Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-11-01

much since the suspense is simply boundless.
as one prominent citizen remarked, che would
as soon have thought of one of the churches
turning over and standing on top of the
spire.' While Baldwin was making his
statement to the directors on Sunday, confess
ing his own guilt, the bell on Trinity church
of which he was a
a member, and to which he subscribed liber-
ally, were calling the faithful to worship.
Little indeed did Baldwin's old church friends
think as they sat in church last night that
one of their leading lights was at that moment
confessing himself a thief. II appears that
Baldwin was at one time trustee OF promi-
nent Newark savings institution, which de-
posted in the Mechanics bank. Through some
misunderstanding he resigned and the savings
bank withdrew their account from the
Mechanics, thus guarding against the present
failure. At the Newark Mutual Benefit In
surance company in New York, of which
Baldwin is trustee, the excitement was in
tense The president of the company left for
Newark Immediately on receipt OF
the news. The company is involved, 1t is un-
of the insurance company said they had never
before experienced such shock. Baldwin
was a man of unimpeachable character. He
was married and was father of four children.
In social circles he was regarded one OF the
leaders and his reputation as a flnancier
was unexceptional. Baldwin positively
refuses to see anybody with the exception
of his personal friends. To persons calling at
his house, his son answered that "his father,
being sick, could not see anybody at all, and
especially no reporters" Baldwin's wife and
children, two boys of Is and years, and two
girls of IL and years, stayed at his bedside all
day Baldwin said to a friend: 81 am guilty,
and willing to go to the penitentiary."
LEGAL PROCEEDINGS.
At 3 O'Clock United States Commissioner
Keasby and District Attorney Keasby called
at his house, together with shorthand re-
porter and ex-Judge Ellsworth, Baldwin's at
torney. Baldwin positively denied that he had
used any funds of the bank for private specu-
laton, and said: "Sihce the organization of
the bank, the firm of c. Nugent & Co. have
been among their principal customers. Since
1878 that firm has had loans, and I gave
them money without security and without
knowledge of the board of directors. Nugent
compelled me, by threatening that he would
tell the directors all about these crooked
transactions, to give him moe money from
time to time. Sometimes Nugent paid back
to the bank $4,000 per month, but
he drew more always than he paid.
hoped all these years Nugent
& Co. would refund these sums, knowing
them to be very wealthy. Nugent & Co. were
well aware of the fact that l issued funds of
the bank for loans made them. To date
Nugent & Co. have received more than two
million dollars out of funds OF the bank.
The modus operandi was, that Nugent & Co.
gave checks for New York firms to pay some
money to the bank from time to time, and
funds of the bank were used to pay drafts of
the firm. Entries on the book are falsified so
the directors of the bank thought the business
was all right.
NUGENT ARRESTED.
Christopher Nugent, a wealthy morocco
manufacturer of the firm of G. Nugent & Co,
was arrested this evening, at his house by
deputy United States marshall on charge
of aiding and abetting Cashier Baldwin in
embezzling funds from the Mechanics Ma
tional bank and he gave bail in $25, 900 to an
swer the charge, and the arrest was based on
the voluntary statement Of the cashier in re-
gard to loans to Myers, and Nugent's bonds
men were Geo. B. Jenkinson and Jos. Smith,
Jr., aud the complaint against Nugent was
made by assistant cashier Keasby.
THE FORMAL CHARGES.
District Attorney Keasby on his affidavit sets
forth that he has been informed by Jas. F.
Bernd, one of the directors of the Mechanics
National bank, that Oscar L. Baldwin, chash-
ier of said bank, has from time to time for
several years past obstructed and wilfully has
applied funds and credits of said bank, and by
such Misrepresentation has caused loss to
said bank of over $2,000,000, with intent to
injure and defraud said bank and the creditors
and stockholders thereof; wherefore this de-
ponent charges that said Baldwin is guilty of
violation OF section 5000, revised statutes of
the United States, and prays he may be ap-
pretended and dealt with according to law.
James F. Birds affidavit is to the effect that
on the 30th of October meeting of the board
of directors of said bank was held at the
house of Jas. A. Halsey, president of said
bank; that said meeting was held i'll cOnse-
quence of revelations made on the morning
of that day by Oscar L. Baldwin to
Stephen H. Condict, one of the directors,
that at such meeting, said Baldwin
revealed and admitted ia the board that he had
from time to time, without knowledge or au-
thority of the board Of directors, wilfully mis-
applied the funds of said bank to the extent of
over 50 000, 600, and that said bank had be-
come ruined and insolvent and that this
department therefore, on behalf of the
board of directors charges that said Baldwin
has from time to time within three years past
distracted and wilfully misapplied funds of
said bank and has made divers false entries
in book reports and statements of said bank
with intent to injure and defraud said associa-
tion and other persons and corporations at
present to this department unknown.
THE MOROCCO MANUFACTURERS.
The bank seems to have been iHextricately
involved with the extensive morocco manu-
featuring firm of Nugent & Co., which firm is
announced hopelessly insolvent by the recent
failure of the State Banking company, whose
funds were nightly deposited there. They
were somewhat embarrassed by the failure of
the bank, but drew from it some 100000
in bonds, which were also deposited there, and
deposited them in the Essex county bank,
where funds were then secured, to go on with
business. Quite a run was made on the bank
and Aid. Werdenmeyer drew out his entire de-
posit of $50, 600. The county, however, only
had about 81, 900 in the Mechanics, and Off
cers have no fears of its safety.
Amsng the depositors, who will greatly feel
their loss just at this time are the Republican
nominee for sheriff, VIM. Wright, and Dem
ocratic nominee for senator, Judge Feese, and
Wright last every dollar in cash he had, and
the State Banking Company should not
be confounded with the National
State bank and the stock was
held in large amounts by the president and his
family, and each director held considerable
sums as we'll. The Mutual Benefit Life In
ssurance company was a large depostor, but
not to so great an amount lately as before.
The Police Mutual Aid association had $500
deposited, which the treasurer was to have