Charlotte messenger. [volume] (Charlotte, Mecklenburg Co., N.C.) 1882-18??, 1888-04-07
THEY BOTH SKIPPED.
The President and Cashier Run OF
With the Funds.
Great Excitement in the Capital of the Old
North State-People Hit Hard Far
and Near-The Defnulters Thought
60 be In Canadn.

and Near-The Defnulters Thought
Go be In Canada.
Raleigh is IN state of extreme excite
ment over agreat bank defalcation which
has just been made public.
President Charles E. Cross and Cashier
Samuel Z. White have absconded with
$49, 900 of the banks funds, and have
tied to Canada. 1t is believed that they
! have rehypothecated large amounts Of
the banks paper in New York, and that
the total loss will reach 5000, 900, and
possibly $3.50, 900.
When the news of the trouble was
| known to the bank directors, a special
meeting was held at late hour The
last quarterly statement of the bank,
made in February, showed that there
were $305, 900 of deposits subject to
check, 1t was shown to the directors
that the sum due depositors was $22, 900 !;
due the Park Bank of New York $685.
OO0s due two banks here, $4,000. 1t
was shown further that the bank ought
to have the following assets: 1924, 900
in notes and $4,000 in mortgages on
real estate. How many of the notes were
rehypothecated is not known.
The defaulters left $4,000 in cash to
deceive the teller. Both White and
Cross had lately been in Canada ostensi-
bly, on the business of the bank. Both
had also been in New York. On Thurs
day they asked bank at Richmond and
a bank at Baltimore to send them $40, 900
each, SAYING they would give drafts on
the Park Bank to cover this amount. On
, Friday night they got $50, 900 from these
banks by express. White got it and
never put it in bank at ALL On Saturday
afternoon both men lsft. At Greensboro
they were seen on Sunday morning, and
conductor who knew both well re-
marked; "You two look like you were
bound for Canada That was the last
seen of them.
The bank was closed with notice that
il was closed by order of the directors.
The State had $l4,0 on deposit of its
general fund, and $3, 500 of fund for
the deaf and dumb and blind institu-
ton, Recently $4,000 of money from
the Hatch bill for the State Agricultural
and Mechanical College had been de-
posted there by W. S. Primrose, presi-
dent of the trustees of that college
People far and near have been bitten
hard by the failure. Itstruck all classes
here. People have great confidence in
the other banks in the city, and there
was no run on them, Both Cross and
White were connected with the church,
the latter very prominently. Cross was
young, and was for years clerk in the
State Auditors office. He had been
president of the bank two years. White
had been cashier ever since the bank was
established, nearly twenty years ago.
The banks capital was 5000, 900.
LATER.
A special from Toronto, Ont, says:
Two men, one apparently in middle life
, and the other quite young. who have
been stopping in magnificent style at the
Albion hotel, with a colored lackey in
attendance, were suspected Of being the
defanlting cashier and president of the
State National Bank, of Raleigh, n. c.,
! and on the strength of u telegram from
the chief OF police at Raleigh, charging
them with forgery, were arrested in their
rooms and taken to the Central Station.
When they were questioned they de-
clared they came from New Orleans and
were not the men wanted On being
examined, $l5, ,s55 was found in the coat
OF Samuel C. White, the cashier, and
/ $9.SS in that of Charles E. Cross, the
president secreted inside the lining,
making in all sum of $s4,7l4, 5000 Of
which was unsigned currency bills.
Bills of indictment for forgery have
been found against them, and it is prob
able that the gentlemen will be escorted
back TO their native city shortly.