One of the more unpleasant aspects of William's day - to - day work was the handling of the liquidations and bankruptcies of clients who had borrowed large sums from the bank and had subsequently found themselves unable to repay their loans. William was not by nature a soft person, as Henry Osborne had learned to his cost, but insisting that old and respected clients liquidate their stocks and even sell their homes did not make for easy sleeping at nights. William soon learned that these clients fell into two distinct categories; those who looked upon bankruptcy as a part of everyday business and those who were appalled by the very word and who would spend the rest of their lives trying to repay every penny they had borrowed.

William found it natural to be tough with the first category but was almost always far more lenient with the second, with the grudging approval of Tony Simmons.

It was during such a case that William broke one of the bank's golden rules and became personally involved with a client. Her name was Katherine Brookes, and her husband, Max Brookes, had borrowed over a million dollars from Kane and Cabot to invest in the Florida land boom of 1925, an in - vestment William would never had backed had he then been working at the bank. Max Brookes had, however, been something of a hero in Massachusetts as one of the new intrepid breed of balloonists and flyers, and a close friend of Charles Lindbergh into the bargain. Brookes' tragic death when the small plane he was piloting, at a height of all of ten feet above the ground, hit a tree only a hundred yards after take - off was reported in the press across the length and breadth of America as a national loss.

William, acting for the bank, immediately took over the Brookes estate, which was already insolvent, dissolved it and tried to cut the bank's losses by selling all the land held in Florida except for two acres on which the family home stood. The bank's loss was still over three hundred thousand dollars. Some directors were slightly critical of William!s snap decision to sell off the land, a decision with which Tony Simmons had not agreed. William had Simmons' disapproval of his actions entered on the minutes and was in a position to point out some months later, that if they had held on to the land, the bank would have lost most of its original investment of one million. This demonstration of foresight did not endear him to Tony Simmons although it made the rest of the board conscious of William's uncommon perspicacity.

When William had liquidated everything the bank held in Max Brookes'

name, he turned his attention to Mrs. Brookes, who was under a personal guarantee for her late husband's debts. Although William always tried to secure such a guarantee on any loans granted by the bank, the undertaking of such an obligation was riot a course that he ever recommended to friends, however confident they might feel about the venture on which they were about to embark, as failure almost invariably caused great distress to the guarantor.

William wrote a formal letter to Mrs. Brookes, suggesting that she make an appointment to discuss the position. He had read the Brookes file conscientiously and knew that she was only twenty - two years old, a daughter of Andrew Higginson, the head of an old and distinguished Boston family, and that she had substantial assets of her owrL He did not relish the thought of requiring her to make them over to the bank, but he and Tony Simmons were, for once, in agreement on the line to be taken, so he steeled himself for an unpleasant cncounter.

What William had not bargained for was Katherine Brookes herself. In later life, he could always recall in great detail the events of that morning. He had had some harsh words with Tony Simmons about a substantial investment in copper and tin, which he wished to recommend to the board. Industrial deniand for the two metals was rising steadily, and William was confident that a world shortage was certain to follow. Tony Simmons could not agree with him, insisting they should invest more cash in the stock market, and the matter was still uppermost in William!s mind when his secretary ushered Mrs. Brookes into his office. With one tentative smile, she removed copper, tin and all other world shortages from his mind. Before she could sit down, he was around on the other side of his desk, settling her into a chair, simply to assure himself that she would not vanish, like a mirage, on closer inspection. Never had William encountered a woman he considered half as lovely as Katherine Brookes. Her long fair hair fell in loose and wayward curls to her shoulders, and little wisps escaped enchantingly from her hat and clung around her temples. The fact that she was in mourning in no way detracted from the beauty of her slim figure. 'Me fine bone structure ensured that she was a woman who was going to look lovely at every age.

Her brown eyes were enormous. They were also, unmistakably, apprehensive of him and what he was about to say.