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.