New-York tribune., 1899-07-16

| DEpOsITORs DISCUSS THE CRIME.
The excitement In Perth Amboy incident TO
| the sudden closing Of the Middlesex county
popL has somewhat subsided. but the depositors
eotbered on street corners to discuss the delai-
cation which is still the chief topic OF conversa-
,,on As Yesterday was the biggest business
da, NJ the week and as many OF the tradesmen
deposited in the Middlesex Bank, the lack Oh
ready money was severely felt Business "hhe
rot paralyzed has received a decided setoach'
and many merchants who were deposi'ors iounu
u ,nconyenient to meet promptly their regular
weekly bills.
The confidence Of the people in this place Is
in nowise shaken, as far as PRESIDENT oriah D.
Watson of the bank is concerned He Is cohsid-
araa ono of the most solid and upright men IN
tho State The Bank Examiners. under the
direction of Deputy Commissioner or BANKING
Iobnson are still at work on the books OF
tho Nf,ddlesex County Bank. They have as yet
nrenared no official statement and refuse 10
give an estimate Of the probable total defalca-
ton.
P J. Kearney, director OF the MldoleseN
County Bank and secretary OF the Boaro "ho is
also a member of the Managing Board OF the
Perth Amboy Savings Institution SAID last
night
ination now in progress will probably continue
for several days at least, the expert account
ants have been over the books of the Perth Am
bov Savings Institution. and have found that all
Of its bonds stock holdings, mortgages ana
other securities are intact. These, by the way,
Valentine could easily have taken, as he was
the treasurer ard held the keys or the vault.
The only deficit is Of approximately S'.9oo'
which is covered by the surplus of S2oV"' so
that the depositors in that institution VIII lose
nothing A meeting of the Board OF Managers
will in all probability be called for either Mon
day or Tuesday and the institution be opened in
the course of the week
"As for the Middlesex Bank, the total
amount of the deficit cannot be stated until the
examination is entirely concluded. 1t was at
first estimated at S117900 1t has since been
been said by some that the first figure would
be greatly exceeded and now l would not be
surprised if 1t reached $4,000, or even S15O-
600"
In answer to a direct question whether the
Middesex Bank would again open its doors for
business he said:
That question | cannot answer. The bank is
a State institution, and its original capital was
$50 GOO. This increased few years ago
to $4,000. and at the time Of the collapse its
surplus was between $4,000 and 100000. I'm
der its charter it can begin business again If
the capital of $4,000, representing the par
value Of the stock, is made up. 1t can start
without a surplus and accumulate one. This,
of course would entail loss to the stockhold-
ers Of the difference between $4,000 and the
total amount Of the banks deficit
"A meeting Of the directors will be called
early next week and until then no official state
ment will be given out"
OTHER INSTITUTIONS SEEM INTACT.
The report from Washington that Mr.. Levi
son. the head Of the recently formed Copper
Trust. which is building big plant in Perth
Amboy. had filed papers of application for
National Bank charter could not be Verihed at
Perth Amboy yesterday. If this report proves
true there is no possibility of the reopening OF
the Middlesex County Bank one of the heaviest
depositors of that bank said that the general
feeling In the town was that bank with Presi-
dent Uriah r. Watson at It's head would DE
looked upon with favor
George NJ Valentine was also connected as
treasurer with the Perth Amboy Cooperative
Building and Loan Association. which mad OF
fees near the bank. AS near az couid De
learned yesterday after careful inquiry, the
funds of this association are intact. This Will
be a great relief to the thrifty farmers who
were largely interested Valentine ap
pointed two years ago, by the courts as re-
ceiver for L. BRIGGS, the proprietor or the
| largest tailoring eSl3DnSnmSnl mere, VIII dS-
| signed with liabilities Of S3O,0U. valentine
was under a bond Of $4,000. Mr.. Breigs said
Yesterday that far there had been no ac-
| counting, although he had several times asked
for one so that he might get his affairs settled.
| 1t is not known whether or not the moneys
which Valentine handled receiver, have been
touched
| 1t was at first thought that Robert n. Vaen-
tine the cashiers father; Mulford D. Valentine,
| Howard Valentine and Patrick Conway. who
| were on Cashier Valentines bond, would make
laHci "a
| UP by the father and the seven uncles, all OF
| whom are reputed TO be wealthy. This was
| when the deficit was supposed to nave peen
much less than 100000 While none OF the
| bondsmen or members of the Valentine family
have yet consented to talk on the subject OF the
| restitution, IL was rumored last night that the
amount is too large for them to make up Ihe
| $50 900 bonds will, Of course, be made good AS
| no advances have been made TO the directors or
| the Mddlesex County BANK by Naiehtint
family it is thought that they are unable. With
out running their own business. in which pracu-
cally all of their money is invested, to make up
such a large amount.
Edward S Savage who is the most intimate
friend of young Valentines father, and who has
been for years the legal adviser OF all OF the
Valentines will not, as first supposed. act as
counsel for the defaulting cashier. Judge J. x
Rice, Of Brunswick will appear for him:
but refuses to say what the defence Will be. II
any.
Yesterday was the regular monthly pay day of
the employees of the Lehigh Valley Railroad at
Perth AmbOy The company had $4O,oOO de-
posted in the MlddleSeX county bdhh " iHeet
the checks issued to the for salaries. 1t
was feared that owing to the defalcation the
payment might be delayed but the men were
promptly paid in full the money having oeen
sent from Philadelphia
II was learned yesterday that the first attach
| ment against the Middesex County Bank was
| secured by the National Park BANK. OF New
York IN the amount OF S31 sos. The claim is
| for overdrafts and for checks forwarded by the
Park Bank TO the Middlesex County Bank for
collection. 1t was also learned at the latter
bank Yesterday that the attorney OF the Ma
tional Park Bank under a Court order, opened
the safe deposit box OF the Mddlesex County
Bank and there found $4,000 worth Of Chesa-
peake and Ohio Az per cent bonds. and num-
Der of shares Of mining stocks. the value OF
which is not known.
The house which Valentine owned at No. 80
Ar,ho ic n