Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1888-03-28
The Raleigh, Bank Defalcation.

As stated in yesterdays GAZETTE, the
State National Bank at Raleigh, n. G., had
to close its doors in consequence of the alb
scondiug of the president and cashier with
large amount of the banks funds. The
directors of the institution we're in session
last night, the result of their meeting being
the following announcement to the public ::
1.-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 de.
termined 10 close its doors and turn over its
affairs to the proper officers of the United
States government. We are glad to be able
to assure the public that the other banks of
the city are not affected by this defacation."
The capital of the bank was 5000. 900. 1t
now appears that its condition had for some
time been shaky. Several weeks ago Presi-
dent Cross went to Canada ostensibly to look
after some property for the bank. A fortnight
ago Cashier White went there, too but sub
seouently returned to New York, and while
there he hypothetical large amount of &C.
curities of the bank. Both Cross and White
returned to Raleigh, and last Thursday tel
egraphed to bank in Richmond and oDe in
Baltimore to send to the State National
Bank $4,000 each, and that they would
send checks on the Park Bank of New
York for $4,000 Friday night the money
came by express. White went to the ex-
press Office, took the package and signed q
receipt for it. On Saturday morning he
went back and paid charges on it. He did
not deposit it in bank but kept it. When
the draft of the officials for $4,000 on the
Park Bank was presented 1t was not
honored because their account was over.
drawn Saturday afternoon. White re.
marked in the bank that he was going to
Chapel Hill to see sick relative. Cross
said he had never been to Chapel Hill, and
thought he would 60 there and spend Sun
day with the cashier. Both left On the elk
o'clock train. They did not buy tickets,
but paid their fares on the train. Early
Sunday morning they were seen at Green's
boro'. This ia the last trace of them found.
The negro anItor is with them. They car
ried off in cash $4,000, and left only SIS, 600
in cash in the bank.
President Cross is, a young man, and
member of the Baptist Church. He married
a daughter of Mrs Myriam G. Williams, who
was for years after her husbands death
president of the bank. The family ia rich
and influential Mr.. Williams, at his death,
Left large sum of money to be divided
among his children when the youngest
reached twenty-one years, which will be
June next.
White was a teacher in the Sunday school
of the First Methodist Church, and was very
popular. He had been cashier since the
bank was established. He is brother of
Mrs. Williams. 1t is believed that Cross and
White have taken all the money of the Will
iians family upon which they could lay their
hands, and seeing that they must make a
fioal accounting next June, decided to take
as much more money as they could get and
1y to Canada. The personal property of
both men vas levied upon yesterday. Cross
owned valuable saw-mill. 1t ia thought
the president and cashier had baen dealing
10 stocks and were dissipsted.