Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-10-24
Ne LIVED N PALACE
Delaultsr Alyord Lived High and
Spent Money Likea Prince
at Saratoga
He u Now . Fugitive From Jus.
ttos and His Shortage Is
100000.
Details Of the New York Bank
Defalcation and How 1t Was
Discovered.

New York, Oct. 24.-Charles L. ALI
word, Jr., the note teller of the First
National Bank of this city, whose
'defalcation from the First National
Bank OF this city was announced in
these dispatches yesterday afternoon.
is fugitive from Justice and default =
err to the extent Of 800. 900 The an:
;nouncement of the defalcation created
the utmost excitement in the tinanciel
circles OF the city, but the WELL known
ability of the bank and its high stand
ling had a quieting effect. This state
inert was issued by the banks officers
last evening:
The note teller. who has been in the
employ OF the First National Bank for
many years, is defaulter to a large
amount. His operations have continued
for considerable period, and have
I been carefully concealed thru manip-
I.ulation of his balance book The dis
lcovery was made by one of the banks
lemployes few days after the compile
ition of an examination OF the bank by
! United States officials. Periodical ex-
aminations have been made by several
distinct corporations of examiners reps
PRESENTING the comptrollers department.
| by expert accountants. and the bank
/ also had frequent independent exami-
nations. neither of which has developed
any iTregularity.
The aggregate of the false entries
amounted to $70O.0O0 and We're charged
Lon the books of the bank out of the re-
serve fund without diminishing the sur
plus and profits of the bank. as repre-
scented In its last published statement"
1t is said that the shortage will be
materially reduced by a substantial
isum. 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
1stealings extended over a long period,
Ibut no suspicion of the truth was
known until ter days ago. when he sent
word that he was i'll at his home. After
he had been away for a day or two the
bank put experts at work and some tr-
Irregularities were found. As the ex-
Iperts delved deeper and deeper into AL.
Words books the extent Of the robbery
began to.tlawn on the officers until they
We're overwhelmed TO And that it
reached the enormous figure OF $700.-
1000. Whether that sum is all that he
1took is not yet known.
1t has not yet developed how the note
teller was able to put his hands on SO
much money. But one of the directors
lis reported to have said that Alyord
was enabled to take such large sum
because as note teller he was in charge
l5of the mail. This he opened every
3Imorning and he had ample opportunity
l#tn abstract notes, drafts and checks,
las well as money. OF course. he had to
siibe especially skillfnl to make his ac-
lcounts balance This director admitted
\ that he was at a loss to account for the
failure of the bank examiners to dis
sicover Alvords irregularity at their last
4 Forrest Raynor Is in charge OF the
national bank examiners Office here.
What Alvord did with all the cash is
lalso deep mystery as yet. except that
las usual in such cases 1t Is said that
la large amount OF It went into stock
5lspeculation. One story is that he lost
4 ST., 900 in one deal, but what DEALT was
lis not stated. It has been discovered
4 that during the summer Alvord visited
a Saratoga where he cut great figure
4 depending money like prince he
rented a cottage. kept fine stable Of
a bolses. and besides playing the races
= is said to have frequented gambling
u houses.
If these stories are true. Alvord dis
q played entirely different characteristics
than those he had shown at home. II
this city he was known as man o,
Very regular habits Among his asso
., ~. W.
4 street he was known as Happy Al,
I vord. 9 because Of tis CHEEKY ways. Hi,
home was in the suburb of Mount Yer
4 non. His home is magnificent palace
4 located on Chester Hill, one Of rhe mos
/. aristocratic sections OF the suburb. I
u Is surrounded by luxurious grounds