New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-04

THE STORY THAT VALENTINE SANK MONEY
IN PRoFITLEss CONTRACTS DENIED.

IN PROF1TLESS CONTRACTS DENIED.
Perth Amboy, y. j., Aug. (speciaD.-Hugh
Ramsay, Perth Anboy boat builder. disputes
the story that George W. Valentine. late cashier
OF the Middesex County Bank lost s5o.0o0 in the
dredging business. Ramsay built the dredge with
which Valentine started in business The persons
who first owned II were unable to pay for H. and
Ramsay held mortgage against 1t for szo'Voo
Valentine bought II for $1,000. but he never put
so 900 worth OF repairs on It, as stated in the
stories printed b. some papers to-day He never
paid Ramsays mortgage, and failed to keep the
interest paid. although he regularly gave Ramsay
receipts for the interest signed by himself as CASH
Ter OF the Middesex County Bank Ramsay held
none OF the stock in the George NJ. Valentine
Dredging Company. as Valentine styled his con-
Germ His SON. Oliver Ramsay was engaged by
Valentine. shortly after he secured the contract
at Portland Me, TO manage the business. His
compensation was TO have been quarter OF the
profits OF the company. but he held no stock
According to Ramsay's story Michael Fenton. of
New-York was to receive a percentage of the
profits for securing the bond of 100000 which the
company was obliged to furnish TO the Govern
ment About two years ago work was begun, and
less than a year later Valentine who large
profits ahead paid young Ramsay and Fenton
large sums to release him from his agreement with
them. Ramsays share is reported 10 have been
$1,000. After disposng of Ramsay and Fenton,
Valentine found himself unable TO carry on the
business alone and sold out.
To L. r. Watson. president OF the bank. Valen-
tine always declared that he would not lose single
dollar Of the money he had invested Mr. Watson
SAYS that none Of the bank directors had any in
terest IN Valentines concern except the cashier >
father. His interest represented simply by his
indorsement Of note Of his sons for $1,000. The
proceeds of this note were used in the dredging
company.
1t has been discovered by the investigation at the
Mddlesex bank that last September Valentine pala
an execution against The company with his check
as cashier on the Park National Bank Of New
York for 1880. on the stub Of the check he made
the figures $40 T.. :. Campbell has opened his
Newark This morning he relieved from duty
President I. q Watson and his clerks K, n
Barnes. Walter Snow and John watson j. i
Godlng paced in charge of the bank as Mr.
Canphelrs representative and r. H. Barnes was
appointed the banks notary. John Ten 3roeck, ot
the clerical force, is with Mr.. Campbell IN New
The managers OF the Perth Amboy Savings In
stituton met last night and presented a plan to
provide for the net deficiency IN It's unfs as iouhd
BY the bank examiners. Nr. tombstone. Deputy
Commissioner OF Banking and Insurance. was pres
ent The plans agreed upon Will be presented 70
The Attorney General II he approves ~ them the
hank will proceed 10 convert enough or us securl
ties into cash meet the probable demands ana
viii open it, doors FOR business.
President L. r. Pierce said today ina ne Cos De
not EXPECT the Withdrawals 10 excel N0lt@. Inc
banks deposits are 55s50n Robert and Howard
Valentine father and uncle 81 the defau.tiug treas
urcr. resigned their places on the b03rG OF NldI-
agare No attempt will be made to I'll tho v8c2n-
cies a. present. n is intmated tAat ~, neXt
treasurer will be required 10 give bond oi H'o"'
The amount has heretofore been Sl5.0'
The payments to deposiiors W prooao,g, o os
greatly cut down by III, application OF an az Ji
lie Legislature passed Last year. under when az
deposit0rs owing the bank money may hold thelr
debt as q aetoN against their deposit