this period of development is afforded by an
interesting article on the stock-reporting telegraph in the Electrical
World of March 4, 1899, by Mr. Ralph W. Pope, the well-known Secretary
of the American Institute of Electrical Engineers, who had as a youth an
active and intimate connection with that branch of electrical industry.
In the course of his article he mentions the curious fact that Doctor
Laws at first, in receiving quotations from the Exchanges, was so
distrustful of the Morse system that he installed long lines of
speaking-tube as a more satisfactory and safe device than a telegraph
wire. As to the relations of that time Mr. Pope remarks: "The rivalry
between the two concerns resulted in consolidation, 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 financial organization of the company was
peculiar and worthy of attention. Each subscriber for a machine paid
in $100 for the privilege of securing an instrument. For the service
he paid $25 weekly. In case he retired or failed, he could transfer
his 'right,' and employees were constantly on the alert for purchasable
rights, which could be disposed of at a profit. It was occasionally
worth the profit to convince a man that he did not actually own the
machine which had been placed in his office.... The Western Union
Telegraph Company secured a majority of its stock, and Gen. Marshall
Lefferts was elected president. A private-line department was
established, and the business taken over from Pope, Edison, and Ashley
was rapidly enlarged."

At this juncture General Lefferts, as President of the Gold & Stock
Telegraph Company, requested Edison to go to work on improving the stock
ticker, furnishing the money; and the well-known "Universal" ticker, in
wide-spread use in its day, was one result.