Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1888-03-30
THEY LEFT THE BANK
BUT THEY TOOK ALL THE CASH
THAT A CoLORED PORTER
COULD CARRY.

COULD CARRY.
RALEIGH, Y. c., March 27.-Late
last night a rumor became current
that President Charles +. Cross
and Cashier Samuel Q. White, OF
the State National Bank, had Alb.
seconded with a large amount of the
banks funds. The directors of the
institution met and were in session
until nearly midnight. The result
of their meeting was the following
announcement to the public: "The
directors of the State National
Bank, having reason to believe
that the president and cashier of
the bank have abscOnded with \
large amount of the assets, have
determined to close its doors and
turn over it's affairs to the proper
officer of rho United States govern
ment. We are glad 10 be able to
assure the public that the other
banks of the city are not affected
by this defalcatlOn.
"E. r. STAMPS,
"Chairman pro tenn"
This was given to the local paper
Just before midnight. Very few
people knew ofthe affair last night,
and every attempt was made to in.
sure secrecy. This morning, when
the publication appeared, it created
a big sensation. Crowds gathered
on the streets, and the excitement
was intense.
The bank is widely known. 1t
was founded by the late John g..
Williams, and for years had the
confidence and esteem of the bust
ness public. Two years ago Q. E.
Cross was elected president. He
had previously been chief clerk in
the Office of the State auditor. a
few days ago the stockholders Of
the bank met and elected five new
directors, making the total number
ten. The new directors were as.
sured that the banks condition
was admirable. They had given
notice that they would to-day make
an investigation of its affairs. This
tended to preclpitate the crisis
The capital of the bank was $780,
600. 1t now appears that It's con-
ditiOn had for some time been
shaky. Several weeks ago Presi.
dent Cross went to Canada Osten-
sibIy to look after some property
for the bank. A fortnight ago
Cashier White went there, too, but
subsequently returned to New
York, and while there he hypOthe.
Gated a larga amount of securities
of the bank. Both Cross and
White returned to Raleigh, and
last Thursday telegraphed to a
bank in Richmond and one in Bal
timOre to send to the State Nation
al Bank $4,000 each, and that
they would send checks on the
Park Bank of New York for $780,
600. Friday night the money came
by express. White went to the ex-
press office, took the package and
signed a receipt for it. On Satur-
day morning he went back and
paid charges on it. He did not de.
post tin bank, but kept it. When
the draft of the officials for 800, 600
on the Park Bank was presented it
was not hOnored because their ac-
count was Overdrawn Saturday af |
ternoOn. White remarked in the |
bank that he was going to Chapel
Hill to see a sick relative. Cross
said he had never been to Chapel
Hill, and thought be would go there
and spend Sunday with the cashier.
Both left on the six o'clock tram.
They were accompanied by the ne
gro janitor of the hank. They did
not buy tickets, but paid their fares
On the tram. Early Sunday morn.
ng they were seen at Greensboro.
This is the last trace of them found.
1t was ascertained today that they
lad unquestlonably gone to eau
,da, as the wives of both Cross and
White said that last Friday their
husbands told them they would be
n that country Monday. The jan
tor IS with them. They carried of
II cash $4,000. Your oOrresnon.
lent learns they left only $4,000
n cash in the bank.