AMERICAN BANKING INQUIRY

Stratford Evening Post, Volume II, Issue 387, 19 October 1933, Page 5

AMERICAN BANKING INQUIRY

CHASE NATIONAL BANK

Press Association. —Copyright. | Washington, Oct. 17. i Albert Wiggin. former chairman of the { Chase National Bank, testified to-day be- | fore a comrhittee of the Senate, which is j making a banking inquiry, that before j he retired last January the bank voted j him a salary of 100,000 dollars a year for i life. This was done despite severe losses j sustained by the bank in recent years, j His salary before his retirement was 202,000 dollars, plus bonuses. I Records which were introduced showed j that for the year ending last July the bank created over 212,000,000 dollars reserves against losses. Mr. Wiggin recounted the growth of the bank’s deI posits from 54,000,000 dollars in 1904 to 2,000,000,000 dollars in 1930. Mr. J. D. Rockfeller, jun., was identified as the largest stockholder in the I bank, though the amount of his holding j was not revealed. Mr. Wiggin owned I 67,000 shares last May, his family holdj ings totalling 117,000 shares. Mr. Wigj gin stated that of 6,158,000,000 dollars i worth of securities handled by the bank j 5.68 per cent, defaulted, j The Chase Securities Corporation, a i subsidiary bank, was organised in 1917 j with a capital of 2,500,000 dollars. In J 1930 the capital was 95,000,000 dollars, with ! a surplus of 13,000,000 dollars.