The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-08-02
g, 400 FROM THIS BANK.
r,tFNrINE cor MORE THAN THREE
inns UHIT VAS THOtGHI.
,, commissioner BEETLE Makes Known
,nr r>tcnt Of tho Forth Amb"y savings
1n.titntlon's Losses-The Bank Is Sol
~, ,t,Yrycr, aud May lie Continued.

P"' ,.,t.ut of tho Forth imboy Savings
,,,,,i,p's IoSses-The Bank IL Sol
w., however, aud May lie Continued.
,Y.i,r, Hc,'lc, Commissioner OF Banking
t,..rorre for the state Of New Jersey.
.,rcal yesterday that the funds OF the
%.,, Arrnoy Savings Institution had been
,,,i,, n,. short S2lOOO. Ofthis bnnk George
vr,,,,,, the de'aultnG cashier Of the
,,l,,s,x Comfy Bank. was the Treasurer
a,Jc .rcr,I manager When It became known
,k,, V,I.pfr,c had stolen large amount OF
,,,er from the NiddlcscS Bank. an official
,,,r,on, ,ya. made to tho effect that the
Young mau had stoicn only Sh"oo from tho
..,',',. bank. and that this amount was
srclred by his bond "a treasurer whlch was
st-upu. wi'h four suret"s.
,ri, I.r,.itors Of the bank. many OF them
,.,i,,,rs. with lttlo knowledge of English
not whose savings we're deposited there. be-
,ar.I ma, this statement was true. little
'a,,- a., was announced that Valentines bonds
,,.,,. hat mad, good the shortage OF $1,000
,,.l,n.t thr savings bank would open In fow
I,v- II d1 not omen. Yesterday one OF the
i,.,.. .l.Iusltprs called upon Mr.. BEETLE and
,oglhIgI that It was believed in Perth Amboy
cha, H.. savings bank was seriously embnr
rs.s,I and that truthful statement as to tho
han, condition WAS demanded. Thercupon
,h.rnun,i-sloner Of Banking told the depos-
ror,ne ,y'out OF the banks shortage.
UaaIIrl however. that the bank was SOL
wont, and that it would II" foolish to place It in
III. hluis NJ n receiver. He said that the re-
ua.rl,r due on Valentines bond would be
den,,.,,lci from his bondsmcn and he hoped to
,,j.,ulorc money from the interest due on tho
l.rL's securities. II he could not realize
.r,u.,h from these two sources to make good
M, -horta % he said he would ask the directors
of,nr bank 10 uut up the balance.
According tpthc bank examiners the savings
la,, deposit book Tailed with the. individual
crolu- In the pass books of the depositors but
thora was n Discrepancy In the totals OF the
various pages added. The totals. 1t was
noticed. wero written in a different hand from
that Of Valentine, or else in hand adopted by
the Treasurer for thu purpose Of deception.
ono Of the examiners visited Valentine in
PRISON and pressed him to explain. as his
counsc, said he would when he pleaded with
tn, court FOR mercy Valentine would not give
any information, however. and referred the
examiner TO his counsel. j. *. Rice Of this city
II was announced Yesterday that the receiver
Of tl,e wrecked Mildl"srN bank will make de-
manf shortly uron Henry T. Chapman. one OF
Valentines ur"k"rs. who has refused to tell
any of Valentines business. for statement OF
toner through the stock Exchange; The OBJ
I.rt IT the demand vii he to determine wheth-
e
la'inns through hapman 5 office. II was
stated Yesterday that there is law and prece
dent for the contention that brokers who ex-
Crutc commissions for customers employed in
hducary capacities must assure themselves
that thos" customers are speculating with
their own money. or. falling in this they must
refuse to execute the commissions. else they
may be- held lihhl" for the amount Of money
lost hy the customer in speculation.
\ ease decided nv Justice rharswood several
years ago n l,ennsylNana was cited MS Il
rr"rH'"nt In that case a man occupying a
ihrouiGh a firm q brokers' " The i nttitnton
with which the man was connected failed.
Snit, was brought hy the Institution against
a S IA laid down he p afGiGs
whether his client is sane or insane"
tpon this decision and two or three others.
one by Il New York court and another by a
base their belief that if Valentine lost any Of
the bank money in sl'ecuntio it can he re-
the transactions. Ii ,hapman's books show
that Nal"ntin" closed cut at profit. of course
no action ran Il" against he broker :,
man sin"" IN" Mid,llc-ox Bank failed George
W. Wmk"r.ha'N. attorney for the receiver here.
reqt"d Us most coIrtrously. except that he re-
inNed 70 give up the bonds for which he gave a
s'S ii rs. for which he we Iii c" sae
g. the bank, they were not all at his house.
Those that were not were immediately after
Tor storing the pictures
NEW BRUNswICK. y. j.. Aug. thanking
Commissioner BEETLE said this morning that
he was III favor Of trying moral suasion DO
Tor" threatening the directors Of the Perth
Amb"y Savings Bank that If they did not make
the deficit good they might find themselves
HAIL" both To- civil and criminal persecution
for neglect of duty. Under the law which gov
ems savings banks like the Perth Amboy in
stitu'ion it Is not possible to recover from the
directors unless criminal negligence can be
proved. lh" directors Uf "A Newark savings
bank were once forced Ia make good short
age, Mr. BEETLE minated that there would
not l." much difficulty in showing careleSSneSs
on the part 81 Ia" Perth Amhoy directors
tn" "Nhuimcr~ who have been at work on
N" savings hank submitted their report to-
uaS IN" report to tia" banking and Insurance
commission when the bank was examined in
June 1871, showed tn. institution to he all
fGht. IN June. 1875. a deficit Of $4,000 was
!34hd. This grow. until in July. 1898. it was
sl"VW" and on Jan. j. 1889. it was $4,000, At
!hc pres Mt TIM" Il Is lust $4,000. Against
tNlShr" the bonds Of the father and uncle of
Valentine for $1,000 and il the July dividend
Is Wa!..d t,e a"tual loss to the bank will he
enoNt 5000. Negotiations are In progress be-
Valentines bOnGsmen. and IL is said that the
u.boSi'ors Will not lose anything In the course
O. rthe Investigation l.75O passbooks out Of
81" We're examined
,,Mr b"ttl" "Nn""'S to make his report to the
thahcery Court soon. He may do so to- borrow
morning in Newark.
GELS HiDDEN ~ 4 H4NDKERCHIEE;