Edison, His Life and Inventions [47]
from the street to a hallway, from which entrance to the offices of two prominent broker firms was obtained. Each firm had its own army of boys, numbering from twelve to fifteen, whose duties were to ascertain the latest quotations from the different exchanges. Each boy devoted his attention to some particularly active stock. Pushing each other to get into these narrow quarters, yelling out the prices at the door, and pushing back for later ones, the hustle made this doorway to me a most undesirable refuge from an April shower. I was simply whirled into the street. I naturally thought that much of this noise and confusion might be dispensed with, and that the prices might be furnished through some system of telegraphy which would not require the employment of skilled operators. The conception of the stock ticker dates from this incident."
Mr. Callahan's first idea was to distribute gold quotations, and to this end he devised an "indicator." It consisted of two dials mounted separately, each revolved by an electromagnet, so that the desired figures were brought to an aperture in the case enclosing the apparatus, as in the Laws system. Each shaft with its dial was provided with two ratchet wheels, one the reverse of the other. One was used in connection with the propelling lever, which was provided with a pawl to fit into the teeth of the reversed ratchet wheel on its forward movement. It was thus made impossible for either dial to go by momentum beyond its limit. Learning that Doctor Laws, with the skilful aid of F. L. Pope, was already active in the same direction, Mr. Callahan, with ready wit, transformed his indicator into a "ticker" that would make a printed record. The name of the "ticker" came through the casual remark of an observer to whom the noise was the most striking feature of the mechanism. Mr. Callahan removed the two dials, and, substituting type wheels, turned the movements face to face, so that each type wheel could imprint its characters upon a paper tape in two lines. Three wires stranded together ran from the central office to each instrument. Of these one furnished the current for the alphabet wheel, one for the figure wheel, and one for the mechanism that took care of the inking and printing on the tape. Callahan made the further innovation of insulating his circuit wires, although the cost was then forty times as great as that of bare wire. It will be understood that electromagnets were the ticker's actuating agency. The ticker apparatus was placed under a neat glass shade and mounted on a shelf. Twenty-five instruments were energized from one circuit, and the quotations were supplied from a "central" at 18 New Street. The Gold & Stock Telegraph Company was promptly organized to supply to brokers the system, which was very rapidly adopted throughout the financial district of New York, at the southern tip of Manhattan Island. Quotations were transmitted by the Morse telegraph from the floor of the Stock Exchange to the "central," and thence distributed to the subscribers. Success with the "stock" news system was instantaneous.
It was at this juncture that Edison reached New York, and according to his own statement found shelter at night in the battery-room of the Gold Indicator Company, having meantime applied for a position as operator with the Western Union. He had to wait a few days, and during this time he seized the opportunity to study the indicators and the complicated general transmitter in the office, controlled from the keyboard of the operator on the floor of the Gold Exchange. What happened next has been the basis of many inaccurate stories, but is dramatic enough as told in Mr. Edison's own version: "On the third day of my arrival and while sitting in the office, the complicated general instrument for sending on all the lines, and which made a very great noise, suddenly came to a stop with a crash. Within two minutes over three hundred boys--a boy from every broker in the street--rushed up-stairs and crowded the long aisle and office, that hardly had room for one hundred, all yelling
Mr. Callahan's first idea was to distribute gold quotations, and to this end he devised an "indicator." It consisted of two dials mounted separately, each revolved by an electromagnet, so that the desired figures were brought to an aperture in the case enclosing the apparatus, as in the Laws system. Each shaft with its dial was provided with two ratchet wheels, one the reverse of the other. One was used in connection with the propelling lever, which was provided with a pawl to fit into the teeth of the reversed ratchet wheel on its forward movement. It was thus made impossible for either dial to go by momentum beyond its limit. Learning that Doctor Laws, with the skilful aid of F. L. Pope, was already active in the same direction, Mr. Callahan, with ready wit, transformed his indicator into a "ticker" that would make a printed record. The name of the "ticker" came through the casual remark of an observer to whom the noise was the most striking feature of the mechanism. Mr. Callahan removed the two dials, and, substituting type wheels, turned the movements face to face, so that each type wheel could imprint its characters upon a paper tape in two lines. Three wires stranded together ran from the central office to each instrument. Of these one furnished the current for the alphabet wheel, one for the figure wheel, and one for the mechanism that took care of the inking and printing on the tape. Callahan made the further innovation of insulating his circuit wires, although the cost was then forty times as great as that of bare wire. It will be understood that electromagnets were the ticker's actuating agency. The ticker apparatus was placed under a neat glass shade and mounted on a shelf. Twenty-five instruments were energized from one circuit, and the quotations were supplied from a "central" at 18 New Street. The Gold & Stock Telegraph Company was promptly organized to supply to brokers the system, which was very rapidly adopted throughout the financial district of New York, at the southern tip of Manhattan Island. Quotations were transmitted by the Morse telegraph from the floor of the Stock Exchange to the "central," and thence distributed to the subscribers. Success with the "stock" news system was instantaneous.
It was at this juncture that Edison reached New York, and according to his own statement found shelter at night in the battery-room of the Gold Indicator Company, having meantime applied for a position as operator with the Western Union. He had to wait a few days, and during this time he seized the opportunity to study the indicators and the complicated general transmitter in the office, controlled from the keyboard of the operator on the floor of the Gold Exchange. What happened next has been the basis of many inaccurate stories, but is dramatic enough as told in Mr. Edison's own version: "On the third day of my arrival and while sitting in the office, the complicated general instrument for sending on all the lines, and which made a very great noise, suddenly came to a stop with a crash. Within two minutes over three hundred boys--a boy from every broker in the street--rushed up-stairs and crowded the long aisle and office, that hardly had room for one hundred, all yelling