The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-09-06
SEWELL.'S EXPULSION.

HE CLAIMS THAT The INVESTIGATING CON-
MITTEE OF THE STOCK EXCHANGE WAS M
rLUEScED by PUBLIC cLAMoR.
The publication of Mr. Arthur l.. sewsli's letter 70
the HERALD In reference TO his dismissal from the
Exchange aroused great interest yesterday IN
Wall street among the bankers brokers' fra
ternity generally. The picture Of Who had toe
many years stood high In the financial world And IN
the coI adencc OF the unity being nowiuiousiy
expelled from the midst OF his associates on grounds
claimed to be wholly inadequate and largely erroneous
was which readily appealed TO tas sense OF Jus
uce among the business OF Now York VITA .
view Of still further ascertanng the parteuars Of this
case tho writer called Mr.. Arthur L. sswe person
ally andhgd quite extended conversation with him
on The subject the main points OF which are here svsa
"Is there anything" Mr. sewsu asked, 'ouL
side the facts embodied In your letter which voall
shed still further light upon your cases"
HoSoRADLy DISCHARGED FROM BANKRUPTCY.
Mr. seweii twho by tho way. Is a tall, powerfully
built man, OF about thirty, with straightforward,
candid facet promptly replied, swell, l might add
that within tho last two weeks received my honor.
apls discharge from bankruptcy, and wipsa oss
debt OF So5s,oO0 In securing this discharge OBJ
tanned the Of the legally required number Of
creditors, well Of the creditors representing the
legally required proportion oil indebtedness The sig
natures OF all these creditors given most cheer.
fully and willingly. Now, II does STRIKE me that
II had been gully OF obvious fraud these crsdorl
would not have thus easily given mo my release.
You know that at the last meeting OF creditors the
objection OF even one creditor may keep she bang
rup from getting his discharge. woil that last and
FINAL meeting, called by Register Little, there not
single creditor present to raise objection against
my full and honorable dscharge."
elias the verdict OF obvious fraud, which you claim
to have been Illegally rendered Ivy the GovsPntng
Committee, been accepted by tho outside worldf"
GENERAL sGSs OF coNYIDgxoE.
at had been considered even by the members Of
tho stock Exchange generally as having been guilty
Of obvious fraud should certainly not have since
received orders IRON tho best houses In the stock
Exchange for stationery; for au . BROKER In sta
tionery, now that my business is barred to me.
And seems 10 me- also, that II the charge had been
considered proven should have been forsakeu and
dscountenanced by my old associates and by the
whom have boon brought in social contact Nv old
trends and acquaintances Instead Of repudating me-
my social relations in New York and Long Branch
pleasant as ever The several clubs, composed Of
cstmabe gentlemen OF undoubtcd standing. Il ssems
TO me would also have taken up the matter II hk
been believed guilty OF the charge"
"Do you CONSIDER that you have been persecueed b
the Governing Comm,ttceY"
81 would ike TO have distinctly understood thstl
do not consider this csc OF persecution II all
believe tho Governing Committee tried TO do thsm
duty faithfully All mean to say is that they scted
I
when would be Judged riabty-uot because the Gov
erning Committee had any wrongful bins against me,
against mo in connection with others. There vas
popular fury which swept everything before IT,"
nor. the aston asa,ns. You as asen. really Ssieve
| you to have been guilty OF obvious iraudH'
| FRAUD OR CARELKssNEss--wHIcHf
"Undoubtediy not, and this prove out Of thsiP
mouths. Tor in the concluding passages Of ths.E
ny the ..
lcssness shown BY Arthur L. seweli' and they Then
wind up by nnang tue w" vino urn say o. goveSs
that can't be guilty Of fraud and OF carslsssncse
at To. SHINE tune II was gully Of ,sa,.s::ns;;
was guilty Of obvious iraod then It was . most r.
markabe misuse OF the English isngu.g: 10 call !!
! impute any great blame to these gontlsm sa, VINO.
| believe, were actua,ea BY honorable mo.ivs.. All
say that they offered mp a victim 10 The p0pu
lar wrath, which had 10 be satisfied at any cost /"
'You claim also that, concedlng tho charge OF ir.ed
to have been true, your dismissal was still ulegalf"
| rwo-rnIRDs VOTE.
"Certanly do. Let me read 10 you from article
90 On members guilty Of sovious iraud.' Il
reads:-.shouid any member be guilty Of OBVIOUS
fraud, OF which the Governing COMMITTEES snaIl BE-
the Judge he shall, upon conviction thereof by vote
OF iwo-tnirds OF the members OF said committee
present, be expelled Now, submit II to anybody
with common scnse-not 10 any lawyers, Tor have
already consulted some OF tho mos. sminen, 10 this
country, and they all sustain my posisioo--bus %
any man with plain common sense whether this avti-
Gle does distinctly require two-tbrds vote TOR
conviction 10 order 10 expel y membsrs There wss
such vote In my case, ~ the minutes viii prove.
ana that fact alone legally vitiatcs my dismissal"
"wete any charges ever before brought against
| your
~ was eleven years In business n stock broker In
this city, aud not single charge Of fraud was ever
brought against me; indeed, no rchect,on Was ever
cast upon my integrity. owe a duty 70 myself,
| my vile end child and my friends. TO set my name
right before the community, aud Will never rest aol
have done so. Ill have been guilty u inexeussbls
carcesncss the report satd have already cruelty
suffered Tor trained for proIsssion,
aud the business OF a stock brokVr. which followsd
these eleven years, was the only ono understood OF
| could follow with any degree OF success. That 10
nav naFT cd tn m m
| means open TO me OF earning an honest and decent
livelihood. I am ike a carpenter without his tools.
All last winter compelled 10 live In Long Branch,
| aud expect TO 90 so th,A"
"Areyou in hopes, Mr.. Sewsll, that the Govsrsing
| Committee will reconsider their action 7"
ayes, / earnestly hope and trust that ny. isstss,
| kindly published ~ the HERALD, will arouse she
sonse of justice among my former associates IN the
Stock Exchange, and that they VIII aid me- In havinA
my reOpeDed."
THIS terminated the interview, ana Mr.. Sowel hur
ried away catch the boat for Long Branch.