US1715894A - Method and means for handling quotations - Google Patents

Description

June 1929- Y w. 'r. BIRDSALL 1,715,894

METHOD AND MEANS FOR HANDLING QUOTATIONS Filed March 15, 1926 '2 Sheeis-Sheet 1 I I I ATTORNEY June 4, 1929.

W. T. BIRDSALL METHOD AND MEANS FOR HANDLING QUOTATIONS FiledMarch 15, 1926 2 Sheets-Sheet 2 ATTORNEY Patented June 4, 1929.

UNITED STATES PATENT OFFICE.

WILFRED T. BIRDSALL, OF MONTCLAIR, NEW JERSEY, ASSIGNOR TO TRAN S-LUX DAY- IIIGHT PICTURE SCREEN CORPORATION, OF NEW YORK, N. Y., A CORPORATION OF DELAWARE.

METHOD AND MEANS FOR HANDLING QUOTATIONS.

Application filed March 15, 1926. Serial No. 94,701.

This invention relates to a method and' means for handling quotations, such as stock or bond quotations, and has for its principal object toprovide a method and means which may be employed in practicing the invention set forth in the copending application of Henry Loveridge and myself, Serial No. 93,072 filed March 8, 1926.

As pointed out in the aforesaid copending application, the capacity for a single receiving mechanism is limited. This mech anism is generally termed a ticker, and this term will be used throughout the specification and claims as defining a printing mechanism adapted to receive and print characters upon a tape. It is to be understood that I do not intend to limit myinvention to stock and 'bond' tickers alone. In the aforesaid copending application there was described and claimed a method for handling quotations which comprised a plurality of tapes on which quotations were simultaneously printed and projected on to a screen, thus making possible the employment of a plurality of tickers to handle the work now performed b one.

Specifically, one of t e objects of my invention is to provide means for synchronizing the transmitting of quotations when this is done by a plurality of transmitting tapes.

Another specific object of my invention is to provide means which will permit the absolute synchronizing of the movement of a. plurality of ticker tapes so that, .when the quotations on the tapes are simultaneously projected on a screen, there Wlll be no relativemovement between the tapes.

Other objects will be best understood from the following description when taken in connection with the accompanying drawings in which:

' Figure 1 is a diagrammatic view illustrating my invention as practiced at the transmitting end of a wire.

Figure 2 is a diagrammatic plan view of an arrangement of tickers by which the ticker tapes may be fed in synchronism.

Figure 3 is an end view of the feeding roller shown in Figure 2.

Figure 4 is a bottom plan view of the structure shown in Figure 3 partly in section.

Figure 5 is an enlarged view of part of the structure shown in Figure 3. V

Figure 6 is a wirin diagram showing an automatic control devlce governed by movement of one of the tickers shownvin Figure 2.

Referring first to Figure 1 it may be stated that it is common practice to transmit telegraphic messages, such as stock quotations, by means of a perforated tape. perforations govern the sending of certain electrical impulses in a manner well-known in the art. In Figure 6 I have shown a contact plate 1 and a contact finger 2 which may be used as exemplifying means controlling the sending of impulses and in turn controlled by the perforated tape, the circuit being closed when a perforation permits the contact finger 2 to engage the plate 1 It is to be understood that this is merely a diagrammatic exemplification of well-known systems.

In Figure 1 I have shown two transmission tapes 3 and 4, although of course my invention is not limited to the two tapes. According to my invention these tapes are perforated in the usual manner and then fed through a plurality of transmitters or one transmitter designed to handle a plurality of tapes, if desired. The tapes are fed insynchronism by any suitable means indicated in Figure 1 by a common feed roller 5 operated from a motor 6.

The perforations in a tape which represent a certain character are arranged in a certain sequence so as to control the performance in a definite cycle of functions by sending impulses to a ticker. For example, one type of ,impulse may operate a letter The printing wheel, another type may operate Accordin to my invention the total cycle is ma e to occupy'the same'length of tape and the same time, regardless of the character which is to be transmitted. For example, in Figure 1, I have, shown the space A as being reserved for the perforations necessary to transmit a character and the space B being reserved for perforations which will cause the shifting of the ticker tape. The space A may be divided into-subdivisions m, y and z, in each of which is received the perforations governing a certain type ofimpulse. For example, the space 00 may contain perforations which will cause impulses resulting in moving the type wheel of the ticker, the space 3/ may contain perforations which will result in the sending of impulses for shifting the pressing mech-' anism on the ticker fromthe numeral wheel to theletter wheel, While the space 2 may .contain'perforations causing the pressing mechanism to operate upon the ticker tape and the type wheel. The above arrange ment is-merely exemplary and, of course, the number of spaces will vary according to the. system of transmission which is employed. In any case, however, the space A is made the same on all tapes so that a character will be transmitted in a certain fixed time and by a certain fixed length of tape... Similarly, the space B is the same on all tapes, likewise, the-spaces :0, grand z are the same respectively on all tapes employing the same system of transmission, or in other words the same type of transmitters. The

space A is made sufliciently large-s0 that any character may be transmitted thereby. The spaces re erred to above may be maintained of proper length by any suitable means. For example, theperforating of the 'tape 1S done on a machine emplo ing'a key I "board resembling a typewriter my board,

and the machine may be equipped with an arrangement similar to a tabulating arrangement on a typewriter. Other-.means will readil suggest themselves to'those skilled in t e art.

When the plurality of tapes are fed through the transmitter, the spaces A and B on;the several tapes are placed exactly opposite to each other as indicated-in Figure' 1, so that they will pass through the transmitter at the same time. Therefore,

it will be obvious that, if there are employed a plurality of tickers corresponding in numher to the number of transmitting tapes, the characters on all of the tapes in these tickers will beprintedat the same time, the

. length of time correspondingto the space A, and then all tapes will be shifted together during a time corresponding to the space B. Therefore, it is obvious that the ticker tapes will move in unison on being fed from the tickers and, if desired, the plurality of separate ticker tapes may be replaced with one wide tape upon which a plurality of print ing mechanisms may act. Also, the plurality of-trans mitting tapes may be replaced with one wide taper However, my invention may be readilypracticed with existing mechanisms and this feature results in perfect.

synchronism of transmitting.

Referring now to Figures 2 to 5 inclusive l[ have shown-therein a means for achieving absolute synchronism of movement of a plurality of tapes carrying quotations printed thereon by a corresponding number of tickers. The numeral 7 designates =a ticker of usual constructionwhich may be readily secured in a certain position and which prints characters upon a usual tape 8 supplied from a'reel 9. The details of this construction .are well-known in the art and, as they form no part of my invention, I have omitted a detailed showing thereof. The

tape,.after it leaves the ticker 7, may be fed across a projection position exemplified by a support 10 which may be made of trans I parent material, the feeding being accomplished by a roller 11 controlled by a motor 12 the operation of-which is in turn 'controlled by an arm 13 resting upon the tape between the ticker and the projection position. The arrangement.JuSt'deScribed is also .known and by itself forms no part of my invention. The roller 11, however, isextended in length so as to impart motion to a plurality of tapes. In this instance I have shown two tapes operated by the one roller, the tape v8 and a second tape 14 upon which characters are printed by the usual mechanism incorporated in a ticker 15.

The ticker 15 is preferably mounted to travel along a track formed by the rails 16' and'is normally urged toward the right as shown in Figure 2 by the spring 17. The roller 11 is provided at one end with a bearing. 18 upon which is rotatably mounted the drum 19. The drum has wound thereon a cord or other flexible element 20 which is attached to the ticker 15 and holds the ticlrer in position against the action of the spring 17. Secured to the drum 19 is a ratchet 'wheel 21 which is also rotatably mounted on the bearing 18. 'Cooperating with the ratchet wheel 21 is an escapement pawl 22 which is pivotally mounted at 23 upon the 'end of the roller 11. As best shown in Figure 5 the pawl-22 is provided with an arm however, I use a similar arrangement to control the movement of the tape from the movable ticker 15. I place the magnet 28 of the ticker at a fixed distance from the roller 11 and at the end ofthe lever I provide the pivoted pawl 32 provided with acam slot to receive the fixed pin 32, and contactin with the teeth of the ratchet wheel 27 and adapted to operate the same. lVhen the armature 29 is moved toward the magnet 28, the pawl 32 is forced by the pin 32 into position to engage the teeth of the ratchet wheel, and continued movement of the lever will cause rotation of the ratchet wheel. This wheel carries the pin 26 and therefore its movement will cause this pin to rock the escapement pawl 22 and release the ratchet wheel 21, permitting the ratchet wheel and drum 19 to rotate on the bearing 18 to the extent of one tooth of the ratchet wheel.- The parts will then be in the position shown in Figures 3 and 5.

It will be noted that the ratchet wheel 27 is urged in a counterclockwise direction by means of thespring 36 which is secured at one end to the pin 26 and at the other end to the roller 11. -This counterclockwise movement is limited by the engagement of the pawl 32 with the ratchet wheel 27. Therefore, as the armature returns to its initial position, the spring 36 will rock the pawl 22 to move the end 22 thereof out of engagement with a tooth of the ratchet wheel 21, thus permitting unwinding move. ment of the drum '19.

A second feed roller 33 is disposed beneath the roller 11 and the tapes 14 and 8 pass between these two, rollers. The roller 33 is provided with the ratchet wheel 34: cooperating with a pawl 35 to prevent accidental movement of the tape in the wrong direction. The tape is fed in the direction of the arrows in Figures 2 and 3 and it is important that movement in the opposite direction should be prevented. This is done by means of the pawl and ratchet arrangement just described.

In operation and assuming that the ticker 7 is printing on the tape 8 and that the ticker 15 is idle, the tape 14 will nevertheless be fed forwardly by the feed rollers 11 and 33. As the roller 11 rotates it carries with it the pivot 23 and through the pawl 22,

- the ratchet wheel 21 and the drum 19. This action winds the cord 20 upon the drum 19 and moves the ticker 15 toward the left in Figure 2 against the action of the spring 17. The movement of the tapes 8 and 14 is therefore the same, and an absolute synchronism of movement is maintained.

If the ticker 15 is operating and the ticker 7 is not, then the magnet 28 is energized from time to time to release the escapement in the manner described above and permit the spring 17 'to move the ticker 15 away from the feeding rolls. By proper design the amount of rotationvof the drum 19 may be had to permit a movement of the ticker 15 equal to the length of tape fed thereby.

It is to be understood that, as the armature- 29 moves away from the magnet, the pin 32 will cause the pawl 32 to be moved out of position where it can engage the teeth of the ratchet wheel 27.

In the normal operation of the two tickers it will be apparent that the average speeds of the two tapes will be substantially the same. The ticker 15 may run on its track between certain limits, but these limits will not be very large ones and this is particularly true if the tickers are supplied with quotations according to the method described above and illustrated in Figure 1. That is, if the quotations are transmitted in synchronism, theoretically, there would be no need of a device similar to the one I have described to synchronize the ta e from the tickers. The two tickers coul be secured in position opposite each other and the tapes.

would be ejected therefrom together.

However, when the feed roller 11 is controlled by means of the tension in one tape, lack of synchronism may occur' and therefore it may be found advisable to employ the synchronous receiving arrangement with the synchronous transmittin method. This, however, is a matter of 1udgment as either method 'may be employed independently of the other or in conjunction with each other, as may be found best.

The track formed by the rails 16- need not be of very great length in order to take care of ordinary differences in speed of operation of the plurality of tickers. Such variations will compensate during the course of a day as the average speed of operation of one ticker will approximate that of another. However, in order to avoid the possibility of the arrangement becoming inoperative be cause of the ticker 15 running off one end of its track, the track may be made in the form shown in Figure 6. Referring to this figure it will be seenthat the two rails form part of a circuit from the transmitting mechanism exemplified by the elements'land 2. One end of a rail 16 may be formed of insulating material as indicated at 37 and 38. The track therefore forms. a switch in the circuit and, when theticker 15 moves to the end of the track on to the insulation 37 or 38, the switch will be opened and no further operation of the ticker will take place. The attendant may then replace the ticker on the central part of the track, making an adjustment in the length of tape necessary for this purpose. Obviously, if desired, a suitable alarm may be made to give a signal when the circuit is opened so as to attract the ati tention of an attendant, though normally the operation.

stopping of movement of the tape in itself would be a sufficient indicatiom It isto be understood that in ordinary practice a transmitter will send quotations I to a great many tickers, and it is contemplated that an installation at the receiving end of the wire will comprise a plurality of tickers and that the installation at the transmitting end ofv the wire will constitute a corresponding number of transmitting mechanisms. The transmitting mechanisms will then send quotations to a number of sets of tickers, each set comprising the samenumber of tickers as the number of transmitting mechanisms. i I

If it is desired to do so, an emergency control may be installed at the transmitting end of the wire and which shall be operated in case one of the tickers 15-approaches dangerously close to the end of its track. Such an arrangement is shown in Figurefi wherein the numeral 39 indicates a source of power for transmitting purposes, and the numeral 40 indicates a source of power to operate the motor 41 which feeds the transmitting tape 41. The transmittingcircuit includes the two conductors 42 and 43 which lead to the rails 16 of the ticker track. In this transmitting circuit is disposed a relay44 com prising an arm 45 adapted to bridge the two contacts 46 and 47.

WVhen implses are traveling over the trans- 'mitting line at frequent intervals, the arm 45 is maintained in engagement with the contact 48 as'shown and thus the circuit through the motor 41 is maintained closed; If the impulses are stopped, as will be the case if the ticker 15 nears the end of its track, then the relay will be opened by the action of the spring 49 and thus movement of-thc tape 41 will be stopped because of the opening of the circuitoperating the motor 41. At

the same time the two auxiliary contacts 46 and-47 will be bridged. This arrangement is provided, to -meet the emergency which would occur if, when theticker 15 is again placed in position to close the \transmitting circuit, the tape 41' might be in position to op'enthe circuit between the elements 1 and 2. Therefore, the relay would not be actuated to close the circuit through the motor and no operation could take place. However, with the arm 45 bridging the contacts 46 and 47 an auxiliary circuit is formed from the battery 39 through the relay coil 50, conductor '43, rails 16 and ticker 15, conductor 42, contacts 46 and 47, and conductor 51 back to the other side of the battery. This will cause the arm '45 to engage the contact 48 and thus cause suflicient movement of the motor 41 to place the apparatus in I am aware that various changes in. the

above disclosuremay be made without dearting from the scope of my invention, and do not intend to limit myself except bythe appended claims.

I claim:

1. The method of handling quotations by means of a plurality of transmitting tapes,

each tape adapted to control the performance of certain functions in a cycle, which comprises moving said tapes so that the corresponding cycles on the different tapes will end at the same time.

2. The method of handling quotations by means of a plurality of transmitting tapes,

each tape adapted to control the performance of certain functions in a cycle, which comprises moving said tapes so that the corresponding cycles on the difierent tapes. will.

begin at the same time and end at the same time.

3. The method of handling quotations by means of a plurality of transmitting tapes, each tapp adaptedto control the performance of certain functions in a cycle, which comprises moving said tapes so that the corresponding functions in a cycle controlled by each tape shall occur at the same time. p "4. The method of handling quotations by means ,of a plurality of transmitting tapes, each tape adapted to control the performance of functions in a cycle, said functions including the printing and feeding of a tick- ;er tape, which comprises moving said tapes so thatth'e cycles on the different tapes will end at the same time. I

5, The method of handling quotations by -means. of a plurality of transmitting tapes,-

comprising the feeding of a ticker tape,

which comprises moving said tapes so that all ticker tapes controlled by said transmitting tapes shall be fed to ether.

7. The method of han ling quotations by meansfof a plurality of transmitting tapes,

each tape adapted to control the performance of functions in a cycle said functions including printing and feeding of a ticker tape, which comprises moving said tapes so that the corresponding functions in the cycle on all tapes shallv occur at the same time.

8; The method of handling quotations by means of a transmitting tape adapted to control the performance of certain funcsame time andend at the same tions in a cycle, whichcomprises employing a I fixed length of tape for said cycle. 9. The method of handling quotations by means of a transmitting tape adapted to control the performance of'certain functions means of a plurality of transmitting tapes,

each tape adapted to control the performance of certain functions in a cycle, which comprises employing a fixed length of each tape for each cycle and for each function in the cycle, and placing said fixed lengths opposite each other so that corresponding lengths on all the tapes will control the performance of the same function at the same time and so that the cycles controlled by all tapes will be completed at the same time.

12. In combination, a plurality of tickers, each adapted to print quotations upon a tape, and means for feeding the tapes with the quotations printed thereon in synchronism.

13. In combination, a' plurality of tickers, each adapted to print quotations upon a tape, means for feeding the tapes with the quotations rinted thereon in synchronism, and means or projecting the quotations from the tapes on to a screen. v

14. In combination, a plurality of tickers, each adapted to print quotations upon a tape, means for feeding the tapes from the tickers in synchronism, and means permitting relative movement of one ticker in respect to the other in order to maintain said synchronism.

15. In combination, a plurality of tickers, each adapted to print quotations upon a tape, means for feeding the tapes from the tickers in synchronism, means permitting relative movement of one ticker in respect to the other in order to maintain said synchronism, and means for projecting the quotations from the tapes on to a screen.

16. In combination, a pair of tickers each adapted to print quotations upon a tape, one

A ticker.

of said tickers being stationary and another movable in respect thereto, common feeding means for said tickers to move the tapes therefrom in unison, means to actuate saidv feeding means, and means to release said feeding means in its relation to said movable ticker to permit relative movement between said feeding means and said movable 17 In combination, a pair of tickers each adapted to rint quotations upon a tape, one of said tickers being stationary and another movable in respect thereto, common feeding means for said tickers to move the tapes therefrom in unison, and means to maintain a constant relation between said feeding means and said tapes.

18. In combination, a pair of tickers each adapted to print quotations upon a tape, one of said tickers being stationary and another movable in respect thereto, common feeding means for said tickers to move the tapes therefrom in unison, and means to maintain a constant relation between said feeding meansand said tapes, said means comprising an escapement device, and means to release said escapement device when said movable ticker is operating and said stationary ticker is not operating.

19. In combination, a pair of tickers each adapted to print quotations upon a tape, one of said tickers being stationary and another movable in respect thereto, common feeding means for said tickers to move the tapes therefrom in unison, means to maintain a constant relation between said feeding means and said tapes, said means compris ing an escapement device, means to release said escapement device when said movable ticker is operatin and stationary ticker is not operating, an means to move said movable ticker toward said feeding means.

movable in respect thereto, common feeding means for said tickers to move the tapes therefrom in unison, means to actuate said feeding means, and means to prevent relative movement between said tickers when both are operating at the same speed.

21. In combination, a pair of tickers each adapted to print quotations upon a tape, one of said tickers being stationary and another movable in respect thereto, common feeding means for said tickers to move the tapes therefrom in unison, means to actuate said feeding means, means to revent relative movement between said tic liers when both are operating at the same speed, and means to cause movement of said movable ticker in either one of two directions to compensate for differences in speed of operation of the two tickers.

' 22. In combination, a pair of tickers each adapted to print quotations upon a tape, one of said tickers being stationary and another movable in respect thereto, common feeding means for said tickers to move the tapes therefrom in unison, means to maintain a constant relation between said feeding means and said tapes, said means comprising an escapement device, means to release said escapement device when said movable ticker is operating and stationary ticker is not which said ticker is adapted to move, means to move said ticker on said track, transmitting means to send quotations to said ticker, said transmitting means including an electrical circuit, and means to open said circuit when said ticker approaches an end of itstrack. r

In testimony whereof, I have afiixed my signature to this specification.'

WILFRED T. BIRDSALL

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