New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-24
LOCAL MISCELLANY.
THE CLAIRMONT SAVINGS BANK.

THE CLAIRMONT SAVINGS bANh'
THE PRESIDENTS ARREsT--THE SECRETARY AsSi'NS
HIS PROPERTY TO THE TRUSTEES.
The arrest of Sherman Broadwell, President
q, Tho Clarnont Savings Bank, on Friday evening mas
caused during the two days which have since eapscu'
- r,,e nourv among the banking and business men as
a. hs mast history Mr. Broadwells manner at the 'he
OF his arrest thought by those VINO were p'''on
somewhat suspicious The trustees OF the hanS' uu"o
., account for considerable part Of the deficiency ana
considering that the president OF institution ought
know something Of the transactions gong on "l'nu '
walls determined TO arrest Mr. Broadwe ana Seouieu
an order fer that purpose But Mr.. Broadwe VINO went
home ON prcence OF sickness week ago to-day eouiu
not be induced TO return to the city.
The trustees then determined begin an action for
trespass in Newersey and obtained an order oil capas
from Commissioner Van Horne of Jersey CITY, having
called in p H. Ghooley, Of Elizabeth as associate coun-
eel On Friday evening Thomas Winsor, representing
the trustees f. Vandeveer attorney for the depostOfs
and Mr. GHhooley, with UndcrSheTf Cronan OF jersey
Ci,v went 10 Mr. Broadwels house at No sos Bergen
ave MI winsor was met at the door by William Cooper
a son-n-law OF Mr.. Broadwell who informed him that
the President very umwell and could not he seem
supposing WnsOr 10 he reporter Being convinced
that he was counsel for the trustees, Mr Cooper "a
nitted him. As Mr. Mnsor entered the house' mr
Rrosdwcu who was said 20 be sick in he'd walked down
the front stairs Sheriff Cronan next rang iOr ~,
which was denied 10y MI Cooper on the ground OF ar
ss NM bis f,of between If and the casing the
tiuc declaring who he was. and making known MS or
rand Nr Cooper turned and struca me Sneri uttSn
and stepping past him into the parlor. arrested nr
Broadwcll. who at once pretended to sw0cn Ihs MI
SAID. Go Tor ban" after the second be exclaimed.
send for The doctor 3 and after the thlrl ne INJURED
What docs This meant The damages M the action
Ner 2n 600 hut the bail had been fNed 81 $4,000 ana
tins was al length furnished by Mr.. Bonnel q Hour
merchant. Of Westst, u ts city, so mat NJ bIoauWeA
wss saved from going 90 prison. ~,
ono Of the important witnesses against Mr. Broad
well Will be the secretary OF the BANK Daa T.. ivan,
AbOu; e week before the bank was closed, Nj. swan
stopped his way TO the CITY, al the house OF The Prg5
dent ana nag an lhit w., ~ Iii iat tbires
y0ud 20 hard the bank fan "a. and mentioned to him
iew somewhat iTreeuiar liens lie suggested thaS
should charge OF certain Items 10 the accounts i ms
counts my friends That D., that we shoud ge IH oi
counts a corresponding amount TO have done this
would have been 10 commit forgery should have Deen
obliged to falsely bc book. aud mast have siened The
Mr.. BroadWe that he ought rather TO put some money
suppose lie said tuat day that De vould explain n 10
his friends and that might explain 10 TO nine since
Ile failure, ,r. Broadwc has sad that MT swan was
alone spon,bie for al irregularities ~ me cohYucl on
tie banks business Il's - swan ON sa.Ntoi ~, y de
clared TO be- false. TIE sll~Qo IN Goyeinmehl 9oIGS'
hypotheCated 40 par value with winston" L4niei d Co.,
os collateral for loan. brought up an Instance;
This loan was marked on the envelope CONTAINING me
collateral Gy Min low, La9iei y - ~, a. c lo"r'
IN accordance with bis agreement, appeared IL the bank
on saturday TO xpaln Ls SNARE in t.ai transaction. nc
I'll. Cooper obtained also loan ou 223OJ or JnlCd
States bonds, receiving the Union Trust COMPANY
|s
NJ. san. one bond was afterwards redeemed, onI me
Trust Company has st 81 1910 in securities belonging
10 thc bank which DE bad NN tuc pd lhthI OF tc
loan. These were held iu Mr. C0cpe's name, hui ne
ss maj Tic bank has always held his order for their
release. and that De came TO The bank on saturday e
rrcfqy toTrtt'e the ma the bonds were hypotne
clt-d 600 Nr. OoOuurs name. because Le was known 10
IL, Union Trust Company. and The bank WAS NOT.
Henry . SulICv, who was uiu.t % atlnuin4Itn N t-
npt last February ana discharged without opposition
from bankruptcy in May, vn saturday hlc0 DIS o"d a.
Receiver 81 The Cai uuut Bank, ana tuDh POSSESSION OF
lis effects His bondsncu are kcharf =. NeWcomne' p
partner of judge Cardozo, at M. - l'iodH"a!' Gnu
John H. Stralau. lawyer 0t so. l3l Naeslu 7 loi-
merry counsel fUr Controller Green. t. IT, NdudcFccr s
MI smaey's counsel; ho also represents more IMAM i
o. Che CopusitUr-. a.
Tnc examining Committee Of Trustees went 20 Mr.
prnadwriis residence saturday. Ills phJSical CON
diron was found TO be such that Do was determined Jo
postpone tne interview until doc WAS lu better icl. h
The trustees declined 40 state whether u not am OF h
BrOgdvei's property had been attached, Dun li lud
the dpu1sifors might rest assured tnst cNctYthm pos,
be would be done for interests, ard that every
effort would bc made e. lay them 100 cents on TIE
dollar They desired ~ known That Mr. BroddWsll was
10. in any way related tO 0uy one OF the trustees MI
Windsor thought 10 only Just 10 say thd mo- one u inc
Vr.t. suspected that FIR swan, the Secretary, had per
worried @ bis own dollar OF the banks money
Ar DsosaY. who made careful inquiries says tha
the career Of Mi Broadweu, before hc became PRESIDENT
~ the CIruOnt Bank. WAS On honorable one WhCh
place fan confidence in bis capacity ana honesty. he
regards DO by mo- proved hat the Mofrs Essex
Mutual Goa Company sNlndlc, or that Nj Broad
Vti's connection with lt was dlscrcdltabie.
Secretary swan. late Saturday afternoon az his own
accord. made assignment of all his property real and
p..sonal To- Tie Committee OF trustees lie achho"l-
ftred Tat DE had done wrong IN COucedlus the con-
0u of me bank from the trustees, upon the repreDa-
ton. of Sir HOYt, and said that he was willing 10 suuer
for hs eirOn