Daily Republican., 1881-11-03
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WAsHlSGToS, y. G., Nov. 2,-Tho
Comptroller of The Currency has ap
pointed Frederick Freinghnys"n Re,
celver Of the Mechanics National Bank
of Newark, n. j.. and L!nas W. Price
Assistant Recei yer. The Comptroller
says that The report Of Bank Examiner
Shelley of August l6'h, 1889, contained
the following paragraphs: 81 verified
accoun' with tho Mechanics National
| Bank of New York by Obtaining its
own balance ano reconcillug'
Comptroller Knox says further that
! if til. Fxaui '"r had not been deceived
hy a forged letter in place Of the
rer uire letter of the cashier of The
Bark in New York, the enormous loss
cs of the bank would have been expos
fourteen mouths ago, at the date OF tie
examination
! Among the alecdOtea related OF
Christopher NuPrnt, there were several
very characteristic of the man and bis
IRE hoes. An old acquaintance said
Nusent had lelrre the trade OF a mo
locco-dreSser in Newark, with George
| Dongherty, the pioneer in the business
in this part Of the country In 1851
there was a collapse in the morocco
trade and Nugeut went into the far
/ West and worked a Government
"ciaim' in Minnesota, breaking III a
virgin farm and hauling wood to the
steamboats. Hs had been known as a
remarkably skillful workman and his
loss had been felt at the factory in New
ark On Sunday, in 1858, he was sur
prised by visit from his old fore nan ut
D,ugherty's. who had journeyed to
Minnesota for the purpose OF bringing
him back to the taDpery. The of he
brought was hat,ering one, and be-
f re night Nugeut had disposed Of hi
farm to neighhuring squatter ard was
on the way to Chicago. year later
he, his br, her James and four others OF
the kest of DJugherty's workmcn 4eft
the taanery and began business on
their owr account, the style OF the t1rnl
being Nugget, Kelly Il Co. Almost
from the beginning N lgent was known
as a very bold operator; he was exceed
ing.y aggressive and carried his po.nt
at any eacritice.
Some daring ventures in the line OF
his business and the rapid advance IL
price. during the war brought Nusent
a great deal of M ney and set him upon
what seem I'd tide that was sure 10
carry him to prosperity. He bought
out all his partners except his brother
and kept adding to the capacity OF his
tAnnery until his manufactures amount
ed, about 1872, To nearly $50 dozen skins
q day. He has since turned out as
many as SEQ dozen skins. His sales
have currently been reported for several
years at a million md a halfof dollars;
but nevertheless, If the statement Of the
guilty cashier is correct, hehas long been
staggering under o weigh that was
bound to crush him. In 1873 he was
seriously embarrassed by the strike of
his workmen, numbering then ABOUT
800. He paid small wages and so cur
tailed their earnings that the Morocco
Dressers' U nioG went on strike against
him.
1t Was "a bitter contest but Nugent
met it with a determined front. He
surr. unded his tannery with policemen
and substituted machines and common
labor for the skilleu labor which here
tofore had been considered indispensa-
bic, He won the day, and ever since
tho mechanics of Newark have had a
deep grudgr against him. 1t is said
that his victory cost him dear, however,
~ his products have sunk greatly III
the estimation OF the trade, and have
ney Or since commanded as good prices,
within ten or fifteen per cent as they
did formerly. He has never since Deeh
able to restore skilled labor. i
Nugenl suffered, too, by the panic OF |