Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-21
WRECKED REPUTATION.
Another Good Man Has Gone
Astray.
C. C. BAlDwIN's DEFALcAT!oN
The Louisville and Nashville Railroad Stock
Declines Fifteen Points---Amount of
.. the Defalcation Said to be
Very Large.

NEw YORK, May 20.-Many rumors are
in circulation as to the cause of c. {. Bald
wins retirement from the Presidency Of the
Louisville and Nashville. Some of the
directors who were present at the Board
meeting yesterday say that NJ. Baldwin con
fessed to abstracting about SI50,OO0 of the
company's money and securities in order TO
meet his losses in speculation. These gen.
tlemen say there was speculative pool
formed, consisting of Baldwin, Gould, Sage
T.. II. Green, W. S. Williams, f. b. Carver
and others TO bull Louisville and Nashville
stock. and it is believed that Gould and
Sage unloaded on the others at the proper
time to save themselves from great loss
Baldwin exhausted his own resources in the
venture and then began using the company S
funds Jay Gould is quoted as saying
that Baldwin had to restore 500, 900 10 es-
cane criminal prosecution. In regard to
the rest he could it is said, defend himself
on, the ground that he had acted for the
protection of the companys stock in the
| market A director stated to a reporter
| thai Baldwin had also lalsifed the annual
reports ofthe company.
The Floating Debt.
For instance the floating debt is 5000
coo instead Of $2,O00,O00, as per the last
rcrnrt. This director added that many of
| Ba!dw;n's fcllOw-members nf the Union
CluL have suffered By following his specula-
tons. Mr.. Baldwin enjoyed great social
prominence. In this cG&pection tits con,-
mon remark that ono Of NJ Gon'as object
| in cultiyaurg Mr. Baluwin was ," "'' ~
getting George Gould admitted 10 the
Cnion Club. A member of the club SAYS,
however, that this project will iail On the
other hand, Mr. Baldwin denies any detal-
/ ca,,,cn. He says he resigned for personal
reasons. He admits having lost money in
pri, ate speculation and saws he did not
wish the road injured by exaggerated
reports of his transactions. He denies the
rumors affecting his integrity as Scanda,
lous. Mr. Baldwin's friends are equally in
d;gnant, and claim that he resigned merely
to obtain needed rest. An official report Of
Yesterdays meeting saws Vice President NJ.
| r. Smith, informally reported gross earn.
| ings for the fiscal year Sl4500,000, net
$3.50, 600; deduct fixed charges 81, 200, 900;
balance 81 ,5OO,0 600, equivalent TO per cent
on the stock Mr. Baldwin reported to the
Board that certain company funds invested
in the purchase of its stock showed loss
when the stock was sold OF S2OG 900. The
Board declining 10 recognize the tranSac-
tion. Mr. Baldwin made the amount good
The Other side.
"Anothcr vcrs on, told by Baldwin friends
is that he bulled the stock entirely in the
interest of the companys reputation. Itis
however, illegal for a corporation to use its
pwn funds to sustain its stock. Estimates
of tie total loss run from 100000 TO ST.
100000. Most Of the securities used as
collateral on margins, or hypothecated were
Henderson bridge bonds Mr.. Baldwin is
one of TIE members Of the New York Ac-
aucducr Commission. He was former y n
prosperous dry goods merchant. He is 80
Years old and has had an enviable reputa-
ton as n shrcwd financicr and railroad
manager Louisville and Nashville stock
has 4, clincd IL points within a week.