Embeth Scarlatti circled the desk and sat down In her chair. “I’ve never
been wedded to the idea that nothing changes. Everything changes. And it’s
possible you have talent You are the son of Glovarim Scarlattl and,
perhaps, I was a damned fool to change the surname. It seemed right at the
time. He was a genius. Go to work, Ulster. Well we what happens.”
Ulster Stewart Scarlett walked down Fifth Avenue. The sun was out and he
left his topcoat open. He smifed to himself. Several passersby noticed the
large, striking4odking man with the open coat in the February cold. He was
arrogantly handsome, obviously successful. Some men were born to it.
Ulster Scarlett, seeing the looks of envy from the little people, agreed
with the unspoken thoughts.
Heinrich Kroeger was on schedule.
90
CHAPTER 10
When Horace Boutier, president of Waterman Trust Company, received
Chancellor’s request for an indoctrination program for his brother Ulster,
Boutier knew immediately who to make responsible~
Third vice-president Jefferson Cartwright.
Cartwright had been called on previously for duty with Ulster Scarlett and
with good reason. He was, perhaps, the only executive at Waterman Trust who
did not instantly irritate Ulster Scarlett. In a large measure this was due
to Cartwright’s unorthodox approach to his work. Quite unbankerlike.
For Jefferson Cartwright, a blondish, large, aging man, was a product of
the playing fields of the University of Virginia and learned early in his
career that the qualities that made him famous on the gridiron-and on the
cam pus—served him extremely well in his chosen profession.
Briefly these were to learn the formations so thoroughly that one was
always in the right position at the right time when on the field and always
to press an aaiantage with the sheer btdk of one’s size.
Off the field was merely an extension of the playing principles. Learn the
surface formulas, wasting as little time as possible on complexities beyond
one’s grasp, and, again, impress everyone with the size-and attractive-
ness–of one’s physical being.
These principles—when combined with an easy, outgoing Southern
charm-guaranteed Jefferson Cartwright’s sinecure at Waterman Trust. They
even put his name on department letterheads.
91
For although Jefferson Cartwright’s knowledge of banking hardly approached
an expert vocabulary, his ability to commit adultery with some of the
wealthiest women in Manhattan, Long Wand, and southern Connecticut brought
many excellent accounts to Waterman. Yet the bank’s directors knew that
their prime social stud was rarely a threat to any relatively secure
marriage. Rather, he was a temporary divertissement, a charming, quick. and
complete roll in the hay for the bored.
Most banking *institutions had at least one Jefferson Cartwright on the
executive payroll. However, such men often were overlooked when it came to
club memberships and dinner parties… One could never be sure.
it was the vague sense of ostracism that made Cartwright acceptable to
Ulster Scarlett. Partly because he knew why it existed and it amused him,
and partly because Cartwright–outside of a few mild lectures about the
state of his accounts-never tried to tell him what to do with his money.
The bank’s directors knew this, too. it was right that someone should
advise Ulster Scarlett-:If only to impress Elizabeth-but as no one could
change him, why waste a committed manT
At the first session, as Cartwright called it, the banker discovered that
Ulster Stewart Scarlett didn’t know the difference between a debit and an
asset So a glossary of terms was prepared to give him a basic language to
work with. From there another lexicon of stock market phraseology was
written for him and in time he began to master it.
‘qben, as I understand it, Mr. Cartwright, I have two separate incomes. Is
that correctr’
Indeed it is, Mr. Scarlett. The first trust fund, which Is comprised of
stocks-industrial~ and utility-is for your annual fivin! expenses. Houses.
clothes, trips abroad, pur6 chasm of any sorL . . . Of course. you
certainly could invest this money if you wished. You have durin! the past
several years if rm not mistaken.” Jefferson Cartwright smiled indulgently
remembering a few of Ulster’s extravagant withdrawals. “However, the second
fund-the openfaced bonds and debenture&-is designed for expansion. For
reinvestment. Even speculatiorL That was your father’s wish. Of course
there’s a degree of flexibility.”
“What do you me-an flexibility?”
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“It’s hardly oonceivable,,Mr. Scarlett, but should your livin’ expenses
exceed the income from the first trust we could, with your power of
attorney, transfer capital from the second fund to the first. Of course,
this is hardly conceivable.”
“Of course.,’
Jefferson Cartwright laughed and gave his innocent pupil an exaggerated
wink. “I have you there, haven’t l?”
“What?”
“li did occur once. Don’t you remember? The dirigible? … The dirigible
you purchased several years ago?”
“Oh, yes. You were upset about that.”
“As a banker I’m responsible to the Scarlatti Industries. After all, I’m
your financial adviser. rm held accountable…. We covered the purchase
from the second fund but it wasn’t proper. Not proper at all. A dirigible
could hardly be called an investment.”
ill apologize again.”
“Just remember, Mr. Scarlett. Your father’s wish was that the monies due
from the open-faced securities were to be reinvested.”
“How could anyone tell?”
“Those are the releases you sign semiannually.”
“The hundred-odd signatures I have to sit throughr
“Yes. We convert the notes and invest the capital.”
“In whatr*
“Those am the portfolio statements we send you. We catalog all investments.
We make the selection ourselves as you have not-with your busy
schedule-ever answered our letters with regard to your preferences.”
“I never understood them”
“Well, now, that can be overcome, can’t it?”
“Suppose I didn’t sign the releases?”
“Well . . . in that unlikely event the securities would remain in the
vaults until the end of the year.”
9’Wherer,
“The vaults. The Scarlatti vaults.$’
1.1 see.”
“Me releases are attached to the securities when we remove them.”
“But no releases, no securities. No capital, no money.” “Exactly. They can’t
be converted. The releases are just what the name implies. You release to us
with your power of attorney the right to invest the capital.”
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“Suppose, for imagination’s sake, you didn’t exist. There was no Waterman
Trust. No bank at all. How could those securities be tamed into moneyr’
“By signature again. Made payable to whomever you designated. lea all
clearly ad forth on each document.”
1.1 see.09
“One day-when you’re more advanced, of courseyou should see the vaults. The
Scarlatti family occupies the entire east wing. The two remaining sons,
yourself and Chancellor, have cubicles adjacent to each other. ies really
quite touching.”
Ulster considered. -Yes, rd like to see the vaults. When I’m more advanced,
of coune.”
‘Tor God’s sake, are the Saxons preparing a wedding or a ceremonial
convocation for the Archbishop of Canterbury?” Elizabeth Scarlattl had
brought her oldest son to her house to discuss the various newspaper
articles and the stack of invitations on her desk.
-You caiet blame them. Ulster is hardly an ordinary catch.”
,,rm aware of that. On the other hand the rest of New York can’t stop
functioning.” Elizabeth walked to the library door and closed it. She
turned and looked at her older son. “Chancellor, I want to discuss
something with you. Very briefly and if you’ve got a brain in your head you
won’t repeat a word of what rm going to mention.”
“Of course.11
Elizabeth kept looking at her son. She thought to herself that Chancellor
was really a better man than she ever gave him credit for. His problem was
that his outlook was so terribly provincial and yet so totally dependent.
And his perpetual vacuous look whenever they had a conference made him seem
like an ass.
A conference. Perhaps there had been too many conferences. Too few
conversations. Perhaps it was her faulL
“Chancellor I don’t pretend to be on intimate terms with young people these
days. There;s a permissiveness that was absent from my own youth and, God
knows, that’s a step in the right direction, but I think it may have gone
too far.”
“I agree completelyl” interrupted Chancellor Drew
94
Scarlett with fervor. “roday it is self-indulgence and I’ll not have my
children infected, let me tell youl”
“Well, perhaps it goes deeper than righteous indignation. The young, as the
times, are what we shape them to be-willingly or unknowingly. . . .
However, this is only an introduction.” Elizabeth crossed to her desk and
sat down. “I’ve been watching Janet Saxon during the past few weeks. . . .
Watching, perhaps, is unfair. I’ve only seen her on half a dozen occasions
starting with that absurd engagement party. It strikes me that she drinks
quite heavily. Quite unnecessarily heavily. Yet she’s a lovely girl. An
intelligent, alert girl. Am I wrong?”
Chancellor Drew Scarlett was startled. He had never
thought such a thing about ‘ Janet Saxon. It never crossed
his mind. Everyone drank too much. It was all part of