The age-herald., 1900-10-24
His Operations Concealed by s.-..S SkiIIfuI ManipuIationS
THE. BANK ISSUES A STATEMENT
Loss Made Good Out of the Reserve Fund-The Fugitive is Said to Have Speculated in Wall
 Street

New York, October 23.-Charles L. Alvord Jr., note teller of the First National Bank of this city, is fugitive and defaulter to the extent of s7O0000.
 Fhee announcement of the defalcation which was made this afternoon, created the utmost excitement in the financial cen- ter of this city, but the well-known stabil- ity Of the First National Bank and state ment issued by the bank had quieung effect. This statement was as follows:
 ''Fhe note teller, who has been in the employ of the First National Bank for many years, is a defaulter to large amount. His operations have continued for q considerable period, and have been skill fully concealed through manipulation of his balance book. The discovery was made by one of the banks employees few days after the completion of the examination of the bank by the United States examin- CTS. During the continuance of his pecu- lations, periodical examinations have been made by several distinct corps of exam iners, representing the Comptroller's De- rartment, with expert accountants, and the bank has also had frequent independent examinations, neither of which has devel- oped any irregularity. The aggregate of the false entries, amounting to s7OOOOO, has been charged off on the books of the bank out of the reserve fund without diminish ing the surplus and profits of the bank as reported In its last published statement. Ii is expected that the shortage will be materially reduced by substantial sum where there is fair prospect of recovery"
 Alvord has been with the bank for twen- ty years and was one of the most trusted men in the institution. His stealings ex- tended over long period but no suspicion of the truth was known until ten days ago when he sent word that he was i'll at his home. After he had been away for a day or two, the bank put experts at work and some irregularities were found. As the experts delved deeper and deeper into Alvord's books the extent of the robbery began to dawn on the officers until they the enormous figures of s7OOoOO Whether that sum Is all he took is not yet known
 Officials Nonplussed
 It has not yet developed how the note teller was able to put his hands on so much money. Of course, he had to be especially skilled to make his accounts balance. One director admits that he was at a loss at the failure of the bank examiners to dis cover Alvord's Irregularities at their last examination. Forrest Raynor is in charge of the national bank examiners office here.
 What Alvord did with all the cash is also mystery as yet, except, as usual in such cases, 1t Is said large amounts of it went in stock specula tion. One story is that he lost S5,000 in one deal, but what deal it Is is not stated. It has been dis covered that during the summer Alvord visited Saratoga, where he cut a great figure, spending money like a Prince. He rented cottage, kept a fine stable of horses and besides played the races and is said to have frequented gambling houses.
 If these stories are true Alvord displayed entirely different characteristics from those he showed at home. In this city he was known as man of very regular habits Among his associates he was looked up to, and on Wall street was known as Happy Alvord" because of his cheery ways His home was in the suburb of Mount Vernon. This home Is magnificent place, located on Chester Hill. one of the most aristocratic sections of the suburb. It Is surrounded by luxurious grounds and there are extensive stables.
 Alvord has long been considered one of the big men of the town. His family enter tained lavishly, and gave large sums to CHd1lly. lie was prominent In Cnurcn circles and his wife Is considered one of the most beautiful women in Mount Vernon.
 Invitations had Aeen sent out for "a grand dinner at the Alvord home week ago to- morrow night. The day set for the dinner messengers scurried throughout Mount Yer non recalling the invitations That night the house was in darkness. Friends of the fam fly were told that MT. Alvord was i'll. The darkened windows since then and the fact that no callers were admitted, led the neighbors to believe that his illness was serious.
 Gone to South America
 It was not until this afternoon that the residents of Chester Hill heard of his big dedication. There was a rumor that he left the town on the day that the dinner in- vitations were cancelled, and tha< he took steamer for South America. This could not be corroborated.
 Late this afternoon Mrs. Alvord, wife of the missing. mote teller, was seen at her Mount Vernon home. She was weeping bitterly and would not talk about the case. The family consisted of Mir. and Mrs. AL word, two girls and boy. They kept four or five servants.
 Mrs. Alvord Is said to have told friends that owing to his position in the bank MT. Alyord was able to obtain tips which en- abied him to make s40,0O0 to s50,000 a year over his salary by operating in Wall street She is said to have boasted that her hus- bands tips were so straight that he never lost a cent in the street, and always made a gain.
 yTbo rr;,st National Rank fs considered