Word: bonbrights
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...National Electric Light Association was linked with unconscionable private propaganda and the name of the domineering Midwest utilitarian. Invoking the shade of their more saintly patron, the powermen reconstituted their body as the Edison Electric Institute. Leadership passed to the great power companies of the so-called Morgan-Drexel-Bonbright group-a shift calculated in those days to inspire nothing if not complete public confidence...
Organized in 1929 by Morgan-Drexel-Bonbright interests, United's business is utility investments. The directors announced last week that bank loans, which had stood at $15,000,000 in 1930 and $5,000,000 at the end of 1933, had been fully paid off, leaving United free to sink its cash in new enterprises...
When the natural gas boom of 1930-31 subsided, Columbia Gas & Electric Corp. had become allied with the Morgan-Bonbright-Drexel utilities, had (through an affiliate) connected its 29,000-mi. Midwest system with the Texas Panhandle. That year (1931) it earned $22,331,000. The next year it formed a joint company with the Rockefellers to develop gas fields in north central Pennsylvania and western New York. But Columbia Gas had bank loans of $43,500,000, mostly the result of its expansion. The demand for natural gas had already fallen off when Columbia's President Philip Green...
...United Corp., the huge Morgan-Bonbright utility holding company, gave the House of Morgan large influence in the power field but by no means control. Partner Whitney: "It has not always been J. P. Morgan & Co.'s policies that have been adopted by a long shot. I don't mean that there was a knock-down and drag-out fight but we often defer to the operating heads in matters of policy...
Sidney Alexander Mitchell, son of Sidney Zollicoffer Mitchell, who lately resigned as chairman of Electric Bond & Share Co., was advanced from executive vice president to president of Bonbright & Co. Manhattan bond house...