They got down to business on the spot, and they remained at it for three solid days in Mr. Stoll’s office. The agreement as reached called for A. T. & T. to pay off the preferred stock of Teletype, 13,979 shares callable at 105, and to give one share of A. T. & T. in exchange for each common share of Teletype. The A. T. & T. shares were worth about $200, so the price came to upwards of $30,000,000—plus, of course, the $1,467,795 for retiring the Teletype preferred. It should be noted here that this deal to take over Teletype on a share-for-share basis was exclusive of foreign patent rights but did include patent rights in Canada and Mexico. The sale to Western Electric was closed on September 30, 1930. Mr. Stoll of that company was made president. Howard Krum continued on as vice president and was a leader in developing a number of commendable devices, including a system for transmitting messages in scrambled, untranslatable code form and receiving such scrambled code in perfect message form. Mr. Morton was retained as consultant. Edward Kleinschmidt made an arrangement to do development work for the new organization in a laboratory of his own, assigning all inventions to the Teletype Corporation (see page 50). After Kleinschmidt left Teletype, his assistant, Albert H. Reiber, carried on as head of Research and Development for a short while before his untimely death. In the meantime, Walter J. Zenner had advanced and, in 1935, became Department Chief and later Vice President in Charge of Research and Development. Under Zenner’s direction a number of new devices in the teleprinter field were developed, including ultra-high-speed tape-perforating and tape-controlled transmitting devices, as well as a high-speed stock ticker operating at 900 characters per minute (introduced in 1964) to replace the earlier Morkrum-Kleinschmidt ticker which operated at 500 characters per minute. Some 94 patents were issued in his name, which have contributed greatly to the growth of the Teletype Corporation.[11] On May 15, 1940, Howard Krum and Edward E. Kleinschmidt were both honored by The Franklin Institute and awarded the John Price Wetherill Medal, each one “For his Part in the Development of a Successful Electrically Operated Duplicate Typewriting Machine Now Known as the Teletypewriter,” (Quoted from the medal certificate.) [Illustration: Teletype Corporation’s new Model 33 Automatic Send-Receive Set _Picture through courtesy of Teletype Corporation_] Howard Krum later also received an award as Modern Pioneer from the National Manufacturers Association. Edward E. Kleinschmidt, on April 19, 1958, was awarded the honorary degree of Doctor of Engineering at the Polytechnic Institute of Brooklyn.