The Mellette County pioneer. [volume] (Wood, Mellette County, S.D.) 19??-1971, 1912-08-23

with his house; that you are about to
draw . series Of checks ON the Fifty.
eighth National bank Of New York,
which you wish him to cash and for
which you will pay him the usual com.
mercial discount.
ALSO tell him that you have no de-
posit In the Fifty-eighth National
bank subject to check. but that this
bank will arrange with him about
meeting the checks. and to take the
matter up with II at once. You will
say nothing more. and leave the bank.
"On the next day begin to present
your checks. payable to yourself and
drawn on the F~ffty-eighth National
bank of New York. These checks will
be made out for amounts. respective
ly. In your statement Of debts. With
the money. as you receive It from
each check. you will ut once pay that
creditor in full. This you will con-
tinue until all the creditors are paid.
It ought not to require longer than q
fortnight"
Mason ros an though to dismiss
the audience with young Gerry: then
he added, "You will remember to do
exactly as I say; do you understand
that?"
." understand" replied the young
man in amazement. But the thing Is
impossible. The F%ffty-eighth National
bank will w shoulder such a loss.
These debts aggregate $500. 000."
The Fifty-eighth National bank OF
New York." said Mason, will not lose
a dollar"
Then" cried Gerry. now utterly in.
c~redulous. 81 do not know how under
heaven Egan Bedford can be got to
cash the chscks!"
at IL sufficient that I know" said
Mason. Then he got up abruptly and
walked out Of the room.
I was not present at the conference
OF Marcus Gerry with Randolph Ma
son. He came on Tuesday evening.
when I was at the Cloverdale Hunt
German. By request from Mason.
Coleman Stratton. Mr.. Gerry's counsel
and that OF the F~ifty-eighth National
bank, accompanied him. I have It
from Fietro that the conference ran
up to midnight and that half the books
In the private office were on the floor
in the morning. At twelve o'clock
Marcus Gerry sent a telegram TO his
brother, saying to go ahead as Mason
had directed. Pietro took this tele-
gram to the Western Union ONCE on
Broadway. When he returned he
passed Marcus Gerry's carriage leav'
ing the house.
So the Gideon sign arrived in Bos
ton before II was required. ! know
accurately what followed On Monday
morning Winfield Gerry went to the
banking house of Egan Bedford & Co,
and explained to Mr.. Bedford what he
directed. Bedford requested Gerry to
return the next morning. He then
called up the Fffty-eighth National
bank by telephone and inquired about
the checks. The bank replied that
Winfield Gerry had no deposit there,
but that It would guarantee the pay
ment of his checks UP to $500, 900, and
to send It all the checks together by
Adams express at the close of banking
hours on Saturday. Bedford replied
that this arrangement was satisfac
tory: but he required II sem to him
by cipher telegram and also by let
ter, which was accordingly done. The
next morning young Gerry presented
his checks. which were cashed. This
he continued to do, until on Thursday
evening he had drawn out $297,00 and
had paid all the creditors Of his IA
Tiers old firm OF Gerry & Bedford
including the two hundred Thousand
OF debts which he had personally as
sumed. On Friday he closed his Of
fee In Boston and came to New York
the most puzzled man who ever en-
tered the Borough OF Manhattan.
Saturday evening the banking house
OF Egan Bedford & Co. sent the bundle
Of checks to the Fifty-eighth Nationa.
bank OF New York. This bank refused
to pay the checks and returned them
Mr.. Bedford came at once to New
York. He could not understand this
refusal Of the bank to pay the checks
but he was not alarmed; he held the
guaranty Of the bank In writing; II
was one of the wealthiest financial in
stitutions in America: II was as sol
vent as the government. Some misun
Outstanding Of q clerk was doubles,
the explanation-at any rate. he wa,
safe.
Mr.. Bedford went to the bank upor
his arrival. but got no explanation
from any one OF the clerical force
An explicit direction to refuse pay
ment on the checks vas all they knew
about II. An effort TO secure an inter
view with the president. Marcus Ger
~. brought only al appointment FOL
Mr.. Bedford with the general counse
OF the bank at the ONCE Of Coleman
Stratton. on Broadway. at four o'clock
I was present at this conference O,
the ONCE Of MI. Stratton at the invi
tation Of Winfield Gerry. who called
for me at q quarter before four. We
walked over to the building. Young
Gerry was amazed at the incredible
situation. Il was unbelievable all the
way through. One dreamed Of such