Word: bonbrights
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Dates: during 1930-1939
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...Chase National Bank and almost every bank in Rochester advanced $8,500,000 to the company. Rochester Gas is considered a fine property. Niagara Hudson Power Corp.'s Floyd Leslie Carlisle has eyed it with approval. Acquisition of it by A. G. & E. in 1929 disturbed the Morgan-Bonbright-Carlisle utility group...
...Connecticut had, it seemed, received a telegram from no less a personage than Publicist George Barr Baker, faithful friend and volunteer adviser of President Hoover, disclosing the imminence of a "billion-dollar bear raid." The Senate Committee on Banking & Currency, on which Senator Walcott, once a Wall Streeter himself (Bonbright & Co.), is the Administration's spokesman, wanted Mr. Whitney to get up a complete list of persons on the short side of the market, wanted to quiz Mr. Wrhitney on bear practices and the Stock Exchange's rules...
...fatal year 1929," said Professor Bonbright, "public utility executives and financiers were able to make a strong case for their assertion that the rapid and remarkable development of the country's electrical industry was due in large measure to the domination of that industry by a group of financially strong and well-managed holding companies. The early history of the light and power enterprise, as exemplified by the growth of United Gas Improvement system and of the Electric Bond & Share system, probably bore out this claim as valid for that period...
While Professor Bonbright conceded that a holding company is essential to consolidate small, competing plants, he averred it has been carried "to a point far beyond that of maximum economy. . . . Normal growth has given away to giantism with a result that a system such as Electric Bond & Share or the Insull System must be regarded as an economic disease." He claimed that geographical "diversification," a prime selling-point for holding company securities, is not rational. He roundly criticized holding companies for borrowing (as many have done) from the companies they control. Heartily in accord with these sentiments was Harvard...
...service charge" Professor Bonbright meant the management or engineering fee which many holding companies extract from the operating companies...