The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1881-11-10

among the clerks of his bank and a.
thought it good piece of news.
! This" said the gentleman, az hay,
from the paying teller himself, and
have reason to believe him"
New YORK, Nov. lin the wreck
OF the Mechanics National bank o
/ Newark, ghat strikes the business mel
as strange is that the directors first ana
the bank examiner next. should never
have thought it worth while to vcrify
the statement of Cashier Baldwin that
at New York. The agents attempt "a
verify this would have exploded the de-
option at once, and as said, where there
was an item of this kind, about five
times the amount of the capital, it would
have been thought a verification would
be made. There is as yet no reason for
believing the runIor that some OF the
directors kno@ more about the matter
than they now admit. 1t now seems
that United States District Attorney
keasby has been satisfied after a hasty
examination of the books of the Meehan-
les bank and the paper of Nugent. sur.
rendered by the cashier, that the asseT-
lions Of Baldwin IN his voluntary state
ment were substantially true. Hence
he made demand on Judge Teese,
Nugents counsel, that the property now
in the hands of Nugent s. Co, be i'm
mediately surrendered To the receiver in
partial restitution of the amounts alb
slracted by Nugent in completely with
Baldwin. Tho district attorney ex-
planned some papers on which claim
is based that the goods now in the facto-
Iy were produced by the application of
moneys drawn from the bank, and
were in fact the property Of the bank,
Teese asked to he allowed to have an
expert examination of the matter, and
he pledged himself that the properly
should be left undisturbed until the ex-
was completed, and he could
give an answer.
Baldwin stated to the district attorney
that he received one per cent. commits.
sion from Nugent for the negotiation of
his paper and taking charge of his bank
ing business.
The counsel for Baldwin said he be-
lieved his client would be enabled to
prove what he said in his confession
with regard to the transactions of the
firm of G. Nugent s. Co. with the bank.
1t has already been ascertained that
during August, September and October
the firm had drawn from the bank near
ly 100000. He Thought the figures
were about $460, 600. With such drafts
as this it would not take long to draw
out $2,O0O,O0O. OF course there had
been some money paid into the bank by
Nugent Is Co, but the payments did
not reach fifty per cent. of the drafts.
Counsel for G. Nugent said that he
would be able soon 10 show Baldwin's
confession 10 be false. G. Nugent s.
Co. had not drawn any such amount as
ZOO in excess of their credits, and
RnHhfafV he l.
one-tenth of that amount. The firm
was making up from its books a
statement of the monies paid in and
drawn out of she bank for a number of
years past, and this, ne thought,
would affect the banks figurcs.
Q. NugeRt s. Co. had not made an as
signmept, nor do they intend to do so.
The story that the bank was to be re-
ferred 10 its creditors was also an error
At present it is the intention of Nugent
& Co. to remain still and abide by events,
when it would be found that the people
had been misled as to tho way the mOn-
ey had gone, when informed that the
bank claimed G. Nugent s. Co had
drawn nearly $500 600 the past month,
said firm, which employed
large pay roll, and that alone was over
$dAsOO0 per month. Then there was ma.
terial to buy and other expenses, but
was it not likely there would he some
receipts to counterhalance this large ex-
pendit4rea Ali money received went
into the Mechanics bank and this is
what the statement now being made out
by the firm is to show. The fact of the
whole affair is that Baldwin was the
financial manager of the firm and had
been for about eight years. Neither
nor James Nugent were
financiers or claimed to be, 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. The pass book
would show the notes as deposited and
the firm know nothing about it.