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The Key West Citizen
Key West, Monroe County, Florida
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Senate investigators question Chase National Bank vice-president Shephard Morgan on preferential payment of $30 million in serial certificates to banks over public holders. Former chairman Albert H. Wiggin announces he gave up a $100,000 annual lifetime pension contract.
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VICE-PRESIDENT TELLS OF MONEY PAID ON SERIAL CERTIFICATES IN BANK'S TRANSACTIONS
(By Associated Press)
WASHINGTON, October 25.—Shephard Morgan, the Chase National bank vice-president, told senate investigators today that $30,000,000 of serial certificates held by banks were paid off before the $20,000,000 held by the public, although the former had later maturity dates.
Morgan said publicly held certificates could not be called before maturity, while those held by the Chase National could be.
Under questioning by the committee counsel, Pecora, Morgan said there was nothing in the certificates held by bankers permitting their payment before maturity.
Albert H. Wiggin, former chairman of the bank's executive committee, announced that he voluntarily gave up a contract with the Chase National that gave him retired pay of $100,000 a year for life.
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Key Persons
Location
Washington
Event Date
October 25
Story Details
Shephard Morgan testifies that Chase National Bank paid $30 million in serial certificates to banks before $20 million to public holders despite later maturities; publicly held certificates not callable early, but bank-held ones were; no provision allowed early payment to bankers. Albert H. Wiggin voluntarily relinquishes $100,000 annual lifetime pension.