Word: traylor
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...road to Milwaukee. Mayor Anton Joseph Cermak (whose city last week was $5,000,000 in salary arrears) rushed to Lawndale State Bank to assure depositors that their bank was sound. When a run started on Chicago City Bank & Trust Co. (in Englewood on the South side), Melvin Alvah Traylor of First National Bank said his institution would guarantee that Chicago City Bank's depositors would be paid. Impatiently he added: ''They need a bank. If the people of that community want to wreck their own bank, they can go ahead." Chicago Bank & Trust was not wrecked...
...Chicago would take over the assets of the Foreman institutions. To protect First National against loss, the Clearing House guaranteed a $10,000,000 indemnity fund, Foreman stockholders posted an additional $2,550,000. Yet even so the deal required courage and hero of the conference was Melvin Alvah Traylor, First National's able & active president. After the deal, First National will have resources of $883,000,000, ranking it as second in Chicago to only the $1,122,000,000 Continental Illinois...
...Afghanistan and speculators of every race were participants in the U. S. crash of 1929. Naturally, last week, the most popular speech at the Conference the only one interrupted by incessant laughter and cheers was a great flaying of the New York stockmarket by Chicago's droll, drawling "Mel" Traylor...
...Banker Traylor, of course, does not "trade," "speculate," or "scalp" in the market. As from an Olympian distance the president of Chicago's First National Bank declared: "I would urge consideration of the complete abolishment of floor trading which, as I am informed, has about it most of the characteristics of plain crap shooting (guffaws), and few, if any, more redeeming features than that delightful Ethiopian pastime." (Cheers. Of the 1,000 business leaders present some 600 were Americans...
...prude, Mr. Traylor modified his strictures to the extent of saying that a man who trades in $10,000 sums should be permitted to continue such crap-shooting de luxe. But "scrubwomen, day laborers, small home owners, wives and youths" must be barred by law from market speculation...