Edison: His Life and Inventions

in 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

s 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 thou

. S. Mallory, an associate of many years, quotes directly from him on this point: "Some years ago we had a business negotiation in New York which made it necessary for Mr. Edison and me to visit the city five or six times within a comparatively short period. It was our custom to leave Orange about 11 A.M., and on arrival in New York to get our lunch before keeping the appointments, which were usually made for two o'clock. Several of these lunches were had at Delmonico's, Sherry's, and other places of similar character, but one day, while en route, Mr. Edison said: 'I have been to lunch with you several times; now to-day I am going to take you to lunch with me, and give you the finest lunch you ever had.' When we arrived in Hoboken, we took the downtown ferry across the Hudson, and when we arrived on the Manhattan side Mr. Edison led the way to Smith & McNell's, opposite Washington Market, and well known to old New Yorkers. We went inside and as soon as the waiter appeared Mr. Edison ordered apple dumplings and a cup of coffee for himself. He consumed his share of the lunch with the greatest possible pleasure. Then, as soon as he had finished, he went to the cigar counter and purchased cigars. As we walked to keep the appointment he gave me the following reminiscence: When he left Bos

oom." Devoted to one, but the leading object of speculation, the "Gold Room" was the very focus of all the financial and gambling activity of the time, and its quotations governed trade and commerce. At first notations in chalk on a blackboard sufficed, but seeing their inadequacy, Dr. S. S. Laws, vice-president and actual presiding officer of the Gold Exchange, devised and introduced what was popularly known as the "gold indica

imes the mechanism and the registrar were equal to all emergencies. But it is obvious that the record had to be carried away to the brokers' offices and other places by messengers; and the delay, confusion, and mistakes soon suggested to Doctor Laws the desirability of having a number of indicators at such scattered points, operated by a master transmitter, and dispensing with the regiments of noisy boys. He secured this privilege of distribution, and, resigning from the exchange, devoted his exclusive attention to the "Gold Reporting Telegraph," which he patented, and for which, at the end of 1866, he had secured fifty subscribers. His indicators were small oblong boxes, in the front of which was a long slot, allowing the dials as they travelled past, inside, to show the numerals constituting the quotation; the dials or wheels being arranged in a row horizontally, overlapping each other, as in modern fare registers which are now seen on most trolley cars. It was not long before there were three hundred subscribers; but the very success of this device brought competition and improvement. Mr. E. A. Callahan, an ingenious printing-telegraph operator, saw that there were unexhausted possibilities in the idea, and his foresight and inventiveness made him the father of the "ticker," in connection with which he w

an, 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

emonium, 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

red 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. The Gould and Fisk crowd had cornered gold, and had run the quotations up faster than the indicator could follow. The indicator was composed of several wheels; on the circumference of each wheel were the numerals; and one wheel had fractions. It worked in the same way as an ordinary counter; one wheel made ten revolutions, and at the tenth it

h wires. Gould seemed to be in charge, Fisk being the executive down-town. Fisk wore a velvet corduroy coat and a very peculiar vest. He was very chipper, and seemed to be light-hearted and happy. Sitting around the room were about a dozen fine-looking men. All had the complexion of cadavers. There was a basket of champagne. Hundreds of boys were rushing in paying checks, all checks being payable to Belden & Company. When James Brown, of Brown Brothers & Company, broke the corner by selling five million gold, all payments were repudiated by Smith, Gould & Martin; but they continued t

couldn't do it, so Borst and I always worked together. Borst did less talking than any operator I ever knew. Never having seen him, I went while in New York to call upon him. I did all the talking. He would listen, stroke his beard, and say nothing. In the evening I went over to an all-night lunch-house in Printing House Square in a basement-Oliver's. Night editors, including Horace Greeley, and Henry Raymond, of the New York Times, took

ated with Pope and Ashley, he followed up his work on telegraph printers with marked success. "While with them I devised a printer to print gold quotations instead of indicating them. The lines were started, and the whole was sold out to the Gold & Stock Telegraph Company. My experimenting was all done in the small shop of a Doctor Bradley, located near the station of the Pennsylvania Railroad in Jersey City. Every night I left for Elizabeth on the 1 A.M. train, then walked half a mile to Mr. Pope's house and up at 6 A.M. for breakfast to catch the 7 A.M. train. This continued all winter, and many were the occasions when I was nearly frozen in the Elizabeth walk." This Doctor Bradley appears to have been the first in this country to make electrical measurements of precision with the galvanometer, but was an old-school experimenter who would work for years on an instrument without commercial value. He was also extremely irascible, and when on one occasion the connecting wire would not come out of one of the binding posts of a new and costly galvanometer, he jerked the instrument to the floor and then jumped on it. He

, Doctor Laws's enterprise being absorbed by the Gold & Stock Telegraph Company, while the Laws stock printer was relegated to the scrap-heap and the museum. Competition in the field did not, however, cease. Messrs. Pope and Edison invented a one-wire printer, and started a system of 'gold printers' devoted to the recording of gold quotations and sterling exchange only. It was intended more especially for importers and exchange brokers, and was furnished at a lower price than the indicator service.... The building and equipment of private telegraph lines was also entered upon. This business was also subsequently absorbed by the Gold & Stock Telegraph Company, which was probably at this time at the height of its prosperity. The fina

k you should receive?' I had made up my mind that, taking into consideration the time and killing pace I was working at, I should be entitled to $5000, but could get along with $3000. When the psychological moment arrived, I hadn't the nerve to name such a large sum, so I said: 'Well, General, suppose you make me an offer.' Then he said: 'How would $40,000 strike you?' This caused me to come as near fainting as I ever got. I was afraid he would hear my heart beat. I managed to say that I thought it was fair. 'All right, I will have a contract drawn; come around in three days and sign it, and I will give you the money.' I arrived on time, but had been doing some considerable thinking on the subject. The sum seemed to be very large for the amount of work, for at that time I determined the value by the time and trouble, and not by what the invention was worth to others. I thought there was something unreal about it. However, the contract was handed to me. I signed without reading it." Edison was then handed the first check he had ever received, one for $40,000 drawn on the Bank of New York, at the corner of William and Wall Streets. On going to t

he fierce, eruptive energy of a great volcano, throwing out new ideas incessantly with spectacular effect on the arts to which they related. It has always been a theory with Edison that we sleep altogether too much; but on the other hand he never, until long past fifty, knew or practiced the slightest moderation in work or in the use of strong coffee and black cigars. He has, moreover, while of tender and kindly disposition, never hesitated to use men up as freely as a Napoleon or Grant; seeing only the goal of a complete invention or perfected device, to attain which all else must become subsidiary. He gives a graphic picture of his first methods as a manufacturer: "Nearly all my men were on piece work, and I allowed them to make good wages, and never cut until the pay became absurdly high as they got more expert. I kept no books. I had two hooks. All the bills and accounts I owed I jabbed on one hook; and memoranda of all owed to myself I put on the other. When some of the bills fell due, and I couldn't deliver tickers to get a supply of money, I gave a note. When the note

ntil released by the printing lever. This device is too well known to require a further description. It is not applicable to any instrument using two independently moving type-wheels; but on nearly if not all other instruments will be found in use." The stock ticker has enjoyed the devotion of many brilliant inventors-G. M. Phelps, H. Van Hoevenbergh, A. A. Knudson, G. B. Scott, S. D. Field, John Burry-and remains in extensive use as an appliance for which no substitute or competitor has been found. In New York the two great stock exchanges have deemed it necessary to own and operate a stock-ticker service for the sole benefit of their members; and down to the present moment the process of improvement has gone on, impelled by the increasing volume of business to be reported. It is significant of Edison's work, now dimmed and overlaid by later advances, that at the very outset he recognized the vital i

is I invented a

Nuremberg, stayed there and founded electrical factories, which became the third largest in Germany, their proprietor dying very wealthy. "I gave them a good training as to working hours and hustling," says their quondam master; and this is equally true as applied to many scores of others working in companies bearing the Edison name or organized under Edison patents. It is curiously significant in this connection that of the twenty-one presidents of the national society, the American Institute of Electrical Engineers, founded in 1884, eight have been intimately associated with Edison-namely,