ent. 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 nois