BANK'S DEALINGS REVEALED
SHARP PRACTICE DISCLOSED WASHINGTON, October 25. Continuing its investigation of the affairs of the Chase National Bank, the Senate Investigating Committee to-day disclosed that when faced with financial difficulties in Cuba in 1930, the bank sold 40,000,000 dollars worth of bonds to the public to retire the island's obligations to the Chase Bank. It was also revealed that the Chase Bank, in retiring 50.000.000 dollars worth of Cuban certificates, of which bankers held 30,000.000 dollars, paid off the bankers before the public, which held the remainder, although the, formers' holdings had later maturity dates. Mr Albert H. Wiggin, former president of the bank, because of public criticism, to-day voluntarily terminated a contract with the bank which gives him 100,000 dollars a year for life.
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Press, Volume LXIX, Issue 20997, 27 October 1933, Page 11
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127BANK'S DEALINGS REVEALED Press, Volume LXIX, Issue 20997, 27 October 1933, Page 11
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