13. Phelps Stock Printer
Some of Edison's early stock ticker prototypes did not perform very well on tests conducted on the Cotton and Produce Exchanges. According to an article published in 1901 in the Electrical World and Engineer, by Edward A. Calahan (the original inventor of the stock ticker), "as such it [Edison's stock ticker] was only a partial success, owning to inferior workmanship. It was replaced by a ticker invented by G.M. Phelps that was vastly superior in workmanship, speed, and accuracy, but more expensive and delicate, which may account for its limited use." It's possible Mr. Calahan was not a fan of Edison's. Edison continued to make improvements to his "cotton instrument," which eventually evolved into the very successful Universal Stock Ticker.
14. Edison Stock Ticker Transmitter
The sending device that Edison used for his early stock tickers resembles the Private Line Printers. The beautiful circular keyboard and spinning governor at the top of the machine is apparent. Later sending devices would resemble small pianos with rows of keys.
15. Stock Ticker Patent Models
Meanwhile, Edison was busy making improvements on the stock ticker in an attempt to introduce a reliable machine that could be used on a mass basis. Inventors did not wait to complete the entire machine before applying for patents on the separate mechanisms. As the assembly or new mechanism was invented, a patent application along with a prototype of the mechanism was filed with the Patent Office. Printing telegraphs and stock tickers would represent the first 40 of the 1,093 patents that Edison would be awarded throughout his career.
16. Universal Stock Ticker
Eventually Edison's evolving improvements in stock ticker technology resulted in the introduction of the Universal Stock Ticker. The Universal was highly dependable and was produced in high volume. At least 5,000 of these devices were produced and served investors. The Universal Stock Ticker was Edison's first commercial success and established him with Wall Street connections that would fund development at his Menlo Park laboratory, as well as funding many of his greatest inventions, including the incandescent electric light bulb.
17. Production Facilities
Stock tickers and other "scientific instruments" required considerable skill to manufacture and assemble. State-of-the-art tools and small machining shops were common throughout the East Coast during the late 1800s.
18. The Invention Factory
By 1876, Thomas Edison would move on to his Menlo Park, New Jersey, laboratory leaving his stock ticker days behind. Many of the Universal Stock Tickers were manufactured at the Ward Street facility in New Jersey. Western Union would continue manufacturing the Universal, and later a self-winding stock ticker. Edison met and assembled one of the greatest teams of engineers, mathematicians, machinists, chemists, and inventors during his stock ticker years. The diverse cultural and specialty backgrounds of each of these people resulted in what may be the most inventive and productive business team in history.