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Volumn 58, Issue 1, 2007, Pages 191-214

Contrasting styles of foreign investment a comparison of the entrepreneurship, technology and finance of german and canadian enterprises in barcelona electrification

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EID: 57949096099     PISSN: 00352764     EISSN: None     Source Type: Journal    
DOI: 10.3917/reco.581.0191     Document Type: Article
Times cited : (10)

References (74)
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    • The conceptual distinction between the two types of investment can be readily made. The practical differentiation based upon the answer to the question how much investment is required to exercise control, is rather more difficult to determine. See for a discussion mira Wilkins, draft mss Chapter 4, Multinational Enterprise and International Finance, p. 3-4.
    • The conceptual distinction between the two types of investment can be readily made. The practical differentiation based upon the answer to the question how much investment is required to exercise control, is rather more difficult to determine. See for a discussion mira Wilkins, draft mss Chapter 4, "Multinational Enterprise and International Finance," p. 3-4.
  • 2
    • 67749091665 scopus 로고    scopus 로고
    • We obviously owe an intellectual debt here to a familiar distinction Thomas Hughes made with respect to culturally influenced configurations of technology, see Thomas Hughes, Networks of Power, Baltimore, 1983
    • We obviously owe an intellectual debt here to a familiar distinction Thomas Hughes made with respect to culturally influenced configurations of technology, see Thomas Hughes, Networks of Power, Baltimore, 1983.
  • 3
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    • Las empresas eléctricas: Crisis de crecimiento en un contexto de crisis politica
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    • Gregorio Núñez, "Las empresas eléctricas: crisis de crecimiento en un contexto de crisis politica," in G.S. Recio and J.T. Fernández (eds), Los Empresarios de Franco, Barcelona, 2003, p. 121-144;
    • (2003) Los Empresarios de Franco , pp. 121-144
    • Núñez, G.1
  • 4
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    • La gran empresa durante el primer franquismo: Un momento fundamental en la historia del capitalismo español
    • Albert Carreras, "La gran empresa durante el primer franquismo: un momento fundamental en la historia del capitalismo español," in ibid., p. 47-66;
    • ibid , pp. 47-66
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    • La Compañia Barcelonesa de Electricidad [1894-1912]
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    • H. Capel and J.I. Muro, "La Compañia Barcelonesa de Electricidad [1894-1912]", in H. Capel (ed.), Las tres chimeneas, vol. 1, Barcelona, 1994.
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  • 6
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    • For early US investment and licensing arrangements overseas see Mira Wilkins, The Emergence of Multinational Enterprise: American Business Abroad from the Colonial Era to 1914, Cambridge, 1970, p. 52-59,
    • For early US investment and licensing arrangements overseas see Mira Wilkins, The Emergence of Multinational Enterprise: American Business Abroad from the Colonial Era to 1914, Cambridge, 1970, p. 52-59,
  • 7
    • 67749100248 scopus 로고    scopus 로고
    • and for German investment in the United States electric equipment industry see Mira Wilkins, The History of Foreign Investment in the United States to 1914, Cambridge, 1989, p. 433-442.
    • and for German investment in the United States electric equipment industry see Mira Wilkins, The History of Foreign Investment in the United States to 1914, Cambridge, 1989, p. 433-442.
  • 8
    • 0004167186 scopus 로고
    • On the exchange and mingling of technologies from different countries see, Baltimore
    • On the exchange and mingling of technologies from different countries see T. Hughes, Networks of Power, Baltimore, 1983, p. 47-200.
    • (1983) Networks of Power , pp. 47-200
    • Hughes, T.1
  • 9
    • 0346833225 scopus 로고
    • More generally for a view of the international process of electrification see Trédé ed, Paris
    • More generally for a view of the international process of electrification see Trédé (ed.), Électricité et Électrification dans le monde, Paris, 1990.
    • (1990) Électricité et Électrification dans le monde
  • 10
    • 67749146082 scopus 로고    scopus 로고
    • Two other smaller equipment suppliers, Schuckert in Germany and Brown Boveri in Switzerland created their own banking co-ventures in the latter 1890's, Continentale Gesellschaft fur Elektrische Unternehmungen, and Motor. Gesellschaft für angewandte Elektrizität (Motor) respectively. In the United States General Electric followed a similar strategy somewhat later organizing the Electric Securities Corporation in 1904 and the Electric Bond and Share Company the following year.
    • Two other smaller equipment suppliers, Schuckert in Germany and Brown Boveri in Switzerland created their own banking co-ventures in the latter 1890's, Continentale Gesellschaft fur Elektrische Unternehmungen, and Motor. Gesellschaft für angewandte Elektrizität (Motor) respectively. In the United States General Electric followed a similar strategy somewhat later organizing the Electric Securities Corporation in 1904 and the Electric Bond and Share Company the following year.
  • 11
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    • Financial strategies and adaptation to foreign markets: The German electrotechnical industry and its multinational activities: 1890's to 1939
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    • Peter Hertner, "Financial strategies and adaptation to foreign markets: the German electrotechnical industry and its multinational activities: 1890's to 1939," in A. Teichova, M. Lévy-Leboyer and H. Nussbaum (eds), Multinational Enterprise in Historical Perspective, Cambridge, 1986, p. 145-159;
    • (1986) Multinational Enterprise in Historical Perspective , pp. 145-159
    • Hertner, P.1
  • 12
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    • German multinational Enterprise before 1914
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    • Peter Hertner, "German multinational Enterprise before 1914", in Peter Hertner and Geoffrey Jones (eds), Multinationals: Theory and History, Aldershot, 1986, p. 113-134;
    • (1986) Multinationals: Theory and History , pp. 113-134
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    • German Banks abroad before 1914
    • ed, London
    • Peter Hertner, "German Banks abroad before 1914", in Geoffrey Jones (ed.), Banks as Multinationals, London, 1990, p. 99-119;
    • (1990) Banks as Multinationals , pp. 99-119
    • Hertner, P.1
  • 14
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    • Global Enterprise Before the Second World War: The Example of the Electro-Technical Industry
    • T. Szmrecsányi and R. Maranhao eds, Sao Paulo
    • Peter Hertner, "Global Enterprise Before the Second World War: The Example of the Electro-Technical Industry", in T. Szmrecsányi and R. Maranhao (eds), Historia de Empresas e Desenvolvimento Econômico, Sao Paulo, 1996, p. 105-116;
    • (1996) Historia de Empresas e Desenvolvimento Econômico , pp. 105-116
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  • 15
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    • Technologie et capitaux allemands dans l'industrie électrotechnique fraņaise avant Première la Guerre mondiale: Un premier bilan
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    • e siècles, Paris, 1998, p. 499-521;
    • (1998) e siècles , pp. 499-521
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  • 16
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    • Financing the Electric Industry Worldwide: Strategy and Structure of the Swiss Electric Holding Companies, 1895-1945
    • Luciano Segreto, Financing the Electric Industry Worldwide: Strategy and Structure of the Swiss Electric Holding Companies, 1895-1945", Business and Economic History, 23, 1994, p. 162-175;
    • (1994) Business and Economic History , vol.23 , pp. 162-175
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  • 17
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    • Du 'Made in Germany' au 'Made in Switzerland': Les sociétés financières suisses pour l'industrie électrique dans l'entre-deux-guerres
    • m. Trédé ed
    • Luciano Segreto, "Du 'Made in Germany' au 'Made in Switzerland': Les sociétés financières suisses pour l'industrie électrique dans l'entre-deux-guerres", in m. Trédé (ed.), Électricité et Électrification dans le monde, op. cit., p. 347-367;
    • Électricité et Électrification dans le monde, op. cit , pp. 347-367
    • Segreto, L.1
  • 18
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    • Le rôle des investissements suisses dans l'industrie électrique francaise jusqu'à la Deuxième Guerre mondiale
    • M. Trédé-Boulmer ed, Paris, and
    • Lucian Segreto, "Le rôle des investissements suisses dans l'industrie électrique francaise jusqu'à la Deuxième Guerre mondiale", in M. Trédé-Boulmer (ed.), Le financement de l'industrie électrique, 1880-1980, Paris, 1994, p. 199-216, and
    • (1994) Le financement de l'industrie électrique, 1880-1980 , pp. 199-216
    • Segreto, L.1
  • 19
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    • Banking and the Electrotechnical Industry in Western Europe
    • R. Cameron and V.I. Bovykin eds, New york
    • Albert Broder, "Banking and the Electrotechnical Industry in Western Europe", in R. Cameron and V.I. Bovykin (eds), INTERNATIONAL BANKING, 1870-1914, New york, 1991, p. 468-484.
    • (1991) INTERNATIONAL BANKING, 1870-1914 , pp. 468-484
    • Broder, A.1
  • 20
    • 67749098464 scopus 로고
    • Elettricità ed economia in Europa
    • For a list of electric tramways organized by Belgian companies alone see, Giorgio Mori ed, Roma/Bari
    • For a list of electric tramways organized by Belgian companies alone see Luciano Segreto, "Elettricità ed economia in Europa", in Giorgio Mori (ed.), Storia dell'industria elettrica in Italia, Roma/Bari, 1992, vol. 1, p. 727-728.
    • (1992) Storia dell'industria elettrica in Italia , vol.1 , pp. 727-728
    • Segreto, L.1
  • 22
    • 67749131539 scopus 로고    scopus 로고
    • th centuries. Technology, networks, finance and public regulation, Granada, 2004, p. 217-248, and particularly p. 231-232, 237-238;
    • th centuries. Technology, networks, finance and public regulation, Granada, 2004, p. 217-248, and particularly p. 231-232, 237-238;
  • 24
    • 67749134348 scopus 로고    scopus 로고
    • By the time Compañia Barceloñesa became a fully operating utility in 1900 its capital structure consisted of 5 million pesetas in common stock, 7.5 million gold francs of 5% bonds, and 5 million pesetas in 5% preferred shares, the last of which were completely subscribed by Elektrobank.
    • By the time Compañia Barceloñesa became a fully operating utility in 1900 its capital structure consisted of 5 million pesetas in common stock, 7.5 million gold francs of 5% bonds, and 5 million pesetas in 5% preferred shares, the last of which were completely subscribed by Elektrobank.
  • 30
    • 67749098465 scopus 로고    scopus 로고
    • The Electrical Review, December 15, 1911, quoted in Doria and Hertner, p. 240, note 88, reported that the threat of a price war inclined the owners of the Barceloñesa company to sell out. For their part the Pearson group offered a handsome premium for the stock, said to be in the range of 140%.
    • The Electrical Review, December 15, 1911, quoted in Doria and Hertner, p. 240, note 88, reported that the threat of a price war inclined the owners of the Barceloñesa company to sell out. For their part the Pearson group offered a handsome premium for the stock, said to be in the range of 140%.
  • 31
    • 67749122935 scopus 로고    scopus 로고
    • Financing the Development of Foreign-owned Electrical Systems in the Americas, 1890-1929
    • H.V. Nelles, "Financing the Development of Foreign-owned Electrical Systems in the Americas, 1890-1929", Business and Economic History On-Line, Vol. 1, 2003, p. 6-7.
    • (2003) Business and Economic History On-Line , vol.1 , pp. 6-7
    • Nelles, H.V.1
  • 32
    • 67749104472 scopus 로고    scopus 로고
    • See the, for Duncan McDowell's excellent short biography of Frederick Stark Pearson
    • See the Dictionary of Canadian Biography, Vol. 14, p. 830-833 for Duncan McDowell's excellent short biography of Frederick Stark Pearson.
    • Dictionary of Canadian Biography , vol.14 , pp. 830-833
  • 33
    • 67749149317 scopus 로고    scopus 로고
    • See also his book The Light, Toronto, 1988, chapter 1-5 for his Brazilian ventures. For a heroic treatment focusing on his engineering accomplishments see also the two articles by Gil Cook, An Extreme Power Engineer: The Accomplishments of Fred Stark Pearson, in IEEE Power and Engineering Magazine, November-December 2003 and January-February, 2004.
    • See also his book The Light, Toronto, 1988, chapter 1-5 for his Brazilian ventures. For a heroic treatment focusing on his engineering accomplishments see also the two articles by Gil Cook, "An Extreme Power Engineer: The Accomplishments of Fred Stark Pearson", in IEEE Power and Engineering Magazine, November-December 2003 and January-February, 2004.
  • 35
    • 67749112303 scopus 로고    scopus 로고
    • National Archives of Canada, mG 30 B 38, Sir James Dunn Papers, 33, Telegram, Pearson to Dunn, September 30, 1911; 34 Telegram, Pearson to Dunn, october 3, 1911. [Hereafter Dunn Papers.]
    • National Archives of Canada, mG 30 B 38, Sir James Dunn Papers, Vol. 33, Telegram, Pearson to Dunn, September 30, 1911; Vol. 34 Telegram, Pearson to Dunn, october 3, 1911. [Hereafter Dunn Papers.]
  • 37
    • 67749096591 scopus 로고    scopus 로고
    • By mid-November Dunn had formed a syndicate to begin to acquire Barcelona Tramways shares, a company controlled by Sofina in Belgium. Dunn's European partner, lowenstein, was closely associated with Sofina. These affairs were not being conducted between arms length businessmen, but rather amongst a close coterie of investment bankers and market operators who knew each other intimately and were intricately tied up in each other's affairs. Despite these back room dealings the tramways were not included in the original purchase, though they would be incorporated later.
    • By mid-November Dunn had formed a syndicate to begin to acquire Barcelona Tramways shares, a company controlled by Sofina in Belgium. Dunn's European partner, lowenstein, was closely associated with Sofina. These affairs were not being conducted between arms length businessmen, but rather amongst a close coterie of investment bankers and market operators who knew each other intimately and were intricately tied up in each other's affairs. Despite these back room dealings the tramways were not included in the original purchase, though they would be incorporated later.
  • 38
    • 67749102685 scopus 로고    scopus 로고
    • These financial techniques are documented in C. Armstrong and H.V. Nelles, Southern Exposure (op. cit.), and in C. Armstrong and H.V. Nelles, La empressa corporativa en el sector de servicios públicos: el desempeño de las compañíes canadienses en mexico y en Brasil, 1896-1930, in Carlos marichal (ed.), Las inversions extranjeras en América Latin, 1850-1930, Mexico, 1995, p. 125-144.
    • These financial techniques are documented in C. Armstrong and H.V. Nelles, Southern Exposure (op. cit.), and in C. Armstrong and H.V. Nelles, "La empressa corporativa en el sector de servicios públicos: el desempeño de las compañíes canadienses en mexico y en Brasil, 1896-1930", in Carlos marichal (ed.), Las inversions extranjeras en América Latin, 1850-1930, Mexico, 1995, p. 125-144.
  • 39
    • 67749088928 scopus 로고    scopus 로고
    • Dunn Papers, 35, Louis Fleischmann (L. Messel & Co.) to Dunn, November 24, 1911; Letterbooks, 262, Dunn to Alfred Lowenstein, November 27, 1911, p. 16-18;
    • Dunn Papers, Vol. 35, Louis Fleischmann (L. Messel & Co.) to Dunn, November 24, 1911; Letterbooks, 262, Dunn to Alfred Lowenstein, November 27, 1911, p. 16-18;
  • 40
    • 67749088929 scopus 로고
    • Dunn to Thos
    • November 27, Arnold Spitzer, a Paris investment banker, worked with Lowenstein on this underwriting
    • ibid., Dunn to Thos. Aitken, Bank of Scotland, November 27, 1911, p. 19-20. Arnold Spitzer, a Paris investment banker, worked with Lowenstein on this underwriting.
    • (1911) Aitken, Bank of Scotland , pp. 19-20
    • Roig Amat, B.1
  • 41
    • 67749093830 scopus 로고    scopus 로고
    • See C. Armstrong and H.V. Nelles (Southern Exposure, op. cit., p. 163-168) for a fuller explanation of the underwriting techniques and the tensions associated with this flotation.
    • See C. Armstrong and H.V. Nelles (Southern Exposure, op. cit., p. 163-168) for a fuller explanation of the underwriting techniques and the tensions associated with this flotation.
  • 42
    • 67749105116 scopus 로고    scopus 로고
    • According to Dunn the Deutsche Bank accepted a combination of cash and 18,000 shares of common stock which it agreed to take on the condition Dunn would buy back the shares at 40 at any time during the first year, Dunn Papers, Letterbook, 267, Dunn to Lowenstein reminding him of the risk he had taken, December 8, 1912, p. 69-70.
    • According to Dunn the Deutsche Bank accepted a combination of cash and 18,000 shares of common stock which it agreed to take on the condition Dunn would buy back the shares at 40 at any time during the first year, Dunn Papers, Letterbook, 267, Dunn to Lowenstein reminding him of the risk he had taken, December 8, 1912, p. 69-70.
  • 43
    • 67749148561 scopus 로고    scopus 로고
    • th centuries. Technology, networks, finance and public regulation, op. cit., p. 240.
    • th centuries. Technology, networks, finance and public regulation, op. cit., p. 240.
  • 44
    • 67749096592 scopus 로고    scopus 로고
    • The German authorities did not fully believe rathenau, asking him to appear in person to account for the transaction. On this second occasion rathenau once again insisted upon the foreign nature of the Unternehmergeschäft banks. Secondly he noted that the price offered for Barceloñesa by the Americans was so high that in the interest of the shareholders a sale could not be refused, Ibid., fol: 22-23, handwritten report of a German diplomat in the file.
    • The German authorities did not fully believe rathenau, asking him to appear in person to account for the transaction. On this second occasion rathenau once again insisted upon the "foreign" nature of the Unternehmergeschäft banks. Secondly he noted that the price offered for Barceloñesa by the Americans was so high "that in the interest of the shareholders a sale could not be refused", Ibid., fol: 22-23, handwritten report of a German diplomat in the file.
  • 45
    • 67749148560 scopus 로고
    • Serros Power Development" and "The Seros Hydroelectric Development
    • The project is described in several contemporary accounts:, September 3, September 10
    • The project is described in several contemporary accounts: J.C. Stevens, "Serros Power Development" and "The Seros Hydroelectric Development", in Engineering News, September 3, September 10, 1914, p. 473-478, 536-539;
    • (1914) Engineering News
    • Stevens, J.C.1
  • 46
    • 67749104473 scopus 로고    scopus 로고
    • H.F. Parshall, Hydro-electric installations of the Barcelona Traction, light and Power Company, Proceedings of the Institution of Civil Engineers, London, 1922, quoted in Gil Cooke, An Extreme Power Engineer: The Accomplishments of Fred Stark Pearson, p. 80.
    • H.F. Parshall, "Hydro-electric installations of the Barcelona Traction, light and Power Company", Proceedings of the Institution of Civil Engineers, London, 1922, quoted in Gil Cooke, "An Extreme Power Engineer: The Accomplishments of Fred Stark Pearson", p. 80.
  • 47
    • 67749102682 scopus 로고    scopus 로고
    • th centuries. Technology, networks, finance and public regulation, op. cit., p. 241-242.
    • th centuries. Technology, networks, finance and public regulation, op. cit., p. 241-242.
  • 50
    • 67749110757 scopus 로고    scopus 로고
    • Dunn Papers, Letterbook 262, Dunn to Lowenstein, quoting Pearson's telegram, November 27, 1911, p. 16-18.
    • Dunn Papers, Letterbook 262, Dunn to Lowenstein, quoting Pearson's telegram, November 27, 1911, p. 16-18.
  • 51
    • 67749136209 scopus 로고    scopus 로고
    • Dunn Papers, Letterbook 262, Dunn to Lowenstein, March 19, 1912 and March 22, 1912, p. 295, 321.
    • Dunn Papers, Letterbook 262, Dunn to Lowenstein, March 19, 1912 and March 22, 1912, p. 295, 321.
  • 52
    • 67749148559 scopus 로고    scopus 로고
    • Dunn Papers, Letterbook 262, Dunn to Pearson, March 18, 1912, p. 293.
    • Dunn Papers, Letterbook 262, Dunn to Pearson, March 18, 1912, p. 293.
  • 53
    • 67749138045 scopus 로고    scopus 로고
    • Dunn to E.R. Wood, March 23, 1913, Private and Confidential, Letterbook, 264, p. 310-314 for example: This enlarged programme came to me as an unpleasant surprise as until my return to England last December I was not aware this fresh amount of money would be necessary⋯.
    • Dunn to E.R. Wood, March 23, 1913, Private and Confidential, Letterbook, 264, p. 310-314 for example: "This enlarged programme came to me as an unpleasant surprise as until my return to England last December I was not aware this fresh amount of money would be necessary⋯".
  • 54
    • 67749134347 scopus 로고    scopus 로고
    • In 1912 the chief manager of the Deutsche Bank had predicted: ⋯j'ai peu de doute qu'ils finiront par se vendre au groupe Pearson. Crédit agricole, Paris. Archives Historiques. Fonds Crédit lyonnais, DEEF 25238: Arthur von Gwinner to Eugène Lefèvre, May 15, 1912
    • In 1912 the chief manager of the Deutsche Bank had predicted: "⋯j'ai peu de doute qu'ils finiront par se vendre au groupe Pearson." Crédit agricole, Paris. Archives Historiques. Fonds Crédit lyonnais, DEEF 25238: Arthur von Gwinner to Eugène Lefèvre, May 15, 1912.
  • 56
    • 67749118760 scopus 로고    scopus 로고
    • The Pearson Engineering Company, according to Dunn, took a standard 10% of the project cost as commission see Dunn Papers., Letterbook 264, Dunn to Pearson, April 3, 1913, p. 383;
    • The Pearson Engineering Company, according to Dunn, took a standard 10% of the project cost as commission see Dunn Papers., Letterbook 264, Dunn to Pearson, April 3, 1913, p. 383;
  • 57
    • 67749138046 scopus 로고
    • Pearson to Dunn, August 3, Pearson to Lowenstein, August 3
    • ibid., Vol. 46, Pearson to Dunn, August 3, 1913, Pearson to Lowenstein, August 3, 1913.
    • (1913) ibid , vol.46
  • 58
    • 67749100245 scopus 로고    scopus 로고
    • For a long letter detailing Lowenstein's grievances against Pearson and Dunn see Dunn Papers, 50, Lowenstein to Dunn, December 5, 1913, Private, and Dunn's reply, ibid., Letterbook 267, Dunn to Lowenstein, December 8, 1913, p. 69-70. This is misdated in the original 1912.
    • For a long letter detailing Lowenstein's grievances against Pearson and Dunn see Dunn Papers, Vol. 50, Lowenstein to Dunn, December 5, 1913, Private, and Dunn's reply, ibid., Letterbook 267, Dunn to Lowenstein, December 8, 1913, p. 69-70. This is misdated in the original 1912.
  • 59
    • 67749104471 scopus 로고    scopus 로고
    • Dunn Papers, Letterbook, 265, Dunn to Lowenstein, August 5, 1913, Private and Confidential, p. 343-345; 47, Lowenstein to Dunn, September 6, 1913; 48, Lowenstein to Dunn, from Biarritz October 12, 1913 reporting he has returned from Barcelona favorably impressed. He believed that some money might have been saved but otherwise he was very pleased with saw: ⋯one could reproach the Doctor for having undertaken so many different works at the same moment, because it would probably have been wiser to develop first one hydro-electric power and only afterwards commence the second one, to do the Sarria business at a much later date and to acquire, on the contrary, much earlier the operation of the Tramways de Barcelona, but for the expenditure incurred in connection with the Barcelonesa, for instance, one cannot make any reproaches to him because it was caused as a result of the intervention of Azaria
    • Dunn Papers, Letterbook, 265, Dunn to Lowenstein, August 5, 1913, Private and Confidential, p. 343-345; Vol. 47, Lowenstein to Dunn, September 6, 1913; Vol. 48, Lowenstein to Dunn, from Biarritz October 12, 1913 reporting he has returned from Barcelona favorably impressed. He believed that some money might have been saved but otherwise he was very pleased with saw: "⋯one could reproach the Doctor for having undertaken so many different works at the same moment, because it would probably have been wiser to develop first one hydro-electric power and only afterwards commence the second one, to do the Sarria business at a much later date and to acquire, on the contrary, much earlier the operation of the Tramways de Barcelona, but for the expenditure incurred in connection with the Barcelonesa, for instance, one cannot make any reproaches to him because it was caused as a result of the intervention of Azaria".
  • 60
    • 67749121120 scopus 로고    scopus 로고
    • Dunn Papers, 46, rod. Demmé to Dunn, Personal, August 4, 1913; Letterbook 265, Dunn to Demmé, August 8, 1913, p. 383-384.
    • Dunn Papers, Vol. 46, rod. Demmé to Dunn, Personal, August 4, 1913; Letterbook 265, Dunn to Demmé, August 8, 1913, p. 383-384.
  • 61
    • 67749100244 scopus 로고    scopus 로고
    • Translation of an editorial from L'Humanité exposing the financial practices of the Barcelona Traction promotion, Dunn Papers, 48, enclosed with H. Wauters, Stallaerts & Lowenstein, Brussels to Dunn, October 17, 1913. The syndicate defended itself by exposing the blackmail and by arguing that many successful Canadian companies had been financed with no par value shares. This latter claim lost much of its force when E.R. Wood, the Canadian financier in the best position to know these things, refused to sign the statement of defense. Dunn Papers, 50, Alfred Lowenstein to Malcolm Hubbard, December 1, 1913; Hubbard to Lowenstein, December 3, 1913; Lowenstein to Hubbard, December 5, 1913. The exposure was apparently intended to get Barcelona Traction to buy control of Compañia de los Caminos de Hiero, Saltos y minas, owner of some waterfalls
    • Translation of an editorial from L'Humanité exposing the financial practices of the Barcelona Traction promotion, Dunn Papers, Vol. 48, enclosed with H. Wauters, (Stallaerts & Lowenstein, Brussels) to Dunn, October 17, 1913. The syndicate defended itself by exposing the blackmail and by arguing that many successful Canadian companies had been financed with no par value shares. This latter claim lost much of its force when E.R. Wood, the Canadian financier in the best position to know these things, refused to sign the statement of defense. Dunn Papers, Vol. 50, Alfred Lowenstein to Malcolm Hubbard, December 1, 1913; Hubbard to Lowenstein, December 3, 1913; Lowenstein to Hubbard, December 5, 1913. The exposure was apparently intended to get Barcelona Traction to buy control of Compañia de los Caminos de Hiero, Saltos y minas, owner of some waterfalls.
  • 62
    • 67749115099 scopus 로고    scopus 로고
    • F.S. Pearson's memorandum on the financing of the Barcelona Traction construction and acquisitions, 1913, Dunn Papers, 42, with Pearson to Dunn, February 14, 1913. This document spells out all of the companies acquired, the prices paid and earnings.
    • F.S. Pearson's memorandum on the financing of the Barcelona Traction construction and acquisitions, 1913, Dunn Papers, Vol. 42, with Pearson to Dunn, February 14, 1913. This document spells out all of the companies acquired, the prices paid and earnings.
  • 63
    • 67749134349 scopus 로고    scopus 로고
    • Dunn Papers, Letterbook 264, Dunn to E.R. Wood, February 18, 1913, p. 132. Dunn explained the situation as follows. of the initial 25,000,000 in common shares 20,000,000 had been allocated as bonus with the first bond issue. Pearson had kept the remaining 5,000,000 for himself as the promoter's share. An additional 2,000,000 over and above the 25,000,000 seems to have been issued to the Tramway shareholders following an expansion of the company's capital in April, 1913. Pearson had to withdraw 3,500,000 from their share to provide the 30% bonus for lowenstein's £3,500,000 1st mortgage bonds, leaving him only 1,250,000, which Dunn insisted involves a great sacrifice to him. The benefit of the increased expenditures needed to finance the new acquisitions would accrue to the original shareholders Dunn pointed out
    • st mortgage bonds, leaving him only 1,250,000, which Dunn insisted "involves a great sacrifice to him." The benefit of the increased expenditures needed to finance the new acquisitions would accrue to the original shareholders Dunn pointed out.
  • 64
    • 67749083203 scopus 로고    scopus 로고
    • th centuries. Technology, networks, finance and public regulation, op. cit., p. 242.
    • th centuries. Technology, networks, finance and public regulation, op. cit., p. 242.
  • 65
    • 67749134351 scopus 로고    scopus 로고
    • Dunn Papers, letterbook 268, Dunn to F.S. Pearson, mar. 30, 1914, p. 230-231;
    • Dunn Papers, letterbook 268, Dunn to F.S. Pearson, mar. 30, 1914, p. 230-231;
  • 66
    • 67749098388 scopus 로고    scopus 로고
    • ibid., Letterbook 268, Dunn to F.S. Pearson, May 6, 1914, p. 428.
    • ibid., Letterbook 268, Dunn to F.S. Pearson, May 6, 1914, p. 428.
  • 67
    • 67749134350 scopus 로고    scopus 로고
    • Dunn Papers, 57, Lowenstein to Dunn, July 6, 1914.
    • Dunn Papers, Vol. 57, Lowenstein to Dunn, July 6, 1914.
  • 68
    • 67749102683 scopus 로고    scopus 로고
    • See for example Dunn Papers, 53, Lowenstein to Dunn, February 20, 1914 claiming Pearson's failure to deliver timely information was preventing refinancing. lowenstein complained Doctor Pearson had not furnished documents and technical reports he had promised at fixed intervals, nor had he indicated how he would used the additional £920,000 he wanted his partners to raise.
    • See for example Dunn Papers, Vol. 53, Lowenstein to Dunn, February 20, 1914 claiming Pearson's failure to deliver timely information was preventing refinancing. lowenstein complained Doctor Pearson had not furnished documents and technical reports he had promised at fixed intervals, nor had he indicated how he would used the additional £920,000 he wanted his partners to raise.
  • 69
    • 67749091662 scopus 로고    scopus 로고
    • Dunn Papers, 58, Dunn to Arnold Spitzer, Confidential, July 20, 1914.
    • Dunn Papers, Vol. 58, Dunn to Arnold Spitzer, Confidential, July 20, 1914.
  • 70
    • 67749122936 scopus 로고    scopus 로고
    • Société générale, Paris. Archives historiques, B 3270: Lettres échangées entre Stallaerts & Loewenstein and Société générale on 14 and 15 July 1914.
    • Société générale, Paris. Archives historiques, B 3270: Lettres échangées entre Stallaerts & Loewenstein and Société générale on 14 and 15 July 1914.
  • 71
    • 67749089125 scopus 로고
    • handwritten note of 8 July
    • Ibid., handwritten note of 8 July 1914.
    • (1914) Ibid
  • 72
    • 67749093829 scopus 로고    scopus 로고
    • Dunn Papers, 60, Notice of Appointment of receiver for Barcelona Traction, Light and Power Company, December 30, 1914.
    • Dunn Papers, Vol 60, Notice of Appointment of receiver for Barcelona Traction, Light and Power Company, December 30, 1914.
  • 73
    • 67749149319 scopus 로고    scopus 로고
    • Natalie Pearson's 1915 letter quoted in Gil Cooke, An Extreme Power Engineer: The Accomplishments of Fred Stark Pearson, p. 79.
    • Natalie Pearson's 1915 letter quoted in Gil Cooke, "An Extreme Power Engineer: The Accomplishments of Fred Stark Pearson", p. 79.
  • 74
    • 67749128176 scopus 로고    scopus 로고
    • Emil Rathenau's extremely cautious approach to hydroelectricity is well illustrated in a letter of 4 December 1903 to Samuel Kocherthaler who was then directing one of AEG'S financial holding companies, Gesellschaft für elektrische Unternehmungen: [⋯] I just observe that hydro power is risky. We employ it only when we are forced to, and I believe we should, for the moment, remain satisfied at Barcelona with the existing [steam, P.H. and V.N.] plant (Deutsches Technikmuseum Berlin, AEG Archives, A 1065).
    • Emil Rathenau's extremely cautious approach to hydroelectricity is well illustrated in a letter of 4 December 1903 to Samuel Kocherthaler who was then directing one of AEG'S financial holding companies, Gesellschaft für elektrische Unternehmungen:" [⋯] I just observe that hydro power is risky. We employ it only when we are forced to, and I believe we should, for the moment, remain satisfied at Barcelona with the existing [steam, P.H. and V.N.] plant" (Deutsches Technikmuseum Berlin, AEG Archives, A 1065).


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