The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-30
VALENTINE BORROWED, TOO
LOSSES ny LO4N AS VEIL AS NJ
7HEET DISCOVERED.

that dppostorI and stock holders have begun
to mako disagreeablc remarks and ask ON
barrassng questions about tho conduct
OF officers Of tho wrecked Institution.
The latest disclosure is that George VI.
Valentine. tho cashier besides stealing tho
banks funds. ewas heavy borrower from
IT, putting up IA security for the loans only
his unindOrsed notes. except in one case. where
ne borru we'd ) 1000 on a note made by him
self and indorscd bv his father. Robert y. Val
entinc u Woodbridge. The examination Of
the papers in Valentines desk. begun on
Friday and completed yesterday. brought out
the facts about the loans he had secured from
the bank.
Here arc the loans and the security upon
which they were granted: Twenty-Five thou
sand dollars on unindorscd promissory note
made by Valentine and charged 10 his account
as an overdrait: $4,000 on note made 10y
him and indorscd by his father: $4,000 on two
notes mado by the George NJ. Valentino Dreds-
ing Company In favor Of George NJ. Val"n-
tine and indorsed by him; $4,000 on two
notes. one for $4,000 and the other for 81 900
made by him and unindorsed: $1,000 on a
note apparently drawn 10y Louis Briggs OF
Perth Ambov and indorsed by Valentine.
These loans aggregate sol 800.
The note purportinG to have been drawn
bv Louis BRIGGS was carefully examined by
the temporary receiver OF tho bank. James
Mcguire. and he is inclined to believe that the
signature OF the maker was not written by
Briggs. Briggs had n clothing store in Perth
Amboy and went into voluntary liquidation
about year and half ago. Valentine was
appointed receiver and put his brother.
Ray Valentine. into the store as manager.
BRIGGS says he has no recollection OF ever
having given II note to Valentine for ! 300 or
any other sum. Mr.. Mcguire says the sigma
ture on the face OF the note differs in many re-
spects from the signature which Bregs de-
clares to be his own.
The President of tho bank. Urah Burge
Watson. admits that he knew about all tho
loans above mentioned except the one for
$25.OOO With regard to this all he will say is
that he did not permit Valentine to overdraw
his account $4,000. and did not know the note
was charged up to Valentine as an ovcrdraft.
He admits. however. that about u year
and half ago he found out that Valentine
was indebted to the bank for considerable
sum on account Of ovcrdraits and he spoke
to the young cashiers father about it. The
elder Naentln" assured Mr.. Watson. the
latter says. that lie would make good any of
his sons Overdrafts. after which Mr.. Watson
gave himself little concern about the muttrr.
The Temporary receiver has also lomnd out
Henry f. Chapman. n broker. doing business |
a. ~ Broadwnr. Manhattan. and living AZ $40 |
OF Perth AmGoy are il" heaviest I"Tt-
ors at the bank with the exception |
OF vsSn,n g; Ia 4So Y"r G arr all gS@2
on demand notes. secured 10y 40 shares Of the |
stock OF the Spring AXE and Sea Dirt Company.
Land Improvement Company. Chairman. in
o. about ,hT year. $50. borrowed S2l.
s0.oc0"acl and one for 81 800 the notes T be- be.
ing. secured Gy certain mining stock and
furth"r secured by OIL paintings. valued at
S,JI Ip
bank TO- III" amount OF about $4,000
by nSa @ s nS ra mE hat
I he stock originally put up by Yard To secure
nf gm"y% n"s E.%Hm% w95, hE q prar
phta failed several years ago. Yard was then
asked iYr other collateral. and he put up that
The following Information was furnished at
the bank yesterday In regard to tn. Chapman
seems able to rrm"mber what was the original
collateral which MIR: chairman pat ur. Mr.
STOCK Shch derrccated n IN yalu M' to ' nnaR
an extent that the bank officials demanded
further security. Th"reuPon Mr.. CHAPMAN
paintings in MS house in Brooklyn. among
which was said to b" All original Corot and an
at $54. 900. hut whether any one other than
Mr.. Chapman fixed tn" valuation or not does
eral iorthGsc, promissory notes. one for slo,00
which fell due on July 4; one for $500.
si1661 With w" viii o Fail Duo S 2PSn'f T '%s
note which hi due last Monday was protested, |
tThsrennon MT Maguir" ATTACHED the raint;
house. and placed them with the Brooklyn |
Storage Warehouse Company.
made on Friday, and 1t was, seen that tho bank |
vas s, more hopslessiy INVOKED than anybody
wallader lawyers. of 40 Wall street, to make |
2 careful examination Of all the papers found |
Mr. II the "hq rm 4 Has
assigned to the case. aud he is engaged in an |
examination Of the PAPERS. He was, not at his |
office yester day, having gone to tedarhurst to |
spend Sunday. Mr.. Chapman was also out OF |
Yesterday the receiver tried to find at the
bank certain Chesapeake and Ohio. Hooking |
Valley and Lehigh Valley railroad bonds
HsHas?f @" TSTh pu Aa6sy Aa%S
ton. Of which Valentine was the Treas |
;a at whe told The the
this, association that the bonds were in tho |
ss hS sSam Thus lar has sesq aSe
Of the associations funds
The depositors of the bank have appointed a |
AmboA is Chairman. to look after their. inter. |
to request itslawycrs to determine II criminal |
prosecutions would lio against any officers Of
NEW BRuSswIcK. \. j.. Jny 2S.-1t has been
yaspas ' b bsr k AmsSy e.ss i6tt
MiddleseX County Bank was lost in dredging !
enterprlse. According to some of these state.
ments Valentine was associated with Hugh |
Ramsay. the Perth Amboy shipbuder, in TINS
business, and Mr.. Ramsay says the reports |
have been unjust to him. He asserts that
Valentine made money out Of the dredging |
contract His account OF the matter follows:
Mr.. Ramsay built a dredge for New York men |
WHICH was valued at 100000. He was not |
paid in full for it. hut took notes for $25 900. |
He found that the dr"dgo was To be sold, and |
to secure himself levied on 1t, having it tied uG
at Tottcnyile. where 1t was sold by the sheriff |
and bought in by Valentine for Slo0UO Val |
entine had made all agreement with Mr.. Ram |
say to assume the payment OF the interest on |
the notes. which Mr.. Ramsay had had dis |
counted at the Middlescx County Bank Val |
eHtne wanted to 60 in the dredging business |
mainstay of a plant at such a low figure. but hs |
had no practical knowledge Of it lie formed |
q company known as the George NJ Valentine |
Dredging Company; Mr.. Ramsay was not a
member Of it, Valentine took hold OF the |
business. Mr., Ramsay agreeing to let the
amount due him remain unpaid for an in |
definite time II Valentine kept up the interest. |
Mr.. Ramsay received reccipts regularly from
the bank for the interest. Whom the bank
%reck came Mr.. Ramsay went 10 President
Watson To- look into affairs. and found that for
this whole time Valentine had been making
ont receipts upon the bank for the interest
which hp had agreed to mar for Mr. Ramsay