Show How v Highwaymen High In High Places Have Haye Swindled Public and Grabbed Profits Fast and furious have come in the last few weeks weeks weeks' showing the shocking methods by which some of the biggest investment investment invest ment schemes have been put over Just on the Insull activities alone the have been at work in Chicago New York and I Washington Much skullduggery has been unearthed and the in investigators investigators investigators in- in say there is js much more to come when the activities of the big banks and their interlocking inter inter- locking investment operations are laid bare Most likely you were intrigued when those radio programs were put on by Halsey Stuart Co the Chicago investment house and the oily olly voice of the Old Counselor Counsel Counsel- or gave such sage advice on bonds to suit the investor how howa a widow should invest her meney money money mon men ey etc That oily olly voice should I have made investors suspicious suspicious- but It It was stated by H. H L. L Stuart before the Senate investigating investigating in in- committee that the theOld theOld theOld Old Counselor was an idea of M. M A A. A Aylsworth president of the National Broadcasting Co The National Advertising Rec Rec- I ord reports on radio broadcasting I show that the N. N B. B C. C received for each Stuart Halsey-Stuart period in 1930 and that about j I was spent in this way I during that year alone I Mr Stuart admitted that the theOld theOld Old Counselor was really Prof Nelson of Chicago university who was paid 50 50 a week to recite the advice which was got up by I his firm A letter showed that I Stuart Halsey-Stuart had even advised a woman to sell her government I bonds and buy some of the stuff i which they had to unload I I Mr Stuart owned that stock had been kited from one Insull concern to another with a big profit each time Stuart Halsey-Stuart seem to have made about on Insull stocks G Great ea blocks loc s of stock were were iv I I en to favored insiders or solo SOld at t prices much lower than the general gen gen- gen j eral public paid The market for I r such stocks was artificially bolstered bol- bol boli i stored up by various tricks and weird bookkeeping methods were J used to cover up the trail of the serpent Samuel Insull Jr son of the financial wizard who built up the great utilities empire and who is now in Greece resisting a return return return re re- turn to this country made startling startling startling start start- ling admissions before beCore the Sen Sen- ate ate committee He stated that I Insull stocks were sold to the InI Insull Insull In In- I sull family for about I when the shares were quoted at nearly on the market Young Insull declared that these profits were mostly on paper and that the family had all and been ruined Gen Charles G. G Dawes vice ex-vice- president of the United States admitted his bank In Chicago the Central Republic bank and Trust Co had loaned to the Insull companies when the banks I I total capital and surplus was only Gen Dawes owned I that the law had been cracked in making such a great loan t to any anyone anyone one concern concern but but he explained that it was vas really not a single concern I but a number of different companies com com- I panics and everybody supposed at the time that the security was I amply good Gen Dawes sat side by side at atthe atthe the Insull Insult hearing with O Owen Oven en D. D Young who was also brought Unpleasantly unpleasantly un un- pleasantly into the spotlight Some Sometime Sometime Sometime time ago it was published that Mr Young was one of the favored favored ored insiders He admitted that the General Electric Co of which he is chairman had loaned the the the last being as late as December 1931 or only a short time before the Insull bubble burst Mr Young stated that the In In- were the best customers the General Electric had that they I had be been n Lr friends ds for Cor 40 years and that the General Electric naturally naturally naturally ally wanted to prevent the collapse collapse collapse col col- col- col lapse of such a good and reliable old customer Hence they had done everything possible to aid the in renewing their loans and so on They believed that Insull himself himself himself him him- self was so rich that there could be no question about his solvency and and they would not have thought of asking him any pointed point point- ed questions Mr Young who is characterized by one newspaper as being smarter than the proverbial proverbial proverbial pro pro- Philadelphia lawyer threw up his hands and confessed that the Insull investing activities at last became so complicated that r it was a hopeless task to try to understand them All AIl his efforts to prevent the crash crash were futile Of course what people would like to know is in where is all that money that was made So far Jt it seems to have all been At least there is very lIttle littie little lit lIt- tle tie that can be discovered and re re- re- re covered |