Edison, His Life and Inventions [48]
that such and such a broker's wire was out of order and to fix it at once. It was pandemonium, and the man in charge became so excited that he lost control of all the knowledge he ever had. I went to the indicator, and, having studied it thoroughly, knew where the trouble ought to be, and found it. One of the innumerable contact springs had broken off and had fallen down between the two gear wheels and stopped the instrument; but it was not very noticeable. As I went out to tell the man in charge what the matter was, Doctor Laws appeared on the scene, the most excited person I had seen. He demanded of the man the cause of the trouble, but the man was speechless. I ventured to say that I knew what the trouble was, and he said, `Fix it! Fix it! Be quick!' I removed the spring and set the contact wheels at zero; and the line, battery, and inspecting men all scattered through the financial district to set the instruments. In about two hours things were working again. Doctor Laws came in to ask my name and what I was doing. I told him, and he asked me to come to his private office the following day. His office was filled with stacks of books all relating to metaphysics and kindred matters. He asked me a great many questions about the instruments and his system, and I showed him how he could simplify things generally. He then requested that I should call next day. On arrival, he stated at once that he had decided to put me in charge of the whole plant, and that my salary would be $300 per month! This was such a violent jump from anything I had ever seen before, that it rather paralyzed me for a while, I thought it was too much to be lasting, but I determined to try and live up to that salary if twenty hours a day of hard work would do it. I kept this position, made many improvements, devised several stock tickers, until the Gold & Stock Telegraph Company consolidated with the Gold Indicator Company." Certainly few changes in fortune have been more sudden and dramatic in any notable career than this which thus placed an ill- clad, unkempt, half-starved, eager lad in a position of such responsibility in days when the fluctuations in the price of gold at every instant meant fortune or ruin to thousands.
Edison, barely twenty-one years old, was a keen observer of the stirring events around him. "Wall Street" is at any time an interesting study, but it was never at a more agitated and sensational period of its history than at this time. Edison's arrival in New York coincided with an active speculation in gold which may, indeed, be said to have provided him with occupation; and was soon followed by the attempt of Mr. Jay Gould and his associates to corner the gold market, precipitating the panic of Black Friday, September 24, 1869. Securing its import duties in the precious metal and thus assisting to create an artificial stringency in the gold market, the Government had made it a practice to relieve the situation by selling a million of gold each month. The metal was thus restored to circulation. In some manner, President Grant was persuaded that general conditions and the movement of the crops would be helped if the sale of gold were suspended for a time; and, this put into effect, he went to visit an old friend in Pennsylvania remote from railroads and telegraphs. The Gould pool had acquired control of $10,000,000 in gold, and drove the price upward rapidly from 144 toward their goal of 200. On Black Friday they purchased another $28,000,000 at 160, and still the price went up. The financial and commercial interests of the country were in panic; but the pool persevered in its effort to corner gold, with a profit of many millions contingent on success. Yielding to frantic requests, President Grant, who returned to Washington, caused Secretary Boutwell, of the Treasury, to throw $4,000,000 of gold into the market. Relief was instantaneous, the corner was broken, but the harm had been done. Edison's remarks shed a vivid side-light on this extraordinary episode: "On Black Friday," he says, "we had a very exciting time with the indicators.
Edison, barely twenty-one years old, was a keen observer of the stirring events around him. "Wall Street" is at any time an interesting study, but it was never at a more agitated and sensational period of its history than at this time. Edison's arrival in New York coincided with an active speculation in gold which may, indeed, be said to have provided him with occupation; and was soon followed by the attempt of Mr. Jay Gould and his associates to corner the gold market, precipitating the panic of Black Friday, September 24, 1869. Securing its import duties in the precious metal and thus assisting to create an artificial stringency in the gold market, the Government had made it a practice to relieve the situation by selling a million of gold each month. The metal was thus restored to circulation. In some manner, President Grant was persuaded that general conditions and the movement of the crops would be helped if the sale of gold were suspended for a time; and, this put into effect, he went to visit an old friend in Pennsylvania remote from railroads and telegraphs. The Gould pool had acquired control of $10,000,000 in gold, and drove the price upward rapidly from 144 toward their goal of 200. On Black Friday they purchased another $28,000,000 at 160, and still the price went up. The financial and commercial interests of the country were in panic; but the pool persevered in its effort to corner gold, with a profit of many millions contingent on success. Yielding to frantic requests, President Grant, who returned to Washington, caused Secretary Boutwell, of the Treasury, to throw $4,000,000 of gold into the market. Relief was instantaneous, the corner was broken, but the harm had been done. Edison's remarks shed a vivid side-light on this extraordinary episode: "On Black Friday," he says, "we had a very exciting time with the indicators.