J.T. Bidwell; Ex-Chairman of Stock Exchange

J. Truman Bidwell, a veteran member and former chairman of the New York Stock Exchange who resigned after his indictment on tax evasion charges more than 20 years ago, has died at the age of 83.

Bidwell died Tuesday in the Naples (Fla.) Community Hospital after suffering a stroke two weeks earlier.

He was elected chairman of the exchange in May, 1961, the first independent broker to be so honored. He was an exchange member for 55 years and until his retirement last year remained an independent stockbroker.

Grand Jury Indictment

In February, 1962, he resigned as chairman after his indictment by a federal grand jury on charges of evading about $60,000 in income tax.

Bidwell was acquitted of the charge in January, 1963, but several months later was censured by the stock exchange for bestowing gifts valued at more than $20,000 on members of brokerage houses with which he did business. Exchange rules prohibit gift-giving unless permission is obtained in advance.

Bidwell was born in Binghamton, N.Y., the son of a building contractor.

He graduated from Lehigh University in 1925 and went to work for a New York investment banking concern where he specialized in reorganizing public utilities. In 1941, he bought a seat on the stock exchange for $29,000, largely with borrowed money.