Insull Utilities Investment Inc. was a corporation securities firm based in Chicago, Illinois which became insolvent in 1932.[1] It was formed in December 1928 with assets of $23,000,000 to $24,000,000.[2] The firm was started by Samuel Insull, a former president of Chicago Edison,[3] Commonwealth Edison,[4] People's Gas Light & Coke Company,[5] and Central Indiana Power Company.[6] He was also chairman of the Corporation Securities Company of Chicago, which had a net worth of more than $80,000,000 on February 15, 1930.[7] The latter business was created to acquire securities of Insull Utilities Investments and other Insull operating and holding companies.[8]

Attorneys for Insull Utilities Investment's creditors filed a suit in a US district court in Danville, Illinois on September 22, 1932.[1] The failure of the corporation is significant because it came during the Great Depression, and its founder was a leading businessman in Chicago. The 73-year-old financier planned another venture into public utility financing following the collapse of Insull Utilities Investment Inc.[9]

References

  1. 1 2 Insull Sold Stock To 205 At Half Rate, New York Times, September 23, 1932, pg. 27.
  2. ↑ Insull Forms New Company, Wall Street Journal, December 29, 1928, pg. 9.
  3. ↑ Chicago Edison Co., Wall Street Journal, March 6, 1905, pg. 5.
  4. ↑ Commonwealth Edison, Wall Street Journal, March 1, 1922, pg. 11.
  5. ↑ Insull Companies, Wall Street Journal, November 16, 1923, pg. 12.
  6. ↑ Central Indiana Power, Wall Street Journal, January 22, 1930, pg. 6.
  7. ↑ Corporation Securities, Wall Street Journal, February 19, 1930, pg. 12.
  8. ↑ LaSalle Street Comment, Wall Street Journal, February 28, 1930, pg. 11.
  9. ↑ Insull Planning New Public Utility Venture, Wall Street Journal, September 9, 1932, pg. 6.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.