Unfortunatel1 -...

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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." The 1890s were a transitional period for Edison. With so many projects and businesses,  he no longer had the freedom of the lone inventor. He took a new interest in  manufacturing and production, recognizing that the real profitability lay in those two  elements of the invention business. For years Edison had done the inventing while his  financiers and business interests made the real money. Now he determined to control  his own inventions and business decisions. The West Orange facility was less romantic 
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This note was uploaded on 12/13/2011 for the course ART 2313 taught by Professor Staff during the Fall '10 term at Texas State.

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