MADE MILLIONS.

Auckland Star, Volume LXIV, Issue 258, 1 November 1933, Page 7

MADE MILLIONS.

BANKER'S DEALINGS. Disclosures at U.S. Senate's Inquiry. WAYS OF EVADING TAX. (United P.A.—Electric Telegraph—Copyright) (Received 2 p.m.) WASHINGTON, October 31. At the resumed hearings of the Senate Committee on Banking, it was disclosed to-day that Mr. Wiggin, chief of the Chase Bank, began selling short Chase stock through personal companies about a month before the market crash in 1929. Mr. Wiggin also told of the formation of a scries of private corporations in the United States and Canada for the purpose of income tax escape, and of tho formation of an underwriting project managed by Mr. Arthur Cutten, and including Mr. Harry Sinclair, which netted the participants 12,000,000 dollars. Mr. Wiggin listed the officers of the bank and of its affiliate, who were directors of his personal corporations, Mr. Gates McGarrah, then chairman of the New York Federal Reserve, being among them. Several officers and directors of the bank were deeply indebted to Mr. Wiggin's personal companies at the end of 1932, when the latter retired, and when an annuity of 100,000 dollars a year was voted him. Federal authorities are now examining the income tax returns of Mr. Wiggin.