RESOLUTIONS TO THOROUGHLY INVESTIGATE PRACTICES OF STOCK EXCHANGES WITH RESPECT TO THE BUYING AND SELLING AND THE BORROWING Printed for the use of the Committee on Banking and Currency CONTENTS Stuart, Harold L., president Halsey, Stuart & Co., Chicago, Ill.. Stuart, Harold L., president Halsey, Stuart & Co., Chicago, Ill. Timmerman, Louis F., assistant vice president, Central Hanover 1544 STOCK EXCHANGE PRACTICES WEDNESDAY, FEBRUARY 15, 1933 UNITED STATES SENATE, SUBCOMMITTEE OF COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The subcommittee met, pursuant to call, at 10 o'clock a. m. in room 301, Senate Office Building, Senator Peter Norbeck presiding. Present: Senators Norbeck (chairman), Couzens, Townsend, Blaine, Fletcher, and Costigan. Present also: Senators Brookhart and Walcott. Further present: Ferdinand Pecora, special counsel to the committee; Julius Silver and James B. McDonough, jr., associate counsel to the committee. The CHAIRMAN. The committee will come to order. Mr. Pecora, who will be your first witness? Mr. PECORA. Samuel Insull, jr., will please come forward and take a seat at the table opposite the committee reporter. The CHAIRMAN. Mr. Insull, you will stand up and be sworn. You do solemnly swear that you will tell the truth, the whole truth, and nothing but the truth, regarding the matter now under investigation by the committee, so help you God? Mr. INSULL. Yes, sir; I do. The CHAIRMAN. You may take a seat. TESTIMONY OF SAMUEL INSULL, JR., 72 W. ADAMS STREET, CHICAGO, ILL. The CHAIRMAN. You may proceed, Mr. Pecora. Mr. PECORA. Mr. Insull, will you give your full name and address to the committee reporter? Mr. INSULL. Samuel Insull, jr., 72 West Adams Street, Chicago. That is my business address. Mr. PECORA. What is your home address? Mr. INSULL. 1242 Lake Shore Drive, Chicago. Mr. PECORA. Are you connected with a corporation called Insull Utility Investments (Inc.)? Mr. INSULL. I was, sir, up to the time of the receivership, and still hold a nominal office in the corporate entity. Mr. PECORA. When did you become connected with that corporation originally? Mr. INSULL. I was elected a vice president at or shortly after its formation in December, 1928, and subsequently was elected president. The exact date of my election as president I do not recall. Mr. PECORA. About when was it? |