Evening journal., 1901-04-16
POLITICS said
TO BIZ THR CAUSE
Much Comment Caused BY
Transfer Of Department
FaadS

NAAA0
Much comment mas been caused by n
tine transfer by directors Of the Street
and Sewer Departments of it's fundalI
from the Security Trust and Safe De
posit Company to Union National
Bank.
A Philadelphia paper this morning
lcontains the following statement OF
the transaction:
Financial and political circles in WIZ
lmine,on were thrown into a state Of
more than mild excitement yesterday |
by the knowledge that one of the first
acts Of the reorganized Board OF Street
land Sewer Commissioners had been to |
designate the Union National Bank as
rhe depository of street and sewer
funds. For ten years or more the an
nual appropriations and income from
the sale of bonds TO the credit Of the i
Street and Sewer Commission have !
been deposited with the Security Trustl
and Safe Deposit Company.
J Politics and personal feeling enter to
la large. extent into the reason for the
transfer. Under the State law the an
lnual appropriation by the city for the
Iuse of the Street and Sewer Commis-
lsioners must be 500 GOO.
, Until within the past fifteen days the
lStreot and Sewer Board has been COM
lposed OF two Republicans and one
Democrat. William Simmons, Republ-
lean, was the president. MI Simmons
term Of Office expired on April /, and
Patrick Fahey was appointed in his
Istead.
MI. Fahey is a Democrat Likewise
lis he a brother Of Mayor Fahey, who
Appointed him. Ayres S. Webster was
, the Democratic member OF the board
lwho held over
In the reorganization incidental to
. the change in the political complexion
OF the board Mr. Webster was elected
president This was LASH Tuesday.
Four days later President Webster
? drew a check transferring the funds TO
= THE credit OF the board with the Sc
; curity Trust Company and deposited Il
with the Union National Bank.
The check had not reached the Sc
c lcurity Trust yesterday at noon, when a
reporter talked with President Benja-
n min Nields and Secretary James B.
lClarkson, but il was expected at any
@ moment Commenting on the sudden
Il transfer OF the account, and tho failure
of his company TO receive any notice
: Secretary Clarkson said:
II Il know of no cause why the Street
and Sewer Commissioners shoulG
transfer their account to another bank
= although / have heard that persona
II reasons might have entered into It. TIL,
2 Security Trust and Safe DEPOSIT Com
'pany was the first TO pay interest b
Of the city upon its deposits. This wa
/. ten years ago, when the street am
sewer fund was transferred from tn
lv Union National Bank to u.s. We hav
IS paid interest On the city's money eve
lsince, and are paying 1t to-day It :
a. true that the other banks are doinl
" likewise. but the Security Trust was tn
=, one to lead the movement, and the cit
~ has profited to the extent Of thousand
" OF dollars thereby"
President Nields admitted a simila
se lack OF knowledge as to the causes bac
I'd of the transfer. Mayor Fahey was nc
so reticent-
he "The city does not lose by tn
he change" he said, "as the Union Ne
IN tional Bank pays the same interest a
the Security Trust. I do not think ths
no political considerations entered int
n the matter at all, but as to person;
81 feeling-that Is different"
NJ The Street and Sewer Commission
- law unto itself, the statutes giving
almost autocratic power as to PAWN
-, and sewer contracts, repairs. ct
.isS Among other things 30 has the rigl
II" to designate az will 'ro '.~ sitcry Il
its funds. right that is denied some
lis the other departments, among them m
to Water Department.
nd The trust officer Of the Securit
oe. Trust Company Is John S. Rossell Nj
tn Rossell has been particularly active
OK trying 10 get a new city charter e.
en- Wilmington through the Legislator
The provisions Of such a charter as NJ
Rossell would like w1uld rip up n
~ present city goveinm~2t pretty effe
- lively, among othcr tri0cs wplng Oh
l'y the StreeO and Sew. Comm '-si0n. Ma
eu urally the members of the board m
|o ticularly President Webster. have bl
little love for Mr.. ROsscll.
H. II viii say that Mr. Rnssell migl
lG, have been more prudent" frankly "a
'en mitted President Webster. when ask,
Is by a correspondent whether CT not N
Security Trust Company officials ne
lde charter efforts hadn't something
nd do with the transfer OF the city
eel money to another bank "No man fee
like favoring another man who
knocking him, you know"
al9 About a year ago the city's fun
ny subject TO appropriation by C9un,
'ne were transferred from the Union n
tional Bank. which now gets the sire
and sewer fund TO the First Nation
Bank. It Is admitted that politics e
Law tered into this transfer.