The Savannah morning news., 1904-12-11
PROMISE TO MAKE
THE BANK TRUSTEE
WON FOR MRS. CHADWICK.
BECKWITH AND SPEAR WERE
ALSO PROMISED $40, 700 A YEAR.

Oberlin, o., Dec. 10-The confession
of President c. T. Beckwith, of the
wrecked Citizens National Bank OF
Oberlin, now in possession of the
federal authorities, is a story so re-
markable as to be almost unbelievable.
The unequivocal statement is made
in the confession that Mrs. Chadwick
secured the immense loans by a writ
ten promise delivered into the hands
of the banker that the Citizens Bank
10000 estate, which has just been re-
veaied to the world as an absolute
myth.
The written promise delivered by
Mrs. Chadwick to Beckwith was to the
effect that her affairs would be turned
over to the Oberlin bank July l, 1903.
In consideration therefor, President
Beckwith and Cashier Spear were to
receive $4,000 a year each for their
trouble. In addition, the bank was
to be given a bonus of close to $4O,-
900 when the loans had all been paid
back.
That statement answers fully the
oft repeated question: What in the
world actuated the two officials of the
Oberlin bank in making the immense
loans from the banks funds without a
scintilla of actual security"
Named Mythical Trustee.
The written confession of Beckwlth
goes into details of the explanation
made by Mrs. Chadwick as to the
manner in which the estate was then
being handled. The Wade Park Bank
ing Company of Cleveland was used
simply as a depository for the securi-
ties, according to the tale that the
Cleveland woman made the bankers
believe.
The estate was said by Mrs. Chad
wick to be in the hands of three
trustees, all New York men. The
name of one of them was given as
William Baldwin. Mrs. Chadwick said
she could not get hold Of the money,
except through Baldwin, whom the
banker now believes to be a mythical
person. Baldwin attended to all the
business of handling the interest from
the bonds and turned it over to Mrs.
Chadwick as it became due. The
bankers. were told that the yearly in
come was $750, 900. Repeated efforts
were made on the part of Beckwith to
get into communication with Baldwin,
but they were always unsuccessful.
An excuse was always ready, when
inquiry concerning Baldwin was press
ed.
Could Get Only Promises.
The Oberlin bank was to be made
the trustee of the estate as soon as the
contract with the then alleged trustees
was ended which was said to be July
1. 1903. When July l of last year came
around, matters were said to be in
such shape as to make it necessary
for the estate to remain in the same
hands for some little time longer.
With the end of their troubles in
sight and a golden harvest within grasp,
as the Oberlin bankers believed, they
were put off to commence upon a
period of torturing anticipation, which
ended with the closing Of the doors
of the institution and the arrest of
both the president and cashier.
In his statement of his dealings with
Mrs. Chadwick, President Beckwith
told of repeated visits to Mrs. Chad
wick when promises were made that
the money would soon be forthcom-
ing.
Finally, w. r. Bedortha, attorney for
the Oberlin bank, on his deathbed, told
several directors of the bank that
President Beckwith was involved with
Mrs. Chadwick. This was followed by
a trip to New York, participated in
by the president and three directors.
On this occasion Attorney Powers was
with Mrs. Chadwick. Representations
were received that every arrangement
was made to settle the Oberlin claim,
except the signature of Mrs. Chadwick.
This was to be forthcoming the next
day, and the directors went home salts
fed. President Beckwith stayed over,
but was again disappointed.
Beckwith Threatened Suicide.
President Beckwith was never able
to get look at the $5.0O0,000 securities,
but his visits to the Wade Bank in
Cleveland to see Cashier Reynolds, GUS
todian of the collateral, assured him
somewhat. President Beckwith says
he had several interviews with DR..
Chadwick, who assured him that his
wife was able to meet her obligations.
one tragic incident related by Beck
with IN the written confession concerns
a visit OF President Beckwith. Cashier
Spear and Judge Albaugh TO the clove-
land home OF Alrs. Chadwick. The two
bankers pleaded for money. Mrs. Chad
wick made more promises Mr. Beck
with was aroused 20 anger. and when
he saw the hopelessness OF Il an, ho
threatened 20 commit suicide. he drew
q revolver. Mrs Chadwick cried that
"All would be lost" ~ the banker car
riod out his threat The result was
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