Evening star., 1933-10-17
Former Chase. National Bank
Chairman Questioned for
More Than Hour.
VOTED LARGE ANNUITY
FOR PREVIOUS WORK
Pecora Begins Issuing Subpoenas
for Members of New York
Stock Exchange.
BY the Associated Press

By the Associated Press.
Evidence that Albert H. Wiggin.
former chairman of the Chase National
Bank, is paid 100000 a year as q
retired officer was submitted today to
Senate Investigators.
The banker agreed that before he
, retired last January the Executive
Committee voted him an annual salary
Of 100000 for life.
Questioning by Ferdinand Pecora. as
counsel for the inquiry, reached this
phase after an hour Of testimony that
developed foundation for the long,
pending inquiry into the powerful bank
and its affiliate. the Chase Securities
Corporation.
Wiggin testified he owned $1,000
shares Of the bank stock In May and
his entire family holding, including his
own, was l17oO0 shares.
Read Without Comment.
The pension resolution was read into
the record by Pecora without comment
| from members of the committee.
The banker slowly stroked his chin
| with his right hand as the counsel read
| documents asserting the money would
be paid ito discharge in some measure
| the obligation of the bank" to him.
The resolution also said that in re-
turn Wiggin would always be available
| to supply advice to the bank officers
Responding readily to questions in the
| Senate caucus room, the banker had
20 = 1f y
poSits from $54, ,000, 900 in 1904 to g..
900, 100000 in 1880.
He identified John D. Rockefeller. r..
as the largest stockholder, but did not
| disclose his holdings
! Pecora brought out through Wigg1n
that the affiliate corporation
In 19l7-did not issue securities until
1t yielded to the times" in 1928.
Per Cent Default.
OF the more than $4,000, ,o00, 900 In
securities handled, the witness said. the
percentage Of default was 568.
A few years ago stock certificates
IN the Chase Bank and the Chase
Securities Corporation were made OF =
single piece Of paper.
Senator Couzens. Republican. of
Michigan, asserted the organization Of
the securities corporation permitted
the bank to buy stock ownership Of
corporations which it could not do di.
rectly.
This created the Device" he said.
I'm not charging that you did. but
you could indirectly, through the secur-
lties corporation, control a corporation
which the bank could not do directly"
Meanwhile Chairman Fletcher ap-
pointed subcommittee to investigate
r. F. c. loans
Fletcher said the appointment of the
committee was authorized by the Sem
ate at the last session and had no par
Llcular significance at this time.
Members of the subcommittee, of
which Fletcher will be chairman. are
Senators Adams, Democrat, of Colo
rado, and Townsend, Republican, Of
Delaware, and Couzens.
Larger Audience Present,
Despite heavy rain, reports of impor-
tant testimony drew larger audience
than has attended any of the Fall hear
ings, but the caucus room was far from
as full as it was during the j. P. Morgan
inquiry.
Among those attending was joseph
r. Tumulty. formerly secretary to Presi-
dent Wilson, but he soon left. Only
one or two women were in the crowd.
Before the hearing started Pecora
said he had directed his New York stafI
to serve subpoenas at once on six OF
seven Of the most active members OF
the New York Exchange to compel them
to furnish their records. He planned
to announce the names after being
notified the subpoenas had been served
This action was taken. Pecora said
as result of the refusal of the ex-
change to submit a QUESTIONABLE from
him to its members.
In time. he said. subpoenas would
be served on all the 1875 exchange
members.
Wiggin Outlines Career.
i Wiggin began his testimony by say.
ing he had retired as an officer of the
bank last January. With permission, he
briefly outlined his career from notes
on a small sheet of paper.
Assuming responsibility for direction
OF the bank, Wiggin said, I'VE made
mistakes" but added I'VE can't lool
at 1888 with the eyes of 1929"
; I'm still confident our policy in 1896
and 1881, when We weren't SO cruel a
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