The suburban citizen., 1900-10-27
STOLE NEARLY A MILLION.
Charles L. Alvord, Jr, Note Teller
in New York, Makes a
Big Haul.


New York Especially Charles L. AL
word, Jr, note teller of the First Ma
tional Bank of this city, at No.
Wall street, is a fugitive and a de-
faulter to the extent of S700,000.
The announcement of the defalca-
ton, 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 defaulter to large
amount His operations have con-
tinued for a considerable period, and
have been sliilfully concealed through
a manipulation of his balance book.
The discovery was made by one of the
banks employees a few days after the
completion of an examination Of the
bank by the United States examiners.
During the continuance Of his pecula-
tions periodical examinations have
been made by several distinct corps Of
examiners representing the comptrol-
lers department, all expert account
ants, and the bank has also had fire.
quent Independent examinations,
neither Of which has developed any ir-
regularity. The aggregate OF the false
entries, amounting to 100000, has
been charged off on the books of the
bank out of the reserve fund, without
diminishing the surplus and profits OF
the bank, as reported in its last pub
lished statement. 1t is expected that
the shortage will be materially reduced
by a substantial sum, of which there
is fair prospect of recovery"
Alvord had been with the bank for
twenty years, and was one of the most
trusted men in the institution His
stealings extended over a long period,
but no suspicion of the truth was
known until 10 days ago. when he sent
word that he was i'll at his home. At
ter 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 IT the rob-
berry began to dawn on the fIicers, un-
til they were overwhelmed to find
that it reached the enormous figure Of
$500, ,0O0 Whether that sum is all that
he took is not yet known.
IL HAS nOL yet utFGAOpN1 uOW NhS
note teller was able to put his hands
on so much money. But one of the di-
rectors is reported to have said that
Alvord was enabled to take such a
large sum because, as note teller, he
was in charge of the mail. This he
opened every morning, and he had
ample opportunity to abstract notes,
drafts, checks as well as money. OF
course he had to be especially sNiltul
to make his accounts balance. This
director admitted that he was at loss
to account for the failure Of the bank
examiners to discover Alyord's lrTc-
gularities at their last examination.
Forest Raynor is in charge Of the
National Bank Examiners Office here
What Alyord did with all the cash
is also a mystery as yet, except that
as usual in such cases, it is said that
a large amount of it went in stock
speculation. One story is that he had
lost 900 in one deal, but what deal
it was is not stated. 1t has been dis
covered that during the summer AL
word visited Saratoga, where he cut
a great figure, spending money like a
prince. He rented a cottage, kept a
fine stable of horses, and besides play
ing the races, is said to have frequent
ed gambling houses.