The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1900-10-31
a RECORD BREAKER.
Steals Seven Hundred Thousand from
Few York Bank.

G. L. Alvord, note teller Of the First
National bank, Of New York is de-
faulter to the amount Of 500, 900.
Alvord has not yet been apprehended.
He had been an employe of the bank
for over twenty years. The First Ma
tional is one Of the largest banking in
stitutions in the city and it's president
is George F. Baker, who is also rresi-
dent Of the Asto National bank and a
financial adviser Of the Astor family.
The bankis located stNo. Wall street
and has capital of $500, 600 and sur
plus Of s. 900, coo. The bank gave
out the following statement late We'd
nesday:
THE note teller, who has been in
the employ of the First National bank
for many years is defaulter to large
amount. His operations have con
tinued for considerable period, and
have been skilfully concealed through
manipulation of his balance book
The discovery was nade by one of the
banks employees few days after the
completion of an examination of the
bank by the United States examiner.
During the continuance of his yeca;a-
tions periodical examinations have been
made by several distinct corps Of ex
amiDers representing the comptTollers
department, oil expert accounts; and
the bank has also had frequent exsmi-
nations; neither Of which,has developed
any irregularjty. The aggregate of the
false entries amounting to $500, 900
has been charged of On the books Of
the bank out Of the reserve fund, vi b.
out diminishing the surplus and prof
of the bank as reported IN its last pub
!iehed statement. Il is expected that
he shortage will be msteria'ly reduced
by substantial sum, Of which there Is
fair prospect of recovery"
A!vord was capable and experienced,
and the discovery Of his defalcations
made after he was gone, was com.
plete surprise to everybody. The loss
Of money is hardly disturbing the
bank, which is one Of the strongest in
the city. Alvord is about 80 years old
and has wife and three children. His
home was at Mount Vernon and he
was respected there as we'll 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 disap-
peared about 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 suspicion. A statement
made by the bank Of Sept. 5th showed:
Capital 0,000; surplus $4,000, 900;
undivided profits 81, Il, 250; deposits
$50 997 e95; demand loans and cash on
hand S23, 379, 276; time loans s., 654, 61O;
and stocks and bonds $50, ITO, 400. In
the statement the banks total resources
were placed at $50, 663, ,294
Beyond the facts contained in the Of
fcial statement the banks vice presi-
dent, Frank L. Hine, absolutely re-
fused to say word. President Geo.
F. Baker when asked regarding the
matter said that the statement given
out by the vice president contained all
he had to say in regard to the defalca-
tion. When asked if Alvord had been
apprehended, the vice president said:
~ don't think he has" At the local
ofise of the detective agency which
usually has charge of bank cases: it
was said that officials Of that company
had heard nothing Of the defalcation
as yet aud that they had not at the
time been assigned to the case.
1t has not yet developed how the
note teller was able to put his hands on
SO much money, but one Of the direc-
tors is reported to have said that Al
word was enabled to take such large
sum because as note teller he was in
charge Of the mail. This he opened
every morning and he had ample op-
portunity to abstract notes, drafts and
checks as we'll as money. o. course,
he had to be especially skilful to make
his accounts balance. This director
admitted that be was at loss to ac-
count for the failure OF the bank ex
aminers to discover Alvords ir1egulari-
ties at their last examination.