The Penn's Grove record., 1900-10-26
TELLER STOLE 100000
Trusted Employee Of a New YORK
Bank IS a Heavy Detaulter.
A CLERK MADE THE DISCOVERY

~ # 49,
h Note Teller, by a System of False En-.
tries, Plundered in Security For Some
TiIne-He Lived Luxuriously In Mount
Vernon and is Said to Have GambIed
Heavily-Statement Issued by the Bank
New York City (SpeciaD.-The First
National Bank at Broadway and Wall
street has been robbed of 100000 or
thereabouts by it's note teller, Corne-
Illus 4. Alvord. A1vord had been in the
employ Of the bank for something like
twenty years, and had always enjoyed
q good reputation. The formal state
ment issued by the bank announcing
the d~efalcation follows:
THE note teller, who has been in the
employ of the First National Bank for
many years, is a defaulter to a large
amount. His operations have contin-
ued for a considerable period, and have
been ski1Ifully concealed through a
manipulation of his balance book. The
discovery vas made by one Of the
banks employees a few days after the
completion of an examination of the
bank by the United States examiner.
During the continuance of his pecu-
lations periodical examinations have
been made by several distinct corps of
examiners representing the Control
ler's Department, all expert account
ants, and the bank has also had fire.
nlJQrf in6anondonf owe MIN offcv,c vnora
Of which have developed any irregu-
iarity. The aggregate of the false en-
tries, amounting to 100000, has been
charged off on the books of the bank
out Of the reserve fund, without d.
minishing the surplus and profits of
the bank as reported in it's 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"
The d~efalcation is the biggest in the
history Of the Street. The Bank of
the Manhattan Company was robbed
by u defaulter of about $685. 00, and
the Phoenix National Bank of about
$500, 900. Samuel G. Seely got $354,-
900 from the Shoe and Leather Nation
al Bank, and only a few months ago
completed the term of Imprisonment
which he served for his theft.
Cornelius L. Alvord, or Cornelius T..
Alvord, Jr., as stated In some quar-
ters, it is said was a nephew of Thos.
B.. AlyOrd, formerly LieutenantsG Gov
ernor Of this State. Cornelius AIvord
came here from the country something
like twenty years ago, and went to
work in the First National Bank as a
clerk.
Alvord is fifty years old, tall and
portly, weighing nearly 300 pounds.
He mas a wife and three children. The
family lived in a pretentious house in
Mount Vernon and entertained law
ishly.
He also had extensive apartments at
Saratoga in the United States Hotel,
where he lived last summer at the rate
of $500 a day. His vacation was spent
at Saratoga. where he cut a wide
swath in the gambling houses. 1t has
been learned that he plunged on the
races and frequented rooms where rou.
lette and faro are played.
In Wall street Alvord was exceed.
ingly well known, and his friends sup
posed he had made money in specula-
ton. His salary was 5000 a year, his
living expenses at least $4,000. Most
of the stolen money. 1t Is supposed,
was lost in gambling and unlucky
specnlations. Attorneys for the bank
announced that they had located $780,
900 in securities and real estate in Al
words name which they will attach.
Although the peculations exceed the
banks S5O0,0 600 capital, the last state
ment showed a surplus of $1,000. 600
and profits of $4,OOO,OO0, SO that the
thefts are comparatively only a drop
in the bucket. The directors will make
good the defalcation.