Business & Finance: Personnel: Mar. 28, 1932

Last week the following were news:

Samuel Insull resigned from the chairmanship of Indiana Service Corp., was succeeded by Samuel Insull Jr. Mr. Insull Sr. has been resigning most of his positions in his group's operating and intermediate companies, to devote all his time to the pressing financial problems of his big holding and investment companies, Middle West Utilities, Corporation Securities Co. of Chicago and Insull Utility Investments, Inc. The first company has maturities every year until 1935. The 1932 maturity will be $10,000,000 in June. Last week's price of 30% of par indicated the concern felt over the ability of the company to pay when due. The sale of many Insull properties has been widely rumored. The most acceptable story was that United Gas Improvement Co. would acquire the New England companies; Public Service Corp. of New Jersey, those adjacent to it; Stone & Webster, the southern system. The Illinois-Indiana companies would be retained by the Insull group. Both U. G. I. and Public Service of N. J. are considered to be Morgan companies. Last week Samuel Insull snapped: "There is absolutely no truth in the report."

La Motte T. Cohu succeeded Frederic Gallup Coburn as president of Aviation Corp, (see page 42).

George Newell Armsby was elected chairman and president of Bancamerica' Blair. His friend John Cheever Cowdin was re-elected a vice president (see page 45).