Word: chase
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Dates: during 1930-1939
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Brokers. Besides its investigation of Manhattan's Chase National Bank and its investigation of Associated Gas & Electric Co. already afoot, the Senate Committee opened still another investigation. Inquisitor Ferdinand Pecora sent the New York Stock Exchange a questionnaire so exhaustive that it would have required practically a complete audit of the books of all the Exchange's members, a study of some 10,000,000 accounts of customers with brokers. The Exchange refused to answer, saying it had no authority to gather such information. Promptly a dozen prominent brokers were summoned to Washington for questioning and Inquisitor Pecora...
...Senate Committee on Banking & Currency last week began the fifth chapter of its own book of revelations, a chapter which impertinent wags called "Mr. Wiggin and the Chase National Cabbage Patch." The particular efforts of Mr. Pecora were first directed to finding out what ravages the blight of Depression had wreaked in the cabbage patch and how many cabbages had constituted Mr. Wiggin's perquisite as head gardener...
...occupied it. When Mr. Wiggin was a New England boy of 17 he became a bank clerk. When he was 23 he became an assistant bank examiner. When he was 29 he became vice president of a bank in Boston. In 1904 at 36 he joined Manhattan's Chase National as vice president. Seven years later he became its president. At that time it had $5,000,000 capital, $5,000,000 surplus, $100,000,000 deposits. In those days the Chase was a bankers' bank, and George F. Baker's First National owned a controlling interest...
...formation of the Federal Reserve System in 1914 took away from the Chase some of its job as a bank for bankers, but Mr. Wiggin was already off on a new tack-building up the Chase as a great commercial bank. It grew, partly by merger, to be the biggest bank in the U. S. Mr. Wiggin was never thrown off his great ground-covering stride. His bank was not rated an archly conservative institution- no bank which grew so fast could be- but it was an immensely successful (i. e. well run) commercial bank with a finger in many...
During the booming 1920's strapping, crisp-haired Charles E. Mitchell enlarged the National City Bank by mergers until, for a short time, it was bigger than the Chase. In 1930 Mr. Wiggin put an end to that by merging the Chase with Equitable Trust in which the Rockefellers were heavy stockholders. Thereafter Mr. Wiggin was no longer the Chase's biggest stockholder*-that title had passed to John D. Rockefeller Jr.-but the Rockefellers were content to leave him in command. At that time Mr. Wiggin ruled a bigger bank than any American before or since...