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This Day In Market History: Edison Founds GE's Predecessor

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This Day In Market History: Edison Founds GE's Predecessor

Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.

What Happened

On Oct. 15, 1878, Thomas Edison founded Edison Electric Light Co. — a firm that would later morph into the now-struggling General Electric Company (NYSE: GE).

Where Was The Market

The S&P 500 traded around $3.48, and the Dow wasn't established for another seven years.

What Else Was Going On In The World

Germany was about to declared an end to socialism, and yellow fever epidemics were ravaging American communities.

An Infant GE Is Born

Edison founded the Edison Electric Light Co. to produce the incandescent light bulb. The company issued 3,000 shares of $100 stock and became funded primarily by J.P. Morgan & Co.

After a series of mergers, it took the name Edison General Electric Co. in 1889, and three years later, it merged with rival Thomson-Houston Electric Co. to form General Electric Co.

Today, GE still retains elements of Edison’s original business, including lighting, transportation and power transmission. The latest version of Edison’s entity has suffered significant hardships, recently culminating in its removal from the Dow and a series of leadership changes.

Related Links:

Why GE's Removal From The Dow Could Help Investors

Barclays Says It's Time To Reconsider General Electric's Stock

Posted-In: this day in market historyEducation General Best of Benzinga

 

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