Unable to attract investors to the project, Edison financed his own mines. The most promising site was at Ogden on the border of New Jersey and Pennsylvania. Edison moved there for five years to work on the project and sunk some $3 million into it. It was a massive undertaking, dependent upon a complicated system of ore-separation. It also used an intricate procedure of conveyer belts and assembly that influenced Henry Ford when he built his Model T business. Unfortunately, the bottom fell out of the iron ore market just as Edison was preparing to put his product on the market in 1891. The Panic of 1893 had weakened businesses and prices dropped across the board. In addition, new deposits of pure iron ore were found in 1892 in Minnesota, further ruining Edison's chances. The eleven-year-long debacle drained Edison's personal finances and came to be known as "Edison's Folly."
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