The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-07-15
Until Detection Was Imminent,
Then Pocketed Ready Cash
AND FLED FOR NEW YORK CITY
Later in the Day He Returned to Perth
Amboy and Surrendered to the
Oficers-Made no Excuse
Tor Wrong Doing

New York July 14.-George NJ. Valentine,
cashier OF the Mddlesex County Bank of
Perth Amboy, N. j., which was closed to-
day, has surrendered himself and is now
in jail on account of shortage In the
banks funds, which has been variously es-
timated all the way to $165, 900.
The affair caused CONSERVATION among
ss business men of Perth Amboy, where
ch 'dlesex bank was considered as
w as the eternal hills. So panic
ten did the residents become when the
failed to open this morning that
ops surrounded the Perth Amboy Saw
-.ss institution, which has the same offices
at the Middlesex bank, and it became neces
sary to call for the aid of the police for
the purpose of maintaining order. U. B.
Watson, the president of both banks, says
funds of the Perth Amboy Savings nsti-
tuition were not touched: that the $780,
00o deposited to the account of the Savings
institution is absolutely safe, and that no
matter how badly the Middlesex bank has
been wrecked, the Savings bank will be
able to meet all demands of depositors
These words of assurance from the off,
GERS had the effect of checking the run
on this bank during the afternoon
Could Not Find the Bills
t>On Monday last Cashier George M. VAL
Ctine, evidently concluding that he could
I tlonger conceal the shortage of the Mid
dfAsex bank, telephoned President Watson
that he was detained, but said he would
appear at noon. Mr. Watson, who was TAX
ing the absent cashiers place, could not
find some $500 in bills which should have
been on hand to commence operations.
Robert N. Valentine, the cashiers father,
was summoned, and he aided in the search
for the missing money. 1t could not be
found, and finally the work of checking was
begun. Then 1t soon became evident that
during the last few months the accounts of
the bank had been juggled. The other trus-
tees were summoned, and the banking de-
partment was called in.
On Monday the Park National of New
York charged the Middlesex with checks to
the amount of $4,000, which are said to have
been drawn on it against the account of the
Middlesex by Valentine
Investigation by President Watson and
Robert N. Valentine showed that the cash.
ier's checks and stubbs did not correspond; ;
that the checks called for more money than
the stubs recorded, and that while taking
the stub as the basis of accounting, the
banks finances would figure out all right,
the checks showing that the bank had been
drawing heavily on its New York corre-
spondent, the Park National bank
Took Ready Cash and Left
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 diff
terence between the stub and the check
Four or five months of this kind of financ-
ing depleted the banks reserve monies and
brought 1t to the verge of ruin. Then the
CASHIER evidently secured a portion of the
ready cash on hand and left Perth Amboy
the bank was reached and Mr.. Watson no.
tilted Chief of Police Burke and asked him
10 locate the missing cashier.
President Watson is of the opinion that
the defalcation will amount to at least
s125,000. Where the money went Is un-
known as the cashier is said to have been
moderate In taste and habits.
Cashier Surrendered Himself
Cashier Valentine surrendered himself in
Perth Amboy late this afternoon and is
now in the Middlesex county jail. He said
he was in New York this morning when he
heard officers were looking for him, and he
immediately returned to Perth Amboy to
Sgive himself up. He refused to go into de-
7tails about the shortage in his accounts,
Except to say he was sorry he had got the
j bank into trouble and felt very badly for
his wife and children.