Culbert Family History: Woman Finds $18 Million in Attic

Friday, 5 October 2018

Woman Finds $18 Million in Attic

This is the amazing story of Maizie Christine (Walton) Eady (1918-1995,) the daughter of Culbert descendant, Rose Zelpha Byrd Morden & Harry Walton.

Maizie's millions.

The story is written by Maizie’s nephew, Wayne Alexander McLeod. Over to you, Wayne!

Maizie (Walton) Eady

Where to start?

This is an extremely complicated story. It all began in April 1958 after my grandfather, Harry Walton passed away in February of that year. With the passing of his wife, Rose Zelpha Morden in 1952, Harry was diagnosed as a diabetic. Shortly after, he became blind.

He owned a very successful construction company H. Walton Construction specializing in the use of concrete. Sidewalks, driveways, foundations and other projects such as the Sarnia roller rink, Tuffy Truesdale’s alligator pits on London Road, were amongst a few. Many of the sidewalks in Sarnia and Port Huron were contracted to be installed by his company. His name would be embedded on each corner of the block where sidewalks were installed. These corners were later removed in order to allow handicap access.

Maizie's father, Harry Walton.

My aunt Maizie was the youngest of the three girls, the others being Roselle and Glayda. Maizie became her father’s caregiver up and until the time of his death. Maizie was given the power of attorney and used it to the fullest. Prior to his death, she lived an easy and carefree, frivolous life. As long as he was alive there were no financial difficulties. He was a well-known and highly respected businessman in Sarnia. Due to his illness, he became a disillusioned, bitter man. His house at 310 Cobden Street still stands. He treated us children gruffly but with love. We were his lifeline to ice cream cones and chocolate bars. His day consisted of sitting in his front room smoking a cigar, listening to the radio or trying to teach his pet parrot to talk. He had a few parrots and I think some of them were more than willing to die because of his cigar smoking.

His company ceased operations a few years prior but all the equipment such as large cement mixers (no Ready Mix Cement back then), air compressors, jackhammers, wheelbarrows, tar boilers, front end loaders, trucks, shovels, etc., remained. The adjacent three properties beside 310 Cobden Street were basically his construction yard.

Our house was located at the back of one of the properties at 302 Cobden Street. As children, we grew up in a construction site. That was awesome. Cobden Street was not paved. The city limits at that time was Indian Road. The city would spread hot tar on our street in the summer to keep the dust down. Ice was delivered in the summer twice a week, and in the winter once a week.

The McLeod kids. Wayne (with the big grin and hat) is third from the left.

Every Christmas that I can remember of that time I lived at 302 Cobden Street, we sold Christmas trees. My father would drive north starting at the beginning of late November and early December, and bring back truckloads of Christmas trees. He would do this, two or three times in December.

The marriage of my parents, Roselle and John MacLeod broke up. Maizie, using her father’s resources, purchased a Christmas tree plantation in a little place called Sprucedale up in the Muskokas.

Sprucedale, Ontario in the Parry Sound District

My mother, Roselle and we four children relocated in the north. The property was placed in my mother’s name for her protection. An addition was added to the home as more space was needed. As children, we immensely enjoyed our time there. It was wonderful.

Now to the 18 million

After my grandfather’s passing, all debts became due. The revelation was that there was nothing left. The end result was that all his possessions, property etc., was to go into receivership and to be auctioned off. There was a three month grace period for the removal of personal possessions from the home. During my aunt’s clean-up in the attic, there was an old wooden trunk. In it were these stocks: common and preferred shares for an oil company in Oklahoma called Toklan Oil. These stocks were given and signed over to Maizie many years ago by a friend. The neighbor across the road from 310 Cobden Street was curious about these stocks and went to the broker to see if there was any value.

This is where the “you know what” hit the fan!

The value from the New York Stock Exchange came back as $18 million. It was unbelievable. $18 million in 1958 was like having the keys to Fort Knox. It totally stunned all of us. It was a major headline across the world.

Out of the woodwork came every excuse known to man as to why Maizie should not be giving it all away to people who needed it more than her. Every sleazeball, con artist, entrepreneur, etc., wanted a share and threatened her if they didn’t get it.

Bodyguards had to be hired. We were brought back from the north for our own protection. As children we were out of school for two weeks (Easter Break included) which was cool! We were told that each of us would have $1 million to be put away in a trust for the future.

Maizie was put under a doctor's care after she was informed of her windfall.

The reporters and the crowds of people were difficult to control. Police had to be called now and then as people were trespassing without any regards to privacy and damaging property.

Three weeks later the bubble burst. The claim was that a secretary in the New York Stock Exchange had made a decimal error and the value was now $4,300.

How is it possible to go from $18 million to $4,300??? Give me a break!!!!!

It took three weeks for someone to discover a decimal error??? It struck us as big-money hiding big-money. In order to recover the value of these stocks it would take hundreds of thousands of dollars to accomplish this, which we did not have. Corporate America was the winner. The little guy got it in the “you know what” again.

Things eventually settled down and everything was back to normal regarding the receivership of the company and the auction. The results of the auction and the sale of all equipment and property still resulted in a $50,000 profit for my aunt which in 1958 was very substantial. Her weakness was that she got hooked up with one of the bodyguards and blew the $50,000 in the year.