The Waterbury Democrat., 1933-10-30
united Prcss staff Correspondent)

United Press Stan Correspondent)
 Washington. oct 30-WP)- Evidence that Albert H. Wiggin, deposed head of the Chase National bank, avoided income tax on vast profits of his securities corpora ton was prepared to-day for revel- ation by senate stock market tn- vestigators. With 1t will be revealed glimpsce of how money makes money when the Chase bank in- quiry is resumed tomorrow.
 Evidence in the possession of in- vestigators shows the young bank clerk of 1885, rode the war and Coolidge booms to a glittering, golden reward. But he couud not survive the Hoover depression. The bank which he made the greatest in the world dropped him last January.
 wiggin told the United Press he regularly paid large income taxa ton on his remuneration from the bank and other corporations. But heand his counsel explained that statement was not intended to in- clude his personal corporations. Multi million dollar profits were accumulated by these institutions. Other financiers have been shown to have avoided income taxation. Mere avoidance does not imply H. legality.
 Three of Wiggin's personal cor porations were shown by Ferdtn- and Pecora, committee counsel, to have earned for Wiggin $10,425,- 657.02 profit in five years dealing in Chase stock alone.
 This revelation brought from winthrop w. Aldrich. new head of the bank, a hot denunciation of the practices which made 1t pos sible.
 The story of Wiggin's profits however, has only begun. His per. sonally owned corporation dealt in many securities in addition to stocks in the Chase bank. The Sherman corporation-named af- ter a daughter and son-in-law-- gained Wiggin $5,594,333.26 in a single year on Chase stock. That corporation profited also from many other securities including General Gas and Electric, Wash ington Gas Light, Chicago Traac. tion, American Woolen and Mis- sion Securities corporation. The Murlyn orporation-named after another daughter and son-in.law-- also was active and in Q single deal had Q one-third stake in a $iO,000, ,000 transaction in Frisco rialroad stack.
 Other bottomless springs of gold also flowed for Wiggin. He was on J. P. Morgan & Co bargain stock lists, four of them, for net paper profitof $263,250. It has not been shown whether he actually realized this gain as an inside buyer of Standard Brands, Johns Manville. Allegheny corporation and United corporation stock. Thomas w. La mont, front man for the House of Morgan, put Wiggin into Allegheny with a telegram signed Tom which caughtthe banker aboard the Golden Sate limited enroute to Cal ifornia. Tn the southwest desert he read that he was in on the ground floor for 10000 shares al $20. The stock sold when first quoted at from $31 to $41--a minimum profit of s11o.000 foi the banker if he cared to sell.
 Kuhn, Loeb & Co, also was gen. erous. only Percy A. Rockefeller and Newcomb Carlton, president oi Western, Union. exceeded Wiggin fl the eggregate of profitable partici. patton in Oteto H. Kuhn'sh securi. ties ventures. Wiggin's participa' tion allotments from Banker Kahn aggregated about $1.4Tg,000 in II securities issues. most of then railroad bonds.
 There were other sources cl wealth. As director and adviser ts