Charles A. Coffin
Encyclopedia
Charles Albert Coffin (31 December 1844 - 14 July 1926) was the cofounder and first President of General Electric
corporation. He was born in Somerset, Massachusetts
to Albert Coffin and his wife Anstrus Varney. He married Caroline Russell of Holbrook, Massachusetts
and had three children.
He moved to join his uncle Charles E. Coffin at his shoe company in Lynn, Massachusetts
at the age 18, where
he spent the next twenty years. Eventually he established his own shoe factory named Coffin and Clough in Lynn.
In 1883, he was approached by another Lynn businessman, Silas A. Barton, to bring to town a struggling electric company from New Britain, Connecticut
, finance it and to lead it. With the engineering work of Elihu Thomson
, Coffin was able to build the company, renamed Thomson-Houston up to be an equal to Thomas Edison
's companies.
During this time they deployed power plants in the South, including two in Atlanta, Georgia
to run the electric light and in 1889, Joel Hurt
's electric streetcar line.
When General Electric was formed from Thomson-Houston and Edison's companies, Coffin was its first chief executive officer
.
The company was tested quickly during the Panic of 1893
, where Coffin negotiated with New York banks to advance money in exchange for GE-owned utility stocks.
He was able to establish a duopoly
of important electric patents with Westinghouse Electric in the late 1890s and in 1901 he established a research laboratory for the company.
Suggested by Charles Proteus Steinmetz
, this was the first industrial research lab in the US.
He supported the work of GE engineers in the adaptation and development of the Curtis steam turbine which greatly advanced electric power generation.
He retired from the board in 1922, though he retained a large amount of GE stock. At the time of his death in 1926, he was one of the wealthiest men in the world.
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
corporation. He was born in Somerset, Massachusetts
Somerset, Massachusetts
Somerset is a town in Bristol County, Massachusetts, United States. The population was 18,234 at the 2000 census. It is the birthplace and hometown of Clifford Milburn Holland , the chief engineer and namesake of the Holland Tunnel in New York City....
to Albert Coffin and his wife Anstrus Varney. He married Caroline Russell of Holbrook, Massachusetts
Holbrook, Massachusetts
Holbrook is a town in Norfolk County, Massachusetts, United States. At the 2010 census, the town population was 10,791.- History :Before European settlement, the area now known as Holbrook, Massachusetts, like all of New England, had long been inhabited by Algonquian-speaking peoples.Holbrook was...
and had three children.
He moved to join his uncle Charles E. Coffin at his shoe company in Lynn, Massachusetts
Lynn, Massachusetts
Lynn is a city in Essex County, Massachusetts, United States. The population was 89,050 at the 2000 census. An old industrial center, Lynn is home to Lynn Beach and Lynn Heritage State Park and is about north of downtown Boston.-17th century:...
at the age 18, where
he spent the next twenty years. Eventually he established his own shoe factory named Coffin and Clough in Lynn.
In 1883, he was approached by another Lynn businessman, Silas A. Barton, to bring to town a struggling electric company from New Britain, Connecticut
New Britain, Connecticut
New Britain is a city in Hartford County, Connecticut, United States. It is located approximately 9 miles southwest of Hartford. According to 2006 Census Bureau estimates, the population of the city is 71,254....
, finance it and to lead it. With the engineering work of Elihu Thomson
Elihu Thomson
Elihu Thomson was an American engineer and inventor who was instrumental in the founding of major electrical companies in the United States, the United Kingdom and France.-Early life:...
, Coffin was able to build the company, renamed Thomson-Houston up to be an equal to Thomas Edison
Thomas Edison
Thomas Alva Edison was an American inventor and businessman. He developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, and a long-lasting, practical electric light bulb. In addition, he created the world’s first industrial...
's companies.
During this time they deployed power plants in the South, including two in Atlanta, Georgia
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
to run the electric light and in 1889, Joel Hurt
Joel Hurt
Joel Hurt was an important businessman and developer in Atlanta active in the late 19th century through the early 20th century.Born in Hurtsboro, Alabama Joel Hurt (1850–1926) was an important businessman and developer in Atlanta active in the late 19th century through the early 20th...
's electric streetcar line.
When General Electric was formed from Thomson-Houston and Edison's companies, Coffin was its first chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
.
The company was tested quickly during the Panic of 1893
Panic of 1893
The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures...
, where Coffin negotiated with New York banks to advance money in exchange for GE-owned utility stocks.
He was able to establish a duopoly
Duopoly
A true duopoly is a specific type of oligopoly where only two producers exist in one market. In reality, this definition is generally used where only two firms have dominant control over a market...
of important electric patents with Westinghouse Electric in the late 1890s and in 1901 he established a research laboratory for the company.
Suggested by Charles Proteus Steinmetz
Charles Proteus Steinmetz
Charles Proteus Steinmetz was a German-American mathematician and electrical engineer. He fostered the development of alternating current that made possible the expansion of the electric power industry in the United States, formulating mathematical theories for engineers...
, this was the first industrial research lab in the US.
He supported the work of GE engineers in the adaptation and development of the Curtis steam turbine which greatly advanced electric power generation.
He retired from the board in 1922, though he retained a large amount of GE stock. At the time of his death in 1926, he was one of the wealthiest men in the world.