Business & Finance: Utility Week

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Commonwealth Edison. When Samuel Insull retired from the chair of his three biggest operating companies, he left them with $65,000,000 of notes maturing this summer (TIME, June 13). One of the first moves of his successor, Chicago's hard-working James Simpson, was to arrange bank loans to take care of them until long-term bonds could be floated. Last week Continental Illinois Co. led a group which offered $18,000,000 of 5½% mortgage bonds in Commonwealth Edison at a price of 93. They were quickly gobbled up and by the end of the week were quoted 2⅛ points above the offering price. In. 1931 Commonwealth Edison sold 4% bonds at about the same price. Wall & La Salle Streets eagerly scanned the offering circular to note changes in the balance sheet, for it was thought with new audits of Insull companies heavy charge-offs might be necessary. If the bankers had revised Mr. Insull's accounts it was not revealed; the balance sheet was for March 31, fortnight prior to the Insull collapse.

Heartened by the public appetite for Commonwealth Edison bonds, bankers promptly put a $20,000,000 issue of Peoples Gas Light & Coke on the market, laid plans for a Public Service Co. of Northern Illinois issue in the near future.