Word: bonbright
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United Corp. was created Jan. 7, 1929, when J. P. Morgan and Co., in common with most U. S. elevator boys and other brokerage hangers-on, was somewhat overexuberant. Morgan & Co. and its "good neighbor" Bonbright & Co., put up $20,000,000, plus common stocks of great utility systems, giving United $150,000,000 in assets. They installed softspoken, aristocratic George Henry Howard as president of the new utility combine. Howard was one of the smartest graduates of the informal law school that the late Dwight Morrow ran at Simpson, Thacher & Bartlett's Manhattan lawshop, before Morrow became...
Vast United Corp. owns an agglomeration of investments in power properties scattered all over the East. Formed by the Morgan-Bonbright-Drexel interests in 1929, it marked the return of J. P. Morgan & Co. from pure banking to promotional activities. Because United Corp. does not attempt to influence the operating policies of its affiliated power companies, it is a favorite of utility operating men. But this makes no difference to SEC. For, though power companies require heavy capitalizations that make financiers their logical bosses, SEC believes that systems of operating companies pyramided to a peak in Wall Street offer...
Simultaneously, it was in no optimistic mood that 50 underwriters headed by Bonbright & Co. last week offered a $67,000,000 batch of bonds for Appalachian Electric Power Co.. all for refunding purposes. Before nightfall, however, all had been bought, with prices occasionally going to a premium. The New York Herald Tribune trumpeted: "The distribution was exceptionally sound and it makes a mockery of charges that a capital strike prevails...
...chaste Georgian office is pretty sure to be well done. Last week proved no exception. Issued at 101¼, the bonds promptly went to a premium of 102|. Morgan Stanley ended the day by wishing it had offered the original $80,000,000. Meanwhile it completed plans with Bonbright & Co. for issuing next week $9,000,000 of first mortgage bonds of Consumers Power Co. Other evidence last week that the jam of new financing was finally breaking: Appalachian Electric Power Co. filed with SEC a proposed issue of $67,000,000 in bonds to be offered by Bonbright...
News from the Lodge concerned the marriage of Miss Margaret Manson Weir, daughter of Mrs. David Manson Weir of Steubenville, Ohio, niece of Ernest Tener Weir, to William Prescott Bonbright II, son of Mr. and Mrs. Howard Bonbright of Grosse Point, Mich. Under the trees on the front lawn E. T. Weir gave away his niece, a pretty girl gowned in white marquisette, with French orange blossoms around her waist, carrying a white prayer book and a spray of white orchids. After a reception and dinner, bride and bridegroom set off to spend their honeymoon at Uncle Weir...