Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1899-07-22
CASHIER WRECKS
new JERSEY BANK
Perth Amboy Institution Ruined by
the Stealings Of George NJ.
Valentine.
SHORTAGE OF OVER 100000
Cmbezzler C~onfesses His Crime and
Surrenders Himself-.-Causes
Excitement in the
City.

~ Dank, OF Perth AmDoy, N. j., Whlcn
was closed yesterday, has surrendered
himself and is now In Jail on account
of O shortage In the banks funds,
which has been v~ariously estimated air
the way to $165, 000. The affair caused
considerable surprise and dismay
among the men of Perth Amboy,
where the Middlesex County banh
was considered as strong as the eter-
nal hills.
So panicky did the citizens of Perth
Amboy become when 1t was learned
that the Middlesex County bank had
failed to open for business as usual
yesterday morning that crowds sur
rounded the Perth Amboy Savings in
~stitution. What made the run ON the
savings bank appear all the more sc,
rious was the fact that the officers of
the MiddJesex County bank and the
officers of the Perth Amboy Savings
institution are identical, the business
of both banks being transacted over
the same counters.
Though it became necessary to call
for the aid of police for the purpose of
maintaining order, U. B.. Watson,
DICblhtnL VI DOlu DdIhS, bdl , lIdl TIC
funds Of the Perth Amboy Savings in
stitution were not touched and that
5000, 900 deposited to the account of
the savings institution is absolutely
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 it by
the depositors. These words of as
surancs from the officers Of the saw
ings institution had the effect of
checking the run on this bank dur
ing the afternoon.
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 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 $1,000 in
bills on hand to commence operations
that morning. Mr.. Watson had been
searching for il when Valentine called
up. He asked Valentine where this
money was and was told It had been
placed in the cashiers privtae drawer.
A duplicate key to the drawer indi-
Gated was obtained and the drawer
opened. The missing money could not
be found and finally the work of
checking was begun. Then the short
age became apparent. The other
trustees were summoned and the
banking department was notified to
send an examiner.
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 bad that he was not on duty,
and showed The officials that Valentino
was not at the seashore, as at first APP
peared.
On Monday the Park National bank,
Of New York, charged the Middlesex
bank with checks to the amount Of
81, 900, which are said to have been
drawn On it against the account of the
by Valentine.
A detailed investigation showed tina,
the cashiers checks and stubs did not
correspond; that the checks called for
more money than the stubs recorded
The cashier evidently carried the &C
counts on the stubs and from them t
the books correctly, but when the re
turns from the cashiers checks came
he pocketed the difference between
the stub and the check. Four or five
months Of this method Of tinanciering
depleted the banks reserve moneys
and brought it to the verge Of ruin.
Then the cashier evidently secured
of the ready cash on hand anG
left Perth Amboy.
Thursday night the determination ia
the bank was reached and the
police were asked to locate the missing
cashier. Valentine, who had been il
New York city, returned to Perth Am
BOY from Woodbridge, accompanied by
his counsel, Edward Savage, of Rah.
way. He declined to 60 into details
about the shortage of the bank, eX
to say that he was very sorry that
ne had got his friends into trouble ant
hat he felt very bad about his wife
md children.
President Watson is Of the opinion
hat the cashiers defalcation viii
amount to at least $125,OO0. Where
he money went to is not known, as
he cashier is said to have been mod
in his tastes and habits of life.
The National Park bank, of this city
mas ordered an attachment in the su
Dreme court for $31, sos against the
Niddlesex County bank, of Perth Am
BOY, n. j., $30,025 on o~verdrafts, ant
81 1902 due on collections. Deputy
Mcclure attached mining
and bonds belonging to tn,
bank at the office of the National Parl
bank.