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Updated: August 28, 2024
Half a hundred tickers in the Exchange convey the same news to as many brokerage firms. A wild scramble is started; everyone is anxious to go "long" on stocks which they have been cautiously selling for days past. Point by point the listed stocks advance. The clock strikes half-past two. Will half an hour suffice to readjust the market? An exceptional, an unprecedented bull panic is in progress.
He kept that job, making improvements and devising other stock tickers, until the Gold and Stock Telegraph Company consolidated with the Gold Indicator Company." "At twenty-two," the lecturer continued, "while Edison was with the Gold and Stock Telegraph Company, he often heard Jay Gould and 'Jim' Fisk, the great Wall Street operators of that day, talk over the money market.
Then O'Hara said that as I was the only one there with a watch he and Rand-Brown were in footer clothes, and Merrett and Moriarty hadn't got their tickers on them I'd better act as timekeeper. So I said all right, I would, and we went to the second fives-court. It's the biggest of them, you know.
"Those gentlemen, in banking on my inexperience in manipulations," he chuckled audibly, "evidently forgot that I had been a campaigner in Cuba. Even though I didn't learn much there about Wall Street or tickers, I did gather some very valuable knowledge of human nature. I guess that counts a little in deals, after all."
Callahan stated, with rather grudging praise, that "a ticker at the present time would be considered as impracticable and unsalable if it were not provided with a unison device," and he goes on to remark: "The first unison on stock tickers was one used on the Laws printer.
Here are the tickers communicating with the Chamber, tended by lads, who transfer the figures to big blackboards on the wall. In front of these boards sit, from morning to night, rows, perhaps relays, of men intently or listlessly watching the figures. Many of them, who seldom make a sign, come here from habit; they have nowhere else to go.
He became a Wall Street "has been" and could be seen daily on New Street, back of the Consolidated Exchange, where the "put" and "call" brokers congregate. The tickers in the saloons nearby fed his gambler's appetite.
Brokers, messengers, clerks, every one connected with the Stock Exchange is in a flurry. Tickers are for the time being utterly forgotten. In a corner of the Exchange sits the operator who has to send the doings of the day to the Press Association. He is unmoved by any excitement that may occur on the floor; it is an every-day experience with him.
The hours were literally endless; and upon one occasion, when the order was in hand for a large quantity of stock tickers, Edison locked his men in until the job had been finished of making the machine perfect, and "all the bugs taken out," which meant sixty hours of unintermitted struggle with the difficulties. Nor were the problems and inventions all connected with telegraphy.
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