The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1891-09-20
sive concern; but it swamped s35o,oOO
more of good money.

sive concern; but it swamped $3.50 GOO
more of good moneE.
"a SLIGHT EMBARRA ssMENT.u
Then Newark had little rest until
tall, handsome fellow Of immaculate at
tire, ran full butt into feeble old man
ON Broad street one morning. The tall.
handsome fellow of immaculate attire
was Cashier Baldwin of -the Mechanics
National Bank; the feeble old man was
Silas Halsey, its President. The feeble
old man was surprised to see the younger
going away from the bank at the hour
when he should have been going to il.
I'VE can't get into the bank today,''
was the startling greeting with which
the younger met the older.
why not?" asked the astonished
President
Because the doors are locked and
there IS a notice OF suspension on them"
HalSey almost lost his breath.
rs there troublei' he gasped.
"A little. Baldwin answered.
My Godl is there shortage?"
lionsn
Baldwin passed on. while old HaIsey
gazea after his retreating form with the
vacuity Of an empty-headed imbecile.
Baldwin had disposed of about the SUN
he mentioned, and, he got into State
Prison for it. After the crash it was
learned that one of the clerks hal been
canght some years before In robbiug the
I'LL and allowed TO go unpunished by the
bank officials
IL was some time, however, before the
deadened public sentiment of Newark
aroused itself to the idea that Baldwin
ought TO be apprehended: and, while he
was laying off at his luxuriant home sew
erai days after the close of the bank. ne
read IN newspaper of some uncompii-
mentary references Lewis e. Grover. the
autocrat OF the big Mutual Benefit In
ssurance Company had made to him in an
interview. He called for pen and ink
ana wrote a note TO Grover commanding
him to resign his $4,000 year berth in
the insurance Company. Grover didn't
stop on the order of his going. He need
ed no explanations. He resigned.
MORE FAILURES
The swinging collapse of the First Ma
tional Bank had ante-dated all OF these
A crooked cAshier. james Hedden. was
responsible for III half million crash.
He has recently completed his term In
the State Prison. A year or two before
that even, the National State Bank offic.
ials had allowed James Bathgate to
overdraw his account $4,000. The de-
posters threatened to play merry blazes
with the Directors, and the frightened
fellows made the deficiency good.
In the German National Bank, one of
the. directors advised Will Drake, the
cashier, to loan money to the Directors
son. The son failed in the enterprise
which This plumber was to feed. and
Drake came near getting into tine State
Prison No one even Thought of going
Tor the highly respectable old man, who.
as his superior, had advised the loan All
he was asked to do WAS TO make the loan
good, and he did.
II was in Newark, too, that the first of
the wild cat insurance companies was
started Everybody must remember the
unique system on which Ben Moves did
business uuder the guise OF the New Jer-
sey Mutual Insurance Company. His In
genious scheme should have caught the
eye OF snch a community as Newark,
and commended itself as a novel way of
skinning people. But it yas altogether
too complicated aud intricate for their
primitive minds; and as they had no use
for Mr.. Ben. they hurried him TO Tren-
ton on the double quick.
IL must nave been observed, rs the
reader has followed this narrative, that,
the bank men Of Newark rose to the oc-
casion. They did not do things by halves.
Every crash WAS on sufficiently magnifi-
cent scale TO command attention. il not
admiration. The amount Involved In
this series Of bank failures reached the
imposing total of about $l5. COX, 600
Such is the story Of Newark. It is a
sad one. Is she not. indeed, the wickeu-
est city In the Stalef