gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6004e6d17cb77cf5
Response Measures
None
Events (3)
1.July 14, 1899Run
Cause
Local Banks
Cause Details
Crowds and withdrawals at the savings bank were triggered by the failure/closure of the Middlesex County Bank after its cashier's large defalcation.
Measures
Officers and police reassured depositors; state examiners examined books; officers publicly stated savings funds intact to check the run.
Newspaper Excerpt
crowds surrounded the Perth Amboy Savings Institution, but the run was of brief duration.
Source
newspapers
2.July 14, 1899Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension was prompted by the discovery of large embezzlement at the affiliated Middlesex County Bank and concerns due to identical officers and co-located business.
Newspaper Excerpt
the Perth Amboy Savings Institution ... also suspended business yesterday morning, pending an examination into its affairs.
Source
newspapers
3.September 5, 1899Reopening
Newspaper Excerpt
The Perth Amboy Savings Institution ... reopened its doors today. ... The cashier paid dollar for dollar to all those who wanted to withdraw their deposits.
Source
newspapers
Newspaper Articles (18)
1.July 15, 1899Virginian-PilotNorfolk, VA
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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.
2.July 15, 1899Daily Kennebec JournalAugusta, ME
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LARGE SHORTAGE. The Middlesex County Bank Loses About $125,000. Cashier E. M. Valentine Charged With Appropriating Bank's Money. Returns and Gives Himself Up-Deficit Will Be Made Up. 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, late today, and is now in jail on account of the shortage in the bank's funds which has been estimated as high as $165,000. 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 tran-
3.July 15, 1899The SunNew York, NY
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CASHIER ROBS HIS BANK. GROUGH VALENTINE GETS $110,000 an MISSKIH SHAIDMoney Taken in Six Months and in Bank in Perth Amboy-Called the Youngest Cashier in Jersey-Drew Large Checks eq: no Amounts Ilvms "d pus Because of the defalcation of its cashier. George M. Valentine. the Middlesex County Bank of Perth Amboy. N.J., closed its doors yesterday morning. and the institution is now in the hands of the Commissioner of Banking and Insurance for the State of New Jersey. The Perth Amboy Savings Institution. which Bank reseipping our SB buidling emes eq: up si and of which Valentine was the Treasurer. also suspended business yesterday morning. pending an examination into its affairs. The State examiners worked on the books of both institutions all day yesterday. and at 5 o'elock yesterday afternoon they stated that their examination up to that time showed that Valentine had taken from the Middlesex Bank $1 10,000 and they were not prepared to say that the defalcation would not exceed that amount They were very emphatic in the statement, however. that the savings bank -1snq etunsed could " that puu The 11" SUM ness to-day. were it not for the fact that it is in the same building with the other bank and that there is only one entrance to both banks. The extent of the defalcation was not known -sns SEM 11 no and mun pected that there was n short ge in Valentine's accounts. He left the bank on Saturday afternoon at the close of business, and it was Grower 07 0003 pey 04 that pesoddns where his family is staying for the summer. to spend Sunday He did not return to Perth Amboy on Monday morning. but telephoned to the bank that he would be a his desk in the afternoon. He did not return at all on Monday. and he had not returned on Tuesday morning Then the President of the bank, U. Burge Watson. communicated with Ocean Grove to flnd out what was the matter with Valentine and why he was not at the bank. Mr. Watson was informed that Valentine was not at his cottage. and that Mrs. Valentine thought he was in New York on business for the bank Mr. Watson knew of no business that Valentine had to transact for the bank in New York. and so he went back to the bank and ordered a hasty examination of the cashier's accounts. eq 01 shis 18 punoj 0.10M show short a small amount. Mr. Watson concluded that. if Valentine was short a little. the shortage might be found to be larger after a more careful examination. and he hastily called шоцм Buotue directors, our 10 U was Robert N. Valentine of Woodbridge. SI 41 cashicre missing our 10 Jather our said that the senior Valentine assured his colleagues in the directorate that. if his son 9q pinom # 11" 111 accounts siq up short SUM found to be for a very small amount. that his son would be able to fully explain what then -xo yous 11 1441 pue shorters e 09 01 personde planation was not satisfactory. he would see that whatever shortage there was would be made good. He also assured the other direc#! 08 's.101 SUM uos sill that pius you stateme away from the bank because he state pinom ey that pue back owee 07 peneral be at his desk the next day It is said that the remarks of the elder Valenout 10 7802 441 9714 peq thing A [jiun ITEM 01 4001 puu Wednesday before taking any decisive steps. They concluded to take this course largely for the reason that they didn't want to cause undue alarm among the depositors. None of them believed that the shortage. if any. would be rejoun pue Father cashiers our su puu [0310] were reputed to be wealthy men they felt confident that if the cashier really wasa defaulter his family would quickly make good the amount of the defalcation. that the fact could 01 punoj eq could YEAL R goint idea 09 have the cashier resign. that the bank would origna our 1941 pue business op 01 continue need never know anything about the trouble. So the directors waited until Wednesday eqf 10 UZIS ou ways SUM there неч.и uoou cashier's return and nothing more had been heard from him. William Battle State Commissioner of Banking and Insurance of Trenton. puu u! 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4.July 15, 1899Rock Island ArgusRock Island, IL
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CASHIER ROBS THE BANK. Some Estimates of His Stealings Are as High as $165,000-He Surrenders. New York, July 15.-George M. Valentine, cashier of the Middlesex County bank, of Perth Amboy, N. J., which was closed yesterday, 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. 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, and there was a run on the savings bank. U. B. Watson, the president of both banks, says that the funds of the 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. This checked the run. Nobody knows what Valentine did with the money, but he did all the damage in less than six months.
5.July 17, 1899New-York TribuneNew York, NY
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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.
6.July 17, 1899The Evening TimesWashington, DC
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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 20, 1899Cameron County PressEmporium, PA
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that Does Not Bring Back $125,000 That's Missing. PANIC AT PERTH AMBOY. tesidents of a New Jersey Town are Astounded on Learning that a Bank Cashier Had for Months Falsified the Institution's Books. New York, July 15.-George M. Valcashier ofthe Middlesex County of Perth Amboy N. J., which was losed Friday, has surrendered himself is in jail on a charge of embezzleThe affair caused dismay the business men of Perth Amwhere the Middlesex County bank considered as strong as the hills. panic-stricken did the residents of erth Amboy become that crowds surounded the Perth Amboy Savings Intitution. What made the run on savings bank appear all the more was the fact that the officers the Middlesex County bank and the ficers of the Perth Amboy Savings Intitution are identical, the business of oth banks being transacted over the counters. Though it became necessary to call the aid of the police for the purof maintaining order, U. B. atson. the president of both banks, that the funds of the Perth AmSavings Institution were not ouched, that the $300,000 deposited to account of the savings bank is safe that no matter how badly the liddlesex County bank has been recked, the savings bank will be to meet all demands upon it by depositors. These words of asfrom the officers of the savinstitution had the effect of necking the run on this bank. On Monday last Cashier Valentine tidently concluded that he could no
8.July 20, 1899Audubon County JournalExira, IA
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He Stole Thousands. NEW YORK, July 15.-George B. Valentine, cashier of the Middlesex County bank of Perth Amboy, N.J., which was closed yesterday, has surrendered himself and is now in jail on account of a shortage of 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 bank was considered as strong as the eternal hills. So panic stricken did the residents of Perth Amboy become when they learned the bank had failed to open for business as usual, that crowds surrounded the Perth Amboy Savingsinstitution. What made the run on the savings bank appear all the more serious, was the fact that the officers of the Middlesex bank and the officers of the Perth Amboy savings institution are identical, the business of both being transacted over the same counter.
9.July 21, 1899New-York TribuneNew York, NY
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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, 1899The SunNew 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."
11.August 3, 1899The SunNew 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.
12.August 3, 1899The TimesRichmond, 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.
13.August 17, 1899New-York TribuneNew 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.
14.August 31, 1899The SunNew 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.
15.September 5, 1899Evening StarWashington, 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.
16.September 5, 1899The Jersey City NewsJersey 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.
17.September 6, 1899The Evening TimesWashington, 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.
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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
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