Montana labor news., 1932-05-19
TIMELY AND uNT|MELY OBSERVATIONS
THE INSULT INSULT
(By ADAM COALDIGGER.)

Being nearly always broke, I am naturally interested in financial matters.
So when / "a in the papers as how the mighty utility magnate, Sam
insult went to the maggots, 1 got to itching all ovr to learn why SO. Now
along an article in The New Republic that explains it all, thus Nv
me me the long years of anxious waiting for the senatorial investigation
that some day will be appointed to find out how n of the greatest finan-
cal institutions in the world "a thrown into receivership by a chicago
job printer. What follows is the condensed, compressed, and double-ds-
titled explanation found in The New Republic article mentioned.
The friendly" suit was brought by the Lincoln Printing Co.. of Chicago
Gigantic oncerns like insults obviously require a lot Of printing SO
just IS obviously W e find that Martin insult, the son of Samuel insult is
one of the largest stockholders of the Lincoln Printing Co. that threw his
poor dad into recennship. SO far, SC good
Coming to Sam insults empire proper, we learn 1t is controlled by d
voting trust composed of himself and brother.
This voting trust, with a capital of S2OO00OOO controls the insult Utlhty
Co., which controls the Second Utility Syndicate, which controls Public
Service Trust, which controls Corporation Security Co., which controls In
sui Utility Investment, Inc, which controls the Middle West Holding Co.
Now the main characteristic in this majestic aggregation of SUPERIOR
porahons scrambled into the Middle West Holding Co. is that it Toes not
own any visible property outside of office fixtures ad staggering s'@hs
of securities that are worth what anybody thinks they may bring today
O some day. But wait, the richest is yet to arrive
This Middle West Holding Co, owning not a cents worth of property
outside above enumerated office fixtures and stacks of art prints, controls
IA large systems, which supply light, heat power, gas and ice to over 1900
communities in 80 states, and does this through ia operating companies
with a combined capital of s25oOOOOooO, o twenty-five thousand million
dollars.
What enables the Middle West Holding Co to control this huge conglOm-
GRAFTON is the fact that it owns the majority of its voting stock which 1t
earned by organizing said congomeration; that is, whatever it may have
cost the organizer to bride, corrupt, and debauch the public servants, states
men, newspaper owner, college professors, and business bell wethers VINO
aided insults buccaneers in gaining control of the nations power, heat and
light industry. And believe it or not this array of worthless included the
rahaIm;n maturity Of politicians and moudes of public opinion from
president and college dean down to aldermen and small town editors.
"Mr. insult has therefore" says The New Republic, developed a
scheme whereby n dollar has been made to do the work of si'1oo
for him" and this it continues, sis a very mild statement based Oh the
assumption-which is not true-that these various holding companies
have bought up all the common stock in all the series of companies"
Another surprising popularity of this gigantic shellgame is that while
the associated, amagamated, mergered, corporated and whatnot Ia holding
companies with their ia subsidiaries have made profits ranging from IL
to 80 per cent on their common stock, Or al-water stock, in the depression
year 1880, and but a little less in the still more depressing year 1881, the
Middle West, the great great granddaddy o it all, is n the hands OF the
receiver.
How come-yes, how come? Well, al previously stated, the Middle West
didn't own an property outside of those office fixtures and staggering
piles of art paper mentioned. So when the big crash came and eve gilt
edged securities slumped to the value of lead slugs, the securities OF tn
Middle West that had nothing at all back of them tut faith AM nope,
slumped to the value of Model 7 Fords. Moreover, the Middle West had
managed to launch a $780, 100000 floating loan on its $20O0OOO0O ca OF
water,O OF WHICH $H, 100000 REPRESENTED LOANS FROM BANKS.
One of these safe, sane, a n conservative banks is the First National OF
Chicago. which took oe the Foreman Bank. AND AS SAM INSULT
HAD HIS DEN IN THE SAME BURROW, 1T MAY BE SAFELY SUR
Missed THAT OTHER CHICAGO BANKS ARE INVOLVED IN INSULT
FINANCING.
1t might also be mentioned in this connection that the honorable Charles
distributor fol- the two billion dollar bankers dole, is on of Chcagos
leading bankers. Whether his banks are stockholders of Insults great
cnterpris is something don't know. Anyhow, here's hoping He'll n Maria
is in the clear, for it surely would take a heluva lot of Uncle Sans jack
to ret him out of the hole.
Another thing I'm not clear on is just exactly why Sans boy Martins
print shop brought that friendly receWTshp suit against his poor oil Dad
Is it to shake vi the stockholders of the Middle West sink that SIX nun
bred million dollar floating loan, O. just to show those Chicago anker
where t get down and out or just to keep control of the twenty live
+ COP