SAMUEL INSULL

Evening Star, Issue 21718, 12 May 1934, Page 13

SAMUEL INSULL

BAIL FURNISHED ARRESTED ON ANOTHER CHARGE Press Association—By Telegraph-Copyright . CHICAGO, May 11. (Received May 12, at 10 a.m.) Samuel Insull was freed to-day from custody qn 200,000d0l bail. The bond was lurnished by the Surety Company alter he had declined to plead guilty or not guilty to indictments charging him with fraudulent use of the mails and violation of the bankruptcy laws. The attorneys for Insull entered a plea challenging his seizure in Constantinople harbour' as illegal, but the court withheld immediate ruling and postponed arguments until Tuesday. Meanwhile Insull was rearrested as he stepped from the courtroom on warrants charging him with embezzlement, but it was expected that the additional bonds of 50,000d0l would be secured. Samuel Insull went to America as a boy in the service of Thomas Edison, and became one of the wealthiest men in the world. By ins financial and organising genius he became the head of the corporations which were supplying Chicago with most ot its light, power, and transport, and then created a huge and interlocking system of financial companies, the most famous of which were Middle West Utilities, with a capital of £500,000,000, and Insuil Utility Investments, with a capital of £50 ; 000,000. He became involved with a rival in a struggle to retain control of the companies, lodged stock at the bank as security for loans, , and brought about a receivership for Middle West Utilities.

Insull was permitted to resign ami left the ■ country, and investigation of the enormously complicated affairs of his companies resulted in charges of malpractice being made against him. After a Jong residence in Greece In. sull left that country but was arrested in Turkey and at the request of the United States Government - jvas de-i ported from ther-ftj