VI-28
control the direction electrical technology and made
that loss dominating all aspects his ore milling
venture. The policy
of cutting back the costs running the Edison complex
continued and many old hands were let go, further reducing the
work force the laboratory.00 per ton for midwestern ore.
Whatever the profits are shall control them.
34
The panic 1893 that devastated the electrical industry
also damaged the Edison enterprise, cutting back demand for
phonographs and reducing the price iron ore.00 ton, the chances successful
conclusion the ore milling venture grew more distant. the price Minnesota ore
dropped below $3. 1894 Edison was carefully
conserving his finances, keeping his reserves for the main
businesses, and preparing for another test run Ogden the
spring 1895.^
. Meanwhile
the Mesabi ranges could provide the cheap ore needed in
Carnegie's furnaces: 1893 600,000 tons were shipped, 1894
the figure was 2,000,000." This was a
prophetic remark view his emerging business strategies. The failure the ore milling
business intensified the depression West Orange.
Undaunted, Edison continued rebuild the Ogden operation, at
the cost his holdings the electrical industry. told reporters that "in future campaigns I
expect control absolutely such inventions shall make. Edison's
calculations for profit ore milling were based price of
$6
