The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-24
Leadsall CaPoim@D DahesimN News smdC Circulation

ness was serious. 1t was = il this
afternoon that the resident 5 hester
Hill heard of - big defalcsrcfon. There
was a rumor that he left the town on
the day that the dinner invitations were
cancelled and that he took a steamer for
South America. This could not be cor
roborated.
Late this afternoon Mrs. Alvord, wife
of the missing note teller, was seen at
her Mount Vernon home. She was weep
ing bitterly and would not talk about
the case. The family consisted of Mr.
and Mrs. Alvord and two girls and a boy
They kept four or five servants.
Mrs. Alvord is said to have told friends
that owing to his position in the bank
Mr.. Alvord was able to obtain tips which
enabled him to make $4,000 to $50 900 a
year over his salary by operating in Wall
Street She is said to have boasted that
her husbands tips were so straight that
he never lost a cent in the street and
always made a gain.
A STRONG INSTITUTION.
The First National Bank is considered
one of the strong financial institutions of
the city. George r. Baker, it's pres
dent, is also president of the clearing
house VIM. B. Reed, is the cashier. The
directors are George F. Baker, Fisher A.
Baker, William Reed, Henry G. Fahn-
stock, William Falstock, F. L. Hine
and James A. Garfield. The bank has a
capital of $500, 900.
The First National was the first to or
ganize under the National Bank act and
President Baker and his associates have
been in charge for fifteen years 1t was
founded by Jacob Thompson, who was
publisher of the Bank Note Detector.
Alvord was capable and experienced and
the discovery of his defalcations made
after he was gone, was complete sur
prise to everybody. The loss of money is
hardly disturbing the bank, which is one
of the strongest in the city.
Alvord is about so years of age and
has wife and three children. His home
was at Mount Vernon and he was re-
spected there as well as in the street
His habits were good 1t is believed that
he lost money in stock speculations and
that some of the money can be recovered.
He disappeared a week or ten days ago.
The crime has been known long enough
to the officers now to enable them to say
with some assurance that Alvord did his
work alone No one else is under sus-
piciOn.
CONDITION OF THE BANK.
A statement made by the bank on Sep
| tember 5th showed the following
Capital, $500, 900; surplus, $5,0OO000; un-
divided profits, $4,11425O; deposits, $780,
| 997 ,895; demand loans and cash on hand
| $23, ,979, ,276 time loans, $5,654, ,61O; stocks
| and bonds, 500, 110 400.
In the statement the banks total re-
sources were placed at $52, 663, ,294
Beyond the facts contained in the Off
cial statement the banks vice-president
| Frank L. Hine, absolutely refused to say
a word. President George F. Baker when
asked regarding the matter said that the
| statement given out by the vice president
| contained all that he had to say in regard
to the defalcation. When asked if Alvord
| had been apprehended the vice president
said:
81 don't think he has
At the local office of the detective
agency which usually has charge of bank
cases, it was said that officials of that
company had heard nothing of the defal-
cation as yet and that they had not at
that time been assigned to the case. The
First National Bank is a member of the
National Bankers Association.