Show SIMPSON TAKES INSUll SCEPTER Banks Will Wi Back New Nev Utility King With Forty Fory Million Milon CHICAGO June 7 P iV Control of the huge Insull Utility chain has passed from Samuel Insull Insul to James Simpson time one immigrant boy who started his career as a 6 a week messenger in a Chicago department department department depart depart- ment store The new head of or the utility organization organ organ- which distributes electricity and gas from coast to coast and in Canada until yesterday esterday was chairman chairman chairman chair chair- man of or the board of Marshall Marshal Field Fjeld Co where he began his messenger work in i 1891 Insull Insul also a former messenger boy who started his hi business career as secretary to Thomas Edison EIson announced announced announced an an- his resignation yesterday just one month after three of his holding companies went into receivership receivership receivership giving ill iii i health as the rea rca son Insull's responsibilities had weighed heavily upon him for or months The announcement said he was retiring retiring re re- re tiring tring as S chairman of the board of Commonwealth Edison Edion company Public Service Servie of Northern Norther Illinois and arid the Peoples People's Gas Ga Light and Coke company which serve millions of consumers consumers consumers con con- sumers in the Chicago Chiago area It I means however that Insult Insull is i no longer connected with the Insull Insul utility empire empire empire-an an empire which he hewon hewon hewon won through engineering and organizing organizing organizing organ organ- izing genius and lost through h the in intricacies intricacies in- in i- i of high finance fiance Pending concurrence of or the federal courts Insull Insul also nIso resigned as core- core for Middle West Utilities one of the holding companies Together with Insull Insul Investments Inc and Corporation Securities the other concerns concerns con con- cerns cers in receivership Middle West Vest Utilities had a portfolio portolo valuation in boom market days of Simpsons Simpson's succession of Insull as the nations nation's naton's first ranking utility magnate magnate mag mag- nate was reported to have been brought about b by a group of New NewYork NewYork NewYork York and Chicago banks which have advanced the Insull Insul companies about General reorganization and ad refinancing of the scores of Insull Insull In In- sull sul companies in 37 states and in Canada is expected to follow the change Like his white haired old 72 pr predecessor in the utilities chain Simpson came caine to the United States as a boy His birthplace was Glasgow Scotland Insull's Insul's was wa London Ins Instill Insull l had been employed by an Edison subsidiary in England and was summoned summoned summoned sum sum- to this country by the famous inventor Simpson came to America Americal with wih his immigrant parents Both became recognized as geniuses in i their respective lines Instill Insull Insl or organized organized organized or- or utility a after er utility effecting huge consolidations and pioneering in bringing electric lights and power to rural districts Simpson was a leader lead lead- er in i the evolution of the department store Simpsons Simpson's appointment is immediate immedi- immedi ate and he will vilI wi devote full ful time to the job sob Advance reports preceding the formal announcement that he had accepted the position were by sharp shar advances ranging from rom two to six points point in the stocks of cerns the three principal utility con con- |