The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-15
CRIMINAL NOW In JAIL
Old Institution Forced to Close It's Doors
Run on Other Banks = Checks and
Stubs Fail to Agree Wealthy Re-
latives May Make Good
The Deficiency.

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 APP
peared.
On Monday the Park National Bank
of New York charged the Middlesex
bank with checks, said to amount to
over $4,000, which are said to have been
drawn on it against the account of the
Middlesex by Valentine.
A detailed investigation of matters
by President Watson and Robert N.
Valentine, the father of the cashier,
showed that the cashiers plan of oper-
alton was extremely simple. 1t was
discovered that the cashiers checks
and the stubs did not correspond, that
the checks called for more money than
the stub recorded, and that, while TAX
ing the stub 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
it's New York correspondent, the Park
National.
The cashier, in fact, carried the ac-
| counts on the stubs and from them to
the books correctly but when the re-
turns from the cashiers checks he
pocketed the difference between the
stub and the check. Four or five months
of this method of financiering depleted
the banks reserve monies and brought
| it to the verge Of ruin. Then the cash
| Ter evidently secured a portion of the
ready cash on hand and left Perth Am
| boy.
Thursday night the determination to
close the bank was reached, and Mr..
| Watson notified Chief of Police Burke
and asked him to locate the missing
cashier. Valentine, who had been in
New York city, returned to Perth Am
boy from Woodbridge, accompanied by
his counsel, Edward Savage of Rah-
way. 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 dedication will
| amount to at least $125,000. Where the
| money went to is not known, as tina
cashier is said to have been moderate
in his tastes and habits of life. He was
something of a dog fancier and some of
his prize animals have taken pre-
miums at exhibitions in New York
city. but even in this particular his ex-
| penditureS are not believed to have
| been eXtravagant.
The Middlesex county bank was
operated under a state charter, and had
! been in operation many years. 1t had
| it's inception as a savings institution,
but the demand for a bank Of sufficient
/ scope to take accounts caused the saw
| ings bank people to organize the state
| band Except in name and in the ac-
counts the two institutions were the
same.
Robert N. Valentine, the cashiers
| father, has long been connected with
| both the state and the savings bank.
| He is q member of the firm of N. G.
Valentine & Co., of Woodbridge, fire.
clay brick dealers. The cashier was for
years a clerk in the Park National
Bank of New York. In 1898 he was
mlde cashier of the MiddeseS County
| Bank His band was fixed for $50, 900.
His relatives are wealthy, and it is
said they will endeavor to make good
the shortage.
| Mrs. Valentine and her children, who
| had been spending the summer at
Ocean Grove, have returned to the
home of her husbands father at Wood
bridge. Mrs. Valentine is said to be
completely Frustrated because of the
! event