St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1900-10-31
Big DefaIcation in New York.

Charles L. Alvord, IT,, note iee[ Il, o, =; I lr
First National bank otNew A9I I,, sMm
is fugitive rom justice ard o ae,a"'I Ne l.
to the extent of nearly S7Oo'OOo ,' ns
had been in the bank 2OyearS anu Va" No
one Of The most trusted employees NO nc,
suspicion was directed TOWARD lli' ah va ,t
ten da, s ago. After he had peen aus ,,Sorl,
a day or two experts were put a., a. wv" ond
who soon discovered Irregularities anu
as they went deeper and deeper lne , "a
tent OF the defalcatlon became aPP''i t 10
Alvord had charge OF the man "a VI ' ~,
bank, and as he opened letters lIe l 5'or g.,
opportunity to take out cheeks III tII;n
and money, but be had to be very ST. nv.
full to make his accounts balance ms
stealings extend over long term OF f
years. 1t is said that large amount Oh
the missing money went INTO Stoch spe.,
ulation, and Alvord lost SIS 600 on one
deal. He lived at Mount Vernon %nele
his family entertained layshly ana gaEe
large sums to charity. In New YORK ne
was known as man OF very regular
habits, but there is a story that be cut a
big figure this summer at Saratoga,
where he rented cottage, kept a hhe
stable, PLAYED the races, trequented gam
bling houses and spent money Freely
The bank, which is one Of the strongest
institutions in New York city, Will stand
the strain of the loss.
The short age seems TO have been
about 500 900 wo years ago, and has
been increased gradually since that time,
the teller concealing the same IN the
morning additions, which always
amount to much more than the amount
of his shortage and never enter the ac-
count of the preceding days cash.
There is no way to have check on the
morning additions to the exchanges ex-
cept by counting the note teIler's cash
and checks twice, or to begin examina-
tlons of cash il the evening, which is
otherwise obj ctionabe,
His the'ts haze been going on tor a
long time. The plan Of concealing them
and making the cash on hand agree with
the amount tor which he was accounta-
BILE, as shown by the books, was to take
out OF the morning mail, of which he was
in charge, sufficient number of cash
items to cover the aggregate amount Of
his defalcation. and add them to the ex-
changes for the clearing house received
during the preceding day.
The examination of the exchanges at
the time of examination showed the
total amount correct, but 100000 oil
the items had been taken from the morn.
ing receipts and listed with previous
days exchanges, he amount of morning
additions being reduced that much so
that the sum of the two aggregated the
correct amount A change in the slip by
Alvord later in the day caused inquiry
and comparison to be made at the clear.
ing house, wha1 it was discovered that
the two items of previous days ex.
changes" and l'morning additions" did
not correspond with the list checked by
the examiner and count of the current
davis cash and checks in hands of the
third teller, revealed shortage of $500,
900.
A further examination of Alvord's &C
counts by the officers of the bank show:
that his stealings have been going on fol
several years. fourteen months ago ht
took two week vacation, and an ex
animation OF hi9tickets preceding his go
ing and after his return, shows that h,
his shortage VIII lie absent by
mum Ter OF charges to out o
town accounts, and GREETING back tn,
amounts on his teturn before the month
" statements were sent out.
Cornelius L. Alvord, jrv abscondinf
note teller OF the FIRST National Bank O
New York, is under ARE st in Boston. H,
was caught at the Sout tn End Monday
afternoon by Chief Watts of the bureau
Of criminal inspection Of that city.