page_title: North American Phonograph Company
section_title: Edison becomes president
hierarchical_section_title: North American Phonograph Company / Background / Edison becomes president
caption_attribution_description: English: Edison dictation phonograph, 1893
context_page_description: The North American Phonograph Company was an early attempt to commercialize the maturing technologies of sound recording in the late 1880s and early 1890s. Though the company was largely unsuccessful in its goals due to legal, technical and financial problems, it set the stage for the modern recording industry in the mid 1890s.
context_section_description: In 1892, North American was still struggling to pay its debts when a series of financial measures were taken. In June, the company issued bonds to ease the liquidity crisis. In July, Edison was named president of North American. Automatic agreed to allow the unrestricted sale of phonographs, and North American offered a deal with the local companies to centralize sales, paying a 10% royalty to the locals for their territorial rights. Most of the local companies accepted this offer.
  Through 1893, North American, under Edison, continued to sell phonographs, and offered the option to buy the machines on the installment plan. Edison planned to carry on with the business in this way for another year (from June 1893), then planned to consolidate his interests in manufacture and sales.
caption: Edison Dictation Phonograph, 1893
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