Salt Lake Telegram | 1933-11-10 | Page 1 | Movie Stocks Venture Probed

MOVIE STOCKS VENTURE PROBED Chase Bank Inquiry Brings Inside of Fox Film Crash m By United Press S WASHINGTON Nov A 10 A 10 A Hollywood Hollywood Holly Holly- wood venture in moving picture stocks which wrecked at least one Wall street brokerage house howe and cost the Chase Chaie National bank organization many many millions of dollars' dollars was subjected subjected subjected sub sub- to io inquiry today by the She senate stock market marlet committee Under leadership of f Albert H. H Wiggin Wiggin Wig Wig- gin the Chase hase ba bank R poured miI millions ons into securities of the Fox Film corporation cor cor- por n a and d' d o 0 of Ge General eral Theaters Equipment Inc Wiggin HL Clark Clarki and Murray Dodge the latter a Chase official set iet out out to seize control of Fox Films Films It n estimated that or the Chase Securities Securities' corporation which it controlled sustained losses aggregating The firm of Co failed and was suspended by the New York stock exchange April 24 1931 largely because it was hopel hopelessly involved Inthe in inthe inthe the slumping securities of Fox and the Equipment corporation General Theaters Equipment was organized in 1929 in connection with the effort of of and associates to gain gahi control of the of-the the movie kingdom dominated by William Fox Wiggin operated through Co Which v it is understood obtained ob tamed loans from the Chase National bank to finance its Us movie stock deals The movie inquiry was an interlude In the committees committee's expose of a 12 profit Wiggin Harry F. F Sinclair Sinclair Sin Sin- clair Arthur ArthurW W. W Cutten and their associates made in a a 29 1928 Sinclair Oil 8 syndicate without putting up a penny of ot their own money