Insull, Samuel

born Nov. 11, 1859, London, Eng.

died July 19, 1938, Paris, France

British-born U.S. public-utilities magnate.

He moved to the U.S. in 1881 to become the private secretary of Thomas Alva Edison and rose to become president of the Chicago Edison Co. in 1892. By 1907 he had taken control of Chicago's transit system. By 1912 his vast electric-power system, enlarged by various mergers, was operating several hundred power plants. He vigorously promoted the stock of his holding companies. When they collapsed in 1932, he fled to Europe; extradited in 1934, he was tried three times for fraud, violation of bankruptcy laws, and embezzlement but was acquitted each time.

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▪ American utilities magnate

born Nov. 11, 1859, London

died July 19, 1938, Paris

      British-born American public utilities magnate whose vast Midwest holding company empire collapsed in the 1930s.

      After working with one of Thomas A. Edison's (Edison, Thomas Alva) London representatives, Insull went to the United States in 1881 to become Edison's private secretary. When the Edison General Electric Company was formed in Schenectady, N.Y., in 1889, Insull became a vice president. Three years later he became president of the Chicago Edison Company.

      By 1907 all of Chicago's electricity was provided by Insull's firm, now the Commonwealth Edison Company. Use of central power stations brought extension of his electrical power system to most of Illinois and parts of neighbouring 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 Insull'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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