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Text Courtesy Of Wikepedia
Quotron’s success attracted the attention of Robert S. Sinn, who observed its disadvantages: it could only give a last price. The opening price, high and low for the day, and share volume were not available. His system used a digital computer to read ticker data and track the additional data on a magnetic drum storage unit, also transmitting the data to other magnetic drums in major cities. Local drums sent data to brokerages who would access it through desk units.
Sinn formed Ultronic Systems Corp. in January 1961. By the fall of that year Ultronics installed its first units in New York and Philadelphia, followed by San Francisco and Los Angeles. Ultimately Ultronics and General Telephone (which bought Ultronics in 1967) installed some 10,000 units world-wide.[10]
Quotron II Desk Unit.
Scantlin Electronics reacted immediately to the Ultronic threat. In early 1962 they began work on their own computer-based system and put it into service in December, 1962. It used four Control Data CDC 160A computers in New York which recorded trading data in magnetic core memory. Major cities hosted Central Office equipment connected to newly-designed Quotron II desk units in brokerage offices on which a broker could request, for any stock, price and net change from the opening, or a summary which included highs, lows, and volumes (later SEI added other features like dividends and earnings). The requests went to a Central Office, which condensed and forwarded them to the New York computer. Replies followed the sequence in reverse. The data was transmitted on AT&T's Dataphone high-speed telephone service. In 1963 the new system was accepted by many brokers, and was installed in hundreds of their offices.[9]
At the end of each day, this same system transmitted stock market pages to United Press International, which in turn sold them to its newspaper customers all over the world.
[edit]Am-Quote
In 1964 Teleregister introduced the Am-Quote system[11] with which a broker could enter code numbers into a standard telephone; a second later a pleasant (prerecorded) voice repeated the code numbers and provided the required price information. This system, like Ultronics’, made use of magnetic drums.
