The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-09-28
CLAIRNONT SAVINGS BANK.
President Broadwell's Bold Move
and It's Result.
THE RECEIVER IN POSSESSION
An Indignant Trustee Who Tells
What He Knows.

The affairs Of the Clairmont Savings Bank develop
from day 10 day. Twas generally sup
posed that previous unsavory history oil oyerdrawn
drafts defacations OF trusted officers persistent alsi'
tying OF accounts receipts Of forged bank bills from
brokers' diversion OF depostors moneys Tor pecu-
lative purposes pretty nearly told, but yesterday
another phase of this scandal was developed that
seemed to surpass the accounts Of previous Gays, and
probably VIII be tho means Of not only showing the
utter insncery President BrosdwelI in his coquet-
ting with the committee investigating trustees brand
as criminal his diversion OF the deposors' funds but
probably by hts cupidity, wh ch Ike wanting amoi-
ton oereaps ITSELF" will save 10 the deposors por-
ton OF his private wealth, which, but for the fortu-
nate circumstances narrated below, would have
been discovered.
THE STORY.
In order fully understand the events OF yesterday
1t may be necessary recapiiulae little. President
BroadwelI whose deialcation in the bank not de-
MED was visited by committee OF trustees Tues
day at his home Jersey City Heights tor explana-
ton OF the involved accounts OF the bank ana OF the
false statement of condition made TO the State last
July and al other periods previously. Mr. Broadwell
received the committee in bed seemed TO be utterly
prostraied wept OF contrton protested that he
comparatively poor that others were as much to
blame he. and produced Physician certificate 10
that he would not be able 10 bear the mental
week. The committee agreed to wait. BEFORE leaving
n PecKsnifHan occurred which has not before
been printed and which narrated by one OF the
trustees HERALD reporter yesterday The CONVEX
as follows:-
President BRoApwgLL-If | should be able TO 60 TO
New York, gentlemen, tell me whether you woalG nave
placed again under arrest
Mr.. r q. CORNELL, OF the examining trustees
Nr. BroadwelL all desire that act
with Them the future IL good aith aud so FAR as we
concerned you need have no fear.
BRoADwELL-5ut the depositors; now about them?
Mr. CoRNELL--I pledgc you my word II any CT them
get writ Will go upon your bal BOND and send
you home 10 your family again. always provided, re
member, you honestly by IN this matter and
do endeavor to divert your property
BRoApwELL-Oh nave little left. promise all
you require, however
me committee LETT the old president and his family
In deep trouble rhe sequel will be found in the de-
yelopmenls d. yesterday. Broadwel uuweIl
TO be behalf OF the depositors Tuesday,
but Wednesday he was able to drag himself from
Jersey City Heights to tho safe deposit vaults OF the
National Park Bank this city, where he claimed OF
tue manager. Mr.. James W. Domnick, box OF
valuable securities
The old gentleman was climbing up ladder toward
his box the vault to secure his treasure when the
manager interposed, saying
MIR Broadweil, that sale entered in the name OF
the Clairnont savings Bank on our books.
ION know It,, was the reply ''but everything in
It is my Individual property everything belongs 10
me.n
-. cannot help that said the Managers az hear the
bank the hands OF receiver, and cannot let the
oi that sale without an order from General
bmaley.'
rhis was ,hunderbolt and Broadwcll left the bank
Yesterday Receiver of Ciairmont institution
received Il note nom Mr.. Dominck, the manager OF
the Bank vaults, to he effect that Broadwe had
called there Tor box entered the name OF the bank,
asking Tor advice 10 what should be done in The
premises. General Smalley Instructed his counsel,
Mr. Vandeveer, to reply that anything In the of
the bank under his he receivers control and that
he would repair the Park Bank tue secur
In the meantime the combination OF the vault box
had been obta.ned by the aid oil Mr. swan and the
receiver accompanied by Mr.. Robert G. Cornell one
O he
Bank. 'The box" sad the receiver subsequently,
..we four really TO contain valuable STOCKS and bonds
probab Sl5, 600 or $40 600, they
appeared be the personal property sherman Broad
well the list is my possession, out THINK ipJu
dicous at this time TO give 1t to the press The
Broadwell made not 10 have placed the
ities his own name; then nobody could. at this
juncture OF the proceedings against him. have pre-
vented tim from taking them away"
''Why did he not do so!n
"The reason apparent. He wanted TO the hire
OF a safe deposit vault which is quite expensive and
charge the amount TO the Csirmopt Savings Bank,
givug voucher TO the latter the receipt OF the
Park Pank; but am In possession, and have changed
the comOinntion oil the sale.
''what will probably be the effect OF this discovery
Of assets u settlement with BroadwellY'
IL think very important imagine he will have
hard time 10 recover these securities from the
reiver; besides, IN tins safe u number OF valuable
letters and papers which throw light good many
transactions which before were cloudy anu OBSCURE"
CORNELL INDIGNANT.
This gentleman told reporter he utterly
amazed at the duplicty OF BroadwelL Alter what he
had promised the committee at his house. come TO
remove his assets doubtless for the purpose OF con-
ccalmeni, and placed them safe the
pense oi the bank. too much Tor Mr. Cornels pa
thence Now he considered himself absolved from all
his promises to Broaawell aud should follow out
any line VI Conduct that would seem to be best
cure The depositors and bring the guilty men 10 pun
isnmeut.
Mr. John q. Hoyt, 1t is said, had heard OF the new
discovery, and be anxiously running about among
the offices OF the banks lawyers Tor Information II
has always been supposed that Broadweli, Hoyt
and swan were the principal persons prot
tied by the banks accommodation, and 1t may be
that the letters found IN the referred may more
clearly show the connection. General Smalley
during the day that ms accountant Mr.
Sibey, probably would not be able make full re-
port before a week, and as ready II
would be gwen TO the newspapers. The receiver
ded that must not be imagined that because trustees
were working with hun IN Strengthening out The BANKS
affairs that auy OF them would be screened II
YVES a shadow oil wrong on their part discovered.
Mr. Samue Marsh returned IRON Albany yesterday,
aud last evening went to Schenectady ~ argue the
lion Tor perpetual injunction at the suit oil the Attor
ney General IN regard TO the reccivershp. II would
be matter Of regret II the deposors OF this uniortu
bank should have to bear the additional evil oil
snarl over tue receiycrship
III u