Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-10-24
yG, W. VA, WEDNESDAY, OCTOBER "a, 1906
national BANK TELLER
DEFAULTS FOR 100000.
ONE OF THE BIGGEST INSTITUTIONS
IN NEW YORK CITY HEAV-
lily TOUCHED.
A TRUSTED EMpLoYE DID IT
HAD BEEN IN THE BANKS EMPLOY
FOR MORE THAN TWEEN
TY YEARS.


NEW YORK, October 23.-Charles
L. Alvord, Jr., note teller of the First
/ National Bank of this city, is fugl-
/ tive and defaulter to the extent OF
100000.
The announcement of the deflacation
made this afternoon created the ut
most excitement in the financial district
Of the city, but the we'll known stabil-
| ity of the First National and a state
ment issued by the bank had quiet
ing effect. This statement was as fol-
lows:
"The note teller, who has been in
the employ of the First National Bank
for many years, is a defaulter to large
amount. His operations have contin-
ued for a considerable period and have
been skilfully concealed through a
manipulation of his balance book. The
discovery was made by one of the
bank employees a few days after the
examination of the bank by the United
States examiners.
During the continuance of his en-
ployment periodical examinations have
/ been made by several distinct corps
of examiners representing the comp
troller's department, all expert Sc
countants, and the bank has also had
| frequent Independent examinations;
neither of which has developed any ir-
/ regularity. The aggregate of the false
entries amounting to 100000, has been
charged off on the books of the bank
out of the reserve fund without dlmin-
! ishing tide surplus and profits of the
bank as reported in its last published
statement. 1t is expected that the
shortage will be materially reduced by
substantial sum, of which there is a
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
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 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 experts delved deeper and deeper
/ into Alvord's books, the extent of the
robbery began to dawn on the officers,
until they were overwhelmed to find
that it reached the enormous figure Of
| 100000. Whether this sum is all he
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 he
fhad ample opportunity to abstract
notes, drafts and checks, as we'll as
money. Of course, he had to be equal
| ly skillful to make his accounts bal
ance This, it is admitted, he was at
loss to account for the failure of the
bank examiners to discover Alvord's
irregularities at their last examination.
Forest Rayner is in charge of the Ma
tional Bank Examiners office here
What Alvord did with all the cash is
also a mystery as yet except that as usual
in such cases. it is said that a large
amount of it went in stock speculations.
1t has been discovered that during the
summer Alvord visited Saratoga, where he
cut great figure. spending money like
a prince, He rented a cottage, kept a fine
stable of horses and besides playing the
.l,I;,
houses.
If these stories are true Alvord displayed
entirely different characteristics than
those he showed at home. In this city he
was known as a man of very regular hab-
its. Among his associates he was looked
up to and on Wall street was known as
Happy Alvord' because of his CHEEKY
ways. His home was in the suburb of Mt.
Vernon. This home is magnificent place
located on Chester Hill, one of the most
aristocratic sections of the suburb. 1t
was surrounded by luxurious grounds and
there are extensive stables.
Alvord has 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 cir
Giles and his wife is considered one of the
most beautiful women in Mt. Vernon.
1t was not until this afternoon that the
residents of Chester Hill heard of his big
defalcation. There was rumor that he
took steamer for South America a week
ago, but this could not be corroborated.
Late this afternoon Mrs. Alvord, wife of
the missing note teller, was seen at her
Mt. Vernon home. She was weeping bit
terly and would not talk about the cose.
The family consisted of Mr.. and Mrs. AL
word and two girls and boy. They kept
four or five servants.
Mrs. Alvord is said TO have told friends
that owing to his position in the bank. Mr..
Alvord was able TO obtain tips which en-
abled him to make $4,000 to $4,000 a year
over his salary by operating in Wall
street She is said to have boosted that
her husbands tips were so straight that
he never lost cent in the street and al
ways made a gain.