The times., 1899-07-20
PERTH AMBoY BANK WRECK.
Depositors Say Money Was Taken
When the Truth WINS Known.


New Brunswick, n. j., July 19.-Depos-
itors of the wrecked Middlesex County
Bank of Perth Amboy are in an angry and
even violent mood over the light sentence
given the defaulting cashier, George NJ.
Valentine, and the fact that the defalca-
tion continues to soar away above the
first figures given out by the banks Of
ficers. A meeting of depositors is talked
Of and it is expected that it will be de-
cided TO bring criminal charges against
the officers of the Middlesex County Bank
for doing business after it was known to
! them that the cashier had defaulted and
that the bank was in trouble The lead
ers in the movement against the officers
of the bank are John H. Gregory a ship
chandler; Max Goldberger, steamship
ticket agent, and Crosby & Hill, dry goods
dealers. They declare that the bank Of
ficers knew by noon on Monday that there
had been a defalcation.
President u. Burge Watson has stated
TO reporters and others that he telephoned
to Ocean Grove on Monday to enquire as
to the whereabouts of his missing cashier
and also to enquire about a sum of $1,000
which was then missing Mr.. Valentine,
the cashier telephoned back that the
money was in his desk. President Wat
son had the desk opened and the money
was not there. The bank continued to do
business on Tuesday, Wednesday, and
Thursday, and it was not until Friday
morning that a notice was posted that
the bank had been closed 1t was early
on Thursday that the State Banking Com
missioner was notified to come TO Perth
Amboy.
Between Monday and Thursday Gregory
deposited about $1,000, Goldberger about
$4,000, and Crosby & Hill about 81, 600. A
great many others also put money in the
bank and among them, II is said, was the
Lehigh Valley Railroads agent at Perth
Amboy, who deposited a large amount in
anticipation of pay day on Saturday.
John H. Gregory is depositor who feels
especially incensed at the methods of the
bank. He says that he deposited $1,000 on
Thursday last. In the ordinary course OF
business the check would have taken at
least twenty-four hours TO reach the bank
in New York. on which 1t was drawn, and
had the check gone through the regular
course the money would not have been
credited to the Middlesex County Bank
through its clearing house agent before
Friday at noon. Yet on Friday morning
the check had been cashed by his New
York bank.
Mr.. Gregory asserts that as soon as he
paid In the check messenger was sent to
New York with It, and that it was paid
over the counter, thus avoiding the delay
of the clearing house and getting the
! actual cash into the possession Of the
Middlesex Bank. He declares that had the
/ usual course been followed he could have
stopped the check on Friday morning and
no one would have suffered. Mr.. Gregory
| says that this affair alone renders the
| officers of the bank liable, and he hints
that personal friendship will not deter
him from taking the formal steps
James MCGUIRE, temporary receiver, has
stopped the work of the State Bank Ex-
alniners, and nothing more will be known
about the extent of the defalcation until
they finish. They will not resume their
work until after Mr.. MCGUIRE is made per-
manent receiver. This will probably be
done next Monday by the Vice Chancellor.
The last investigation of the bank by the
State banking officers was in December
last. Everything was then reported cor
rect. Now it is alleged that Valentine be-
gan to steal two years ago.
| Valentines wife was again with him at
the jail this morning. The defaulter may
not be taken to Trenton TO serve his term
of six years until Friday. He passed a
sleepless night last night. His family
think that the sentence was a severe one.