Middle West Utilities Company
5 products
By 1907 all of Chicago’s electricity was provided by Samuel Insull’s Commonwealth Edison Company. Use of central power stations brought extension of his electrical power system to most of Illinois and parts of neighboring states by 1917. His systems grew rapidly during the 1920s, not only because of central stations but also as a result of his formation of holding companies, the first of which was Middle West Utilities (1912).
After the Insull empire's vigorous promotion of such companies’ stocks, various circumstances related to the Depression brought about the collapse of his top companies, which went into receivership in 1932. Insull fled to Europe and fought to escape extradition. He was returned to Chicago in 1934 and tried three times for fraud, violation of federal bankruptcy laws, and embezzlement, but he was acquitted each time. He spent most of the rest of his life in Europe.
After the Insull empire's vigorous promotion of such companies’ stocks, various circumstances related to the Depression brought about the collapse of his top companies, which went into receivership in 1932. Insull fled to Europe and fought to escape extradition. He was returned to Chicago in 1934 and tried three times for fraud, violation of federal bankruptcy laws, and embezzlement, but he was acquitted each time. He spent most of the rest of his life in Europe.
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