The sun., 1899-07-29
WHAT HE DID WITH 1T.
TILENTINEs STORY or HIS THEFIs
AND LOSSES.

Perth Amboy Bank Cashier Says He Sunk
His First StealipEa In n Gas stock, Much
More in Dredging scheme and tho
Last installment In n Gambling House.
George NJ Valentine stole nearly a quarter
Ola million dollars from the Mildlesex County
Bank Of Perth Amboy. n. j.. Of which he was
the cashier. Ever since the defalcation be-
came known people have been asking what he
did with SO much money. The period Of his
thefts covered only few months aud the won
der has been II he put nothing aside. how he
lost 1t. He said at frat that he lost 1t in Wall
street. but that vas whom he was in a highly
nervous state. after he had walk ed the streets
OF New York for a night because he hadn't
money enough to pay for bed, aud when he
was crushed beneath the Disgrace he had
brousht upon himself and his family. After
that first story he told another to those whose
right II was to know It, and here is that story.
aivsn in the young mans own words as nearly
as one who heard the tale could remember
thsm:
You ask me how much OF the banks money
I took. That | couldn't tell without going
over the books. 1t may am cunt to 5000. 900.
but whatever II 10. It's all gone and AZ cents
10 all the money ] have In the world. Not
many months ago some friends Of mine told
ne to buy a certain gas stock. They told ms
deal had been all arranged to nut the stock
up bv the man who was'supposed to control
the affairs Of the company. KNEW they were
in the confidence Of this man and knew they
were large holders Of the stock. 1t was as II
Henry o. Havemeyer had told me to buy Sugar.
and thought 1t would be almost a sin not to
take advantage Of the Information. I bought
the stock. putting up a margin OF $1,000
which. as ] then looked upon II. borrowed
from the bank.
Tho stock went down until my $1,000 had
been wiped out and was ready to quit. told
my friends | had had enough and they per-
suaded me to hang out. You're bad loser
said one. II you can't stand a trihs like S5 600.
lang on. It's bound to goup The thing has
all been arranged The temptation was too
strong and l followed this advice. | stole
$1,000 more and renewed my margin The
stock continued to go down until had put up
in margins b250O0. all OF which belonged to
the bank.
Il knew that the theft OF this money would
be discovered sooner or later. and / cast about
for some means Of making II good. one day u |
pany which had the contract for dredging he
nothing about dredging and friends advised
me t" keep out OF the scheme. was ready
yoni @ my depth and INTO the dredeins dr. s 'e COM M
pany | went. In that lost Sl25.OOO Of tho |
banks money sga o We finally sold ou, to another
nayment for my interest in the old company.
The bonds were COOL for their lace value be-
cause OF the dredger, new ono, and other ma
chnery which we turned over to the new
COMPANY, such We the as situation % when |
had been IibeiIsi ior debt. with tile result that
my bonds VT rent worth the paper they wore
Then was SEQ 900 worse off than moth
ing The Saturday I:lettthe bank for The last
time took with me $4,000 that was not mine
around he next week. and that | would have
to make semi agnnsl ar snn statement } and an ap-
cred Immediately. II that should be discov-
cred ! knew that The lig would be up. There.
fTre & 10 maze f"0k tH1t ME @ arm tsn nnss,
with the money went to the only place
bling house and, played roulette. won and
in ,chips and money. the, $500 and $4,000 DO.
sides. It seemed to me that the time had some
and d1oy .,hng ,S i The u
The story as given above sugeests many
ing company and as to what became OF the
money BY and by Valentine will be uues-
friends It has be.n ntnateI ted that Rs "s Taien
tine went into the dredging com pany with the
knowledge ID e. ard virtually at the rsGuest o.
dredging company were heavily indebted to
the bank. and some OF the. bank officials
thought II Valentine would go into the
couraly and look out for its Gnances tho bank
might lie ahle to realize on the loans II had
nude to men connected with the enterprise.
PERTH AMBoY. \. j.. July 2S.-Gcorge y.
County bank was examined to-day and infor.
nation obtained which throws much light on
his detalcation and his dealings with New York
stock brokers. Among the papers found was |
a note for S250OO drawn by Valentine to his
own account. with no indorsement Two notes
of the George NJ. Valentine Dredging Com
pany In favor OF Valentine were also discov-
cred.
Strong 4 Cadwalader. New York lawyers
are In possession Of the Information obtained
and will use It for the benefit Of the ,depositors.
$54 900 by a New York broker have Geen
seized by Receiver Maguirr and placed in