Savannah morning news. [volume] (Savannah) 1868-1887, 1881-11-02
NEWARK'S BROKEN BANK.
CASHIER BALDWIN'S COLOSSAL
STEAL.
The Old, Old story, with an ImpOr-
tant VariatIOn-A Firm Allowed
40 OVeFdraw for Half a Million
stockholders Heavily muIeted-
Talk of a Receiver.

WASHINGTON, November 1.-The Comp
troller OF Currency will probably appoint
receiver to morrow for the Mechanics Ma
tional Bank, at Newark, N. j.
The President OF the bank, Mr.. Joseph
A. HalseY, retired capitalist, has been
long confined to his house through the
lnnrmlties OF age, and unable to visit the
bank. Besides the capital stock Of $500, 900
and surplus fund Of $400, 900, there were
other individual assets.
Christopher Nugent, of the morocco man.
ufaeturing firm Of G. Nugent & Co, was
arrested Monday evening at his residence by
a Deputy United States Marshal on the
cnarge OF aiding and abetting Cashier Bald
win In embeZzling the funds of the bank.
de gave bail IN the sum of $25, 900 to answer
tue charge. The arrest was based on the
statement of Cashier Baldwin in regard to
loans to Nugent.
The stock in the Mechanics Bank was
ne Id In large amounts by the President and
nj family, and each of the directors held
considerable sums as we'll.
oscar l.. Baldwin, the defaultfng cashier
Is son Of Caleb Baldwin, and entered the
Mechanics Bank as a boy, occupying a
minor position. He rose gradually until
about 1852, when he became assistant to
Cashier Matthias Day. At about the begin
cashier, and has occupied that position ever
since. He was prominent in public and
social life, and was director in the Mutual
Benefit Life Insurance Company. This com
pany once offered him prominent position,
but he refused 1t. His salary as cashier was
S1,OOO per annum.
Personally he was popular, and his rela-
tives and friends include some OF the most
prominent people in Newark. For several
D.l
speculation In Wall street, and 1t is believed
that the misfortunes of the bank are largely
due to this fact.
Stockholders of the bank are liable for
the full amount OF their holdings, that is to
say, each stockholder for 500 must pay
500 besides the value of his stock. The
actual loss, it is believed, will reach 81, ,400,-
700 1t is estimated that depositors will not
get over 90 cents on the dollar.
Cashier Baldwin was in bed all day Mon
day at his residence in custody of United
States Deputy Marshal H. Burnett. He
positively refused to see any body with the
exception Of his personal friends. Mr.
Baldwin said to friend: 81 am guilty, and
am willing to go to the penitentisry."
NEWARK, n. j., November Warren
Akerman, a former director Of the Ne
chanics' Bark, has begun a lawsuit against
President HAlsey for debt caused by negli-
gence. Nugent's counsel denies that he
received the large amount stated by Cashier
Baldwin. He says be cannot ascertain how
his accounts stood at the bank, because
Baldwin had the accounts Sc mixed up that
ne was in the latter's power. A receiver
has not been appointed. There are no fur
ther developments regarding Baldwin's
operations.
The statement of the officers of the Me-
chanics' National Bank, prepared by Attor-
ney KeasbY, shows that the firm of NUgeDt
q Co. has been allowed to Overdraw its
account to the extent of about $500, 900
since the first Of last January.