The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-11-02

At present it was the intention OF Nugen
4 Co, to remain still and abide by TIN
events, when II would be found that thu
people had been misled as to the way thu
money went When informed that thu
bank claimed that g. Nugent 4 Co. haC
drawn nearly $50O,00O the past thre,
months, the counsel said the firm which
employed 700 hands day and night woulG
have large pay roll, and that alone wa
over $4,000 per month. Then there wa
material to buy and other expenses, bu
was it not likely there would be some re
receipts to counterbalnnce this large ex
penditure. All the money received wen
into the Mechanics bank and this was what
the firm is to show. The fact OF the whOlC
affair is; Baldwin was financial manager o.
the firm, and had been for about eight
years. Neither Christopher nor Joseph
Nugent were tinanciers, or claimed to bO
and Baldwin had power OF attorney to I'll
up signed notes and checks. How easy Il
would be for him to fill up such notes and
place them among the banks papers in
stead OF depositing the receipts Of the firm
to their credit, Tho pass book would
show notes as deposits and the firm would
know nothing about It, A friend OF Cash
ier Baldwin said that he was with him OH
the day Garfield was buried, and heard
the former ask O. Nugent for money, M
gent said he had n large quantity Of material
made up and would soon be.enabled to pay
iD about $5O0,000. This, he thought, WRS
evidence that Nugent's account had been
OYerdrawn to large amount, Baldwin
was very pale when he spoke to Nugent,
~ II he was suffering from great anxiety,
Phineas Jones, one Of the bondsmen for
Baldwin, was in better frame Of mind this
afternoon. He said ho could now tell who
were on the bond with himself W 1t was
so long ago, and he has had no previous
cause To think over the matter. He sup
posed he would have to make good the
amount Of his bond ($20,0OO) and he was
glad it was not more, as it might easily
have been, such was his confidence In
Baldwin's integrity.
The PrCslentof the bank, Geo. A. Hal.
sey said 80 much confidence was placed In
Baldwin that his bond was not even
thought Of until this trouble occurred. Mr..
fIalsGy has returned from Washington
City where he snw the Comptroller OF Cur.
rGnCy. The latter sid that hO Ind been
greatly amazed at the failure, having had n
very high opinion Of Baldwin.
H. NJ. Douglass, cashier OF the Germania
National bank, said, in conversation with
u reporter: at has been the talk Of the
city for four or five years past that Nugent
4 Go, have been upheld by Baldwin, cash.
ier of the Mechanics Bank. Baldwin was
practically raised in tho bank, lie wns
spoken OF by everybody, President, Secrc.
tary and Tellers, rs Oscar and everything
was referred to him, No, do not think
this will cause any inconvenience to tho
other banks. | think the only firm that
will be seriously Inconvenience is Nugent
4 Co. II was said this morning that they
had suspended, and II this Is true doubt
II their creditors get more than twenty-five
cents on the dollar" When asked whether
ho believed Cashier llaldwin's statement
that all the amount withdrawn FROM the
bank had been loaned to Nugent 4 Co.
was true, Douglass said: 81 do not. Bald
win made semi-wGekly visitsto Wall street,
and II is more than probable that fully
eight or nine tenths OF the sum which he
Nbstracted from the bank was sunk in
stock speculatiOns."
George Wilkinson, President ofthe Manu-.
iacturer's National Bank, and John II.
Knse, President Of the Second National
Bank, corrobOrated what Mr.. Douglass had
said. Mr.. Kuse said in course Of further
conversation: II don't think Nugent 4
Co. arc SO heavily involved as Baldwin
would like people TO believe. Nugent snld
this morning tlat he was not indebted to
the Mechanics Bank for more than $780,
600 or $220,000 and he did not propose to
turn over his entire assets to the MeChan-
ics' Bank, and thAtif he was compelled to
make MI assignment he would do 80 on
equitable terms with all Ills creditors, but
that he hoped to be able to resume busi-
ness in week or two"