Salt Lake Telegram | 1932-06-09 | Page 1 | Dawes May Head Failed Insull Unites

DAWES DAES MAY MAYHEAD i HEAD FAilED I INSULl UNITS Reports Persist He Will Try Try to Restore Investment Trusts RUMORS NOT CONFIRMED Drama of Utilities Magnates Magnate's Fall Is Revealed By HARRISON SALISBURY United Press Tress Staff Correspondent CHICAGO June 9 Reports 9 were persistent here herc today that General Charles G. G Dawes had resigned as president of oi the Reconstruction Finance Finance Fi Fi- I Fi-I nance corporation preparatory to undertaking undertaking un un- rehabilitation of the three un huge Insull investment trusts now in receivership These reports which Dawes did not confirm indicated he would be named to the co receivership left vacant by Insults Insull's resignation I The drama of Insull's fall all was being revealed today The sto story like that of the foundation of his utility empire overflowed with su suo su- su COLLAPSE FORESEEN There came to Chicago with each revelation increasing realization that the defeat of the year old leader in ina a vain fight to save his flung far realm leaves scars not to be measured in in mere dollars The collapse of the financial structure structure structure ture that bound together a network spreading into 32 states and Canada had been foreseen and the blow cushioned cush cush- as best it could be But that this debacle would level the dictator and leave him an aging 1 pensioner a man so broke his creditors creditors cred cred- have said bankruptcy would bel be but an em emr A gesture was incredible to all all' but m ie e with most intimate knowledge of the Insull Insult affairs Ua rs Among new developments were The possibility the Chicago civic opera would suspend Insull was the prime mover in the opera and the loss of his millions to make up the yearly deficit comes as a terri terrific ie blow even though arrangements are made to continue A of ot 85 to 90 million dollars dol dol- lars tars in the assets of or Commonwealth Edison Co Peoples People's Gas Light Coke Co and Public Service Co of northern Illinois the three large Insull operating operating in ing companies reported made in an audit of oC the concerns ordered by eastern east cast cm ern bankers who hold large amounts of or the stock This would cut their combined assets to from at the last report FA FAMILY FORTUNE GONE Revelation that not only has the fortune of oi Insull been swept awa away but also that of his wife his son son Samuel Jr and his brother Martin and that the total liabilities of ot the probably exceed 20 with no comparable assets Statement by Insull in his first interview in in- with reporters since the fall of his dominion that I haven't any plans for the future but will leave soon for a long rest partly necessitated ed by a breakdown in his wife's wiCe's health brought on by her husbands husband's tunes In addition to the thc report that Dawes would take an active hand in the Insull Insull In In- sull readjustment was the suggestion that he replace Insull at the head of the Civic Opera company S 'S