The Courier News from Blytheville, Arkansas on April 20, 1932 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

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Blytheville, Arkansas
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Wednesday, April 20, 1932
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Page 3
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<:;: 'H^' ; 'B:fltl^ TUESDAY. APRIL lit, 1032 BLYTHEVILLE. (ARK.) COURIRR NRW8 Insull and His $3,000,000,000 Empire don rmdirnl from n man who mined oul to be Thomas A. Edison's Lou- rcpresontutlvo. II was only ihnl. shortly afterwards. Built Three Billion Dollar Utilities Chain, Now In Receivership. NOTE: This is llw first of I wo nn the rise and fall of Insult, America's furcmosl pnWlr Mtilitr nu:rule, whose Si,- SM.W.W* Midltwnt Utilities com- )uny U w>w In llw hands of re- cthrrni. The Arkansas-Missouri Power eMnpjnjr, optr*t\ni In llil< fciriUwy, is i MMtllfivcsl subsMi- ary, but Is not dlrcclty affected by Ihe holding rnniinny's default. BY JOHN W. I.OVK Copvrl'ilit. 1D32. NEA Service. Inc. At 12. Samuel Insull of Chicago —foremost figure In American public utilities—looks bsc.V. today on htf long rise' and sudden Inll. His is.nn ' aiiijuiini! siory of fin- ant'e. which has litcn climaxed i>y the "friendly" icci!iv":r.^hlp of his giant Middle Wo.sl Uiililics Company, once worth S2.S09,OM.O!W. 71 Is the Innjcsl business default in the world's history.. .Insull beian lile ns a poor ini migrant'from England. He bccauv Thomas A. Edison's .secretary and grew up with Ihc light and business. At the peak ol -his career, he cam? to command more than SX- 000,000,000 worth of electric powr and e"s enterprises, electric railways, steam railways, coal mines, street car lines, elevated railways, taxlcfib nnd bus lir.ns. heating plants. Ice plants and office buildings, i Tlie' multitude of companies lie ! dominated operated over practic- j ally the entire eastern half of ll«|- TJnited Stales. They served at] least 10.000,000 persons in inore, ma ke any general statements ahout ining of ID32, and Insull saw there than 5000 communities and had | u ic future a ( the around a half million stocVholrt-1 companies gathered ers many of whom w»?e custom-1 die fold of crs. ! ilies. The holding From Maine to Texas, the chain of Insull industries extended. Tlie bulk of all this was in Middle Wes'. Utilities, the bicRfst of the Insull holding companies. Properties cf j Insull should raw to Amnlrii. • Scon Edlfon's buslnrsa niniiiiipr, ! Insull hud iinrquaiwl vhw »f ili;> . lx'|iinii[ii[i.s of Ilio clcolrlc li'inl nnd | power industry close vtp. I'uromly i ho liiok a imnd lilinw>lf. In lli,> vor o; ilu> Woi-Wh Kali 1 1 bxMmc picsidi'n! of tlh' rnm- imw kiinwii us Cimunoii- Kdisiu). In Uhlcimo. This f.iml tlrcli'ss \miiu nimi saw thai the ro.id lo I'tdel'-ncy for Ihc pimhiceis of power nnd n for- linir fin Its owners lny In roii'icil- Idaliun. llr soon bioufihl the- huMn?ss of Chlnii'O Into unity- -Insull unliy. Osceola Society— Persona! Tin 1 beplntnyf! of Inlerriinnect- clrclrlr power, and ihereforc the ix'iilnhitjs of tlic ejilc of Insull In Anr-rlcnn life, Mere In 1010, \\hrn InMill nnif lite brother, Mnr- llti. liNiiclit somi' rnnil piopcrllcs [iflitli of Chicago. They UL'quli'ed n ilown Isolated iwwi'r Millions. scinpiK-cl mosi ol them and con- iwrlrd the towns wllh hliih-len- slim linrw. Tliis gave each town the potential of vcvy much lurgrr sluUuns ami assured them niinlnst iwwer failure. Insull nppllcd the policy which miide him famous loter— that of setting lates which did not qiiltkly imv b.nck thi cost of In- lni! ilio service, but which niro'.iraiied tbe customer to buy more ami more electrical upplltui- cra. until finally electric current was hutlsucmllili to pvcry cns- The 1'resbytei-lau Lcullre uiixlllnry \vns eutei tahie.il Monday nllci'tuxm ill till 1 roiinlry lionu 1 ol Mi-s. CiM. ITdriuxUm south ol OH'-'uln. Klxtei/n niemlji'is were- pivsoul. Mr.s. II. c. liiyim W ilu> di-vj- lloilal u'lrico, with Mi.i- U. H. Cro- IIIIT, Mrs. J. II. Hook, Mr.s. W. II. Uycus niul Mrs. J. K. I'milier liik- Ing |):in on u mission.sludy \nn- Kiiiin. Dellelous ri'fu'.s^iiienl.s weic served following the lesson. • # • Mrs. J. T. lihoailrs k-il tils ll'jyal Service lesson nl. (ho icnular inert- liilj of llio U'aptlM Women's Missionary Union, which wim lielil In llic church midltorlum Mniuluy afternoon. The subject was "lluoinc.s of ti-,e ross." '1'nkliiif part were M;iduiu?s C. C. UowL'n, C. I,. JenSlns niul II. II. Ju::cs. Members of the Molliddist Worn- | nn's Mlssloiuiry socii'ly tnui In Hie '. church niidllorliim Mmulny tiller-' II03H where tliey I'njoycd il proyram li'sson based on the subject. "Are Mollou ricliires Goo,l for Oiu Clitldren?" Mrs. C. N. Puce wus lentlcr lor Ihe. ufii-nioon and InlUnu pan «•<•«• Murnarei ilaililci-.s, Mur- |Fnln, who has bwn 111, \vtw inVen ID coiiMill n specialist. Mrs. Cleorge All«nisworlli rflurn- ccl to her lioino here Saturday from iiainlsi liospltal, Memphis, where she 1 (inJerwont nn 0|>eratlo» for appendicitis recently. Sho is Improving mpWIy. .Mrs. r. I,. :>hl|i|iii ol Qsreoln ac- com|i.u\l«l MLss Winnie Tuviwv niul | Mi.s. 11. N. Wine u; lilylhcvllls to i wlx-n; they met Dr. Cmollnc n«l- (;ei of Clilc:u;o, speaker on tlu JH-CJ- KISIII i.l Hie Ciinnty I 1 . T. A. Coun- dl ill Wilson. Smoot and olh'er' rMmBers of 'the ; ?> senaw nnJuiM commlUM. • Ocqtot ';'••$ tlie omlijjori' of 'ptymriits -t6':o*-- :; '> Uhit«d 8t«t«:ln Ihc British bud(et -X ' '-.")M aiunly AjtiH Curiientcr •MJMH Tiip-sdMy In Marhuiim, ac lOmiianylnjj County Agent J. K. C'rli?. uf Hlytlu'vilb lt> Ihc Cotton lix|x?rlmcnl stnllon where cropi (If-inuiisli'iitloils in woii! studied. Mr. unit Mrs. W. E. limit Fpoiil Uiinduy nl (lorn Uikt 1 . Mi.ss., vlsll- lilt! Mrs. lluni's .sister, Mrs, J. K. J«i:oi> nnd Mr. Jnsw, w.-io Jusi ri'lurliej frojn Florida, where lliey spcnl Ihe \slnler. . they wouW.procMd, in fnimlnj * .'< lax bill on Hit assumption the d*bt»' •-'' wotiW bj paid. ' . \'-. •;lic ..committee lax liearlng »-aJ5' .i incd u'Hh nripimthUi'iiver 1m- : duties oil liniilx-r, pulp, and : • ' Tlic sennto stock market-liivestl- : alion will be n-siimod tomorrow. Snb|»eiias were being Issued for\ twenty brokers and traders listed on llic short, selling record brought Iwfore the committee by Richard Whitney, prtaldeni of the New York stock exchange. Opponents of tlie Potman bonus bill continued presentation of their 'm before the n.rans committee. house way and ' giircl Hale nnd O. Twelve members tvcic W. Knlghl. preswH. Says Mein!«rs Arc Not Cooperative in Movement for Rclrcnchmciil 44,500 /AILtS ELECTRIC SAMUEL INSULL AND TITS S3.000.000.ttUO INDUSTRIAL EMI'IliE. The slia<!cd areas in Die above map .show territories in which ills proiluclnn units of the great Insull holding companies operate, their many dhersificrt mlllties serving nearly one ot every 1C persons in the United SliUes. Tile sfcplclics below show some of the principal activities. By far ino most of these operating companies (Chicago's cle- vaicd ralhvnys cxccptcil) are in Insnll's $2,. r X)fl,000,C'00 Middle West Utilities' a lioldiiv; coniinniy which i:; nov; in the hanos ot receivers. At Hie tlghl is a clOBtup o! Insull, who \\-rfiled Hie vast chain. Insull was a pioneer In the movement lo dccentrnlii'.e industry bv inukliR ample jxiwer available fnr fnclnrlc.i In small towns !n- sle.id of concentrating It in tlw big cities. II was his aim, apparently, lo connect all his widely scnlli'U'd i»wcr coiniianles Into * one yrral super power chain at : some future date. WASUINOTON, April 20 (UPI— 0'ongrp.siloiml acllvlly today 'was conl'mcd InrRply lo committees Both Ihe .si'iinte mid house ad- Jwirned in trlliu'.^ to the late SL-Di titor Harris ot Qeoriiin for whom A Unhdny cake was cut anil luneral services were rfnl In llw .served with ico mum following n sMial; to;lay In the incscnco of a I'niiices rhlpp.s. mmll daughter ot Mr. and Mrs. 1". I,. I'hlpns. rcb- bnilLxl her tenth blrilidny with a parly lo which 1\ friends were in- vlletl. <t«llRlilliil iifteinoon of yrunes. pluys an mor.i Ulan 100 j was-no ho|>e cf getting the money by Insull into \vesl Ulil- company which by selling securities, as he had a! ways done. Insult tried desperately to find the money in New York, but could ilies. The united them nil under one general management will he Inkinlnoi. Returning sadly to Chicago, apart. But it Is nractieally cer-1 he watched the courts administer >:iin that the constituent proper- the first aid which the law pro. ties will be regroup?*!, in waysivichs for stricken enterprises his o|her holding companies were t , 10 ( y ct dear. ' ] ... largely grouped In and avoiiml ! : . . | ms WJ , S |])C Sanu|c] Illslll; Chicago. ^ j AH this'takes place on pieces of j whose • career had been marvelous ° ' paper. The senerators in Middle jfls an Algcr story. One person in West's 301) steam-driv.^i station", every 10 used his services, incl«:l- and '200 waterpower stations \villjlu; ,y/ery iierson in Chicogo. lie. keep on grinding out current. They was the "wealthiest In the business. are not affected in auv physical He • had come to' this way by the collapse of all (he fiom England as a yomr financiering which' broiiRht them 1 io°e.!hcr. I'art''6f the tragedy of tlic re ; ceivcrship is the nature of tlie j company's territory. Middle Utilities was one of the g ; American power systems, yet 1881. He liad held jobs In London, s graphy nlfjlils, and had to answer an nttrertlsemcni, for n sMialj to;lay IK! jdisihiBuUhe;! company. SjK'akei 1 Clarnt'i' of tlie hnusc* ' * kiwke out in vlsornns crlllclsm of Mr. and Mrs. V. A. While and jwlmi .lie snlrt was n Intk o[ real ca! TO.lioitKOW: i;ow iusull (In- Miss Agnes Wiird spml Ihe week- j upiT.itlon ninons cabinet urmtirs jaiicrd his treat .Miillr. \Vrsl- Utlll- j cud In Conwny, Ark. : lirs (.'uraviny n'lth linldlnt; com-' White's mother, Mrs. lanic-s on lo|i of licjldin; ctini-1 While. They were nrcomimnled liy panics. . . . The story of hnw a! Miss Pearl McLiiln o( KclbiT. «ho number of i S^'.eo.Oon.iXK) conrern was built up'visited relatives III Conwny. ....„ „,,.,.„ „„„ sleno-iin a relatively few years. | Dr. and Mrs. W. J. Sheddnn nntl ' hta department.' hap|)Diicdl — iMnnll daiiKhtcr, Bllllc Fain, spuai Tlic forolsn d:bl slluntiou cams a I Head Courier News Want. Ads. 'Tuesday In. Memphis, where Ulllielln for ntt,cnllon by Clir.lrninn with Mr. I In dealing with problems at ccon- J. Walter jomy. Gnrnar in'.-ntbncd Becrolary of Inlerlor Wilbur S|)::clllcally. iissci'l- jlinj Wilbur lind inndo no cuts In ' Flnl— in the doujk. TtlM M Ihc ovtn. You c«n bt MHt of p«rltet b*klnj» [n nilnj— POWDER SAME PRICE 25 ounctf for 25c MltllONSOf POUNDS USED BY OUR COVEHNMEMT so!d (he output incstly lo .small .dopiinjthc Tlie traecdv of the fif?at Middle West Utilities failure. 10 times bigger than the Kreuger collanse in Eurqp?. is fundamentally the sam? as the tragedy of the foreclosure of a'small farm, only bigger and more complicated. Prices went down, but debts remained . the same nnd mortgages •went on'as beioro revenues declined, but loans had to be paid in the same hard dollars with which they were contracted. Samuel Insull found himself no longer ;nbi? to raise enough from his high-tension empire of electric current to meet the interest on the mortgages. And so the vast agglomeration of 100 or mor.? oneratlnc companies known as Middle West Utilities collapsed. This holding company, and several related companies, are now in the hands of the courts. The Middb Wesl Company's producing nroperties ore mainly sill! sound. Where operating companies do not owe much money. | pany needed money very badly their future is secure. The fate | just, at (be time when thousands of Mch will depend upon what j of small towns were ne?din? mon- eaeti can earn and how far these j e.v badly, too. Middle West Utili- go in paying debts, i ties was reported owin« bankers it is impossible to I $30.000,000 or more at the begin- country man in Cut Your Expenses! ; We.st I The? easiest way to cut ex penscs Vcatctt "^'l Bav« money l!ii& frintcr is to pruvcnt niclcness expense. Thousands ol women arc towns and the countryside. There.j hai,jt O f giving were, only a half dozen larg-?. cities j rail J laxative to evory on its lines. •That muanl two Ihines. In IDs first place it meant that its business would be affected by farm- ins; conditions. In the second place it meant hat its securities would be very widely held, and that the market for its securities would be Rrcally reduced wh.^n the pric.?s of farm products went down. U happened that Tusull's com- , member of Llic family once a week. 'J'l.us provcnting orclieck- »jf colrts, hendacitfs, tiirzincs.'i, biliousness, and constipation. HS.TUU'I KIMEDT- Ift — Ix;in.i7r..ifc, milj anrl aU-vogolatilo, is iiio.il fur this family use. Try it anil sava skunks oxpcnse. Or.ly 2oc. ffl TnniQlii— V'o/.':orroio .-l/rjj/i/.l . r Attention Mr. Farmer Special Cotton Offer Is Made by W. I. DENTON CHEVROLET CO. Ulythevillt', Ark. If the Memphis Cotton Market lor OHO inch Middling Cotton is less than eight cents per P n "«<l on due dale of note on John Deere Implements, \V. I. Denlon Chevrolet Co. will allow n credit of the price differential or a maximum of l\vo cent; per pound of ciHlo?!. This livni is taking tlie lead in an effort to assure the fanner a fair price. FURTHERMORE The John Deere Plow Company has authorised us to guarantee an equivalent of TO cents per hushcl for Xo. 2 hard' wheat, 50 cents per bushel for No. 2 yellow corn, at Chicago, or 8 1-2 cents per pound for spot Middling Col I on at New "Orleans, on such farmer's notes as mft- ture in 1032 that an: given for John Deere Tractors". It will pay you to inve.-ligale these special offers. Visit our display room and repair department. Make the Farm Pav I In; John Deere Wuv IXo/Zs light tastes right! IF you roll your own, you can't smoke a cigarctle that's half- filled ... full ofharci and soft spots. It's got lo be even and smooth. For a full, round, well-filled cigarette . . . rolled so tlic tobacco doesn't fall out ... one that tastes just right ... use tobacco made for rolling . . .Velvet! Mriu recommande par- Jirn/ifrcmcnt par ft «j purete. Eno^l, VKLVKT for 50 cigarettes . . . 35c

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