The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1899-07-21
SHORT At LEAST S|25,0OO.
Perth Amboy, NJ j., Bank Wrecked
by Its Cashier.


NEW York, July 15.-George NJ
Valentine. cashier of the Middlesex
County bank of Perth Amboy, N. j.,
which was closed yesterday, has SUR
rendered himself and is now in Jail on
account of shortage in the banks
funds, which has been variously estl-
mated all the way to Sl65, 600. Inc
affair caused CONSERVATION aud DIS
may among the business men OF Perth
Amboy where the MiddleseX County
bank was considered as strong as the
eternal hills.
So panicstricken did the residents
of Perth Amboy become when 1T was
learned that the MiddleseX County
bank had failed that, crowds sur
rounded the Perth Amboy Savings in
stitution. What made the run on the
savings bank appear all the more Sc
rious was the fact that the officers OF
the Middlesex county and the officers
of the Perth Amboy Savings institu-
ton are identical, the business OF
both banks being transacted over the
same counters. 1t became necessary
to call for the aid of the police for
the purpose of maintaining order
u. b. Watson, the president of both
banks, says that the funds OF the
Perth Anboy Savings institution
were not touched, the $500, 900 de-
posted to the account of the savings
institution is absolutely safe and that,
no matter how badly the MiddleseX
County bank has been wrecked, the
savings bank will be able to meet all
demands made upon it by the deposit
ors These words of assurance from
the officers of the Swings institution
had the effect of checking the run on
this bank during the afternoon
A detailed investigation of matters
by President Watson and Robert N
Valentine showed that the cashiers
checks and stubs 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 would
show that the bank had been
drawing heavily on its New
York correspondent, the Park
National. The cashier, in fact, carried
the accounts of the stubs and from
them to the books correctly, but when
the returns from the cashiers checks
came he pocketed the difference be-
tween the stub and the check. -Four
or five months of this method OF finan-
ciering depleted the banks reserve
moneys and brought it to the verge OF
ruin. Then the cashier evidently Sc
cured portion of the ready cash on
hand and left Perth Amboy.
Thursday night the determination
to close the bank was reached, and
Mr.. Watson notified Chief of Police
Burton and asked him to locate the
missing cashier Valentine, who had
been in New York city, returned to
Perth Amboy from Wood bridge, &C
companied by his counsel, Edward
Savage of Railway. He declined to go
into details of the shortage of the
bank, except that he was very sorry
that he 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 defalcation will
amount to at least $3.50 Where
the money went to is not known, as
the cashier is said to have been mod
crate in his tastes and habits of life.
The Middlesex county bank was
operated under state charter, and
had been in operation many years.
Cashier Valentine was for years a
clerk in the Park National bank OF
New York. In 1891 he was made
cashier of the MiddleseX County bank.
His bond was fixed for $50, 900. His
relatives are wealthy, and it is said
they will endeavor to make good the
shortage.