14273. Perth Amboy Savings Institution (Perth Amboy, NJ)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: July 14, 1899
Location: Perth Amboy, New Jersey (40.507, -74.265)

Metadata

Model: gpt-5-mini
Short Digest: 4939344b

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Other: Suspension was precautionary after sister bank's failure due to cashier's defalcation; later reopened and paid depositors in full.

Description

A run occurred when the Middlesex County Bank failed to open on July 14, 1899 (defalcation by its cashier). The savings institution, which shared officers/counters with the Middlesex County Bank, experienced a brief run and then suspended operations on July 14. It reopened on 1899-09-05 after trustees and examiners arranged to cover shortages and assure depositors. Classification: run led to suspension, later reopening.

Events (3)

1. July 14, 1899 Run

Cause: Local Banks
Cause Details: Panic triggered by the Middlesex County Bank's failure to open after discovery of a large defalcation by its cashier (George M. Valentine); officers of both banks were identical and business transacted at same counters.
Measures: Officers (President U. B. Watson) publicly assured depositors funds were safe; police were called to maintain order; trustees/examiners later checked books and called in banking department.
Newspaper Excerpt: crowds surrounded the Perth Amboy Savings institution ... These words of assurance had the effect of checking the run on the bank.
Source: newspapers

2. July 14, 1899 Suspension

Cause: Local Banks
Cause Details: Suspension occurred at the time of the Middlesex County Bank's failure caused by the cashier's defalcation; officials feared a run and the savings institution temporarily suspended to assess condition and secure funds.
Newspaper Excerpt: The notice posted on the door of the Middlesex County Bank early in the morning was as follows: 'Bank closed. In the hands of banking department.' ... the Perth Amboy Savings Institution, which suspended business on July 14 last
Source: newspapers

3. September 5, 1899 Reopening

Newspaper Excerpt: The Perth Amboy Savings Institution ... suspended business on July 14 last ... reopened its doors today. The cashier paid dollar for dollar to all those who wanted to withdraw their deposits.
Source: newspapers

Newspaper Articles (20)

1. July 15, 1899 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, July 15, 1899

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Defalcation Estimated As High As $165,000. Failure Here Had Nothing To Do With Matter. New York, July 14.-George M. Valentine, cashier of the Middlesex County Bank of Perth Amboy, N. J, which was closed this morning, surrendered himself lats today and is now in jall on account of a shortage in the bank's funds which has been estimated as high as $165,003 When it was learned that the Middlesex County bank had "failed to open for tusiness, crowds surfounded the Perth Amtoy Favings institution. The officers of the Middlesex County Bank and the officers of the Perth Ambey Savings Institution are identical, the business of both banks Laving been transacted over the same counters. Hence, to those not familiar with banking details, the suspension at the offices of the one bank seemed to presage the dow full of the other institution. It because necessary to call upon the police to maintain order. U. B. Watson, the president of both banks,Estated that the funds of the Perth Amtoy Savings institution were not touched, that the $300,000 deposited to the account of the savings institution was absolutely safe, and that no matter how badly the Middlesex County Pank had been wrookel, the savings bank would be able to meet all demanda made upon it by the depositors. Thesa words of assurance had the effect of checking the run on the tank. President Watson Iste tonight gave ent 2% statement in which he says that the Ferth Amtoy Huvings Institution was in a perfectly Founa condition and had lost about $7000 which is fully covered by the surplus of $90,030. The total loss by reason of the defalcations has not been fully computed, bnt the estimate given tonight by the examiner places it at about 8123 000. The securities of the sarints part of the bank were found intact in the safe deposit vaulta of the Park National bank to which the cashier had access.

2. July 15, 1899 The Morning News Savannah, GA

Article from The Morning News, July 15, 1899

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VALENTINE IS NOW IN JAIL PERTH AMBOY CASHIER RETURNED AND SURRENDERED. His Stay After His Flight Was Brief. Bond Fixed at $50,000-Believed Wealthy Relatives Will Try to Make Good the Shortage of $125,GOO or More-Valentine Defrauded by Checking Heavily Against Park National Bank. New York, July 14.-George M. Valentine, cashier of the Middlesex County Bank of Perth Amboy N. J., which was closed to-day, has surrendered himself and is now in jail on account of the shortage in the bank's funds which has been variously estimated all the way to $165,000. The affair caused consternation and dismay among the business men of Perth Amboy, where the Middlesex County Bank was considered as strong as the Eternal Hills. So panie-stricken did the residents of Perth Amboy become when it was learned that the Middesex County Bank had failed to open for business as usual this morning that crowds surrounded the Perth Amboy Savings institution, but the run was of brief duration. On Monday last Cashier Valentine evidentify concluded that he could no longer conceal the shortage at the Middlesex County Bank. In the morning he told President Watson that he was detained, but that he would appear at noon. The bank had then opened for business, and Mr. Watson, who was taking the absent cash ier's place, discovered that there should have been some $7,900 in bills on hand to commence operations that morning. These he could not find. An investigation of the bank's accounts indicated immediately that they had been juggled for more. It was discovered that Valentine had checked heavity against the Park National Bank of this city, a correspondent of the Middlesex Bank, but the figures on the stubs of his checkbook did not correspond to those on the checks themselves, the checks calling for more than the stubs recorded. This method of financiering ruined the bank. Cashier Valentine returned to Perth Amboy from a brief absence, and was arrested. President Watson is of the opinion that the cashier's defalcation will amount to at least $125,000. Where the money went is not known, as the cashier is said to have been moderate in his tastes and habits of life. Valentine's bond was fixed for $50,000. His relatives are wealthy, and it is said they will endeavor to make good the shortage.

3. July 15, 1899 Virginian-Pilot Norfolk, VA

Article from Virginian-Pilot, July 15, 1899

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George M. Valentine Ruins a New Jersey Bank. HIS TASTES AND HABITS Surrenders Himself and is Now in Jatt -- Consternation Among Business Men-Shortage in Funds of Bank Will Exceed the One Handred Thousand Dollar Mark Wealthy Relatives May Save Him. (By Telegraph to Virginian-Pliot.) New York, July H.-George M. Valentine, cashier of the Middlesex County Bank of Perth Amboy, N. J., which was closed to-day, has surrendered himself and is now in jall on account of a shortage in the bank's funds which has been variously estimated all the way to $165,000. The affair caused consternation and dismay among the business men of Perth Amboy, where the Middlesem County Bank was considered as strong as the eternal hills. So panic stricken did the residents of Perth Amboy become when it was learned that the Middlesex County Bank had failed to open for business as usual this mornIng. that crowds surrounded the Perth Amboy Savings Institution, but the run was of brief duration.

4. July 15, 1899 Wheeling Register Wheeling, WV

Article from Wheeling Register, July 15, 1899

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come when it was learned that the Middlesex County Bank had failed to open for business as usual this morning that crowds surrounded the Perth Amboy Savings Institution. What made the run on the savings bank appear all the more serious was the fact that the officers of the Middlesex County Bank and the officers of the Perth Amboy Savings Institution are identical, the business of both banks being transacted over the same counters. Though it became necessary to call for the aid of the police for the purpose of maintaining order, U. B. Watson, the president of both banks, says that the funds of the Perth Amboy Savings Institution were not touched, that the $300,000 deposited to the account of the Savings Institution is 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 Savings Institution had the effect of checking the run on this bank 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 banking department." On Monday last Cashier George M. Valentine evidently concluded that he could no longer conceal the shortage at the Middlesex County Bank. On that morning he telephoned President Watson that he was detained, but he said that he would appear at noon. The bank had then opened for business and Mr. Watson, who was taking the absent cashier's place, discovered that there should have been some $7,900 in bills on hand to commence operations that morning. These he could not find in the vault. Mr. Watson had been searching for it when Valentine called up. He asked Valentine where this money was and was told it had been placed in the cashier's private drawer. Mr. Watson remarked that was no place for it, but rang off on the telephone and went to get it. A duplicate key to the drawer indicated was obtained and the drawer opened but no money could be found. Mr. Robert N. Valentine, the cashier's father, was summoned and he aided in the search for the missing money. It could not be found and finally the work of checking was begun. Then it soon became evident that during the last few months the accounts of the bank had been juggled. The other trustees were summoned and the banking department was notified to send an examiner. Deputy Commissioner of Banking Johnson appeared in response. On Wednesday Mrs. Valentine, wife of the cashier, returned from Ocean Grove and called at the bank and wanted to know where her husband was. This was the first intimation she had that he was not on duty and showed the officials that Valentine was not at the sea shore as at first appeared. On Monday the Park National, of New York, charged the Middlesex Bank with checks to the amount of four thousand dollars which are said to have been drawn on it against the account of the Middlesex by Valentine. A detailed investigation of matters by President Watson and Robert N. Valentine showed that the cashier's checks and stubs did not correspond; that the checks called for more money than the stubs recorded, and that while taking the stub as the basis of accounting, the bank's finances would figure out all right, the checks would show that the bank had been drawing heavfly on its New York correspondent

5. July 15, 1899 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, July 15, 1899

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ATTEMPTED TO MOB THE BANK, Riot Narrowly Averted in Perth Amboy. CASHIER VALENTINE IN JAIL RELATIVES MAY MAKE GOOD THE MONEY STOLEN BY HIM. Refuses to Tell What He Did With the Coin-The Savings Institution Is Safe. Special Dispatch to The Call. NEW YORK, July 14. -George M. Valentine, cashier of the Middlesex County Bank of Perth Amboy, N. J., which was closed to-day, has surrendered himself and now is in jail on account of a shortage in the bank's funds, which has been variously estimated all the way up to $165,000. The affair caused consternation and dismay among the business men of Perth Amboy, where the Middlesex County Bank was considered as strong as the eternal hills. So panic-stricken did the residents of Perth Amboy become when it was learned that the Middlesex Bank had failed to open for business as usual this morning that crowds surrounded the Perth Amboy Savings Institution. What made the run on the savings bank appear all the more serious was the officers of the sex and the fact County Amboy that Bank the institution the officers were Middle- of Perth identical, both banks being transacted over to call Though the business it became the of same counter. for for the of order, B. the maintaining the president aid of the of both police necessary banks, U. Watson, purpose Inwere not touched: stitution 000 funds the of the Perth Amboy Savings that says $500.deposited to the account of the savings institution is absolutely safe, and that no matter how badly the MidBank has been will be meet upon it by the dedlesex all the demands savings County bank made able wrecked to positors. On Monday last Cashier George M. Valentine evidently concluded that he could no longer conceal the shortage of the Middlesex County Bank. On that morning son was but appear at noon. bank had he would that then he he telephoned detained, President The said Wat- that opened for business and Mr. was the absent place, discovered cashier's Watson, who taking that there should have been some $7900 in bills on hand with which to commence operations that morning. These not find in the was for him He he Watson Valentine could called searching up. vault. them asked when Mr. where this was been in A to ier's Valentine told private it had drawer. placed money duplicate the was key cash- and was opened, but no could the the be found. drawer drawer indicated obtained money and the was summoned and he brother, Robert N. Valentine, cashier's aided in the search for the missing money. It could not be found and finally the work of checking was begun. Then it became evident that during the last few months the accounts of the bank had been juggled. The other trustees were summoned and the banking an examiner. of notified Commissioner to send Banking department Johnson Deputy was appeared in response, A detailed Investigation of matters by President Watson and Robert N. Valthat the not entine checks and stubs showed called did correspond; cashier's that checks the for more the and that while as the basis of stubs the bank's stubs recorded, money accounting, than taking the finances would figure all checks would been drawing right. its the New bank Those had show heavily out that on York correspondent, the Park the National. Thursday night determination bank was Chief of Police and Watson close asked the notified reached and Burton Mr. to him to locate the who had City, returned to boy New cashier. from York Valentine, Perth been missing Am- in Woodbridge, Edward of way. to go into the of the his of the counsel, He shortage declined Savage accompanied details Rah- by was very sorry that he trouble and that that friends he into bank, he got except felt his very badly about his wife and is of the President the cashier's Watson opinion children. defalcation will money went to Where the $125,000. the Is as cashier is said in his tastes to known, been at moderate least to amount have that not was for years a National Bank of New In the of life. Park He and clerk habits York. in dlesex 1893 he County was made cashier of the Mid-

6. July 17, 1899 The Evening Times Washington, DC

Article from The Evening Times, July 17, 1899

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Valentine to Plead Non Vult. New Brunswick, N. J., July 17.-Mr. and Mrs. Robert N. Valentine, of Woodbridge, the parents of Cashier George M. Valentine, who has wrecked the Middlesex County Bank, at Perth Amboy, called on him at the county jail here yesterday. It is understood that Valentine will not wait for the September grand jury to consider* his case, but will plead "non vult" and take sentence from the court as soon as Prosecutor John S. Voorhees and Valentine's counsel agree on a plan of action. A large stockholder of the Perth Amboy Bank said today that he believed the depositors, whose claims, according to the last report, aggregate about $444,000, will receive not over 90 per cent. They will have no claim against the stockholders. The loss of the stockholders is represented by more than the par value of their stock, because the shares have sold above par for many years, the last quotation being in the neighborhood of $260. It is understood the next move will be to take the affairs of the Middlesex Bank into the Chancery Court and have a receiver appointed. An application for a national bank at Perth Amboy was granted yesterday by the Comptroller of Currency. It is expected the Perth Amboy Savings Institution, of which the defaulting cashier was treasurer, will be reopened for business during the week.

7. July 19, 1899 The Star Reynoldsville, PA

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BUSINESS HOUSES IN JEOPARDY. CASHIER'S CRIME. Funds of the Middlesex County Bank to the Amount of $165,000 Missing.-Relatives May Make Shortage Good. George M. Valentine, eashier of the Middlesex County bank of Perth Amboy, N. J., which was closed last week, has surrendered himself and is now in jail on account of a shortage in the bank's funds, which has been variously estimated all the way to $165,000. The affair caused consternation and dismay among the business men of Perth Amboy, where the Middlesex County bank was considered as strong as the eternal hills. So panic stricken did the residents of Perth Amboy become when it was learned that the Middlesex County bank had failed to open for business that crowds surrounded the Perth Amboy Savings Institution. What made the run on the savings bank appear all the more serious was the fact that the officers of the Middlesex County bank and the officers of the Perth Amboy Savings Institution are identical, the business of both banks being transacted over the same counters. Though it became necessary to call for the aid of police for the purpose of maintaining order, U. B. Watson, the president of both banks, says that the funds of the Perth Amboy Savings Institution were not touched, that the $300,000 deposited to the account of the Savings Institution is 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 Savings institution had the effect of checking the run on this bank during the afternoon. The notice posted on the door of the Middlesex County bank was as follows: "Bank closed. In the hands of banking department." The Middlesex County bank was operated under a state charter and had been in operation many years. Cashier Valentine was for many years in the Park National bank of New York. In 1893 he was made cashier of the Middlesex County bank. His bond was fixed for $50,000. His relatives are wealthy and tt is said they will endeavor to make good the shortage. The Park National bank of New York has obtained an attachment in the supreme court for $31,508 against the Middlesex County bank of Perth Amboy, N. J.; $30,205 on overdrafts and $1,302 due on collections. The attachment was granted by Justice Stover of the supreme court. Deputy Sheriff McGuire attached mining stocks and bonds belonging to the bank at the office of the Park National bank. George M. Valentine has made a full confession to his father, wife, uncle and counsel. He said: "My ruin dates back to when I was given a gilt-edged tip on gas stock by a man who said he was in a position to who not that 11 was going

8. July 21, 1899 New-York Tribune New York, NY

Article from New-York Tribune, July 21, 1899

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PERTH AMBOY'S WRECKED BANK. VALENTINE TO BE TAKEN TO STATE PRISON TO-DAY. New-Brunswick, N. J., July 20 (Special).-Receiver James McGuire, of the Middlesex County Bank, of Perth Amboy, to-day filed two mortgages held by the bank at the County Clerk's office in New-Brunswick. One is given by James L. Kearney and wife for $25,000 upon 690 acres of land in Sayreville Township. It is dated November 28, 1892. and was given to secure seven promissory notes of different dates in the years 1891 and 1892. The other mortgage, given by the same persons on property in Perth Amboy for $900. is dated May 1, 1890. Several members of George M. Valentine's family visited him at the jall in New-Brunswick to-day. He will probably be taken to the State Prison tomorrow. Perth Amboy, N. J., July 20 (Special).-There has been a steady run of depositors all day to-day to the Perth Amboy Savings Institution, caused by the call issued yesterday for the presentation at the bank of all account books. At times there were nearly a hundred in the line waiting to get to the windows. where clerks took the books, checked them with the bank's books, noted all differences and returned them to the owners.

9. August 2, 1899 The Sun New York, NY

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SHILL FROM 000% ALENTINE GOT MORE THAN THREE TIMES WHAT WAS THOUGHT. nk Commissioner Bettle Makes Known the Extent of the Perth Amboy Savings Institution's Losses-The Bank Is Solvent. However, and May Be Continued. Villiam Bettle. Commissioner of Banking : Insurance for the State of New Jersey. nounced vesterday that the funds of the the Amboy Savings Institution had been nd to he short $25,000. Of this bank George Valentine, the defaulting cashier of the Idlesex County Bank. was the Treasurer general manager. When it became known . Valentine had stolen a large amount of ner from the Middlesex Bank. an official tement was made to the effect that the out word 006'2$ Ajuo uojoss puy uvin au ings bank. and that this amount was ared by his bond as Treasurer. which was ,000, with four sureties. he depositors of the bank. many of them signers. with little knowledge of English. of whose savings were deposited there. beed that this statement was true. A little : was announced that Valentine's bondshad made good the shortage of $7,900 that the savings bank would open in a few - It did not open. Yesterday one of the rest depositors called upon Mr. Bettle and him that it was believed in Perth Amboy the savings bank was seriously embarand and that a truthful statement as to the is condition was demanded. Thereupon . ommissioner of Banking told the deposthe extent of the bank's shortage. vadded. however. that the bank was sol1. and that it would be foolish to place it in hands of a receiver. He said that the reder due on Valentine's bond would be mided from his bondsmen and he hoped to more money from the interest due on the k's securities. If he could not realize ush from these two sources to make good directors the ask pmont 04 plus 04 +: Brous ie bank to put up the balance. cording tothe bank examiners the savings k deposit book tallied with the individual lits in the pass books of the depositers. but e was a discrepancy in the totals of the ous pages added. The totals, it was Trom pueq U us 010M per of Valentine, or else in a hand adopted by T reasurer for the purpose of deception. of the examiners visited Valentine in sig se explain. 04 min passond puu no nsel said he would when he pleaded court for mercy Valentine would not give information. however. and referred the miner to his counsel. J. K Rice of this city announced vesterday that the receiver H wreeked Middlesex bank will make a deid shortly upon Henry T. Chapman. one of entine's brokers. who has refused to tell of Valentine business, for a statement of transactions that he carried on for his cus-qo eyL our 10 if the demand will be to determine whethalentine made or lost money in his specuSUM II owner sur ed vesterday that there is law and precet for the contention that brokers who exte commissions for customers employed in ciary capacities must assure themselves those customers are speculating with in own money. or. failing in this. they must se to execute the commissions. else they AQUOUI 10 our JOJ 919811 P199 ag UH our All case decided by Justice Pharswood several 11 su perio SUM 11: ONE SA +++ lent. In that case a man occupying a ition of trust speculated with stolen money ough a firm of brokers. The institution h which the man was connected failed was brought by the institution against brokers to recover the full amount lost by decision siy uI up ueu tice Pharswood laid down the principle a broker may not shut his eyes to this, ther his client is sane or insane non this decision and two or three others. by a New York court and another by a rt in Ohio, the attorneys for the receiver e their belief that if Valentine lost any of -0.1 eq una 11 111 хацош S queq ered from the broker who carried through transactions If hapman's books show t Valentine closed out at a profit, of course action can lie against the broker 1 speaking of his dealings with Mr. ChapGeerge perjej Rueg ховоприк 041 should u here. our JOJ cureus you 11 1 esterday: Thus far Mr. Chapman has eq that execut 180m sn per GARD ey which 103 spuoq our dn PAIN 01 DE OM чечм rung em 01 die 5180 JO 1119 1: 9A83 ou which JOJ "strupined the bank. they were not all at his house. se that were not were immediately afterselected puy 9.M place out 01 miy AO seturn p. storing the pictures."

10. August 3, 1899 The Sun New York, NY

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PERTH AMBOY'S LOOTED BANKS. Savings Bank Trustees Trying to Make Up Its Deficiency. PERTH AMBOY. Aug. 2.-The trustees of the Perth Amboy Savings Institution will hold a meeting to-night to determine whether they can raise the amount necessary to make good the deficiency caused by Cashier Valentine's defalcation. Valentine confessed to having stolen $7,900. which his bondsmen. members of the Valentine family. made good. The bondsmen have since paid over $7.100. which completes the amount of the $15,000 bond. According to a generally accepted report. there 18 still a deficiency in the bank's books of $10.000. Small as this sum is. it will probably be hard for the trustees to raise it. All of them who were in good circumstances were practieally ruined by the wrecking of the Middlesex County Bank. It is said that Harry Conard of this city will be cashier of the new national bank which is shortly to open itsdoors. NEW BRUNSWICK, N.J., Aug. 2.-Edward S. Campbell. receiver of the Middlesex County Bank. to-day sent out a call for passbooks. He said that he would declare a dividend as soon as he could get together a reasonable amount of the assets.

11. August 3, 1899 The Times Richmond, VA

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CASHIER'S THEFTS INCREASE. Valentine Stole $23,000 From Savings Institution. NEW BRUNSWICK, August 1.-It was learned here to-day that the Perth Amboy Savings Institution, of which George M. Valentine was the treasurer, is a severe sufferer from the peculations of Valentine. The report is, that instead of there being a shortage of $7,900, it will exceed $23,000. Color to this report is given by the fact that the bank has not resumed business, as well, as the fact that the bondsmen of Valentine were in such haste to settle the apparent deficiency. To-day a large depositor of the Savings Institution called to see William Bettle, the State Banking Commissioner. He asked regarding the rumor that the shortage was $25,000 and Mr. Bettle admitted that it would be about $23,000. Asked what he intended to do about it, Mr. Bettle said that no doubt the full amount of Valentine's bond of $35,000 would be collected from his bondsmen. It is contended that if the bank is opened at present, there will be a heavy run on it, which would cripple it, if not result in shutting it up entirely. The exact condition of affairs has been withheld because of trouble feared from the depositors, many of whom are foreigners. When Valentine was visited in State prison by one of the bank examiners he declined to give any information, but referred his interrogator to his counsel, J. K. Rice, of this city, Some anxiety has been caused among the shareholders of the Mutual Loan and Building Association, of which Valentine was the treasurer. To him were entrusted the bonds of the Chesapeake and Ohio, Hocking Valley and Lehigh Valley railroads. These bonds were supposed to be in the vaults of the bank. Upon a search being made they were not found. Instead a receipt for them has been discovered signed by Henry T. Chapman, the broker in New York city, who acted for Valentine and borrowed liberally from the wrecked bank with the sanction of Valentine. The receipt given by Chapman is for $410.000 Chesapeake and Ohio bonds. $6,000 Hocking Valley bonds and $6,000 Lehigh Valley bonds.-Phila. delphia Press.

12. August 4, 1899 New-York Tribune New York, NY

Article from New-York Tribune, August 4, 1899

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NOT LOST IN DREDGING. THE STORY THAT VALENTINE SANK MONEY IN PROFITLESS CONTRACTS DENIED. Perth Amboy, N. J., Aug. 3 (Special).-Hugh Ramsay, a Perth Amboy boat builder. disputes the story that George W. Valentine, late cashier of the Middlesex County Bank, lost $150,000 in the dredging business. Ramsay built the dredge with which Valentine started in business. The persons who first owned it were unable to pay for it, and Ramsay held a mortgage against it for $25,000. Valentine bought it for $10,000, but he never put $80,000 worth of repairs on it, as stated in the stories printed by some papers to-day. He never paid Ramsay's mortgage, and failed to keep the interest paid, although he regularly gave Ramsay receipts for the interest, signed by himself as cashier of the Middlesex County Bank. Ramsay held none of the stock in the George M. Valentine Dredging Company, as Valentine styled his concern. His son, Oliver Ramsay, was engaged by Valentine. shortly after he secured the contract at Portland Me., to manage the business. His compensation was to have been a quarter of the profits of the company, but he held no stock. According to Ramsay's story Michael Fenton, of New-York, was to receive a percentage of the profits for securing the bond of $200,000 which the company was obliged to furnish to the Government. About two years ago work was begun, and less than a year later, Valentine, who saw large profits ahead, paid young Ramsay and Fenton large sums to release him from his agreement with them. Ramsay's share is reported to have been $15,000. After disposing of Ramsay and Fenton, Valentine found himself unable to carry on the business alone and sold out. To U. B. Watson. president of the bank, Valentine always declared that he would not lose a single dollar of the money he had invested. Mr. Watson says that none of the bank directors had any interest in Valentine's concern except the cashier's father. His interest was represented simply by his indorsement of a note of his son's for $15,000. The proceeds of this note were used in the dredging company. It has been discovered by the investigation at the Middlesex bank that last September Valentine paid an execution against the company with his check as cashier on the Park National Bank of NewYork for $15,600. On the stub of the check he made the figures $100. E. S. Campbell has opened his office as receiver of the Middlesex County Bank at Newark. This morning he relieved from duty President U. B. Watson and his clerks. R. H. Barnes. Walter Snow and John Watson. I. T. Golding was placed in charge of the bank as Mr. Campbell's representative. and R. H. Barnes was appointed the bank's notary. John Ten Broeck. of the clerical force, is with Mr. Campbell in Newark. The managers of the Perth Amboy Savings Institution met last night and presented a plan to provide for the net deficiency in its funds. as found by the bank examiners. Mr. Johnstone, Deputy Commissioner of Banking and Insurance, was present. The plans agreed upon will be presented to the Attorney General. If he approves of them the bank will proceed to convert enough of its securities into cash to meet the probable demands and will open its doors for business. President E. R. Pierce said to-day that he does not expect the withdrawals to exceed $100,000. The bank's deposits are $585,000. Robert and Howard Valentine, father and uncle of the defaulting treasurer. resigned their places on the Board of Managers No attempt will be made to fill the vacancies at present. It is intimated that the next treasurer will be required to give a bond of $50,000. The amount has heretofore been $15,000. The payments to depositors will probably be greatly cut down by the application of an act of the Legislature passed last year, under which all depositors owing the bank money may hold their debt as a setoff against their deposit.

13. August 8, 1899 The Mount Holly News Mount Holly, NJ

Article from The Mount Holly News, August 8, 1899

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STATE NOTES -Although one of the most ardent advocates of free silver in New Jersey, the Hunterdon County Democrat, the oldest newspaper in the county, has been captured by "Yellow Jackets." A large colony of the insects has taken up its abode in the walls and cellings of the Democrat office, and the number has increased so alarmingly that Editor Killgore fears he will have to move out. An alleyway between the printing office and the adjoining building has been completely captured by the yellow jackets and the last man to make the hazardous trip through it was laid up for several days with a badly swollen arm and face. All work at the printing office had to be abandoned one afternoon last week, as the yellow jackets took posses-ion of type and presses. They enter the building from a number of different places and there seems to be no way to exterminate them. -The Perth Amboy Savings Institution, of which George M Valentine, the convicted bank wrecker, was the treasurer, has lost heavily by Valentine's operations. It was reported on Tueeday on good authority that the shortage of the bank, instead of being $7000, as was first supposed, would reach $23,000, and possibly $25,000. On Tuesday a depositor called upon William Bettle, the State Banking Commissioner, and asked if the rumor about the shortage being $25,000 was true. Mr. Bettle reluctantly admitted that it would probably amount to $23,000. He said he expected that the full amount of the bond of Valentine would be collected, and it was hoped that the directors, by contributing towards placing the bank in a sound condition, would enable it to resume business. The bank has not been opened as yet for fear that a run upon it at this critical period may make the crash inevitable, whereas, if the directors can tide over the crisis, they hope to place the bank on a good foundation and save every penny for the depositors. -With the exception of small legacies aggregating $1400, the entire fortune of the late Caroline P. Dexter, of Vineland, has been bequeathed to editor John J. Streeter, the well known Populist residing at Vineland. Mr. Streeter, who is also named as executor, is not a relative of the deceased. The contents of Mrs. Dexter's will, which was probated on Tuesday evening, created great surprise. The testatrix leaves $1000 to a nephew, William E. Thompson, of Providence, R. I., and $200 each to E. Milton Dexter and Charles F. Dexter, nephews, residing in Philadelphia. The residue of the estate, running into hundreds of thousands of dollars, which includes not only Mrs. Dexter's private fortune, but that of her husband, Lynus W. Dexter, who died only a few months ago, leaving to her all his wealth, said to have been amassed in Philadelphia through his invention of "angel cake," goes to J. Streeter. Mr. Streeter edits and publishes the Vineland Independent the official Populist organ for New Jersey, and is State Organizer for the Middle-of-the-Road Populists of New Jersey. -The American House, one of Trenton's oldest and largest hotels, was closed on Thursday by the proprietor, William K. Hatch The guests of the hotel have been told that they will have to seek quarters elsewhere. Mr. Hatch, who is an old hotel man, has become dissatisfied with the business doing here and has concluded that he can do better elsewhere. He has tried to find a customer for the hotel, but failing, has decided to close. There are parties looking at the place, but if a deal is not soon closed the furnishings will be sold or moved away and the house remain closed. The bar license has ecently been paid and Mr. Hatch's lease from the owner of the hotel property, John P. Hutchinson, of Bordentown, does not expire until the 1st of April next. Mr. Hatch has not been forced to this course, but has taken it because he believes he can do b tter elsewhere, so he does not care to continue this month, which is the worst hotel month of the year. Mr. Hatch says that formation of the big trusts has led to so many drummers being taken off of the road. Mr. Hatch went to Trenton two years ago with a partner named Kraemer, who left last January. They bought it of Charles Kropp. -What the authorities term a gross miscarriage of justice, and one or the worst that has occurred for years in South Jersey, was brought to the attention of the Camden Prosecutor's office on Tuesday It was the commitment to the county jail of David Miller, aged 80 years, and his wite, Catharine, a aged 74 years, by Justice Wills, of Berlin, on charge of assault and battery on Frank Stock. Stock is a young, robust man, and he and the aged couple had some trouble over a fence, during which he claims the feeble old couple attempted to kill him. Mr. and Mrs. Miller were taken before Justice Wills, who committed them to the county jail. It was nearly midnight on Monday when the feeble old couple arrived at the jail in charge of a constable. The high steps proved too much for the man to climb, and a turnkey and the constable had to assist him. When told by the turnkey that they must occupy separate cells both broke down and pleaded to be allowed to remain together. The law, however, had to be obeyed, and they were placed in separate cells. As soon as assistant Prosecutor Carson arrived at his office his attention was called to the case. He held a conference with the Prosecutor, and the result was the immediate discharge of the prisoners. The old man is a paralytic, and when taken into the Sheriff's office, after being discharged, his condition was fully demonstrated. A glass of water which he desired had to be held to his lips while he drank. Mrs. Miller, while also very feeble, is able to move around, and supports herself and husband by growing truck. Assistant Prosecutor Carson will make a thorough investigation of the case. The aged couple were escorted to the train by one of the jailers and sent home, transportation being furnished by the Prosecutor. -Governor Voorhees took a hand in the lively scrap into which everybody connected with the State Industrial School for Girls, in Trenton, seems concerned, which included the Board of Trustees, prominent gentlemen appointed by the Governor, the Board of Lady Managers, the head matron, Mrs. Eyler. a score of teachers and the men employed on the school's farm. The Board of Trustees have long been divided on the question of the wisdom of the management of the institution by

14. August 10, 1899 The Sun New York, NY

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"If you get sassy I'll flx you." There were some other words between them and soon after a policeman arrested Jung Gung. He has brought action against Jung Sung to recover $10,000 damages for malicious prosecution. and Jung Sung was arrested yesterday on an order of Justice Leventritt of the Supreme Court. As he did not have the $250 bail required. he was taken to Ludlow Street Jail. THE VALENTINES' PLACES FILLED. New Trustees Chosen for the Perth Amboy Savings Institution. PERTH AMBOY, N.J., Aug. 9. -At a meeting of the Board of Managers of the Perth Amboy Savings Institution held last night, three trustees were elected to fill vacancies caused by the retirement of the former treasurer. George M. Valentine. who is now in State Prison. and the resignation of his father. R. N. Valentine and his uncle, Howard Valentine. The men chosen are: Charles K. Seaman. James McAlinden and the Rev. Stephen Szymanowski. All are prominent and influential citizens. and it is believed that their selection will go far to restore public confidence and avert a run on the bank. It is understood that the Attorney-General approves of the course taken by the managers and will allow the bank to resume business. Lack of public funds is still the principal matter of discussion at the meetings of the various public bodies. The Board of Education discovered last night that, with a balance to their credit of $45,000 in the books, they could hardly raise $11 to pay some pressing bills, A telegram was received to-day from Briggs. Todd & Co. of Cincinnati withdrawing their bid on the $40,000 issue of 4 per cent. tax arrearage bonds. They offered a premium of $1,700. They assert that a mistake was made in figuring.

15. August 17, 1899 New-York Tribune New York, NY

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BANK MANAGERS ORGANIZE. Perth Amboy, Aug. 16.-A temporary organization of the Board of Managers of the Perth Amboy Savings Institution was effected last night. Adrian Lyon was chosen president, the Rev. S. Szymanowski vice-president, Charles K. Seaman treasurer and J. Lawrence Boggs secretary. It was necessary to take this step in order to have officers with authority to receive and care for the assets of the bank. The cash of the bank and some securities are in the safes of the Middlesex County Bank, which have been sold by Receiver Campbell to the new First National Bank. William King, jr., resigned as one of the managers of the institution last night, so that George H. Tice and James Growney are the only remaining representatives of the old Board. Bloomfield J. Miller, actuary of the Mutual Benefit Life Insurance Society of Newark, was elected in Mr. King's place.

16. August 31, 1899 The Sun New York, NY

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Perth Amboy Savings Institution to Resume. The Perth Amboy Savings Institution. the suspension of which was caused by the defalcations of Cashier Valentine of the Middlesex County Bank. will resume business on Sept. 5. Notices to that effect were sent out yesterday. and a statement from the Department of Banking and Insurance shows that its assets are $589,178.65 with liabilities of $587,647.72.

17. September 5, 1899 Evening Star Washington, DC

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Bank Reopens Its Doors. NEW YORK, September 5.-The Perth Amboy Savings Institution of Perth Amboy, N. J., which suspended business on July 14 last, at the time of the failure of the Middlesex County Bank, caused by the defalcation of Cashier George M. Valentine, reopened its doors today.

18. September 5, 1899 The Jersey City News Jersey City, NJ

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PERTH AMBOY BANK RESUMES [Special to "The Jersey City News."] PERTH AMBOY, Sept. 5, 1899.-The Perth Amboy Savings Institution of Perth Amboy, N. J., which suspended business on July 14 last, at the time of the failure of the Middlesex County Bank, caused by the defalcation of Cashier George M. Valentine, reopened its doors today. There were about 100 depositors in line who were mostly anxious to draw out their money. The cashier paid dollar for dollar to all those who wanted to withdraw their deposits. When it became generally known that the bank was paying the deposits in full quite a number of the depositors went away apparently well satisfied to leave their money in the bank. The new officers in charge of the bank are:-Adrain Lyon, president; the Rev. S. Szymanowski, vice president: C. K. Seaman, treasurer, and J. L. Boggs, secretary.

19. September 6, 1899 The Evening Times Washington, DC

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Savings Bank Reopened. PERTH AMBOY, N. J., Sept. 6.-The Perth Amboy Savings Institution, which suspended business on July 14 last, at the time of the failure of the Middlesex County Bank, caused by the defalcation of Cashier George M. Valentine, reopened its doors yesterday. There were about 100 depositors in line who were anxious to draw out their money. The cashier paid dollar for dollar to all those who wanted to withdraw their deposits. When it became generally known that the bank was paying the deposits in full quite a number of the depositors went away apparently satisfied to leave their money in the bank.

20. September 6, 1899 Barre Evening Telegram Barre, VT

Article from Barre Evening Telegram, September 6, 1899

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An Echo of Valentine's Crime. Perth Amboy, N. J., Sept. 6.-The Perth Amboy Savings institution of Perth Amboy, which suspended business on July 14 last, at the time of the failure of the Middlesex County bank, caused by the defalcation of Cashier George M. Valentine, has reopened its doors. There were about 100 depositors in line, who were mostly anxious to draw out their money. The cashier paid dollor for dollar to all those who wanted to withdraw their deposits. When it became generally known that the bank was paying the deposits in full, quite a number of the depositors went away, apparently well satisfied to leave their money in the bank.