The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-24
AND THEN HE DISAPPEARS
First National Bank the Victim. How
Alvord Operated.
HAD BEEN TAKING MONEY A LONG TIME
And Kept The Fact Concealed by Skilful Ma
nipuIaton of His Balance Book. The
Loss of the Money Will Not
Cripple the Bank.
(By the Associated Press.)

New York, Oct. 23-Charles L. Alvord,
of this city, is fugitive and defaulter
to the extent of 100000.
The announcement of the defalcation,
which was made this afternoon, 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 statement 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 considerable time, and have been
skilfully concealed through a manipula-
tion 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 peculations periodical examina-
tions have been made by several distinct
corps of examiners representing the
Comptroller's Department, all expert ac
quent independent examinations, neither
OF which has developed any irregularity.
The aggregate of the false entries
amounting to $500, 900 has been charged
off on the books of the bank out of the
reserve fund, without diminishing the sur
plus and profits of the bank as reported
in its last published statement. 1t is
expected that the shortage will be ma
terally reduced by a substantial sum, 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 steal
ings extended over a long period, but
no suspicion of the truth was known un-
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 experts delved deep
er into Alvords 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 $780,
900. Whether that sum is all that he took
is not yet known.
HE STOLE FROM THE MAIL.
It has not yet developed 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 a large sum because
as note teller he was in charge of the
mail. This he opened every morning and
he had ample opportunity to abstract
notes, drafts and checks as we'll as money.
OF course, he had to be especially skilful
to make his accounts balance. This direc-
tor admitted that he was at loss to ac-
count for the failure of the bank examin
ers to discover Alvord's Irregularities
at their last examination.
Forrest Raynor 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 speculation.
One story is that he had lost $4,000 in
one deal, but what deal it was is not
stated 1t has been discovered that during
the summer Alvord visited Saratoga
where he cut a great figure, spending
money like prince. He rented cottage,
kept a fine stable of horses and besides
playing the races is said to have fire.
quented gambling houses.
ALVORDS DOUBLE LIFE.
If the stories are true Alvord displayed
entirely different characteristics from
those he showed at home. In this city
he was known as a man of very regular
habis 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 su-
burb of Mount Vernon. This home is a
magnificent place, located on Chester HILL
one of the most aristocratlc sections of
the suburb. 1t is 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
circles, and his wife is considered one
of the most beautiful women in Mount
Vernon.
Invitations had been sent out for a
grand dinner at the Alvord home a week
ago tomorrow night. The day set for the
dinner messengers scurried throughout
Mount Vernon recalling the invitations
That night the house was in darkness
Friends of the family were told that
Mr. Alvord was i'll.
ALVORD'S EVANISHMENT.
The darkened windows since then and
the fact that no callers were admitted
led the neighbors to believe that his i'll