Load Removed

Bankers for the big Insull operating properties rubbed their hands in satisfaction last week. The $65,000,000 load of short-term debt left by Samuel Insull had been lifted from the necks of Commonwealth Edison, Peoples Gas, Light & Coke, Public Service Co. of Northern Illinois. Commonwealth and Peoples long-term issues had been gobbled up by investors (TIME, Aug. 15); Commonwealth 5 1/2's had been quickly bid up 5 points above their issue price. A $20,000,000 Public Service issue was marketed early this week. With independent accountants the bankers had been over the books, had found earning power practically unimpaired. Almost unprecedented in recent years were the elaborate details of the companies' financial position which could be had for the asking.*

*TIME erred last week in stating that no recognition had been given to Insull losses in published figures. Books for the last few years were rewritten on a consolidated basis.

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