Word: bankes
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Dates: during 1930-1939
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When Leonard Asbury Busby, Chicago tractionman, died in 1930, he left an estate of $1,598,000 and debts of nearly $1,000,000. Named as executor was the trust company affiliated with Chicago's big First National Bank, of which Mr. Busby's good friend Melvin Alvah Traylor was president. Last month, after the estate had shriveled to a mass of debts, Mrs. Esther Busby marched into the Probate Court and sued First National for the $500,000 equity which had been hers when her husband died and the bank took charge...
High point of the trial was Mrs. Busby's account of her dealings with President Traylor and the bank. Handsome, smartly dressed in black, sometimes smiling, sometimes weeping, she told how she called on Mr. Traylor in the autumn of 1930 and said, "Mel, I can't stand the suspense. I have to know about Leonard's affairs. The children are in expensive schools and I have other obligations to meet...
...guess is as good as another. But I think things are going to be much worse before they are ever better." And he explained to her that the bank was arranging to take over the securities from a broker. "He said that the market could do awful things to the account...
...bank overruled her suggestion that any sales of securities in the estate be made through "our friend, Warner Orvis, on the floor of the New York Stock Exchange. Mr. Orvis was a frightfully smart...
...beginning the bank allowed Mrs. Busby $2,000 a month. When it was cut to $1,250, an officer "asked me not to ask questions." Finally while in Europe Mrs. Busby was notified that the estate was a total loss. Back she came to see Mr. Traylor. The best comfort that he could offer was: "Well, Esther, you'll have to take it on the chin like the rest...