New-York tribune., 1899-07-15
BANK CASHIER GIVES UP.
VALENTINE. WHO ROBBED PERTH
AMBOY INSTITUTION, IN JAIL.
HIS REGULATIONS ESTIMATED AT ABOUT
nx.Ooo-HE CoNFEssEs HIS GUILT-A
SAVINGS BANK ALSO INVOLVED,


onened their stores and offices yesterday morn
ing without a shadow Of doubt that the Mid
d,osex County Bank and the Perth Amboy Saw
ings institution, where their money was de-
nestled were as solid as they had always been.
Before noon they knew that the bank was
ruined and the savings institution imperilieP'
and by night. George NJ. Valentine, the CASHIER
WAS in iail a self confessed embezzer whose
necuIatlons from the funds they intrusted 10
his management estimated to be ABOUT
S12jOOO
This was the notice. which. posted on 'he
aoor -, tho hank I'm the morning. caused con-
sternation and dismay:
Bank closed In the hands OF the bahhins
Department"
The news quickly spread and as the savings
institution IL closely allied with the pahh' i''
officers being IDENTICAL run on the lorher was
soon started. This caused u. b. watson pres
ident of both institutions. to make a statement
declaring that the funds OF the Pertn Ampoy
Savings Institution were not touched. that the
$500 900 deposited to the account or the savings
institution was absolutely SAFE and that no
matter how badly the Middlesex County Bank
had been wrecked. the savings bank would be
able to meet any and all demands made upon II
by the depositors These words Of assurance
had the effect Of checking the run on the In
stitution in the afternoon.
EXCITED DEPosITORs' THREATS.
All day long, however. excited crowd of
depositors in the bank remained about its doors.
Many Hungarans and Italians we're among
them. and loud threats were made TO break in
the doors and loot the safe but policemen had
been sent to the bank in expectation Of some
thing Of that kind and they managed to pre-
serve order. Abuse of the trusted young
cashier, who had been one Of the most respected
members OF the community. was freely in
dulged in. and this feeling of animosity toward
him was not perceptibly aayed when news
came in the evening that he had voluntarily
surrendered himself and confessed his crime.
The extent of the defalcation could not be
definitely told last night.
The peculations had extended over a consid-
cradle period, but twas only last Monday when
Valentine evidently decided that he could
longer conceal the shortage. On Monday morn
ing he telephoned to President Watson that he
was detained at home but he explained that he
would be at the bank by The bank had
then opened for business, and Mr.. Watson. who
was taking the absent cashiers place, discov-
cred that there should have been about $1,000
in bills on hand to begin operations that morn
ing This he could not find in the vault. This
was the money carried over from Saturday to
begin business with Monday morning. Mr..
Watson had been searching for it when Valen-
tine called up on the telephone. He asked Val
entne where's this money was and was told it
had been placed in the cashiers private drawer.
Mr.. Watson said that was no place for it, but
rang off the telephone and went to get it.
MONEY COULD NOT BE FOUND
A duplicate key to the drawer indicated was
obtained, and the drawer opened, but
money could be fornd Robert n. Valentine, the
cashiers father was summoned, and he aided
in the search for the missing money. 1t could
not be found. and finally the work OF checking
was begun II soon became evident that in the
last few months the accounts of the bank had
been iuggled The other trustees
moned and the Banking Department was asked
to send an examiner. The Deputy Commissioner
Of Banking Mr.. 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 hus-
band was This was the first intimation she had
! that he was not on duty
On Thursday night the determination to close
the bank was reached. and Mr.. Watson informed
! Chief of Police Burke and asked him to find the
missing cashier. The cashier is said to have
! been moderate In his tastes and habits OF life
He was something Of dog fancier, and some OF
! his prize animals have taken premiums at exhi-
! bjtions in this city. but even in this particular
his expenditures are not believed to have been
| extravagant.
VALENTINES SURRENDER.
Yesterday afternoon, about $3.50 o'clock. VAL
entine walked into the county Jail at New
Brunswick and surrendered himself. He was
| arraigned before Justice John D. Martin and
held without bail. When he reached New
Brunswick he was accompanied by his close
personal friend. Edward s. Savage. of Railway,
who will represent him as counsel. Valentine
said that he sorry the bank was in trouble,
and that he greved that he had caused it,
because of the suffering 1t would cause his de-
voted wife and his children.
He admitted his guilt frankly. He said that
! nc had speculated with the banks funds. and
had been doing for some time. He did not
know how much he had stolen. but said that it
would amount to at least S25.000 from the bank
and 81 600 more from the Perth Amboy Savings
sInstitution. OF which he was treasurer. He said
he had lost all this money in speculation. Sheriff
Idtterst confined him in the witnesses section
! Of the jail. He seemed all broken up.
The officers of the bank are Urah b. Watson,
president: James r. Watson his brother. vice
president and with them as directors are Ed
ward r. Pierce DR.. J. G. Wilson, J. J. Kearney,
Patrick Convey and William King. The exam
iration of the affairs Of the bank Will continue
! for at least another day. The examiners worked
late into last night and the president and many
of the officers and directors stayed with them.
STATEMENT BY MR.. WATSON.
President Watson late last night gave out a
short statement, in which he said that the
! Perth Amboy Savings Institution in per-
fectly sound condition and had lost only about
81 900, which is fully covered by the surplus Of
$4,000. The total loss has not been fully COM
puted but the estimate given last night by the
! examiners places it at about Sl25 600 The
securities OF the savings institution were found
intact in the safe deposit vaults OF the National