The daily morning journal and courier., 1899-07-15
Sensational Closing of Middlesex COum-
 ty Bank, Perth Amboy. N. J.

New York, July 14.-George M. Valen-
 tine, aged tWenty-four, cashier of the
 Middlesex County bank of Perth Am
 boy, N. J., which was closed this morn
 ing, surrendered himself late to-day an
 is now in jail on account of shortage
 in the banks funds, which has been es-
 timated as high as $l650O0. The affair
 caused consternation among the busi-
 ness men of the conservative old town
 of Perth Amboy, where the Middlesex
 County bank was considered as strong
 as the hills When 1t was learned that
 the Middlesex County bank had failed
 to open for business, crowds surrounded
 the Perth Amboy Savings institution
 The officers of the Middlesex County
 bank and the officers of the Perth Am
 boy Savings institution are identical,
 the business of both banks having been
 transacted over the same counters
 Hence to those not familiar with bank
 ing details the suspension at the offices
 of the bank seemed to presage the
 downfall of the other institution. It be-
 came necessary to call upon the police
 to maintain order. U. B, Watson, the
 president of the bank. stated that the
 funds of the Perth Amboy Savings in-
 stitution were not touched. that the
 $300 900 deposited to the account of the savings institution was absolutely safe and that no matter how badly the Mid
 dlesex County bank had, been wrecked the savings bank would be able to meet
 all demands made upon it by the depos
 itors. These words of assurance had the effect of checking the run on the bank during the afternoon, though all day long crowds in the vicinity of the bank watched proceedings with the greatest interest The notice posted onl the door of the Middlesex County bank this morning was as follows: Bank closed In the hands of the banking de- partment'
 Monday last Cashier George M. Val entine evidently concluded that he could no longer conceal the shortage at the Middesex County bank. Monday morn ing he telephoned President Watson that he was detained, but he explained that he would return at noon. The bank had then opened for business and MT. Watson, who was taking the absent cashiers place, discovered that there should have been some s7,900 in bills on hand that morning. He could not find this money in the vault. This was the money carried over from Saturday to commence business with on Monday. Mir. Watson had been searching for it when Valentine called up. He asked where this money was and was told 1t had been placed in the cash iers private drawer. MT. Watson re- marked that 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, | Robert N Valentine. the cashiers faith | er, was summoned and he aided in the | search for the missing money. It could l not be found and finally the work of | checking was begun Then it soon be- ,ame evident that during the last few | months the accounts of the bank had | been iuggled. The other trustees were and the banking department vas notified to send an examiner. Dep lty Commissioner of Banking Johnson appeared in response. On Wednesday Mrs. Valentine, the wife of the cashier, eturned from Ocean Grove and called # the bank and wanted to know where Ter husband was. This was the first she had that he was not on luty and showed the officials that Val ntine was not at the seashore, as at irst appeared.
 On Monday the Park National bank of Jew York charged the MiddleseX bank with checks said to amount to over 4. 900. which are said to have been rawn on it against the account of the Iiddlesex by Valentine. A detailed investigation of matters by President Watson and Robert N. Valentine, the ather of the cashier, showed that the ashier's plan of operation was eX- remedy simple. It was discovered that he cashiers checks and the stubs dld ot correspond; that the checks called or more money than the stub recorded nd that while taking the stub as the asis of accounting, the banks finances ,ould figure out all right The checks would show that the bank ad been drawing heavily on its New l -ork correspondent, the Park National ank. The cashier, in fact, carried the