Word: wiggins
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Sometimes the U. S. Senate can find out more about a business than even its own officers know. In Washington last October, when Albert Henry Wiggin was testifying on stock pools, it became evident that Winthrop Williams Aldrich, new head of Manhattan's Chase National Bank, was hearing a number of things "for the first time. Mr. Wiggn's testimony was also news to Mr. Aldrich's brother-in-law, John D. Rockefeller Jr., biggest Chase stockholder. Neither Mr. Aldrich nor Mr. Rockefeller liked what the Senate turned up for them. Last week it became public knowledge...
...Aldrich informed them that Elihu Root Jr., 52-year-old lawyer son of the sole surviving "Elder Statesman" of the U. S., had been retained to study-and was actively studying-whether Chase had legal ground to do something about the matter. Mr. Aldrich did not mention Mr. Wiggin, or ''former officers" or even "certain per-sons." In fact he did not even use the word "sue." This moderation in the use of words led one irate stockholder to jump to his feet and suggest that Samuel Seabury be named investigator instead of Elihu Root Jr. Mr. Aldrich...
...Atop a pinnacle of Wall Street power in 1930 sat Albert Henry Wiggin, chairman of the governing board of Chase National Bank, world's largest. Trailing down from this august height was a vast hierarchy of 85 directors, 80 vice presidents, 72 second vice presidents, a cashier and 107 assistants, two comptrollers and six assistants, 41 assistant trust officers, 31 assistant managers and some 8,000 employes. The president of Chase Bank held a relatively "minor" job, being outranked not only by Mr. Wiggin but also by the chairman of the executive committee and the chairman and vice chairman...
...forbid all bank officers to have any financial interest in syndicates distributing securities to the public or in stockmarket pools inasmuch as such syndicates and pools are likely borrowers from banks. Declared Mr. Aldrich, taking an obvious fling at his Chase predecessor Albert Henry Wiggin, "Banking experience has conclusively demonstrated the undesirability of participation by bank-officers in transactions of this kind...
Today, Mr. Fox, Mr. Wiggin and Mr. Hoover have the common bond of being ex-presidents and Mr. Dodge is an ex-vice president. Harley Clarke's General Theatres Equipment company is in a receivership and so is Fox Theatres. Loew's, Inc. (and Metro-Goldwyn-Mayer), again independent, remain solvent and prosperous, having made a profit of $4,034,000 for the year ending Aug. 31, 1933. But the disputed 660,000 shares of Loew's. Inc. (the majority holdings bought by Mr. Fox) have been segregated by the U. S. Government. They may be sold...