Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1912-08-16

uAdW 0OIlOS Vi CH6CAS OIL the THY
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-
post 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 it 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'ifty-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 1t from
each check, you will at once pay that
creditor in full This you will con-
tinue until all the creditors are paid.
It ought not to require longer than a
fortnight"
Mason arose as though TO dismiss
the audience with young Gerry; then
he added, "You will remember to do
exactly as say; do you understand
that?"
81 understand" replied the young
man in amazement. "But the thing is
impossible. The Fifty-eighth National
bank will never shoulder such loss.
These debts aggregate 100000"
''The Fifty-eighth National bank OF
New York. said Mason, will not lose
dollar"
"Then," cried Gerry, now utterly in.
credulous, II do not know how under
heaven Egan Bedford can be got to
cash the checks!"
eft is sufficient that I know" said
Mason. Then he got up abruptly and
walked out of the room.
was not present at the conference
of Marcus Gerry with Randolph Ma.
son. He came on Tuesday evening
when 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. have 1t
from Pietro 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 Office on
Broadway. When he returned he
passed Marcus Gerry's carriage leav
ing the house.
So the Gideon sign arrived in Bos
ton before it 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
wished to do, as Randolph Mason had
directed. Bedford requested Gerry to
return the next morning. He then
called up the Fifty -eighth National
bank by telephone and inquired about
the checks. The bank replied thai
Winfield Gerry had no deposit there
but that it would guarantee the pay
ment of his checks up to 100000, anc
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 it sent to hin
by cipher telegram and also by let
ter, which was accordingly done. The
next morning young Gerry presented
his checks, which were cashed. Thi:
he continued to do, until on Thursday
evening he had drawn out 1921, 900 ant
had paid all the creditors of his ia
theirs 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 thu
guaranty Of the bank in writing; j
was one of the wealthiest financial in
situations in America; it was as sol
vent as the government. Some misun
derstanding Of a clerk was doubtless
the explanation-at any rate, he wa:
safe.
Mr.. Bedford went to the bank upo1
his arrival, but got no explanation
from any one of the clerical force
An. explicit direction to refuse pay
ment on the checks was all they knew
about it. An effort to secure an inter
view with. the president, Marcus Ger
ry, brought only an appointment fol
Mr.. Bedford with the general counse
of the bank at the office of Coleman
Stratton, on Broadway, at four o'clock
i was present at this conference a
the Office of Mr. Stratton at the invi
tation of Winfield Gerry, who called
for me at quarter before four. We
walked over to the building. Young
Gerry was amazed at the incredible
situation 1t was unbelievable all the
way through One dreamed of such
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