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Show SAYS IIISULLS LIIIEDPOCKETS Counael Till Prob Body That Family Sliced $26,. 000,000 Melon " (Br VMM fieaa) WASHINGTON, Feb. 15 Charges that members of the Inaull family sliced for themselves S26.0U0 000 "melon" in profits from shares of Inaull In-aull Utility Investments. Inc.. aa that organisation waa created, were made today by Ferdinand Pecora. counsel for the senate stock market investigating investi-gating committee. Samuel Inaull Jr., stocky SI rear old son of the man who fled to Greece, testified for almost three hours as the committee began inquiry into alleged manipulation of lnsull securities. "I am busted," he gravely informed the committee when preased for an explanation of the disposition of storks he had been privileged to buy at IIS when the market quotation was upwards of $30. Young lnsull Insisted Insist-ed he had not taken hia paper profits. The Investigation touched on bargain bar-gain isles of lnsull stock to a long list of persons, including Owen D Young. Pecora asked if any person so favored the price to them was $12 were public officers. lnsull was unable to Identify any auoh. Young eat In the rear of the crowded crowd-ed room, under subpena, as is Melvln A. Traylor, president of the First National Na-tional bank of Chicago. Both are to appear later before the senate finance committee "best brains" clinic on how to remedy toe depression. Inaull la small, rather ehunky young man of U years. Hia dark hair waa somewhat rumpled aa he began to testify. He aaid he had been vice president and president of lnsull Utilities Util-ities Investments, Inc. The other executive officer! were Samuel lnsull, the witness' father; Martin lnsull, hia uncle; P, J. McEnroe McEn-roe and John F. O'Keefe, on time private secretary of Samuel Inaull Sr. The Inquiry today related principally princi-pally to the connection between Hal-aey. Hal-aey. Stuart t Co., Investment broker, and the distribution of lnsull securities. securi-ties. Four organizations were involved: in-volved: lnsull Utilities Investment. Inc.. Corporation Securities company. Western Securities company and the Corporation Securities company of Chicago. The latter was created: October Oc-tober &. 12. by merging Western Securities Se-curities company and the Coporation 6enrritiea company. "What business was lnsull Utilities. Inc., organized to transact?" asked Ferdinand Pecora, committee coun eel. "It waa organised and had charter powers to buy, hold and trade in securities se-curities general!," lnsull Jr. replied. "The announced purpose waa to buy Commonwealth Edison, People's Light, Gas and Service and Midwest Utilities, but it did not necessarily restrict itself to them." |