New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-04


An attachment was served by Sheriff Riley. Of
Kings County Yesterday. upon the shoe factory Ga
+. w Dietz at No "a Boerum-st,, BROOKLYN. IL s ls
said that stocks in the factory to the amount Oh
800, 900 is held by c. Nugent ~ Co.
BALDwIN's CAREER AND CAPACITY.
Lewis C.. Grover, one of the directors of tho
Newark Bank, is the president oil inc MUTUAL
Benefit Life Insurance Company. when mas DC
tween S5OOOO0 and 100000 among the de-
pogts of the Mechanics Bank, OF WnIch
$500, 900 was a special deposit drawing o'2 Poi
cent interest In long interview with lllbUN
reporter Wednesday, Mr. Grover made a state
ment of the connection of the institution VI
which he is president with the Mechanics
Bank Previous TO last May the deposits vi
the Mutual Benefit were kept in the Mechanics
Bank. Cashier Baldwin was n director of the Mu-
tual Benefit and from his intimate associations
with the institution and its officers, had been lIe-
quently entrusted with the transaction ot o ihan az
cal business of the company. The dcpQsiIs 3l & ,ro
company occasionally ran up 70 very hiSI' i HI.io
reaching above 81 200 900 and ~ ,3OOOOO. iheSc
deposits would again be reduced. Theodore mdck
art, whO as president of the National Slale DIN lin
had brought that institution out OF dlncuiy I'.
ci II ated by undue accommodations 10 Iatlealt ~
Son, of Newark, involving a loss 10 the piiilh VI
$50 600 was selected as q good man for treasurer
of the MuIual Benefit and was elected. some l'llo
after his clcc ion the question oi dlNlulhg 'i' ~
pOSitS between TWO or more banks was mooteu dI"
q meeting called Ol the ullfttoIH lOt '"''', VI
pose. Oscar BALDWIN, aS n director, opp'N'u ~. nv
project, but when il was proposed TO make lu!i %
banks of deposit he agreed to division oi deios'0
between two. The amount OF deposits 90 INC
company then with the Mechanics Bank was
largely in excess OF a million dollars. IDS me 'u<
was held last May. At that time there was NOT we
slightest suspicion OF Baldwin or of tn" uhs"uhHc
ness of the bank. Ihe measure was purely on, M ~.
prccautionthc result of the business lHsHc's - VIZ
new treasurer. The other bank ol deposit was l"tu'
the State Rank and gradually tins institution T.
giN cd dollar
premiums etc. and these were invested IN teH'P"Ic
airy loans on Government securities Inc sun ~
s. 100 900 was left u each bank and left uniou'hcd
No further deposits we're madC IN the MccIdHlcN
Bank but = pcrIai deposit 0i about hall All9h
was made and upon tins interest was charged At TIC
rate of - per cent.
Mr.. BlIdwiu.' continued Mr.. Grover "waS
director ia tine Newark savings Institution NJ lHe
time the management of that institution took TWO
millions of Government bonds aud converted th'lh
into Chesapeake and OHIO bonds which TRANSACTION
soon aiterWard prcclpltatcd IN" SUSPENSION OF tu,
at the time that somebody made "A good d'ii
Of money out OF that deal. MI bdl!-
win was spoken 10 III regard 10 the mutt
piCity of his duties. lie was dIc''ul ~
the Newark Savings Institution, president ot tHe
Merchants Fire Insurance Company, ana dIrro,'i
OF our institution, besides being cashier oi the 9c-
chauic,' Bank and then he was deeply ercsteh III
morocco manufacturing. | heard that he NiStcu
Nugcuts place every morning bclur" coming ="
business. We thought II best that some yl US M
duties and RESPONSIBILITIES should De aOdhuohIu,
and he was gwen the alternative oI rcslehliR MS
dirrctorship in the Newark Saving, Institution or
his position with Us. lie nnally chose lhc loIh'I
alternative.
was first mado aware of the ruin OF the bank
by Mr. Condict. VhO came To my house on sunday
morning. was ~ bed aho ne came 10 ~, room sat
down ON the edge of the bed and looking around
asked If we were alone. SAID yes the family had
gone to church. lie then beg 10 tell me what the
cashier had communicated 70 him. listened ia
silence When hc said that Baldwin had told him
that our special deposit had gon" WIN thr
T,st of the money into the Nugcut business
a atF.stIf AZ "a a
told me and the other officers that the special de-
pO,it had been placed with the Mechanics bank ~
New-York 10 draw interest. Nr. C"hdIct ASKED
me what ! thought Of the confession. immediately
said that did not for on" moment believe ul3t lhr
money had all been sunk in the Nugcnt business:
that was aim st an impossihiliiy And do not be-
What is your opinion Of Mr.. Baldwin person
ally, INC c.. .,..;. ,r,,, ,...a
physically ul oi life and yigor Lut devoid eithrr 9i
iutrllrctulliV or srnShlity. lie never read book.
Induct. d into business m boyhDod, ms brightness
took the fancy ut President Jos. ph Hdl~cN VINO
favored HIM AMI had him advanced from position TO
position. He had no education no social qualities;
lie was not hnancier M 'ne usual
atcrptation OF that term. Twelve years ago
the Mutual Benefit wanted cashier. !
thought oscar Baldwin the most promising young
man IN town " ho would hr hhcy 10 oe Po,'t" on
the daily valuation OF securities. | spoke 10 nm
and made the offer of the position. lie took
the offer INTO consideration. IL WAS undcrst'Dd that
the matter was to bc private. Baldwin, however,
communicated our offer to President lia.sty, ana
the result that Dir. BALDWIN retained Il posi-
tlon in In. Mechanics Bank with his salary largely
increased. President lascy said at the time tnat
the bank could not do without hIm. ! spoke
OF Mr. Ballwiu's lack oi senhbllity. At
the meeting sunday night he never WINGED when
the resolution, were passed 10 suspend, but there
was calm IN his face when Mr.. Ffchnghuyscn was
writing down the third Icsoution-lor his pros"cg-
tion Tor ruining the bank. Monday wrote tor his
resignation as director Of the insurance company en-
cln.iug a rc1yuJtiou for him To sign. He tore up
the form sent him and returned Resignation wrli-
ten by himself and dated Saturday. The Board met
Yesterday and cleo. ed Colonel H. III. Wright di
rector IN his place.
There Is some mlslpprchcuson," continued Mr..
Grover about the real character OF the loss. There
must be assets There ought Ia bc about ~ GOO oOO
of bills bio thcreabOuts, to repay dcpos-
itors. There Is 5000 900 which the law eNacts
from stockholders then the bank property lsWOrth
100000. although the valuation, an extremely
low one il T2J 900. Unless this assets have been
stolen there is prospect OF saving about forty per