Word: wiggin
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Dates: during 1930-1939
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...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...
When Albert Henry Wiggin sat down, the witness chair held the biggest load of banking ability which it had supported since the days when J. P. Morgan and certain of his partners 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...
...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...
...reported that as members of Armour & Co.'s Finance Committee Mr. McRoberts had received $60,000 a year from 1923 to 1931, Messrs. Wiggin & Reynolds $40,000 each. In 1931 (when Mr. Lee took office) their salaries were cut 10%. Since February 1932 Mr. McRoberts has received $18,000 a year; Mr. Wiggin $12,000. Mr. Reynolds was succeeded by James Reader Leavell, present president of Chicago's Continental Illinois National who serves on the Armour committee without salary. Besides salary Samuel McRoberts was paid $10,000 in 1932 for special services connected with negotiations for the merger...