The Portland daily press., 1900-10-24

New York, October 25.-Charles L. Al
7ord, Jr., note teller OF the First Nation
al bank of this city, is a fugitive and a
deraulter to the extent of $780, 900.
The announcement of the detalcation
which was made this afternoon, created
the utmost excitement In the financial
district OF the city, but the well-known
stability OF the~ First National and a
statement issued by the bank, had a
quieting effect. This statement was as
follows:
''The note teller, who has been in the
employ of the First National bank for
many years, is a defaulteI to a large
amount. His operations have continued
for a asconsiderable period, and have been
skilfully concealed through q manipulR-
tiOn OF his balance book. The discovery
was made by one OF the bank s employees
few days after the completion of an
examination of the bank by the United
States examiners, During the cOntinu-
ance of his populations, periodical eXami-
nations have been made by several dis
/ tinct corps of examiners, representing
the comptroller's department., ali expert
accountants; and the bank has also had
frequent independent examinations, none
OF which has developed any irregulari-
ties. The aggregate of the false entries
amounting to 500. 600, has been charged
of on the books of the bank out OF the
reserve fund Without diminishing the
surplus and profits OF the bank as re-
ported IN it's last published statement. 1t
is expected that the shortage VIII be
materially reduced by a substantial
sum, OF which there is a fair prospect
OF recovery"
sssAIvord mad bsen with the bank for 20
years, and was one OF the most trusted
in In
extended over a long period, but there
was no suspicion of the truth until ten
days ago when he sent word that he was
III at his home. After he had been away
for q day or two the bank put experts
at work and some Irregularities were
found. AS the experts went deeper and
deeper into Alyord books the officers
were overwhelmed to find that 1t reached
the enormous figure Of 500, 600. Whether
that sum is all he took is not yet known.
1t has not yet developed how the note
teller was able to secure So much money
and escape immediate detection. One
OF the directors is reported to have said
that Alvord was enabled to take such q
large sum because he was in charge Of
the mall. This he opened every morning
and he had ample opportunity to abstract
notes, drafts and checks as we'll as
money. OF course he had to be especial
ly skilfuI tC make his accounts balance.
This director admitted that he was at a
loss to account for the failure of the bank
examiners to discover AlvordFs irregu-
1aritIes at their last examinat alton.
What AlvOrd did with all the cash is
also d mystery as yet, except that, 1t is
said, that large amount of it went into
stock speculation. One story is that he
had lost SIS, 600 in one deal, but what
deal it was not stated. 1t has been discov-
cred that during the summer Alvord VS.
tied Saratoga, where he spent money like
prince. He rented a cottage, kept
stable of fine horses, and beside playing
the races, Is said to have frequentled
gambling houses. If these stories are
true, Alvord displayed entirely ditfs srent
characteristics than those he showed at
home. In this city he was known as a
man of very regular habits. Among
his associates he was looked up to, and