Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1888-11-02
HEAVY DEFALCATION.
Treasurer AxWOrthy, of Cleve-
land, Gone With 100000.
Supposed to Have Squandered the
Money in Speculations.

Treasurer Thomas Axworthy, of Cleve-
land, Ohio, is in Canada, and $500 900 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
the TreaSurer's office, but was needed last
week when bids from the local banks for the
care of the cltys money were opened and
rejected. Where is Axworthy!" was
common question in political and business
circles 'In New York, - was the answer. His
bondsmsn, j. II. W ade Jr. and Senator n B.
Payne, having become uneasy, were discov-
cred in session with EStep Dickey and
Squires, their attorneys in such way
as to lead to suspicious that AxwOrthy S
absence was being discussed. The session
was an all night one, and next morning two
suits IN attachment, one for 800, 900 and
the other for $25, 900. were filed on all the
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
though Axworthy 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
went in copper fluctuations His available
property is valued roughly at 100000.
he owes the city $500, OOO and about $780,
QUO of 1t 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 of AxwOrthy's whereabouts through a
cablegram received last Saturday from Liv-
erPocl, 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
missing Treasurer may be in England.
he Is known to have left the Windsor
Hotel, New York, the evening of Sep
tember % for Montreal. If he went
to England it was by Canadian
steamer. The town is full of wild rumors as
to the extent of Axworthy's defalcation. 1t
is certainly $780, 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 be virtually sold Axworthy's
bond was for 100000 Two days before he
left he drew sums averaging $4,000 from
three of the local banks, but left 100000 on
deposit.
Tom Axworthy, as he was called, is a
pOrty, handsome man. fiftY-twO wears old.
He came from Philadelphia in 1867, and
soon made a hit in commercial circles, first
as shipping and coal agent and later as a
ship owner and iron ore merchant. He
sIdered a shrewd and safe investor.
OF late years he got into politics and
was three times elected Treasurer. He. de-
clined a nomination for Congress in the
Twenty first district month ago. He was
also prominent in sporting circles, being a
director of several shooting clubs and of the
Cleveland Driving Park Company. He was
also formerly a member of the Board of Re-
view of the National Trotting Association.
At the City Hall confusion regned. The
small reserve in the treasury was soon ex-
and at noon payment two war
rants was refused. There was no more money,
and it was impossible to draw on 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 $S76, SS4 turned over to the
Treasurer and by him deposited in bank
only S447,450 remains on deposit. The
therefore, amounts to S429 437
OF this sum Treasurer Axworthy is believed
to have taken at least 500, 600 in cash with
him.
The police pension fund and the firemens
relief fund which were unsecured BY bonds
are gone, and over $4,000 of the Board of
Education fund goes into the shortage Its
believed that AXworthy's vessel property
and real estate will inventory nearly $500 900 |
and the bOndsmen are secured. The city |
will probably lose nothing, as the bonds are |
good.