The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-01-03
SHORTEST TELEGRAPH LINE
Is in New York Stock Exchange and Only
Fifty Feet Long.

Fifty Feet Long,.
Probably the shortest independent
telegraph line in the world is the one
contained within the walls of the New
York stock exchange. 1t is little more
than so feet in length, extending only
from the first to the fourth floor of the
famous money mart, yet it is as perfect
in mechanical detail and over it during
operating hours passes a volume of
business exceeding that of transcOnti-
mental wires. This unique telegraph
system is employed solely in reporting
the transactions of. the exchange. One
terminus of the line is on the exchange
floor, the other is in the top of the
building, flight above the point to
which the elevators run and where
none but trusted employees of the tele-
graph company are admitted.
Here in two little rooms, side by side,
are the officers of the New York Stock
Quotation company, where record of all
the exchange operations is received,
and is transmitted to 'tickers' in every
part of the city almost as soon as the
transactions are completed downstairs
Inside the offices are six operators Sc
lected from many hundreds for their
skill, rapidity and tNustworthiness to
carry on this confidential work. Moth
ing is left to the honesty of the opera
tors, however. From the time they en-
ter the office, at 10 in the morning, until
the exchange closes, at 8 in tbs after
noon, the doors, which afford the only
means of entrance or exit, are closed
and locked. Outside, on the stairway
stands a uniformed guard, who warns
away all would-be intruders and keeps
watch and ward over the men them
selves.
The business transa cted in the office
at the top of the exchange building IS
of a peculiar kind, being made up en-
tirely of the record of quotations and
sales. The method followed in doing
this work is interesting as illustrating
the perfection of quick communication.
There may be 10000 quotations sent out
in the course of a day, but so complete
is the system that every sale or offer
is reported in 1000 offices in from 10 to
80 seconds of the time when it takes
place.
All the business on the floor of the
exchange is transacted by verbal agree
ment, and when the market is brisk
there is perfect fusllade of bids and
sales. Fourteen official reporters" jot
down the record OF all transactions on
little slips, which are then rushed over
to the telegraph desk, a distance of
perhaps 20 feet and promptly placed on
the wire which runs upstairs.
AT the other end of the line the oper-
ators are ready to receive the message
and put it on the outreaching lines.
When business is running in ordinary
course there is no copying in the upper
office and each transmitting operator
takes the message by ear as it is clicked
off and puts it on his own wire without
waiting for the receiving operators to
pass it on to him, so that the printing
of the quotation on the tape of every
ticker i'll the system is practically in
Simultaneous with the touch of the
transmitting operator on the exchange
floor.
But when there is rush this method
cannot be followed. In that case two
receiving operators are stationed with
each sending, one seated on either side
of him. They take down the MESA ges
as they come and pass them on to the
transmitter. He sends them out alter
nately, being able to work twice as fast
as the receivers.
The men employed in the 1tock quo
tation office are all experts" said the
superintendent of the exchange tele-
graph, in answer to a question They
are the pick of hundreds in the employ
of the telegraph companies. Most of
them have been engaged in this work
for years.
IAN operator who has been employed
in sending word messages, no matter
how rapid he might be, would be of no
use to us for the first few months, I'M
til he got into the swing of the work.
1t requires a special training to master
our system and to become familiar with
all the characters employed in the
work. Boston Globe.