to make Q clean breast
OF tho matter. He said he fully realized
the situation. There 10 no excuse for
my misdeeds,' said he, and ! now sec
what / should have seen years ago. I
am a p~erjursr. forgsr, falsiaer
and criminal think be said In eon.
~clusion: You ought to send for the Oh
GERS and put me under arrest for misap-
propriating your money and the money
belonging to other persons. It ID your
duty to send me to Jail, and I only ask
the privilege Of geing hsms to inform
my wife and family OF my misdseds.
They know nothing about this thing. /
never expect to 60 to the bank again,
but I expect to GO to jail. and from there
to States Prison, and there / will have
to end my days. II I had not been too
much Of Q coward I would not be here
10 tell the story. / should have shot my.
self: but since ! have chosen TO live, /
must suffer-"
Nugent. when arrested, said he might
owe the bank some. money. but be could
not say whether he was indebted to 1t "a
much as 500, 900 or not.
The Times says: A member Of the
Board Of Directors OF the Newark bank.
who lost all BY the failure, says Bald.
win talked with tears In his eyes while
contrasting. but smoked q pipe vigorously
to eounteraot his nervousness. After
hearing Baldwin's confession. the Board
decided to 60 straight to the Governor
with the facts. 80 that the Beard Of Di.
rsctors might be held guiltlsss.
New YoRx, November LA Tribune
Newark special says A statement OBJ
tanned some ersdenoe last evening to the
effect that Baldwin was insane. and his
.vow.io ~sra simulv tina m aoiuino of n