The New York herald., 1878-01-18
MR.. sEwELLs EXPLANATION OF HIS RELATIONS
TO THE FIRM OF JOHN BONNER Co.-A

TO THE FIRM OF JOHN BONNER Co.-A
VICTIM AND NOT A CULPRIT.
Mr. Arthur L. seweu, who was expelled from men,
bershp the Stock Exchange in consequence OF acts
done by the firm Of Jonn Bonner Co., of which he
was member, has prepared tho following statement
to define his position and explain what he had TO do
with the affairs OF the lrm:--
New York, Jan. II, 1878
The Governing Committee OF the New York Stock
Exchange have thought II right to include me In the
expulsion OF John Bonner Co. from the Stock Ex-
change desire to place before the public the follow
i came here to New York eleven years ago, without
money ana without friends, except Mr. Bonner, VINO
was my brother-n-aw. applied to HIM tor work,
and, IN response, he gave me immediate employment
street broker, representing tho interests OF his
house. had no training up 10 that time In Keeping
books; was not then and not now u boUkkeeper
The business which Mr. Bonner gave me. to do was
to be among the first OF the brokers who began trad
ing in the early morning the street, to stay
with the crowd TIL nightia, then ionttend the Even
Exchange to execute ali orders sent me from the
Office, all OF which faithfully did. My business did
OF It's management, and tor several years was
ployed constantly IN this way, receiving what to me
the greatest possible sense Of obligation, because
afforded me bread which l had not otherwise the
means to procure
After a time Dir. Bonner bought me membership
IN the Board and gave me a nominal partnership,
which also gladly and thankfully accepted although
the partnership aid not embrace any percentage Of
the profits l put capital into the concern nor
did this change contemplate, as between MIR. Bonner
and myself any change OF our relation whereby con-
tinued 10 be heretofore an empoye OF Mr.. Bonner.
My business continued in the same routine as before.
executed the given me, and that relation
tinued TIL tho time OF the failure Of the firm
While was IN the firm Mr.. Bonner made d.
rector OF tho Bankers and Brokers' ASSOCIATION,
which he represented to me he owned and which he
always told me was worth lilo on the books. This
believed, having no reason TO doubt II. had heard
him say the same thing TO several gentlemen 10 the
last and the stock was always quoted at the Stock Ex
change SO bid AT the yearly directors meetings
voted with the other directors Tor such routine bus
ness as suggested by Mr. Bonner. / never saw
OF the affairs OF the Ban kers and Brokers'
Association in my lie, nor OF the books OF John Bon
ner X Co., aud II had been shown balance sheet
from either | should not nave been able to analyZe
them and tell how an airs stood without the aid
accountant.
Thus affairs stood when tho failure OF Meter l. Co.
was announced ana ON the day after Mr. Bonner toIc
me the posi- OF the Bankers and Brokers' AS
socation. The man who thus confessed to me mis- i'm
pending ruin was my bcneactor, IRON whose bounty
in giving employment | had lived Tor nearly
dozen years. ana to whom was bound by every OF
gratitude He was the husband OF my dearest and
If my during these turee days, ii my silence
aud hesitation be cons dercd ''obvious fraud,
then ! am guilty. do not appeal from the decsIon
OF tho Governing Committee l pose tnat rs men
of business they have done what right, and If
must submit do so, not as culprit, but us victm
Yours, ARTHUR L. SEWELL.