The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1899-07-15
THE CASHIER IN PRISON.
The Middlesez County Bank Of
Perth Amboy Closed,
SHORTAGE AT LEAST $685. 900.

ent Juggling with the Accounts ana
Cash of the Institution.
Perth Amboy, N. j.. July 15.-George
NJ Valentine, cashier Of the Middlesex
County bank. of this city, which closed
has surrendered himself
and is now in Jail on account Of
shortage in the banks funds which has
been been variously estimated all the
way to Sl65. 900. The affair caused con-
sternatlon and dismay among the busi-
ness men Of Perth Amboy, where the
MiddleseX County bank was consider
ed as strong az the eternal hills So
panic stricken did the residents be-
come when il was learned that the
Middlesex County bank had failed to
open business as usual yesterday morn
ing that crowds surrounded the Perth
Amboy Savings institution. What
made the run on the savings bank ap-
pear all the more serious was the fact
that the officers of the MiddleseX Coun-
ty bank and the officers of the Perth
Amboy Savings institution are identi-
cal, the business of both banks being
transacted over the same counters.
1
for the aid of the police for the pur-
pose of maintaining order u. b. Wat
son, the president of both banks, says
that the funds of the Perth Amboy
Savings institution were not touched,
that the 100000 deposited to the ac-
count of the savings institution is abb
solutely safe, and that, no matter how
badly the Middlesex County bank has
been wrecked, the savings bank will
be able to meet all demands made upon
it by depositors. These words of as
surance from the officers Of the saw
ings institution had the effect of check
ing the run on this bank.
On Monday last Cashier George M.
Valentine evidently concluded that he
could no longer conceal the shortage
at the Middlesex 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 busi-
ness, and Mr.. Watson, who was taking
the absent cashiers place, discovered
that there should have been some
$1,000 in bills on hand to commence
operations for that morning. These
he could not find in the vault. Mr..
Watson had been searching for it
when Valentine called up by telephone.
He asked Valentine where this money
was and was told it had been placed
in the cashiers private drawer. Mr..
Watson remarked 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 Valentine,
the cashiers father, was sumoned, and
he aided in the search for the missing
money. II could not be found, and
finally the work of checking was be-
gun. Then 1t 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 department was noti-
fed to send an examiner. Deputy Com
missioner of Banking Johnson appear.
ed 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 intima-
tion 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 bank
with checks to the amount of $4,000
which are said to have been drawn or
it against the account of the Middle.
sex by Valentine.
A detailed investigation of matters
hvr N
Valentine showed that the cashiers
checks did not correspond; that the
checks called for more money than the
stubs recorded, and that, while taking
the stubs as the basis of accounting
the banks finances would figure out al
right, the checks would show that the
bank had been drawing heavily on It's
New York correspondent, the Park Ma
tional bank. The cashier, in fact, car
ried the accounts on the stub anC
| from the books correctly, but when thu
returns from the cashiers checks came
he pocketed the difference between thu
stub and check. Four or five months
| of this method of financing depleted
the banks reserve moneys and brough
| it to the verge of ruin. Then tn,
cashier evidently secured the read!
cash on hand and left Perth Amboy.
Tuesday night the determination t
close the bank was agreed upon, ant
President Watson notified Chief of Po
| lice Burke and asked him to locate tn
missing cashier. Valentine, who hat
been in New York city, returned t
| Perth Amboy from Woodbridge, ac
companied by his counsel, Edwart
Savage, of Railway He declined to g,
into details about the shortage of tn
bank, except to say that he was yer.
sorry that he had got his friends int
trouble, and that he felt very bal
about his wife and children.
President Watson is of the opinion
that the cashiers dedication will
amount to at least s125, 900 Where tn
money went to is not known, as tn
cashier is said to have been moderat
in his tastes and habits of life.
Cashier Valentine was for years
clerk in the Park National bank O
New York. In 1853 he was mad
cashier of the Middlesex County banl
His bond was fixed for S5O,0OO Hi
relatives are wealthy, and it is sal
they will endeayoT to make good tn
shortage.
Red Hot From the Gun