Word: bonbrights
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Dates: during 1930-1939
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...stock issue, he had also proposed that he and associates (including big Halsey Stuart & Co.) be allowed to bid on Consumers' $28,500,000 bond issue. Foe of competitive bidding, Wendell Willkie had already arranged to have the issue handled by conservative Morgan Stanley & Co., Inc. and Bonbright & Co., Inc., who step out one door when competitive bidders step in at another, holding that both investor and issuer are best served by honest, astute, noncompetitive handling. Since the Consumers Power stock issue is small potatoes to any underwriter, there was a shrewd suspicion that Mr. Eaton was really aiming...
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...
...shares of Niagara Hudson common. By an exchange of stock, United became the largest stockholder of Niagara Hudson and Mr. Carlisle's St. Regis Paper Co. became the largest stockholder in United-owning 2,170,666 shares (15%) against 1,670,000 shares owned by the Morgan-Bonbright interests...
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...