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APPENDIX 
tended to their clients. Negotiability imparts value to securities, and 
the New York Stock Exchange promotes negotiability.” (Duncan 
MacGregor in the Financial Barometer.) 
(VId) The stock ticker was first projected about 1867 by E. A. 
Calahan, an employee of the American Telegraph Co. Prior to that 
time, current quotations were made available from the Stock Ex- 
change during the day by a curious industry known as “pad-shoving.” 
Messengers would secure the latest prices at the Exchange, and rush 
from one brokerage office to another shouting them out. In the days 
before continuous markets, 4o0-story buildings, and four million share 
days, this was well enough. Nevertheless, by December, 1869, the 
first stock tickers in the world were installed by a few progressive 
Wall Street brokers. So slow and subject to break downs were 
they, that for a time the “pad-shovers” competed successfully with 
them. In a few years, however, perfections in the machines by 
Thomas Edison and other inventors rendered the occupation of 
“pad-shoving” obsolete in Wall Street. 
The stock ticker, of course, operates much more rapidly than the 
revolution of the earth. The stock tickers of San Francisco report 
prices only about a minute after they have been printed in New York. 
But when the New York market opens at Io A.M. it is 9 A.M. in 
Chicago, 8 A.M. in Omaha, and 7 A.M. in San Francisco. When day- 
light saving time was adopted and the Exchange opened at 9 A.M. 
standard time, the unhappy Californians protested vigorously at being 
forced to begin the day’s business at 6 A.M. Yet at the same time, 
the London broker interested in American securities finds it 2.56 P.M. 
and if he wishes to follow the New York market to its close at 3p.M. 
New York time, he cannot leave the “City” for dinner till about 8 p.M. 
All the New York Stock Exchange can do in this dilemma is to point 
out that, after all, it is not really responsible for the leisurely pace of 
the world’s sidereal revolution! 
Originally, quotations for both stocks and bonds were handled by 
the same quotation system in the Exchange, and were printed on the 
same stock tape. In 1919, bonds were placed on a special “bond ticker” 
in order to relieve congestion on the stock ticker. All quotations were 
at that time dispatched from the floor by ordinary telegraphic instru- 
ments to an office in the upper stories of the Exchange building, where 
operators received them and printed them on the tape. Only one 
instrument was needed to send bond quotations upstairs from the 
floor, and thus the bond ticker system was comparatively simple. But 
there were four stations on the floor, whence stock quotations were 
dispatched, and consequently upstairs there had to be four operators