Salt Lake Telegram | 1932-04-16 | Page 11 | Three More Insull Companies Go Broke

THREE MORE INSULL COMPANIES GO B BROKE OKE CHICAGO April AprI 16 ff Three eP-Three Tree Three Insull In sull sul ut utility ty investment companies with wih estimated holdings of in their portfolios were placed in the hands of receivers today U. U S. S District Judge Walter Waler C. C LindIcy Lindey Lind Lind- Icy ley ey appointed receivers for tor the Insull Insul Utilities Investment Co the Corporation Securities ties te company and the Mississippi Mississippi Mis Mis- Valley Valey Utilities Investment company The petitions of note holders alleged alleged al ale al- al that under ordinary market conditions all al three should be able to meet their obligations but at present the corporations financially crippled by the tremendous depreciation of their portfolios could not pay the debts debt coming due The receivers suggested by counsel coun sd sel filing the friendly suits suit were ratified ratified rati rati- fied fled by Judge Lindley and placed under under un un- un der 2000 bond each They were George A. A Cooke former former for for- mer Illinois supreme court justice and Calvin Calvi Fentress banker for Insull In In- suit sull sul Utility Investments Investment Inc Raymond Ray mond J. J McNally banker and Patrick Patrick Pat Pat- rick J. J Lucey former Illinois attorney attorney ator ney general for Corporation Securities Securities ties tes and Eugene R. R R Thayer retired banker for Mississippi Valley Valey Utilities Uti ties Investment tes company The Te same court cout yesterday appointed appoint appoint- ed cd Samuel Insull Sr Sr Charles A. A A McCulloch Mc Me- Culloch and Edward N. N Hurley receivers re receivers re- re rc for the giant Middle Iddle West Wet Utilities Util Ute Ites company parent of operating utilities from Maine to the southwest southwest south south- west and Samuel W. W White was named receiver of United Public Service Sere Ser vice of New Jersey and two subside lanes