Samuel Laws
Encyclopedia
The Rev. Dr. Samuel Spahr Laws (March 23, 1824- January 9, 1921) was an American minister, professor, physician, college president, businessman and inventor best known today as the inventor of the Laws Gold Indicator, a predecessor of the ticker tape machine.
He was an 1848 graduate and class valedictorian
of Miami University
in Oxford, Ohio
during the period history when an impressive roster of men emerged from that small college in Ohio to accomplish great feats for society. He was a member of the Alpha chapter of Beta Theta Pi
, founded only 9 years before his graduation in 1839. In 1863, Laws, manager of New York City's Gold Exchange and an amateur electrician, invented the gold indicator to put an end to the crush of messenger boys scurrying into the Exchange and back out to their clients with the latest gold price in hand. As the price of gold changed, an electrical signal sent from the trading floor would cause a hand on the device—a clocklike dial rimmed with numerals—to move until it pointed to the latest trading price.
Laws initially placed a gold indicator in a window at the Exchange, but he soon began installing them, through his newly founded Reporting Telegraph Co., in brokerage firms throughout Manhattan and pushing the latest prices of gold over the telegraph wires. Thus, as early as 1866, brokerage houses willing to pay the monthly fee could base trades on up-to-the-minute market information rather than waiting for runners to bring the news. In June 1869, Laws hired a penniless would-be inventor named Thomas A. Edison as mechanical supervisor.
Laws was also a Presbyterian clergyman, and served as president of Westminster College, Missouri
(1854-61) and the University of Missouri
(1876-89). In addition to Miami, he had earned degrees in religion from the Princeton Theological Seminary
, in law from Columbia University
and medicine from the Bellevue Hospital Medical College.
Miami University named the building that houses most of the Richard T. Farmer School of Business
after Laws, and at the University of Missouri
, residential building Laws Hall
and Laws Observatory
were also named in honor of Laws.
He was an 1848 graduate and class valedictorian
Valedictorian
Valedictorian is an academic title conferred upon the student who delivers the closing or farewell statement at a graduation ceremony. Usually, the valedictorian is the highest ranked student among those graduating from an educational institution...
of Miami University
Miami University
Miami University is a coeducational public research university located in Oxford, Ohio, United States. Founded in 1809, it is the 10th oldest public university in the United States and the second oldest university in Ohio, founded four years after Ohio University. In its 2012 edition, U.S...
in Oxford, Ohio
Oxford, Ohio
Oxford is a city in northwestern Butler County, Ohio, United States, in the southwestern portion of the state. It lies in Oxford Township, originally called the College Township. The population was 21,943 at the 2000 census. This college town was founded as a home for Miami University. Oxford...
during the period history when an impressive roster of men emerged from that small college in Ohio to accomplish great feats for society. He was a member of the Alpha chapter of Beta Theta Pi
Beta Theta Pi
Beta Theta Pi , often just called Beta, is a social collegiate fraternity that was founded in 1839 at Miami University in Oxford, Ohio, USA, where it is part of the Miami Triad which includes Phi Delta Theta and Sigma Chi. It has over 138 active chapters and colonies in the United States and Canada...
, founded only 9 years before his graduation in 1839. In 1863, Laws, manager of New York City's Gold Exchange and an amateur electrician, invented the gold indicator to put an end to the crush of messenger boys scurrying into the Exchange and back out to their clients with the latest gold price in hand. As the price of gold changed, an electrical signal sent from the trading floor would cause a hand on the device—a clocklike dial rimmed with numerals—to move until it pointed to the latest trading price.
Laws initially placed a gold indicator in a window at the Exchange, but he soon began installing them, through his newly founded Reporting Telegraph Co., in brokerage firms throughout Manhattan and pushing the latest prices of gold over the telegraph wires. Thus, as early as 1866, brokerage houses willing to pay the monthly fee could base trades on up-to-the-minute market information rather than waiting for runners to bring the news. In June 1869, Laws hired a penniless would-be inventor named Thomas A. Edison as mechanical supervisor.
Laws was also a Presbyterian clergyman, and served as president of Westminster College, Missouri
Westminster College, Missouri
Westminster College is a private, selective, liberal arts institution in Fulton, Missouri, USA. It was founded by Presbyterians in 1849 as Fulton College and assumed the present name in 1851. The are located on the campus. The National Churchill Museum is a national historic site and includes...
(1854-61) and the University of Missouri
University of Missouri
The University of Missouri System is a state university system providing centralized administration for four universities, a health care system, an extension program, five research and technology parks, and a publishing press. More than 64,000 students are currently enrolled at its four campuses...
(1876-89). In addition to Miami, he had earned degrees in religion from the Princeton Theological Seminary
Princeton Theological Seminary
Princeton Theological Seminary is a theological seminary of the Presbyterian Church located in the Borough of Princeton, New Jersey in the United States...
, in law from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
and medicine from the Bellevue Hospital Medical College.
Miami University named the building that houses most of the Richard T. Farmer School of Business
Richard T. Farmer School of Business
The Farmer School of Business is the business school at Miami University in Oxford, Ohio, with approximately 2,200 full-time students are enrolled as of 2011....
after Laws, and at the University of Missouri
University of Missouri
The University of Missouri System is a state university system providing centralized administration for four universities, a health care system, an extension program, five research and technology parks, and a publishing press. More than 64,000 students are currently enrolled at its four campuses...
, residential building Laws Hall
Laws Hall
Laws Hall is a residence hall at the University of Missouri. Located at the corner of Maryland Avenue and Kentucky Boulevard, Laws comprises a gross area of over 9 floors and basement area. The street address is 1005 Tiger Ave. 65201...
and Laws Observatory
Laws Observatory
Laws Observatory is the name of three separate astronomical observatorys owned and operated by University of Missouri from 1880 to the present. Named after former University President Samuel Laws, it is located in Columbia, Missouri .-History:...
were also named in honor of Laws.