Mechanics National Bank (Newark, NJ)

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Episode Information

Episode Type
Suspension → Closure
Start Date
October 31, 1881
Location
Newark, New Jersey (40.736, -74.172)
Bank Type
national
Charter Number
1251

Metadata

Episode ID
Bank ID
City ID
340878762
Model
gemini-3-flash-preview
Short Digest

Receivership Details

Depositor recovery rate
67.4%
Date receivership started
1881-11-02
Date receivership terminated
1896-12-22
OCC cause of failure
Fraud
Share of assets assessed as good
80.9%
Share of assets assessed as doubtful
13.4%
Share of assets assessed as worthless
5.7%

Notes

The bank suspended due to a massive internal embezzlement by the cashier; while a new bank was later organized using the same building and some former directors, the original institution remained in receivership for liquidation.

Events (5)
1. June 9, 1865 Chartered
Source
historical_nic
2. October 31, 1881 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Oscar L. Baldwin confessed to embezzling approximately $2,000,000 over eight years to fund speculations with Nugent & Co.
Newspaper Excerpt
NEWARK, N. J. On the morning of Oct. 31 the following notice appeared on the door of the Mechanics national bank, Closed in consequence of statements made by the cashier
Source
newspapers
3. November 2, 1881 Receivership
Newspaper Excerpt
Known receivership date: 1881-11-02
Source
newspapers
4. November 2, 1881 Receivership
Source
historical_nic
5. June 18, 1882 Other
Newspaper Excerpt
Arrangements are well advanced for the reestablishment of the Mechanics' National Bank... The capital of the new bank will be $300,000
Source
newspapers

Newspaper Articles (22)
1. November 1, 1881 Lancaster Daily Intelligencer Lancaster, PA
Article from Lancaster Daily Intelligencer, November 1, 1881

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Gutting Banks. For the cleanness of their sweep the operations of the manager of the Mechanies' National Bank, of Newark, bear off the palm from any bank cracksmen whose performances history has yet recorded. The capital of half a million and a surplus of nearly as much more has been taken, and more than as much more beside out'of the deposits, during eight years, and nothing is suspected of the speculation until the operator, finding there is nothing more to take, and that the bank can no longer be run, calls its directors together and tells them the facts. There was nothing mysterious about the way he did it. Hesimply took the money from time to time and accounted for it on the books by charging it to the account of the bank in New York which was its agent there. The one fact which will impress those interested in banks is the self-evident one that they have no protection at all against the dishonesty of the man who is in supreme charge of its affairs. In this case it was the cashier; the president, on account of his advanced age, knowing nothing of the conduct of the business. All the examinations made of the bank's books were of no value whatever, since the examiner did not ascertain the fact as to the credits they claimed. Evidently bank examinations that do not go beyond the statement of the. officers as to the reality of the claimed assets are a delusion and a snare. This officer had the unlimited trust of the community, and the bank's credit was unchallenged ; yet in a moment it is found that all its property has gone as Mr. Fisk would say, "where the woodbine twineth," and nothing is left, but the bank building which could not be stolen, and the individual liability of the stockholders to the amount of the par value of their stock, to satisfy a million or two more that has been taken which was held in trust by the bank. It is enough to make owners of bank stock feel very serious and to call for a speedy remedy.

2. November 1, 1881 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 1, 1881

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the President, and a lawyer; James F. Bond, a real-estate broker. These gentlemen are fair representatives of the wealth of Newark, and the commanding position which the Mechanics' National Bank attained was largely due to their prominence and well-known character for integrity. ONE DEPOSITOR SAID TODAY: "I should as soon have expected the Treasury of the United States to suspend payment as the Mechanics' National. It was the great bank of the State, and this thing has come upon us like a thunder-clap out of a clear sky." The confidence of the people of Newark in the stability of the bank was well founded, so far as official figures could make it well founded. The sworn statement of the Cashier, made on Oct. 1, gives the following rosy account of the resources and liabilities of the bank, and upon the strength of such figures as these depositors were amply justified in looking upon the Mechanics' National as a very stronghold of finance: Report of the condition of the Mechanics' National Bank at Newark, In the State of New Jersey, at the close of business on the 1st day of October, 1881: RESOURCES.

3. November 2, 1881 Daily Globe Saint Paul, MN
Article from Daily Globe, November 2, 1881

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the money by IIIIII IS There is reason amazing for doubting the true explanation of the same whether amount taken. made. At disposition the the funds has yet been in of nothing has yet come to light Wall lost time which shows that the money fear was that street, exchange speculation. The banks in in there stock would be a run on the Savings' New Jersey has not been realized. A MAN WHO KNOWS. of Early yesterday morning a representative who inEvening Post met a gentleman of trouble quired the if there was not a rumor such a report in a Newark bank. Being simply: told Mechanics? current, he said, because it has been was Yes. Then, said he, it is money, has gone by its cashier and the inquiry the robbed speculation. On further building in stock said that in a certain which not gentleman the Mechanics' bank, of the remote from under control building was cashier and some of his defaulting person had for some time occu and friends, a office which suited him vacate, entirely when, pied an was not disposed to to sur which to his astonishment, he offered he was finer requested and more at- a render it, but was same building at tractive quarters in the willingly accepted the transaction. lower rent, and of The course occurrence was thought and inquiry provoked to be queer and Then naturally it was found that a ticker Wall observation communicating with and telephone put into the room, which tube was street,had been connected by a speaking hereafter furthermore the national banking house. were conwith and some of his' 'friends who the cashier at the room, and the person up stant visitors that he shortly gave the tells Mechanics' the story avers bank and looked upon unhad the merely as a matter of time. who crash This is directly from of knowing a man and observing usual opportunity utely contradicted by statements whom he It is absol and of brokers with connected. the cashier be most intimately entirely is reported to likely that there will be few It now seems developments after a the cashier. new days, and which surprising will involve others beside DISCLAIMING LOSSES. N. J., Nov. -Warren Mechanics' AckerNEWARK, former director of the the man, a bank, who remonstrated against National power, has began a law suit negligence. against one-man Halsey for loss caused by the large President that he received They say Nugent denies stated by Cashier Baldwin account stood amounts they cannot ascertain because Baldwin how his had them 80 at the bank. and he was in latter's power. mixed None up, of the banks are seriously involved with the Mechanics. of the Mutual Benefit Life that In The president company, telegraphs their agent them, their surance failure does notembarrass reduced since deposits the bank's having been steadily May Collections received from agencies have been deposited in the Nov. State 1. bank. District Attorney NEWARK, N. J., the surrender of propKeasby has demanded factory, on the ground from that the erty in Nugent's by money obtained in case bank was acquired under promise of turning it over of necessity KNOWN FOR SOME TIME. NEW YORK, Nov. 1 The Peoples' bank of New- has claim against the Mechanics' bank Exch ange a ark for $29,000,and the Connecticut bank one of $13,000. well acgentleman The Express with the says condition a of the this leading afterknowledge noon, that, money quainted institutions in the city said of the Newwas on condition ark street me banks ths ago. The bankers paying on teller lower of Wall of the most prominent a messenone told him three weeks ago into the Broadway neighboring bank rushed big hole in the Mechanics' ger office from and blurted out: bank There's in a Newark out up look to be from made under The teller was and boys; stand out when he heard the intelligence he was cirpaying messenger to be silent, as alone to told the report damaging, not only The culating a but to city banks. the Newark bank, confirmed what he had messenger afterward the rumor had got said by the remarking clerks in that his bank and he thought among good piece of news. it a GOSSIP AND SPECULATION. the wreck of the Mechanics' National business In at Newark, what strikes the and bank men as strange is, that the should directors, have first, never bank examiners, it worth while next, to verify the statement had over thought Cashier Baldwin The bank York The at of in deposits in New exploded $2,000,000 to verify this would is have said, when tempt the deception at once, item and, of this kind there was an the amount of the capital, it about five have times been thoughta verification reason would for would made. There is yet directors no know have been the rumor that some to ad believing the matter than they care Attorney more about United States District mit. It seems satisfied after an examination Keasby became of the Mechanics' bank and paof the books to Nugent & Co. aasertions surrendered of pers Cashier relating Baldwin that the were subby his voluntary statement demand Baldwin in And he made the stantially true Nugent's counsel, that the proJudge Jesse, in the hands of Nugent receiver & Co. be in perty now surrendered to the abstract immediately restitution of the amounts with Baldwin. partial ed by Nugent attorney in complicity exhibited to Jessie The district on which the claim is based, were pro- and some papers the goods now in the factory drawn insisted the application of money property duced by bank, and were in full the allowed to from the bank. Jessie asked to be matter and of the expert examine the be have an himself, the property should com- left pledged undisturbed until the examination was and he could give an answer. attorney pleted stated to the district from Nu- he Baldwin per cent. ommission taking received for 1 negotiating business. his paper Counsel and for gent charge of his banking believed his client would enabled to prove Baldwin said he the truth of all in said his that had with been regard to transactions It has confession Nugent & Co. with the bank. August, with C. been ascertained that during drawn September already and October the firm He had thought the about $487,000. to long from the figures bank were this nearly it $500,000. would not With such take Of had been some drafts as draw out $2,000,000 money course paid into there the bauk not by reach Nugent 50 per & Co., cent. but of the the payments Counsel did for C. Nugent said he false. would C. drafts. to show Baldwin confession amount be able & Co. had not drawn such in and he Nugent in excess of their credit, be 10 per as $2,000,000 if the excess would making doubted even amount. The firm was a up moneys cent. of that statement from the books and drawn paid

4. November 2, 1881 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, November 2, 1881

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The Newark Bank Failure. NEWARK, N. J., November 1.-Warren Akerman, a former director of the Mechanics' National Bank, has begu 1 a 'lawsuit against President Haisey for a debt caused by negli gence. Nugert's counsel denies that he received the large amounts stated by the cashier, Baldwin. Hesays he cannot ascertain how his accounts stood at the bank, because Baldwin had the accounts so mixed up that he was in the latter's power. A receiver has not yet been appointed. There are no further developments regarding Baldwin's operation.

5. November 3, 1881 Public Ledger Memphis, TN
Article from Public Ledger, November 3, 1881

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COMMERCIAL. PUBLIC LEDGER OFFICE, MEMPHIS, TENN., November 3, 1881. Twenty-four years ago the failure of the Ohio Trust Company, for two millions of dollars, caused a great financial crash throughout this country. A suspension of specie payments followed very soon, and, with one or two exceptions, every bank in the country was included in this feature of the great panic. The recent failure of the Mechanics National Bank, of Newark, N. J., wherein $2,000,000 have been stolen in one fell swoop, has had but little effect upon the finances of the country, and other failures of even greater magnitude, within a brief period, were hardly felt beyond the immediate circle of capitalists directly interested. The contrast between then and now is worthy of consideration by all who deal in finances. Silver in London has advanced a fraction and was quoted by cable yesterday at 51 15-16d per ounce, making the American standard dollar worth in that market about 86¾c. Trade silver dollars in the East are quoted at 99¼@99½c; Mexican dollars, 85@90c; five franc pieces, 85@95c. The receipts of gold at New York since the 1st of August last sum up $21,152,160 against $41,139,582 for the same period last year. The price of old Confederate bonds at Augusta, Ga., yesterday, went up to $10 and $11 per thousand. The purchasers at that figure had doubtless not heard of the official announcement that the Bank of England has no gold on deposit for account of the defunct Confederate government, and that there is no fund to be found there or elsewhere from which any portion of these bonds or coupons can be redeemed. The investors had doubtless as well put their capital in a rat hole. Government bonds closed in New

6. November 4, 1881 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, November 4, 1881

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Brought Banker Baldwin's Big Bank Bad Bankruptcy. A Round Million and a Half Taken Out and One Million Returned. Casualties, Crimes. The Newark Bauk The Oct follow NEWARK, N on J. the door of morning the Meing applicational appeared bank, this statements bank chanics "Closed in consequence made by the cash are affecting to the the board of investigation directors which The in bank was now ier, undergoing 1 considered the strongest The Post's New Newark NEW ORK, Oct. says 31 the Newark di ark, J. special the cial Mechanics national an of this orning suspens rectors bank, in Newark, suspension A meeting vester of nounced its a meeting, Balddirectors held Cashier O. the afternoon, and bank was not in a day stated that the that the liabilities to win condition to pay that an attempt so great would be useless. to were on business offere to subscribe condiand $500,000 carry The directions then put the lank in But the for tion business. do not it. at pend business sponded The directors that then decided The bank in issued October statement, as ed show Capital follows last liabilities plus. 400,000 $500,000 stock, notes divi bank nation $45,009 detosits $2,417 $3,962; 407 cashier dends unpaid checks, $68 banks 215; certified 366: due other national $70,912 check, due state banks, of directors $134. is the boar L Baldwin Stephen The following Halsey Oscar A Halsey Louis Grover, Jas H Condict, James George long, Herm Joseph Howel, Clark, Henry Jos presi Halsty cash Baldw Hester Oscar officer dent and last named trouble The for the -clap on conside red responsible like th nder not The news came There vas the community unity not the the was that picion institution The Newark directors strongest the most have been trust of in and city body men worthy the Baldwin reputation stood financier, probably The the bank state. and no offi be first closed to all commerce made known Baldwin of charge facts have been the arrest of landsends for the ing cial vond report of examin government The Newark espondent Mechanics of New of the bank was York That this at bank lost nothing. and Baldwin pledged, withdraw but and bank Saturday he had his permitted ability get hold the some this was them of his The bank. The was concern the firm of Nugent involved Co. Other bank failures with the broker expected has long been esteemed flice The defaulting nd cashier liked in the Newark other both his fellows be as much and bank seem This Newark surpr saying much simply grieved since the eromment surprise citizen hear marked of that one the churches boundless He one would as soon were turnthe nding tip was ed and While Baldvir Sunday of its spire. to the directors, the bells statement own guill, which nonfessil Episcopal his church which he Trinity member and calling faithful Bald subscribed was liberal indt did sat in worsh church Little, friends think, that one of was lights their leading church last night that moment It thie himself seems confessing of was time Baldwin trustee ritgs Newark bank the deposited the Mechanics ostanding hereand signed ther the from account Through which some savings misund bank withdrew thus the resent failure Insur Bald guarding Newark agains Mutuai Benefit which At the New York intense. left pany for imm Newark win trustee, of the receipt The of the The president ediately on the under be stood quite involved heavily the officers Insurance before was man eached One impany of the said such they had stock character, Baldwin and married experienced of unim the father circles He children. In of social the aders, unexcept and his regarded four as one Financier was to positively refuses of his tional. reputation Baldwin the except calling ersonal anybody friends. with To answered persons that any his house his son could not see Bald father especially his being sick he reporters his boys chidren, 15 and 11 and old. stayed to win's body wife years and old. and it two his bedside friend, am go all day guilty and At years Baldwin said villing o'clock menitentiary missioner Keasby to the States Commiss called his United district attorney short hand Bald and the together with Titsworth, de house, Judge positive porter and ex. Baldwia of the funds win's attorney had used any nied that he for private onization the band Since the Nugent & and said the firm principal custhe bank, among their firm have have been Since 1873, and that without the tomers. loans, oard of directors made irregular of the reatening it. knowledge pelled me by all about Nugent comp the directors to give him to tell transactions time. Some these crooked money from time back 10 to the more bank more Nugent paid but he drew all those times per month hoped these $50,000 than he paid would refund always Nugent & Co. the firm to well a be aware very years knowing were for date. sums, wealth Nugent used Co the fund book Nugent of the loans of the made fact. them ed more up than $2,000,000 out The modus was & Co. receiv funds of the that bank Nagent for York New the bank Co. operandi gave checks some money and the funds of of to pay time. drafts firms from time to used to pay the book the are the bank were The entries in thought the firm. directors right. falsified, 80 the the bank was all wealthy Mo business of Nugent, of the firm of evenmanufa rested this rocco Nugent & house Co., was by the of deputy aiding and He gave funds beting from bail for the $25,000, to answer marshal ing at his Cashier on the Baldwin charge Mechanics in embezzling bank the

7. November 4, 1881 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, November 4, 1881

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the to law prehended and dealt prays with he according may be THE NEW YORK. TOPIC OF CONV ERSATION. the Mechanics Nov. National 1. The failure wark on the was the one topic of bank conv of Ne from it were street. No failures ersation it reported resulting know Was that said by parties up not to unlikely noon, none were expected. director a former Ackerman NEWARK. THE N. PRESIDENT J., Nov. SUED National Mechanics power, against President strated begun against the one bank man who of the debt counsel caused deny by that negligence. Halsey for amounts They as stated by he received say he cannot Cashier the None of accounts up and they Baldwin had stood were them at in the so the ascertain fearfully bank latter's Baldwin how because mixed the involved with other the Mechanics banks are seriously power life The insurance president of the Mutual agents that the company bank telegraph benefit their embarrass been them their failure The receipts steadily reduced since deposits May bank. THE been deposited from in the the state agencies AMAZED NEW YORK, ics It is national now understood Nov. that The its cashier bank about of Newark the Mechan loses is ledged even use more made of $2,609,000 the money The reason explanation for doubting amazing wh and there by him the funds have of vet the been true disposition her the same in Wall time nothing has made stock money was street, lost which shows come that to light the The ulations. sev. run on the savings that would be realized has not been bank in New JerJ. N. Nov. NEWARK, torney render Keasby has demanded District At. factory of on the property of the the sur mulated the ground that Nugent bank under by money obtained it was from accu- the necessity. over to the bank promise in case of turning of NEW Nov. YORK -Early morning who inquired was not there rumor of ing him Post if met representative gentlemen of the yesterday and a bank. trouble Newark that such then Yes: is simply, 'Mechanic a report current, said because in by stock its cashier and it the has been robbed quiry the speculation. money On further has certain Mechanics' building. :gentleman not said, that under the bank. control which remote building from son cashier and some of of his the fice, had which for some time occupied friends perwhich he suited him entirely an of quested when to his was astonishment. not disposed to vacate and fered finer to and surrender it, but he he was was ters of in some building more at attractive quar action. course. On willingly accepted lower the rent, thought to be becoming known. it trans. provoked Then it inquiry queer, and and naturally Wall and a telephone was found that observation a ticker room. street, which had been with ed by was furthermor but into the a speaking tube connect. cashier mote banking house with not constant and some of his Therealter the person visitors at the friends shortly who gave tells his story room, says and and looked upon up the the Mechanics the matter of time. This crash as merely man who is directly nity of knowing had and an unusual opportu- from ments absolutely contradicted observing, but with whom of the cashier and by of the stateIt now connected. timately he reported to be brokers that there will likely and few days, surprising which developments sides the cashier will involve others bebank NEW has YORK, Nov. 1.-The les' bank of claim against the Mechan People's the Corn Newark of $29,000 The Express Exchange bank of and quainted says gentlemen $13,000 leading with the condition well city said moneye institutions of the edge of this afternoon of this the Newark that the know]was on Wall street bank's condition said the paying teller a month ago. He most way told prominent banks of one of the messenger him that three lower Broadrushed into the from a neighboring weeks ago bank There is big hole office and blurted out Look out bank in Newark to be in the Mechanics ler was boys, stand from under made up. inteiligence, paying out when he The telsilent as he and told the messenger heard the facts not alone was reporting tion. but to the damaging afterward confirmed The mor had remarking that he had said messenger also Just by got to the city Newark banks the institu- what in his bank, among the clerks piece and he tlemen, of news. "I have "This," thought said the good to bereason good himself. and have from the paying teller genlieve him.' NEW the Mechanics YORK. Nov 1.-In the ark what National bank wreck strange. strikes business of New the bank is examine that the directors men first the never thought it worth next, should the statement bank had of Cashier while Baldwin with New York over in that there at once: and, exploded deception to verify was this would agents. have An deposit five an item of this as said, when cation would that a would is yet times no have the been have amount thought been made kind of capital, of verifi- about morthat some more admit. matter about It reason seems the of for the believing directors than they the There knew District that Attorney Keasby States of the examination of book papers fied after the Mechanics hasty United became satisrelating bank, and the the surrendered to Nugent & the tially that his voluntary true, assertions statements by Cashier of Baldwin Baldwin Co., in hence he made were the substanbe the on to gent a Judge Jesse, property & receiver. Co., now immediately Nugent's in the hands counsel, demand of that Nuthe in partial surrendered amounts abstracted by restitution Nugent of in

8. November 5, 1881 Martinsburg Independent Martinsburg, WV
Article from Martinsburg Independent, November 5, 1881

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THE Mechanics National Bank of Newark, New Jersey, has suspended. The institution was wrecked by its cashier, who stole two millions of its funds. The New York Times, referring to the matter, pertinently asks : "Of what possible use to the stockholders and depositors of a bank, are examiners, who do not examine, and directors who do not direct, and whose confidence in their cashier is so great that they never take the trouble of verifying his statements, if he takes the trouble of making any, while he is engaged in absorbing five times the capital of the bank P"

9. November 8, 1881 Daily Globe Saint Paul, MN
Article from Daily Globe, November 8, 1881

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The Broken Newark Bank. NEWARK, N. J., Nov. -The bank examiner estimates that depositors in the Mechanics National bank will lose 50 per cent. Whatever is saved from Nugent & Co., and other accounts, will increase the percentage. The firm of Nugent & Co. decided last week to dismiss their employes ae fast as they finished up such work as they were engaged upon, and on Saturday 150 of them were discharged. More will finish up this week and share the same fate. All were paid up Saturday as usual, but the firm is so situated now that to purchase new stock and contiue the busines of the establishment is impossible* NEW YORK, Nov. 7.-Another failure OCcurred to-day, as a result of the Newark bank failure. Hanson & Vanwinkle, wholesale dealers in chemicals, having an office at 92 Liberty street, New York,notify creditors that they are unable to meet their obligations and will soon offer terms of compromise. The United States court, besides ordering a rule to show cause why a receiver should not be appointed for the Nugent factory, have also appointed E. N. Miller provisional receiver. to take charge of its affairs. Cashier Baldwin has been released on $100,000 bail. He will appear on Monday for examination. His bondsmen are his brothers, H. P., Wm. H. and Theo F. Baldwin, and seven other persons. The defaulting clerk, Marchbank, was bailed for $10,000 by Cornelius Van Houten, of Belleville, to appear on the 15th.

10. November 8, 1881 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, November 8, 1881

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GENERAL NEWS. 1 The President has issued a procla1 mation designating Thursday Novem ber 24th, as a day of National Thanksgiving. First Assistant Postmaster General Hatton has returned to Washington. He will act as Postmaster General during the absence of the latter. Fifteenth thousand immigrants are reported to have arrived in Manitoba this year. The first fast train to the West by the New York Central and Lake Shere route, yesterday morning, made the run from New York to Albany, 150 miles, in 3 hours 20 minutes. By a collision between two train, near Astoria, Illinois, on Sunday morning, an engine and several cars were wrecked and two passenger were killed. The steamer Larington, of London, is ashore near Shuthwest Point, An. ticosti Island, and will probably pecome a total wreck. Her crew were saved. Hanson & Van Winkle, whole. sale dealers in chemicals, of Newark failed yesterday, in consequence of the Mechaics' National Banktailure The U.S. Court at Newark, yes terday, ordered a rule to shew cause why a receiver should not be appointed for Nugent's factory; and the Court also appointed C. N. Miller provisional receiver, in the meantime. Cashier Baldwin, of the Mechanics' Bank, was released last evening, in $100,000 bail, to appear next Monday for examination. His bondsmen are his three brothers and six other parties. The default ing clerk, Marchbank, was bailed in $1,000, to appear on the 15th inst. The loss by the dock fire a Hoboken, on Sunday evening, is now estimated ar $1,250,000. Two mer are supposed to have perished by falling off the wharf during the fire The opera house at Joplin, Missouri was burned on Saturday night. Loss $50,000. The Hulmeville Manu facturing Company's cotton mil at Hulmeville, Bucks country, Pa. was destroyed by fire last evening Loss, $25,000.

11. November 19, 1881 Evening Star Washington, DC
Article from Evening Star, November 19, 1881

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BANK OFFICERS TO BE PROSECUTED.-Deposttors in the suspended Mechanics' National Bank of Newark, N. J., have held several meetings, and are understood to have determined to prosecute the directors of the bank and employ Benj. F. Butler and Roger A. Pryor as counsel.

12. November 23, 1881 Evening Star Washington, DC
Article from Evening Star, November 23, 1881

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# ARREST OF THE LATE TELLER OF NEWARK'S BROKEN BANK. Theodore F. Baldwin, late teller of the Mechanics' National bank of Newark, N. J., was arrested yesterday under the direction of the United States district attorney on a charge of falsifying the books of the bank and aiding the cashier, his brother, in the misapplication of the funds. His bail has been fixed at $50,000. At Trenton, N. J., yesterday, the motion for an injunction to restrain Nugent & Co., large debtors to the suspended National Mechanics' bank of Newark, from disposing of their property, and the appointment of a receiver to take charge of their business pending the proceedings, was not pressed. The examination of witnesses will begin on Monday. Miss Mary E. Conley, of Newark, who owns 75 shares of the stock of the Mechanics' has brought a suit for $22,000 damages against the directors to cover her loss.

13. December 4, 1881 New-York Tribune New York, NY
Article from New-York Tribune, December 4, 1881

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# TRIPLE SHEET. # THE NEWS THIS MORNING, FOREIGN.-The London cable dispatch to THE TRIBUNE says that the Conservatives are turning the perplexities of the Government in Ireland to account; Lord Randolph Churchill has denounced the Land Courts. Mr. Evelyn Ashley has disproved the charge that he is a bad landlord. The demands made by the Scotch farmers at their meeting are moderate. Mr. Lowell is in Paris on his way to London. The robbery of the body of the late Earl of Crawford and Balcarres, which has just been discovered, took place last May. Prince Bismarck's recent statement that Italy has advanced toward Republicanism causes a sensation at Vienna. Austria has suspended diplomatic relations with the Roumanian Cabinet because the King claimed further control over the navigation of the Danube. An international skating contest is to be held at Vienna on January 14-16. DOMESTIC.-Emory A. Storrs and Senator David Davis were among the witnesses examine yesterday in the Guiteau trial; it is thought that the expert testimony will be offered to-morrow; President Arthur is to be called as a witness by the defence. General J. W. Keifer, of Ohio, was nominated Speaker, and Edward McPherson Clerk of the House, by the Republican caucus; the Democrats nominated S. J. Randall Speaker, and the present incumbents for the other offices. Walker Blaine and William H. Prescott sailed as envoys of the United States to Chili and Peru. A bank in Cleveland, Ohio, was robbed of $117,000 in bonds. Seven persons have escaped from the jail at Las Vegas, N. M. Andrew Carnegie has offered a free library to Pittsburg under certain conditions, Two men were killed by a road accident near Thompson, Conn., yesterday. Navigation is being closed on the Delaware and Hudson Canal, the last boat having left Honesdale, Penn. CITY AND SUBURBAN.-The Lotos Club gave a complimentary dinner to Whitelaw Reid last night. Sailors who matinied on the bark Sontagg were handed over to the United States authorities. Mrs. Ellen Peck, a notorious confidence woman, was again arrested. Measures have been taken to revive the Mechanics' National Bank of Newark. A thief was shot by a policeman. There were three business failures. Gold value of the legal-tender silver dollar (412½ grains), 86.90 cents. Stocks were dull and generally lower, closing steady. # THE WEATHER. THE WEATHER.-TRIBUNE local observations indicate generally cloudy weather, with light rain or snow and slight changes in temperature. Thermometer yesterday: Highest, 42°; lowest, 35°; average, 3878°.

14. December 6, 1881 Press and Daily Dakotaian Yankton, SD
Article from Press and Daily Dakotaian, December 6, 1881

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LATEST BY MAIL. City of Mexico, Dec. 3.—An attempt was made Saturday to murder Governor Manuel Ledo of Gurna Juanto. The would-be-assassin was instigated by political enemies. Pittsburg, Dec. 3.—The Missouri land fraud cases of Burns Bros., for stealing several million acres of United States lands are now on trial at Clarion, Pa. Newark, Dec. 3.—It is reported arrangements have been made to relieve the creditors of the Mechanic's national bank by partial payment and to revive the bank. Boston, Dec. 3.—Weeks has made a proposition to the examiners of the Pacific bank, which was referred to the comptroller, and upon his reply depends the action of the bank. Chicago, Dec. 3.—A reception was tendered to night to Messrs. Healey and O'Connor, prominent Irishmen. The affair was semi-private and very cordial. Iowa City, Dec. 3.—Delegates to the national dairy association at Cedar Rapids and leading citizens came to Iowa City to-day on a special train. The citizens received the visitors in fine style, banqueted them, and escorted them through the glass, glucose, flour, oil, paper, oatmeal and other manufactories and the state university and schools. The visitors departed at 3 o'clock and were presented with 100 copies of an extra edition of the Evening Republican, containing a full report of the events of the day. The affair was a pleasant one throughout, and the Athens of Iowa treated their guests royally. Spencer, Iowa, December 3—Mr. Curtis, a farmer living about six miles northwest of this place, while out hunting this afternoon, accidentally shot himself. In pulling his gun towards himself it was by some means discharged, lodging the load in his bowels. He lived but a short time. Mr. Curtis leaves a family. New York, December 3—The directors of the Merchants bank have agreed to contribute $1,000,000 towards paying the creditors and reviving the bank. The directors will publicly announce their willingness to pay the creditors a percentage on their dues larger than any that could be hoped from the receiver. If the creditors accept the amount offered the sums will be paid in immediately and a full receipt taken. The bank will then resume under the old name. Denver, Dec. 3—The Denver's Durango special says four men several days ago left Ophir to walk to Silverton and it is believed perished in the snow in the range. A party is searching. Quebec, Dec. 3—The election of members of the local legislature passed off quietly. The present conservative government is sustained by an increased majority. All the members of the government were elected. Las Vegas, Dec. 3.—Seven prisoners, including John J. Webb, under life sentence for murder, and Davis Rudabaugh, escaped from jail here this morning. Rudabaugh was a member of the notorious Billy the Kid gang, and was sentenced to hang for murdering the jailor in the attempt to release Webb. New York, Dec. 3—J. L. Berg & Co., wholesale drugs, assigned. Liabilities about $200,000; assets reported large. Lunt Bros., ship chandlers, and Lunt, Lock & Co., commission merchants, suspended. Liabilities, $100,000. Philadelphia, Dec, 3.—The trouble between Anna Dickinson and Fanny Davenport, growing out of the failure of "American Girl," culminated this evening by an effort to serve a writ upon Miss Davenport, while the latter was acting the part of Lady McBeth. The sheriff's officer jumped from the auditorium to the stage with the writ, but was immediately ejected by the employes. Miss Davenport made an explanation to the audience. After the performance she remained in the theatre until after midnight, the officer being unable to serve the writ legally on Sunday. Boston, December 1—A special engine, with a caboose running west on the New York and New England railroad collided with the east bound local passenger train from Putnam about a mile east of Thompsons Corner this afternoon. The engine and caboose were on special orders to keep out of the way of the other trains but the orders seem to have been forgotten and the special proceeded on other trains' time. W. P. Harrington, Conductor Albert Clark and the engineer of the special train were killed and the fireman badly bruised. On the passenger train a number were wounded.

15. January 26, 1882 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 26, 1882

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OF the assessment on the Mechanics National Bank of Newark $300,000 out of $500,000 have been paid, and the receiver is preparing to sue for the rest.

16. February 18, 1882 Daily Republican Wilmington, DE
Article from Daily Republican, February 18, 1882

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NEWS SUMMARY. # Deeds of Violence-Grand Firemen's Tournament - Seventeen Railroads to be Prosecuted-Railroad Accident. The case of Fitz John Porter was again considered by the Cabinet yesterday, but no conclusion was reached. It is said that "theonly legal way to afford the desired redress in this case is for President to pardon General Porter thus removing his presents disqualifications from holding office in the service of the United States, and then restore him to his former place in the army by nomination to the Senate." The secretary of Interaal Affairs, at Harrisburg, has placed a list of seventeen railoard companies doing business in Pennsylvania in the hands of the Attorney General, requesting him to proceed against them for their failurel to make an annual report to the Auditor General within thirty days after the expiration of their fioancial year. The penalty for each failure is $5000. The ice in the Hudson river at Albany broke yesterday and gorged below, causing a flood along the wharves, which did considerable damage to merchanlise stored there in the cellars near by. The damage at Greenbash was greater than at Albany. Archibald Johnson, wife and children and a farmer, named Murphy, attempted, on Thursday night, to cros Buczhan Lake, near Lakefield, Ontario in a sleigh on the ice. The night being dark, thes mistook open water for clear ice and drove into it, but only Murphy was drowned. C. S. Coone, Jr., General Ticket Agent for the Onio and Mississippi Railroad, was killed on that railroad yesterday near North Vernon, Kentucky. He put his head out the window and it was struck by a bridge. A telegram from San Francisco reports the destruction of the house of Charles L. Johnson at Coffey's Cove on the Russian River, by a landslide last week. Mrs. Johnson, her infant and a man employed in the house, were killed. A veam of cannelcoal, five feet thick, has been discovered in Murion county, Iowa, thirty aniles from Des Moines. A vein of common bituminous coal, six feet thick.lies sixty feet beneath the cannel. Martin F. Conway, a member of the Thirty-seventh Congress, from Kansas, died in the Government Hospital for the Insane at Washington, last Wednesday, in the fifty-third year of his age. S. N. Snow, publisher of the Evening News, New Bedford, having been detected in a number of forgeries, attempted suicide at Narragansett on Thursday night. His father paid the forged notes. It is stated that the President has received the resignation of Mr. Hyman, Surveyor of Customs at New Orleans, and will, on Monday, nominate Pinchback for the position. Samuel Marsden, colored, aged 11 years, placed a can of coal oil on a stove in Dallas, Texas, mistaking it for a coffee pot. The house was wrecked and the boy killed. The Senate of Massachusetts yesterday passed resolutions expressing abhorrence of polygamy, and urging the passage in Congress of the Anti-Polygamy bill. By a collision between a freight train and a switch engine at Toledo, Ohio, yesterday, two engines were wrecked and Charles Clark, engineer was fatally injured. The receiver of the Mechanics National Bank of Newark announces a second dividend of 20 per cent, making 45 per cent, in less than four months. An eight-foot seam of bituminous coal has been discovered at a depth of eighteen feet, in sinking a well, near Victoria, British Columbia. The boiler of the Georgia Car Works, at Cartervilir, Georgia, burst yesterday morning, killing six men and injuring several others, one of them fatally. W. W. Ezra was kicked to death by a mume in Caroll county, Georgia, ong Thursday.

17. March 15, 1882 The Evening Critic Washington, DC
Article from The Evening Critic, March 15, 1882

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News Notes. Queen Victoria has telegraphed to Archbishop McClure, of Dublin, her thanks for his recent pastoral letter in favor of law and order. A dispatch from Panama says that the reports of the disaster caused by an earthquake at Costa Rica have been greatly exaggerated. The status of the strike of railroad laborers at Omaha has not changed since Monday. The non-strikers continue working, with the troops guarding them. A claim of $2,000,000 has been filed against Nugent & Co., of Newwark, N. J., by Mr. Frelinghuysen, receiver of the broken Mechanics' National Bank. Rev. Dr. Burton, of Hartford, Conn., and Rev. Dr. Perrin, of Torrington, have been elected by the clerical representatives of Yale College as successors to Drs. Bacon and Arms. Charles H. Foster, for the past few years a leading editorial writer on the Philadelphia Record, died yesterday morning of pneumonia, after an illness of less than a week's duration. The situation at the iron works at Homestead, Pa., has again become critical. A non-union man was badly beaten yesterday and two policemen shot, though not fatally wounded. A reduction of wages in the spinning department of the Pacific Mills, at Lawrence, Mass., was posted yesterday, and 120 women and girls quit work. It is feared that the mule-spinners will follow their example. The striking laborers at the Union Rolling Mfils, in Chicago, are negotiating with the company for a compromise under which they will return to work. A consolidation of all the trades unions in Chicago into one general organization is being effected. A boat with three sailors arrived at Empire City, Oregon, on Monday. The men said they left the Australian bark Bulwark twenty-eight days out from Yokohama. The officers and eighteen of the crew were left on board. The vessel was in a sinking condition and has probably been lost. The county commissioners of Lancaster County, Pa., have offered a reward of $500 for the arrest of James Shaw, who murdered his wife on March 7, near Bartville, in that county. He is supposed to be in Philadelphia or Baltimore, and will probably try to escape to Ireland. An inquest was held in New York yesterday in the case of George W. Wall, who was shot by his wife, at New Utrecht, L. I., who died at the Presbyterian Hospital, in New York. Mrs. Wall is under arrest, but the testimony taken by the Coroner showed that the shooting was accidental, and the jury so declared in their verdict. At the annual meeting of the stockholders of the St. Louis & San Francisco Railroad, held in St. Louis yesterday, the number of directors was increased from six to thirteen. The directors elected were C. P. Huntington, Jay Gould, Russell Sage, J. E. Seligman, Eiward F. Winslow, A. H. Hatch, James O. Fish, William F. Buckley, A. W. Nickerson, C. W. Rodgers, W. L. Trask and R. S. Hays. A man was found struggling in the water in front of one of the Philadelphia wharves on Monday night and was rescued by a passing steamer. He gave his name as Charles Leishner, and said that he was a stranger and asked a man to direct him to Tenth and Market streets. The stranger conducted him to the wharf, robbed him of $83 and knocked him into the water.

18. April 14, 1882 New-York Tribune New York, NY
Article from New-York Tribune, April 14, 1882

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TWO EFFORTS TO HANG HIMSELF. Michael Evans, proprietor of a restaurant at No. 1,414 Third-ave., appeared in the Harlem Police Court yesterday as complainant against Thomas Lee, a sailor living in a sailors' boarding-house at No. 386 Water-st., whom he charged with creating a disturbance in his place and with breaking a plateglass window, valued at $500. Justice Murray held Lee in $600 bail to keep the peace for one year, in default of which he was committed. Lee was taken to the prison and locked up to await the arrival of the prison van. Shortly afterward Keeper Glynn heard labored breathing in his cell, and hurrying to it found that Lee had suspended himself from the cell door with his shirt, which he had twisted in the form of a rope. He was cut down and with much difficulty was brought to his senses, when he was again contined in his cell. Entering the prison shortly after, Keeper Glynn found that Lee had managed to raise his head about a foot from the floor and had tied a strong piece of twine around his neck, which he had then fastened to the bars, and he was endeavoring to strangle himselt. He was again rescued. When he had recovered his senses he begged for some weapon with which to take his life, saying he was tired of living. An ambulance was telegraphed for to the Ninety-ninth Street Hospital, where he will be held for some time, as he is apparently suffering from some mental trouble. MR. CONDICT TO PAY HIS SUBSCRIPTION. When the directors proposed to revive the Mechanics' National Bank of Newark, President Halsey and Director Stephen H. Condict each agreed to contribute $250,000. The total subscription was about $700,000, The plan was to pay in full all deposits of $200 and under, and to pay all other depositors, except corporations, 75 per cent. The corporations were to receive about 58 per cent. The plan was not accepted by all the depositors and stockholders, and then Director Condict refused to pay his subscription, his excuse being that it would leave him penniless. A civil suit was brought against him and he gave bail in $250,000. He also gave $50,000 bail in a similar suit. Last evening it was announced that he would pay his $250,000 subscription. Director William Clark, who himself has to pay $75,000, having advanced him 15,000 on bonds and mortgages, and the Essex County National Bank and wealthy friends $125,000 more, also on good securities. The bank will be revived as soon as possible.

19. April 15, 1882 New-York Tribune New York, NY
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EFFECT OF MR. CONDICT'S SUBSCRIPTION. The announcement yesterday that Stephen H. Condict, the accused director of the Mechanics' National Bank, had greed to pay $250,000 toward the fund raised by the directors in partial liquidation of the claims against the bank has caused considerable talk in Newark. The proposition to the creditors has been revived in its original form and the bank will be reopened. The money which has been subscribed for the payment of the bank's debts will be placed in the hands of George A. Halsey as trustee III a few days. The conditions upon which Condict's subscription was renewed are not disclosed. District-Attorney Keasbey 18 in Washington and it is not known that be has been made aware of the new turn affairs have taken. Nor is it known precisely what the receiver will do. it is optional with him to press the civil suit or to accept Condiet's proffered payment. It is believed that he will elect to accept the arrangement of the directors. Meanwhile the papers in the criminal suit have been made out and are in the hands of the District Attorney to be forwarded to Trenton for the United States Grand Jury, which meets on Tuesday.

20. April 23, 1882 New-York Tribune New York, NY
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A SUIT AGAINST PRESIDENT HALSEY, The case of Warren Ackerman, a stockholder of the Mechanics' National Bank, against Joseph A. Depue Halsey, its president, wasargued before Judge at Newark yesterday. The suit is brought to recover $20,000 which the plaintiff lost by the bank's failure. The allegation was that the defendant was guilty of negligence 11) the discharge of his duty as president. The case came up yesterday on an argument on a demurrer. 'I he counsel for Mr. Halsey insisted that it had been repeatedly decided in sev eral States, and by the Court of Chancery of NewJersey, that an injury done by a director cannot be sued for by an individual stockholder, but by the corporation or receiver. The idea was to prevent any individual stockholder from coming 111 with his suit ahead of others and getting judgment, seizing all the available funds and defrauding other creditors. The counsel also insisted upon certain failures in the declaration of the plaintiff. The counsel for Mr. Ackerman held that under the National Banking acts, any director who permitted any officer of the bank to violate any provision of the law should be held liable for all the damage sustained. The counsel held that for a long time the defendant had neglected to give proper attention to the affairs of the bank and he was so culpably negligent that he left to the cashier its entire management. The plaintiff's stock became worthless, and he becomes Liable to the creditors of the bank to an amount equal to the par value of his stock. The counsel said that common justice would be promoted by its being made known that bank officers were to be held strictly liable for the discharge of their duties. Judge Depue said he would give his decision on Monday. Receiver Frelinghuysen's counsel is engaged in preparing the bill of complaint against the directors, and its completion is expected some time this week. It is expected also that the arrangements for carrying out the agreement of the directors to pay the creditors will be completed early in the week, when the payments of Stephen H. Condict and the other directors will be in the hands of the chosen trustees.

21. June 18, 1882 New-York Tribune New York, NY
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REESTABLISHMENT OF A NEWARK BANK. Arrangements are well advanced for the reestablishment of the Mechanics' National Bank, which suspended on October 31 in consequence of the dishonesty of Oscar L. Baldwid, its cashier. The payment of the creditors of the bank, according to a plan by which the directors subscribed $750,000 to pay the bulk of the indebtedness, has proceeded satisfactorily. Nearly all the creditors have received their checks from the fund subscribed. The plan contemplated the reestablishment of the bank. The following men are already announced as directors: George A. Halsey, William Clark, Marshall C. Lefferts, Frederick Frelinghuysen, Henry C. Howell, Stephen J. Meeker, Huzo Franzell, E. D. Gaddis, James F. Boud, Bernard M. Shanley and John T. Leverich. It is expected that George A. Halsey will be president and James F. Bond vicepresident. Both of these men were connected with the old directory of the bank. All the directors represent import: nt interests. The capital of the new bank will be $300,000, and next Tuesday the subscription books will be opened. Blocks of the stock have already been taken and many of the men who had their money with the old bank have promised their deposits. The committee of the directors are negotiating with the receiver for the purchase of the old building, the price named being $65,000. The name of the new bank has not yet been decided upon.

22. October 27, 1883 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, October 27, 1883

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BROKEN BANKS. - Chancellor Runyan has rendered a decision in the suit of Ackerman against Halsey and others. Ackerman, a stockholder of the defunct Mechanics' National Bank, of Newark, sued Pres. ident Halsey and the Directors of that institution for losses incurred through the neglect and mismanagement, by which it became possible for Cashier Oscar L. Baldwin to steal $250,000 of the bank's money. The receiver of the broken bank refused to institute suit against the Directors, and Ackerman thereon brought it individually. The defense demurred, claiming none but the receiver could sue in such a way. The Chancellor's decision overrules the demurrer and holds that the bank officials were liable personally for the failure through neglect to perform their duties properly, and that when the receiver refuses to bring suit against them any stockholder may do 30.-[Philadelphia Call.