Light Bulb turns on. Stock Share price.
UPDATED AT 12:06 PM EDT Tuesday, Oct. 21, 2003
Report on bulbness
On this date in 1879, "Thomas Edison demonstrated the first incandescent lamp that could be used economically for domestic purposes," reports Chase's Calendar of Events. "This prototype, developed at his Menlo Park, N.J., laboratory, could burn for 13½ hours." Business news reports from The Globe of 1879-80 about this high-tech story: Nov. 13, 1879: "Edison reports his electric light perfected. Nothing remains but to complete arrangements for its exhibition."
Nov. 29: "Edison proposes to light Menlo Park with electric light on Christmas Eve."
Dec. 24: "Leading gas companies here [New York] say that Edison's invention has no appreciable effect on gas stocks in this city, and if there is anything of practical value in it, a slight reduction in price may be caused, but it cannot supersede gas for general lighting purposes. They say they have been kept well informed concerning all the recent discoveries in electricity, both here and in Europe, and are very skeptical about the promised electrical millennium which is to abolish gas."
Dec. 31: "Edison electric light stock, which was selling a month or two back at $100 or $200 per share, reached $4,000 per share yesterday . . ."
Jan. 5, 1880: "The British public are slow to believe in the success of Edison's electric light discoveries. They have no faith in Edison, but an unbounded faith in coal gas. The timid ones who offer gas stocks meet with ready purchasers."
Jan. 12: "Edison's attorney says he does not expect that the electric lamp will be ready to put on the market for a year or so."
Jan. 16: "Many of Edison's electric lamps have gone out. He is labouring to discover the imperfection. He says his lamp is still only an experiment."
Jan. 19: "It is reported that a prosecution is contemplated against the Paris Figaro for its recent puffs of Edison. French scientists agree with the English in recognizing Edison's experimental ingenuity, but they affirm that his repeated mistaken announcements are due to his ignorance of previous discoveries which are familiar to all experts."
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