AMERICAN BANK INQUIRY
SOME ARRESTING REVELATIONS. OPERATIONS OF CHASE INTERESTS. United Preas Association—By Electrlo Telegraph—Copyright (Received October 19. 5.5 pan.) WASHINGTON. October 18. Further investigation involving the Chase Bank was taken to-day. and revealed that the Bank's affiliate Chase Securities, had set aside from its inception in 1917, to June 1933. 120,000,000 dollars from reserves for the coverage of losses, the sum representing 77 per cent, of its total capital and earnings, which were together 156,453.000 dollars. Of this sum. 21,907,000 dollars were dividends paid, and 41.081.000 dollars were not earnings. The evidence disclosed that the Chase securities affiliate held almost 900,000.000 dollars of stock in the Chase Bank, through another subsidiary. William Wiggin testified that securities affiliate dealt In banks stock, which the bank itself was forbidden by law to do. President Roosevelt announced today that 5,000,000 dollar bonds had been oversubscribed nearly four times.
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Bibliographic details
Timaru Herald, Volume CXXXVII, Issue 19625, 20 October 1933, Page 9
Word Count
146AMERICAN BANK INQUIRY Timaru Herald, Volume CXXXVII, Issue 19625, 20 October 1933, Page 9
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