The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-07-15
TO THE VERGE OF RUIN
Cashier Steals the Funds of Perth
Amboy Bank.
HE GAVE HIMSELF UP
The Embezzlsmsnt Will Reach S126 900
CONSERVATION and Dismay Among
the Business Men OF
the City.

New York, July 14.-George NJ VAL
entine, cashier of the Middlesex County
bank of Perth Amboy, n. Y, which
was closed to-day, has surrendered
himself and now is in Jail on account
of a shortage in the banks funds
which has been variously estimated all
the way up to $165, 900. The affair
caused CONSERVATION and dsmay
| among the business men of Perth Am
boy, where the Middlesex County bank
| was considered as strong as the eter-
| nal hills. SO panc-stricken did the
residents of Perth Amboy become when
it was learned that the Middlesex bank
had failed to open for business as usual
this morning, that crowds surrounded
the Perth Amboy saving institution.
| What made the run on the savings
| bank appear all the more serious was
| the fact that the officers of the Middle
| sex County bank and the officers of the
| Perth Amboy institution are identical,
| the business Of both banks being trans
| acted over the same counter Though
| it became necessary to call for the aid
| of the police for the purpose of main
| tanning order, U. B. Watson, the presi-
| dent of both banks, says the funds of
the Perth Amboy savings institution
| We're not touched, that 100000 de-
| posted to the account of the savings
| institution is absolutely safe and that
| no matter how badly the MiddeseX
! County bank has been wrecked, the
! savings bank will be able to meet all
| demands. These words of assurance
! from the officers of the savings insti-
| tuition had the effect of checking the
run on the bank during the after
| noon.
| The notice posted on the door of he
! Middlesex County bank early in the
morning was as follows:
! Bank closed. In the hands of the
banking department"
On Monday last Cashier George NJ.
| Valentine evidently concluded that he
! could not longer conceal the shortage
| of the Middlesex County bank. On that
! morning he telephoned President Wat
| son that he was detained, but said that
| he would appear at noon. The bank
| had been opened for business. 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 that
| morning. These he could not find in
the vault. Mr.. Watson had been search
ing 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.. Wat
son replied 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 n Valentine. the cashiers
| brother. was summoned and headed the
search for the missing money. 1t ~5uld
not be found and finally the work of
checking up was begun. Then it soon
became evident that during the last few
months the accounts of the bank had
been jugglpd. The other trustees were
summoned and the banking depart
| ment was notified to send an examiner
| Deputy Commissioner of Banking
Johnson appeared in response to sum
mons.
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 show
ed the officers 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
1000, which are said to have been
drawn on it against the account or the
MiddleSeX by Valentine.
A detailed investigation of matters by
President Watson and Robert n. Nalen-
tine 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 accounting,
the banks finances would figure out
all right those checks would show that
the bank had been drawing heavily on
It's New York correspondent, the Park
National. The cashier, in fact. car
ried the accounts on the stubs and
,%lrs tlN- hl1f
when the returns from the cashiers
checks came he pocketed the difference
between the stub and the check. Four
or five months Of this method OF finan-
ciering depleted the banks reserve
money 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
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
boy from Woodbridge, accompanied by
| his counsel, Edward Savage of Railway.
| He declined to go into the details of
the shortage, except that he was sorry
he got his friends into trouble and ne
felt very badly about his wife and
children. President Watson is of the
| opinion that the cashiers defalcation
will amount to al least $125. 900
| Where the money went to its not
| known, as the cashier is said to have
been moderate in his tastes and habits
| of life.
The MiddleseX County bank was Ope-
| rated under a 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 cashier OF
the Middlesex County bank. His bond
was fixed for $4,000 His relatives are
wealthy and it Is said they will en-
deavor to make good the shortage.