The Oskaloosa herald., 1900-10-25
A TRUST BETRAYED.
Employe of a New York Bank
Goes Wrong.

New York, Oct. 24.-Charles l.. AL
word, Jr., note teller of the First ma
tional bank of this city, is a fugitive
and a defaulter to the extent of $780,
600. The announcement of the detail
cation, which was made Tuesday aft
ernoon, created the utmost excitement
in the financial district of the city, but
the well-known stability of the First
national and a statement issued by the
bank had a quieting effect. This state
ment was as 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 continued for a con-
siderable period, and nave been s~killfully
concealed through a 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 the United States examiners.
During the continuance of his populations
periodical examinations have been made
by several distinct corps of examiners rep
resenting the comptroller's department,
all expert accountants; and the bank has
also had frequent Independent eXamina-
tons; neither of which has developed any
~irregularity. The aggregate of the false
80 NAAAS ~ = |NgNBNNV AoP bNNAA
charged off on the books of the bank out
Of the reserve fund, without diminishing
the surplus and profits of the bank as
reported in its last published statement.
1t is expected that the shortage will be
materially reduced by a substantial sum.
of which there is fair prospect of recovery"
Alvord had been with the bank for
20 years and was one of the most trust
ed men in the institution. His stealings
extended over a long period, but no
suspicion of the truth was known UNI
til ten 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
irregularities were found. As the eX-
perts delved deeper and deeper into
Alvord's books the extent of the rob-
berry began to dawn on the officers, un-
til they were overwhelmed to find that
it reached the enormous figure of $780,
900. Whether that sum is all that he
took is not yet known.
It has not yet developed how the
note teller was able to put his hands
on so much money. But one of the do
rectors is reported to have said that
AIvord 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 well as money. OF course, he
had to be especially skillful to make
his accounts balance. This director
admitted that he was at a loss to &C
count for the failure of the bank ex'
aminers to discover Alvord's irregu'
l~arities at their last examination. For
rest Raynor, is in charge of the ma
tional bank examiners Office here.
What Alyord did with all the cash il
also a mystery as yet, except that as
usual in such cases, it is said that 9
large amount Of it went in stock spec
ulation. One story is that he hadl los
$4,000 in one deal, but what deal il
was is not stated. 1t has been discov
cred that during the summer Alvorc
visited Saratoga, where he cut a grea'
figure, spending money like a prince
He rented a cottage, kept a fine stable
of horses, and besides playing thu
races, is said to have frequented gam
bling houses.
II these stories are true, Alvord dis
played entire different characteristic.
than those he showed at home. II
this city he was known as a man of yer,
regular habits. Among his associate
he was looked up to, and on Wall stree
was known as Happy Alvord, becaus'
Of his CHEEKY ways. His home was II
the suburb Of Mount Vernon. Thi
home is a magnificent place, located o.
Chester hill, n of the most a%ristocrat
ic sections Of the suburb. 1t is sur
rounded by luxurious grounds, an
there are extensive stables. Alyord ha
long been considered one Of the big me
OF the town. His family entertaine'
layishly, and gave large sums to char
ity. He was prominent in church cir
Giles, and his wife Is considered one Q
the most beautiful women in Noun