Perth Amboy Savings Institution (Perth Amboy, NJ)

Episode Information

Episode UID
55016471195
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
savings
Bank ID
5501647 routing
Routing Number
55-0164
Start Date
July 14, 1899
Location
Perth Amboy, New Jersey (40.507, -74.265)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
77c9980d48985096

Response Measures

None

Events (3)
1. July 14, 1899 Run
Cause
Local Banks
Cause Details
Run was triggered by the failure/closure of the affiliated Middlesex County Bank after discovery of cashier's defalcation.
Measures
Officers publicly assured depositors funds were safe; police called to maintain order; statements by President Watson checked the run.
Newspaper Excerpt
crowds surrounded the Perth Amboy Savings institution
Source
newspapers
2. July 14, 1899 Suspension
Cause
Local Banks
Cause Details
Suspension occurred contemporaneously with the Middlesex County Bank's closure following the cashier's massive embezzlement/defalcation.
Newspaper Excerpt
which suspended business on July 14 last, at the time of the failure of the Middlesex County Bank
Source
newspapers
3. September 5, 1899 Reopening
Newspaper Excerpt
The Perth Amboy Savings Institution ... reopened its doors today.
Source
newspapers

Newspaper Articles (21)
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 Age-Herald Birmingham, AL
Article from The Age-Herald, July 15, 1899

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Until Detection Was Imminent, Then Pocketed Ready Cash AND FLED FOR NEW YORK CITY Later in the Day He Returned to Perth Amboy and Surrendered to the Officers-Made no Excuse for Wrong Doing New York, July 14.-George M. Valentine, cashier of the Middlesex County Bank of Perth Amboy, N. J., which was closed today, has surrendered himself and is now the in jail on account of a shortage in bank's funds, which has been variously estimated all the way to $165,000. The affair caused consternation among business men of Perth Amboy, where ch ddesex bank was considered as W as the eternal hills. So panictren did the residents become when the failed to open this morning that ops surrounded the Perth Amboy Savinstitution, which has the same offices at us the Middlesex bank, and it became neces- for to call for the aid of the police sary the purpose of maintaining order. U. B. Watson, the president of both banks, says 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 bank has be been wrecked, the Savings bank will able to meet all demands of depositors. These words of assurance from the officers had the effect of checking the run on this bank during the afternoon. Could Not Find the Bills On Monday last Cashier George M. Valine, evidently concluding that he could longer conceal the shortage of the Middresex bank, telephoned President Watson that he was detained, but said he would appear at noon. Mr. Watson, who was taking the absent cashier's place, could not find some $7,900 in bills which should have been on hand to commence operations. 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 called in. On Monday the Park National of New the Middlesex with to of $4,000, which are to the York amount charged said checks have been drawn on it against the account of the Middlesex by Valentine. Investigation by President Watson and Robert N. Valentine showed that the cashler's checks and stubbs 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 showing that the bank had been drawing heavily on its New York correspondent, the Park National bank. Took Ready Cash and Left The cashier, in fact, carried the accounts on the stubs and from them to the books correctly, but when the returns from the cashier's checks came he pocketed the difbetween the stub and ference kind the of financ- check. Four or five months of this the bank's reserve monies and it to the verge of ruin. Ing brought depleted Then the the casrier evidently secured a portion of ready cash on hand and left Perth Amboy. night the determination to close the was reached and Mr. noTuesday bank Watson him tified Chief of Police Burke and asked to locate the missing cashier. President Watson is of the opinion that will amount to Where the money went un$125,000. the defalcation at is least known as the cashier is said to have been moderate in taste and habits. Cashier Surrendered Himself Cashier Valentine surrendered himself in Perth Amboy late this afternoon and is the Middlesex county in New York this now he was in morning jail. when He said he were looking for he returned to heard immediately officers Perth him, Amboy into and de- to give himself up. He refused to go tails about the shortage in his accounts, except to say he was sorry he had got the bank into trouble and felt very badly for his wife and children. 05 000 eee mos

3. July 15, 1899 The Worcester Spy Worcester, MA
Article from The Worcester Spy, July 15, 1899

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New ork, July 14.-George M. Valentine, cashier of the Middlesex County Bank of Perth Amboy, N. J., which was closed this morning, surrendered himself late today and is now in jail on account of a shortage in the bank's funds, which has been estimated as high as $16,000. The affair caused consternation among the business men of the conservative old town of Perth Amboy, where the Middlesex County Bank was considered as strong as the hills. When it was learned that the Middlesex County Bank had failed to open for business, crowds surrounded the Perth Amboy savings institution. The officers of the Middlesex County Bank and the officers of the Perth Amboy Savings Institution are identical, the business of both banks having 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 downfall of the other institution. It became necessary to call upon the police to maintain order. U. B. Watson, the president of both banks, stated that the funds of the Perth Amboy 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 Bank had been attacked the savings bank would be able to meet all demands made upon it by depositors. These words of assurance had the effect of checking the run on the bank during the afternoon, though all day long crowds in the vicinity of the bank watched proceedings with the greatest interest. The notice posted on the door of the Middlesex County Bank this morning was as folows: 'Bank closed. In the hands of banking department." Monday last, Cashier George M. Valentine evidently concluded that he could no longer conceal the shortage at the Middlesex County bank. Monday morning he telephoned President Watson that he was detained, but he explained that he would return 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 $7900 in bills on hand to commence operations that morning. He could not find this money in the vault. This was the money carried over from Saturday to commence with on Monday morning. 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 drawer. Mr. Watson remarked that 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. Robert N. Vaneltine, the cashier's father. was summoned, and he aided it hte 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 department was notified to send an examiner. Deputy Commissioner of Banking Johnson appeared in esponse. On Wednesday Mrs. Valentine, the wife of the cashier, returned from

4. July 15, 1899 The Evening Herald Shenandoah, PA
Article from The Evening Herald, July 15, 1899

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THE CASHIER IN PRISON. The Middlesex County Bank of Perth Amboy Closed. SHORTAGE AT LEAST $125,000. Cashier Valentine Had Disappeared and an Investigation Showed Apparent Juggling With the Accounts and Cash of the Institution. Perth Amboy, N. J., July 15.-George M. Valentine, cashier of the Middlesex County bank, of this city, which closed yesterday, has surrendered himself, and is now in jall on account of a shortage in the bank's funds which has been 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 become when it was learned that the Middlesex County bank had failed to open business as usual yesterday 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 depositors. These words of assurance from the officers of the savings institution had the effect of checking the run on this bank. 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 for that morning. These he could not find in the vault. Mr. Watson had been searching for it when Valentine called up by telephone. 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 Valentine, the cashier's father, was sumoned, 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, the 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 seashore, as at first appeared. On Monday the Park National of New York charged the Middlesex bank with checks to the amount of $4,000, which are said to have been drawn on it against the account of the Middlesex by Valentine. A detailed investigation of matters by President Watson and Robert N. Valentine showed that the cashier's on stubs checks the checks the bank right, bank's stubs had recorded, the called did been checks as finances not for the and correspond; more would basis would that, money show of figure while accounting that than that taking out the the the all drawing New York correspondent, heavily the Park Na- its tional bank. The cashier, in fact, car-

5. July 15, 1899 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 15, 1899

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CASHIER IN trouble. AN IMMENSE SHORTAGE IN PERTH AMBOY BANK. THOUSANDS OF DOLLARS MISSING. Affair Caused Great Consternation for a Time, and Created a Run on the Institution-George M. Valen. tine Surrenders Himself. NEW YORK, July 14.-George M. Val. entine, 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 a short. age in the bank's funds, which has been $165,000. variously estimated all the way up to The affair caused consternation and dis. may among the business-men of Perth Amboy, where the Middlesex County Bank was considered as strong as the eter. nal 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 sur. rounded the Perth Amboy Savings Insti. tuion, but the run was of brief duration. THE SHORTAGE DETECTED. On Monday last Cashier Valentine evidently concluded that he could no longer conceal the shortage at the Middlesex County Bank. On that morning he tele. phoned President Watson that he was detained, but he said that he would ap. pear 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 opera. tions that morning. These he could not find. An investigation of the bank's accounts indicated immediately that they had been juggled for months. STUBS AND CHECK-BOOKS VARY, It was developed that Valentine had checked heavily against the Park Na. tional Bank, of this city, a correspondent of the Middlesex Bank, but the figures on the stubs of his check-book did not COD respond to those on the checks them. selves, 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 opinion that the cashier's defalcation will amount to at least $125,000. Where the money went to 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.

6. July 17, 1899 New-York Tribune New York, NY
Article from New-York Tribune, July 17, 1899

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MONEY FOR DEPOSITORS, THOSE OF THE MIDDLESEX COUNTY BANK, OF PERTH AMBOY, ARE EXPECTED TO RECEIVE 90 PER CENT. New-Brunswick, N. J., July 16 (Special).Quiet, though not lonely, was the first Sunday George M. Valentine spent in the Middlesex County Jall. He was visited by his wife and his parents. who spent the greater part of the day with him. This was due largely to the wish of the mother to give her son such consolation as she could. Neither parent would say anything after the interview. It is the opinion of the Valentine family that the young man made his first false step in attempting with others to carry out a contract for dredging on the coast of Maine. It is said that he lost $50,000 in this scheme, and that to regain the money he ventured into Wall Street with disastrous results. It is probable that he will make application for an immediate trial. A large stockholder of the Middlesex County Bank, of Perth Amboy, when seen to-day said he believed the depositors, whose claims aggregate about $440,000. will receive at least 90 per cent. A receiver will be appointed at once. An application for permission to form a National bank was granted yesterday by the Controller of the Currency. The Perth Amboy Savings Institution will be opened again in a few days.

7. July 18, 1899 New-York Tribune New York, NY
Article from New-York Tribune, July 18, 1899

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NEW JERSEY NEWS. RECEIVER APPOINTED. JAMES MAGUIRE TAKES CHARGE OF THE WRECKED PERTH AMBOY BANK. New-Brunswick N. J., July 17 (Special).-James Maguire, cashier of the First National Bank of Elizabeth was to-day appointed receiver for the wrecked Middlesex County Bank, at Perth Amboy, application having been made to the Chancelior, and Mr. Maguire took charge at once Edward S. Savage, counsel for the Valentine family, and United States District Attorney J. Kearney Rice, who represents George M. Valentine in his present difficulty, have not made public whether the cashier will plead guilty on an allegation or allow his case to go before the September Grand Jury. Valentine's wife again visited him at jail in New-Brunswick to-day and had a long interview. Perth Amboy. July 17 Special).-Receiver Maguire, of the Middlesex County Bank, came to Perth Amboy, and is in charge of the bank's affairs, pending the report of the State examiners. Mr. Maguire is cashier of the National State Bank, of Elizabeth, of which United States Senator Kean is president. Upon the arrival of Mr. Maguire the rumor that Perth Amboy is to have a National bank was promptly confirmed. It will be known as the First National Bank of Perth Amboy, and it will probably begin business this week in the building of the Middlesex Bank. The principal signer of the petition filed Friday with the Controller of the Currency was Hamilton Fish Kean, a brother of Senator Kean, and the head of the banking firm of Kean, Van Cortland & Co., of No. 26 Nassau-st. The presence of the Keans in Perth Amboy banking circles will be welcomed by the business community. They are the largest stockholders in the Perth Amboy Gaslight Company Associated with them are W. B. Watson, president of the wrecked bank, and Secretary J. L. Kearny and Patrick Convery, of the Board of Directors. The new bank will start with a capital of $100,000. President E. R. Pierce, of the Perth Amboy Savings Institution, told a Tribune reporter to-day that his bank expects to resume business within a few days. Advantage will be taken, he said, of the right to a sixty day notice from persons desiring to withdraw their deposits. If necessary the securities held by the institution will be converted into cash to meet the expected run. Perth Amboy's City Council will meet to-night in regular session. It is expected that Alderman O'Hara, chairman of the Finance Committee, will report a resolution in favor of issuing temporary bonds to provide money for current expenses, Work has just been begun on a high school building to cost $35,000. The bonds were sold and the money is in the wrecked bank. Mayor Compton is opposed to issuing bonds for any improvements, and he may veto any resolution for more than current expenses. There is due the city $114,000, according to Collector C. F. Hall's books, for taxes and assessments. Controller Voorhees reported $49,000 in the Sinking Fund on July 1. There will fall due next week $7,000 worth of bonds which would have been paid from this fund, and which must be otherwise provided for. Edward S. Savage, Judge J. T. Kearney Rice and Prosecutor John S. Voorhees had a consultation this evening in Judge Rice's office in NewBrunswick. Prosecutor Voorhees declined to result of the said that course Rice make was public reticent, the but conference. the Judge which would be pursued in regard to Valentine's case was not fully decided upon.

8. July 19, 1899 The Star Reynoldsville, PA
Article from The Star, July 19, 1899

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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

9. 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.

10. August 2, 1899 The Sun New York, NY
Article from The Sun, August 2, 1899

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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 Ρ…Π°Ρ†ΠΎΡˆ 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 Ρ…ΠΎΠ²ΠΎΠΏΡ€ΠΈΠΊ 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 Ρ‡Π΅Ρ‡ΠΌ 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."

11. August 3, 1899 The Sun New York, NY
Article from The Sun, August 3, 1899

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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.

12. August 3, 1899 The Times Richmond, VA
Article from The Times, August 3, 1899

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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.

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
Article from The Sun, August 10, 1899

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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
Article from New-York Tribune, August 17, 1899

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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 30, 1899 New-York Tribune New York, NY
Article from New-York Tribune, August 30, 1899

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WILL REOPEN ITS DOORS. THE PERTH AMBOY SAVINGS INSTITUTION TO RESUME BUSINESS. Perth Amboy, Aug. 29 (Special).-The Perth Amboy Savings Institution will open its doors for business on the morning of September 5. The bank was closed when the Middlesex County Bank suspended on July 14. The State Banking Commissioner, William Bettle, last night gave the Board of Managers a certificate that the bank is in a sound condition. An examination of the books resulted in the statement that there was a shortage of nearly $30,000. This was afterward reduced, because the examiners had valued the real estate of the bank at a low figure. The brick building cost $15,500. and was estimated to be worth only $5,000. The shortage as first stated was partly made up by the payment of $15,000, the amount of the treasurer's bond. George M. Valentine, the defaulting cashier of the Middlesex County Bank, was the Savings Institution's treasurer. The July dividends were waived, and the directors then paid in $8,000 to make the institution solvent, allowing the low valuation on the real estate to stand. The bank's deposits amount to $586,000. The surplus has been reduced from $20,000 to $1,528. New officers are in charge, as follows: Adrian Lyon, president: the Rev. S. Szymanowski, vice-president; C. K. Seaman, treasurer, and J. L. Boggs, secretary. The directors are, in addition to the officers, B. J. Miller, the Rev. J. L. Lancaster, Thomas Langan, James Growney, J. H. Gregory, Garret Broadhead, James E. M. Alinden, George H, Tice and John Lund. Of these, Messrs. Tice and Growney are the only members who hold over from the old board. Advantage will be taken of the law and sixty days' notice will be required before any money can be withdrawn from the bank.

17. August 31, 1899 The Sun New York, NY
Article from The Sun, August 31, 1899

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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.

18. September 5, 1899 Evening Star Washington, DC
Article from Evening Star, September 5, 1899

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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.

19. September 5, 1899 The Jersey City News Jersey City, NJ
Article from The Jersey City News, September 5, 1899

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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.

20. September 6, 1899 The Evening Times Washington, DC
Article from The Evening Times, September 6, 1899

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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.

21. 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.