The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-04-16
BULL MARKET
WAR LEADS TO
INSULTS FALL
Long Conflict Brought On
When Cyrus Eaton Be-
gan Utilities Invasion.
INITIATION IS BLAMED
Both of Foes Losers in
Titanic Money Battle;
3 More ReCeiverShipS.
BY HARRISON SALISBURY
United Press STAFF Correspondent

CHICAGO, April 16.-The rise
and fall of a mighty business empire
after a battle of years with the Otis
Eaton interests was seen today in
the receivership granted Samuel
insults 2 800, 900, 900 domain.
And the battle had it's beginning
in the tremendous bull market
which ended in October, 1929, dur
ing which Cyrus Eaton and his
friends started buying into the
utility field.
What the end of the story of that
battle will be is unknown. But
both interests now are in financial
trouble.
And the colossal insult system
that fed electric current from river
bank turbine to the workshop and
home in thousands of communities
is under the guidance Of federal
court.
Three receivers have been named
Samuel insult himself; Charles
A. Mccullough, a taxi and res
taurant magnate, and Edwin N.
Hurley, hnancier.
Rise and Fall Dramatic
Similar protection was asked to-
day for insult Utility Investments,
Inc, Mississippi Valley Utility In
vestment Company and Corporation
Securities Company of Chicago.
R~eceivership of United Public Ser
vice Company of New Jersey, United
Public Utilities and Southern United
Gas Company, subsidiaries of Mid
die West, was effected Friday.
Behind the def1ation of Middle
West Securities from $57 in 1929 to
Is cents in similar drops in the
stock Of the investment affiliates,
insult Utility Investments and Cor
poration Securities are two pictures.
The first is that of hundred of
well managed, busy insult utilities
with stock that continues to earn
dividends, and business that is well
maintained despite depression.
Prosaic statistics and dull fiscal
reports that belief the emotion and
color of a battle waged with hun
dreds Of millions of dollars by en-
perorS of finance reveal the second.
insult Domain Invaded
The background is the feverish
frenzy of the bull market which
October, 1929, ended.
This was the struggle of insult to
hold his utility dominion against the
Otis-Eaton interests Of Cleveland
These interests under Cyrus S
Eaton held sway in steel and rail-
ways comparable to that of insults
utility holdings.
The Eaton Investment Trust, Con-
tinental Shares, Inc, seeing the
utility field as a profitable sphere
started purchase of stock in the In
sull operating concerns.
insult sense the threat to his con-
troll, and poured his personal for
tune into the combat. Each side
had hundreds of millions available
through in vestment affiliates. The
balance sheets of these corporation;
show the tide of battle.
Millions Thrown in Fray
Shares of the disputed utilities
we're pressed upward until Com
monwealth Edison, Peoples Gas ano
Public Service Of Northern Illinois
the richest links in the insult chair
each sold at we'll over $500.
insult organized insult Utility In
vestments, Inc, to buy stock in his
operating concerns. In all it in
vested 5000, 000, 900.
Eaton countered by increasing the
capital of Continental Shares tt
S156, 000, 900.
insult organized Corporation Sc
curities Company of Chicago. Thi,
brought $780, 900 900 more into the
fray.
Backward and forward the tide
swayed. Then came collapse of the
bull market. Both Continental anc
the insult trusts were gorged with
inflated shares.
Eaton Capitulates
The pressure on the Eaton inter.
eSts, also threatened on other sides
became too great in 1880. They
capitulated with exchange of In.
sull operating stock for Securitie,
of the insult investment trusts anc
cash.
But the strain of conflict and The
economic depression brought de.
feat for both contestants. castor
and his associates resigned theil
control of Continental shares, las
April.
insult was more fortunate, though
his personal fortune, sunk in hi
investment trust stock which re.
tains only nominal value, has beer
diSsipated.
Today the balance sheets of thu
combined insult investment trust.
showed assets had dwindled 1898,
100000 since their formation
withered by the heat of a battle il
which none was victor.