Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1900-10-29
GREAT BANK STEAL
FIRST NATIONAL, OF NEW YORK
LOSES 100000.
NOTE TELLER A FUGITIVE
His Operations Carried On and Skill
fully Concealed for Long Period
Even U. S. Bank Examiners Were
Duped-Defauter Prominent in
Church Circles of Mount Vernon.

New York, Oct 24-Charles L. Al
word, Jr., note teller of the First Ma
tional bank of this city, is fugitive
and defaulter to the extent of 100000
The announcement of the defalcatiOn.
which was made yesterday afternoon
created the utmost excitement in the
financial districts of city, but the well
known stability of the First National
and a statement issued by the bank had
a quieting effect The statement fol
lows: "a 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
continued for a considerable period
and have been concealed through
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 u. S. examiners. During the
continuance of his populations period
ica1 examinations have been made by
several distinct corps of examiners,
representing the comptroller's depart
ment, all expert accountants, and the
bank has also had frequent indepen-
dent examinations; neither of which
developed any irregularity. The ag-
gregate of false entries. amounting to
500. 900, had 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 III
it's last published statement. It is ex-
pected the shortage will be materially
reduced by substantial sum, of which
there is fair prospect of recovery"
Alvord had been with the bank
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 ten days ago, when he
sent word that he was i'll at home.
After he had been away day or two
the bank put experts at work and
some irregularities were found. AS
the experts delved deeper into Al
worlds books the extent of the robbery
began to dawn on the officials until
they were overwhelmed to find it
reached the enormous figure of $780,
000 Whether that sum is all he took
is not yet known. 1t has not yet de-
veloped how the note teller was able
to put his hands on so much money;
but one Of the. directors is reported to
have said that Alvord was enabled to
take such large sum because as note
teller he was in charge of the mail
This he opened every morning and
had ample opportunity to abstract
notes, drafts and checks as we'll as
money.
Of course he had to be especially
skillful to make the accounts balance.
This the director admitted he was at
a loss to account for and the failure
of the bank examiners to discover Al
worlds irregularities. What Alvord
did with all the cash is also a mys-
terry, except that it is said large
amount went in stock speculation. He
was known as man of very regular
habits. His home is in Mount Vernon,
where he lived in luxuriant style. He
had long been considered one of the
big men of the town. His family en-
tertained lavishly and gave large sums
to charity. He was prominent in
church circles, and his wife was con-
sidered one of the most beautiful
women in Mount Vernon. It was ru-
mored yesterday that Alvord had
sailed for South America