68 THE WORK OF THE STOCK EXCHANGE 
of our railroads came to obtain the capital needed in laying the 
vast and permanent steel highways of our inland transportation 
system. To the Stock Exchange investors looked to give their 
newly acquired railroad securities an instant negotiability. It 
is little wonder, then, that until recent decades both the stock 
and bond markets on the Board have been preeminently markets 
for railroad securities. 
Expansion of Stock Exchange Facilities.—The New 
York Stock Exchange, in the constant effort to perfect its 
facilities, kept pace with the latest scientific inventions. In 
1867 the electric stock ticker was adopted to give speedier, 
more reliable and more complete publicity to Stock Exchange 
transactions ; gradually these stock tickers were introduced into 
distant cities, and today they are available even in Florida, 
California, and Canada.’ The rising volume of Stock Exchange 
business after the Armistice led to successive improvements 
in the ticker service; recently, a much more efficient ticker 
instrument has been developed. No other stock exchange in 
the world has such an instantaneous and far-reaching quotation 
service. 
In 1878 telephones were first installed on the Exchange 
oor to allow of speedier communication between it and the 
offices of its members. Similarly, the telegraph was speedily 
adopted to connect members’ offices in Wall Street with their 
branch or correspondents’ offices distant from New York, and 
thus to extend the facilities of the Exchange market. No such 
facilities for the instant execution of orders originating at 
great distances from the Exchange have ever been regularly 
established by the members of any other stock exchange; this 
development has been particularly necessary in America because 
of the great geographical distances of this country. 
In 1869 the 533 members of the New York Stock and Ex- 
change Board united with the 354 members of the “Open 
Board of Brokers” (a competitive stock exchange formed in 
~ & See Chapter VI, p. 168, and Appendix VId.