New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-02
TALK OF RECOVERY SUIT.
rgr PLUNDERED PERTH AMBoY BANK MAY
SEEK TO RECOVER FROM VAL
ENTINE's BROKER

The assertion was made again yesterday at the
o4ce Of Henry T. Chapman. who acted as broker
,or George NJ. Valentine, the default,ng cashier Of
,ha Middlesex County Bank Of Perth Ambov. in
a, least part CT the latters speculations In the
stock market that Valentine lost no money at all
:, these transactions. It being added that Valen-
zines operations were not extensive and that he
seldom visited Mr Chapman's Office. The attor-
,avs for the plundered bank. however apparently
question the accuracy Of this declaration for It was
reported yesterday that they were seriously con-
.serng the advisability OF entering suit in behalf
81 the receiver OF the bank against Mr.. Chapman
a. recover from him whatever sum might have been
last BY Valentine through Mr. Chapman as broker
The basis OF this action. II It should be brought. it
,s said would be the contention that under certain
circumstances broker may be held liable for
losses incurred by hducary officer who acting
,h-9ugh such broker, sinks the funds of a corpora
ton.
T. has not Yet been decided what course will be
pursued 20 recover from Mr. Chapman the value OF
certain bonds belonging TO the Perth Amboy Mu-
,uai Loan. BENEFIT and Building Association re-
eeipt for which bonds t.sned by Mr. Chapman.
has b,e1 found by the banks receiver. These bonds
we're ar follows: Chesapeake and Chic Railroad
Company. $1,000; Hooking Valley. IS .ooo and Lehigh
valley 5000 II Is supposed that Valentine de-
posited these bonds IN the Mddlesex Bank as
treasurer Of the building association. and IL is
ores.ion whether or not the receiver OF the bank
4 z proceed against MT hapman lot theT re-
covsry or rather for the recovery OF their value.
az the receiver has no description OF the specific
lords \ formal demand for the return OF the
e1ras has been made upon Mr.. Chapman, who has
refused r.. The paintings pledged by Mr.. Chap
man 20 the bank as collateral for loans, and now
n The custody OF the Sheriff OF Kings County, can
Re redeemed by Mr.. Chapman on the giving b.
him ~ a bond 20 the payment Of a note now
due These paintings. which were valued by Mr.;
CHAIRMAN at S4oo. are sad 70 be only s!h ~ 49,
rar OF MS collection. The fact is recalled tLst
- the first visit OF Sarah Bernhard TO this coun-
~ she went over 70 Brooklyn TO see MI Cnap-
mans paintings. which included examples OF the
V0~k % many noted French artists.
The following statement was made yesterday ny
Clarence F. Birdseye. attorney for Mr.. Chapman'
In matters OF this kind I cannot, as lawyer
discuss the facts with strangers or with repre-
sentative Of a newspaper Mr. Chapman,s relations
with re Middlesex County Bank began a.
most ten years before Mr.. Valentine was connect
. with the bank. and in this connection MT. az
entine was introduced 10 Mr.. Chairman as lts new
"a shfe- the president Of tbs bank. however
si~~e Nj Valentines defalcation became known
claims have been made by various paTues upon
~--rer-v IN Mr. Chapmans hands, ana the utle
=, ms property cannot be determined except py
The courts The present litigation relates 10 these
r-a,ros and Il is only such as ordinarily arlses
,,~rer such circumstances, and Mr.. chapman can
C-ly await the decision Of the courts upon ILesS
corfi~ting claims. Meanwhile. as his counse!I
Savo advi sed him make no statement IN reIato!!
- his rights or those OF any of the other partes