The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1937-11-02
BANK is ACCUSED
BY Letter HEIRS
IN ESTATE SUIT
Juggling of Funds Laid
To Chicago Trust Firm

CHICAGO, Nov. 2 (C.TP.S.).
The Continental Illinois National
Bank and Trust Company &C
cused of gross misconduct, dere-
LECTION of duty, mafeaSance'
breach of trust, and Juggling funds
as administrator of three trusts
for the benefit of three grand
children Of the late Levi q, Letter.
pioneer Chicago merchant.
These charges we're contained
in a bill filed in the superior court
by the grandchildren, Thomas
Letter, of Washington. D. c.: Colin
L Campbell, Of Golesta, Cal, and
Cecil j. A. Howard, Of London,
England.
CUSTER ASKED
The suit asks for an accounting
and the removal Of the bank as
trustee. These three trusts, or.
iginally worth 100000 each, now
have a total value of $650,00O.
Because of a peculiar contin.
gency in the will of Mrs. Mary
T. Letter, widow Of the merchant,
who established the trusts before
her death in 1923, two other grand
children, Nancy Letter and Audry
Nancy Campbell, joined In the
suit.
Because of this same provision,
and for amicable family reasons,
five other grand children are
named with the bank as defend
ants. They are the Baroness
Ravensdale, Lady Alexandra Met
calfe, the Earl of Suffolk and
Burks, Greville Reginald Howard,
all Of England, and Mrs. H.
Stanley Clarke.
LIFE INCOMES
Mrs. Letters will provided that
the three grandsons should re.
ceiVe g life income from the trusts
until the death of her daughter,
the Countess of Suffolk and
Burke, when they inherit the prin-
cipal.
The income, however, would not
be distributed until the grand
sons complied with another pro.
vision, namely that each spend six
months year in Chicago work.
ing for her husbands $50, 200, 900
estate.
Should the grandsons fail to
begin this duty upon reaching
their majority, Mrs. Letters will
provided that their share be
divided equally among all 10 of
the grandchildren. For this reason,
which gives all the grandchildren
q contingent interest in the trusts.
the other seven were made party
to the suit. , ..
K FIGHT PROVISION
sFor 20 years after Mrs. Letters
death, interest from the trusts
accumulated in the principal until
the grandsons returned to Chicago
to fulfill their duty. They also
have another suit pending which
seeks to relieve them of this six
months residence requirements.
In the court action, the grand
sons accuse the bank Of deliber-
ately evading specific instructions
in Mrs. Letters will by admins
trating the securities in a lump
group instead of in three separate
trusts.
This procedure, the suit stated,
has deprived the plaintiffs of the
protection and security Mrs. Letter
intended for them. It also re-
suited in the bank paying the
Federal Government $1,000 in
added income taxes. .-, ...
CLAIM FEE BOOST
Instead Of the ~ per cent fee
provided in the will, the suit al.
leges the bank has collected a
much larger percentage. The bank
is also charged with making irreg.
ular investments in real estate.
By mingling the trust funds with
their own commercial accounts,
the suit charges the bank has SO
juggled the Letter funds that nc
one knows definitely how much
should be in the trusts. The bank
is also accused of failing repeatedly
to render a full accounting.
WASHINGTON AUToMo7