Word: bonbrights
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...associates finished a far-reaching deal with Americans who had capital, were glad to spend it for power in Europe. The result was a new holding company, European Electric Corp., Ltd., incorporated in Canada, sponsored by a powerful group including Electric Bond & Share, General Electric, Italian Superpower, Bonbright & Co., Inc., Field, Glore & Co. In scope, European Electric will resemble Bond & Share, controlling, managing, financing and constructing utility enterprises...
Commonwealth & Southern Corp. was organized in May 1929, representing the pooled interests of several large utility groups. Inspiration for its organization came largely from President Landon Ketchum Thorne and Senior Vice President Alfred Lee Loomis of Bonbright & Co., Manhattan bond house specializing in utilities. Other interests joining with the Bonbrights in the formation of Commonwealth & Southern included Electric Bond & Share, United Gas Improvement, Public Service Corp. of New Jersey. Commonwealth & Southern acquired stock in many utility companies but especially control (more than 96%) of Commonwealth Power, Penn Ohio Edison and Southeastern Power & Light, all holding companies with many operating subsidiaries...
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...
...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...