Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1900-11-09
STOLE $70O,000.
trusted Employee OF the Fir.t M.
uo""i Hank OF New York for MANY
ae"rs Goes Assray-His Mnnipu.
i"tiSns skinruIiy Conceaica-rne
Dcfauiter Makes Good ss,. r.can.

NeW YORK, october &c l. Aivora
note teller or the First National Rank
10 a defaulter TO the amount of 1900 ooo
AiVord has not yet been apprehendaa
ne had been an employee OF the bank
Tor over twenty years. The First
N"uonal Bank Is one or the larrest
banking institutions I'm the city and lis
president Ia George +. Baker. who IA
Also president OF the Astor National
Bank and financial adviser OF the As-
tor family. The bank ia located M No
Wall street and has n capital OF fsoo
900 and a surplus or IS. 600. 600 Tho hanL
gave out the following statement lat.
to-day
Ehe note teller who has been In the
employ or the First National Bank Tor
many years. IL a defaulter 10 n laY,,s
sheunt His operations have continued
Tor considerable time ana have hesn
ehliituliy concealed through a maninu-
ia'ion OF his balance book. The discov.
cry was made by one OF the banks en-
psoyees fow days after the completion
OF an examination OF the bank by the
United States examiners Duriny tho
continuance OF his peculationa periodi.
cal examinations have been made hv
eeNeru instinct corps OF examiners rem
resenting the comptrollcr'p department
eAl expert accountants. ana the bank
noe also had frequent indepcndent ex-
AihihHtions. neither OF which has de-
feioped In any irrcgularity. The arrro-
sate OF the fnlse entries. amounting TO
tiVo.VVO. has been charged off ON the
DOCKS OF the bank out OF The reserve
1und. without diminishing the surplus
ana profits of the bank as reported I'm
i.s ias' published statement Ii Ia ex-
pecteu that the shortage Will be ma
teriany reduced by substantial aum
OF which there IN fair prospect OF re.
oovery."
Alvord wac capable and experienced
end tho discovery OF his defalcations
nAoe AFTER he was gone was n com
piete surprlse To everybody. The loss ~
money Is hardly disturbing the banl
whsch In enc OF the strongest I'm the
CITY. Alvord Is about 90 years OF nRe
ana has wife and three children. Hla
home was at Mount Vernon. and ne
was respected there az we'll az I'm the
street His habits were good. II Ia be-
iieved that he lost money I'm stork
speculauone and that some OF the
money can be recovered. lie disappear
ed week or ten days ago.
The crime has been known long
enough 10 the officers now 10 enable
them To gay with some Assurance that
Alvofd did HIS work alone. No one else
In under suspicion.
statement made by the bank on
september 9Th. showed the following;
capital. $500. 900; surplus. S. 600 900; an
divided profits. N.1ii.2 $50: deposits. $40.
s9Isyb; demand loans and cash on
hand. S23S79.376: time loans. 35.054.6lO:
stocks and bonds. $40. no. do9
In the statement the bnnk's total re-
sources were placed at fb2, 663. 2o4
Beyond the facts contained In the
Official statement the banks vice pred
ueht FRANK l. liine. absolutely refused
70 say word. President George L.
Baker. when asked regarding the mat
YER SAID that the statement given out
by the vice president contained all that
he had TO Ray I'm regard To the defalca-
ton. When asked n Alvord had been
hpprehended, the vice-preeident said:
Il don't think he has."
At the local Office OF the detective
agency which usually hns charge of
bank cases 10 was said that officials az
that company had heard nothing OF the
nefalcations as yet ana they had not
at that time been assigned 20 the case.
The First National Bank ia IA member
or the National Bankers Association.
AlVord had been with the bank for
twenty yeare and was one OF the most
trusted men In the institution. HIS
steaiinRs extended over "a long period.
but no suspicion OF the truth was
known until ten days ago, when ne sent
word that he was Ill at his home. After
he had been away for day or two the
bank put experts at work on some IL
Irregularities found. AS the experts
delved deeper and deeper into Alvord's
books the extent or the robbery began
10 dawn on the officers until they were
overwhelmed To ind that Il had reached
inc enormous figure Of 1900, 900.
whether that sum IN all that ne took Is
not yet known
IL has not yet developed how the noto
"A Ia ~. N.t,
much money. But one OF the directors
~ reported To have said that Alvord
was enabled 10 take such a large sum
because as note teller he was In charge
Oh the mail. This he opened every
morning and he had ample opportunity
10 abstract notes. drafts and checks aa
wen as money. or course, ne had 10 be
especially skillful 10 make his accounts
balance. This director admitted that
ne was at loss To account for the
failure Of the bank examiners 60 dis
cover Alvord's irregular rites at their
last examination. Forest Raynor ia I'm
charge or the national bank examiners
Office here.
What Alvord ala with all the cash IA
mystery az yet. except that ga usual
In such cases IL II said that "A large
amount OF II went I'm stock speculation.
one story Is that he had lost $4,000 I'm
one deal. but wtal dcnl ~ was ~ not
etated. IL has been discovered that
curing the Eummcr Alvord visited Sara
toSa. where he cut great figure spend
Ing money HE a prince. He rented n
cottage. kept fine stable OF horses
and besides playing the horses Is said
10 have nequented gambling houses.
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