The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-07-15
VALENTINE SURRENDERS.
Defaulting Perth Amboy Cashier
Gives Himself Up.

New York, July 15.-George NJ Val
Ientine cashier of the MiddIesex county
bank of Perth Amboy, n. J., which was
closed yesterday. has surrendered him
self and is now IN jail on account of a
shortage in the hanks funds, which has
been variQusly estimated all the way
up to $165, 900. So panic stricken did the
residents of Perth AmboY become when
it was learned that the MiddIesex coun-
ty bank had failed to open for business
as usual 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 NiddleseX county
bank and the officers of the Perth Am
boy Savings institution are identical.
the business of both banks being trans
acted over the same counters. Though
it become necessary to call for the aid
of the police for the purpose of main
tanning order, u. B. watson, the presi-
dent of both banks, says that the funds
of the Perth AmbOy Savings institution
were not touched; that $500, 900 deposited
to the account of the savings institution
is absolutely safe and that no matter
how badly the MiddIeSex County bank
has been wrecked the savings bank will
be able to meet all demands made upon
it by the dep0s1tOrS. These words of
assurance from the officers of the saw
ings institution had the effect of check
ing the run on the bank.
The notice posted on the door of the
MiddIesex County bank early in the
morning was as follows:
Bank closed. In the hands of bank
ing department"
On Monday last Cashier George NJ.
Valentine evidently concluded that he
could no longer conceal the shortage at
the Middlesex County bank. On that
morning he telephoned resident Wat
son that he was detained but said that
he would appear at noon. The bank
had then opened for business and Mr..
Watson. who was taking the absent
cashiers place, discovered that there
should have been some 81, 900 in bills on
hand to commence operations that
morning. This he could not find in the
vault. Mr.. Watson. had been searching
for it when Valentine called up He
asked Valentine where this money was
and was told it had been placed in the
cashiers private drawer. Mr.. Watson
remarked that that was no place for it,
but rang off the telephone and went to
get it. A duplicate key to the drawer
indicated was obtained and the drawer
was opened, but no money could be
found.
Mr.. Robert n. Valentine. the cashiers
father. was summoned and he aided in
the search for the missing money. It
could not be found and finally the work
of checking was begun. Then it soon be-
came 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 notified to send an examiner. Dep
uty Commissioner of Banking Johnson
appeared in response.
On Wednesday Mrs. Valentine, the
wife of the cashier, returned from Ocean
Grove and called at the bank and want
ed to know where her husband was.
This was the first intimatiOn she had
that he was not on duty.
Monday the Park National of New
York charged the MiddIesex County
bank with checks to the amount of
$4 900, which are said to have been
drawn on it against account of the Mid
dlesex by Valentine
A detailed investigation of matters
by President Watson and Robert N.
Valentine showed that the cashiers
checks and stubs did not correspond;
that the checks called for more money
than the stubs recorded and that while
taking the stub as the basis of ac-
counting, the banks's finances would
figure out all right, the checks would
show that the bank had been drawing
the Park National. The cashier, in fact,
carried 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 check. Four
or five months of this method of finan-
ciering depleted the bank reserve
monies and brought it to the verge of
ruin. Then the cashier evidently Sc
cured a portion of the ready cash on
hand and left Perth Anboy.
4nuISQay DlSAl the UGteIUllUdIlOn TO
close the bank was reached, and Mr..
Watson notified Chief of Police Burton
and asked him to locate. the missing
cashier, Valentine, who had been in
New Y York city, returned to Perth Am
boy from Woodbridge, accompanied by
his counsel, Edward Savage, of Hah-
way. He declined to go into details of
the shortage of the bank except that he
was very sorry that he 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 1925, 900. Where the
mohey went is not known, as the cash
ier is said to have been moderate in
his tastes and habits of life. The Mid
dlesex County bank was operated un-
der a state charter and had been in
operation many years.
Cashier Valentine was for years a
clerk in the Park National bank of New
York. In 1898 he was made cashier of
the MiddleseX County bank. His bond
was fixed at $780, 900. His relatives are
wealthy and it is said they will en-
6paNO1. n make good the short