Mechanics Bank (Newark, NJ)

Episode Information

Episode UID
8420401990982
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
842040199 hash
Start Date
October 29, 1881
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9bd2222cd977be3b

Response Measures

None

Description

The bank failed due to a massive embezzlement by Cashier Baldwin; while directors proposed a plan to revive it, the bank remained in receivership.

Events (3)
1. October 29, 1881 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Massive embezzlement and fraudulent transactions by Cashier Baldwin in connection with the firm C. Nugent & Co.
Newspaper Excerpt
The hardening tendency of the money market caused by the failure of the Mechanics bank of Newark
Source
newspapers
2. November 3, 1881 Receivership
Newspaper Excerpt
Frederick Frelinghuysen qualified as receiver of the Mechanics' bank to-day.
Source
newspapers
3. December 2, 1881 Other
Newspaper Excerpt
the directory yesterday agreed upon an agreement of re-establishment of the bank, and to raise funds with a view to an honorable adjustment
Source
newspapers

Newspaper Articles (24)
1. November 1, 1881 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, November 1, 1881

Click image to open full size in new tab

Article Text

New York 'Change. New York, Oct. 31. -The - bardening tendency of the money market caused by the failure of the Mechanics bank of Newark, was the main cause of the weakness of the stock market. It was also feared that there would be a run on the savings banks is New Jersey, and that to fortify against this, money would be sent from here, which in the present state if the bank resumes connot be well spared. It is said that some of the officers of the suspended bank are heavily interested in Wall street speculations and that their settlements, or failure to make them with brokers, would cause trouble here. The good news to-day consisted of the announcement that the Pennsylvania had advanced east bouud freight rates to 25 cents per 100 pounds from 20 cents, and that New York roads will follow suit to-morrow, but this news merely steadied the market which was declining on account of the faithlessness of the Newark's bank cashier.

2. November 1, 1881 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 1, 1881

Click image to open full size in new tab

Article Text

BUYING AND SELLING. GENERAL MARKETS BY TELEGRAPH. Money at 4 to 6 Per Cent.-Governments Quiet and Firm-Flour Dull-Wheat Active But Lower-Hogs in Fair Demand and Firm. FINANCE. New York NEW YORK, October 31.-MONEY-At 4@6 per cent. per annum 1.32 per diem, closing at 4 per cent. Prime mercantile paper 6@7 per cent. Sterling exchange, steady at 481: demand 485. SILVER-At London 518d per ounce; bar silver here 112. subsidiary silver coin 1 per cent discount. GOVERNMENTS-Quiet and firm. 101 Sixes, extended 102 New Fives, extended 113 New Four-and-one-halts.coupons 116' New Fours,coupons 130 PacificSixes of '95 RAILROAD Boxos-Irregular, on moderate volume of busines. STATE SECURITIES-Moderately active. STOCKS-The market opened firm and 1@1 per cent. higher than at the close on Saturday, and another advance of 1 @. per cent. took place almost immediately. Speculation, however, soon became heavy, and during almost the remainder of the day the tendency was toward lower figures. There were, of of course, occasional recoveries which were as quickly lost, and the market closed weak at a decline from the best figures of the morning of : to 21 per cent. Canada Southern and Michigan Central each sold down 2). St. Paul 2, Texas Pacific 14, Lake Shore 1., New York Central 11. Delaware, Lackawanna and Western 1., Central Pacific 1, and Union Pacific 11 percent. The hardening tendency of the money mark t caused by the failure of the Mechanies bank of Newark, was the main cause of the weakness in the stock market. It was also feared there would be a run on the savings' banks in New Jersey, and that the Pennsylvania Railroad Company had advanced eastbound freight rates to twenty-tive cents per one hundred pounds from twenty cents, and that the New York roads will follow to-morrow. but this news merely steadied the mar. ket which was declining on account of the wicked faithlessness of Newark's bank cashier. The mining stock market to day was very active and firm, especially for State lines and Oriental Nos. 2 and 3, closing at 340. Nos. 1 and 4 at 66, and Oriental and Miller at 70. South Pacitic made a further advance to 500. Transactions 381,000 shares.

3. November 1, 1881 Daily Globe Saint Paul, MN
Article from Daily Globe, November 1, 1881

Click image to open full size in new tab

Article Text

Financial and Stock Markets. NEW YORK, Oct. 1.-Money 4@6 per cent. per annum and 1-32 per cent. per diem, closing at 4 per cert. Prime mercantile paper 6@7 per cent. Sterling exchange, bankers' bills steady at $4.81. Sight exchange on New York, $4.85. Governments quiet and firm. Bonds-Railroad bonds irregular on a moderate volume of business. State Securities-Moderately active. Stocks-The stock market opened firm and 1/2 to 1/2 per cent. higher than it closed on SatSurday, and another advance of 1/8 to 3/2 per cent. took place almost immediately. Speculation, however, became hea vy and during almost the remainder of the day the tendency was toward lower figures. There were, of course, occasional recoveries, but they were as quickly lost and the market closed weak at a decline from the best figures of the morning of 1/4 to 314 per cent. Canada Southern and Michigan Central each sold down 21/2 per cent., Texas Pacific 1 1/2 per cent, Lake Shore 18/4 per cent., New York Central 11/6 per cent., Delaware, Lackawanna & Western 1% per cent., Central Pacific 1% per cent. and Union Pacific 1 1/2 per cent. The hardening tendency of the money market was caused by the failure of the Mechanics' bank, Newark, which was the main cause of weakness in the stock market. It was also feared there would be a run on the savings' banks in New Jersey and that to fortify against this money would be sent from here, which, in the present state of bank reserves, cannot be well spared. It is said that some of the officers of the suspended bank were heavily interested in Wall street speculation and that their settlements or failure made with brokers would cause trouble here. The good news consisted of an announcement that the Pennsylvania railway company had advanced east bound freight

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

Click image to open full size in new tab

Article Text

NUMENT. BALDWIN'S COMPLOT. United NEWARK, N. J., Nov. 1.-It Kensby seeing became sathasty examination the of papers relistied. Mechanics' Bank and States after District-At ttorney surrendered the books by Ualdwith III his he made brtho lating Cashier to Nugente & Co., voluntary Hence statement, the substantially true. Nugent's on Judge the hands of the be immediately of demand were gent that & Co. property now Teese, In restitution surrendered counsel, C. to Nii- the 11 Receiver, In partial by Nugent In complicity examounts abstracted The District-Attorney Haldwin. some papers on the hibited to and insisted that by factory were the claim with is based, Teese produced which the app goods bank, the plication and now were in the of in moneys fact be allowed the drawn property to have from of all the himself expert bank. Teese asked to matter, and pledged the property should was completed and that until examine the examination the be left undisturbed he could give answer. NUMBER'S REPLY he for c. Nugent. said he would false C. show Baldwin's drawn any to & Co. and not of able Counsel confession their credits such Nugent $2,000,000 in excess would be amount he doubted as even If the excess The firm was one-tenth and of that amount. own books n statement of making up from its and drawn out bank of the for a number of offset years the banks moneys would paid In past, and figures. nssign this. the he thought, & Co. had not made do so. an Thustory C. Nugent nor do they in be end a to preferred creditor ment, the bank was to At present, it was the also au & Co. to would abide and intention that was of Nugent error. events, when remain It still been mlsled as to informed the that hebank and be found the people way tho money near claimed ly S500, had grone. When & Co. haddrawn counsel said that C. past three months, hands day 000 In the Nugent employed 700 and Then that and the firm, which have n large DAY-roll; month. night, would was over $50,000 to be per purchased, that and other expenses. would alone there was material But was it not likely THIS SOME there RECEIPTS be TO ESPENDITURE COUNTERINAI- ANCE MeAll the money LARGE received was went what into the the state- to Bank, and this by the firm is now of the the show. ment chanies' The being fact financial made manager out whole affair of Neither Is firm that Bakdwin was for about eight years. were and nor James and Baldwin nor claimed fill up Christopher had been to be, Nugent signed than- notes had it power of How easy it among the upsuch depositing and eters to fill checks. attorney notes and instead to of place would their be pass-book receipts for him bank's papers credit! The firm of the firm to notes their as deposits, and of the Cashier show about it. A friend him on the said he was and heard the he Garfield was money. made know would Haldwin nothing buried, with Nugent Hald former day up, and a large quantity enabled to pay evidence had ask C. would Nugeut soon for be of thought material was in about been know Baldwin $500,000. overdrawn that Nugent when This. to n no large he Cashier spoke'to great his amount. account anxiety. of Nugeut, the had Germanin ns with If was he n the E. M. Douglass Bank, sald In conversation talk of the city had been National reporter: four or five It years has been past that Nugent & Co. Cashier of UPHELD the Mechanics' BY in BALDWIN, the Bank y bank. Baldwin He Secre- was spoken was practically of Tellers, by everybody. raised as Oscar. President, 1 and do everything not think tary, referred and to him. inconvenience No, to other inwas will cause any only firm seriously suid this think the Co. It is convenienced Is they have creditors If this is cents on the this banks. morning true, 1 that I doubt Nugent If their & dollar." belloved suspended, Cashi and. get statement been moro than 25 When nsked whether that he all the loaned amount to Haldwin's from the bank Douglass sald: & Co. was made than probable Nugent withdrawn not. Baldwin It true, Is more some-weekly the visits sum "I to do Wall street, and nino-tenths of wassunk that fully he abstracted eight or from the bank in which stock speculation." GEORGE WILKINSON, National of the Manufacturers' President of the President Bank, and John 11. Bank, Kase, corroborated course what Second National said. Mr. Kase said, "I do In the not think Douglass averation: involved as of & Co. are so people Nugent further would like to have henvily that he was believe. noti than Baldwin morning for more to the and he elid the debted Nugent said $220,000, this Mechanics Bank assets not to proposo Me $200,000 or his entire compelled to chanies' Bank: he creditors, make an with all resume business to turn over terms assignment, that. If lie was his would do 80 but on equitable hoped to be able to that he two. in a week or ATTORNEY REASDY, Nugent & Co. DISTRICT the account of discovered that Investigating bank, up to noon the bank. on checks, he is with firm the had drawn from since Jan. 1; and of demore the than $1,500,000 find what amounts these drafts. found and endeavoring pasils have been to deposits made amounting to meet to $150,000 In 110 September had the October. reporter, and had he a svoke rope Kenshy to Nugent has now I have around around very earnestly: the Cashier's his, and neck 1 intend but to draw It was tight." one counsel for Nugout blank said his drafts client them at the up The habit of leaving Cashier filled them in bank. the and that to the sult himself, and used to In with Wall amounts NUGENT'S street speculations. DRAPTY you 19881. Kensby of drafts States following bank during 1881: Drafts. night United makes and deposits the by Nugent in the Deposits Octobur. $255,100

5. November 3, 1881 New-York Tribune New York, NY
Article from New-York Tribune, November 3, 1881

Click image to open full size in new tab

Article Text

THE EXCITEMENT DIMINISHING. MUCH DOURT STILL FELT AS TO WHAT BALDWIN DID WITH THE MONEY-THE SUSPENSION FOLTOWED BY THE FAILURE OF A NEWARK MERCHANT-ACTION OF THE DIRECTORS OF THE BANK. signs of excitement fall National The of outward the Mechanies' Bank over of the Newark downhave almost disappeared. Occasionally two or three would form a front of the building walk group of in on and yesterday the stare sideanxiously at the modest little piece of white paper pasted on the closed iron doors, on which was written the first thrilling announcement of wreck and ruin, or look up at the stone arm and hammer thrust from the wall, which, in the light of the recent disclosures, seem a satire on honest toil, It's the poor people who make the money," said one workingwoman to another as she eyed this symbol of industry, an' it's the big bags who git it." The other nodded assent. Then a who was passing was asked if he thought man it was safe let money remain on deposit in certain other bank which she named. She said that by hard work in twenty years she had saved $500. On being advised to divide her account between two or more banks she started off, saying that she would act at once on the advice. At another time an old colored woman waved her umbrella at the bank and said that she was going home to advise her to put his money in an iron box and bury it under son rocks, where it would be safe from dishonest cashiers. DID BALDWIN USE THE MONEY IN SPECULATION Within the bank the examiner and his assistants were still busily engaged in turning over books a papers, but on inquiry little could be ascertained of the probable results of the investigations. Various rumors of the amount of the embezzlement were afloat through the day. One of them was in effect that the amount would reach three and a half millions, but this report was not generally credited. Some, however, shrugged their shoulders and said that they would be surprised at anything. The statement by the cashier that the whole amount of the deficit was absorbed in the morocco business C. Nugent & Co. still continues to be the subject of of much discussion in business circles, and the opinion seems to be growing that some of the money was lost inspeculation. Itis well known that Baldwin intimately associated with a young broker in New. ark no had a business connection with a inent stock firm in this city. He was in the prom- habit of frequenting the young broker's office, and on his own admission he had engaged with him in some transactions in Newark stocks. What is hard to believe is that so large an amount was absorbed by the Nugent firm. It was learned, however, on good authority yesterday that the bezzling cashier was the financial agent of the mo- emrocco house, was 80 regarded by the clerks employed by the firm, and made a practice of going to Nugent's office nearly every morning. That these facts never reached the ears of the directors, and that no suspicion was aroused by them is one of the mysteries of the case, especially as many have long been unable to understand C. Nugent Co.'s method of doing business. There & has yet been no denial of story that the two men frequently met in a Market- the st. beer shop to discuss their business affairs. This place, which is within a stone's throw of the rocco factory, is said to have had an increase mo- of patronage since it has become known as the rendezvous of the conspirators, many asking the barkeeper to point out the particular table at which they sat. HOW THE TRANSACTIONS WERE particulars were learned of Additional CARRIED yesterday ON. the manner in which the fraudulent transactions were carried on. Checks were drawn up by the cashier and signed by Nugent for the amount necessary to make up the difference between notes falling due and moneys received. These checks weredrawn on certain firms in this city-most frequently and the leather & Anderson. Then the Pickard come Martin & Runyon, cashier house would on of to New-York and inform these firms that drafts for so much had been drawn on them, and that as no such amounts in their hands to Nugent's credit he would were them checks on the Mechanics' Bank of New-York give or upon the Mechanics' National Bank of Newark. This, it is said, has been systematic method of procedure for years. "The fact of the cashier of the largest banking institution in New-Jersey." said one yesterday, "packing to New-York every day or two to make deposits to meet drafts should have excited the BUSpicion of the most credulous. The spectacle is almost ridiculous." A MEETING OF THE BANK DIRECTORS. A meeting of the directors was held at O o'clock yesterday morning, at the house of President Halsey. There was much speculation as to what the object of the meeting was, as the directors when approached on the subject refused to divalge the nature of their proceedings. All the directors were present except Lewis Grover and Colonel Wright. One of the directors, when questioned. said that he had made a calculation of the assets and liabilities the bank and that he had been led to the conclusion of that the depositors would ultimately meet with loss. Other directors say that they cannot express no any opinion until the exact condition of the bank has been made known by the examiner. So far as could be ascertained yesterday the majority of the directors is still disposed fully to credit the statements made by Cashier Baldwin. They are also hopeful that a large proportion of the deficiency may be made up by gaining possession.of the Nugent property. G. A. Halsey spent the greater part of the day in this city yesterday, but he did not say that his visit was in the interest of the bank James F. Bond, another director, when asked if he credited the report that Benjamin Stites, the the accounts with other implicated in the tions, thought clerk who said to kept that be dishonest banks, transac- was he had no reason, to believe that was true. He did not believe the assertion that the clerk was missing; it was understood that he was confined to his room with rheumatism. which frequently incapacitated him for business for weeks at a time. Later in the day it was learned that the meeting of the directors was for the purpose of person name to the Controiler of the at Washington to for deciding Currency on receiver. The name decided on. it

6. November 4, 1881 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, November 4, 1881

Click image to open full size in new tab

Article Text

The Receiver Qualifies. NEWARK, N. J., November 3.-Frederick Frelinghuysen qualified as receiver of the Mechanics' bank to-day. His father, exSenator Frelinghuysen, being his bondsman for $30,000. An injunction was served on President Halsey to-day from the Exchange bank of New :York, restraining him from collecting the securities forwarded to the bank for collection.

7. November 4, 1881 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 4, 1881

Click image to open full size in new tab

Article Text

New Jersey's Broken Bank. NEWARK, November 8.--Frederick Frelinghuysen qualified as receiver of the Mechanics Bank to-day, his father, ex-Senator Frelinghuysen, being his bondsman for $30,000. An injunction was served on President Halsey to-day from the Corn Exchange Bank of New York restraining him from collecting the securities forwarded to the bank for collection.

8. November 5, 1881 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, November 5, 1881

Click image to open full size in new tab

Article Text

NEWARK'S BROKEN BANK Marchbank, the Former Corresponding Clerk Arrested. NEWARK, N. J., Nov. 4.-Henry B. Marchbank, formarly corresponding clerk of the broken Mechanics' Bank, was arrested at his residence in Belleville this morning and brought before United States Commissioner Keasby. He is charged by the United States Dis trict Attorney with having robbed the bank of $50,000. Cashier Baldwin knew of the crime and drove Marchbank out of the bank. Baldwin was afraid to make the matter known lest his own villainy would come out, and he managed to hoodwink the Directors, who had heard rumors about it, by telling them that Marchbank's friends and he (Baldwin) would make the deficiency good. The bail in Marchbank's case has been fixed at $10,000. He IS now trying to find bondsmen. He is a prom. inent churchman in Belleville, and was recently nominated for Member of As. sembly by the Republicans, but he de. clined to run. This new revelation. has greatly strengthened the growing belief that Baldwin still lies, and that Nugent is not at all as bad as painted by Baldwin. Marchbank said yesterday that all his property is gone. An old resident of Belleville said : "Marchbank has bought a great deal of real estate. He says his house and grounds cost him $16,000. I suppose the house is worth $5,000. A week ago he paid $1,000 for land, and this year he bought of Mr. Coddington two acres. Mr. John East vood, the wealthy manufacturer of Belleville, said to me on Tuesday : "Marchbank has been a mystery to me. He has employed three men in his garden, and for years lived beyond his salary as a bank clerk. He was corresponding clerk. There is significance in that fact,' Marchbank has kept a horse, and nas flourished around lively."

9. November 7, 1881 New-York Tribune New York, NY
Article from New-York Tribune, November 7, 1881

Click image to open full size in new tab

Article Text

THE NEWARK BANK TROUBLES. District-Attorney Keasbey, of Newark, started for Washington on the 10 o'clock train last night. Before starting he told a TRIBUNE reporter that he would be represented at the examination in the case of Baldwin before the United States Commissioner this morning by his assistant. The examination would be confined to the investigation of the books and papers of Martin & Runyon, stock brokers of this city, who had been subprenaed to produce them, and then an adjournment would be asked for one week. It was necessary that a preliminary examination of these books and papers should be made in order to proceed with the examination of Baldwin. It is not probable that Baldwin will be present at the examination. Nearly all the pas or8 of Newark churches made allusion, in their discourses yesterday, to the rnin of the Mechanics' Bank and the downfall of the cashier. It has been stated that seven years ago Baldwin was offered the position of cashier of the Mutual Benefit Life Insurance Company of Newark, which offer he declined when the Mechanics' Bank raised his salary. It is now stated that a year ago the Third National Bank of New-York wanted a cashier. The name of Baldwin was proposed to the board of directors, and as most of the bank officers knew Bald win and regarded him favorably, a committee was appointed as a necessary preliminary to consider his qualitications with those 01 other men proposed for the position. As a result of th inquiries made by the committee a report was adopted, and against Baldwin's name stood the words: Too much outside business." When Receiver Frelinghuysen was informed by ex-Judge Teese, counsel for Christopher Nugent, that he had instructed his client to refuse the proposition made by the receiver to turn his property over to a third person while the books of the concern were being examined, he instructed United States District-Attorney Keasbey to apply for an injunetion and a receiver. The District-Attorney drew up the papers. Judge Nixon granted au order against Nugent & Co. to show cause at Trenton, on November 22. why the injunction should not be issued and a receiver appointed. A temporary injunction to prevent the concern from transferring or disposing of its property was granted.

10. November 8, 1881 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, November 8, 1881

Click image to open full size in new tab

Article Text

Busted by the Mechanics' Bank. NEWARK, N. J., November 7.-Another failure occurred to-day, resulting from the bank failure. Hanson & Vanwinkle, wholesale dealers in chemicals, having an office at 92 Liberty street, New York, no. tify their creditors that they are unable to meet obligations, and will soon offer terms of a compromise, The United States Court, besides order. ing the rule to show cause why a receiver should not be appointed for Nugent's factory, has this morning also appointed E. N. Miller provisional receiver to take charge of affairs.

11. November 18, 1881 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 18, 1881

Click image to open full size in new tab

Article Text

Bleak, chilly March and November are the two worst months of the year for those suffering with pulmonary diseases. Keep Dr. Bull's Cough Syrup near by, and such sufferers will be able to brave the rough weather without danger. Price 25 cents. The National Labor Congress now meeting in Pittsburgh endorses trades' unions, denounces Chinese and convict labor. and demands the repeal of the "conspiracy act." The run on the Howard's Savings Institution, consequent upon the failure of the Mechanics Bank of Newark, continues, but the officers seem cool and equal to all demands. If the mother is feeble it is impossible that her children should be strong. Lydia E. Pinkham's Vegetable Compound is a perfect specific in all chronic diseases of the sexual system of women. Send to Mrs. Lydia E. Pinkham, 223 Western avenue, Lynn, Mass., for pamphlets.

12. November 20, 1881 Arizona Weekly Citizen Tucson, AZ
Article from Arizona Weekly Citizen, November 20, 1881

Click image to open full size in new tab

Article Text

the removal because their not being Grant Renubi that such not trol His him. Grant duty the whole party A Heavy WASHINGTON, Comp. troller Knox of 100 of the Mechanics National Bank of The Body Victim Roct 17. body of the third vietim of the disaster to-day. that Henry of ing What ter General will report commend service and San York Francisco be larged shorten time the Pennsylvania Central already done. More Star Route Frauds CHICAGO 18. The Times Bannock City Montana, that the Gov paying S1 4,643 for the star routesir M ontana, on no service is performed. Tu:f Callenge 18 Charles H. New YORK, Ray match Phil. Thomp against son for $10,000. winner stakes gate money Guiteau's Trial W WASHINGTON, November 18 Long be the fore the hour nal court, ladies gentlemen ridors and admis At 9 o'clock drove Guiteau, clutching large brndi of pers his in hurriedly into the building There marked a tions the team violence the four-fifths ladies. Seoville take some prisoner prevent prisoner the and thing public the ed and represent turning their there such forty-three Know. NEW Chaffee knows plans He has Secretary Report. W Secre 18 tary the savs Gover has ment tial creasing W private ASHINGTON dispatch states Bank has closed Central Bank National Boston but continued Bank NEWARK, Depo itors in the Mechanics Bank, it under stood, have unter the directors and F Butler and Roger NEW The B ton bank the Pacific of eight paid small then through The trouble. by the which it was member. COLUMBUS terday caught voting ings. ment heating all from the perint the fire could have originated, and firmly ting the strange men bilfered the rooms, taking could lay loss amount W ley Brown Mrs. Garfield, Arthur, has papers of Garfield Making Penal Colony 19. The United State named Dunko and will atten tion of the LITTLE Rock, uber 19. Boge Jackso Hamburg Ashley murthe der of Ben Jordan noted desperado, two three or to the for one which he was executed. Dr. Hamilton Testify NEW YORK, November 19. Dr. Hamilton, Garfield surgeon. has been summoned as witness in the Guiteau trial. Official Count HARRISBURG 19. Official vote for State Baile 265,295; Noble 258,431 49,994 14,976; Wilson, 4,507 Plurality for Bailey, 6,864 The Memorial Hospital Fund. W ASHINGTON, N. vember 19 The Garfield Memorial Hospital Fund now lighty

13. November 28, 1881 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 28, 1881

Click image to open full size in new tab

Article Text

CONDENSED DISPATCHES. James Doran was found frozen to death at South Groverland, Mass., Saturday, A. M. He was 40 years of age, a wool sorter in Wales factory. It is stated he was stupefied with liquor. Saturday afternoon David R. Belton of Watertown, N, Y., attempted to escape from the penitentiary and was shot. A receiver has been appointed of the factory and property of C. Nugent & Co., of Newark, N. J. The works will continue operations. The directors of the Mechanics' Bank of Newark, N. J., hope to revive the bank. A receiver will probably be appointed for the Pacific National Bank of Boston. Secretary Folger has not vet decided what action he will take relative to the outstanding bonds. The Secretary is still engaged in considering the bond question, consequently he cannot indicate when he will issue circulars bearing on the subject. At all events he will do so today. Postmaster Pearson is notified from San Francisco that mails from Shanghai, Oct. 26, Hong Kong, Oct. 29, and Yokahama, Nov. 9, are due in New York for early morning delivery, Dec. 2. At St. Albans, Vt., Saturday, Chancellor Rice, in the case of Langdon vs. Vermont & Canada Railroad and others entered a pro forma decree of foreclosure against the Vermont Central Railroad Co. first and second mortgage bondholders, and Vermont & Canada Railroad Co. in favor of the trust bondholders. Fire, Saturday morning, at Farmington, N. H., damaged the frame building occupied as a store and hall for lodges. Loss $3,000; insured. Mrs. Small's millinery stock was damaced by smoke and water; insured for $1,200. which, it is thought, will cover the loss. The lodge property was damaged considerably, although the books were saved; insured. John Pedrick who was run over by a freight train on the Eastern railroad a week ago died at Salem Hospital Sunday morning. The Central National Bank of Boston have received an official order from Comptroller Knox to increase its capital stock by addition of half a million. The commission as Rear Admiral to Com modore Beaumont, commandant at the Portsmouth Navy Yard, has been received by him and the flag of Rear Admiral is hoisted at the yard. The tops of the cars which arrived in Washington, D. C., from the West Saturday morning, were covered with snow from the Alleghanies. Ice has already formed in Washington, and a despatch from Norfolk, Va., says that there was ice an inch thick there on Friday, which is somewhat unusual for this portion of the year. Some 50 members of the House of Representatives have reached Washington since Thanksgiving. The contest for the Clerkship has not fairly opened. Mr. Rainey (the colored ex-Congressman from South Carolina) think the republicans should give it to him, as he was their last caucus nominee. The codfish receips at Gloucester. Mass., last week were 61,000 pounds of Georges, 20,060 pounds Bay of Fundy, 20,000 pounds off-shore. The receipts of fresh halibut were 60.600 pounds. The shore fleet landed some 100,000 pounds of hake, 20,000 pounds of cusk. The other fish receipts were 67 barrels of mackerel (the last catch of the season). 53 barrels of spurling. 800 quintals of cured shore fish, about half haddock and the rest hake and small codfish. The market is moderately active for the season and prices unchanged.

14. December 4, 1881 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, December 4, 1881

Click image to open full size in new tab

Article Text

Affairs of the Newark Bank. NEWARK, N. J., December 3.-Counsel for the directors of the Mechanics' bank announces that the directory yesterday agreed upon an agreement of re-establishment of the bank, and to raise funds with a view to an honorable adjustment of all claims of stockholders, depositors and other creditors. Partieulars will shortly be made known. The receiver of the bank says that if the arrangement would into efgo fect it would cost the directors more than one million dollars, and would result in saving the bank. From several sources it is learned that the stockholders will probably lose the value of stock, and that depositors will receive a small per cent. except those amounts that are under twenty dollars.

15. December 4, 1881 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, December 4, 1881

Click image to open full size in new tab

Article Text

NEW JERSEY. NEWARK, N. J., December 3.Chancellor Rumzon has refused to grant a writ of error in the case of Kenkowski, the Hudson county murderer. The counsel for the directors of the Mechanics' Bank announces that the directors yesterday agreed upon a scheme for the re-establishment of the bank and to raise funds with a view to an honorable adjustment. of the claims of stockholders, depositors and other creditors. The part culars will shortly be made known. The receiver of the bank says that if the arrangements would go into effect it would cost the directors more than one million dollars, and would result in reviving the bank. From several sources it is learned that the stockholders will probably lose the value of the stock, and that the depositors will lose a small per centage, except those to whom amounts under $200 are due.

16. December 4, 1881 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 4, 1881

Click image to open full size in new tab

Article Text

Writ of Error Refused The Mechanics Bank of Newark. NEWARK, N. J., December 3.-Chancellor Runyon this morning refused to grant a writ of error in the case of Kinkowski, the Henderson-county murderer. The counsel for the Mechanics Bank announces that the directors vesterday agreed upon a scheme for the reéstablishment of the bank and to raise a fund with the view to an honorable adjustment of the claims of stockholders, depositors, and other creditors. The particulars will shortly be made known.

17. December 5, 1881 Savannah Morning News Savannah, GA
Article from Savannah Morning News, December 5, 1881

Click image to open full size in new tab

Article Text

A SCHEME TO REFUND. Proposed Restoration of Newark's Broken Bank. NEWARK, N. J., December 3.-Counsel for the Mechanics' Bank announce that the directors yesterday agreed upon a scheme for the reestablishment of the bank to raise a fund with the view to an honorable adjustment of the claims of the stockholders, depositors and other creditors. The particu'ars will shortly be made known. The receiver of the bank said that if the arrangement would go into effect it would cost the directors more than one million dollars, and would result in reviving the bank. From several sources it is learned that the stockholders will probably lose the value of their stock, and that the depositors will lose a small percentage, except those to whom amounts under $200 are due.

18. December 5, 1881 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, December 5, 1881

Click image to open full size in new tab

Article Text

BUSTED BANKNEWARK, N. J., Dec. 3. The directors of the Mechanics' bank have agreed to contribute $1,000,000 toward 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 a receiver. If the creditors accept the amount offered, the sums will be paid in immediately and a full receipt ta ken. The bank will then resume under the old name.

19. December 6, 1881 Daily Globe Saint Paul, MN
Article from Daily Globe, December 6, 1881

Click image to open full size in new tab

Article Text

The Newark Bank Failure. PHILADELPHIA, Dec. 5.-0n motion of counsel for the receiver of the suspended Mechanics bank of Newark, the court of common pleas to-day dissolved the attachment issued to the Farmers and Mechanics bank of this city against the money and securities deposited in the Philadelphia National bank, believed to belong to the Newark bank. The attachment is dissolved on the principal of law that funds of institutions in the hands of a receiver are not liable to attachment, and that, although the receiver's appointment may not have been made till some time after the suspension of the institution, it dates back to the time of its suspension.

20. December 6, 1881 New-York Tribune New York, NY
Article from New-York Tribune, December 6, 1881

Click image to open full size in new tab

Article Text

AN ATTACHMENT DISSOLVED. PHILADELPHIA, Dec. 5.-On motion of counsel for the receiver of the suspended Mechanics' Bank, of Newark, the Court of Common Pleas to-day dissolved the attachment issued by the Farmers' and Mechanics' Bank, of this city, against money and securities deposited in the Philadelphia National Bank, believed to belong to the Newark bank. The attachment was dissolved on the principle of law that the money of an institution in the hands of a receiver is not liable to attachment and that although the receiver's appointment may not have been made until some time after the suspension of the institution, it dates back to the time of the suspension.

21. December 6, 1881 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 6, 1881

Click image to open full size in new tab

Article Text

The Mechanics' Bank of Newark. PHILADRLPHIA, Dec. 5.-On motion of counsel for the Receiver of the suspended Mechanics' Bank of Newark, the Court of Common Please today dissolved the attachment issued by the Farmera' & Mechanics' Bunk of this city against the monoy and securities deposited in the Phil. adelphia National Bank belloved to belong to the Newark bank. The attachment was dissolved on the principle of law that the funds of the Institutionlin the bands of the Receiver are not liable to attachment, and that although the Receiver's appointment may not have been made at the time of the susponsion of the Institution, It dates back to the time of the suspenaion.

22. December 18, 1881 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, December 18, 1881

Click image to open full size in new tab

Article Text

Bank Troubles NEWARK. N. J. December 17.-Notice has been served on Cashier Baldwin and his brother, Odore, the Mechanics' bank telIrr, to appear at court in Trenton January 3d to answer to a bill filed vesterday by the district attorney. praying for an injunction against their transferring their property, and that it be placed into the hands of a receiver.

23. December 18, 1881 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, December 18, 1881

Click image to open full size in new tab

Article Text

How Was It Done? Newark, N. J., Dec. 17.-Attorney Kasbery has filed a bill in the court at Trenton, asking for order to show cause why the property of Oscar and Theodore Baldwin should not be put into the hands of a receiver, for the benefit of the Mechanics' bank, Newark. The bill sets forth, among other things, that although his salary was $3,500 a

24. March 10, 1882 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, March 10, 1882

Click image to open full size in new tab

Article Text

Crime Record. Newark, N. J., March 9.-Director S. H. Condit, of the Mechanics bank, has been arrested on civil suit by Receiver Frelinghuysen. charged with concealing the true condition of the bank from the other directors and that he profited thereby. Bail was fixed at $250,000.