Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1900-10-25
A BANK ROBBED OF 100000
First National of New York Ac-
cuSeS Its Note Teller.
HE HAS BEEN MISSING TEN DAYS
Wall Street is Shocked by the
@ ENFORCEMENT.


AhiEe sum 10 ne Issken-it
is Charged Tint the Declarations Ex-
tended over Long Period.
New York, Oct. %. THE First National
Bank of this city has been robbed of
$780, 900. Charles T.. Alvord Jr., note
teller of the hank, is accused
The announcement Of the defaloation,
which was made this afternoon, created
great excitement in the financial dis
trict OF the city, but the well known
stability of the First National and
statement issued by the bank had
quietiDg effect. This statement was as
follows:
1.-THE note teller, who has been in
the employ of the bank for many years,
is detaulter to large amount. His
OPERA ions have continued for a con-
siderable period, and have been skill
fully concealed through a manipulation
of his balance book. The discovery was
made by one OF the bank g employees
examination OF the tank by the United
States examiners. During the continu-
ance OF his populations neriodical ex-
| sminatIons have been made by several
distinct corps Of examiners representing
the Comptrolers' Department, and the
bank has also had frequent independent
examinations, neither of which has de-
velopeu any irregularity. The aggre-
gate of the false entries, amounting to
| 800, 900, has been charged off on the
| books of the bank out of the reserve
| fuud, without diminishing the surplus
and profits of the bank as reported in
| its last published statement. 1t is ex-
peoted that the shortage will be materi-
ally reduced by substantial sum, Of
which there is fair prospect of re-
| covpry."
Alvord had been employed by the
bank 20 years. and was one of the most
trusted men in the institution. 1t is
| charged that the defalcatiGns extended
over long period. No suspicion was
known until 10 days ago, whom Alvord
sent word that the was i'll at his home.
| After he had been away for day or
| two the bank put experts at work and
some irregularities were found. As the
experts delved deeper and deeper into
| Alyord's books the situation began to
| dawn on the officers until they we're
overwhelmed to find that the enormous
sum OF $780,, 900 wan missing. Whether
| that is all that was taken is not yet
| known.
1t has not yet developed how the
note teller was able to put his hands
| on SO much money. One OF the directors
| is reported to have said that Alrord
| because as note teller he WAS in charge
Of the mail. OF course he had to be
especially skilfull to make bis accounts
| balance. This director admitted that
| be was at loss TO account for the
failure of the bank examiners to dis
cover the Irregularities at their last ey-
animation.
| What was Gone with the missing
money is also a mystery as yet, except
that, as is usual in such cases, it is
said that large amount Of it went in
stock speculation. One story il that
| Alvord lost S75, 600 in one deal, but
what deal IL was is not stated. 1t has
been discovered that during the summer
Airord visited Saratoga, where he spent
money freely.
Alvord js about so years old and has
a wife and three children. His home
was at Mount Vernon, and he was re-
speoted there as well as in the street.
His habits were good.
| A statement made by the bank on
September 9Th showed: Capital, $500,
600; surplus, 5000, 600; undivided
profits, "a, ia. $50; deposits. $50, 997,
895; demand loans and cash on hand,
s23, 379, 276; time loans, So, 654, 610, and
stocks and bonds, 500, ITO, 400. In this
statement the banks total resources
we're placed at s52, 663, 29l.
New York, Oct. "a. up to 10 O'Clock
this morning Cornelius L. Alvord,
the defaulting teller of the FIRST Ma
/ ,%oxi
and It was eaid no news bad been re-
ceived of him. Mrs. Alvord left her
home, at Mount Vernon, and came to
this city this morning. 1t is said she
does not intend to return to Mount
Vernon. 1t was learned today that
when the, Alvords went to Saratoga,
last summer, they took with them all
their horses and carriages. 1t took two
cars to transport the outfit. The
\ horses were blooded animals, and the
| vehicles were all of the handsomest
description. One set of harness alone
| il said to have cost 81, 500, and every
thing about the stable equipment was
on the game scale.
! Vice President Hine of the Fret
National Bank, In answer to . number
of questions put to him in regard to
| Alvord and the general situation, said
that the bank had cleared up the whole
| matter of defRlcation 10 its own eatis-
faction. This was interpreted to mean
that just how and when Alvord had
taken the money had been discovered
by the officials. Mr.. Hine said be did
not care to talk about the matter.
President Baker, who arrived at the
bank from Tuxedo early today, would
not say anything to inquirers, except
to refer them to the yioe-president.