about the best way to use that great letter of yours."
He found the right page in his notebook. "The top man at the Coast National Bank and Trust is Devlin J. Boggs. And it is not a chain bank, a situation that gets more rare every day."
"Should I go along with you?"
He studied me, head tilted, and finally nodded. "I think so. We're going to be linked anyway.
You'd better be working for me."
"As what?"
"Maybe ... as knowledgeable in the area of groves and construction and marine holdings. And ranchland."
"I can handle that. I'll carry a pack of Marlboros and grunt a lot and look open-air sincere."
The Coast National Bank and Trust Company occupied most of the ground floor of a ten-story office building at the corner of Bay and Main. All the window glass had an orange yellow tint, making a golden glow inside. The executive offices were glass cubicles along the left wall as you went in the main entrance on Bay. There were lines at the tellers, and people crisscrossing the broad expanse of carpeted floor. Friday is a busy banking day.
Boggs was talking to two men seated across his desk from him. Meyer gave the secretary his plainest and most impressive card after writing on the back of it, "Representing Emmett Allbritton." She started to put the card down, read what he had written, looked at us again, got up and tapped on the door and took the card in and placed it by Boggs's elbow, and came back out.
Within moments he was ushering the two men out. He came out with them and took us in and got us properly seated before he went around and sat in his judge's chair. Devlin Boggs was about fifty, a tall and very erect fellow with a long and lugubrious face, an iron-gray military haircut, a lantern jaw, and a dark and elegant suit.
After introductions, Meyer handed him the letter. Boggs read it and said, "I had the pleasure of meeting Mr. Allbritton about, I think, fifteen years ago. He spoke to the Association in Houston about future problems in energy supply. Prophetic indeed. It is quite ... heartening to know that they have long-range plans for this area." He looked inquiringly at Meyer.
Meyer said, "I wouldn't, of course, be at liberty to discuss the little I know of those plans at this time." "Of course. What sort of-" he looked at the letter again-"holdings large and small would he be interested in?"
"Anything available."
"Raw land, developed land, actual business operations?"
"He would expect me to make recommendations."
"But I assume you are coming to me because of the possible availability of some of Hubbard Lawless's holdings. We have all been terribly shocked by what has happened. We had great confidence in Hub's energy and judgment. He was one of our directors, you know. Things were slow this year. Everybody complained, Hub included. He had borrowed up to the statutory maximum percentage from the bank. Three million dollars. These loans were to four corporations he controlled, and also to himself as an individual. The loans were secured by the assets of the corporations. After ... it happened, we were able to inventory, or try to inventory, the assets. The books were in ... very untidy condition. It would seem that for many weeks he had been systematically selling off the assets of his companies for cash, out of town." He took out a snowy handkerchief and wiped his lips. "He had been ignoring his accounts payable, making a special effort on collections. During the week before he disappeared, he drained every single one of his corporate accounts down to minimum balance. He even took out the compensating balance against his personal loans, which he had agreed to leave untouched.
Page 21
Understand that the company accounts included tax reserves, FICA monies, retirement debits, money due for his upcoming payroll. He was down to about forty people from the hundred and twenty he employed at this same time last year."
"How much did he get away with?" I asked.
"There are too many ways to compute it, Mr.
He found the right page in his notebook. "The top man at the Coast National Bank and Trust is Devlin J. Boggs. And it is not a chain bank, a situation that gets more rare every day."
"Should I go along with you?"
He studied me, head tilted, and finally nodded. "I think so. We're going to be linked anyway.
You'd better be working for me."
"As what?"
"Maybe ... as knowledgeable in the area of groves and construction and marine holdings. And ranchland."
"I can handle that. I'll carry a pack of Marlboros and grunt a lot and look open-air sincere."
The Coast National Bank and Trust Company occupied most of the ground floor of a ten-story office building at the corner of Bay and Main. All the window glass had an orange yellow tint, making a golden glow inside. The executive offices were glass cubicles along the left wall as you went in the main entrance on Bay. There were lines at the tellers, and people crisscrossing the broad expanse of carpeted floor. Friday is a busy banking day.
Boggs was talking to two men seated across his desk from him. Meyer gave the secretary his plainest and most impressive card after writing on the back of it, "Representing Emmett Allbritton." She started to put the card down, read what he had written, looked at us again, got up and tapped on the door and took the card in and placed it by Boggs's elbow, and came back out.
Within moments he was ushering the two men out. He came out with them and took us in and got us properly seated before he went around and sat in his judge's chair. Devlin Boggs was about fifty, a tall and very erect fellow with a long and lugubrious face, an iron-gray military haircut, a lantern jaw, and a dark and elegant suit.
After introductions, Meyer handed him the letter. Boggs read it and said, "I had the pleasure of meeting Mr. Allbritton about, I think, fifteen years ago. He spoke to the Association in Houston about future problems in energy supply. Prophetic indeed. It is quite ... heartening to know that they have long-range plans for this area." He looked inquiringly at Meyer.
Meyer said, "I wouldn't, of course, be at liberty to discuss the little I know of those plans at this time." "Of course. What sort of-" he looked at the letter again-"holdings large and small would he be interested in?"
"Anything available."
"Raw land, developed land, actual business operations?"
"He would expect me to make recommendations."
"But I assume you are coming to me because of the possible availability of some of Hubbard Lawless's holdings. We have all been terribly shocked by what has happened. We had great confidence in Hub's energy and judgment. He was one of our directors, you know. Things were slow this year. Everybody complained, Hub included. He had borrowed up to the statutory maximum percentage from the bank. Three million dollars. These loans were to four corporations he controlled, and also to himself as an individual. The loans were secured by the assets of the corporations. After ... it happened, we were able to inventory, or try to inventory, the assets. The books were in ... very untidy condition. It would seem that for many weeks he had been systematically selling off the assets of his companies for cash, out of town." He took out a snowy handkerchief and wiped his lips. "He had been ignoring his accounts payable, making a special effort on collections. During the week before he disappeared, he drained every single one of his corporate accounts down to minimum balance. He even took out the compensating balance against his personal loans, which he had agreed to leave untouched.
Page 21
Understand that the company accounts included tax reserves, FICA monies, retirement debits, money due for his upcoming payroll. He was down to about forty people from the hundred and twenty he employed at this same time last year."
"How much did he get away with?" I asked.
"There are too many ways to compute it, Mr.
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