Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 136 years ago, Thomas Edison’s Pearl Street Station provided the first electric power on Wall Street.
Where The Market Was
The Pearl Street Station predates the Dow Jones Industrial Average and the S&P 500. Today, the Dow is trading at 25,974.82 and the S&P 500 is trading at 2,901.52.
What Else Was Going On In The World?
In 1882, outlaw Jesse James was killed by Robert Ford at age 34. German scientist Robert Koch discovered the tubercle bacillus, the cause of tuberculosis. A pound of corn meal cost 4 cents.
Wall Street Goes Electric
Not only did Edison invent the light bulb, his Edison Illuminating Company also designed the Pearl Street Station, the first ever U.S. commercial central power station. The station was located at 255-257 Pearl Street in Manhattan and powered by coal. In addition to electricity, Edison also made use of the steam byproduct the plant generated, providing steam to local manufacturers and heat to nearby buildings.
Pearl Street Station began operating on September 4, 1882, providing electricity to 508 customers in New York and a total of 10,164 lamps.
Among those electric lamps were 106 lamps at the offices of J.P. Morgan’s investment bank Drexel, Morgan & Co. Morgan had been one of Edison’s largest financial backers.
The original Pearl Street Station operated for eight years before it burned down in 1890. The only original dynamo that survived the fire is now kept at the Greenfield Village Museum in Dearborn, Michigan.