The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1899-07-15
7HR CASHIER IN PRISON.
The Middless1 County Bank Of
Perth Amboy Closed.
SHORTAGE AT LEAST Sl25,0OO.
Cashier Valentine Had Disappeared
and an Investigation showed Appar-
ent Juggling With the Accounts and
Cash OF the Institution.

eht Juggling with the Accounts and
Cash OF the Institution.
Perth Amboy, N. j., July 15.-George
M. Valentine, cashier Of the Middlesex
County bank, of this city, which closed
yesterday, has suryendered himself,
and is now in jail on account of a
shortage in the banks funds which has
been been variously estimated all the
. way to Sl65,0O0. The affair caused con-
sternation and dismay among the BUSH
ness men of Perth Amboy, where the
MiddlcseX County bank was consider
ed as strong as the eternal hills. So
panic stricken did the residents be-
come when it was learned that the
MlddleseX County bank had failed TO
open business as usual yesterday morn
ing that crowds surrounded the Perth
Amboy Savings institution. What
made the run on the savings bank ap-
pear all the more serious was the fact
that the officers of the Middlesex Coun-
ty bank and the ogIicsrs of the Perth
Amboy Savings institution are identi-
cal, the business of both banks being
transacted over the same counters.
Though it became necessary to call
for the aid of the police for the pur-
pose Of maintaining order U. b. Wat
son. the president of both banks, says
that the funds of the Perth Amboy
Savings institution were not touched,
that the 100000 deposited to the ac-
count Of the savings institution is alb
solutely safe, and that, no matter how
badly the Middlesex County bank has
been wrecked, the savings bank will
be able to meet all demands made upon
1t by depositors. These words Of as
surance from the officers of the saw
ings institution had the effect of check
ing the run on this banh.
On Monday last Cashier George M.
Valentine evidently concluded that he
could no longer conceal the shortage
at the Middlesex County bank. On
that morning he telephoned President
Watson that he was detained, but he
said that he would appear at noon.
The bank had then opened for busi-
ness, and Mr.. Watson, who was taking
the absent cashiers place, discovered
that there should have been some
$1,000 in bills on hand to commence
operations for that morning. These
he could not find in the vault. Mr..
Watson had been searching for it
when Valentine called up by telephone.
He asked Valentine where this money
was and was told it had been placed
In the cashiers private drawer Mr..
Watson remarked that was no place
for it, but rang off on the telephone
and went to get It, A duplicate key to
the drawer indicated was obtained
and the drawer opened, but no money
could be found. Mr.. Robert Valentine,
the cashiers father, was summoned, and
he aided in the search for the missing
money. 1t could not be found, and
finally the work of checking was be-
gun. Then it soon became evident
that during the last few months the
accounts of the bank had been juggled.
The other trustees were summoned,
and the banking department was noti-
fed to send an examiner. Deputy Com
missioner of Banking Johnson appear
ed in response.
On Wednesday Mrs. Valentine, the
wife of the cashier, returned from
Ocean Grove and called at the bank
and wanted to know where her hus-
band was. This was the first intima-
ton she had that he was not on duty,
and showed the officials that Valentine
was not at the seashore, as at first
appeared.
On Monday the Park National of
New York charged the Middlesex bank
with checks to the amount of $4,000,
which are said to have been drawn on
it against the account of the Middle
sex by Valentine.
A detailed investigation of matters
by President Watson and Robert N.
Valentine showed that the cashiers
checks did not correspond; that the
checks called for more money than the
stubs recorded, and that, while taking !
the stubs as the basis of accounting
the banks finances would figure out all |
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
ried the accounts on the stub and |
from the books correctly but when the I
returns from the cashiers checks came
he pocketed the difference between the
stub and check. -Four or five months
of this method of financing depleted
the banks reserve moneys and brought
1t to the verge of ruin. Then the
cashier evidently secured the ready
cash on hand and left Perth Amboy.
Tuesday night the determination to
close the bank was agreed upon, and
President Watson notified Chief of Po-
lice Burke and asked him to locate the
cashier. Valentine, who had
been in New York city, returned to
Perth Araboy from Woodbridge, ac-
companied by his counsel, Edward
Savage, of Railway. He declined to go
into details about the shortage of the
bank, except to say that he was very
sorry that he had got his friends into
trouble, and that he felt very bad
about his wife and children.
President Watson is Of the opinion
that the cashiers defalcation will
amount to at least $4,000. Where the
money went to is not known, as the
cashier is said to have been moderate
in his tastes and habits of life.
Cashier Valentine was for years a
clerk in the Park National bank of
New York. In 1858 he was made
cashier of the Middiesex County bank.
His bond was fixed for $4,000 His
relatives are wealthy and it is said
they will endeavor to make good the
shortage.