The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-14

more and the quotation will come out on
! the tape in the Offices of a thousand Mem
| bers of the Stock Exchange. In the cen
trail office man sits at an electric type
writer corresponding to the one in the
! tower. The same instant in which he
/ receives a quotation from the tower man
! the central man presses keys or electric
| buttons, which connect with forty cir
/ cults of twenty-five wires each; hence
when he presses the keys of his type
writer he prints the quotation on a thou
| sand bckers at once. Thus, six seconds
after SALE a bid an offer the
floor" the particulars are known not
| only in the offices of a thousand members
tof the Exchange but in the offices, as
well, of a thousand non-members in New
| York, Brooklyn and Jersey City.
! Here is an illustration of the rapidty
of the process. A broker on the Exchange
makes a sale and rushes toward his
phone to notify his bookkeeper; but be-
fore he can get across the floor the news
of the sale appears on the tape in his
office The whole thing is perhaps not
quite quick as saying Jack Robinson,
but, if after bidding so for Atchison, you
stop to say Mr-Jack-Robinson two
thousand city tickers, as you utter the
last syllable. will print your bid.
Everywhere the Ticker.
The two thousand tickers are fed thus:
One-half by the Stock Exchange which
supplies only members and only those,
moreover, having Offices south of Cham
bers street; the second thousand is sup
piled by the Western Union Telegraph
Company to non-members south of Cham
bers street and to any subscriber, whether
| a member or non-member, north of the
same street
In addition to the tickers within the
city limits the telegraph company sup
plies thousands of other tickers in cities
all over the Union, and cables quotations
besides to the chief cities of Europe. Each
city has its central Office, of course, with
its electric typewriter, as in New York.
Thus like a lightning flash the news of
each Stock Exchange transaction is
| spread over two continents in the single
continuous column of that remarkable
newspaper. The Tape.
The dongs of the Consolidated Ex-
change the Junior Stock Exchange, so
to speak. are recorded in exactly - the
same way-only The Tape of the Consoli-
dated has not so general circulation.
The business of the Produce, Cotton.
| Coffee and other exchanges, as well as
the trading in leather and petroleum, and
other markets, is given publicity by the
news bureaus
Rival Purvcyors of Money History.
The bureaus which engage in the pro-
! cess os enlie htening the financial district
are located almost side by side on Broad
street-two of them, friendly rivals. They
| make a business of sending to brokers,
bankers and spectators news of any
| happening that has a bearing on the
money market-events not only of Wall
street. but of all the world. They must
first gather this news. so they have cor
respondents scattered over the globe to
the remotest spots touched by cable or
wire
1t is these bureaus, then, and not the
newspapers, upon which Wall street re-
| lies for earliest information. Ten 'min-
utes after a foreign country calls for a
loan. five minutes after an Albany strike
is settled, the news bureaus make the
facts known to Wall street. Information
is sent out, first by news tape; second.
| by a system of printed bulletins deliver
ed by boys. and known as slip service
! News tape is operated by an electric
| typewriting machine practically the same
stock tape, but there is good deal
more to it. For news tape is as wide as
two newspaper columns. and instead of
containing characters unreliable save by
the initiated. news. tape leaks out of tine
ticker bearing kilograms of from five
to fifty words that can be read as east
ly as any typewriter correspondence.
The inventor of one remarkable machine
| that does this work, Mr.. Essick. was,
on certain evening ten years ago, walk
ing along a Brooklyn street, carrying the
model of the instrument. He was weary
! and discouraged for the machine repre-
! sented his life's work, and he had not
found capitalist to put it on the mar
ket. Suddenly he stumbled his toe. and
the bundle. the precious model, slippe
| from his hand and crashed on the pave
ment. Heart and soul sick he was
| about to drag on, abandoning the model
/ on the spot where II had smashed to bits.
| You've dropped something" said a pass
ing stranger. STOPPING and picking up the
| bundle. They walked on together, Es>
sick explained his invention. and--it
reads like a Sunday-school story-tne
stranger proved TO be a capitalist and
| newspaper publisher. No more need be
said. To-day an operator in the office of
a news bureau by pressing the keys of
the Essick machine typewrites a letter
on a similar instrument miles away.
! An extra" Every Ten Minutes.
The second branch OF the news bureau
! work, slip service" gives even fuller
| Information than the news tape. Here is
/ an illustration of how the slips, or cir
\ culars, which are in reality little news
/ papers are produced: 1t is the day OF
I
! in Northern Pacific and shares are SELL
/ ing for 81 600. In the midst of the finan-
| cial melee. when a great many of the op-
orators in Wall street. according 10 the
market. are insolvent. the manager of j.
! p Morgan & Co. sends for a representa-
/ tive of the news bureau. Announce, +"
says Morgan's man. that deliveries OF
/ Northern Pacific will not be enforced to-
day" Same time, some one representing
! the associa ted banks also sends for a
news bureau reporter: Announce that
we will loan money at the legal rate 10
the extent OF $4,000 600" CAT this par
ticular moment money was being loaned
at % TO 50 per cent? Announce. 900. -
continues the mouthpiece of the banks.
that we will not call loans made this
day-that such loans can stand for a
while a least"
Now the two news bureau men rush 10
the nearest phones. which have been held
open to their offices for the purpose and
repeat the news which has been intrusted
to them As they speak. two editors in
the Office are writing their very words
on pieces OF yellow paper. Into pneu-
matte tubes tho editors thrust the yellow
sheets ana down they shoot 20 the press
room. Here the copy IL distributed 20
/ thrcc linotypers, and half a minute later
those messages are being printed ON the
/ very tlnlcst cylinder press in New York