The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-28
COLLAPSE OF A BANK.
The President and Cashier Believed
to Have Absconded.

RALEIGH, N. c., March 27.-The chair
man of the board of directors of the State
National bank publishes the following this
morning:
The directors of the State National Bank hav-
ing reason to believe that the president and
cashier of the bank have absconded with large
amount of assets, have determined to close its
doors and turn over all 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
detacation.
BY order of the directors
e. r. STAMPS, Chairman pro tenn.
The officers of the other banks in the city
have announced officially that the suspen-
sion does not affect their institutions.
NO RUN ON OTHER BANKS.
There has been nothing w1atever in the
nature of n run on the banks of this city
other than the plundered State National
Bank. The confidence in their soundness
seems to be absolute The broken bank has
remained closed tight to-day, awaiting the
coming of tho bank examiner,
who is expected tonight or to
morrow morning The amount of
the defalcation is variously estimated
at from $250,000 to S340,000 The cash car
ried off is supposed TO be S45, 900, including
$40, 900 in gold, to bear which the abscond-
bank. They are believed to now be in Can
ada, having left the city Saturday after
noon for the North via Greensboro.
LOOKED UPON AS sHAKY.
BALTIMORE, MD, March 27-The failure
of the National Bank of Raleigh did not
create surprise III bank circles in this city,
as the bank was looked upon as weak. Ten
days ago Samuel c. White. the cashier,
stopped at the National Union Bank
of this city and asked for a
discount of $4,000 of the Planters
Bank paper. 1t was not looked upon
as safe and it was refused. The National
Union Bank has been its correspondent in
this city, but had not discounted for it since
last November and therefore lost nothing.
White told the President of the National
Union Bank that he had had no difficulty
in getting accommodations in New York
which had been refused in Baltimore. 1t
was supposed White was then on his way to
Canada
THE RUINED BANKS FOUNDER.
The State National Bank, of Raleigh,
was started by wealthy man named
Williams with "A capital of 100000. Mr..
Williams assigned his shares to his sons-in-
law and they with him became directors.
After the death of Mr.. Williams his widow
became President of the bank and acted as
such until two or three years ago, when she
retired and her son-in-law, Cross, was
elected President
The National Union Bank of this city
always accommodated the Raleigh bank by
rediscounting its paper, except ON one pre-
vious occasion, and lost nothing by the
transactions The circulation of the closed
bank is said to be not over $25, 900, which is
secured, but the deposits are said TO be
about S24 1000, for which the stockholders
are responsible.
AN EXAMINER SENT ON.
WASHINGTON, March 27.-The Comp
troller of the Currency received informa-
tion this morning that the President and
Cashier of the State National Bank of
Raleigh, N. c., have absconded to Canada
with large amount of the banks funds
He at once issued instructions to Bank Ex-
aminer Tate to proceed to Raleigh and take
charge of the bank.