It has generally been supposed that Edison did not take up work on the stock ticker until after his arrival a little later in New York; but he says: "After the vote-recorder I invented a stock ticker, and started a ticker service in Boston; had thirty or forty subscribers, and operated from a room over the Gold Exchange. This was about a year after Callahan started in New York." To say the least, this evidenced great ability and enterprise on the part of the youth. The dealings in gold during the Civil War and after its close had brought gold indicators into use, and these had soon been followed by "stock tickers," the first of which was introduced in New York in 1867. The success of this new but still primitively crude class of apparatus was immediate. Four manufacturers were soon busy trying to keep pace with the demands for it from brokers; and the Gold & Stock Telegraph Company formed to exploit the system soon increased its capital from $200,000 to $300,000, paying 12 per cent. dividends on the latter amount. Within its first year the capital was again increased to $1,000,000, and dividends of 10 per cent. were paid easily on that sum also. It is needless to say that such facts became quickly known among the operators, from whose ranks, of course, the new employees were enlisted; and it was a common ambition among the more ingenious to produce a new ticker. From the beginning, each phase of electrical development--indeed, each step in mechanics--has been accompanied by the well-known phenomenon of invention; namely, the attempt of the many to perfect and refine and even re-invent where one or two daring spirits have led the way. The figures of capitalization and profit just mentioned were relatively much larger in the sixties than they are to-day; and to impressionable young operators they spelled illimitable wealth. Edison was, how ever, about the only one in Boston of whom history makes record as achieving any tangible result in this new art; and he soon longed for the larger telegraphic opportunity of New York. His friend, Milt Adams, went West with quenchless zest for that kind of roving life and aimless adventure of which the serious minded Edison had already had more than enough. Realizing that to New York he must look for further support in his efforts, Edison, deep in debt for his embryonic inventions, but with high hope and courage, now made the next momentous step in his career. He was far riper in experience and practice of his art than any other telegrapher of his age, and had acquired, moreover, no little knowledge of the practical business of life. Note has been made above of his invention of a stock ticker in Boston, and of his establishing a stock-quotation circuit. This was by no means all, and as a fitting close to this chapter he may be quoted as to some other work and its perils in experimentation: "I also engaged in putting up private lines, upon which I used