The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1899-07-19
ROBBED TWO BANKS.
Cashier of One and the Treas
urer of the Other.
George NJ. Valentine of Perth Amboy, N.
j. Acknowledge Himself n Defaulte,
to the Amount of $4,000 or More
The Money All Spent In Gambling
Both hanks Have Closed.

NEW YORK, July 15.-George NJ
Valentine, cashier of the Middlesex
County bank of Perth Amboy, N, j.
which he's been closed, surrendered
himself and is now in Jail on account
of shortage in the banks funds
which 1t is estimated may reach as
high as $165,000 The affairs caused
CONSERVATION and dismay among the
business men of the conservative ole
New Jersey town of Perth Amboy
where the Middlesex county bank was
considered as strong as the eternal hills
So panic-stricken did the residents OF
Perth Amboy become when it was
learned that the Middlesex county bank
had failed to open for business as usua
that crowds surrounded the Perth Am.
boy savings institution. What made
the run on the savings bank appear al
the more serious was the fact that the
officers of the Middlesex county banL
and the officers of the Perth Amboy
savings institution were identical, th5
business of both banks being trans.
acted over the same counters. Hence
to those not familiar with banking de.
tails the suspension at the offices Of the
one bank seemed to presage the down.
fall of the other institution.
Though it became necessary to cal
for the aid of the police for the pur.
pose of maintaining order, L. b Wat.
son, the president of both banks, says
that the funds of the Perth Amboy
Savings institution were not touched
that 100000 deposited to the account
of the savings institution is absolutely
safe and that no matter how badly the
Middlesex County bank has beer
wrecked, the savings bank will be able
to meet any and all demands made
upon it by the depositors. This as.
surance from the officers of the saw
ings institution had the effect of check.
ing the run on the bank during the
afternoon. though all day long crowds
In the vicinity of the bank watched the
proceedings with the greatest interest
A detailed investigation of matters
by President Watson and Robert n
Valentine. the father of the cashier
showed that the chashier's plan of op.
Grafton was extremely simple. 1t was
discovered that the cashiers checks
and the stubs did not correspond, that
the checks called for more money than
the stub recorded, and that while TAX
ing the stub as the basis of accounting
the banks finances would figure al
right, the checks would show that the
bank had been drawing heavily on its
New York correspondent, the Park Ma
tional bank The cashier, in fact, car
rled the accounts on the stubs, and
from them to the books correctly but
when the returns from the cashiers
checks came he pocketed the difference
between the stub and the checks.
Four or five months Of this method OF
financiering depleted the banks re-
serve monies, and brought it to the
verge of ruin. Then the cashier evil
IDENTIFY secured a portion of the ready
cash on hand and left Perth Amboy
The cashier was for years a clerk ir
the Park National bank of New York
In 1893 he was made cashier of the Mid.
dlesex County bank. His bond was
fixed for $4,000. His relatives are
wealthy, and it is said they will en-.
deavor to make good the shortage.