New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-12-18
HOW THE NEW1RK B1NK VAS PLUNDERED.
RESULTS OF TIE RECEIVERS INVESTIGATION
NUGENT & co. NOT HE ONLY BENEFICIARlEs
OF THE CASHIERS RAsCAIIrY-osCAR BALD

RESULTS OF THE RECEIVERS INVESTIGATION
NUGENr 4 co. NOT HE ONLY BENEFICIARIEs
OF THE CASHIERS RAsCALTrY-OsCAR BALD
WINS sPECUlAT ONs
TFRoM REGULAR CORRESPONDENT OF THE rRIBUNE.l
TRENTON, Dec. 1.-THE bill which filed by
United states District-Attorney Keasbey in behalf
of Receiver Frclnghuysen, in the United States
District Court in this city, Friday, for rule to
show cause why Oscar L. Baldwin and Theodore
T. Baldwin should not put their pr perry in the
hands of receiver for the benefit of the Mechanics
National Bank of Newark sets forth certain facts
which have been ascertained in the course OF the
investigation of the banks affairs. The personal
accounts OF Oscar l.. Baldwin contain the
record of very large transactions from year
to year, averaging, since 1871, about S1OO,OOO
year. The receiver is unable to verify the state
ment made by the cashier, that the entire misappll-
cation and abstraction of the funds Of the bank
have been for the benefit of c. Nugcnt q Co., and
he charges that very large sums of money have been
embezzed from time to time by Oscar Baldwin and
used for his purposes in the purchase oil stocks,
IN loans to individuals and in various spcculations
An examination of the accounts of the bank kept
by Theodore T. Baldwin, so far made, shows that
the frauds of the cashier and the Justification of the
books to conceal the same Were known by Theodore
F. Baldwin as teller and thas he conspred with the
the funds and IN the Justification of the books to
60. ccal the cmbczzlcmcnt.
The bill further charges that Theodore +. Bald
win had actual charge of the cash deposits of the
bank, and had access tn its safe, and able at
any time without the assistance of the cashier,
TO abstract the funds. After rcciting the stock
transactions of the teller az shown in the eXamina-
ton of Martin 4 Runyon. stock brokers, the bill
declares that after these transactions were ended
Theodore L. Baldwin entered upon series of specu
latons with the firm of Rycrson Il Bool, and con
tinued TO have large account with that firm from
the year 1877 until the time of the failure of the
bank that during this time Theodore +. Baldwin
lost about $4,000, and was nevertheless able in
some manner to retrieve this loss and deposit with
Rycr.on d Bool the sum Of 500 n special
capital TO lie used in further sp"cuations and that
this remained with the firm until the failure of
the bank.
II is further declared IN the hill that Theodore L.
Baldwins salary was only 81. 800 year, and that
he had no means Of acquiring property outside of
the opportunities afforded by his position. 1t is
charged that hc Is secretly the owner of the Park
Theatre in Newark. which he caused to be fitted up
AT an expense OF 10000. and that the theatre IS
being conducted for his personal benefit. Deeds for
real estate gtinied 10 Theodore +. Baldwin arc
shown agCregatug f3G 600. and also real estate
purchased BY Oscar Baldwin amounting to $50 900.
David A. Nichols, a clerk in the bank, makes
affidavit that in 1875 he became satisfied that there
were great irregularities in the management of !ho
bank that he called the attention of the cashier to
them who said he would see that they were COW
cred that in the winter Of so 50, when he was
keeping the general ledger he noticed Theodore T.
Baldwin, shcrtly before an examination 10y
the directors, make entry of charge
aga!u,t the Mechanics National Bank Of
Ncw-York of a large sum which should have
been represented in his oIsh, and in
few days after the eyamiuationhc same amount was
credited /. cash tu tn, NJ" York bank; that Hr al
teraard observed ether similar transactions. Id
win g. Ward. hookkcrpcr, W1acs affidavit that
hc made literal transcript of the large accounts of
Theodore T. Baldwin with Y cr-ou * Boul and
according To- hI~ estimate, litIwln'- deposits from
time tu inc amounted to mon thau HIOODuO;
aud that Baldwin lost at least 100000 IN orc OF
several stock accounts
Tho uhI.c o.. the der Will De- 10 compel tho Bald
win, to i,clp-r To- the rourt- All proper they may
possess. Argument has been set down for Jauu1ry
T. The facts upon which Oh" bill l. based wrrr oh
tanned at an examination of Rycr~0u y Bool hed
90 Nrw-lork tIly. An opirr ha- been granted IN
the matter 81 the property of Horny i. Marchblnk
the dcfau ting clerk of 'he bank. aud the hearing
has been get down for next Wednesday.