Salt Lake Telegram | 1933-10-02 | Page 2 | Dillon, Read Probe Slated to Commence

I DILLON READ PROBE SLATED TO COMMENCE S Sonata Senate nate Stock Market Committee Com Corn to Meet on Tuesday By LYLE C. C WILSON waSON United Press Prel Staff Correspondent WASHINGTON Oct Ode 2 2 UP-Pla UP UP Plans UP-Plans Plans were made today toay for tor resumption of at the te teste senate ste stock sock market investigation J. J P. P which last l spring revealed that tt bankers had Morgan and Md other oter private rat be avoided income tax during depression years yr I Ferdinand Pecora PCr counsel for the te I Investigating committee came caine cae here for or a conference with wit Chairman ChIra Fletcher Flether The Te committee has been summoned to meet met at 10 a. a m. m tomorrow tomor- tomor ow V and ad is i expected to open a two- two month mont investigation with wit inquiry into the he spectacular Investment banking bg operations of Dillon Read Co DJon If 11 Pecora Per Is ready red with that hat phase ph of ot the te inquiry his h first witness witness wit wit- wit ness nOeS will wil be b Clarence Clarco Dillon Dion a Texas red bred bre banker baer whose success and darIng dar dar- ing ng challenged Wall Wal street in a glam glam- rous orous era which ended ende In November 1929 Dillon Dion went to New York twenty twety years yer ago obtained employment with wih U- U tb firm im of of W William m A A. Read lead ned Co private bankers By 1920 the te dy dynamic Ic young man n r was wa head of ot the firm fi 38 y years rears us old and ad the world before him hi His Ils Hi most mot famous fou deal del was wa the purchase automobile of Dodge Doge Bros Bro Co manufacturers in 1 a competitive marcet market mar mar- ma ket in which he outmaneuvered even the he house houe of ot Morgan The Te financing of t f this th operation along with some less le startling strUng finan- finan dat cl lal transactions of ot Dillon Dion Read Red Co lave been under unde investigation for sev- sev oral ral erl months month by representatives of the te committee comit Fletcher Flether told the te United Unit Press Pre he believed Pecora would wold be ready to proceed pro pro- pro eed cee with wit the t Dillon Dion Read Red lion tion to If I not the lawer lawyer can c clean ce up some odd od ends of ot the te Morgan Morga and Kuhn Kun Loeb Lb Co inquiries which were wre interrupted last la spring by a re re- re re cess c There Tee remains re also alo an a i Lion ion ton of ot the Chase Che National Nato bank bak and ad adit its it 3 securities affiliate the te Chase Chase lUes ties corporation Albert H. H Wiggin former ormer head hed of oC the Chase Cha organization June une Jue has h las been under since sice last lt