New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-03
was stated was that of Frederick Frelinghuysen'
son of ex-senator Frelinghuysen, of Newark

son of ex-senator Frelnghuysen, OF Newark
SUSPENSION OF NEWARK MERCHANT.
In the course of the afternoon it was made known
that the grocery and liquor house of Dennis osporh
of No. 610 Broad-st had closed its doors AS IL was
generally known that the house was seriously
shaken by the failure of the Mechanics Natohal
Bank the announcement did not create much
surprise among business men. Those iantnnd iaInlilaI
with the history of the firm unders'4I1o 200
that it was somewhat dependent upon M the
bank for support and it was for this reason Una. oo
suspension was not altogether unexpected oPean- ,
clnded mon Tuesday evening, Mr.. Osborn said :,
''It should be understood that we are not III ulls
difficulty account of large deposits III thi To
although we did all of our business through IT, onG
be brief, we were dependent upon the pann hnnn
for accommodations, and nave oreat
Surprises iGT ys'rs IN my feoSo SS on learning at Mr.
Camps death in 1877 that we were largely in doDe
to the bank and the other on learning OF the ltnuo %
of the bank. The trcube in our business odtss
back to 1873; since 1877 the debt has been grei, ~
reduced and if we could have gone on as we nave ave
recently we could ultimately haye paln anS m liSy by
penny Bnt the prop was taken from under us 10y cy
the banks failure. Our business OF late has
amounted to about half million year, and witmh mn
the last ten months has steadily increased esd ess
mate the stock on hand at present a! about $2OVOV
The amount owing 10 persons outside Inc DahhI
think, exceeds the indebtedness to the bank itselI
| can now only await the action OF me creul'oi'
whom have asked To meet to-morroW." c :;
The firm is one of the oldest wholesale % %llIns ~ ~
the city of Newark having been estapllsheu III
1906 by John II. Stevens. In 1888 the trlnnahe ne
came Osborn g. Camp. Mr.. Camp died 1our years
ago. On his death it was found that the hrm WAS Was
considerably involved, and that ITS ailairs geG5ii
were in bad shape. Then the Mechanics BANK
came To the rescue with a loan of $1OOOO, IL Is
said This loan is still in existence, although re-
duced considerably IN amount. 80.
From the creditors in this city IL was learned yes
terday that when Mr.. Camp dled MT Osn"r1 dS,
sumed all the liabilities OF the firm, and TOOK al
the assets. Since then the business mas pccII ~
4 h,tf fl,..t tpol
have been made promptly, and it was thought thal
MIR. Camp was adding to his capital. hr' Oshorh
does not own the property occupied by ms business
but it Is SAID that he owns other valuable property
in Newark. 1t is said 10 be somewhat hcumoerfeu
by mortgage. The general opinion was tnat 'he
creditors will grant any reasonable co'hpIoi''lso'
AN UNFoCNDFD RUMoR OF SUICIDE
The waning interest of people not directly inter
ested in tbe hank affair was stimulated last evening
bv the report that d. H. Kiely, a manufacturer OF
oils at No 147 Maiden-lane. this city, had become
despopdent in confequence Of embarrassment owing
IN loans made TO the Nugents,' and had committed
suicide. He had come by his death, it was SAID, by
iumpinq off train between Newark aud
this city on Tuesday evening. The con-
ductOr of the train on which MI kleiy
vas passenger said last night that
the man went 70 Newark on Tuesday morning anu
attracted his attention account OF Delag very
desnondent He learned that he was financially
embarrassed on account of sthe failure OF 'he Nu-
gents and that he was on MS way 10 NeNaIh ~
see if there was any hope OF recovering ms hohey
When Mr. Kiely got on the tram at 030 III the
evening hc was in the same despOndent
mood and acted strangely. Wmle tno tIdi -ILil
River to the one over the Hackensack kver the
man was missed from the train. Search was mace
| thrnugh all the cars and he cOnld not be found
This led to the theory That the man had ended ms
troubles by jumping from the moving traIn INTO INC
Hackensack River - .u ,.
Mr.. Kiely was seen by q Tribune reporter last
evening He said that on Tuesday he went 10 New
ark 10 see Christopher Nugent, who owed nm a
small amount of money, ana not T3u'VVuu V, VI
sszo OOO as had been reported. lie saw Mr. NuBcnt
and retnrned 20 this city the same evening nc was
at his home No $40 LeXingtOn-aye at $50 o'clock,
and Yesterday morning earlier than usial AT III
,inccc % of business He was at the Market National
Bank at 10 O'clock and remained at business during
BALDWIN AoHEREs TO HIS STORY.
Csl,icr baldwin is still confined to his bed, and is
mucb deuressed. To n director who called to see
him Yesterday he reasscrted emphatcally that his
statement was true Nugent he said. had received
all the money. and not a cent had been lost in any
other TRANSACTIONS All Of his stock operations had
been successful. 1t was he said. not surprising TO
him that people hesitated to credit his assertions
bpt tbcv were nevertheless true. Baldwin is not
brother o. the cashier OF the Newark Clty Na'ioha
Bank as has been stated.
NnCent is also vet on his back but his friends say
that he Is improving, and VIII be able 10 get out IN
day or two The business at the factory IS carried %
ON as usual and il could not he ascertalned that
any immediate steps we're being taken yesterday 70
secure possession of the property IL was SAID that
the bank had attached some property belonging 10
the leather firm in Chicago. -
A card has been issued by the Merchants lnslT-
ance Company, which had large deposit III the
broken hank The statement ~ IN effect that the
failure of the Mechanics National Bank only Affects
the company by locking up it's deposit OF S39,oOO
Mr. Baldwin was the yice-president and nominal
treasurer Of the company but be never had III hls
nossession or control any of the assets OF the
comDany which are still intact. II rs also added
- with he mn IA
that the late CASHIERS cOhhoctioh WIN '''0 company
has ceased. - m, -,
Justice Barrett in the Supreme Court Chambers,
granted Yesterday an attachment agalnst the pro-
9ertv of the Mechanics National Bank Of Newark.
fChe attachment was issued III suit brought Dy Jhe
West Side Bank of New York TO recover Slo,ooo -
for checks notes and bills receivable sent 10 TIC
Newark bank for collection ,.
JeSse Pckard obtained an attachment IN a SUIT
bepan against James Nugent TO recover SZ I,lOo.
Frederick Probs a. Co also obtained an attachment
AGAINST James Nugent in suit to recover
$20,693 43.
TALKS WITH OFFICIALS AND OTHERS.
WHAT MIR. KEAsBEY THINKS ABOUT BhDwiNs
TRANSACTIONS WITH EUGENT a Co.-THE BANK
ExAmINER's INvEsTIGATIoN-MR GkoNEks
OPINION OF BALDWIN.
Dstrict-Attorney Keasbey was engaged again
Yesterday in amiliarizing himself with the tran
sactions of Baldwin with the morocco hrm' lie mas
in bis nossesson the books III which the cashier
alleges that the accounts with Nugent were kept,
and also the stubs of the checks.
"There has been a misunderstanding" Mr.. Keas-
hey said. in regard to the matter of the commits
I. IL I,,r;,, fyot,, no