14269. Middlesex County Bank (Perth Amboy, NJ)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 14, 1899
Location
Perth Amboy, New Jersey (40.507, -74.265)

Metadata

Model
gpt-5-mini
Short Digest
61656566

Response Measures

Full suspension, Books examined

Other: Police were called to maintain order; receiver appointed; attachment by National Park Bank against Middlesex County Bank safe deposit box in NY vaults.

Description

Contemporary articles describe heavy withdrawals (a run), the bank being closed/suspended July 14–15, 1899, and a receiver appointed July 18, 1899. The immediate cause was large embezzlement/defalcation by cashier George M. Valentine, not rumor. The institution did not reopen and was wound up under a receiver.

Events (3)

1. July 14, 1899 Run
Cause
Bank Specific Adverse Info
Cause Details
Large embezzlement/defalcation by cashier George M. Valentine, discovered when checks and stubs failed to agree and cash was missing.
Measures
Bank officers notified police to maintain order; assurances given that Perth Amboy Savings deposits were safe; bank closed and banking department notified.
Newspaper Excerpt
the Middlesex County Bank was closed this morning ... crowds in the vicinity of the bank ... the run on the bank during the afternoon
Source
newspapers
2. July 15, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after discovery of cashier's shortage/defalcation estimated in the reporting at tens to over a hundred thousand dollars; officers ceased operations pending examination and reporting to banking authorities.
Newspaper Excerpt
Notice posted on the door of the Middlesex County Bank this morning: 'Bank closed. In the hands of banking department.'
Source
newspapers
3. July 18, 1899 Receivership
Newspaper Excerpt
Vice Chancellor Pitney has appointed James Maguire ... as receiver for the wrecked Middlesex County bank, at Perth Amboy.
Source
newspapers

Newspaper Articles (25)

Article from The Worcester Spy, July 15, 1899

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CRIMINAL NOW IN JAIL. Old Institution Forced to Close Its Doors_ Run on Other Banks - Checks and Stubs Fail to Agree-Wealthy Relatives May Make Good The Deficiency. Ocean Grove and called at the bank New ork, July 14.-George M. Valenand wanted to know where her hustine, cashier of the Middlesex County band was. This was the first intimaBank of Perth Amboy, N. J., which tion she had that he was not on duty, was closed this morning, surrendered and showed the officials that Valentine was not at the seashore, as at first aphimself late today and is now in jail on peared. account of a shortage in the bank's On Monday the Park National Bank funds, which has been estimated as of New York charged the Middlesex high as $16,000. bank with checks, said to amount to over $4000, which are said to have been The affair caused consternation drawn on it against the account of the among the business men of the conserMiddlesex by Valentine. vative old town of Perth Amboy, where A detailed investigation of matters by President Watson and Robert N. the Middlesex County Bank was conValentine, the father of the cashier, sidered as strong as the hills. When it showed that the cashier's plan of operwas learned that the Middlesex County ation was extremely simple. It was discovered that the cashier's checks Bank had failed to open for business, and the stubs did not correspond, that crowds surrounded the Perth Amboy the checks called for more money than savings institution. The officers of the the stub recorded, and that, while takMiddlesex County Bank and the officers ing the stub as the basis of accounting, the bank's finances would figure out of the Perth Amboy Savings Instituall right, the checks would show that tion are identical, the business of both the bank had been drawing heavily on banks having been transacted over the its New York correspondent, the Park same counters. Hence to those not faNational. miliar with banking details the susThe cashier, in fact, carried the acpension at the offices of the one bank counts on the stubs and from them to seemed to presage the downfall of the the books correctly, but when the reother institution. turns from the cashier's checks he It became necessary to call upon the pocketed the difference between the police to maintain order. U. B. Watstub and the check. Four or five months son, the president of both banks, stated of this method of financiering depleted that the funds of the Perth Amboy the bank's reserve monies and brought Savings Institution, were not touched, it to the verge of ruin. Then the cashthat the $300,000 deposited to the acier evidently secured a portion of the count of the savings institution was ready cash on hand and left Perth Amabsolutely safe, and that no matter boy. how badly the Middlesex County Bank Thursday night the determination to had been attacked the savings bank clòse the bank was reached, and Mr. would be able to meet all demands Watson notified Chief of Police Burke made upon it by depositors. These and asked him to locate the missing words of assurance had the effect of cashier. Valentine, who had been in checking the run on the bank during New York city, returned to Perth Amthe afternoon, though all day long boy from Woodbridge, accompanied by crowds in the vicinity of the bank his counsel, Edward Savage of Rahwatched proceedings with the greatest way. He declined to go into details interest. about the shortage of the bank, except The notice posted on the door of the to say that he was very sorry that he Middlesex County Bank this morning had got his friends into trouble, and was as folows: 'Bank closed. In the that he felt very bad about his wife hands of banking department." and children. Monday last, Cashier George M. ValPresident Watson is of the opinion entine evidently concluded that he that the cashier's defalcation will could no longer conceal the shortage amount to at least $125,000. Where the at the Middlesex County bank. Monmoney went to is not known, as the day morning he telephoned President cashier is said to have been moderate Watson that he was detained, but he in his tastes and habits of life. He was explained that he would return at something of a dog fancier and some of noon. The bank had then opened for his prize animals have taken prebusiness and Mr. Watson, who was miums at exhibitions in New York taking the absent cashier's place, discity. but even in this particular his excovered that there should have been penditures are not believed to have some $7900 in bills on hand to combeen extravagant. mence operations that morning. He The Middlesex county bank was could not find this money in the vault. operated under a state charter, and had This was the money carried over from been in operation many years. It had Saturday to commence with on Monday its inception as a savings institution, morning. but the demand for a bank of sufficient Mr. Watson had been searching for scope to take accounts caused the savit when Valentine called up. He asked ings bank people to organize the state Valentine where this money was and band. Except in name and in the acwas told it had been placed in *the counts the two institutions were the cashier's drawer. Mr. Watson resame. marked that that was no place for it, Robert N. Valentine, the cashier's but rang off on the telephone and went father, has long been connected with to get it. A duplicate key to the drawer both the state and the savings bank. indicated was obtained and the drawer He is a member of the firm of N. G. opened, but no money could be found. Valentine & Co., of Woodbridge, fireRobert N. Vaneltine, the cashier's faclay brick dealers. The cashier was for ther. was summoned, and he aided it years a clerk in the Park National hte search for the missing money. It Bank of New York. In 1893 "he was could not be found, and finally the mide cashier of the Middlesex County work of checking was begun. Then it Bank. His band was fixed for $50,000. became evident that during the last His relatives are wealthy, and it is few months the accounts of the bank said they will endeavor to make good had been juggled. The other trustees the shortage. Mrs. Valentine and her children, who were summoned, and the banking department was notified to send an exhad been spending the summer at Ocean Grove, have returned to the aminer. Deputy Commissioner of home of her husband's father at WoodBanking Johnson appeared in esponse. bridge. Mrs. Valentine is said to be completely prostrated because of the On Wednesday Mrs. Valentine, the event. wife of the cashier, returned from


Article from The Sun, July 15, 1899

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and had used speculate with Wall street Wallstreet He Henow now saw his mis ake, was very sorry for and had concluded to make the only reparation he could give himself up. When Mr Voor. hees had he the story he dietated a formal complaint and Justice Martin held the voluntary prisoner without bail on a charge of embezzlement A short time afterward Valentine was taken to the county jail by Constables Holman and Grover and locked up He left W word with the the Sheriff that he did not care be interviewed Edhis with he had attorney. until consulted ward M Savage Woodbridge Later in the afternoon a lawyer from Mr Savage office called at the jail and had tong talk with the prisoner one eise called to see him For his age and the length time he was at it. Valentine succee led in making star reputation for himself as an embezzler He was only 33 years old on June 29 last and one the bank examiners told a SUN reporter yesterday afternoon that Valentine defaications did not date back further than Jan and that most the money had been taken within the past two months. He said the largest amount known to have been taken at one time was $10,000 Valentine's method was a simple one and might be yed employed successfully for a time at least cashier any country bank having a city correspondent This was how he did He knew course. just the amount there always was the credit his bank with the Nati National Park Bank Knowing this he simply drew for Bank Park National check cashier amount needed speculate with $500, the need rding or Then instead entering the stub of the had the check for which the check amount been drawn he would enter much smaller amount. $50 $100 or $500 The stubs the checks what the bookk saw and was from them that the entries in the books the bank were made No one knew that the check called fo: A larger sum except Valentine and the respondent alentine ran the check book and he would look after returns from New York and would charge up the returns himself correspond with the original charges This was comparatively easy work for him as would for cashier any country bank since the are these cashiers manbanks usually aging men They do their OWN work and addition m most of the work usually done by the ity banks Presidents Valentine practically ran both the Middlesex County Bank and the savings bank two banks were closely allied st most of the directors one bank being direct in other Both boards had the most implicit confidence in Valentine and the result was that he ran both banks about as he liked. vasily What is quite understood 08 by the ffficers the ked wrecked bank the lenity the Nati National nal Park Bank in the matter the Middlesex erdrafts One of the directors said yesterday that he didn't tk know W mu much about stropolitar banking $30,000 he but and methods more thought wasa large overdraft one bank to allow anthe had that He said Park onal other Bank pressed the overdrafts to payment the defalcation might has been scovered long ago and would not have been SO large as has proved Yesterday morning the National Park Bank secured an ttachme against Middlesex County Bank for $ $31,508 508, to satisfy the claim overdraft statement facts upon which the attachment was as issued, it was asserted that the Middlesex Bank since Jan had drawn checks the am amount unt of $30,205 excess the amount to its credit in the National Park Bank and that since June the National Park Bank had forwarded checks for collection to the Middlesex of Bank to $1,303, amount which no the part had been paid The attorney for the National obtained Park from the order Bank an Court under the nita hment to break open the Middlesex Bank safe deposit box in the National Park Bank vaults examine and attach any securities found there Thebox pened. and in was found $10,000 worth of Chesapeake and Ohio Rallroad percent cent bonds and a lot mining stocks the latter said be of doubtful value The value of the road bonds at the price be $9,725 buld yesterday quoted The Middlesex ounty Bank is a State bank, which was incorporated in Its capital $50 is stock its 000 $50 surplus The fficers of the bank are President Burge Vice James Watson President Watson Uashier. George Valentine Directors. James T Watson. B Watson E Pierce, 'atrick Convery Robert Valentine Kearney and Dr Wilson last annual Statement showed its resources be to be: In loans and discounts, $433 422.89: overdrafts to $921 stock KS and securities to $7,650: bank property $10,000 other real estate. 740 $21,740 bonds and mortgages. $12,325 due from banks and bankers $106. 834.43 United Stat currency. $31,706 coin. $2,980 gold ver and nickels, $504 24 making total of $630 $630,358.47 358.47 The liabilities were Capital stock paid surplus fund, $50,000: undivided profits, $5 $5,103.32 bankers. 38 $38 452.28 unpaid dividends. $2,024 individdeposits $444 513.30 30 demand certificates, $6,600.19 certified checks $1.105 38 bills payable $25,000, and otheriliabilities, $7,500. 358 total a According to the banking law of New Jersey stockholders of a State bank are liable in caso of failure the bank for double amount their holdings As alentine's defaleation appears at present the capital stock surplus plus securities available very pus been out the amount doesn't prove to be greaten than reported vesterday lay and the deposits have not been impaired to a greater extent $50 the amount than 000. assessment which the stock cholders are liable, the If will lose dethe depositors nothing posits have been impaired to greater extent than 50,000. then the loss depositors will depend somewhat on the value and availability the securities held for loans and discounts was said yesterday that many of the stockholders will be severely crippled if they have to put up the full assessment they which the to amount are liable The bank has regularly paid an 8 per cent. dividend. and a semi annual dividend of 4 per cent. WAS declared July alentine had been cashier the Middlesex Bank and Treasurer of the savings bank since 1892, and was said to be the ungest bank eashier in New Jersey He was born Woodbridge where his father owns large clay banks. from which connection with the young man S uncles Mulford and H ward Valentine he manufactures firebrick Young Valentine was educated at Rutgers College and at Pa kard's Business College in this city, and when his business education was completed he became a clerk in the National Park Bank He was an employee latter bank when the Middiese County Bank. in 1892. asked the Na tional Park Bank to recommend a man for cashier take the place William Peterson. who had just who hadjust Hed. Mr Peterson had also beena the National Park Val. Bank clerk Young entine was ree recommended was and was accepted ns cashier lected He was Treasurer then elected the of say bank eashier he received salary of $2,500 a year and as reasurer $1,500 His notary fees amounted about $1 500 a year SO that from his banking bustness nlone he received $5,500 large come fora resid lent nt of town like Perth AmBesides, he was made rece ver for a large el clothing house in Perth Amboy about a year ago. and from that he had already received about $1 000 with no immediate prospect of the receivership ership terminating was Freasur building loan associati on and was also Treasurer the Ramsay Dry Dock and Dredg. But Company Shortly after he went to Perth Ambov he married Miss arrie Anness a daughter of Charles Anness Woodbridge They ha two daughters. aged respectively and 3. About a year ago Valentino built at an estimated cost 10.00 a has Isome house at High street only a block away from the bank He kept a pair of horses and three servants an lived well This spring he bought summer cottage


Article from The Evening Herald, July 18, 1899

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Receiver For Middlesex County Bank Trenton, July 18.-Vice Chancellor Pitney has appointed James Maguire, cashier of the National State bank, at Elizabeth, N. J., as receiver for the wrecked Middlesex County bank, at Perth Amboy. The application for the appointment of a receiver was made by R. V. Lindabury, attorney for the Perth Amboy Gaslight company, which has a claim of $2,000 on the National State bank, which is creditor to the sum of $10,000 to $12,000.


Article from New-York Tribune, July 19, 1899

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ED. FOR SIX VALENTINE SENTENCE WRECKYEARS' IMPRISONMENT ING THE BANK AMBOY PERTH OFTHE TO BANK'S HOLD INCLINED DEPOSITORS THE FOR FICERS DEFALCARESPONSIBLE TO $208,000 TION. WHICH AMOUNTS 18 George (Special). to sentenced New Brunswick, this July afternoon State Prison for M. years' Valentine imprisonment Middlesex was County in the Bank institution at Perth at of wrecking six the the savings into court Amboy and robbing Valentine came by his wife, the same place. He was accompanied Howard Valentine. charges John 3:15 o'clock. his uncle, read the in his father and S. Voorhees J. Kearny Rice, non Edward Prosecutor Valentine, that and the Judge prisoner for pleaded the Valenpleaded against both cases, said S. Savage, counsel to the Court Valentine for vult, tine family. earnestly that since his power arrest to aid the mercy. He everything said in his out their the affairs. extent had done officials in what straightening he could Rice to lessen made no he plea. began is and bank would bank's do loss. was Judge greatly man. affect In as sentencing not my of Judge the remarks Strong to the young Strong said trouble "It that you will his prisoner Judge words in You your are young. you and purpose the to say distress. placed before here with two increase great your temptati amptation you are charged in the you. senhad fielded. Now no vindictif to impose upon to seven crimes. you There I am is about sentence of you the crimes tence is in which power to on each fourteen a years fine in of years' It imprison against you, making well as to is pay that you of six be charged hard labor. as of the law for a term and all at The sentence State Prison inst +itution Middlesex Bank, confined $2,000. to theft the from the savings from the run concur- from term years for six years for your the two thefts terms six years. to and with rently. County making the costs your are troom paid. arm emotion, in arm but that valentine until left the displayed courtro any great of the proceed is what his wife broke Both down during of Judge rumored Strong that found the neither ings. generally The sentence pyedicted line's lication It 18 has been The Perth total was be of more Valentin than $200,000. 18 (Special) a resoluCity treasurer to Perth Amboy, Council July last night to passed issue $10,000 to run in Amboy tion directing the to provide of money the month defal- of anticipation for bonds, the balance necessary Valentine. by the of one the city affairs This was made George M. bonds will will be cation July. of Cashier Bank ected The that they opened Middlesex bonds, County and it is expect National bank to be by the troduction year taken within by the new few were days greatly presented surprised by Alder- on Kroeger, the that here The Aldermen of a resolution of the Commit Street ittee Comof his two man August which instructed directed to expenses. discharge good Kroeger the Streets. missioner order be to reduce attemp to discharge make of After two men, stood in alone of in $116,000 his by than the $2 a had day indiculed men city's who loss are member paid less of the his Board faith without the embar city's the every other and expressed its affairs withdrew Kroeger to on eepishly excellent authority ready of may rassment, ability Kroeger is stated the on new bank need are a resolution that the promo any amount designated the by city Treasurer the Council Garret as to No advance bank was of city money F Hall they are have there at sentence The news Brodhead depository and to cave Collector for the money at Newthis afternoon by the their fore obliged own risk. Valentine's produced news sitement of his again Brunswick only to that street caused corner were discussing com- the second defalcation. groups The of bank's business trouble. men Many James L latest cupied phase by sent of tence the with who that is serving of poacher a term pared the of Perth Amboy, shooting an Italian time. Receiver Tooker, years for warden at the o-day dered the of to cease will be of boker eight was James game Maguire work on the done books toward defalcabank bank. examine and thing amount more of Valentine one else is made a the asce ertaining Mr the Maguir or The some examiners shortage told now tion until recei day that the less than that permanent Tribune reporter $208.00 to It will investigation not be may add known said, is and further missing has Valentine they $20,000 light to the sentence amount the given depo itors to institution. of the bank and the tended The to embitter officers of the asked to bring with Prosecutor against the Voorhees before may the next officers be Grand who Jury are for now the way whole matter of indicting the in public opinion, $208 000 con- out as the far being view held in responsil which Valentine local wiped bank was of some easy of existence, SO possibility that Grand Jury meet, cerned. is more than a wait for the against the at bark the There depositors but may will institute once action in Goldberger the criminal and have to officers of John the H Gregory three Max depositors they who are not Mr courts. Crosby & Hill are and who alone say punished. men consulted to lawye have Valentine Goldberger are business men trading content and Mr Hill are dryg goods & Hill. Gregory Crosby and of Crosby be based upon here. under the firm name charges they tine will had nothing officers to If ditions they make with which say "Valent that the something bank was do directly noon They on Monday they that must affairs have begun was knew by By Monday serious night the state of remained open wrong realize how bank not only Tuesday, WednesThursday to this the also on period business were Despite all day Monday. but During and this deposits must day and carried on as the usual time the officers situation and ited the was Between the bank Gregory depo taken been clear to down Mr. and Crosby & Hill have time they Mr. closed Goldberger $5,000 incensed He decourse $2,000, $4,000. Gregory is particularly Thursday In the have ordinary taken enty-four drawn posited Mr. of the business $2,000 on the hours check to would reach Had the bank it gone in would not have at least York twent on which it course was the money Bank House Clearing the New through the regular credited to the agent Middlese before check Friday had through its Still, on Friday New- morning York bank in Mr. the check Greg at been noon. cashed that by as his soon as to he New- paid York with avoid- it ory messenger claims was sent the counter. and thus getting and it was paid of the over Clearing House of the usual Middng actual the delay cash into declares the possessi that had stopped the the the Bank. He he could have one would diesex course been Friday followed morning and no alone rencheck suffered. on claims that this liable affair to will formal not have Mr Gregory officers of the says ban personal friendship steps therefore ders prosecution the deter and him from he taking be issued the at any time Warrants of may the bank's officer the Perth Amboy belongi Sav the McGuire for The some Institution date for reopening is not Middlesex known. Bank Its and in the Mr of out them get offices are ings all tied is up not in inclined until to he let has anything had a chance to see what it is 18 (Special) -The applica- Kean Washington, approved July of Hamilton Reitmeyer F. a tion has been J.: Amos T. French, A. Nugent F. for with Amboy, Union, I. N Waterbury and National Edward Bank of Perth charter John for the a capital First of $100,000. RESORT WEATHER a on A TOUCH OF SUMMER reputation as a summer resort New-York firmer placed basis her than ever yesterday. The


Article from The Daily Morning Journal and Courier, July 19, 1899

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SIX YEARS FOR VALENTINE. The Embezzling Perth Amboy, J., Bank Cashier Sentenced. New York, July 18.-George M. Valentine, cashier of the suspended Middlesex county bank at Perth Amboy, N. J., was sentenced to-day in the Middlesex county court by Judge WoodbridgeStorm to six years in the New Jersey state penitentiary at Trenton. He pleaded non-vult to the charge of larceny in connection with his misappropriation of some hundred thousand dollars from the Middlesex county bank. Valentine was pale and haggard with worry and excitement. When his name was called he walked to the bar and pleaded non-vult. Judge Rice made no defense for Valentine, but Edward Savage, the legal adviser of the Valentine family, made an eloquent plea for the mercy of the court. He said that the aged parents of the young man were prostrated. A few years, he said, to some people was more than many years to others. He called the attention of the court to the efforts that Valentine had made to right the wrong that he had done and to the fact that he had voluntarily surrendered himself, and, waiving trial, had saved the county a large sum of money. In leaving the court room after sentence Valentine stopped and embraced and kissed his wife and shook hands with his uncles. The wife broke down.


Article from The Anaconda Standard, July 19, 1899

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Six Years in the Pen. New York, July 18.-George M. Valentine, cashier of the suspended Middlesex county bank at Perth Amboy, N. J., was to-day sentenced in Middlesex county court to six years in the New Jersey state penitentiary at Trenton for the misappropriation of about $130,000 of the funds of the bank.


Article from The Times, July 19, 1899

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QUICK WORK. Bank Wrecker Valentine Gets Six Years in State's Prison. NEW YORK, July 18.-George M. Valentine, cashier of the suspended Middlesex county bank at Perth Amboy, N. J., was sentenced in the Middlesex County Court to-day to six years in the New Jersey State penitentiary at Trenton Valentine pleaded non-vult to the charge of larceny in connection with his misappropriation of about $130,000 from the bank.


Article from The Evening Herald, July 19, 1899

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# Valentine Gets Six Years. Perth Amboy, N. J., July 19.-George M. Valentine, cashier of the suspended Middlesex County bank, was sentenced in the Middlesex county court yesterday to six years in the New Jersey state penitentiary at Trenton. Valentine pleaded non vult to the charge of larceny in connection with his misap- propriation of about $130,000 from the bank.


Article from The Manitowoc Pilot, July 20, 1899

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Given Six Years. New York, July 19.-George M. Valentine, eashier of the suspended Middlesex County bank at Perth Amboy, N.J., was sentenced in Middlesex county court to six years in the New Jersey state penitentiary at Trenton. Valentine pleaded non vult to the charge of larceny in connection with his misappropriation of about $130,000 from the bank.


Article from The Somerset Reporter, July 20, 1899

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# NEWS IN BRIEF. The Massachusetts Prohibition state convention will be held at Worcester on Sept. 13. Thomas McKenna was drowned in the Merrimack river at West Concord, N. H., while bathing. Edward Welsh, aged 22, was struck by a train at Arlington, Mass., and died from his injuries. George Dixon was given the decision over Eddie Santry in their six-round bout at Chicago. George I. McAllister has been appointed receiver of the Bank of New England of Manchester, N. H. Chester P. Hunter of Melrose, Mass., aged 10, was instantly killed while sitting on railroad tracks. John Duffy, 3 years old, swallowed a small steel collar button at Olneyville, R. I., and was strangled. The marine inquiry into the loss of the steamship Portia is finished and a decision will be given in 10 days. Colonel William Preston Johnson, president of the Tulane university, New Orleans, died at Lexington. Va. Naval Constructor Feaster has been detached from the navy yard, Boston, preparatory to his retirement Aug. 5. Rev. A. Eugene Bartlett of Hyde Park, Mass., has accepted a call to the pastorate of the Universalist church, Manchester, N. H. William E. Horgan was held in $600 at Boston for the federal grand jury on a complaint charging him with attempt to pass counterfeit money. The will of Mrs. Horace H. Crary, late of Binghamton, N. Y., bequeaths $85,000 to various societies connected with the Methodist Episcopal church. Eugene Staub of Baltimore, in descending from the Royal Hut, near Pontresina, in the Engadine valley, Switzerland, fell over a prescipice and was killed. Daniel Sheehan has been arrested for alleged murderous assault on Fred Lester in a Boston barroom. It is expected that Lester will die as a result of his injuries. Three residences were entered by burglars at Attleboro, Mass. The three breaks were evidently done by the same persons. The police have no clue to their identity. Joseph Lamorine, aged 45, was struck by a passenger train at Willimantic, Conn., and will probably die. His skull was fractured and his right hip and arm were broken. It is estimated that the theft of George M. Valentine, the defaulting cashier of the Middlesex County bank at Perth Amboy, N. J., will amount to about $140,000 or more. Charles Young, holder of the St. Louis Republic cup, representing the live bird championship of America, lost the cup to J. A. R. Elliott by a score of 92 to 93 out of a possible 100. Surgeon Eugene Wasdin, United States marine hospital service, has been detailed to attend the conference for the prevention of venereal diseases to be held in Brussels in September next. Dr. Clarence P. Bill, Ph. D., instructor in Latin in the Western Reserve university, Cleveland, has declined an invitation to become a member of the faculty of Phillips-Exeter academy. The plan and scope committee of the Dewey celebration committee has received word from Charles Dewey, brother of the admiral, that the admiral will arrive in New York about Oct. 1. Tom Jenkins, the world's champion catch-as-catch-can wrestler, has been offered a prize of $1800 for a contest with Ernest Roeber, and the probabilities are that the offer will be accepted. The cruiser Philadelphia, which has recently returned to Mare island from Samoa, is to undergo general repairs at a cost of $12,000 and then will have electric ammunition hoists installed. Twenty-seven business houses at Bainbridge, Ga., were destroyed by fire. The fire originated in the brick block of Belcher Bros. and quickly spread. The loss is between $50.000 and $60,000. C. M. Foote, grand exalted leading knight of the grand lodge, Order of Elks, died at Minneapolis from heart failure, superinduced by a complication of diseases. He was 50 years of age. The supposed cases of scarlet fever at West Point are nothing more than a mild type of scarletina. There are only 11 cases, and not the least danger is apprehended of the disease spreading. The contract for putting in the Lake Auburn conduit for the Lewiston, Me., waterworks was awarded to Bearce & Clifford by the waterworks extension commission. Their bid was $72,516.10. Commissioner Wilson of the internal revenue has issued a circular prohibiting banks from affixing stamps to checks when presented, and requiring them to return the same to the drawers. The negotiations of the Franco-American treaty have been resumed at the state department. A distinct advance is being made, and it is considered settled that a treaty will result from the negotiations. The farm buildings of Royal Wells at Pishon's Ferry, Me., were struck by lightning and burned. The family barely escaped from the house. All the kine and swine were killed. The loss is $3500. Acting Secretary of War Miles has directed the remaining battalion of the Nineteenth infantry at Camp Meade to go to San Francisco to embark for Manila on the 25th on the Ohio and Newport. A. Van Boening, state grand master of the Knights and Ladies of Honor, aged 46, committed suicide at Peoria, Ilis., by throwing himself from a steamer. Domestic trouble is supposed to have caused the act. Orders have been issued at the war department directing headquarters and two battalions of the Nineteenth infantry to leave Camp Meade in time to reach San Francisco to sail on the Tartar on July 22. Small bicycle dealers, who were awaiting with anxiety the incorporation of the proposed bicycle combination, have been set at ease by the announcement that the proposed union of interests has been abandoned. An effort is now being made to enlarge the seamless tubing trust, or the Shelby Tube company as it is called. The company is capitalizzed for $10,000,000, and it controls five factories in va-


Article from The Red Cloud Chief, July 21, 1899

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Wednesday, July 19. Grasshoppers are said to be ruining crops in western Kansas. The fever situation at Santiago, Cuba, continues to improve. Mrs. Mary Steger, wife of a Chicago saloon keeper, is dead from the kiss of a kissing bug. The cup challenger Shamrock run away from the Britannia in a trial race yesterday, beating by a margin of 13 minutes. The casting plant at the Addison Pipe and Steel foundry at Cincinnati, O., was gutted by fire and the loss is $400,000. The steamship Stillwater has reached New York from Guatemala. Her papers report everything quiet at Guatemala, and no signs of a revolution. Mrs. L. W. Holliday, who shot and killed her husband at St. Louis, was exonerated by the coroner's jury, a verdict of justifiable homicide being rendered. The strike of the Brooklyn street car employes is likely to be prolonged. Both sides are apparently more determined than ever. At Cleveland the situation is not alarming. Pingree's plan for the municipal ownership of the Detroit street railways is pronounced a failure owing to the refusal of the city council to consider the ordinance. George M. Valentine, cashier of the suspended Middlesex county bank of Perth Amboy, N. J., was sentenced to six years in the penitentiary for misappropriating about $130,000 of the bank's funds. Mrs. Helen M. Peyton of Spokane, Wash., who has for years conducted a restaurant at Denver, has sued her husband for $500,000 damages, claiming he secured a divorce from her by and through fraud.


Article from The Jersey City News, July 25, 1899

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MAGUIRE ANCILLARY RECEIVER NEW YORK, July 25. 1899.-James Maguire, who has already been appointed receiver for the Middlesex County Bank of Perth Amboy, N. J., by the New Jersey Court of Chancery, was appointed today, ancillary receiver of the property of the bank in the State of New York by Justice Giegrich in the Supreme Court. He is directed to give a bond of $50,000. The petition for an ancillary receiver was made by James S. Wright, a stockholder of the bank.


Article from Vernon County Censor, July 26, 1899

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# Bank Cashier Is Sentenced. George M. Valentine, cashier of the suspended Middlesex County Bank at Perth Amboy, N. J., has been sentenced in Middlesex County Court to six years in the penitentiary at Trenton. Valentine pleaded not guilty to the charge of larceny in connection with his misappropria-tion of about $130,000 from the bank.


Article from The Leader, July 26, 1899

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THE EAST. Flames in a Brooklyn navy yard building caused a loss of $315,000 in clothing and other supplies. In Brooklyn, N. Y., striking street railway men blew up with dynamite a building owned by the Rapid Transit company, and surrounding property was badly damaged by the explosion. In Pittsburgh the Pressed Steel Car company has made a contract with the Carnegie Steel company for the delivery of 1,000 tons of steel plates per day for ten years at a cost of $150,000,000. This is the largest private contract ever made. The famous writer of boys' stories, Horatio Alger, Jr., died at the home of his sister in Natick, Mass., aged 65 years. In Perth Amboy, N. J., George M. Valentine, cashier of the suspended Middlesex County bank, was sentenced to six years in the penitentiary for misappropriating $130,000. It is announced that bicycle manufacturers controlling 56 plants have finally succeeded in forming a combine with a capital of $40,000,000. At Swampscott, Mass., Abbie Phillips, aged 17 and worth $2,000,000, was married to Bernard B. Kennedy, the family coachman. The New York trolley men joined the Brooklyn trolley men in their big strike. Gerald C. Brown, of Pennsylvania, grange lecturer and agricultural editor, was gored to death by a bull at York, Pa.


Article from Crawford Avalanche, July 27, 1899

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# Bank Cashier Is Sentenced. George M. Valentine, cashier of the suspended Middlesex County Bank at Perth Amboy, N. J., has been sentenced in Middlesex County Court to six years in the penitentiary at Trenton. Valentine pleaded not guilty to the charge of larceny in connection with his misappropria-tion of about $130,000 from the bank.


Article from Perrysburg Journal, July 29, 1899

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A WEEK'S RECORD All the News of the Past Seven Days Condensed. HOME AND FOREIGN ITEMS News of the Industrial Field, Personal and Political Items, Happenings at Home and Abroad. THE NEWS FROM ALL THE WORLD DOMESTIC. Hawkins, an aeronaut, was killed in a balloon ascension at Cleveland, O., by falling 300 feet. While drilling for oil near Conover's pond, north of Terre Haute, Ind., W.H. Palmer struck a rich deposit of pure rock salt of a very high quality. A severe drought since May 1 has greatly damaged growing crops in Tennessee and Kentucky. Bicycle manufacturers controlling 56 plants have finally succeeded in forming combine with a capital of $40,000.000. The president and Mrs McKinley will leave Washington about August for Lake Champlain, where, if the change an proves beneficial to Mrs. McKinley, indefinite stay will be made. Harry Elkes, of Glen Falls, N. Y., covered a mile on a bicycle in Washington in 1:31 flat, thus vering the record for that distance. Abbie Phillips, aged 17 and worth $2,000,000, was married at Swampscott, Mass. to Bernard B. Kennedy, the family coachman. A national organization has been perfected as the American Anti-Trust league, with M. L. Lockwood, of Pennsylvania, as president. In order to relieve the exposure of American troops to yellow fever and other diseases the president has directed that five battalions of troops be withdrawn from Cuba. The western tennis championship in singles was won in Chicago by Carr B. Neel, of that city, his opponent being Kreigh Collins, the champion of 1898. the New York trolley men joined Brooklyn trolley men in their big strike. Lon French, a desperado, was shot to death by a crowd of angry citizens at Freelandsville, Ind. After period of calm extending over several years the volcano of Manau Loa, at Hilo, Hawaii, is again in.eruption. The fourth international convention of the Epworth League opened in Indianapolis with a large attendance. In Salt Lake City Judge Morrill imposed a fine of $100 upon Angus M.Cannon, who pleaded guilty to the charge of polygamy. Joseph Krugar, a farmer near Dillsboro, Ind., mistook his son for a burglar and shot him fatally. Orders have been issued to send eight troops of the Third cavalry to Manila, with the necessary number of horses, and the quartermaster general char; tered three steamships to carry the animals. The negroes of Lake Village, Ark., have arisen in an armed force against the white people of that vicinity. Thomas Nelson and wife, of Galveston. were killed near Kountz, Tex., by lightning George Geddes, managing editor of the Republican of Springfield, Mo., was fatally poisoned by eating crawfish. Ex-State Senator Gerald Brown, of Pennsylvania, grange lecturer and agricultural editor, was gored to death a bull at York, Pa. Clay Ford was hanged at Lagrange Tex., for murdering an old woman for the purpose of robbery and fatally wounding her little granddaughter. An effort is being made to unite the brewers of Wisconsin in a trust. Three-cent fare on the Detroit (Mich.) street railways has been abandoned. The president sent a message to Gen. Otis thanking the officers, volunteers and regulars of the Eighth army corpe for performing willing service through severe campaigns and said he should recommend to congress that a special medal of honor be given them. The exchanges at the leading clearing houses in the United States during the week ended on the 21st aggregated $1,681,620,431, against $1,933,946,835 the previous week. The increase compared with the corresponding week of 1898 was 46.1. There were 145 business failures in the United States in the seven days ended on the 21st, against 169 the week i previous and 207 in the corresponding period of 1898. s The entire business portion of Fayette, Wis., was swept away by fire. The United States transport Indiana c arrived at San Francisco from Manila S with 358 sick soldiers. The Epworth league in session dianapolis decided to meet in San Francisco in 1901. t John Breden foundered n on off in The Lake schooner Huron, Lexington, Mich., 1 a gale, and three of her crew were drowned Two sharp earthquake shocks were felt in the southern part of California In revenge for their murJ. Ford Hodges, der long Dr. list of attempt following to alleged crimes, five Sicilians a were lynched by the citizens of TalluI lah, La. Three negroes were lynched by mob a 1 at Bainbridge, Ga., for assaulting white woman. Elihu Root, of New York, has accepted the president's tender and will bef come the secretary of war on August 1. George M. Valentine, cashier of the suspended Middlesex county bank at n Perth Amboy, N. J., was sentenced to six years in the penitentiary for misappropriating $130,000. g ; A large party of scientists le Omaha for Laramie on a 40-days' exploration of the fossil fields of Wyoming.


Article from The Jersey City News, December 4, 1899

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VALENTINE'S BANK AGAIN Abram Cole Wants His Firm's De. posit to Offset His Note. "Vice Chancellor Emery, this morning, heard argument in the case of Abram Cole against Edwin Campbell, the receiver of the Middlesex Bank of Perth Amboy, which was wrecked by Valentine. Mr. Cole is a member of the firm of Cole Brothers, lumber merchants, of Tottenville, Staten Island. The firm was a customer of the bank, keeping an account there and often borrowing money. Whenever the firm borrowed money Mr. Abram Cole would make out a note, payable to Cole Brothers, and endorsed by the firm. When the bank failed it held such a note for $1,000 and the firm had on deposit $269.. When the receiver took possession of the assets of the bank he began suit against Abram Cole for the amount of the note. Mr. Cole claimed that the $269 which the firm had on deposit should be offset against the note, which the receive. refused to do. Then Mr. Cole appealed to the Court of Chancery from the receiver's decision, Mr. Whitehead of New York appeared and argued the case for Mr. Cole, He was followed by Sherard Depue, who spoke but a short time when the Vice Chancellor suggested that the matter could speedily be settled if it was ascertained that the making of the Cole note was the bank's usual method of doing business. If it was, the deposit was an offset at law. The case was adjourned until this information can be obtained.


Article from New-York Tribune, December 13, 1899

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MORE CASES AGAINST VALENTINE. JUSTICE COLLINS INTIMATES THAT THERE IS MATERIAL FOR ADDITIONAL INDICTMENTS. New-Brunswick, Dec. 12 (Special).-The December term of the Middlesex County Court opened in New-Brunswick to-day. The Grand Jury is the first drawn by Sheriff Isaiah D. Barclay. Justice Collins called attention to the killing of Imre C. Mack by Itzgi Vitanyi at Perth Amboy after a quarrel in a saloon, and advised an indictment for murder, leaving the question of degree to the trial jury. He said that the report of the receiver of the Middlesex County Bank, at Perth Amboy, would be submitted to the Grand Jury, and stated that the report discloses the fact that there were a number of offences in addition to those for which Cashier Valentine has been sentenced, including false entries and embezzlements, and that no one else is involved in the wrecking of the bank. Justice Collins suggested a thorough investigation, Richard H. Wilson, of Metuchen, is foreman of the Grand Jury, and Joseph V. D. Fields, who was the Democratic candidate for Sheriff last month, is one of the members.


Article from The Evening Times, December 23, 1899

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# THE VALENTINE BANK CASE. Six More Indictments Against the Cashier. NEW BRUNSWICK, N. J., Dec. 23.—The fact that George M. Valentine, the cashier who wrecked the Middlesex County Bank, at Perth Amboy, gave himself up, pleaded guilty to embezzlement and was hurriedly sentenced to six years in State Prison, is not apparently to end the matter of punishment for him. The manner in which the wrecker's case was disposed of brought a heap of criticism because it was not known to what extent Valentine's peculations had gone, and it appeared to many of the victims of the broken bank that he had gotten off a little too easily. As a result of the agitation the Middlesex county grand jury began an exhaustive investigation of the bank's affairs, and Valentine will have to answer to six additional indictments which were brought in last night. The report of Edward S. Campbell, the receiver, which was submitted to the grand jury, stated that the stealings of Valentine amounted to $110,000, of which amount $80,000 was the surplus held by the National Park Bank, of New York, as a reserve, and $30,000, the amount of his overdrafts upon that institution. It was at first supposed that his defalcations amounted to nearly $300,000. The report states that the bank lost considerable upon bad loans to the dredging company in which Valentine was interested. Four of the indictments found against Valentine were for embezzlement and two for making false entries. They were as follows: For embezzling $15,319.98 on December 24, 1898; for embezzling $900 on June 21, 1899; making a false entry on June 23, 1898, for $41,033; making a false entry on a draft for $40,753 on May 15, 1899. The presentment of the grand jury censures the board of directors of the bank for gross carelessness and negligence in the performance of their duties. The banking department of the State is also censured for its negligence. John S. Voorhees, the county prosecutor, has not determined what course he will pursue regarding the additional indictments against Valentine.


Article from The Jersey City News, December 26, 1899

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# MORE OF VALENTINE'S BANK. When the Middlesex County Bank of Perth Amboy, which was wrecked by Valentine went into the hands of a receiver, Frank C. Henry had an account in the bank of $110 against which he had on outstanding check for $53. He filed a claim with the receiver for $57 and the holder of the check filed a claim for $53. The receiver refused to recognize the check and allowed Henry's claim for only $57. Andrew S. Lyon of Perth Amboy, counsel for Henry, applied to Vice Chancellor Stevens this morning for an order compelling the receiver to allow the claim for the amount of the check. The Vice Chancellor directed him to file a supplemental claim for the $53.


Article from New-York Tribune, January 15, 1900

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WANTS THE SALE SET ASIDE. THE RECEIVER OF THE MIDDLESEX COUNTY BANK SEEKS TO ENFORCE A JUDGMENT. Receiver Edward S. Campbell of the Middlesex County Bank, which was wrecked by its cashier, George M. Valentine, is suing to set aside a sale of Perth Amboy property by Robert N. Valentine, father of the defaulter, to the Middlesex Land and Investment Company, which is composed of the four brothers of Robert N. Valentine, Edwin, Howard, J. R. and M. D. Valentine. The receiver wants to enforce against the property judgments of $8,459 05 and $16,022 68, with costs and interest, against Robert N. Valentine. Herbert W. Knight, of Newark, Special Master in Chancery, is taking the testimony in the case. Robert N. Valentine's statement was submitted to the Special Master last week. He and Howard Valentine were bondsmen for his son as cashier in the sums of $20,000 and $15,000, respectively. He had told Howard that if anything should happen he would stand for the whole amount of the bonds. When the crash came Robert. the father, owed the bank about $24,000 on notes which he had indorsed for his son and $1,000 on another note with a good indorser. He was then worth about $40,000. His property consisted largely of a clay bank, and to prevent its sacrifice at a forced sale his four brothers formed the company and purchased it. except a few shares in the company. He received $30,000 and $5,000 additional from one of his brothers for the remaining shares of stock. Another $1,000 was advanced by his brother. With this he paid his son's bonds and also the $1,000 note. The $24,000 of notes indorsed by him for his son were left unpaid. He is now receiving a salary of $3,000 as superintendent of the company thus organized. A judgment for the $24,000 could not be satisfied, and then the receiver filed a bill in chancery asking that the sale to the company be set aside, and that the judgment be a lien on the property. The receiver alleges that the $24,000 of indorsed notes should have been paid first and then, if there was not enough to pay the surety bonds, Howard Valentine should be compelled to settle the bonds with the receiver, regardless of any private agreement, as he was in law equally responsible with the other bondsman.


Article from New-York Tribune, March 1, 1900

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VALENTINE'S HOME TO BE SOLD. Perth Amboy, Feb. 28 (Special).-Advertisements have been posted by Sheriff Barclay for the sale of the home of George M. Valentine, who is serving a term in State Prison for wrecking the Middlesex County Bank. The sale is the result of foreclosure proceedings brought by George H. Coutts, of the firm of Holmes & Coutts, New-York. Mr. Coutts holds a mortgage for $6,000 against the property. Receiver Campbell, acting in the interest of depositors of the bank, has secured an order setting aside as fraudulent a transfer of the property to Valentine's brother just before the discovery of the cashier's embezzlement. Any surplus over the mortgage will revert to the bank's depositors. The property is estimated to be worth $10,000.


Article from Passaic City Record, October 19, 1901

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Bank Directors Are Responsible. The directors of the Middlesex County Bank, of Perth Amboy, which was wrecked by the defalcation of its cashier, George M. Valentine, must make good the greater part of the losses. Such is the decision announced by Vice-Chancellor Pitney. The bank's losses amounted to $300,900. The exact amount for which the directors are liable cannot be stated positively, but it will approximate $220,000. The decision of the ViceChancellorwasgiven in a suit brought. by Edward S. Campbell, of Newark, receiver of the bank, against Uriah B. Watson, James L. Kearny, Edward R. Pierce, Patrick Convery, Robert N. Valentine, James T. Watson and Dr. John G. Wilson, directors. The cashier's peculations, the ViceChancellor holds, were made possible by the negligence of the directors in supervising the affairs of the institution and keeping a watch on those in charge of the details of its business. This was the contention on which the receiver based his action.


Article from The Jersey City News, July 21, 1902

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Says Receiver of Valentine Bank Is a Model Receiver and Has Earned His Allowance. MORE TO GET $5,000 You Can't Get First Class Men for Second Class Prices, But Perth Amboy Kicks. There was something of a skirmish over the allowance to Edward S. Campbell, receiver of the Middlesex Bank, of Perth Amboy, which was wrecked by George M. Valentine, the eashier, in the Court of Chancery this morning. Sherard Dupree, counsel for Mr. Campbell, asked Vice Chaneellor Pitney that the receiver be allowed $5,000 for his services and $3,000 for his counsel. This is the second allowance to the Receiver and his counsel, $5,000 and $3,000 having been allowed them respectively on a former application. James S. Wight opposed the application for the Common Council of Petch Amboy, which city had on deposit in the bank when it failed the sum of $112,177.36. The amount which Perth Amboy had in the bank when it failed Mr. Wight said, was one-fourth of the total deposits. At the time of the failure Mr. McGuire was appointed temporary receiver and he succeedd in straightening out the tangled affairs of the bank. For this work he was allowed $1,500. The present receiver had employed people to go all over that work. At the time he made his first report it was thought that the detailed work was over, and and when application was made before for a similar alowance no objection had been made. MORE THAN HE SHOULD HAVE. The City of Perth Amboy thought that the sum asked for in addition to the amount already allowed was more than the receiver should receive for the work he had done. There was nothing to show what had been done and some detailed statement showing the Court what had actually been accomplished should be made. The Vice Chancellor said it was the policy of the Court to encourage criticism of the fees and allowances awarded by the court to receivers and their counsel. He was glad that it had been done in such a satisfactory and agreeable manner as Mr. Wight had done it. Ex-Assemblyman John W. Beekman said he wished to oppose the application on behalf of himself as a shareholder and depositor of the bank. "Who does Mr. Beekman represent?" sweetly enquired Mr. Depue, looking up from some papers he was reading. "I represent myself," exclaimed Mr. Beekman with some warmth. "Ain't I got a right to do that Mr. Depue replied that he undoubtedly had. and Mr. Beekman went on. "At the time Mr. Campbell was appointed receiver," continued Mr. Beekman. "he said he would not have time to do much work in the matter and would not take the receivership unless the books were brought to Newark so that his experts could go over them." "You have no right to make such a statement as that, Mr. Beekman." said Mr. Depue, but the ex-Assemblyman paid no attention to Mr. Depue's protest and went on to argue that the work which Mr. Campbell had done was not worth what he asked for it. A MODEL RECEIVER. "I have personal knowledge of the amount and value of the work Mr. Campbell has done," said the Vice Chancellor. He then dwelt upon various phases of the matter which required business capacity and knowledge and said that he was glad to say that Mr. Camp bell had handled them well. "You can't get first-class men to de first-class work for second-class prices," the Count went on. "I have never seen a moment since Mr. Campbell was appointed that I have regreted his appointment. He was in active employment at the time, and was recommended as a practical business man. He must have worked nights on this matter, and-I won't say he worked Sundays. He has made a model receiver. Through his hands has passed $267,000. Five per cent. of that would be $13,000, but he does not ask for any such sum. He has been at work on the receivership three years. I think the amount reasonable, and will allow it.' Mr. Depue also asked for permission for the receivers to pay a dividend of fifteen per cent., which was allowed. "Make it eighteen per cent," said Mr. Wight. What difference will that make?" asked Mr. Campbell. "A difference of $3,000 to Perth Amboy, replied Mr. Wight, "and the city needs the money badly." The ViceChancellor, however, made an order for a dividend of fifteen per cent. He aled allowed Mr. Depue $3,000.


Article from Newark Evening Star and Newark Advertiser, October 31, 1912

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ANGRY MOB STORMS SAVINGS BANK AFTER RUMOR OF FAILURE In All-Night Wait Threaten to Wreck Institution at Perth Amboy When Doors Are Thrown Open-Detectives Swept Before Panic-Stricken Throng Trying to Calm Depositors. [From a Staff Correspondent.) street at Smith became jammed from sidewalk to sidewalk. PERTH AMBOY, Oct. 31.-HunFormer Judge Adrian Lyon had dreds of frantic foreigners besleged been sent to New York for currency the Perth Ambov Savings Institution, early in the morning. He brought at Smith and Rector streets, today. back a dress-suit case of bills and a A rumor that the bank had failed satchel of specie, which was smugspread from the foreign section like gled into the bank by a rear deor. wildfire. All night long an angry The directors of the institution mob had surged about the building. claim that it is absolutely sound. The police tried to clear the street, There was a run on the Middlesex but the depositors fought sullenly to County Bank, which occupied the maintain their place. same building, in July, 1898. In that When the doors were thrown open case, however, one of the employees, at 10 o'clock this morning, the rush George M. Valentine, had been robof men and women swept from their feet the detectives who had been bing it of large sums. hired for the day. One-third of the population here is foreign and runs have several times They seemed bent on wrecking a proved serious. Emil Smeth, the bank. The paying teller pleaded with them in their own language. He steamship ticket agent, who carried had a loaded revolver lying within on an illicit banking business, had a run on his office recently. He is easy reach. The police reserves charged into the now serving a long sentence in Trenton. swarm in the street outside, dragged The Morris Rossette banks, in New out the most unruly from the bank. and restored, for a time, some semYork, Jersey City, Jamestown, O.: blance of order. Wilkesbarre, Pa., and Perth Amboy. were thrown into bankruptcy a short Then the paying of deposits began. It went on very slowly, and the crowd time ago by a riotous run that started here. quickly became impatient. Rector