The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-10-19
.DER|DE CLAIM
insults ARE
IN POVERTY
Samuel Jr. Has Income of
100000 a Year to Use
in Battle.
STIFF FIGHT IS SEEN
How Vast Sums Were
Poured Into La Sale
Street Is Aired.

/ ~ = HttfU iFeS6
CHICAGO, Oct. Estates At
torney John A. Swanson today
ridiculed the La Sale street asser-
ton that the insult utilities dynasty
was too broke to be bankrupt" and
named what ne believed was the
source of funds available to Samuel
insult in his fight against return
from Greece to face criminal
charges here.
Swanson said he had learned
Samuel insult Jr. had an income of
100000 year from four insult OPP
Grating. concerns.
Young insult now is in Paris. His
father is at Athens, Greece, fighting
extradition to Chicago.
The prosecutor said insult Jr. was
in position to finance a long legal
battle if necessary The elder In
sull also has an income from the
operating utilities amounting to sci, :
900 a year.
insult Has Ample Funds
AS e-chairman of Common
wealth Edison Company. Peoples
Gas, Light and Coke Company and
Public Service of Northern Illinois,
insult Jr. receives $25, 900 from each.
He also gets $4,000 as president of
Midland United.
THE insults are far from being
poverty stricken" John j. Bailey,
auditor aiding Swanson, said. They
are in financial position to put up
stiff fight
The investigation was made after
reports from Europe indicated In
sull had ample funds at his dis
posal
The states attorneys office plans
to question young insult regarding
his finances on his return from
Paris expected about Nov. 10.
Accountants have revealed that
the fugitive Samuel insult poured
more than $10,00O,O0O into La Sale
street-bourse of the midwest-dur-
ing the height of his career as a
twentieth century Croesus.
Cue for Bear Raid
In 1880 and 1881, when insult was
one of the foremost business. men in
the United States, according to
Swanson, he advanced fortunes to
three Of the largest brokerage
houses in Chicago.
Pynchon and Co, one of the con-
Germs, later failed. Involved deals
with insult and his multitudinous
corporations were reported to have
so weakened the concern that it no
longer could CARRY on. The failure
was the cue for a bear raid upon
the stock market here and in New
York.
The Middle West Utilities Com
pany insults three billion dollar
holding company, purchased 1000
shares of stock in A. B. Leach and
Company in December, 1929. for
$129, $50, said Swanson. In 1880 and
1881 Middlewest Utilities advanced
Leach and Company, $5,911,375 and
later wrote off the whole amount
as total loss, he added.
Probe Margin Accounts
Swanson said his accountants
learned that Middle West gave Hill,
Joiner &C Co. $1,462,538 and Pyn-
chon $170,30l, and likewise charged
these sums to surplus.
The accountants also discovered
that Middle West shouldered 81
907,681 in Hill, Joiner g. Co.'S bank
loans. said the prosecutor. The pa
per is held by three of Chicago's
largest banks and the loan still is
on the books of Middle West Utili-
ties.
Swanson now is seeking the rea-
son for insults enormous invest
ments in brokerage houses, and is
trying to dicover how far-reaching
were the margin accounts of insult
and his brother Martin.