The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-09-06
SEWELI'S EXPULSION.
HE CLAIMS THAT The ISvEsTIoAr1xo CON-
MITrEE OF THE STOCK EXCHANGE vAs IN.

NJ ehAihS THAT The lNyEsTIoATIN0 con-
MITrEE OF THE STOCK EXCHANGE WAS IN.
rLUEsCRD BY PUsLIc cLAMoR.
The publication of Mr.. Arthur L. sews,s lsttsp N
the HERALD IN reference TO his dismissal iron the
Stock Excnange aroused great interest yesterday IN
Wall street aud among the bankers broksrs' fra
ternty generally. The picture OF man Who had tor
many years stood high In the financial world and IN
the confidence OF the community being ignominiousy
expelled from the OF his associates on grounds
Claimed to be wholly inadequate and largely erroneous
was one which readily appealed to ths Of Jus
lice among the business men OF Nov York WITH Q
vsw o. still further ascertsiuing the particulars Of sha
case the writer called on Mr.. Arthur l. Sswe person
ally and.hsd quite extended conversation with hin
on tue subject the main points when are here sivsa
us there anything" Mr. Seweu asxsd, ''eas-
side the facts embodied your letter which voall
shed stu iurther light upon your cases"
HosoRABLY DISCHARGED FROM BANKRUPTCY
Mr sswel twho, by tho way. Is q tall. powssfsIIy
built man, OF about thirty with q s,raghtfosvard.
candid faee) promptly replied, "WeL I might add
that within tho last two weeks received my honos.
able discharge IRON bankruptcy, and vipsa ous
debt OF So5soOO. In securing this discharge l OBJ.
tanned the consent Of the legally required number OF
creditors, as well az Of the creditors representing tue
legally required proportion OF indebtedness The sig
natures OF all these creditors were given most cheer.
II had been gully OF obvious raud' those crsdilors
would not have thus easily given mo my release.
You know that ot the last meeting OF creditors the
objection OF even one creditor may keep the bang.
rupi from getting his discharge we a. that last and
hnai meeting called by Register Little there was not
single creditor present to raise objection against
my full and honorable discharge
Has the verdict OF obvious fraud, which you claim
TO have been Illegally rendered by the Governing
COMMITTEE been accepted by tho outside worIdf"
GENERAL siGSs cosPiDRxcE
at hnd been considered even by tho mombsra az
tho Stock Exchange generally having been guilty
OF obvious fraud should certainly not have s,uee
reccved orders from tho bost houses In the Stock
exchange for stationery; for I am DroKsr In sta
tonery, now that my own business Is barred 70 me.
And IL seems to me- also. thatf the charge had bsoa
considered proven should have been forsakes. ana
dscounenanccd by my old associates and BY the mapv
highly reputable ard honorable men and women win
whom have been brought IN social CONTACT Nv old
friends ana acQuaintances instead Of rcpudiatiag me-
have reasser,ed their faith confidence IN me- and
my social relations in New York Long Branch are
as pleasant as ever. The several clubs, composed Of
cstlmable gentlemen OF undoubtcd standing IL seems
70 me would also have taken up the matter II hN
been believed guilty OF the chargc.n
''Do you CONSIDER that you have persscutsd b,
the Governing Comm'ttceY
81 would Ike TO have 1t distinctly understood thatl
do not consider this Csc OF spersecutiop, a all
believe the Governing Committee tried 10 do then
duty faithfully All meau 20 saw ia tina. sSsv ."ss~
hastily in my case, aud moreover, II was not time
when would DO judged riRbty-not becauys the Gov,
ernng Committee haa any wrongful bias against me,
but because OF the popular clamor which was aroused
against mo in connection with others. There vas =
popuar fury which swept everything before IT."
"Did the INVESTIGATING Com nittsc, upon whose n.
port the action you TAKEN really believe
you to have been guilty Of obvious lraudf"
FRAUD OR ACKNOWLEDGEMENTS
"Undoubtedy not, and this can prove out Of thsir
own mouths for in the concluding passages OF theis
port. Your committee condemn the inexcussbs sare.
essness shown by Arthur L. ssweli,' and they ,hen
fraud putting me in with tho rest Now, / claim
that man can't be guilty OF fraud OF careIsssuoss
innocent OF tho charge obvious fraud ana II
was guilty Of obvious iraud' then . most r..
%'suss 81 ns Engsn 70 call
imputc auy great blame to these gontiemss, vbo !
believe. wsrs ar,ua,ea BY honorable moiives. All
say Is that they offered mp victim TO the popu,
lar wrath, which had 10 be satisfied at any cost "
You claim also that, eoacedng tho charge OF fraod
10 have been true, your dismissal still ILLEGALLY"
NOT A rwo.THIRDs VOTE
Certainly DO Let me road 10 you from article
70 On members guilty Of obvious iraud.' IL
reads:-'Shouid any member be guilty OF obv,ous
fraud, OF which the Governing COMMITTEES snail Be
tho judge he shalt, upon conviction thereof by vote
OF two-tnirds OF the memb.rs OF said commissss
present. DO expelled Now, submit Il to anyb body
with common scnse-not 10 any lawyers for have
already consulted some OF tho most eminent 10 Tits
country. and they all sustain my posirion--bus 70
any with plain common sense whether this avti.
Gle does not distinctly require twothIrds vote Tor
CONVICTION 10 order 10 expel y mcmbsrY There was
ana that tact alone legally vitiatcs my dismissal"
"wsre any charges ever before brought against
your"
al was eleven years In business az stock broker In
this city, aud not single charge OF fraud was ever
brought against me; indeed, no reflection WAS ever
cast upon my integrity. owe II as duty TO myself
my wife end chiId and my friends. to set my name
right before the community, aud Will rest autii
have done so. IL have been guilty Of Inc xcusabte
carcessness as the report said, nave already cruelty
suffered Tor H. was never trained for profession
ana the business OF a stock brokvr, which followed
these eleven years. was tie only ono I understood or
could follow with any degree OF success. That 10
now barred to me. aud l am deprived Of the oaiy
means open TO me OF earn,ng an honest ald oeosnt
livelihood. | am Ike carpenter without his tools
All last winter was compelled live 10 Long Branch
and expect to 10 so this"
"Are;you in hopes. Mr.. sewsil, that the 6ovsra,ng
Com mitee will reconsider their action ~
"fcs, earnestly hope and trust that ny iostee
<indly published ~ the HERALD, will arouse she
onse OF justice among my former associates in the
Stock exchange, and that they will aid In haviha
my case re0psBed"
This Terminated the interview, ana Mr.. sowsIi hun
lied away 10 catch the boat for Long Branch