Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1871-11-08
The phiindflphin Robbery.


tagion does not prevail alone in New
York.
Mr.. Bardslcy, Chairman Of the Com
miltec on Investigation into tho do.
laleation Of the City Treasury, sub.
mittcd the following report with rcso'
lutions attached
TO the Select and Common Councils Of
he Ciy Of Philadelphia:
GENTLEMEN; The Joint Special CDm.
mittec to whom was referred the
message Of his Honor, the Mayor, Of
October 20, 1871, relative to an alleg.
cd dclaleation on tho part of the City
Treasurer, respectfully present tits as
their preliminary report. The com.
mittce have had several meetings, at
which were examined the City Con.
troller, and, on oath or affirmation,
tho City Treasurer and his chief derk,
David Jones. The committee also
examined the books and papers ID the
City Treasurers Office, as well asthoy
were able to since the period Of their
appointment, and have found an actual
deficiency or delalcation IN the nc
counts of the City Treasurer amount
ing to the total sum Of Si7S,O4o 81,
which is made up as follows viz;
Amount Of city funds In the han9s
of Q. T. Yerkes, Jr. 4 Co for whch
City Treasurer has due bill o. G,
TNorkos, ,,Ir. 4 Co., to David Jsnes,
dated October 2, 1871, payable ON .
demand t5VV,VOV w
Amount Of loan sold by c. T. lorkes
Jr. 4 Co., transferred OF books Of
City Treasurer, but never paid
for ,,..,.......,,,.,,,,, l4o,VVV w
Amount Of cash given to c. 7. Nerkcs,
Jr. 4 Co., BY City Treasurer for
purchase of loan for the sinking
tund.,".... S5,Vi9 ~
si7s,Ols 81
During Mr.. Marcers administration
of the office of City Treasurer he has
negotiated over s3,000,000 of the city
loan, and, although the Mayor is by
ordinance alone authorized TO borrow
the money, yet it has been tho prac
tice for him to delegate that duty tc
the City Treasurer. Mr.. Marcer, as
agent OF the Mayor, selected Charles
I. Yerkcs, Jr, 4 Co., brokers, to sci
the loans.
The evidence taken before the com
miltec clearly establishes the fact that
large sums OF money belonging to Tho
city were allowed to remain in c. II
Yerkes, Jr., d Co.'S hands without any
security whatever ofany value. Thi'
fact was carefully concealed from tn,
Committee TO verify the Cash Ac
counts of the City Treasurer. G. T
Yerkcs, Jr,, 4 Co always settled thoit
accounts with the City Treasurer, OF
the last day of the month, just befor,
the visit Of said Committee, and re
ceivod return checks from the Treasur
er, the existence of which was no
made known 10 the Committee. Th,
bank balances were always correctly
made up at the time Of the Commit
tees inspection Of the accounts. Blu
these checks to G. 4. Yerkes, Jr.,
Co., were already in his hands Il
against that balance, although no
drawn. The amount Of these givel
to G, T. Yerkos, Jr., & Co., on the SOL
day Of September, represented by III
dna h;il .i.saIs- -----si si-..~I, i-.-d o.
tober 2, 1871 is $500, 900
Tho City Treasurer also, from tim,
to time, authorized C. II. lerkes, Jr.
& Co. TO sell the loans of the city
and placed TO his credit, at the begin
ing Of the month, the amount to b,
disposed of during such month. Be
tween the lst aud 18th of October
the amount so placed to his credit wa
Sl45,000, all of this, as the Committc,
is informed, has been disposed OF by
G. 7. Yerkcs, Jr.. & Co., by sales abso
lutely or by hypothecation from BIZ
own debts, has never been accounted
for or paid over to the city, or anl
part Of the same. The City Treasu
rcr also paid to C. T. Yerkes, Jr.,
Co, tho sum Of s33,0IS 81 for loan
directed to be purchased by the Com
missioners ofthe Sinking Fund. Til
sum was received by Yerkes, Jr.,
Co, but the purchase was never mad,
by them, although the City Treasure
has his account for such purchase il
the ordinary form in use anon.
brokers. These three transaction
make upa total deficiency ofSi7S,04s
81. The Committee cannot condemn il
language too strong the misconduc
Of the City Treasurer, bis chief clcrl;
David Jones, and the fraudulent acts o
G. 4. Yorkes, Jr., & Co.
The testimony takcn before thr
Committee also shows that c. Il. Yer
kcs, Jr., d Co., with funds of the city
which should have been applied by
the City Treasurer TO the payment 0
warrants outstanding or retained lo
interest on funded debt, was alIowe,
TO purchase the loans of the city, ant
sometimes hold the Same over the 10
terest period, he receiving the interes
on the samo for his use. Whether o.
not this was divided with the Cit,
Treasurer and his chief clerk coul,
not be ascertained, as the latter dc
clined to answer tho question upol
that subject. Tho amount of loan
held by G. 4. Yerkcs, Jr., & Co, OF
the lst day of July, 1871, in his nam,
was $4,000, on which he received
the interest, no being, at tho time,
debtor TO the city for three or fou
times that amount, and on which in
debtedncss the city never received
dollar OF interest.
The conclusion that the City Treas
uror or his chief clerk was paid 70
this accommodation is irresistible -
Tho only explanation by the Cit
Treasurer for authorizing c. 4. Yer
kcs, Jr., 4 Co., to purchase the loan
OF the city in such large amounts, was
that he thought it necessary to do S,
in ordor to buoy up the outstandin!
loans so as the better to dispose of th,
loans on hand to be sold, as they wcr
wanted for the purposes of tho city
The Committee, II need hardly be said
even if the action Of tho City Treas
uror had never resulted in loss to th,
city, would be compelled to say tha