The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-15
THE CASHIER
POCKETED
DIFFERENCE
Between the Stub and the Check
and Bank Closed us a
consequences.
PERTH AMBOY IS EXCITED
Over Disclosures of Valentines
Remlssness..His Defalcation
Amounts to S1e5,ooO.

Valentine, cashier OF the Mlddlese%
County bank, Of Perth Amboy, N. j.,
which was closed to-day, has surren-
dered himself and Is now in jail on Rc-
count of shortage in the banks funds,
which has been variousiy estimated all
the way to $ls5,OOO. The affair caused
CONSERVATION and dIsmay among the
business men Of Perth Amboy. where
the Mlddlesex County bank was con-
sldered as strong as the eternal hills.
So panic stricken did the residents OF
Perth Amboy become when 1t was
learned that the AIiddlesex County bank
had failed to open for business as usual
this morning that crowds surrounded
the Perth Amboy Savings institution.
What made tho run on the Savings
bank was the fact that the officers OF
the Middlesex County bank and the
officers Of the Perth Anboy Savings In
stitutlon are Identical, the business OF
both banks being transacted over the
same counter. Though 1t became nee.
essary to call for the aid OF the police
for the purpose of maintaining order,
u. E. Watson, the president Of both
banks, says that the funds OF the Perth
Amboy Savings institution were not
touched; that the 100000 deposited to
the account of the Savings institution
are absolutely 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 the depositors These words of
assurance from the officers OF the bank
had the effect of checking the run on
this concern during the afternoon.
The notice posted on the door OF the
MIddlesex County bank early in the
morning was as follows:
"Bank closed. In the hands Of bank
ing department"
Could no Longer Conceal 1t.
on Monday last Cashier George NJ.
Valentine evidently concluded that he
could no longer conceal the shortage at
the Mlddlesez County bank on that
morning he telephoned President Wat
son that he was detained, but he said
that he would appear ut noon. The
bank had then opened for business and
Mr.. Watson, who was taking the alb
sent cashiers place, discovered that
here should have been some $1,000 in
bills on hand to commence operations
that morning. These he could not fiAd
IN the vault. Mr.. Watson had been
searching for 1t when Valentine called
up. He asked Valentine where this
money was and was told that 1t had
been placed in the cashiers private
drawer. Mr.. Watson remarked that was
no place for It, but rang of on the
telephone and went to get 1t. A dupli-
cate key to the drawer indicated was
obtained and the drawer opened, but
no money could be found. Mr.. Robert
N. Valentine, the cashiers father, was
summoned and he aided in the search
for the missing money. 1t could not
be found, and finally the work Of check
ing was begun. Then 1t soon became
evident that during the last few months
the accounts OF the bank had been Jug
Eled. The other trustee3 were SUM
moned and the banking department
was notified to send an examiner. Dep.
uty Commissioner OF Banking Johnson
appeared In response. on Wednesday
Mrs. Valentine, the wife Of the cashier,
returned from Ocean Grove and called
at the bank and wanted TO know whera
her husband was. This was the first
intImation that she had had that no
was not on duty. and showed the ofIi'
cials that Valentine was not at the sea.
shore, as at first supposed.
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 on
It against the account of the MIddlesex
by Valentine.
A Detailed Investigation.
A detailed investigation Of matters by
President Watson and Robert N. VAL
entlne showed that the cashiers checks
and stubs did not correspond; that the
checks called for more money than
/, the stubs recorded, and that while taxi
ing the stub as the basis OF accounting
the banks finances would figure out all
right, the checks would show that the
bank had been drawing heavil! on it's
New York correspondent. the Park
National bank. The cashier, In fact,
carried the accounts on the stubs and
from them to the books correctly. but
when the returns from the cashiers
checks came he pockcted the difference
between the stub and the check. Four
or Ilve months OF this method Of nnnn-
clerlng depleted the banks reserve
money and brought It to the verge OF
ruin. The cashier evidently secured n
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 Burke
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 Rah,
way. He declined to go into details
about the shortage OF the bank money
except to sny that nc was very sorry
that he had got his friends Into trouble
und that he felt very bad about his wife
and children.
President Watson is OF the opinion