The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-15
BANK CLOSED.
In the Hands of the Banking
Department.


On Monday last Cashier George NJ.
Valentine evidently concluded that he
could no longer conceal the shortage OF
the MiddleseX County hank. On that
morning he telephoned President Wat
son that he was detained, but said that
he would appear at noon. The bank
had then opened for business, and MIR.
Watson, who was taking the absent
cashiers place. discovered that there
should have been some $500 in bills on
hand to commence operations that
morning. These ne could not find in the
vault. Mr.. Watson had been searching
for it when Valentine called up. He
asked Valentine where this money was.
and was told it had 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.
Robert y. Valentine. the cashiers
brother. 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. Then it soon
became evident that during the last
few months the accounts of the bank
had been juggled. The other trustees
were summoned and the banking de-
partment was notified to send an ex-
aminer. Deputy Commissioner of
Banking Johnson appeared.
Surprise to His Wife.
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 seashore, as at first appeared.
On Monday the Park National of New
York charged the Middlesex County
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.
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 stubs as the basis of ac-
counting, the banks finances would
figure out all right, those 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 on the stubs
and from them to the books correctly.
but when the returns from the cashiers
between 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 a portion of the ready cash on
hand and left Perth Amboy.
Says He Is Sorry.
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 Am
hoy from Woodbridge, accompanied by
his counsel, Edward. Savage of Rah-
way. He declined to go into the 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 badly about his wife and children.
President Watson is of the opinion
that the cashiers defalcation will
amount to at least S125,000.
Where the money went to is not
known, as the cashier is said to have
been moderate in his tastes and habits
of life.
The Middlesex County bank was OPP
Grated 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 1898 he was made CASH
Ter of the Middlesex County bank His
bond was fixed for $685. His relatives
are wealthy, and it is said they will
apdaayor N u,ake oood tba chorfo0o