SAMUEL INSULL

Evening Star, Issue 21662, 6 March 1934, Page 7

SAMUEL INSULL

DEPORTATION ORDER MADE Press Association—By Telegraph—Copyright. ATHENS, March 5. (Received March C, at 11 a.m.) The Government has ordered Samuel Insull to leave Greece immediately. [in recent American history there is no parallel for tho rise and fall of Samuel Insull, who began life m London, Ins birthplace, as a junior clerk, at 5s a week, at the age of fourteen, and became tho greatest one-man corporation controller in tho United States. Insull in 1892 began to devise plans to secure a monopoly of electric utilities in Chicago and the Middle AVost. By 1907 he had linked up the electric services of forty towns, north and northwest of Chicago, in the Public Service Company of Northern Illinois. The company prospered, and, in 1912, he formed the Middle West Utilities Company, whoso consolidated assets' wore stated at £250,000,000. In October, 1929, Insull defied the stock crash m the United States and went on buying stocks through his trusts. He went to President Hoover and assured him ho would not shorten sail, but would operate all his companies at full capacity for the good of tho nation. The crisis came in April, 1932, when Middle West Utilities went into receivership through inability to meet a sum of about £1,200,000 due in June. Next day Insult's second investment company followed. On June C a Federal iudgo ordered his removal from control. The following clay be resigned from fifty-six corporations and sailed for Europe, taking refuge in Greece. Mr Charles G. Dawes, formerly vice-presi-dent, also an ex-Ambassador to Britain, and author of the Dawes Plan of reparations, stated before a committee of the Senate on February 16 last that his bank had violated the principle of the law by granting loans to the Insull companies.]