MORGAN BANKING
SENATE INVESTIGATION AMAZING REVELATIONS. NO MINUTES OF MEETINGS. (By Telegraph—Press Assn.—Copyright.) (Received 24, 10.55 a.m.) WASHINGTON, May 23. The inner workings of the wealthy Morgan banking firm were unravelled to-day by the Senate Committee investigating the affairs of that firm, of Mr J. P. Morgan, senr., and assets at aunost 500,000,000 dollars. The largest attendance in the his-' tory of Senate Investigations crowded the huge committee room and overflowed into the corridors. They included Senators’ wives and social leaders. Tho spectators gasped ns a witness quietly revealed for the first time the workings of the firm bearing his name. There were 20 partners, he said, who meet every week-day except Saturday. They decided not to keep minutes when the daily meetings were begun 20 years ago. He testified that he did not know that his firm claimed a loss of 21,071,000 dollars for two days in 1931 in filing its income tax. Ho defended private banks and the, practice of permitting partners to hold directorates in institutions in which his firm was interested.
Morgan, under questioning, said he did not pay income tax in 1931-32. He admitted participation in a substantial share of the firm’s profits, but also par. ticipation in losses.
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Bibliographic details
Hawke's Bay Tribune, Volume XXIII, Issue 136, 24 May 1933, Page 7
Word Count
204MORGAN BANKING Hawke's Bay Tribune, Volume XXIII, Issue 136, 24 May 1933, Page 7
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