Word: bonbright
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Dates: during 1920-1929
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Entrance of the Morgan company into the utility field came in January 1929, with the formation of United Corporation, a company established by J. P. Morgan & Co., Drexel & Co. and Bonbright & Co. and with executive offices at 23 Wall St. (Morgan home). By June 29, United Corp. had the following holdings in the following utilities...
...stock, planned to form a billion-dollar company to hold stocks of Electric Power & Light, National Power & Light, American Power & Light, American & Foreign Power, American Superpower, American & Foreign Power, though a Bond & Share company, has little community of interest with the other rumorees, carries on only abroad. Superpower, a Bonbright & Co., child, does extraordinarily well as it is. The other three rumorees, however, are direct, lineal descendants in the Bond & Share genealogy of holding companies, sub-holding companies, operators. A move which would merge these, put one in place of three, sounded logical to many...
...Cyrus S. Eaton, Cleveland steelman and banker, had purchased working control of United Light & Power Co., midwestern utility with $500,000,000 assets and 1928 gross earnings of $89,000,000. The report was that the Eaton purchase was from the Koppers-Mellon interests. Reports also mentioned the Insull, Bonbright and North American Power & Light interests as United Light & Power purchasers. Cyrus Eaton is called "rich as Mellon" by Clevelanders. Whenever anything really big seems to be stirring in Northern Ohio, rumors mention his name. Last week's Eaton utility rumor stirred up another, older rumor-merger of Inland...
Morgan Family. When Commonwealth & Southern Corp. was organized recently by Bonbright & Co. with 60 million shares capitalization and Morgan backing, observers saw it as a sister to potent United Corp. which would extend the Morgan utility sway south, southwest, inland to the Great Lakes. Last week their beliefs were justified...
United Corp. For Mr. Broun to identify himself with the industrial fortunes of United Corp. of Delaware, however, might be called shocking in so famed a Liberal. Incorporated early in the present year, United Corp. was formed as a holding company for the Morgan, Drexel, Bonbright and American Superpower holdings in United Gas Improvement, Public Service Corp. of New Jersey, and Mohawk Hudson Power Corp. The company was designed to "foster closer relations between the great public utility systems of the east"-i. e., to promote utility mergers and consolidations. What would Brown Derby think? How could the Nation approve...