Light for the World: Edison and the Power Industry

Light for the World: Edison and the Power Industry

Light for the World: Edison and the Power Industry

Light for the World: Edison and the Power Industry

Excerpt

The summer of 1929 was a time of electric excitement in the United States, in more ways than one. The nation, under newly- elected President Hoover, was enjoying dizzy prosperity. A financier named John J. Raskob had written a much-discussed magazine article, Everybody Ought to be Rich, explaining how investing in sound common stocks could make anyone a millionaire. The stock market, after a brief swoon in March, was climbing astonishingly: a rise of 110 points in the New York Times index of industrial stocks, from 339 to 449, between the last day of May and the last day of August. General Electric was up from 268 to 391, Westinghouse from 151 to 286, American Telephone from 209 to 303. Babe Ruth was hitting home runs by the dozen for the New York Yankees, but Connie Mack's Philadelphia Athletics were moving invincibly toward the American League championship. The Graf Zeppelin was on its first round- the-world flight. Transcontinental Air Transport had recently inaugurated forty-eight-hour coast-to-coast service, via a combination of planes and trains. Erich Maria Remarque's All Quiet on the Western Front and Sinclair Lewis' Dodsworth were the best-selling books.

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