The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-15
CASHIER ROBS HIS BANK.
GEORGE NJ VALENTINE GETS $4,000
gives HIMSELF UP.

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Because OF the defalcation Of its cashier.
George NJ. Valentine. the Middesex County
Bank OF Perth Amboy. \. j., closed its doors
Yesterday morning, and the institution is now
In tho hands OF the Com missioner Of Banking
and Insurance for the State OF New Jersey
Tho Perth Amboy Savings Institution. which
IL in the same building rs tho Middlesex Bank,
and OF which Valentine was the Treaaurer,
also suspended business yesterday morning,
pending an examination into it's affairs
The State examiners worked on the books OF
both institutions all day Yesterday and at 5 '
o'clock yesterday afternoon they stated that
their examination up to that time showed that
Valentine had taken from the Mddesex Bank
$1,000 and they were not prepared to say
that the deialcation would not exceed that
amount They were very emphatic in the
statement however that the savings bank
was all right and that it could resume BUSH
ness to-day. were Il not for the fact that II IA
In the same building with the other bank and
that there 10 only one entrance to both banks.
The extent OF the defalcation was not known
until Yesterday. but on Tuesday it was sus-
pcctcd that there was n shortage in Vacn-
tines accounts He let tho bank on Saturday
afternoon at the close OF business and IL was
upIosed that he had cone to Ocean Grove,
whore his family is aging for the summer. to
spend Sunday Ho did not return to Perth
Amboy on Monday morning but telephone1 to
the bank that he would be a. his desk In the
afternoon. He did not return at all on Mon
day and he had not returned on Tuesday
morning Then tho President OF the bank,
L. Burge Watson. commun cated with Ocean
Grove to find out what was the matter with
Valentine and why he vas not at the bank
Mr. Watson was informed that Valentine was
no. at his cottage. and that Mrs Valentine
thought he was in New York on business for
the bank
Mr. Watson knew Of no business that yalen.
tine had to transact for the bank in New York,
and so he went back to the bank and ordered a
hasty examination OF the cashiers accounts.
They were found at this examination to be
| short small amount Mr. Watson concluded
that IL Valentine was short n little the short
age might bo found to be larger after a more
careful examination, and he hastily called
n meeting OF the directors among whom
| was Robert n Valentine of Woodbridge.
| the father OF the missing cashier 1t il
| said that the senior Valentine assured his
| colleagues in the directorate that, IL his son
| was short in his accounts ut all it would be
| found to be for very small amount that his
| son would be able to fully explain what then
| appeared to he a shortage. and that. IL such ex.
| planation was not satisfactory. he would see
that whatever shortage there was would be
| made good He also assured tho other direc.
tors. so il VA. said Yesterday. that his son was
not STAYING AWAY from the bank because hs
feared to come back and that he would surely
be at his desk the next day.
| 800 -. - S, ,,v,
| IL 10 sa'o 'hat inc remarks Oh the eioer 'aieh-
tine had Grea; weight with the rest OF the
Soa,a. ana ,hey concluded to wait untll
They concluded to take this course largely for
the reason that they didn't want TO cause undue
alarm among the depositors. None of them
believed that the shortage. II any would lie
s.. NV "s w i., t".'., a"1 u".oo
were reru'eu 10 De wealthy men they irt con-
hdent that if the cashier really was defaulter
| on,ount -; ,ha dnto,oa,iln ,b., tho to-, I'D
be- Kept Guiet that way ' could be found D to
| have the cashier resign that the bank would
continue to do business, and that the public
need never know anything about the trouble.
SO the directors waited until Wednesday
! noon "heh 'here was 'h'n no sign D, 'he
cashiers return and nothing NOR" had been
.ionor -, uo,rirc, and Irsnr,ro,,,, ~ ,rrorto,
s.oner ~ n"t,. ., an" =.
that ho had better come down and mako an
examination, Dernty commissioner Thomas
Van Camp and CHRISTOPHER A. Cough arrived
| u. kpnI
IL, '',' 9'h''' va S""''
| IN" nrSt thing they dld was to look Tor the
securities 81 both banks The BOOKS showed
| ,hor the securities of 10th ths NilI,.sex
| '"' VIC ~ ' ~" '''N"'N'~
| County Pank and the Perth Amboy Savings
! Institution were deposited IN the snfe deposit
, vaults Of tn. National Park Bank OF this city.
| the New ork correspondent Of the Middlesex
! Bank. An examination Of tn" vaults showed
, that the securities were intact Then the -x-
! aminNrs went ut the cash The books showed
I thar the MiddIcs,x Bank had an apparent
| credit at tho Natiouu! Park Bank of fSJiOO.
! They communicated with the National Park
! Bank for a veritiration of thiS credit The
| answer received rturtlrd even the examiners
Tho New York bank reported thar not on did
tho MiddIesey Bank have no or" lit, but It's ac-
count had hoon overirawn since Jan / to the
| amount Of $1,000
| u hcn the Deputy Commissioner leaned this
he informed the directors that tho on.y thing
| 10 do WINS to close the bank THIS was done
! yesterday morning The news uulrEiy irrad
about tho Town that the bank hal TAI . l. tud 10
banks gathered around the huiIilug The Grst
/ rrpOrts rNngrrra,al th,. situation the story
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