New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-02

We had another remittance ready on MONDAY, pu'
did not send it. Some of the money is probaDy III
the hands of collectors and that will OF course De
returned to u.s. We issued the attachment so MS 10
protect ourselves In all our years OF business WIN
the Newark bank / never saw Mr BALDWIN pu'
once and then he impressed Inc as very hne ousi-
ness man."
more careful examination than was possioie VII
Monday shows the statements in yesterdays lkiD-
UNE concerning the relations between the wreckeo
Newark bank and the National Shoe and Leather
Bank of this city to have been correct The latter
bank stands among the creditors of the ruined lns-
tuition for about $4,000 on collections, the Me
chanics Bank having been its collecting agent III
Newark for years. "Mr Baldwin was one OF the
sharpest men in the business" said the cashier Oh
the Shoe and Leather Bank yesterday, g. an eA-
cellent correspondent can we'll believe the story
that he succeeded in all his specuations IN INC
Street. A portion of the $4,000 when thls
bank holds against the Newark Mechanics
is for checks and drafts banks OUTSIDE
of Newark The most of this we arc In hopes OF
saving; to the rest doubt whether we nave any
preference over the general debts, other tan ihlt
which comes from attachment AS unuer-
stand it, tn" Mechanics, of this city, has large
surplus of colateras, and we have got in the nrSt
attachment on all of them above the amount which
is owing by the Newark bank. go
"The Newark bank used to report to MS
every three weeks, sending us check, IoI
S25. 600 or so in a lump. The last check
we received on our collection account was
last Thursday. As to the checks sent them lot COZ,
lection against banks outside of Newark cant tel
the amount as kept running account; put u
was considerable. | suppose as matter oi colIIso
that all the money tSt comes IN on them llter tio
receiver takes possession will he sent directly to u.s.
1t was so when the First National Bank OF Washing
ton failed. We had 100000 in collections then and
saved il all the receiver instructng the banks on
which the checks were drawn 10 pay 70 us"
c. Nugent d Co. made the bulk Of their purchases
of gOatskins lout of which morocco leather IL nade
from Pickard IL Andersen. of No. 50 Coolest. lhe{
brokers for a large number OF the importers ol
the raw products which come principally rom
South America, Mexico and India. here was a
rumor current in the "Swamp" yesterday tbat
Pic,ard & Andersen had indorsed paper a an acc
100000. Tho truth of the report comld
not be learned yesterday, inasmuch as Mr.
Andersen. when applied to for 1nl0r-
nation by TRIBUNE reporter refused to
hold any conversation whatever. Another report
which seemed to have larger basis OF Likelihood
than the above, was the one that large number on
the notes held by the bank against Nugent for the
money obtained through the criminalty OF Bald,
win would be found on examination to he outlawed
by the statute of limitations, SO far, it does not
appear from any of the accounts published that tue
notes given early in the career OF duphclty were
ever renewed to prevent the expiration oil the
statutory limit after maturity. 49, =,
The effects of the failure were hardly felt IN wan
Street yesterday. 1t was felt generally that the
failure would have apprecIable effect the bust
ness of this city, The vicc-president of the Newark
hank SteDben H. Condict, visited New York yester-
dav and found after careful investigation that all
the accounts of the banks were absolutely
correct except the fatal error in the account
with the Mechanics National Bank of this city.
In the collateral securities held by the Nsw-lork
bank only two small notes of {. Nugent q 90; had
been found yesterday. Even If These were absolute
ly worthless the security of that bank was consil-
cred ample to save il from loss. The amount OF it.
debt Is 9273 900 while il holds paper TO the amount
of $444,000 including the Nugent paper.