Edison, His Life and Inventions [44]
and had acquired, moreover, no little knowledge of the practical business of life. Note has been made above of his invention of a stock ticker in Boston, and of his establishing a stock-quotation circuit. This was by no means all, and as a fitting close to this chapter he may be quoted as to some other work and its perils in experimentation: "I also engaged in putting up private lines, upon which I used an alphabetical dial instrument for telegraphing between business establishments, a forerunner of modern telephony. This instrument was very simple and practical, and any one could work it after a few minutes' explanation. I had these instruments made at Mr. Hamblet's, who had a little shop where he was engaged in experimenting with electric clocks. Mr. Hamblet was the father and introducer in after years of the Western Union Telegraph system of time distribution. My laboratory was the headquarters for the men, and also of tools and supplies for those private lines. They were put up cheaply, as I used the roofs of houses, just as the Western Union did. It never occurred to me to ask permission from the owners; all we did was to go to the store, etc., say we were telegraph men, and wanted to go up to the wires on the roof; and permission was always granted.
"In this laboratory I had a large induction coil which I had borrowed to make some experiments with. One day I got hold of both electrodes of the coil, and it clinched my hand on them so that I couldn't let go. The battery was on a shelf. The only way I could get free was to back off and pull the coil, so that the battery wires would pull the cells off the shelf and thus break the circuit. I shut my eyes and pulled, but the nitric acid splashed all over my face and ran down my back. I rushed to a sink, which was only half big enough, and got in as well as I could and wiggled around for several minutes to permit the water to dilute the acid and stop the pain. My face and back were streaked with yellow; the skin was thoroughly oxidized. I did not go on the street by daylight for two weeks, as the appearance of my face was dreadful. The skin, however, peeled off, and new skin replaced it without any damage."
CHAPTER VII
THE STOCK TICKER
"THE letters and figures used in the language of the tape," said a well-known Boston stock speculator, "are very few, but they spell ruin in ninety-nine million ways." It is not to be inferred, however, that the modern stock ticker has anything to do with the making or losing of fortunes. There were regular daily stock-market reports in London newspapers in 1825, and New York soon followed the example. As far back as 1692, Houghton issued in London a weekly review of financial and commercial transactions, upon which Macaulay based the lively narrative of stock speculation in the seventeenth century, given in his famous history. That which the ubiquitous stock ticker has done is to give instantaneity to the news of what the stock market is doing, so that at every minute, thousands of miles apart, brokers, investors, and gamblers may learn the exact conditions. The existence of such facilities is to be admired rather than deplored. News is vital to Wall Street, and there is no living man on whom the doings in Wall Street are without effect. The financial history of the United States and of the world, as shown by the prices of government bonds and general securities, has been told daily for forty years on these narrow strips of paper tape, of which thousands of miles are run yearly through the "tickers" of New York alone. It is true that the record of the chattering little machine, made in cabalistic abbreviations on the tape, can drive a man suddenly to the very verge of insanity with joy or despair; but if there be blame for that, it attaches to the American spirit of speculation and not to the ingenious mechanism which reads and registers the beating of the financial pulse.
Edison came first to New York in 1868, with his early stock printer, which he tried unsuccessfully to sell. He went back to Boston, and quite undismayed
"In this laboratory I had a large induction coil which I had borrowed to make some experiments with. One day I got hold of both electrodes of the coil, and it clinched my hand on them so that I couldn't let go. The battery was on a shelf. The only way I could get free was to back off and pull the coil, so that the battery wires would pull the cells off the shelf and thus break the circuit. I shut my eyes and pulled, but the nitric acid splashed all over my face and ran down my back. I rushed to a sink, which was only half big enough, and got in as well as I could and wiggled around for several minutes to permit the water to dilute the acid and stop the pain. My face and back were streaked with yellow; the skin was thoroughly oxidized. I did not go on the street by daylight for two weeks, as the appearance of my face was dreadful. The skin, however, peeled off, and new skin replaced it without any damage."
CHAPTER VII
THE STOCK TICKER
"THE letters and figures used in the language of the tape," said a well-known Boston stock speculator, "are very few, but they spell ruin in ninety-nine million ways." It is not to be inferred, however, that the modern stock ticker has anything to do with the making or losing of fortunes. There were regular daily stock-market reports in London newspapers in 1825, and New York soon followed the example. As far back as 1692, Houghton issued in London a weekly review of financial and commercial transactions, upon which Macaulay based the lively narrative of stock speculation in the seventeenth century, given in his famous history. That which the ubiquitous stock ticker has done is to give instantaneity to the news of what the stock market is doing, so that at every minute, thousands of miles apart, brokers, investors, and gamblers may learn the exact conditions. The existence of such facilities is to be admired rather than deplored. News is vital to Wall Street, and there is no living man on whom the doings in Wall Street are without effect. The financial history of the United States and of the world, as shown by the prices of government bonds and general securities, has been told daily for forty years on these narrow strips of paper tape, of which thousands of miles are run yearly through the "tickers" of New York alone. It is true that the record of the chattering little machine, made in cabalistic abbreviations on the tape, can drive a man suddenly to the very verge of insanity with joy or despair; but if there be blame for that, it attaches to the American spirit of speculation and not to the ingenious mechanism which reads and registers the beating of the financial pulse.
Edison came first to New York in 1868, with his early stock printer, which he tried unsuccessfully to sell. He went back to Boston, and quite undismayed