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Electronic systems
[edit]Ticker tape
See the main article: Ticker Tape
In 1863 Edward A. Calahan of the American Telegraph Company invented a stock telegraph printing instrument which allowed data on stocks, bonds, and commodities to be sent directly from exchanges to broker offices around the country. It printed the data on 0.75 inches (1.9 cm) wide paper tape wound on large reels. The sound it made while printing earned it the name "stock ticker". Other inventors improved on this device, and ultimately Thomas Edison patented a "universal stock ticker", selling over 5,000 in the late 19th century.[3]
In the early 20th century Western Union acquired rights to an improved ticker which could deal with the increasing volume of stocks sold per day.[3]
At the time of the stock market crash in October, 1929, trading volumes were so high that the tickers fell behind, contributing to the panic. In the 1930s the New York Quotation Stock Ticker became widely used. A further improvement was in place in 1960.[3]
In 1923 Trans Lux Corporation delivered a rear projection system which projected the moving ticker onto a screen where all in a brokerage office could see it. It was a great success, and by 1949 there were more than 1400 stock-ticker projectors in the U.S. and another 200 in Canada. In 1959 they started shipping a Trans-Video system called CCTV which gave a customer a small video desk monitor where he could monitor the tickers.[6]
Competition, including Ultronics' Lectrscan electron wall system, led Trans-Lux to introduce the Trans-Luix Jet. Jets of air controlled lighted disks which moved on a belt on the broker's wall. Brokers ordered over 1000 units in the first six months, and by the middle of 1969 more than 3000 were in use in the U.S. and Canada.[6]
