Litchfield enquirer., 1881-11-03
A Broken Bank.

l t.. @4s l The financial world was astounded, Tues
 day, by the announcement of the failure of the Mechanics National Bank of Newark, N. J.. owing to an enormons defalcation of
 it's cashier, Oscar L. Baldwin. The bank had
 capital of $500, 900 and has reported sur plus of $400, 900 and over two millions de-
 posits. It now appears that Baldwin has made way with from two millions to two and one-half millions He entered the bank as g boy, was assistant cashier in 1852, and about nine years later was promoted to the place
 he has since occupied. Hewas an active church member, and while the bells of the church of which he was a member, were calling the peo-
 pie to worship, Sunday, Baldwin with pallid
 face and streaming eyes was before the board
 of directors in special meeting a few hundred yards away confessing that he had embezzed over two million dollars His relatives and friends include some of the most prominent people in Newark. His salary as cashier was $7,0OO. From the special meeting Baldwin
 went to his home completely prostrated, re- tiring to bed where he was arrested 8 few hours later upon the affidavits of United States District Attorney Anthony O. Keasby and James F. Bond, one of the directors. Since his arrest Baldwin, though confined to his bed, has been under the charge of the United States marshal. For the past two years he has been reputed to
 be heavy Wall Street speculator. He also loaned money to large amounts to business firms, one of the latter being c. Nugent 6 Co.,, extensive morocco manufac
 lures. Several banks and firms are temporari- ly embarrassed by lack of funds deposited in the Mechanics to meet current demands. Several corporations had declared dividends payable at this bank and the money had been deposited to meet them. They are now of course Lon payable, Baliwin's confession was precipitated by the arrival of the govern ment bank examiner, whose investigation Bald win Knew would disclose the true state of affairs. ''''.'. ,..1
 MT. Nugent, head of the firm of Nugent & Baldwin. The indictable offences include several perjaries and forgeries. The bank was the chief bank of Newark. Its president and directors are wealthy. able, and promi. nent business men and the disclosure is sur., prise to everybody. The stockholders are mostly wealthy people and can stand the loss and the assessments which are to be aided, to the amount of the stock. There are some cases, however, of complete ruin. the worst being that of two maiden sisters who owned $16, 900 of the stock-all they had in the world. Suits have already been begun against directors for negligence, on the part of some of the heaviest depositors There are many who discredit the statement thatthe money has an been sunk in the Nugent affair and attribute the loss to stock speculation. On the whole it is one of the most remarkable, disastrous, and unac- countable bank failures on record. <.'
 At the Republican Senatorial Convention held at Cornwall Bridge, Saturday the 29th, inst, by the Republicans of the Nineteenth Senatorial District. Col. Chas. D. Blinu of @~SW s'sHtoi0s tCSClStuS tuC utSuCSt of votes upon the informal ballot, was nomi- mated by exclamation as candidate for Senator from this District, andshe following ngresolution adop:ed!Ic 1l1g s.ti t.-a@ a9ds cid"
 Resoloed That this convention takes pleas use in presenting to the electors of this Dis trict as candidate for Senator from the same, Col. Charles D. Blinn, of New Milford. We comihend him as man of high character and ability, gallant soldier, and staunch republican, and pledge him our heartiest sup. port. '.; ,,',' X. -,
 A letter from. the chairman of the New Milford Republican town committee informs us that Col Biinn has declined the nomina- tion, and that the Senatorial Committee have substituted the name of Ralph E. Garfield, of New Milford, in place of that of Col. Blinu. Mir. Can6eld is prominent Repub. lican, was formerly County Commissioner, and has served on the Republican State Com mittee. ]-Ed. Eng. '.i