Jasper County Democrat, Volume 3, Number 29, Rensselaer, Jasper County, 27 October 1900 — ROBBED OF $700,000 [ARTICLE]

ROBBED OF $700,000

First National Bank of New York Suffer* from Trust in C. L. Alvord. Cornelius L. Alvoril, note toller in the First National Bank of New York, 2 Wall street, stole $700,000 of the bank’s funds and absconded. The bank’s officers positively deny that anyone in the bank or that any of its depositors was in collusion with Alvord. He had been twenty years in the bank’s employ. President George F. Baker of the bank gave out the following statement: “The note teller, who has been in the employ of the First National Bank for many years, is a defaulter to a largo amount. His operations have continued for a considerable period and have been skillfully concealed through a manipulation of his balance books. The discovery was made by one of the bank’s employes a few days after the completion of an examination of the bank by'the United States examiners. During the continuance of his peculations, periodical examinations have been made by several distinct corps of examiners representing the comptroller’s department, all expert accountants, and the bank has also had frequent independent examinations, none of which have developed any- irregularities. The aggregate of the false entries amounting to $700,000 has been charged off on the books of the bank out of the reserve fund. It is expected that the shortage will be materially reduced by a substantial sum of which there is a fair prospect of recovery, Alvord’s stealings extended over period of several years. The discovery of his peculations was made during his absence on sick leave. It has been learned that Alvord played the races heavily and frequented gambling houses. He bad been in the bank’s employ for twenty years,” Alvord has a wife and three children. His home was at Mount Vernon and he was respected there as well as in Wall street. The loss in money is hardly disturbing to the bank, which is one of the strongest in the city. The deposits amount to $35,000,000 and its resources are said to be $50,000,000. Alvord’s stealings are the largest known in the history of New York's banking institutions. Cashier 8. R. Seeley of Hie Shoe and Leather Bunk stole $354,000 in 1894, up to which time he held the record. He is now serving a term in the penitentiary, having been caught nt Chicago a few weeks after his flight. Following are some of the bank defalcations in'New York City and vicinity: 1900—C. L. Alvord, First National. .$700,000 1000—W. Schreiber, Ellzabetbport, New Jersey 100,750 1800 -G. M. Valentine, ,Perth Am- - 1 150.000 1807—L. L. Rosse, Bedford, Brooklyn 6,200 1805-E. O. Quigley, Mercantile National 141,000 l£o4—B. 8. Seely and Fredk. linker, •tioe nnd leather 354.000 1884—S. E. Aymar, shoo nnd lontlier. 20,000 1804—E. 11. Carter, Bunk of Commerce .. 30,000 1804—John 11. Tait, Chemical National 1.500 1804—David Morgan, Bank of Hepublic 5,200 1804—F. E. Eager, TrndeKmnn'g National 17,000 The story is told that when the young man who afterward became Gen. Fremont eloped with his Jessie, “Tom” Benton, the great Senator, made terrific threats ot what he would do to the young man. He would give him roast* and bullets and hades, to all of which Mrs. Benton quietly remarked: “You had better give him Jessie, my dear." By order of Postmaster General Charles Emory Smith, a United State* postoffice has been opened at Tien-tsin to facilitate the handling of mail matter tor the troops in China.