New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-11

Beck1cith Confession Tells Of Pres
sure Put on Him.

Cleveland Dec 1O-A dispatch from oberlin
says that the confession Of President c. T. Beck
with Of the wrecked Citizens National Bank.
now in the possession Of the federal authorities,
IS story SO startling in its revelation of the
monumental transactions of Mrs. Chadwick as
10 be almost unbelievable But documentary
proof has forced belief upon the part Of the
few who have heard the amazing tale which is
expected to prove the absolute undong of Mrs
Chadwick
The assertion IS made in the statement Of
President Beckwith that the means by which
Mrs. Chadwick secured the immense leans was
written promise delivered into the hands Of the
banker that the Citizens Bank would he made
the trustee of the 100000 estate, which has
Just been revealed to the world an absolute
myth. The written promise delivered by Mrs
Chadwick 70 Bec1with that her affairs
would be turned over 10 the Oberlin bank July
I. 1903. In consideration therefor Beckwith and
Spear were to receive $1,000 a year each for
their trouble In addition, the bank was 10 have
= bonus of close 10 $4,000 when the loans had
all been paid back.
This COMPLETE statement ansVcrs fully the
oft repeated question: What in the world act
uated the two officials Of the Oherlin bank in
making the immense loans from the banks FUNDS
without scintiIla of actual security"
The story Of how Mrs. Chadwick played with
the two bankers after having them once in her
power. as told by Beckwith is interesting. Mrs
Chadwick Gained the fears of her victims with
the statement that she was relative Of Andrew
Carnegie
The written confession of Beckwith goes into
detail Of the explanation made by Mrs Chad
wick as to the manner in which the estate was
then being handled. The Wade Park Banking
Company, Of Cleveland. was used simply as a
depositary for the securities according TO the
tale that the Cleveland woman made the bank
ers believe. The estate was said by Mrs. Chad
wick 10 be in the hands Of three trustees, all
New-Yorlz 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 be-
lieves 10 be a mythical person. Baldwin at
tended to all the business of handling the in
terest from the bonds and turned it over to Mrs
Chadwick as 1t became due. The bankers were
told that the yearly income was $4,000. Re
peated efforts were made on the part of Beck
with 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 the trustee
of the estate as soon as the contract with the
alleged trustees was ended, which said to
be July ], 1903. When July of last year came
around affairs were said to be in such shape as
70 make ii necessary for the estate to remain
in the same hands for some little time longer
With the end OF their troubles in sight and d
golden harvest within grasp, as the OberIir
bankers believed, they were put of 10 com
nence a period of torturous anticipation which
ended with the closing of the doors Of The in
stitution and the arrest OF both the president
and cashier.
In relation TO the Endorsement Of the notes b,
Beckwith and Spear. the story from the banker
goes on to relate that the notes We're Endorsed
only a last recourse IN The desperate cnas,
for funds. he confessed that he had INTENDED
to attempt TO negotiate loans on the notes bu
his nerve failed him. The Endorsements wer,
put on. it was explained 10 make the pape
more bankable.
The confession practically tells a story Of how
the Oberlin bank had peen used as q clearin.
house for Mrs Chadwick maIipulations on
instance IS that Of the 5000 note held by w. 7
Fay emo Henry Wurst Of Elyria. The note wa
given by Mrs Chadwick to Fay and Wurst VIII
diamonds as security. They pressed for 1a,,
-naent and finally threatened 10 sell the leIseie
In her dilemma the woman appealed to Beg.k
with Both we're OF the opinion that the uubll
sale OF the diamonds would cauec talk and On
danger the plans that had been made Beck
with settled the problem by taking up the note
giving his personal note instead. lie later tool
up the note by paying cash.
Cincinnati Dec. 1o-An OberIin dispatch "a,
That in his statement Of his dealings with Mrf
Chadwick President Beckwith tod n repeate