Almost forgotten in the current swirl of corporate financing is the fact that three onetime Insull utility operating companies succeeded in refunding $65,000,000 of notes in the dark summer of 1932. Cost did not much matter: important thing was to lift the load of short-term debt. Typical of the three big units, operating in & about Chicago, was Commonwealth Edison, a triple A credit which had to sell $17,500,000 of 5½% bonds at a discount of 7 points from par.
Since then Samuel Insull has fled, returned, been tried and acquitted on numerous charges, and his stigma has faded from his former...
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