Samuel Insull
British-born American businessman
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Samuel Insull.
National Park Service
Samuel Insullwas a British-born American public utilities magnate whose vast Midwest holding company empire collapsed in the 1930s.
After working with one of Thomas A. Edisonâs London representatives, Insull went to the United States in 1881 to become Edisonâs 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 Chicagoâs electricity was provided by Insullâs 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 Insullâs vigorous promotion of such companiesâ 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.
