The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1904-12-16
prove the absolute undoing Of Hrs.

prove inc absolute uuuOluS VI ITS
Chadwick. The uneQuivocal state
ment is made in the confession OF
President Beckwith that the means by
which Mrs. Chadwick secured the i'm
mense loans was by written promise
delivered into the hands of the bank.
made the trustee of the $5,000,000 es-
tate which has just been revealed tc
the world as an absolute myth
Statement Answered
The written promise delivered by
Mrs. Chadwick to Beckwith was to the
effect exactly that her affairs would be
turned over to the Oberlin bank July
/, 1903. In consideration therefor
President Beckwith and Cashier Spear
were to receive $4,000 year each fol-
their trouble In addition, the bank
was to be given bonus of close to
10000 when the loans had all been
paid back. This complete statement
answers fully the oft repeated ques-
ton: 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"
The story of how Mrs. Chadwick
played with the two bankers after hav-
ing them once in her power, as told by
Beckwith, is absorbing in the intensity
of it's interest Mrs. Chadwick Gained
the fears of her victims with the claim
that she was a relative of Andrew Car
negie.
How Estate Was Handled.
The written confession of Beckwith
goes into detail of the explanation made
by Mrs Chadwick as to the manner in
which the estate was then being han
died. The Wade Park Banking COM
pany, of Cleveland, was used simply as
a depository for the securities, accord
| ing to the tale that the Cleveland wom-
an made the bankers believe. The es-
| tate was said by Mrs. Chadwick 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 $750000. 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 pressed.
The Oberlin bank was to be made
trustees of the estate as soon as the con-
tract with the then alleged trustees was
ended, which was said to be July l, 1903
When July 1 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 lit
tie time longer With the end of their
troubles in sight and golden harvest
within grasp, as the Oberlin bankers be-
lieved, they were put off to commence
upon a period of torturous anticipation
which ended with the closing of the
doors of the institution and the arrest
of both the president and cashier
A Last Resource.
In relation to the Endorsement of tbs
notes by Beckwith and Spear the story
from the banker goes on to relate thai
the notes were Endorsed only as las
recourse in the desperate chase fol
funds. He confessed that he had intend
ed to attempt to negotiate leans upor
the note, but his nerve failed him. The
Endorsements were put on, it was ex
planned, to make the paper more bank
able. The confessio. practically tells {
story of how the ODerlin bank had beer
used as a clearing house for Mrs. Chad
wick's manipulations. One instance il
that Of a $4,000 note held by w. l.. Fa!
and Henry Wurst, of Elyria. The not
was given by Mrs. Chadwick to Fay anC
} Wurst with diamonds as security
They pressed for payment and finall!
threatened to sell the jewels. In her di
} lemma the woman appealed to Beck
} with. Both were of the opinion tina
the public sale of the diamonds woult
cause talk and endanger the plans tina
had been made. Beckwith settled thu
problem by taking up the note, givin.
his personal note instead, note which
he later took up by paying the cash.