dollars. We did our best to dissuade him, of course, but it was simply
impossible. He said he had to have a dirigiblel If you’ll study your son7s
accounts, madame, you’ll find many such rash purchases.” Cartwright was
decidedly on the defensive although he knew perfectly wen El=beth could
hardly hold him responsible.
“lust how many such … puchases were there?”
At an even faster rate of speed the banker replied, “Well, certainly none
as extravagant as the dirigiblel We were able to prevent similar incidents
by explaining to Mr. Scarleft that it was improper to transfer monies from
his second trust for such purposes. That he had to . . . limit his expenses
to the income produced by the first trust. in our sessions at the bank we
emphasized this aspect time and again. However, last year alone, while he
was in Europe with the beautiful Mrs. Scarlett, we were in constant touch
with the Continental banks over his personal accounts. To put it mildly,
your son was most helpful to the European economy… It also was necessary
to make … numerous direct payments on his signature. … Certainly Mr.
Chancellor Scarlett spoke of the many, many notes I sent him regarding the
large sums of money we forwarded your son in Europe.”
Elizabeth’s eyebrows rose. “No, he told me nothing.”
110
“Well, Madame Scarlatti~ it was your son’s honeymoon. There was no reason..
.”
“Mr. Cartwright,” the old woman interrupted sharply, “do you have an
accurate accounting of my son~s bank drafts, here and abroad, for the past
year?”
“Why, of course, madame.”
“And a listing of the payments made directly by you on his signatureV
“Certainly.”
“I shall expect them in my hands no later than tomorrow morning.”
-But it would take several accountants a full week to compile everything.
Mr. Scarlett was hardly the most precise individual when it came to such
matters. . . .”
“Mr. Cartwrightl I’ve dealt with Waterman Trust for over a quarter of a
century. The Scarlatti Industries deal through Waterman Trust exclusively,
because I direct that they should. I believe in Waterman Trust because it’s
never given me a reason not to. Do I make myself clear?”
-You do, indeed. Tomorrow mornin.” Jefferson Cartwright bowed out of the
room as a pardoned slave might take leave of an Arabian sheiklL
-Oh, Mr. C;artwright-1′
4yar,
,,I dont think I really commended you for keeping my son’s expenses within
the boundaries of his income.”
“I’m sorry. . . .” Beads of perspiration appeared on Cartwright’s forehead.
“Ibere was little – . .”
“I don!t think you understand me, Mr. Cartwright. I’m quite sincere. I
commend you. Good morning.,’
“Good day, Madame ScarlattL”
Cartwright and three Waterman bookkeepers stayed throughout the night in an
attempt to bring the accounts of Ulster Stewart Scarlett up-to-date. It was
a difficult chore.
By two thirty in the morning Jefferson Cartwright had on his desk a list of
banks and exchanges where the Scarlatti heir either had or once had
accounts. Opposite each were detailed figures and times of transference.
The list seemed endless. The specific deposits might well have avill
eraged yearly Incomes for the large majority of middleclass Americans but
for Ulster Stewart they were no more than weekly allowances. It would take
days to ascertain what was left. The list included:
T~Hz CBEmicAL CoRN ExcHANoE, 900 Madison Avenue, New York City.
MtjsoN DE BANQuE, 22 rue Violette, Paris.
1A RANQuE Amfiwcmm, rue Nouveau, Marseilles.
DsuTSCHR-AMMICANISCHE BANK, Kurfuerstendamn4 Berlin.
BANco-TuRnTA, Calk de la Suefios, Madrid.
MAmN Dia Momm CARLo. me du Feuillage, Monaco.
WMNM STAEDTISCM SPARKASSE6 Salzburgerstrasse, Vienna.
BmQuE-RL4NcA=a-ALoftxE6 Harbor of Moons, Cairo, Egypt.
And so it went. Ulster and his bride had seen Europe.
Of course, balancing this list of supposed assets was a second list of
deficits in the form of accounts due. These included monies owed by
signature to scores of hotels, department stores, shops, restaurant.%
automobile agen.cies, steamship lines, railroads, stables, private clubs,
gambling establishment&. They all had been paid by Waterman.
Jefferson Cartwright perused the detailed reports.
By civilized standards they were a conglomeration of financlai nonsense,
but the history of Ulster Stewart scadett bore out that for him this was
perfectly normal. Cartwright reached the same conclusion as had the sov-
ernment accountants when they I chocked for the Bureau of Investigation
soon after Ulstees disappewance.
Nothing unusual considermg Ulster SwIett’s Past lifeNaturally, Waterman
Trust would send letters of inquiry to the banks here and abroad to
ascertain the amount of remaining deposits. it would be a simple matter to
have the monies transferred under power of attorney back to Waterman TrusL
Yes, lndeW’ muttered the Southerner to himself. -Mighty complete job under
the circumstances.-
jefferson Cartwright was convinced that old Scarlatti would have a very
different attitude toward him this morning. He would sleep for a few hours,
take a long cold
112
shower, and bring the reports to her himself. Secretly, he hoped that he
would look tired, terribly tired. She might be impressed.
“My dear Mr. Cartwright,” spat out Elizabeth Scarlatti, “it never occurred
to you that while you were transferring thousands upon thousands to banks
all over Europe, you were simultaneously settling debts which totaled
nearly a quarter of a million dollars? It never crossed your mind that by
combining these two figures my -son accomplished the seemingly impossiblel
He went through the entire annual income from his trust in less than nine
monthsl Damned near to the pennyl”
“Naturally, Madame Scarlatti~ letters are being sent this mornin’ to the
banks requestin’ full information. Under our power of attorney, of course.
I’m sure sizable amounts will be returned.”
-rm notat an sure,
“if I may be frank, Madame Scarlatti, what you’re leadin’ up to completely
eludes me. . . .”
ElizabetIfs tone became momentarily gentle, refiective. -ro ten the truth,
it eludes me also. only rm not leading, rm being led. . .
“I beg your pardon?”
‘Thiring my son!s sessions at Waterman could he have … come upon
something . . . which might cause him to transfer such sums to Europe?”
“I asked myself the sa question. As his adviser I felt it my duty to
inquire. . . . Apparently Mr. Scarlett made a number of investments on the
Continent.”
investments? In Europe? That seems most unlikelyl-
“He had a wide circle of friends, Madame SOarlattL Friends who, I’m sure,
didn’t lack for projects…. And I must say, your son was beco” more and
more Proficient in investment analysis. . .
“He what?’
‘,I refer to his studies of the Scarlatti portfolios. Why, he put his
shoulder to the wheel and was unrelentin, on himself. I took great pride in
his accomplishment. He was really takin’ our sessions seriously. Tryin’ so
hard to understand the factor of diversification. . . . Why, on his
113
honeymoon he took along hundreds of the Scarlatti corporate reports.29
Elizabeth rose from her chair and walked slowly, deliberately toward the
window overlooking the street, but her concentration was on the
Southerner’s sudden, incredible revelation. As had happened so often in the
past, she realized that her instincts-abstract, unclear-werp leading her to
the truth. It was there; she was near it. But it remained out of her grasp.
“I assume you mean the statements-the breakdowns -of the Scarlatti
Industries! holdings?”
‘7hat, too, of course. But much, much more. He anab-zed the trusts, both
his and Chancellor’s-even your own, Madame ScarlattL It was his hope to
write a complete report with special emphasis on the growth factors. It was
a mighty ambitious task and he never wavered …..
“Far more than ambitious, Mr. Cartwright,” intqrupted Elizabeth. “Without
training. rd say unpossible.” She continued to look out on the street.
Actually, dear madame, we at the bank understood “. So we convinced him to
limit his research to his own holdings. I felt it would be easier to
explain and I certainly didet wish to dampen his enthusiasm, so I . . ”
Elizabeth turned from the window and stared at the banker. Her look caused
him to stop speakin& She. knew the truth was now within, her grasp6 “Please
clarify. How did my son… research his holdingsr’
,,From the securities in his trust ftmd. Primarily the bonds in his second
trust-the investment fund-they’re far more stable COMMOditUm He cataloged
them and then matched them with alternate, choices. which might have been
made when they werp originally purchased. If I may add, he, was most
impressed with ft selections. He told me W’
He … cataloged them? What precisely do you meanr
“He listed the securities separately. The amounts each represented and the
years and months they were due. From the dates and the amounts he was able
to compare with numerous other issues on the board:’
How did he do this?”
“As I mentioned, from the bonds and debentures themselves. From the yearly
portfolios:’
‘Iftere?”
‘7he vaults, madame. IMe Scarlatti vaults.”
114
My Godl thought Elizabeth.
The old woman put her hand-4rembling-,on the windowsill. She spoke calmly