Evening star., 1933-10-27
CHASE PRESIDENT
REPUDIATES POLICY
OF PREDECESSOR
Continued From First Page.)

VI InkkkSbSSVN
Continued From First Page)
corporations total capital and earnings
since 1917, when it was organized,
amounted to Sl56 ,453000.
Wiggin said before today's hearing
one Of the reasons he had given up his
compensation of 100000 a year as re-
tired chairman OF the Chase National
Bank was because of criticism from
stockholders.
That was one of the reasons" he re-
piled when asked about his action. Pre-
viously he had declined to add to his
letter to the bank in the matter.
Chase officials said many protests had
been received from stockholders after
disclosure by Senate investigators that
Wiggtn was receiving $780, a year for
life
They said Wiggin had not been told
OF these protests. however, and ex-
pressed doubt that it caused his action.
Officials Of the bank said Virgins
remuneration of the Sl0O 000-a a-year SAL
ary did not mean he would receive no
retired compensation
They said Wiggin might be given the
usual retired compensation for officers,
based upon salary and years of service
In view of Wiggin's long service. of
hclals said this retirement pay would
be substantial, but nothing like $780,
600.
Chase officials denied Wiggin's action
was demanded bv John D. Rockefeller.
Jr.. largest single stockholder in the
bank.
They said they had not been in COM
ject.
Flanked by attorneys, wigein first
testiled today of a pool in Chase stock
opened in May, 1880, with Metpotan
Corporation, j. and w. Seligman Co.
and Dillon Read & Co. as participants.
The Metpotan Corporation. a sub
sidiary Of the Chase Securities Cor
pcration. managed the pool. which was
the seventh described to the committee.
The account was limited to commit
ments Of $4,000 shares in the bank
stock.
Seligman and Chase Securities Cor
poratlon each took a so per cent in
terest in the account, but the securities
company assigned its half to Metpotan.
Wiggin looked decidedly tired as he
said he did not know why the arrange
ment was not made directly between
Metpotan and Seligman.
Il can see no reason" he said. "Why
they didn't do 1t direct l don't know"
Wiggin said the minutes of the Chase
Securities Corporation included no di-
rect authority for the pool operations.
but cited resolutions giving the officers
general authority to buy and sell stock.
Pecora asked if there was any men
ton OF the trading accounts in the
minutes of the Metpotan Corporation.
After long conference with asso-
clates. he said there was none.
Was 1t ever in the minds Of anyone
who formed the Securities Corporation
that 1t could participate in stock market
operations?" Pecora asked.
II don't think So" Wiggin replied. but
added he didn't know what was in his
mind or others 16 years ago
Can you conceive that as executive
o1lcer OF a national bank it was in
your mind an affiliate would be or
gained to operate in the market?"
1 can conceive it, but / don't think
1t was in my mind" the banker replied.
Pecora asked if the pool operations
were proper"
replied.
Wiggin agreed the Speculative at
mosphere of the times may have
caused the corporation to engage in
stock market operations
He also agreed public opinion had an
influence on Wall Street. and said he
would not do anything that would be
criticized afterward
Then thes, hearings are q good
thing?' Pecora asked.
L hope So" the banker replied with
cut committing himself
PprOra into
list OF stocks and bonds in which the
from February 1929 to March. 1881.
Besides the Washington Gas Light
Co, it included General Gas e. Electric,
Twin City Rapid Transit. International
dated Oh pGssr 9rairie oil nsiai5 Gas oon
tinental Paper Bag Mills, Prairie Pipe
Line Co.. Republic and Poland Bonds,
Bank of East Prussian Land Owners.
Other accounts. IS in all included
Prairie Pipe Line Co., Chicago Trac-
tionS Securities Co.. American Woolen
Co, Trancontinental Oil, Utilities
Power and Light; Utility Equities Cor
ton. Vacuum Oil. Seaboard Air Line
Railway Syndicate, Bethlehem Steel
Corporation, Grigsby- Gruno Company.
st. Louis-San Francisco Railway.
Canada International Paper, Missouri
Securities Co. Syndicate. Republic of
Cuba bonds, International Hydro
Electric Co., National Steel Car Lines,
Curtis Publishing Co.. and McKesson &
Robin.
Pecora placed in the record a de-
tailed list of transactions in the bank
stock by the Chase Securities Corpora
ton and subsidiaries aggregating $780,
100000.
The 35 pool operations were In ad-
dition to the nine in stock OF the
Chase bank.
The record showed A. w. Cutten,
noted wheat trader, was manager OF
several of the pools, and Sherman Cor
poration. Virgins personal company,
was a participant in several.