The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-08-26
NO RrpoRrs tyD 40 DryrDrNDs.
The Singular Delay In settling the AHnirs OF
the tlairmont snsinps Hank.

NO REPORTS IND NO DIyTDENDS.
The Singular Delay In SETTLING the AHnirs OF
the tlairmont sHxingr hank.
The Clairmont Savings Bank was closed
lv orders FROM Albany ON Sept. 10. 1877. The
c~se,s werc found to he .73l7G and the liabi,i-
tics. sl37 BOG. The bank was in the basement
oi the Norh River Bank building at Grcom-
wick and Dcy streets. IT. President was Shcr.
man Broadwell IT South Bergen. NJ. David
I Swan. Nico-Pr'-id.ut acted rs Secretary and
Cashier. Robert G.. Cornell was second Vice.
President. The trustees were Robert G. Corr
n"h i. w. Robinson. John H. Tay'or William
II. M"sllm. John T. briggs Charles X. Will
NOR. George \. Moss John Kennel the Rev.
ila.sey W, kngup !rnstor OF the. Lnisht strc"t
Baptist CHURCH James Pyle William j. o.
horn. J. g. HoN, Henry Parsons sherman
br,aiwcN. John Paticn. c. u. Dis1sway. and
A. T.. Snyrr.
Tho bank was chart, red merely ~ a savings
bank. hut from It's very start It certified checks
and dill the work Of II regular bank OF deposit.
Mr.. Swan declared. after the failure. that this
was dome hy the san tion ~ the trustees. Il was
the cause Il Tho down ALL 1T the institution.
Amoua; the itnms arricl on the books as cash
were q prot ~t.d i,otc Tor sl.GUu. endorsed hy
David l.. Swan and John q. IIoyt: Il draft On
Boston for 1000. made by \. Mckinney. paid
hy the bank. but returned unhouurcd; three
bills - exchange amouhtinetu stjun drawn 10y
A. DENIM. on cheek John .. Hoyt and David
T. Swan: at.rkot FOR ;2.50o. /. .ng money paid
on account Of John .. Hoy, 20 c. II. Hoyt;
rrt'' fr eel i1il for advertising, ticket 'or
fanny: % trkct tor sin79 for hsal scrvic's If
II Dnr} iur-Nn- % tirkrt for 500. r'Dr'e, Utiug
au rV.ritta by W. %. Farewell. ami thousands
70 dollars more 90 similar t'nis rrurcHruung
total Di - 1j2.ji.
Tia 'ilr.l account Of assets ana liabilities
As-rt> bonds and mortgasr- So. $50: I uiird
States iHiud-. $3.50; call Ilau-. 80 1]l. cu-h
of hand ami IN L t,'iucrnud National Exchange
banks. ,3.24t.1j Totu assets. $su.741Ij. It'r =
ca.ei ash. hui which arr oI doubtful value.
L,aht!tles-Due depo-itors. on which interest
chers accounts. si32mG9; MONEY borrowed On
enllai"rais 80 $40 2nu. Total liabilities slll-
2ui.4j deficiency II assets. $Gu 4Gi.1u
2l.75l 81. the deficiency IL sS52l7.2i' leaving
sIo PSI - 10 Ray all Liabilities.
The Examiner \ few DAYS after the close -
the h9nk. also discovered that the hank had
ISSUED bogus cer' iilcHtcs ot deposit. I'll, 80 ~ot
forth that the person whose name was written
on their inr- had deposited a certain sum If
money John y. Hoyt. the trustee had uli-
tanned about si3,nno qi these certificates. They
were signed 10y David l.. swan NJ Secretary and
/. {. Mics A. Ass !stnnt secretary. The trustees
knew nothing of tho issue OF these bogus Ger;
tihcatcs. Tn- increased the Officially reported
deli 'ieury uf assci- With the cash - items 20
tH~ 1l1.Zl, leaving So 9oJ.2l nearly thirty
Meetings 90 tuc ofIi .ers and trustees OF the
bank w"rr hell daily after IT, failure. David
T.. Swan dorlJr.d tAat BrnadwcN. lI,yt osborn
atd himself alone werr t. blame. IN addi-
tlYnal def 'lcncy OF t23siN Was subsequently
uu Sept. p Judge wes,brook appointed Con
II nry 4. Nuoll} receiver ~ Oh" bank. and N
"a" same day bruuiWcll Nus arrested in his
lnm.a' io5 Bergen Heights hvrnu" jersey Citv
Iur J. >um4ninE Committee that hnd been nl-
poiut"d ~ thr trust""s from their own number
-"nr'd hrs arrest declaring thcmsrlv'- sat So
hrd bee had taken the funds ~ thc bank. lie
EINt NuI tIr sam" day, WAS Hii"rWarl indicted
uy tut Grand jury, and is now at barge on bail
II. ul tiI,. livr-tig atIDns Of the Committee Il
appeared that the funds ol Ia" tank hld hr,n
used hv Brouiw.ll from ihs start In ISL Hu,f
Was uNt arrested. NOR wa swan. tho latter bong
charged by Broadwril ns thu cHu-" of tN" banks
ruin IS his u.li- rimnat' use II the nlo noy. II
WIS shown that tunds deposited for loan- We're
hypYtnecni"i. even some deposited for -cur.ty
h1ng 80 urlucd.
as rc'rlN.r Win four clerks 10 assist him. lie
employed NJ. Sihlcy as eNprrtaccouutaut. soon
after Gen. Smaliey entered upon his duties Mr.
cornell one II thrtrusto,'9 ia favor Of thehank
trustees ltt u M 80 400 Resides his property
d. l;tNe Two second mpriEaEr- Ou houses ia
i safe which Broadw, D had taken in the Park
Bank SAT" b"i Ait Company was OlrNr.l iy
Con. SnaloY and found To- contain s2DouO
worth ot bonds and securities Papers wcrr
found which 1t VAS declared would prove If
yalu" in recovering money. In December iul-
lowing came chang" Of r,-riv"r Clark Brook
bviu- appointed 10 replace "a IA. Snlalcy.
Mr.. Brook WAS Obliged 10 retain the lllro ~
hey and Greenwich streets until MAY ltst. tr.n
SmaUry having 50 arranged. Mr.. Brook dis
charged three of the clerks and employed in
thrir stead David +. swan. who had been Vice.
President AMI Secretary 81 tine broken bank.
Tho oilir' OF the receiver il AZ 10 Pine street
where Mr.. Brook was found Yesterday. He WIS
not disposed 10 hc communicative. declaring
n was IT, the interest of the drpusitors that bee
should say nothing, He, however. admitted
that he had instituted suit against Mr.. David
J.. swan. his clerk, i4r Siluup; and suits
against the trustees collectively, Being asked
why a report had not been made. and why n
dividend mad not been declared, he answered
that there WIS nothing toir"port on or To- divide.
DO you mean TO say that you have no funds
al all 2 Was asked.
lie replied that he had mono. and didn't know
where there were any that he could claim rs
tho receiver Of the ClalrmOut Savings Bank.
II. declared that Gen. Smallcy transferred
everything 20 him. lie didn't make any RE-
ports brrdu-r IL ru-t money. lie wasn't sure
that the depo- tors would ever realize ten cents
ON the dollar. or that they would even Ct one
cent. lie didn't know why BroHkcll had
never had his trial. and he had never brought
the conduct 81 the bank 3 officers 10 the notice
Of the Grand jury
At the District Attorneys Office II was said
the reason Broddwcl had not boon tried WIS
that they were waiting 10 SEQ what decision
would be- made 10y the Court of Appeals IN the
cases Of DR.. Lambert and Case.