Evening star., 1932-10-11
YEARLY
SALARY DECLARED
DRAWN BY insult
Sums Paid Executives of Va
rious Companies Disclosed
in Court,
FORMER UTILITIES HEAD
HELD BY ATHENS POLICE
U. S. Government Asks Provisional
Arrest-Action Is Taken on
Extradition Proceedings.

LONDON, October II (P.-An
Exchange Telegraph dispatch from
Athens this evening said Samuel
insult. detained there pending ex-
tradition proceedings, had been set
at liberty.
The Greek judicial authorities,
having examined the evidence in the
case, decided there was nothing to
justify his further detention, the dis
patch said.
BY the Associated Press.
CHICAGO, October 11.-While Sam
uel insult, broken former head of the
worlds largest public utility combina-
ton, was under technical arrest in
Athens, whittier he went from Paris
after he had been indicted in Chicago
for larceny and embezzlement, his for
mer princely salary was discussed in
Federal Court today.
His total pay from various utility
companies he headed was said to have
been half millions dollars a year at
the zenith OF his career. Now he is re-
cipient of a pension of S21 900 annually
from the three large operation COM
panies of his DOMAIN which are solvent.
insult has said that he lost entirely
his fortune of S100,OO0,000 when his
holding companies were swamped in
the depression. His former affiuence
evidentaly had made him a friend OF
the richest man in Europe, Sir Basil
Zaharoff, for in one Of the coded cables
sent him during his exodus from France
to Greece, he was advised to see Sir
Basil if he thought wise"
Power in Greece.
Zaharoff. now 80 years old, has been
a power in Greece for many years, al
though he holds titles in Great Britain
and is said to have been naturalized
in France. He is a man of mystery
but is said to have made his fortune
from munitions.
Disclosures of the salaries Of insult
company executives were made in q
hearing before United States District
Judge Walter c. Lindley. hitherto un-
published. Oliver E. Mccormick, vice
president and treasurer of Middle West
Utilities. was the principal witness.
Questioned by attorneys for the re-
ceivers, Mccormick testified Samuel IN
sull received S50,000 year as chair
man of Middle West
Il have been given to understand, u
Mccormick said. from the administra-
ton of his various corporations that
Mr. insults salary aggregated close to
half a million dollars"
He then gave other executive SAL
aries he knew: Harry Reid, president
Of National Electric Power Co, New
York. $4,000; Martin insult. president
Middle West Utilities, 100000; Samuel
insult. jr., vice chairman, S10,O00;
Walter S. Wyman. Augusta, Me, pres
ident New England Public Service Co.,
$4,000; Marshall Sampsell, former
president of Central Illinois Public
Service Co., S35, 900; McCormick's own
salary. $4,000.
100000 for Receiver.
Other witnesses advised Judge Lind
ley they thought 100000 year would
be fair compensation to each receiver
of Middle West Utilities.
Calvin Fentress. receiver of insult
Utility Investments. Inc, now in bank
ruptcy, made public seven syndicates
Middle West Utilities stocks One list
Of subscribers put up S5,000,000 to un-
derWrite 10000 shares of Middle West
common stoc kin May, 1925, at S72.50,
paying in 10 per cent of the subscip-
tions and liquidating in July, 1925, with
profit of about "a per cent on the
amount paid in.
Another syndicate for $10,000,00C
subscribed to 177,000 shares of Middle
West common at S100 share in April,
1926. paid in 6 per cent and profited
81 per cent.
A third syndicate subscribed $4,000
900 in September, 1926, to common, pre-
ferred and prior lien stocks, paid in
20 per cent and profited 80 per cent.
A fourth group subscribed $147,738,-
900 in September, 1929. for common
stock at 5000 and convertible S6 prefer
red at $100, realizing 25 per cent profit
on the amounts paid in. Six per cent
"as paid in on the subscriptions.
Still another syndicate subscribed So
100000 for Middle West common at
Continued on Page 2, Column 81