, 1881-11-01
failures ate expected. IL II sail MI that IL
left Ut tho resources nt tho bnlik ~ It's build
i1,g, worth abnnt s50,Cl0.

1alIurcS nFe oSpeeleus IL ~ SAlil NJ lllhl ~
left Ut tho resources ot tho bank IL It's build
il'g, worth ab0nt saQ,Nn0
CASHIER BALDWIN MAS ARRESTED
by 4 Unttc.l States MARSHAL on NIL n3)ldavit Of
Director, who charged him With cnnfess-
Ing 10 tie board yesterday t1,at he lind frnntt
ulently mfsuscd uyrr 81, ,000, ,00O Of lis funds.
The Directors nru tn session will closed
doors, and tho widest rninurs nrc nilnMt
wl,ielt nre Impossible to verify. M snspiclo1,
Is yet felt towRrtl nnr nther tl1nn tile C.,sli-
!cr, who l!at& tho unlimited confidence 0f
tic President nnd Directors. rlM tasllirs,
feartng visit from the Nuliona! link TX.
nlntner, called the Directors together ycs.pr-
atInirs. ~ tle city and county ind nbout ss40,-
600 each o, deposit, tho Water iioarrl st@t,-
600, anl manufacturing companies sliIntter
amounts, preparatory to November tltvi.
de',tls. 1t Is not yet known wllere tho money
has gone, but II Is alleged tile Cashier Inns
been engaged In Wall street specnlastuns. II,
ns seems probable, Baldwin goes 10 State
prison, theru will bn t|lren bunk Cashiers
confined there-I}nl,lwIn and IIutt.Ien, Of
Newark, and Berry. Of l!ackensack. 1t nn-
pcars that baldwin has got away with every
thing but tliu safe, which WIS II very heavy
ut,c. Tho bank held nil the deposits nf tic
old Mutual Life Company, amounting to, It
Is said, between S9n0.0W nttd S1,lpl 600. ns
THIS sum was available Not II uently, II II
believed, will be savetl from tic general
wreck.
lie sroI.E S2,40o, 600 AND IL 1,A1LEp FOR
$4,000.
Cashier Baldwin, whtlo confined to his
residence, was wattesl Upon by the United
States District Attorney md Commissioner
Kenslcy, nna admitted to bntl lit $4,000 to
nppear ut court Nov.T Ills bo,,tlstnen are
William A. Freeman. Of bloomfield, lis
brothers William II. anil Theodore i. Bald.
win, nnd Matthias NJ. Dodt, Of East Orange.
BALDWIN THEN STATED
voluntarily that about tho year 1878 lie beRnn
to mike loans to e. Nugent s. To-, l.lorocco
manufacturers, without security or sanction
of the Directors. Having begun. he was In
tile power Of Nugeilt + Co.. alMl continued
the accommodations, sometimes loantng them
$4,000 In one Month, TIL the totnt Increased
tU 4 rt,t1ons amount. Nngent assured him
,c had n large property alI capital
lit the business, which would nlake NIL tho
loans good. Nugcut WIS we'll nwnro he
(E}aldw1n) WIS nsEnR the banks money,
md always promised to surrender his prop
erty III case Of my trouble. Under these
Il4S l1Hll lllEEEuSEU I'LL u
rcacliet! over sao0O0o0 The manner III
which t!lis business WAS transacted was this:
Nugcnt would pive drafts nn friends In New
York, which would 10 credited to him NJ
cash, and Baldwin would ,,se tho banks
money to take iii the drafts when due. I'llp
books wore so faIsacd NJ 10 show tho ac-
counts to be correct. Finally, lowover, the
losses wero placed In tho accounts OF tho
Mechanics Bnnk of New York, agent OF the
Newark Bank, so that while 1t appeared that
the Newark banx Ind claims for s., GOO uou
against The New York bank, III trutt
tho Newark bank owes tho New
York bunk S2cD, 900. This. difference
Is almost wholly duo to the irregu-
lar transactions with Nugent lie saEd
he had soccuatei very little, land lost moth
inr In that way. Distrtct-Attorncy Keasley
says NuRent can be held liable for his part
OF tho transaction ll,,tcr Sec. 1,209 Of tho
United States Ruyscd Statutes. 4 rulnor
that Nugcnt made Nh assignment tollay wos
premature Ills accounts nre Involved with
the banks. and awnlt further developments.