Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1899-07-20
But that Does Not Bring Back
$125,OOO That's Missing.
A PANIC AT PERTH AMBOY.
Residents OF "a New Jersey Town are
Astoundcd on Learning that a Bank
Cashier Had for Months Falsified
the Institutions Books.

closed Friday, has surrendered himself
and is in Jail on a charge of embeZZle-
ment. The affair caused dismay
among the business men of Perth Am
! boy, where the MiddleseX County bank
| was considered as strong as the hills.
So panic-stricllen did the residents of
Perth Amboy become that crowds sur
rounded the Perth Amboy Savings In
| stitution. What made the run on
the savings bank appear all the more
serious was the fact that the officers
of the MiddleseN County bank and the
officers of the Perth Amboy Savings In
stitution are identical, the business of
both banks being transacted over the
same counters.
Though it became necessary to call
for the aid of the police for the pur-
pose of maintaining order, u. Il.
Watson. the president of both banks,
says that the funds of the Perth Am
boy Savings institution were not
touched, that the 100000 deposited to
the account of the savings bank is safe
and that no matter how badly the
MiGdlesex County bank has been
wrecked, the savings bank will be
able TO meet all demands upon it by
the depositors These words of as
ings institution had the effect of
checking the run on this bank.
On Monday last Cashier Valentine
evidently concluded that he could no
longer conceal the shortage at the
Middlesex County bank. On that morn
ing he telephoned President Watson
that he was detained, but that he
would appear at noon. The bank had
then opened for business and Mr.. Wat
son, who was taking the absent CASH
ier's place. discovered that there
should have been $1,000 in bills ON
hand to commence operations that
morning. These he could not find i'll
the vault Mr.. Watson had been
searching for it when Valentine called
up. He asked Valentine where this
money was and was told that it had
been placed in the cashiers private
drawer. Mr.. Watson remarked that
was no place for it. but rang of on
the telephone anc went to get it,
duplicate key to the drawer was OBJ
tained and the drawer opened, but no
money could be found.
Robert \. Valentine, the cashiers
father, was summoned and aided in the
search for the missing money. 1t
could not be found and finally the
work of checking begun. Then it soon
became evident that during the last
few months the accounts of the bank
had been juggled. The other trus-
tees were summoned and the banking
department was notified to send an
examiner. Deputy Commissioner of
Banking Johnson appeared. On We'd
nesday Mrs Valentine, the wife of the
cashier, returned from Ocean Grove
/ - a. /
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 bank,
of New York, charged the Middlesex
bank with checks to the amount of
81 900, which are said to have been
drawn on it against the account of
the MddleseX bank by Valentine.
4 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 stub as the basis of account
ing the banks finances would figure
out all right, the checks would show
that the bank had been drawing heav-
lily on its New York correspondent, the
Park national bank. The cashier in
fact carried the accounts on the stubs,
and from them to the books correctly,
but when the returns from the cash
ier's checks came he poclleted the diff
ference between the stub and the
check. Four or five months of this
method of financiering depleted the
banks reserve and brought it to the
verge of ruin. Then the cashier evil
IDENTITY secured portion of the ready
cash on hand and left Perth Amboy.
Thursday night the determination
to close the bank was reached and
Mr.. Watson notified Chief of Police
Burke and asked him to locate the
missing cashier. Valentine. who had
been in New York City, returned to
Perth Amboy from Woodbridge. ac-
companed by his counsel, Edward
Savage. He declined to go into de
tails about the shortage OF the bank,
except TO say that he was very sorry
that he had got his friends into
trouble, and that he felt very bad
about his wife and children.
President Watson is of the opinion
that the cashiers defalcation will
amount to at least S125.OOO. Where
the money went TO is not known, as
the cashier is said to have been mod
crate in his tastes and habits of life
The MiddleseX county bank was
operated under a state charter and
had been in operation many years.
Cashier Valentine was for years IL
clerk in the Park national bank, of
New York. In 1893 he was made
cashier of the MiddleseX County bank.
His bond was fixed at $4,000. His
relatives are wealthy and it is said
they will eadeayor to make good the
shortage.