The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-09-05
THE JOHN BONNER FAILURE,

The following letter has been addressed TO tho
members Of the New York Stock Exchange 1t win
DO remembered hat after tho FIXTURE OF Jonn Bonner
Il 90. the Governing Committee ny only n majority
vote declared Mr.. Arthur L. SsweI guilty Of obvous
fraud" Mr. Sswcii. In this iottsr, while emphsti-
cally denying tnAt he Ia any way with
fraud, appeals the OF right aud justice or
the Stock Excnaugs 20 asde what he considers a
great wrong:-
,'rs August7, 1875 I
TO. rHx MxxBsRs OF rur NEW YoRx STOCK Ex-
GExrLxHss-Iti 10 hard 70 believe that any consider
able proportion OF your number would BIZ wiling 10
allow wrong 10 DO perpesrased upon one who for
becu guilty OF fraud. snail therefore submit 10
your consideration The following facts, praying Tor
such redress at your hands as you can awe con-
sistens with your duty members OF the Stock Elk
cnapge. ... .....
wrote 10 I've preslaent OF your boly, asking hum
appoint special com nitses u investigate my con
duct u member Of such nrm. committee was
appointed, anu Tor days heard such testimony
adduced before them. During tho trial NOT
witness testified 10 my iraua my part; 10 iso
proof OF this assertion refer you 10 the report Of
this comm,ee which rs on nlc In the exchange or TO
copy, winch can bs scen al my office, No. W Broad
strsst,T
A. 70 this report, permit me to state that IRON las
bgnning TO Within ten limos Of ITS sndins does not
refer 10 any kind of fraud
The testimony cited IN this report may show
lessness, but certainly 1t cannot DC construed into
fraud In TACT, the hardest words uscd IN The report
or uy any witness are 'Tnexcusabic caretessness."
Would you brand any one with ''otrtous fraud"
Within ten lines from tho end Of the ropor. with.
word OF evidence 10 support u, foe commi,lee
Mad Arthur L. Sewcli guilty oil obrious freud Ior
the truth ofths assertion ask you again 10 read tns
This report was presented TO the Governing Com.
mittee, and they iacd 10 rafy ~ as only majority
voted Tor us sptance, and by IIs vote alone
found guilty OF 'Obvious Irsud," and lhea WAS
missed IRON the stock Exchange
respectfully suDnt tnst nave never been legally
convinced OF OBVIOUS fraud Arueie 20 OF the consti
tuition plainly requires ftcouirds voc 10 convict
Was convicted ny majority vote simply.
clearly could not be the Intention Of the trainers
Wet, while two-thirds one would be- required
pei; Tor y might easily nappen that ''obvious
tr0udn could remain m sni5or OF the Exonangc.
AZ this meetins of the Governing Uomm,ttso Mr..
Charles stead, president OF your Law Committee, was
the cnnir anu ruled thai was accounted. aud his
ruling has since bean sustained by the written op,n
ions Of Mr.. Svathmayd, Mr. Stickncy aud Judge
the Char and me Chair was overruIed. 1 thisk any
lar ded person will this IL not fair
lion OF the article of The CONSTITUTION referred to- either
therefore beg to say that guilty and that
the evidence does not show me guilty., and inat even
granting my guilt Tor arguments sskc, nave never
been ie0aty iouId guilty anu therefore properly
dismissed.
IL is therefore, with great confidence in the iutea
riiy aud fairness OF gentlemen my associates In
business that appeal 10 them for some redress
for the wrong appears 70 me 1 have
suffered My business ind ability earn "A
livelihood have been taken from mo, myself and
family stand under The shadow Of fraud, my seat has
been sod. my insurance forfeited, my cnarsc.cr IN
Jursd and tho greatest injury that could donc 10
man has been done 10 me. NY fricnds ana assoc.
GATES as appesrs 70 inc world. nave me with
fraud. .al 5.t
Tho facts have stated above true, as can be
easily ascerssined. ask you gentlemen, ~ Il is not
q auty owe myseif and family to have this matter
rightcdS Ana also 4 respectfully submit ~ II your
duty 70 ara me, ard hope aud ARMY believe that you
will permit me TO stand longer under this charge
which bids iair to completely overwnclm me.
Respectfully, ARTHUR l. SEwELT.