Frenzied Finance, Vol. 1: The Crime of AmalgamatedLawson, Thomas William
History
Frenzied Finance, Vol. 1: The Crime of Amalgamated
Lawson, Thomas William
Amalgamated Copper Co.; Gas companies -- Massachusetts -- Boston; Insurance -- United States; Speculation; Standard Oil Company
This great success was wholly the fruit of George Westinghouse's
personal endeavor. It owed nothing to extraneous influences. It had been
accomplished along those manly, independent, Yankee lines which have
made that name synonymous with hustle and success in every part of the
civilized world. Above all, the man had organized and developed his
companies without the aid of the "System" or without truckling to its
votaries. In consequence he had incurred the deadly hatred of some of
its lords paramount.
In the business world Westinghouse's great rival was the General Electric
Company. To mention "Westinghouse" and "General Electric" in the same
breath was to speak of a thing and its antithesis. Everything George
Westinghouse was or had been the General Electric was not and had never
been. The General Electric had been and was by leave of the "System"; in
fact, was one of the very foremost examples of its methods. Its
high-priest was J. Pierpont Morgan; its home, Wall Street; its owners, the
principal votaries of the "System." It had grown because of their favor
and by means of the rankest exhibitions of knock-down-and-drag-out methods
of consolidation of all competitors but--Westinghouse.
Just previous to 1894 Westinghouse had rejected a dazzling scheme of
uniting the two institutions on an immense capitalization which would
have absorbed millions and millions of the people's savings and earned
millions in commissions for its projectors. Wall Street's indignation at
his hardihood knew no bounds, and at the time of which I write the
yegg-men of the "System" were laying for him with dark-lantern and
sand-bag.
Public-domain text, read in full here on John Shaqi.
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