INSULL BROS. INDICTED

Poverty Bay Herald, Volume LIX, Issue 17954, 5 December 1932, Page 10

INSULL BROS. INDICTED

EMBEZZLEMENT CHARGES PROCEEDINGS FOR EXTRADITION ' CHICAGO, Oct. 15. Sir. Samuel Insull and his brother, Mr. Martin Insull, once heads of the £500,000,000 “Utilities” (group, were indicted here to-day on serious fraud charges. Both were born in London. The former is in Paris and the latter in Canada. The State Attorney announced that steps would be taken for the extradition of the two brothers, if they ignore the request made to them to appear voluntarily to defend themselves. The charges of embezzlement and larceny are based on the alleged withdrawal of money from certain Insull companies to the personal accounts of the accused. Mr. Martin Infuli is charged with taking £68,944 from the Middle West Utilities Company. The brothers are also accused jointly of taking £34,040 from that concern and from the Mississippi Valley Utilities Investment Company. INVESTORS’ HUGE LOSS

Tiie State Attorney said the accused were involved in great enterprises whose milure iiad cost 'the investors ftroui £dk),000,000 to £500,000,000 or more. Warrants for the arrest of the brothers were issued. The bond for Mr. Martin Insult was fixed at £15,000 and for Mr. Samuel Insull at £IO,OOO. The ruin of the House of Insull represents the most extensive business collapse in the history of North America, ihe two brothers lesigued their directorships some months ago, and several of their companies are now operating under receiverships. The affairs of the insufl group are still being investigated. Mr. Samuel Insull deserted Chicago last June for New York, lie left behind him paupered corporations, damaged banks, and beggared associates. He left his “power” empire, which served tWO communities in 32 States of the union and in Canada and Mexico, prostrate. He also left many civic monuments in Chicago, such as a £4,000,000 opera house, and was credited with the ambition of making that city “a greater New York.”

COCKNEY ACCENT His speech, which grow nasal and liigu-pitched, thanks to the influence of Chicago, retained more than a trace of the Cockney accent. In 1929, when ho crossed the Atlantic for the seventieth lime, he confided to a Chicago friend that ho relaxed only while *t sea or in England. ins English birth and his eleven years’ association with Edison he regarded as among the chief satisfactions of his eventful life. He delighted to tell of his early struggles. His first job brought him 5s a week. The haughty Insull, who lived down the hateful nickname of “Insult,” evoked by his brusque manner, is now reported to be living in Paris on a pension of £3OOO a year A message from the French capital to-day reports that lie lias decided to retire from business and live in England.