[Illustration: Fig. 12 Morkrum-Kleinschmidt Corporation Stock Ticker _Picture through courtesy of Teletype Corporation_] The Morkrum-Kleinschmidt company was soon able to show the Stock Exchange people a stock ticker operating on a telegraph system that worked at twice the speed of the step-by-step-operated tickers then in use. A speed of 500 printing operations per minute could be obtained, thus attaining a one-hundred-percent increase in the transmitting and recording of stock quotations on the tape (see figure 12). The Stock Exchange ticker service company ordered 15,000 of these high-speed tickers and the Western Union Telegraph Company also ordered a quantity for their national stock quotations distributing systems. As business of the combined Morkrum and Kleinschmidt companies went along, it was thought that the name “Morkrum-Kleinschmidt Corporation” was a pretty big mouthful and that a simpler name more characteristic of its products would be better. The name “Teletype” was suggested, and in the year 1928 the name change to “Teletype Corporation” was made. The exact origin of the word “teletype” is not known but it is no doubt one of the abbreviated forms of the words “telegraph typewriter” which were used over the years. In literature, in the early 1900s, we find that the word “teletype,” in speaking of printing telegraph equipment, and other shortened forms, such as “telewriter” and “teletyper,” were used interchangeably. Kleinschmidt’s son, Edward F., who studied electrical engineering at Steven’s Institute and at Northwestern University, was employed as development engineer by the Morkrum-Kleinschmidt company where he assisted in the design of projects at hand, and, during 1929, produced a system and apparatus for transmitting and recording printed characters by the successive transmission of dots arranged in a pattern to form letters. While this system required a higher signaling frequency, it was thought to be superior to permutation-code transmission over radio circuits where electrostatic interference is experienced, since, in the dot pattern transmission, electrostatic interference up to a degree will not change the readability of a transmitted letter. The system was in test operation to prove its efficiency over radio circuits where considerable static interference was experienced. Upon hearing of this new telegraph for the radio, Mr. R. Stanley Dollar became interested in the use of this communicating system for his steamship line. There was considerable correspondence in this matter during mid-1930, just prior to the sale of Teletype; however, neither AT&T nor Western Electric was interested in further promoting this new radio telegraph, so the matter was dropped.