The Calhoun chronicle. [volume] (Grantsville, W. Va.) 1883-1984, 1912-10-01

wished 20 40. as Randolph Mason had
directed. bedford requested Gerry to
return the next morAioE. re then
called up the Fifty-eighth National
bank by telephone and inquired about
the checks. The hank replied that
Winfield Gerry had no deposit there.
but that II would guarantee the pay
ment Ct his checks mp TO $4,000 and
TO send q all tho checks together by
Adams express az the close OF banking
hours or Saturday Bedford replied
that Ais Arrangement WIS satisfac-
tory; bus he required + sent to him
by C'rAcr Telegram and also by let
ter. which V: accordingly done. the
next morning young Gerry presented
his checks. which were cashed. This
no continued 10 90. until on Thursday
evening he had drawn out 1927 900 and
had paid all the creditors Of his IA
theirs old firm OF Gerry & Bedford,
including tho 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 G Co. sent the bundle
Of checks to the Fifty.eighth National
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; It
was one OF the wealthiost financial in
stitutions in America; It was as sol
vent as the government. Some misun-
Outstanding Of a clerk was doubtless
the eXplanation-at any rate, he was
safe.
Mr.. Bedford went to the bank upon
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 IL. An effort to secure an inter
view with the president, Marcus Ger
~, brought only an appointment for
Mr.. Bedford with the general counsel
Of the bank at the office of Coleman
StrattOn, on Broadway, at four o'clock
was present at this conference at
the Office OF Mr.. Stratton at the invi-
tation OF Winfield Gerry, who called
for me at 4 quarter before four We
walked over to the building. Young
Gerry was amazed at the Incredible
situation. 1t was unbelievable ell the
way through. One dreamed OF such
things on occasion. But this affair
had gone on in daylight. 1t belonged
In Bagdad, yet here IL was, on a Mon
day IL January, in New York! He
was under an almost breaking strain
TO see the close of 1t. We were taken
at once to Mr.. STATIONS private office
Egan Bedford and his counsel, Judge
Hacker had already arrived, and were
conyersing in low tones in corner
by the window. In a moment Mr..
Stratton joined us. He was clean
cut, gray man, radiating vitality.
Gentlemen" he said, "can we not
waive conventions and get at once to
this NATTER"
The two men at the window turned
around IN their chairs. Egan Bedford
arose, came over to the table and put
down q pack Of checks, 81 do not see
why tho bank sends me to q law Of
fee" he said; Il want the money on
! these checks"
Il believe" said Mr.. Stratton, that
the Fifty-eighth National bank held
no deposit upon which these checks
could be drawn"
a light OF cunning came into Egan
Bodfocd's face. Il know that" he
said; but the banl, is better than any
mans account. I made the bank stand
good Tor the checks"
How" said Stratton, end thought
there was the faintest shadow of n
smile listing about the corners of his
eyes.
Bedford's broad face lighted with
victory. lie thrust his hand into the
bosom OF his coat, took out a letter
and z telegram and spread on the
table. There" he said, lis the banks
guaranty in black and white and yell
low" Then he added, with a sheer.
| i guess your banks not broke; is it?"
The lawyer moved some papers I'M
til he found a printed statement "The
bank" he said. has assets valued at
thirty-hye millions of dollars; its LA
bilities a'e some ten millions. That
would be, ! believe. twenty-five mil
lions above insolvency"
Then" said Bedford, 81 want my
money"
Doubtless" replied Stratton.
Bedford exploded with anger. 81 am
tired of this confounded nonsense!"
he shouted. IF the bank won't pay
these checks, ] VIII sue It."
Then you will lose," replied the
lawyer quietly.
"Lose!" cried Bedford. "The bank
guaranteed these checks, / tell you.
There is the guaranty; don't you see
it?' and he pushed the papers across
the table with his fat hand.
Il see it." said the lawyer; but il
Us not worth filing room"
What?' shouted Bedford
This guaranty of the Tifty.eiehth
National bank" continued Stratton.
is utterly void"
Bedford plunged back on his heels
Ike a man struck violently in the
breast lie waived his fat arm az
his counsel, whom he hitherto had ig.
nored. Judge" he gurgled. Judge.
do you hear that?"
Judge Hacker. whose knowledge cf
the law is said to equal that OF any