Omaha daily bee., 1904-12-11

with Of the wrecked Citizens National
| bank OF Oberlin, now in the possession of
/ the federal authorities is a story so
| startling with relation to the monumental
| transactions of Mrs. Chadwick as to be
almost unbelievable. But documentary
proof has forced belief upon the part of the
few who have heard the anna zing tale which
] is expected to prove the absolute undoing OF
Mrs. Chadwick.
The unequivocal statement is made i'm the
confession of President Beckwith that the
means by which Mrs. Chadwick secured
the immediate loans was by written
promise delivered into the hands of the
| banker that the Citizens bank would be
made the trustee OF the $5COO,OOO estate
which has just been revealed to the world
as absolute myth.
The written promise delivered by Mrs
! Chadwick to Beckwith was to the effect
exactly that her affairs would be turned
over TO the Oberin bank July /, 1903. In
consideration therefor President Beckwith
and Cashier Spear We're to receive $4,000
a year each for their trouble. In addition
the bank was to be given bonus of close
to $4,000 when the loans had all been paid
back.
This complete statement answers fully the
oft repeated question: What i'm the world
actutated the two officials of the OberIin
bank in making the immense loans from the
! banks funds without a scntilla of actual
security?"
Uses straw Man.
The story of how Mrs. Chadwick played
with the two bankers after having them
once i'm her power, as told by Beckwith is
absorbing in the intensity Of it's interest
Mrs. Chadwick calmed the fears of her
victims with the claim that she was
relative of Andrew Carnegie
The written confession OF Beckwith goes
into detail of the explanation made by Mrs
Chadwick to the manner in which the
estate was then being handled. The Wade
Park Banking company of Cleveland, was
used simply as Il depository for the
securities. according to the tale that the
Cleveland woman made the bankers be-
lieve. The estate was said by Mrs Cad
wick to be i'm 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 busl-
ness 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 income was $780, 900. Re
peated efforts were made on the part of
Becwith to get In communication with
Baldwin, but they were always unsuccess-
full. An excuse was always ready when
inquiry concerning Baldwin was pressed
Bank To He Trustees.
The Oberlin bank was to be made the
trustees of the state as soon as the contract
with the then alleged trustees was ended
which was said to be July l, 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 period of tortureous
anticipation which ended with the closing
of the doors of the institution and the
arrest of both the president and cashier
In relation to the Endorsement of the
notes by Beckwith and Spear the story
from the banker goes on to relate that the
in the desperate chase for funds. He con-
fessed that he had intended to attempt to
negotiate loans upon the note, but his
nerve failed him. The Endorsement We're
put on, it was explained. 70 make the paper
more bankable.
The confession practically tells a story
of how the Oberlin bank had been used as
a clearing house for Mrs. Chadwick S
manipulation. one instance is that of the