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With the invention of the telegraph, Wall Street stock prices are now available to brokers in Philadelphia in a matter of minutes. By the late 1850s, Wall Street is connected by telegraph to every important American city and becomes the central investment market for the entire nation. Invented
by Edward A. Calahan in 1867, the stock |
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The stock ticker revolutionizes the stock market by bringing current prices to investors everywhere. Ticker companies obtain permission to station agents on the exchange floor; their reports go to the companies' operating rooms where the name of the stock, the price and the number of shares traded are typed on a keyboard. Elaborate electric circuitry transmit the keyboard movements and activate indicator wheels in tickers all across lower Manhattan.
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The first telephone is installed on the New York Stock Exchange (NYSE) floor. The NYSE was a pioneer in the use of the telephone, completing its first installation only two years after Alexander Graham Bell has conducted successful tests in Boston. Within a few years, many brokers are linked to the trading floor by phone, enabling them to place orders and receive verbal confirmations more quickly and accurately. |
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In 1903, when the New York Stock Exchange moved to its new building on the corner of Wall and Broad Streets, there were approximately 500 telephones installed on the trading floor, and 1000 stock tickers in operation in banks and brokerage houses.
Standing at their telephone booths on the trading floor, brokers check stock prices on the tape, ca. 1899 |
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The week of Oct 24 - 29 is a week of panic on Wall Street. The market began a downward spiral on the 24th and ended in the Market crash of October 29, 1929. On that day, the tape ran 3 hours in order to keep up with the unusually high trading volume. The value of stocks drops nearly $16 billion in the space of a week, and the Dow Jones Industrial Average drops from a high of 386 in September 1929 to a low of 40 in July 1932. New York Daily Investment News of October 25, 1929 trumpets an optimistic, but incorrect banner headline |
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First plastic
charge card is introduced by American Express Company. Previously made
of paper when the card was launched in 1958, this redesigned card is less
vulnerable to fake reproductions and also offers faster processing of
charges with the introduction of embossing machines that carbon-copied
the raised numbers and cardmember name. The first plastic charge card is introduced by American Express Company. Previously made of paper when the card was launched in 1958, this redesigned card was less vulnerable to fake reproductions and also offered faster processing of charges with the introduction of embossing machines that carbon-copied the raised numbers and cardmember's name. |
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Chase Manhattan Bank helps to revolutionize checking by instituting automated check processing. Its processing center is the first in New York. Computers and high-speed sorters read the magnetic code on each check. By the 1950s, check processing had become a cumbersome process, in part because of the dramatic increase in consumer banking, and a new technology was necessary to handle the increased volume efficiently. Gloria
Bohen with 1 million checks processed |
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New high-speed stock tickers capable of printing up to 900 characters per minute - nearly twice the rate of the old machines - are introduced. |
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Computer-driven, high-speed ticker tape display boards are inaugurated at the NYSE in 1965. |
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Chemical Bank installs the first cash dispensing machine in the New York area in a branch in Rockville Center, Long Island. A predecessor to the automated teller machine (ATM), this computerized machine enables customers with Master Charge credit cards (predecessor to MasterCard) to withdraw money from their accounts. First automated teller machine, Chemical Bank, 1969 |
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Citibank introduces the CitiCard, the first ATM card. | ||||
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The National Association of Securities Dealers introduces its automated quotation system (NASDAQ) which automates the trading of over the counter securities.
Rising share volume prompted the New York Stock Exchange to open an additional trading room in 1969. It featured two enormous horseshoe-shaped trading posts that could accommodate trading in 300 stocks. |
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American Express introduces magnetic stripes on the back of credit cards for more accurate authorizations. | ||||
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MasterCard uses the first laser holograms in credit cards as an antifraud device. | ||||
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American Express introduces the Blue Card, the first credit card with a computer chip to enhance security and convenience for online shopping. |
