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A MONSTROUS ENBEZZLEI ENT. The Cashier of the Merchants National Bank of Newark. N. J., a Detaulter for Two Millions or Dollars-The Embezzler, a Prominent Society Man and Pillar of the Church. Arrested and Held to Bail. The most gigantic embezzlement of the times is reported from Newark, New Jersey. Cashier Baldwin, of the Merchants National, advised the directory to suspendon Monday morning, cooly telling them he was short two million dollars in his accounts. The confession paralyzed the directors, but they went into executive session as soon as they could recover their breath. They realized fully upon their worat fears, and Mr. Baldwin, "the loading banker in the state," will go to join Cashiers Berry of Hackensack, and Hed den of Newark, in the retirement of the New Jersey penitentiary. A telegram tersely tells the story when it saye that Baldwin got away with everything but the safe, which was heavy one. The crime is certainly the most coloseal of its class. The old Mutual Life Insurance company loses a million, all of the available assets of the company, and several suspensions are inevitible. The cashier's name is Hensler Baldwin. The main fact is the old and painful story-stock, gambling, robbery andruin. The affidavit on which he was arrested alleges a confession of the crime, and that abstractions were covered un by false ontries; that the amount taken exceeds $2,000,000, and that the bank is insolvent and ruined What this implies may be imagined from the fa t that the Mechanics' bank has hitherto stood in the very front rank among Newark banks, having been most prosperous during the half century since its charter. It has been paying dividends of 14 per cent., 7 per cent semi-annually. In fact the mechanics was considered the strongest and safest bank in Newark, though almost too prudent and conservative. Its board of directors includes some of the wealthiest and foremost citizens. The surprise is simply boundless. As one prominent citizen remarked, "he would as soon have thought of one of the churches turning over and standing on the tip of the spire." While Baldwin was making his statement to the directors Sunday, confessing his owu guilt, the bells on Trinity Episcopal church, of which he was a member and to which he had subscribed liberally, were calling the faithful to worship. Little indeed did Baliwin's old church friends think as they sat in church that one of their leading lights was at that moment confessing himself: thief. Christopher Nagent, a wealthy morocco manufacturer of the firm of C. Nugent & Co., was arrested Monday evening at his house by a deputy United States marabal ona charge of aiding and abetting Cashier Baldwin in embezzling funds from the Mechanics National bank. He gave bail in $25,000 to answer to the charge.
