HUGE INCOME

Rotorua Morning Post, Volume 3, Issue 717, 18 December 1933, Page 2

HUGE INCOME

AMERICAN BANKER WHO DREW £1,200,000 IN FIYE YEARS. Washington, November 4. Senators comprising the Congressional Banking Comittee which is investigating banking and .New York Stock Exchange practices, sat dumh- , founded to-day as Mt. Albert Wig- | gin, former chairman of the Chase 1 National , Bank, admitted that his total income for the l-ast fiv-e years exceeded £1,200,000. In addition, the Wiggi.ni "Family Corp.oration," consisting- of memhers of Mr. Wiggin's household and a few intimate friends, had net earnings for five years of nearly £600,000. Mr. Ferdinand Pecoxa, counsel for ■! the Committee, is still investigating j how much income-tax Mr Wiggin paid i land how much h'e might have paid, I except for intricate financial dealings j which showed a loss when computing tax — this loss being deducted in filling |

out income-tax returns. There was another sensation to-day ■when it was revealed that Mr. Wiggin sold large holdings of stock in the Brooklyn Manbattan Transit 'Company last year shortly before the directors, of which he was a memher,' voted to pass a dividend. Mr. Wiggin realised that the company would pass the dividend, and by selling out in advance he saved some thousiands of pounds.