Magnetic Ore Milling Work - 10
"In the discussion that followed he suggested several kinds of work which he had in his
mind, and which might prove profitable. We figured carefully over the probabilities of
financial returns from the Phonograph Works and other enterprises, and after discussing
many plans, it was finally decided that we would apply the knowledge we had gained in
the concentrating plant by building a plant for manufacturing Portland cement, and that
Mr. Edison would devote his attention to the developing of a storage battery which did
not use lead and sulphuric acid. So these two lines of work were taken up by Mr. Edison
with just as much enthusiasm and energy as is usual with him, the commercial failure of
the concentrating plant seeming not to affect his spirits in any way. In fact, I have often
been impressed strongly with the fact that, during the dark days of the concentrating
problem, Mr. Edison's desire was very strong that the creditors of the Concentrating
Works should be paid in full; and only once did I hear him make any reference to the
financial loss which he himself made, and he then said: `As far as I am concerned, I can
any time get a job at $75 per month as a telegrapher, and that will amply take care of all
my personal requirements.' As already stated, however, he started in with the maximum
amount of enthusiasm and ambition, and in the course of about three years we succeeded
in paying off all the indebtedness of the Concentrating Works, which amounted to several
hundred thousand dollars.
"As to the state of Mr. Edison's mind when the final decision was reached to close down,
if he was specially disappointed, there was nothing in his manner to indicate it, his every
thought being for the future, and as to what could be done to pull us out of the financial
situation in which we found ourselves, and to take advantage of the knowledge which we
had acquired at so great a cost."
It will have been gathered that the funds for this great experiment were furnished largely
by Edison. In fact, over two million dollars were spent in the attempt. Edison's
philosophic view of affairs is given in the following anecdote from Mr. Mallory: "During
the boom times of 1902, when the old General Electric stock sold at its high-water mark
of about $330, Mr. Edison and I were on our way from the cement plant at New Village,
New Jersey, to his home at Orange. When we arrived at Dover, New Jersey, we got a
New York newspaper, and I called his attention to the quotation of that day on General
Electric. Mr. Edison then asked: `If I hadn't sold any of mine, what would it be worth today?'
and after some figuring I replied: `Over four million dollars.' When Mr. Edison is
thinking seriously over a problem he is in the habit of pulling his right eyebrow, which he
did now for fifteen or twenty seconds. Then his face lighted up, and he said: `Well, it's all
gone, but we had a hell of a good time spending it.' " With which revelation of an attitude
worthy of Mark Tapley himself, this chapter may well conclude.
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