November 15, 2011 archive

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

On this day in 1867, On this day in 1867, the first stock ticker is unveiled in New York City. The advent of the ticker ultimately revolutionized the stock market by making up-to-the-minute prices available to investors around the country. Prior to this development, information from the New York Stock Exchange, which has been around since 1792, traveled by mail or messenger.

The ticker was the brainchild of Edward Calahan, who configured a telegraph machine to print stock quotes on streams of paper tape (the same paper tape later used in ticker-tape parades). The ticker, which caught on quickly with investors, got its name from the sound its type wheel made.

Calahan worked for the Gold & Stock Telegraph Company, which rented its tickers to brokerage houses and regional exchanges for a fee and then transmitted the latest gold and stock prices to all its machines at the same time. In 1869, Thomas Edison, a former telegraph operator, patented an improved, easier-to-use version of Calahan’s ticker. Edison’s ticker was his first lucrative invention and, through the manufacture and sale of stock tickers and other telegraphic devices, he made enough money to open his own lab in Menlo Park, New Jersey, where he developed the light bulb and phonograph, among other transformative inventions.

Stock tickers in various buildings were connected using technology based on the then-recently invented telegraph machines, with the advantage that the output was readable text, instead of the dots and dashes of Morse code. The machines printed a series of ticker symbols (usually shortened forms of a company’s name), followed by brief information about the price of that company’s stock; the thin strip of paper they were printed on was called ticker tape. As with all these terms, the word ticker comes from the distinct tapping (or ticking) noise the machines made while printing. Pulses on the telegraph line made a letter wheel turn step by step until the right letter or symbol was reached and then printed. A typical 32 symbol letter wheel had to turn on average 15 steps until the next letter could be printed resulting in a very slow printing speed of 1 letter per second. In 1883, ticker transmitter keyboards resembled the keyboard of a piano with black keys indicating letters and the white keys indicating numbers and fractions, corresponding to two rotating type wheels in the connected ticker tape printers.

Newer and more efficient tickers became available in the 1930s and 1960s but the physical ticker tape phase was quickly coming to a close being followed by the electronic phase. These newer and better tickers still had an approximate 15 to 20 minute delay. Stock ticker machines became obsolete in the 1960s, replaced by computer networks; none have been manufactured for use for decades. However, working reproductions of at least one model are now being manufactured for museums and collectors. It was not until 1996 that a ticker type electronic device was produced that could operate in true real time.

Simulated ticker displays, named after the original machines, still exist as part of the display of television news channels and on some World Wide Web pages-see news ticker. One of the most famous displays is the simulated ticker located at One Times Square in New York City.

Ticker tapes then and now contain generally the same information. The ticker symbol is a unique set of characters used to identify the company. The shares traded is the volume for the trade being quoted. Price traded refers to the price per share of a particular trade. Change direction is a visual cue showing whether the stock is trading higher or lower than the previous trade, hence the terms downtick and uptick. Change amount refers to the difference in price from the previous day’s closing. These are reflected in the modern style tickers that we see every day. Many today include color to indicate whether a stock is trading higher than the previous day’s (green), lower than previous (red), or has remained unchanged (blue or white).

The NYPD raided Zuccotti Park this morning on the pretext that the site had become unsafe and unsanitary. There has also been some speculation that this was planned and coordinated by the Department of Homeland Security with the blessings of Barack Obama. Subway stations around the park have been closed and the Brooklyn Bridge has been closed. The protesters were given little notice of the eviction that started shortly after 1 AM EDT when they were handed a flier that ordered them to leave. Police surrounded the park and refused to allow the press access. Most of the tents, sleeping bags, books and equipment was tossed into garbage trucks. There are videos and pictures of the police trashing and destroying the encampment while laughing and joking. The protesters have been told they will be allowed to return to the park but tents, sleeping bags and tarps are banned.

Reports from Brian Devereaux of Democracy Now courtesy of the Guardian‘s Liveblog:

   Hundreds of officers with the New York City Police Department descended on the Occupy Wall Street encampment in Lower Manhattan late this evening. At approximately 1.00am protesters say the NYPD set up emergency vehicles around the park and turned on massive flood lights. Scores of officers in riot gear began entering the park and handing out notices of eviction. Protesters say there was little time to respond the department’s orders to disperse. Several hundred of the demonstrators rallied around the park’s central eating area.

   With roughly 200 protesters collected in the kitchen space, police and sanitation workers began tearing down tents and any standing structures around the park. Protester’s belongings were thrown into massive piles then loaded into large trucks.

   Media were repeatedly directed away from the square and eventually confined to a metal pen at the far end of the block. Police buses were later parked in front of the pen, blocking clear shots of the park.

   Meanwhile in the kitchen area six protesters reportedly used bicycle locks to chain themselves together by the neck. The demonstrators gathered at the centre of the park were free to leave but chose to stay, forming seated columns with their arms locked.

   A mass of police officers began to gather around the kitchen area to begin arresting the remaining protesters. Reports from inside indicated the arrests were orderly and non-violent, but some protesters and press who managed to leave the area reported that they saw officers beating and stepping on demonstrators.

Muse in the Morning

Time for a break from poetry…in order to create some art.

Water Colors 2