The citizen. [volume] (Berea, Ky.) 1899-1958, 1899-07-19
CASHIERS HEAVY SHORTAGE.
middIsses coun,y Bssh, Of rsuh Amboy,
n. D.. muiteed Out Of over . Huu-
dred Thousand Dollar

NV YoRK, July Is George N. Val.
entine, cashier OF the Middlesex coun.
" bank Of Perth Amboy, N. j., which
was closed Friday, has surrendered
himself, and Is now In jail on accoun,
OF a shortage In the banks funds
which has been variously estimated all
the way to sioS, 600 The affair caused
conformation among the business men
Of Perth Amboy, where the Middlesex
bank was considered as strong a. the
eternal hills
so panic stricken did the residents
Of Perth Amboy become when II wa,
learned that the Middlesex bank
bad failed TO open for business as usual
Friday morning, that crowds sur
rounded the Perth Amboy savings In
stitution. What made the run on the
savings bank appear all the more ser
lous was the fact that the officers Of the
Middlesex bank and the officers OF the
Perth Amboy savings Institution are
Identical, the business Of both banks
being transacted over the same coun ter
Though IL became necessary to call
for the aid OF the police for the pur-
pose OF maintaining order. U. IL Wat
son, the president of both banks, says
that the funds Of the Perth Amboy
savings institution were not touched,
that the $500, 900 deposited to the ac-
count OF the savings institution Is
absolutely sai and that no matter
how badly the Middlesex bank has
been wrecked the savings bank will be
able 10 meet all demands made upon II
by the depositorA These words Of as
surance from the officers OF the savings
bank had the effect Of checking the
run on this bank during the after.
noon.
a detailed investigation OF matters
by President Watson and Robert n. Val.
entine, the cashiers father. showed
that the cashiers checks and stubs
did not correspond; that the checks
sailed for more money than the stubs
recorded, and that while taking the
stub as the basis OF accoun ting. the
banks finances would figure all right,
the checks would show that the bank
had been drawing heavily on Its New
York correspondent tho Park national
bank.
The cashier In fact carried the &C.
counts on the stubs and from them TO
the books correctly, but when the re-
turns from the cashiers checks came
he Pocketed the difference between
the stub aud the check. -Four or Ave
months Of this method OF financiering
depleted the banks reserve moneys
and brought IL to the verge OF ruin.
Then the cashier evidently secured q
portion OF the ready cash on hand and
left Perth Amboy.
Thursday night the determination 10
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. lie de-
eiined To 20 into details about the
shortage except TO say that he was
very sorry that he had got his friends
into trouble and felt very bad about
his wife and children.
President Watson IL of the opinion
that the cashiers defalcAtion will
amount to at least sIs5. 900 Where the
money went Is unknown, as the cash
Ter Is said TO have been moderate in
taste and habits Of life.
The Middlesex county bank was op-
Grated under state charter and had
been in operation many years
Cashier Valentine was for years 4
clerk in the Park national bank OF
New York. In 1898 he was made cash
Ter OF the MSddlesex bank. His bond
was fixed for $50, 900. His relatives are
wealthy and It is said they will try to
make good the shortage.
NEW York, July lathe Park ma
tional bank, of this city, has obtained
an attachment in the supreme court
for s3l. 50s against the Middlesex coun-
ty bank, Of Perth Amboy, n. j., $780,
2OS on oYerdrafts, and 81, 500 due on
COLLECTIONS. The attachment was
granted by Justice Slower. of the SUI
Preme court. Deputy Sheriff Mcclure
attached mining stocks and bonds be-
longing TO the bank at the office OF the
Park national bank.
Two LyaehIngs In TeHss