15641. Clairmont Savings Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 15, 1877
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
630b675a

Response Measures

None

Description

The Clairmont Savings Bank was ordered closed (suspended) by the bank examiner/authorities on or about Sept 15, 1877 and was subsequently placed in receivership. Articles report large deficiencies, appointment(s) of receivers (Gen. H. A. Smalley on Sept 22, 1877; later Clark Brooks / others) and criminal charges against President Sherman Broadwell. There is mention of distressed depositors and gatherings, but no clear, discrete bank run (mass withdrawal triggered by rumor) described; the proximate cause was mismanagement/diversion of funds and insolvency discovered by the examiner. Dates come from the articles (Sept 15, 1877 closure; Sept 22 receiver/ arrests).

Events (3)

1. September 15, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by banking examiner/authorities after discovery of large deficiencies, bogus certificates and risky loans/irregularities and apparent diversion of funds by officers; official order to close on Sept 15, 1877.
Newspaper Excerpt
The Clairmont Savings Bank was closed by orders from Albany on Sept. 15, 1877.
Source
newspapers
2. September 22, 1877 Other
Newspaper Excerpt
President Broadwell ... has been arrested. ... His son-in-law is accused of having taken bonds from the bank vault. Gen. H. A. Smalley has been appointed receiver.
Source
newspapers
3. September 22, 1877 Receivership
Newspaper Excerpt
On Sept. 22 Judge Westbrook appointed Gen. Henry A. Smalley receiver of the bank; later Clark Brooks and others are named as receivers in subsequent reports and litigation over appointments occurred in November and December 1877 and beyond for winding up the insolvent institution. (Articles: Sept 22 – appointment; Oct/Dec – receivership matters.)
Source
newspapers

Newspaper Articles (21)

Article from The New York Herald, September 19, 1877

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The gentleman shook his head in a deprecating way, but declined to express an opinion. A CONFIDENTIAL LETTER. Mr. Swan was called into the trustees' meeting at a certain point in the proceedings to explain why he had permitted such gross irregu. larities as to loan to Mr. Hoyt money on checks, &c., and to say whether such acts had been countenanced by the president. At this point Mr. Swan, in his vindication, produced a letter, which was intended to be confidential, written to him by Mr. Hoyt after he (Swan) had refused further accommodation to him. In this communication Hoyt assumed the rôle of an injured man, recited how much the bank had been benefited by him and his connection with it, and generally showing the bank to be his debtor instead of largely his creditor. Mr. Swan also wanted to correct a general error that the bank had loaned money on New Jersey lands. Mr. Hoyt and McKinney, his partner, are the promoters of the New York and Boston Railroad projeet, a large amount of which bonds were placed upon market and are now said to be worthless. Mr. McKinney makes the following statement in regard to the connection of his name with the bank affairs:NEW YORK, Sept. 18, 1877. To THE EDITOR OF THE HERALD:The published statements regarding my connection with the Clairmont Savings Bank do me such injustice that I feel bound to ask you to publish the real tacts. which are brielly these The bank. Ht my request, discounted the bills 01 exchange referred to, amounting to $9,500, for the account of Mr. Dewing with the express understanding that they should be renewed from time to time until is fixed date in the fall. They will be promptly paid in accordance with A. McKINNEY. the original understanding. Mr. Henry Parsons, the counsel of the institution. was found at his office, at No. 178 Broadway, and stated to the reporter that he had taken no active part in the management of its affairs. He was a depositor in the bank, both with a personal and a trust account, and suffered from the stoppage of its business. He regretted that the president had been unable to come to the city, but hoped he would see the urgent necessity of his presence here. In regard to an Albany mortgage which it was said belonged to the bank, and which it was rumored had not been assigned LO it, he would prefer not to speak at present. There were, however, some grave irregularities brought to his notice for the first time, which it was highly necessary should be explained by the proper officers. Mr. Sherman Broadwell lives at No. 405 Bergen avenue, Jersey City Heights, and the report at his house was that be was ill. The Examiner is still at work at the bank.


Article from The New York Herald, September 19, 1877

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tees TRANSACTIONS. QUEER What Kind of Collaterals the Bank Officers Loaned On. DISTRESS OF DEPOSITORS. The excitement over the failure of the Clairmont Savings Bank seems to increase rather than diminish. The number of poor depositors who visited the institution yesterday to look after their interest was very numerous. From the appearance of the persons who were about the doors the patrons of the institution seemed to be principally hucksters, fruiterers, poulterers and generally the middle men and women who do business on the wharves nd upon the highways adjacent to Greenwich steet. They came with their passbooks in their hands and gazed upon the formal notice of the Bank Examine ordering the institution closed in a dazed sort of way, and then went off bewildered and sad to mourn over their misfortunes. Not all, however, were passive. Groups now and then gathered upon the sidewalks, and there was some ugly talk among them in regard to the officers and the way the bank was run in the interest of a few men. There was one noticeable change in the aspect of the place from the day previous-viz., the criticisms on Mr. Ball's connection with the banking office caused that gentleman to close the door of communication between the bank and his exchange office, thus making the connection of the two institutions less apparent. It seems that the report was right, notwithstanding all denials to the contrary, that the bank loaned Ball $2,000 each day to carry on his business of money exchange, and the profits on the same were divided at the close ot the day's transactions. It 18 said that the profits thus accruing were credited to salary account, but this matter is yet to be investigated. An additional notice was found upon the bank door yesterday morning. It ran as follows:- "All checks drawn by Young & Wegman on the Clairmont Savings Bank will be paid when presented at their office, No. 79 Barclay street." The firm were waited on at the number indicated by a HERALD reporter, to whom Mr. wegman said :-"We have sent our checks all over the country, and put up the notice because we do not propose to have our names dishonored because the bank has failed. We are dealers in buit and have to send a number of checks for greater or lesser amounts from Florida to California. We unfortunately drew on this bank." MEETING OF THE TRUSTEES. A meeting of a number of the gentlemen connected with the bank was held at half-past twelve o'clock in the room in the rear of the main office. The Bank Ex. aminer, Major Orvis, met them, and the general situation was discussed. The trustees present were Messrs. Marsh, Halsey W. Knapp, Robert G. Cornell, C. D. D13osway, John Q. Hoyt and Henry Parsons, the latter being also the counsel of the company. Mr. Cornell took the chair, and then, for the first time, the real Bituation of the bank was laid bare to the trustees. Mr. Parsons communicated the nature of a telegram received from Mr. Broadwell, the president, in which Mr. Parsons had urged Broadwell to be present, and the latter, from his home ID Jersey City, had responded that he was sick and urged Parsons to come and see aim. Alter this communication Major Orvis, the Examiner, proceeded to explain to the trustees the situation of affairs, which, briefly, is as follows:ASSETS. Par Value. Market Value. Totals. $41,430 00 Bonds and mortgages. $48,980.00 $41,430 3,348 3,100 GO U. S. bonds, 10-40's.¥ 432 400 00 3,780 00 U. S. bonds, 5-20's. 24,735 00 Call loans 1,730 Cash on hand 1,096 20 Cash Produce Bank Cash N. Y. National 419 06 3,246 75 Exchange Bank Total $73,191 75 (Find items called cash which are of doubtful value $24,752 71) LIABILITIES. Due depositors, upon which interest is paid $51,805.79 Due depositors upon active or 43,200 69 check accounts Money borrowed on collaterals9,100 00 From Union Trust Company 4,000 00 From N. Y. Nat. Ex. Bank 13,000 00 From N. Y. Nat. Ex. Bank 3,500 00 From William Cooper 11.000 on


Article from New-York Tribune, September 19, 1877

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BROKEN SAVINGS Clairmont SavTHE its small size, the large pile of Considering covered a remarkably Bentham Bank Since ghrewd old Jeremy banks, conceived the institution ings first wickedness. idea savings of Frugality that of has his has been no illustrated the converse such a more completely showing exactly what community is not by to be. The rest of the bank was such views, there ought fact that the thousand concern a little fortunate one; in but mourn the not at the its less tomb, will its without class one most hope of of depositors They are of a poor. its resurrection. deserving of pity-the showed frugal that all others statement last Spring $3,000. The official depositor had at indicates his credit that the of the sum transaction; The evenness to some exceptional at the referred a deposit made temporarily Dividing haps largest statement. deposi- time per- this the of rendering of deposits by the number apiece as of the little over $100 tors, we each have account. Very few average; savings taking of show small an they amount age the together, banks averin this accounts city of all so depositors is, therefore, certain the exceed $300 a piece. Bank It was handling the that the of exceptionally Clairmont poor people-probably houses. Its money in neighboring tenement bound by their directors knowledge dwellers should of this have fact been to care. invest the funds with the most scrupulous the management was was run a On the contrary, faith. The concern near bad broker at marvel of accommodation of a received for the whom part of the The money bank was to hand, to turned over. operations each day was him in the profits of of his the bank also share with funds. The officers the the hand in speculating with after handing with what was broker. The result perhaps took with a left money; the of a day to the that gradually $2,000 performances was filled with overdue these became protestcash drawer unpaid bills of exchange, memorandums, notes, returned checks, trash; ed paper, money, and similar the for borrowed took the place of and this the poor as and was the greenbacks tickets worthless in, which stuff represented depositors to Bank cash had handed hand, in The the statements list of this trash so would melwere not be It is violation of whole performance the trustees to ancholy. on Department. Indicrous if forbids needless it was in to say lend that law, which of exchange, money other upon personal securities plain the notes, bills investments whatever," drafts, "or any that such risky the part and provides be deemed a misdemeanor or officers on making "shall trustees authorizing prosecution of he same." and Let subjects hope that in this instance be us prompt and the out punishment. prosecution the will justice, them meted punishment and the to The sternest of the Clairmont Savings the managers and kindness to who be mercy of this city, severe. will the hard-working outrageous honest, Bank, may thereby be saved poor in the future from swindling. operations of the Directors so of thoroughly the Long Island The Savings Bank were not transactions of but as be concern of doubtful they, too, seem in another column vicious, that statement come the to past Department investigated, honesty. of which the the The transactions the with appointment the Bank of a receiver a new for preceded Savings Bank, puts this Island face upon the matter. Up affair to graver been supposed that the of judgment, and it Long involved would time, and has worse than an error any discovery no be made one under of the Brooklyn who had men of the stantial nothing has suspected administration that practices of the which sub- this bank in of municipal corruption fostered in so general inflation city. But now it would the reign charge, many statements savings seem- and banks in authority this on which these the books and the admits of no question-that for years are made bank have been manipulated that the make a false surplus. was obtained by of to the of receiver and Bank recent De- an appointment breach a of faith with the These undoubted and probably by collusion. unfortunately, accusations, to doubt. there seems to in the courts as sickprospect partment, are grave contest be no room which, to The the At of a of a receiver will bring depositors. the of hope deferred to additional ness' will have to return of they " dividend" "--88 the called. appointment of best endure the delay They their simmoney the be first is fortunate (almost if in the mockery) litigation, the Continental like the Life ilar will one in Company, the case does of not eat a larger hole Insurance than even the previous mismanagement. THE DEMAND FOR SILVER.


Article from The Cincinnati Daily Star, September 22, 1877

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NEW YORK CITY. Col. Cockerill's Arrival in New York. National Associated Press to the Star. NEW YORK, Sept. 22.-Col. John A. Cockerill, of the Cincinnati Enquirer, who has been at the seat of war, in Turkey, for the past six months, arrived in this city this morning by the steamer Neckar. He was a fellow passenger with Mr. Elihu B. Washburne, Ex-Minister to France. Stephen Fisk is to reopen the Fifth Avenue Thenter as Augustine Daly's successor. Arrest of a Savings Bank President. President Broadwell, of the Clairmount Savings Bank, has been arrested. Reswooned three times while the officer was in his house. His sonin-law 18 accused of having taken bonds from the bank vault. Gen. H. A. Stealy has been appointed receiver. A Shark, nine feet long, weighing over two hundred pounds, was caught off the Battery to-day. George L. Fox, the celebrated pautomimist, is lying at the point of death at his brother James' residence in Cambridge, Mass. The patient, who has for the last two or three mouths been in fine health, was prostrated by another stroke of paral. ysis. Yellow Fever in Florida. NEW YORK, Sept. 22.-Tue following has been received here, dated Fernandiua, Florida, September 21, 1877: "We have had forty-four deaths of yellow fever to date, and the disease is rapidly spreading all over town. Twenty-one new cases tc-day. The destitution is


Article from New-York Tribune, September 22, 1877

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WITH SUPPLEMENT. THE NEWS THIS MORNING. FOREIGN. The Russian Army before Plevna is waiting for the Imperial Guard, before resuming active operations. It is reported that the Russians have been defeated at Biela. The French Republicans have issued an electoral address. DOMESTIC. By a collision on the New-York Central Railroad, near Rome, N. Y., three lives were lost and seven persons were injured. Judge Wm. H. Sawyer was nominated for Justice of the Supreme Court for the Fourth District of New-York. The Mayor of Fernandina, Fla., has appealed to the country for aid; the yellow fever is still spreading. The President reached Knoxville yesterday, and started for Atlanta. CITY AND SUBURBAN. Tweed, in his testimony yesterday, spoke of legislation at Albany in relation to the Erie Railway and the Tax, Levy of 1870; also of excessive armory rents and the New-York Printing Company. Henry A. Spaulding was appointed Receiver of the Clairmont Savings Bank. Elections for delegates to the Republican State Convention were held by the Regular and Independent organizations. Gold, 103⅛, 103⅛, 103⅛. Gold value of the legal-tender dollar at the close, 97 cents; of the silver dollar, 96¼ cents. Stocks fluctuating, but generally lower and weak, closing without recovery. THE WEATHER. TRIBUNE local observations indicate fair, cool weather. Thermometer yesterday, 62°, 68°, 61°.


Article from The Anti-Monopolist, September 27, 1877

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GENERAL NEWS. Urbain Jean Joseph Leverrier, the famous astronomer, is dead. McClellan has accepted the nomination for Governor of New Jersey. One hundred and forty deaths from yellow fever occurred at Vera Cruz during August. Alex. H. Stephens, in fair health, is on his way to Washington, to attend the extra session of Congress. Ex-Minister Washburn and family leave New York to-day for their home in Galena, Ill. The loss by fire at Keysport was $200,000. The business part of the town is in ashes. The supposed liabilities of the Fidelity Savings Bank of Chicago are $1,370,000, the estimated assets $1,175,900. Several rebellions are in progress in San Domingo and life and property there are therefore more than usually insecure. A fire in Keysport, N. J., last night, destroyed thirty houses and stores in the business part of the city. Loss heavy. Among the recommendations of the West Point board of visitors is one that inquiry be made as to abolishing Sunday parades. John Sode, Murderer of James Temple, was hanged at Newcastle, Del., Friday in the presence of 200 people. One death from yellow fever and twenty-one new cases were reported from Jacksonville, Fla., Friday. The steamship Diego from New York Sept. 1st for Liverpool, burned at sea the 8th in latitude 46, north. The officers and crew were saved. The troops sent out to pursue the Warm Spring Indians of Arizona have captured a few squaws and children and killed some men. The President was unable to accept the invitation to visit Augusta, Ga., but expressed a hope of being able to visit there during the coming winter. General Gibbon telegraphs that Major Walsh was at Fort Benton a few days ago, and reported that Sitting Bull was still north of the line in British Columbia. The steamer Alga, towing the caisson containing the Egyptian obelisk for Lon don sailed from Alexandria, Egypt yester day. A receiver has been appointed for the Clairmont Savings Bank of New York and its president, Sherman Broadwell, has beer arrested. The secretary of the Paris prefect o po ice has gone to Namur to watch th proceedings of the Prince Imperial on th Belgian frontier. The Nebraska State Fair opens at Lin coln on Monday, the 23d inst., and prom ises to be the most successful exhibitio ever held in that State. or Voluntary subscriptions in Mexic towards the payment of the American deb have proved a failure, only $10,000 havin n, been realized throughout the republic. n, The Memphis chamber of commerce ha V. announced a convention to be held the hn in March of next year, for securing large n, mail facilities in the West and Southwes A specimen of a reported counterfe $50 legal tender note circulating in Ch cago has been carefully examined, an N. found to be printed on the government en, fiber paper. N. Weather Indications: Falling barom ter, warmer southerly winds, increasir A. cloudiness and rain arcas, followed in tl C. Northwest by rising barometer and cold rd, northwest winds. Six European steamers sail from Ne the York to-day, taking 255,000 bushels Let grain and large shipments of butter chees his oysters and Kentucky blue grass seed f wn Hungary. rge A fire at Lawler, Chickasaw count IS ver Iowa, Friday morring, destroyed twent in six business houses and five grain war ing houses. Loss, $50,000; insurance un mknown. is At the consistory at Rome, Friday, t the end Pope appointed Cardinal Joachin Pec in chamberlain of the sacred college. I this also appointed several Italian and forei; ues bishops. ters Secretary Sherman emphatically and i atdignantly denies the report which h ins been circulated that he has approved gs, paper obliging Ohio clerks in the Treasu da department to no home and vote at t


Article from Perrysburg Journal, September 28, 1877

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NEWS OF THE WEEK. WASHINGTON Nearly all the Ohio clerks in the depart ments will avail themselves of Secretary (Sherman's permission to return home to vote) Gen. Smith, Appointment Clerk of the Treasury, will resign next month, and succeed Kessinger as Collector of the Fifteenth Ohio District, which office the President has placed at his disposal. The Secretary of the Treasury denies that he has approved an order obliging the Ohio elerks in his department to go home and vote a the coming election. Washington dispatch of the 21st says Collector Arthur and Naval-Officer Cornell, of New York, were requested to resign recently, but their resignations have not yet been received. It is positively asserted by some of Secretary Sherman's friends that in the event of the Republicans obtaining a majority in the Ohio Legislature he will be a candidate for Senator. E/R Hoyt, of New York, has been ap pointed Commissioner of Indian Affairs. Secretary Sherman denies that he will be a candidate for Senator from Ohio. The accounts of the 41/2 per cent. loan were closed on the 22d. The whole amount is $200,000,000 The Treasury Department had upon the Union Pacific Raffroad train, recently robbed in Wyoming, 300,000 ounces of silver bull. ion, This was in large bars, and so heavy that the rebbers vere/upable to carry it with and not an ounce was lost. THE EAST. The strike at the American iron-works at Pittsburgh has ended, the men resuming work at the old wages. The ing coopers of Pittsburgh have resumed work The Wilkesbarre (Pa.) miners have rejected_tho offer.org 10 percent advance. Ex-Minister Washburne arrived at New York from France on the 19th The Clairmont Savings Bank of New York city has suspended operation. An examination by the Bank Examiner showed a deficiency of over $64,000. The depositors number about 1,000 and their chance of recoveranything is poor. The centennial of the first battle of Bemis Heights, where Burgoyne received his fatal check in 1777, was celebrated on the 19th by a gathering of over 20,000 persons on the field. Base-ball on the 20th: Chicago Boston 7; Cincinnati E, Louisville 6. A monument was dedicated at Paol, Pa., on the 20th in honor of the fifty-three American soldiers under Gen. Wayne killed by British froops under Gen. Gray 100 years ago. Hon. Wayne MacVeigh was orator of the day. Among those present were Gov. Hartranft and staff. The Grand (Lodge of Odd Fellows refuses to alter the by laws so as to permit Indians to be initiated. The Third U. 8. Infantry have left Wilkes. bared.Pa for the West. A collision occurred near Rome, N. Y., on the 21st, between the western-bound Chicago express a freight train, by which Hen. derson, fireman of the express, Brakeman Durgen," of the freight, and Mail Agent L. Tunnard were killed and several others were seriously injured. A misplaced switch caused the accident. A furious snow-storm prevailed on Mt. Washington on the 21st. Savings Bank, of Wolfboro, N.H., has suspended. The deposits amount to $450,000. It is stated that depositors will be paid full. Base-ball on the 21st: Hartford 11, Chicago 3. On the evening of the 21st the OperaHouse at Berringer City, Pa., was burned. The fire was caused by the explosion of a kerosene lamp during the performance. The building being frame, the fire swept over it in a few minutes, and the audience barely escaped with their lives. Six steamers which sailed from New York for Europe on the 22d took out 250,000 bushels of grain and large shipments of butAbackage containing bonds, stocks, etc., estamated at $200,000 was stolen on the 22d from the safe of the First National Bank of O Courtland, N. Y. The loss was not discovc ered until the 24th. The securities were the property of private parties.


Article from The True Northerner, September 28, 1877

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DOMESTIC INTELLIGENCE. East. The dedication of the new monument at Paoli, Pa., in honor of fifty-three American soldiers under Gen. Anthony Wayne, killed by British troops under Gen. Gray, 100 years ago, took place on the 20th of September. Among those present were Gov. Hartranft and staff, and a grandson of Anthony Wayne. The discovery of the over-issue of about $1,000,000 worth of stock of the West Philadelphia Passenger Railway Company is the Quaker City's latest criminal sensation. John S. Morton, President of the company (andwho, by the way, is also President of the Philadelphia Permanent Exhibition), makes a clean breast of it, and says the fraud has been going on for seven years. The Clairmont Savings Bank. of New York, has collapsed, and the President is under arrest. A fire at Keyport, N. J., burned $200,000 worth of property. The First National Bank of Cortland, N. Y., has been robbed of $200,000 worth of stocks, bonds, etc. The coal-miners' strike in the anthracite fields of Pennsylvania is ended, the miners having agreed to accept the recently-rejected advance of 10 per cent. on their wages. Three trunks, containing $50,000 worth of securities, have been stolen from the Cam bridgeport (Mass.) National Bank. West Another Chicago savings bank has collapsed, the Merchants', Farmers' and Mechanics', of which Sidney Myers is President. Its affairs have been placed in the hands of a receiver. About $500,000 are owing to some 2,500 depositors. The assets are nominally equal to the deposits. St. Louis papers announce the death of Hon. Louis V. Bogy, United States Senator from Missouri. He was 65 years old and a native of Missouri. Late news from Sitting Bull, from British territory, indicate that he will remain on British soil through alleged fear on his part of trea chery. Sitting Bull's force now numbers


Article from Daily Kennebec Journal, September 28, 1877

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NEW YORK. Weather. NEW YORK, September 27. Foggy, cooler, wind east. Death. Goddard Bailey, formerly editor of the Mobile Register, and late editor of the New York News. died yesterday, aged 50. Failure. Barnett, Schenck & Earle, cigar manufacturers, have failed: liabilities, $140,000. Hillyer & Co., woolen merchants, have suspended; liabilities, $100,000. Political. The Prohibitionists' Conference to-day adopted the following declaration of principles: "That it is neither right nor politic for the state to afford legal protection and sanction to any traffic or system that tends to increase crime; to waste material resources; to corrupt social habits, and to destroy the health and lives of the people." The concluding resolutions urge the people to vote for DO persons for public office, unless they favor these principles. Reduction. The Lehigh Coal Company have reduced their prices 40 to 75 cents a ton. Marine News. The crew of the schooner Sawyer, in port, are all down with fever. A number of cases are re. ported to be very low to-night. Bank Matters. The receiver of the Clairmont Savings Bank today discovered that the President of that institution had deposited at the Park Bank a number of stock certificates which he had placed in the bank box as bank property. Broadcast claimed them as personal property, but the officer in charge of the safe deposit vaults refused to deliver them except on an order of the receiver, who said he had made an inventory of them as bank property, and hold them as such until other ownership is proved. ExPresident Broadwell is heavily indebted to the institution, and the discovery of these securities may result in saving a large amount of money to the stockholders and depositors. Boat Race. The single scull race at Scipio, 1 1.2 miles and return, was won by Courtney, who was ahead from the start. Time, 21.29 1-2; Riley 2d, 21.33 3.4; Johnson 3d, 21 42; Ten-Eyck 1th, 21.43 1-2; Rayberger last. Trot. At the Fleetwood Park races the 2.21 race was won by John H., who took the 1st, 2d and 5th heats. May Bird won the 3d and 4th. Time, 2.21, 2.23, 2.23 1-2, 2.21, 2.24. The race for the 2.36 class was won in 3 straight heats by Drummer Boy, Grace second in each heat. Time, 2.29 1-2, 2.31 1-2. 2.33 1-2.


Article from The Donaldsonville Chief, September 29, 1877

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of the late heirs Danser invalidate the came other in and undertook all sorts to of irregathe will, claiming than have it go to larity, trial, the and claimants rather and agreed so it to was divide settwo parts, half of the church his brothit tled. into The money, gets a and and they dead gambler's sisters the other half, all ers and supposed to be happy. that the are soothare Now all American rifle teams matches are over, ing their the defeated the country. competitors To-day by showing are up the to the Englishmen them proposed sound, continue New on and it is the yachts, all the way up con the excursion coast, if the weather say Englishmen England tinues that they pleasant. werefairly The beaten, shots in and every the Americans are the best going home to next time. respect. practice a But year, they and are will come back to win the ward association for held the a The ninth intemperance of and there were meeting last which will some temperance suppression speeches rigid night, made people. sound noted queerly to of the Crosby, one speech in Rev. of the city, made a that lie took the ground men lost proposed In this crusade he to the his energies divines much. perance which Dr. all by undertaking tem- too of the to close would not hotels, in the the hands bars trade was in in to struction He direct respectable attempt whiskey doggeries, some the for of there respectable the men, He who was kept not it going to the sort of order. the lager beer sellers, those or bevthe assault of light wines, for brain. did whiskey shop," said a sellers erages every not craze into lager-beer the Dr., do to " could be we changed should have reason to saloon, thank was to God." fight the What villainous fight he wanted they whiskey, would and in the making assistance that of the lager-beer mass who have great opposed drink drinkers, light and béverages that soul but and are body dethe use of the He was entering to whiskey the 8000 groga crusade against And Drs. in the agreed Crosby stroying shops and upon Taylor, district. though him. dissenting, Dr. Evans says work the matter has investigated he doesn't and or wine drinking, harm that oughly, satisfied he in to lager-beer with while the believe results thor- he of is is that next to nothing-at that events from it it is so much that less than temperance whiskey drinking for including reformers are foolish to be prothe list of beverages rethem in Dr. Crosby's views temperance are ceived hibited. and with it favor is probable by the that his proparty, will be adopted. has gramme The Clairmont of all Savings flesh. Bank It is the gone the way The directors perto old, old story. run it, and shut witted eyes two to men irregularities borrow so long money their were permitted to or no securion they worthless securities two managing men ties at all. with The the moneys of their despeculated real estate depositors, they up lost, went the bank. the preciated, of and poor men have lost to Thousands they depended winter, upon and little savings through the made, carry examination them is being examiau result as all such directors. which will in censuring the out of nations not do, a cent will ever be got the asBut receiver will eat up will be forgotten. sets it. The and in There time are Sing the a affair than thousand these swin betthey ter men in Sing will continue to move New dlers, in the but best society all the same. and Business is still improving The merchants feeling good. freely, for York here is and are buying them are selling are farmers behind outlook is encouraging. and the paying. The SCRIBE.


Article from The Milan Exchange, October 4, 1877

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TELEGRAPHIC NOTES. At Keller's Corners, 10 miles north of Fort Wayne, Ind., on the 22d, Dr. T. R. Morrison, a well known resident physician, shot and killed Asher M. Fisher. There was a long standing feud between the parties, and Doctor Morrision said in justification of the shooting that Fisher threatened to strike him with a club. The Doctor was released on bail. At Graham, Texas, on the night of the 21st, Deputy-Sheriff James Mason, with the assistance of two men, named White and Stewart, attempted to arrest a desperado from the southern part of the State, named Bob VanDever, who was charged with attempting to kill a man named Burdett. VanDever resisted arrest, and pulling his revolver, shot all three of the men. Stewart was instantly killed. Mason was fatally shot and died soon after, while White's wounds were serious. Out of 70 men left last year on the abandoned whaling fleet in the Arctic Ocean, only two, both Kanakas, have reached Point Barrow. All the rest are supposed to have perished. The Grand Lodge of Odd Fellows, recently in session at Baltimore, selected Austin, Texas, as the place for the next annual meeting. The famous Cleopatra's Needle left Alexandria, Egypt, on the 22d, for England. It was floated in a caisson, in tow of a steamer. A meeting of farmers, dairymen and others interested in cattle, was held at Cleveland on the 22d, for the purpose of taking some preventive measures to stop the spread of the cattle disease now SO fatal in that section. Up to the 22d, 139 cows had died from the disease. The Clairmont Savings Bank of New York recently suspended, and the President, Sherman Bredwell, has been arrested for illegal diversion of the funds. The business portion of the City of Keyport, N. J., was burned on the night of the 21st. Loss about $150,000; insurance about $50,000. A large mass-meeting of unemployed workingmen was held at San Francisco on the 21st. Inflammatory speeches were made, strongly denunciatory of the Chinese. Six European steamers sailed from New York on the 22d, taking 225,000 bushels of grain, besides large shipmentsof dairy products, and Kentucky blue-grass seed for Hungary. Elections for Deputies in France have been ordered for Oct. 14. The Chamber of Deputies will meet on Nov. 7. The steamship Diego, from New York, Sept. 1, for Liverpool, was burned at sea on the 8th. Her cargo consisted principally of flour and provisions, with 339 bales of cotton. No lives were lost. A convicted murderer named Meade, who escaped from the Columbiana County Jail, at New Lisbon, Ohio, last May, was discovered on the 23d at the home of his father, about five miles north of Alliance, He resisted arrest, fired at the officer, and then tried to run away. He was brought down by a bullet from the officer's pistol, however, and finding all hope of escape cut off, the murderer placed his pistol to his own head and blew out his brains. Dudley Hansford was hanged by a mob near Perry, McLennan County, Texas, for horse stealing, on the 22d. Mrs. James St. Clair and her two children, of Cleveland, o., were poisoned, on the 24th, by eating toadstools in mistake for mushrooms. The two children died and the mother was not expected to recover. The attempt to raise by voluntary subscription throughout Mexico a sum sufficient to pay the American debt has proved a failure, only $10,000 having been subscribed at last report. The latest advices from Calcutta bring the grateful intelligence that plenteous rains have fallen in the worst famine districts of India and that every thing in consequence presents a brighter outlook. One hundred and forty deaths from yellow fever occurred at Vera Cruz, Mexico, during August. Forty new cases of yellow fever were reported at Fernandina Florida onthe 24th.


Article from The Jasper Weekly Courier, October 5, 1877

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first ballot, by an almost unanimous vote. The platform deals mainly with State affairs, and has no allusion to National finances. The platform adopted by the Maryland Republican State Convention heartily commends the efforts of President Hayes to "restore a just and salutary Government throughout the South, and the kindliest relations among all its inhabitants." The New Jersey Prohibitionists have nominated a State ticket, headed by Rudolphus Bingham for Governor. The New York State Greenback Convention, held on the 20th, nominated a ticket headed by Francis E. Spinner for Secretary of State. The Indianapolis platform was adopted without change. John Rhode was hanged at Newcastle, Del., on the 21st, for the murder of James Temple. Two trains on the New York Central Railroad collided near Rome, on the 21st, on account of a misplaced switch. Wm. Hendrickson, fireman, Joseph Durlin, brakeman, and J.C. Tannard, mail agent, were killed, and several others more or less injured. The Clairmont Savings Bank of New York recently suspended, and the President, Sherman Bredwell, has been arrested for illegal diversion of the funds. The business portion of the city of Keyport, N. J., was burned on the night of the 21st. Loss about $150,000; insurance about $50,000. The Republicans of New Jersey have nominated William A. Newell for Governor. The platform heartily approves the policy of President Hayes, and favors the early resumption of specie payments. A Wilkesbarre (Pa.) dispatch of the 25th says that the striking miners have finally agreed to accept the compromise offered by the mine owners, and work will probably be resumed immediately throughout all that region. Gen. McClellan has accepted the Democratie nomination for Governor of New Jersey. The First National Bank of Cortland, N. Y., was recently robbed of a package containing bonds and other securities valued at $200,000, belonging to private individuals. No clew to the thief.


Article from The New York Herald, October 21, 1877

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CLAIRMONT SAVINGS BANK. AN ACCOUNTANT'S REPORT OF ITS ASSETS AND LIABILITIES-LARGE DEFICIENCY. The following is the long expected statement of the accountant employed to examine the affairs or the defunct Clairmont Savings Bank. It is not understood to be a final statement, but is subject to ulterior corrections should any change occur in the value of securities or from any other cause. The total deficiency is shown to be nearly $90,000; the remaining assets only $72,000 with which 10 settle debts amounting to over $161,000. The loose way in which the bank was managed may be seen from the items of "overdrafts of accounts" and "cash items held as cash, under which head over $24,000 of doubtful paper was counted as cash. THE STATEMENT. General H. A. SMALLEY, Receiver of the Clairmont Savings Bank, New York:SIR-The following statement of the Clairmont Savings Bank I present to you as showing its condition at date of closing, September 15, 1877 (inclusive), as per my examination of its books and vouchers. I submit 11 as a statement prepared from my rough notes, and subject to verification in rewriting them. The schedules are all substantially correct. It is proper to state that the books of the bank have been taisified and much left out of them which necessitates search through many auxiliary books, memoranda, vouchers, &c., and the analysis of each transaction brought to its proper place in the accounting schedules will be properly prepared and the whole statement and recapitulation will be duly handed to you later. Respectfully submitted, C. H. W. SIBLEY, Professional Accountant. NEW YORK, Oct. 20, 1877. Liabilities


Article from The New Orleans Daily Democrat, October 21, 1877

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Defunct Savings Bank. NEW YORK, Oct. 20.-The report of the condition of the de unet Clairmont Savings Bank was presented by the expert accountant to the receiver to-day. It shows as follows: Total liabilities, $1 612 604 75, Gold assets, $719,138; bad and doubtful assets, $893,466. Nominal deficiency therefore, $893,466, and it mav be more than this amount. The report states that th books have been verifled, and on the day that the bank was closed some person pocketed $1000 from the cash drawer, no trace of which can be found.


Article from New-York Tribune, October 30, 1877

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THE COURTS. THE CLAIRMONTS DISCOUNT BUSINESS. A petition was presented yesterday to Judge Donobue, by John H. Young, that Receiver Smalley, of the Claimment Savings Bank, return certain bonds. Young had been In the habit of getting notes discounted, or, as he called it, borrowing from the bank, the loans at one time reaching $7,000. To secure these loans, he gave $5, 000 of Government bonds and $1,500 of Uister County bonds. When the bank failed, he had on deposit $3,152 06, and the bank held only three of his notes, for $1,000 each. He claims that his deposit should be set off against bis notes, and his collaterals returned to him. The secretary of the bank made affidavit that last Spring President Broad well pledged in his own name the $5,000 United States bonds and other bonds held by the bank with Winslow, Lanier & Co. for $11,000. This loan with the collaterals was afterward transferred to the Union Trust Company, William Cooper. Broad well's son-in-law, appearing as the borrower. The secretary himself pledged the Ulster County bonds and others with the National Exchange Bank for a loan of $4,000 to the bank. These bonds had since been sold. F. F. Vander veer, appearing for the receiver, stated that there would not be more than 40 per cent for the depositors. He in. sisted that the petitioner's remedy was against the offcers of the bank. James K. Hill, for the petitioners, claimed that the bank was a trustee of the bonds and the receiver stood in its place. Judge Donohue was decidedly of the opinion that it was not a truxtee and it had no business to make discounts and the petitioners knew it. There might be a remedy by an action against the bank but not by petition against the receiver. He however gave Mr. Hill time to produce his authorities, and reserved his dec sion.


Article from The New York Herald, November 23, 1877

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THE CLAIRMONT RECEIVERSHIP. TWO RECEIVERS APPOINTED FOR THE DEFUNCT BANK-WHICH HAS THE RIGHT TO OFFICIATE? Mr. Clark Brooks, the recently appointed receiver of the Clairmont Savings Bank, was found at his office, No. 46 Pine street, yesterday afternoon. He stated to the HERALD reporter that he had not as yet received the official notification of his appointment, though be had no doubt that it had been made. He was in the position, he said, of an official whose friends told him he had been elected, but had not yet received the papers certifying to the fact. Being thus placed, he was unable to state what action he would take in the matter. He had not determined on any definite course. A great deal would depend on what General Smalley did. Mr. Brooks did not think there was any teeling against General Smalley or his friends. He thought the Attorney General had acted as he did because be considered 11 his duty, and not through any personal animus. General Smalley said he had not as yet received any notice of Mr. Brooks' appointment, and will, of course, continue to act as receiver until such notice is served upon him. He considers his title quite as good as that of Mr. Brooks, and 16 not disposed to yield his position without a struggle. He has not yet determined upon any course of action, but will do whatever no thinks most in the interests of the deposItors with 2 view to saving their money. He will probably consult with the trustees of the bank before taking any definite steps in the matter. The trustees generally feel satisfied with General Smalley. They believe that he has acted in an energetic manner and co-operated with them to get things in good shape. The appointment of any other man at the present time they consider disastrous, but yet they do not wish the assets ot the bank to be wasted in litigation. The paramount question with them IS 10 save as much money as possible. It makes but little difference, they say, who 18 receiver so long as this end is accomplished. Unless one of the geutle. men retire voluntarily 16 is considered certain that a lawsuit will ensue. Mr. Samuel Marsh, counsel for the trustees, said that the situation was a very novel oue and probably without precedent in this country. Judge Landen, of the Supreme Court at cheuectudy, had appointed Mr. Brooks as receiver, and Judge Westbrook, of the same court as New York, had appointed General Smalley. In his argument before Judge Landen Mr. Marsh had taken the ground that the case was settled by Judge Westbrook's appointment, as it was prior to the other, and one judge of the Supreme Court should not reverse the decision of another judge of the same court. Practically it was very hard to tell what to do in the premises. If there should be litigation and the case be carried 10 the Court of Appeals that would be the last of the assets. There was always a presumption in favor ot the man who held. the position and bad the greenbacks to light with, but of course General Smalley would only act under advice of his counsel, Mr. Vanderveer, and he could no nothing until papers were served on his client. Then, after seeing in what form the notice came from Mr. Brooks, General Smalley would be able to settie upon his line 01 delence.


Article from The Forest Republican, December 26, 1877

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'лелерлиш our poora UTILA committing his bloody deed, had attemptburn the dwelling by starting a fire in the with k rosene, but the woodwork was red only. John Ten Eyck, colored man, arrested for the murder, several suspicious mst nees leading to the belief that he had nitted the crime, the object of which was ery. ter B. Sweeny, in prominent member of the d ring, transferred real estate in New to a wide named Bradley. The property made over is valued at a million dollars. onsiderable conjecture is around as to the e of the transfer, ench Republican deputies, to the number 20. have resolved to vote no taxes if PresiMacMahon does not conform to the es of the majority, and 1,500 merchants nanufacturers have appealed to him to in view of the threatened of trade. e Workingmen's party will soon hold a ress in Newark, N. J. Pittsburg, Pa., six men were found guilty king part in the riots during the recent ad war and were sentenced to various deof punishment, the lowest sentence being ouths imprisonment in the workhouse a fine of $500. and the highest six and ten months in the penitentiary and a '000'9$ J 3 president of the suspended Clairmont gs Bank, of New York, is charged by the er with perjury and other acts that make menable to the civil and the cr minal law. Enfield, Mass., E. E. Cabot was bitten by last September, and the other day he died its effects. Oswego, N. Y., the Congregational ch, and a house and barn adjoining, were oved by fire. Loss. about $14,000 insur$8,500. suit of the city of New York against rd B. Connolly, one of the ring robbers. nated suddenly, by defendant's counsel ssing judgment, which was accordingly against him. The suit was for the re*000'000'88 1940 JO 4 ding an examination into its cordition, Volfborough (N. H.) Savings Bank has closed. ee miners, named Carroll, Quigley aud 0, were killed by the caving in of a secof the Mount Hope iron mine at RockT 'N P. Boas, late cashier of the suspended ng Saving Bank, of Reading, Pa., was ed on the charge of misappropriating the of the institution. ncis Copcutt, a wealthy New York imr, was found dead in his apartments on avenue, with his face thrust into a stew ontaining acids and chloroform. It is ed. that he was treating himself for a cancer, and was suffocated before he summon assistance. New York striking cigarmakers have dened upon starting a co-operative factory apetition with the employers. r three hundred liquor dealers in New were arrested in one night because they not produce a license to sell. Congressman John H. Burleigh waskilled uth Berwick, Me., by his horse falling et bridge. , blocks in the business center of MillersPa., were destroyed by fire, and a large nt of property was burned. stern and Southern States. destruction to property by the floods rdy county, W. Va., will reach $100,000. have been swept completely away and eds of farmers are ruined. eight and four-year-old children of Eliza (colored), were burned to death at &, Mo., during the mother's absence. bodies of Capt. Ryan, sommander of the ed man-of-war Huron, and other officers een recovered, nt two years ago Lyman Blackman a living near Beamingham, Mich., deeded mi to his son Henry on condition that ter should support his parentsar sister. on failed to keep his agreement, whereis father started for Pontiac to take out cessary papors revoking the deed. While away Henry quarrelled with his mother ister and shot them both dead. after he set fire to the house and barn. The rer was arrested and lodged in jail at 'o amin F. Godfrey, aged nineteen, was d to be married to Miss Nellie E. Winboth of Norfolk, Va. A quarrel crose n them, and the young lady refused the man's company from church. whereupon it to a saloon, got drunk and procured a er. Then he went to Miss Winninger's ice and asked to see her. Upon her apce in the hallway, he raised the revolver ed. instantly killing her, and then shot f, inflicting a mortal wound. steamer Lotu-, while on her way from d river to New Orleans, caught fire, and assengers and crew were compelled to into the water to escape burning to Eight persons were drowned and two ath in the flames. The rest were picked steamer... Dassing 1 town of Athens. Ohio, was partially deI by a fire, which began in a bakery in siness part of the town. The total loss ,000, on which there is an insurance '000 98 in German National Bank of Chicago has its doors. The directors say they have ant funds to pay depositors. Indians completely invested Deadwood, Black Hills, and a force of United States was sent to the of the people. -dope aug the new State constitution and the


Article from The New York Herald, December 27, 1877

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SAVINGS BANK MATTERS. ALBANY, N. Y., Dec. 26, 1877. Justice Ingalls has issued an order on the application of the Attorney General dissolving the Mechanics and Traders' Savings Institution and the Clairmont Savings Bank, both of New York. Judge Landon has appointed E. M. Tompkins receiver of the Rochelle Savings Bank. Robert Hoe, Stephen D. Tucker and George G. Hallock have been appointed joint receivers of the Oriental Bank, by Judge Ossorn. The receiver or the Clinton Savings Bank, of New York city, has made his report to the Supreme Cours, and Judge Landon has issued an order thereon. direct. ing the receiver to pay a dividend of twenty-five per tent.


Article from The Abbeville Press and Banner, January 2, 1878

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Eastein and Middle States. The New York baby show wound up by the distribution of prizes to the winning mothers and infants, at Steinway Hall. The mothers who did not win prizes were excluded from the hall by the manager, but they gathered before the building and loudly and vigorously protested, asserting that he had swindled them with promises which he did not keep. The manager discreetly escaped by back door. Hon. Henry L. Pierce, the citizens' candidate, was elected mayor of Boston over Mr. Prince by 150 majority. The board of aldermen elected consists of six Republicans and six Democrats. Six prisoners escaped from the Kingston (N. Y.) jail by sawing the bolts and locks off the doors. The Homestead Fire Insurance Company of Watertown, N. Y., has been ordered by the insurance superintendent of the State to close up its affairs on account of a heavy impairment of its capital stock. A fire at Bethel, Vt., burned out several business firms and private families. Damage, over $23,000; partially insured. A cat show has been opened in New York. A fire at Beringer City, Pa., destroyed the Beringer City Hotel and the bu Idings. A. B. McCartney, a guest *topping at the hotel was burned to death, while the other guests nar rowly escaped like fate. Barney Donohue, the leader of the Erie. railroad strikers last August, was sentenced at Bath. N. Y., to three months' imprisonment on the charge of conspiracy against trade and commerce. The Tannton Savings Bank, of Taunton, Mass., has suspended. A fire in the dye house of the York Manufacturing Company at Biddeford, Me, caused damage amounting to $25,000; fully insured. Two colored men, named Samuel Chambers and George Collins, were found guilty of assaulting white woman, at Middleton, Del., and were sentenced to be hanged. Miss Bertha Von Hillern walked 150 miles in fifty consecutive hours at Philadelphia A new telegraph company, with a capital of $10,000 000, has been formed in New York city. The New York State superintendent of banks has requested the attorney-general to institute proceedings towards closing up the Oriental Savings Bank, of New York city. John Kintzler and his wife, both of them over seventy years of age, were murdered in aly-populated part of Snider county, Pa., where they lived in an old log house. Their occupation was telling fortunes, and on the night of the tragedy some of the neighbors heard shots, and soon after observed the house on fire. On investigation the bodies of the two were found, burned almost to a crisp, while soveral circumstances led to the belief that they had been shot before the house was fired. An indictment was found against Sherman Broadwell, late president of the broken Clairmont Savings Bank of New York, and he was arrested. The charge against him is perjury, on swearing to the bank's condition. At Whitehaven, Pa., twenty-three persons were dangerously poisoned by eating liver pudding that had been boiled in copper kettle. A native of Ireland, named Edward McGovern, died in New York at the patriarchial 109 of years. age Three business blocks in Laconia, N. H., were destroyed by fire, causing a loss of about $10.000, on which there 18 $7,500 insurance and the Forest House, one of the principal hotels in Scranton, Pa., was the scene of an exciting fire, many of the guests having & narrow escape from suffocation. A colored baby show was opened in Gilmore's Garden, New York. Seventy-nine babies were on exhibition and competed for the various prizes. A coal oil car on the rack of the Erie railroad at Paterson, N. J., caught fire, and the burning liquid ran into the streets, communicating the flames to several buildings some of them half mile away. A number of houses, barns and stables were destroyed Eight men were convicted in Wilkesbarre, Pa., of rioting last September, during a strike, and were sentenced to various terms of imprisonment and to pay fines more or less large. The seventieth birthday of Whittier, the poet, was commemorated by a gathering of prominent literary men at a dinner in Boston. Western and Southern States. According to incomplete returns from the cotton-producing States, the cotton crop this year will not be 80 large as last year, on account of heavy rains and killing frosts. The suspension of the Simpson Bank of Lawrence, Kansas, the oldest banking house in the place, is announced. The directors of the German-American Bank of Chicago decided to suspend payment and go into liquidation A memorial hall, to cost not less than $200 000, IN to be erected in Indianapolis, to commemorate the late Senator Morton. The California Legislature has passed a resolution calling upon Congress to levy a ax of $250 on each Chinaman immigrating to the United States. John W. Garrett bas been re-elected president of the Baltimore and Ohio railroad for the twentieth time in as many consecutive years. The two children of a coal miner named Dennis, living at Benwood, W. Va., fell into a tub of boiling water, and one died instantly while the other was fatally scalded. An entire block of buildings was destroyed by fire at Helena, Ark. Loss, $46,000. The Indians near Florence, Arizona, are killing and depredating. Troops have been sent in pursuit. J. D. Easter & Co., of Chicago, manufacturers of agricultural implements, have suspended, with liabilities placed at over $500,000. Two thieves at Tackville, Ala., were pursued by citizens, caught and killed. The border of Texas was the scene of a fleroe fight between State troops helping the civil authorities and band of several hundred Mexicans. The State troops were intrenched in the town of San Elizario, which was beseiged by the Mexicans, who were present in large force. Six of the State troops were killed. Governor Hubbard, of Texas, sent the following dispatch to President Hayes am officially informed that citizens of Mexico, in connection with citizens of El Paso county, Texas, of Mexican birth, were fighting all day yesterday in Texas with detachme of State troops who were aiding our civil authorities. The Mexican force being too strong to be repelled by Texas troops and it being impossible to raise civil posse from the citizens, who are nearly all of Mexican blood and sympathy, and having no re-enforcements within several hundred miles, ask tue aid of such United States troops as may be nearest to the scene of action to repel the invasion of our territory. The origin of hostilities seems to have been dispute in regard to the ownership of certain salt pits in El Paso county. The President ordered several companies of United States regulars stationed in the neighborhood of the scene of warfare to proceed to the assists of the State troops and aid in repelling the invaders of American soil. The Democrats of the California Legislature nominated J. T. Farley for United States Senator, the nomination being equivalent an election, as they have majority in both houses. The boiler in the oat meal manufactory of Stewart & Douglass, at Cedar Rapids, Iowa, exploded, causing damage amounting to $20,000. From Washington The Senate finance committee at a meeting considered Mr. Wallace's bill authorizing the issue of one hundred million dollars' worth of four per centum sixty year bonds, in lieu of the four per centum bonds now authorized by law, the long bonds to be of the denominations of twenty -five, fifty and one hundred dollars, and to be issued for the investment of savings. The bill further provides that the coupons shall be payable either in legal tender notes or in coin, at the option of the government, and that the money received from the Sale of bonds shall be applied to the redemption of the five-twenty bonds. The committee did not take tinal vote on the bill, but the discussion developed the fact that the committee will probably report it


Article from The Sun, August 26, 1878

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# NO REPORTS AND NO DIVIDENDS. The Singular Delay in Settling the Affairs of the Clairmont Savings Bank. The Clairmont Savings Bank was closed by orders from Albany on Sept. 15, 1877. The assets were found to be $73,176, and the liabilities, $137.206. The bank was in the basement of the North River Bank building, at Greenwich and Dey streets. Its President was Sherman Broadwell of South Bergen, N. J. David F. Swan, Vice-President, acted as Secretary and Cashier. Robert G. Cornell was Second Vice-President. The trustees were Robert G. Cornell, R. W. Robinson, John D. Taylor, William H. Woglom, John T. Briggs, Charles K. Willmer, George A. Moss, John Kennell, the Rev. Halsey W. Knapp (pastor of the Laight Street Baptist Church), James Pyle, William J. Osborn, J. Q. Hoyt, Henry Parsons, Sherman Broadwell, John Patten, C. D. Disosway, and A. L. Sayre. The bank was chartered merely as a savings bank, but from its very start it certified checks and did the work of a regular bank of deposit. Mr. Swan declared, after the failure, that this was done by the sanction of the trustees. It was the cause of the down all of the institution. Among the items arried on the books as cash were a protested note for $1,600, endorsed by David E. Swan and John Q. Hoyt: a draft on Boston for $1,000, made by A. McKinney, paid by the bank, but returned unhonored; three bills of exchange amounting to $4,500, drawn by A. Deming on check of John Q. Hoyt and David E. Swan: a ticket for $2,500, being money paid on account of John Q. Hoyt to C. H. Hoyt: a ticket for $91 paid for advertisings a ticket for $25 paid bradiond Knodes for expenses to Albany: a ticket for $40.79 for legal services of Henry Parsons; a ticket for $100, representing an overdraft by W. B. Farewell, and thousands of dollars more of similar items representing a total of $24.752.51. The offmetal account of assets and liabilities was as follows: Assets-Bonds and mortgages, $48.980: United States bonos, $3.750; call loans, $24.735: cash on hand, and in Produceand National Exchange banks, $3,246,75. Total assets, $80.741.75. Items called cash, but which are of doubtful value, $24.752.51. Liabihties-Due depositors, on which interest is paid, $51,805.78: due depositors on active or check accounts, $43.200.69; money borrowed on collaterais, &c. $46.200. Total liabilities, $141,-206.45. Detiefency of assets, $60.464.70. When to this is addest the cash items, $24.752.51, the deficiency is $80.217.21, leaving $55.989.24 to pay all liabilities. The Examiner, a few days after the close of the bank, also discovered that the bank had issued bogus certificates of deposit. These sot forth that the person whose name was written on their face had deposited a certain sum of money. John Q. Hoyt, the trustee, had obtained about $13,000 of these certificates. They were signed by David E. Swan as Secretary, and E. C. Miles as Assistant Secretary. The trustees knew nothing of the issue of these bogus certificates. This increased the officially reported deficiency of assets with the cash items to $0.217.21, leaving $42.989.24. nearly thirty cents on the dollar. Meetings of the offlers and trustees of the bank were held daily after its failure. David E. Swan declared that Broadwell, Hoyt, Osborn, and himself alone were to blame. An additional deficiency of $9.381404 was subsequently discovered. On Sept. 22 Judge Westbrook appointed Gen. Henry A. Smalley receiver of the bank, and on the same day Broadwell was arrested in his homeat 405 Bergen Heights avenue, Jersey City, The Examining Committee that had been appointed by the trustees from their own number eured his arrest, declaring themselves satisfied he had taken the funds of the bank. He gave bail the same day, was afterward itolicted by the Grand Jury, and is now at large on bail. From the investigations of the Committee it appeared that the funds of the bank had been used by Broadwell from the start, in 1871. Host was not arrested, nor was Swan, the latter being charged by Broadwell as the cause of the bank's rutu by his indiscriminate use of the money. It was shown that bonds deposited for loans were hypothecated, even some deposited for security being so applied. Gen. Smalley occupied the bank for his office as receiver, with four clerks to assist him. He empioved Mr. Sibley as expertaccountant. Soon after Gen. Smalley entered upon his duties Mr. swan deeded allot his property to Robert G. Cornell, one of the trustees, in favor of the bank. Mr. Swan estimated its value at $16,000, but the trustees put it at $9,400, Besides his property, he gave two second mortgages on houses in Nynek. A sate which Broadwell had taken in the Park Bank Safe Deposit Company was opened by Gen. Smalley and found to contain $20,000 worth of bonds and securities. Papers were found which it was declared would prove of value in recovering money. In December following came a change of receiver. Clark Brook being appointed to replace Gen. Smalley. Mr. Brook was obliged to retain the office at Dey and Greenwich streets until May last. Gen. Smalley having so arranged. Mr. Brook discharged three of the clerks and employed in their stead David E. Swan, who had been Vico-President and Secretary of the broken bank. The office of the receiver is at 46 Pine street, where Mr. Brook was found yesterday. He was not disposed to be communicative, declaring it was to the interest of the depositors that he should say nothing, He, however, admitted that he had instituted a suit against Mr. David E. Swan, his clerk, for $41,000; and suits against the trustees collectively. Being asked why a report had not been made, and why a dividend had not been declared, he answered that there was nothing toireport on or to divide. "Do you mean to say that you have no funds at all?" was asked. He replied that he had none, and didn't know where there were any that he could claim as the receiver of the Clairmont Savings Bank, He declared that Gen. Smalley transferred everything to him. He didn't make any reports, because it cost money. He wasn't sure that the depositors would ever realize ton cents on the dollar, or that they would even get one cent. He didn't know why Broadwell had never had his trial, and he had never brought the conduct of the bank's officers to the notice of the Grand Jury. At the District Attorney's office it was said the reason Broadwell had not been tried was that they were waiting to see what decision would be made by the Court of Appeals in the cases of Dr. Lambert and Case. # DISCREPANCIES IN ACCOUNTS


Article from The New York Herald, September 20, 1878

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BANK. SAVINGS THE CLAIRMONT Isaac Lawson, the reforee in the Clairmont Savings Bank case, has just made a report on the questions submitted 10 him. He finds that Henry A. Smalley took possession of property and assets of the bank to the amount of $4,615 71, and that he incurred expenses, all of which were made in good faith, to the amount of $3,633 15. The referee also finds that Smalley has incurred unpaid bills, which was done in good faith, for professional legal services, pay of porter and watchman at the bank building and hire of the bank office. The following is schedule No. 3, entire, in the referee's report:-Balance due F. F. Vauderveer for prolessional services, without $1,100 lormerly paid and $214 collected by him, $885.09 balance due Frank McGee for services as porter and watchman in the bank office, $18 54; balance due D. E. Swan for services as clerk, $150; North River Bank, for reut of office from September, 1877, to May 1, 1878, as per agreement with General Smalley, $562 50; total, $1,616 13. Vanderveer claimed as due him $258,409. The referee also decided not to allow Smalley anything for his services as receiver, it being claimed that he devoted little time and attention 10 the affairs of the bank. 'The snarl which the affairs of this little bank has got into renders it unsafe for the receiver, Mr. Clark Brooks, to say at what time a dividead will be doclared. On every hand suits have to be declared for the safe adjustment of claims, and they are generally of the most costly nature, involving much expense and a great loss of time. It 14 said that the bonds. men 01 General Smalley will pay up his deficiency immediately. His indebtedness is $982 56, and the management of his receivership cost $5,249 28, not considering the cost of this suit. When money does coine into Mr. Clark Brooks' hands it has almost invariably to be immediately disbursed for expenses of the receivership. Mortgages had to be foreclosed at great sacrifice, and parties employed by the receiver had to take due bills for their pay, payable when money 18 paid to the receiver from assets. In reference to the prosecution of President Broad. Well, the receiver said that the District Attorney was waiting the decision that would be made by the Cours of Appeals in the cases of Dr. Lambert and Case. There 18 about $500 on deposit at the Central Trust Company from the sale of some furniture which was used by the bank and which the trustees claim was bought by them individually. This will probably be the subject of another suit to determine whether 16 actually does belong to the trustees.