The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1900-07-13
A SECOND VALENTINE
trusted Treasurer Loots a
Newark Bank $40, 900
Stolen.

Especial to 'The Jersey City News"1
NEWARK, July 1S, 190O-Fearing that
there would be run on the bank, the
officers of the Dime Savings Institution.
the secretary and treasurer of which,
Charles R. Westervelt. was arrested last
evening ON a charge of embezzlement, sus-
pended payments this morning. There
was a crowd in front of the bank when
this announcement was made by President
James D. Orton at ten o'clock and there
was every indication that many depositors
would have drawn their money had they
been able.
Many women were in the crowd which
gathered in front of the bank, and before
they learned that they could not get in
side the doors they struggled and fought
with each other in their efforts to estab-
lish themselves near the entrance. All the
officers of the institution who could be
seen today contended that it was perfectly
solvent, but that it had been judged best
to take advantage of the law which allows
a savings bank to suspend payment on de-
posts for thirty sixty or ninety days.
After 29 years of service as a trusted
employe, Charles R. Westervelt, secre-
Institution of Newark, was arrested last
night for embezzling funds of the bank
and falsifying its accounts. To the direc-
tors he admitted he had for a long time
been appropriating money that did not
belong to him, but he would not say
just how much he had taken. According
to the banks officials, defalcations thus
far discovered amount to between $3S, 900
and $4,000. The examination of the tan
gled accounts is not complete, and it is
expected the total deficit will reach a
much larger sum.
Like Cashier Valentine, of the Middle
sex Bank, Westervelt is alleged to have
robbed the bank by falsifying vouchers.
Like Valetine, too, he speculated in
stocks and is said to have lost thousands
of dollars in Wall street. His system, ac-
cording to the bank officials, was to raise
on his vouchers, the amount of withdraw
ais by depositors. A specified instance
noted in the charge against him was the
falsifying of a voucher on a withdrawal
check for 5000, to the order of Pauline
Rube. His voucher made it appear that
she had withdrawn $1,000. The 81, 600 differ
ence he is alleged to have pocketed. Many
cases of the same nature have come to
light in the examination of the books.
For two years or more the bank of
ficials say Westervelt has operated in
this way, suspicion was not aroused
until last week, when discrepancies were
discovered, and the president of the
bank, James d. Orton notified the
State Board of Banking and Insurance
Last Monday Martin B. Dagger. of AS
h,,r d., ,Ir
work on the books He ran across a
discrepancy, and asked Westervelt about
it.
"Well, WE'LL said Westervelt, st guess
we had better ask Mr.. Orton about
that
Mr.. Orton is also president of the Sec
ond National Bank, just across the street,
and when Westervelt took his hat and
went out, Mr.. Dager supposed he was
going to the presidents office there.
When. however, the secretary and treas
urer failed to return suspicion was
aroused, further discrepancies were found
in his accounts and detectives were sent
out to locate him. They went to his house
at No. 479 Clinton avenue, but found mo-
body there. For three days they hunted
in vain.
Late yesterday afternoon Detective
Francis J. Gregory learned that rig for
Westervelt had been ordered at local
livery stable. Hurrying to the place, he
found the rig just leaving and followed it.
1t stopped in front of house in Lyons
farms, the residence of an intimate
friend Of the man for whom the detective
was searching. Shadowing the house for
a time, Gregory saw little boy come out.
rs Mr.. Westervelt in?" the hawkshaw
asked.
Il don't know. replied the urchin. "I'll
see.'
Gregory followed the lad into the house
and found several men and women sitting
at the dinner table. He did not know any