The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1888-11-21
HEAVY DEFALCATION.
Treasurer Axw0rthy, of Cleye-
land, Gone With S5OO,O0O.
Supposed to Have squandered the
Money in Speculations.

Ire ,surer Thomas Axworthy, of Cleve-
land, Ohio is in Canada, and s5o0,00O Of
the city Of Cleveland's cash is missing. He
has been gone three weeks, but this was no
new thing, as he was interested in lake ship
ping and Lake Superior iron mines, and was
President of the Ohio and Pennsylvania Coal
Company He did little Of the routine work OF
tie Treasurer's Office, but was needed last
week when bids from the local banks for the
care Of the city's money were opened and
rejected. "Where is AXworthy!" was
common question in political and business
bondsmsn, j. II. W ade, Jr., and Senator q. b.
Payne, having become uneasy, were dlscov,,
cred in session with Estep Dickey and
Squires, their attorneys, in such way
as to lead to suspicious that Axworthy
absence was being discussed. The session
was an all-night one, and next morning two
suits in attachment, one for S5OO,O0O and
the property of Axworthy by j. H. Wade,
Jr. and Henry B. Payne.
The news that the suits had begun created
a panic in business circles Axworthy's
business associates admit that he is gone and
are hastily seeking to make themselves
safe. That most Of the money has
gone in speculation there is no doubt,
though A1worthy, is said to have taken
$4,000 in cash with him. 1t is
supposed that he was in the battle against
Hutchinson in the Chicago wheat deal and
lost there $500, 600, and that another 100000
went in copper fluctuations. His available
property is valued roughly at $500, 900.
He owes the city $9Oo, 600, and about $780,
600 of it is said to be on deposit now. Mrs.
Axworthy and his children are at the family
summer residence on the lake shore, and only
know " fhrOnOh n
cablegram received last Saturday from Liv-
erpool, where one of Axworthys daughters
is known to be. 1t says:
Papa is in Canada. Tell mamma don't
worry"
This gives rise to the suspicion that the
He is known to have left the Windsor
Hotel, New York, the evening OF Sep
tember 90 for Montreal. If he went
to England it was by a Canadian
steamer The town is full of wild rumors as
to the extent of Axworthys defalcation. It
is certainly $500, QUO, and may be a full mil
hon. Only his bondsmen and their lawyers
can tell how much it is, and they will not
say.
Nearly all his large interests are in bad
shape. His elegant house on the lake shore
is said to lie virtually Sold Axworthy's
bond was for S5O0,OO0 Two days before he
left he drew sums averaging $4,000 from
three of the local banks but left S400, 900 on
deposit.
Tom Axworthy. as he was called, is a
portly, handsome man, fifty-two years old.
He came from Philadelphia in 1867, and
soon made hit in commercial circles, first
as shipping and coal agent and later as
ship owner and iron ore merchant He
speculated at all times, but was con-
sldered a shrewd and safe investor.
Of late years he got into politics and
was three times elected Treasurer. He de-
clined nomination for Congress in the
Twenty. first district month ago. He was
also prominent in sporting circles, being q
director of several shooting clubs and Of the
Cleveland Driving Park Company. He was
also formerly member of the Board of Re.
view Of the National Trotting Association.
At the City Hall confusion reigned. The
small reserve in the treasury was soon ex-
hausted, and at noon payment on two war
rants was refused. There was no more money,
and it was impossible to draw OH the funds
in bank, which had been tied up by order of
the Court The Finance Committee of the
Common Council was hastily summoned.
Late in the afternoon it was announced
that of the SS76,SS4 turned over to the
Treasurer and by him deposited in bank
only S447,45O remains on deposit. The
shortage, therefore, amounts to S429, ,437.
OF this sum Treasurer Axworthy is believed
to have taken at least S20J, 900 in cash with
him.
The police pension fund and the firemen's
relief fund which were unsecured by bonds,
are gone, and over s192. .000 Of the Board Of
Education fund goes into the shortage. tits
believed that Axworthy's vessel property
and real estate will inventory nearly S500,0Oo
and the bondsmen are secured The city
will probably lose nothing, as the bonds are
good