The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-07-20
BANK CLOSED,
IN THE HANDS OF THE
BANKING
DEPARTMENT.
SHORTAGE DISCOVERED.


On Monday last Cashier George NJ VAL
entine evidently concluded that he could
no longer conceal the shortage at the Mid
dlesex County bank. On that morning he
telephoned President Watson that he was
detained, but he said that he would appear
at noon. The bank had then opened for
business and Mr.. Watson, who was taking
the absent cashiers place, discovered that
there should have been some 81, 900 in bills
on hand to commence operations that morn
ing. These he could not find in the vault.
MIR. Watson had been searching for it when
valentine called up. He asked Valentine
where this money was and was told it
mad been placed In the cashiers private
drawer. Mr.. Watson remarked that that
was no place for it, but rang off on the
telephone and went to get it. A duplicate
key to the drawer indicated was obtained
and the drawer opened but no money could
be found.
Mr.. Robert N. Valentine, the cashiers
father, was summoned and he aided in the
search for the missing money. It could
not be found, and finally the work Of check
Ing was begun. Then it soon became evil
dent that during the last few months the
accounts OF the bank had been juggled The
other trustees were summoned and tho
banking department was notified to send
an examiner. Deputy Commissioner Of
Banking Johnson appeared in response.
On Wednesday Mrs. Valentine, the wife Of
the cashier, returned from Ocean Grove
and called at the bank and wanted to know
where her husband was. This was the first
intimation she had that he was not on duty.
and showed the officials that Valentine was
not at the sea shore, as at first appeared.
On Monday the Park National, of New
York, charged the Middlesex bank with
checks to the amount of $4,000 which are
said to have been drawn on it against the
account of the Middlesex by Valentine.
HOW 1T WAS DONE.
A detailed investigation of matters by
President Watson and Robert N. Valen-
tine showed that the cashiers checks and
STUDS did not correspond; that the checks
caileo 1or more money than the stubs re-
corded. and that while taking the stub as
the basis of accounting, the banks, fnances
would figure out all right, the checks would
snow that the bank had been drawino
heavily on its New York correspondent the
Park National bank.
The cashier in fact, carried the accounts
on the STUDS, ana from them to the books
correctly, but when the returns from 49,
cashiers checks came, he pocketed the dir
ference between the stub and the checl
Four or five months of this method of |
hnanciering depleted the banks reserve |
moneys and brought it to the verge of
ruin. Then the cashier evidently secured a |
portion OF the ready cash on hand and left |
Perth Amboy.
Thursday night the determination to close |
the bank was reached and Mr.. Watson mott. |
fed Chief of Police Burke and asked him n
locate the missing cashier. Valentine. who
had been in New York city, returned to
Perth Amboy from Woodbridge. accom-
panied by his counsel, Edward Savage of
RAILWAY. He declined to go into details
ABOUT the shortage Of the bank. except to
sc7 that he was very sorry that he had got