AFTER COLLAPSE.

Auckland Star, Volume LXIX, Issue 167, 18 July 1938, Page 7

AFTER COLLAPSE.

Sudden Death of Mr. Samuel

Insull.

CAREER IN UNITED STATES.

PARIS, July 17.

The death occurred yesterday, following a sudden collapse, ■ of Mr. Samuel Ingull, the former American multimillionaire financier.

One of the wealthiest electricity magnates in the United States until his companies collapsed, Samuel In.su 11 was born in Westminster, London, in November, 1859. He started work ae an office boy. at the age of 14, but became so dissatiefield with his prospects in England that eight years later he went to America, where he later became private secretary to the inventor, Thomae Edison.

In the nest few years many companies were formed under his management, mostly mechanical, electricity and utilities concerns, with a total capital of over £400,000,000. Mr. Ineulle concerns were ■hit very "hard by the depression in 1931 and 1932, and in April of the latter year a receiver was appointed for Ineull Utility Investments in Chicago, and aleo for the Middle Weet Utilities Company, with a capital of £50,000,000.

Thie collapse involved tremendous losses both to himself and hie wife, and the investors. An inquiry was opened into the affair, but in the meantime Mr. Ineull had resigned most of his 85 directorships and left for Paris. He and his brother were indicted on charge of fraud at Chicago in October, Mr. Ineull immediately making a hasty dash for Athens. He'wae detained in hie hotel at the request of the, United States Legation, but two attempts by America to secure hie extradition failed.

After one unsuccessful break Mr. Ineull made his escape from the Greek police to Constantinople on March 31, 1934. He wae arrested there and extradited to the United States. He stated on arrival in that country, where a national campaign in hie defence had been started, that hie mistakes had been errore of judgment, not dishonest manipulations. Mr. Insull faced three fraud charges, but wae acquitted at each trial.