The Humble Beginnings Of The Cash Register
RZT-ad
NEW YORK (AP) Imagine a store without a cash register and no other accurate ways to quickly tally up daily sales. That was the case for all retail establishments before the 1880s. Most store owners were left in the dark about whether they were making a profit or loss and many suffered since it was easy for sales clerks to steal from the cash drawer.
That all changed with the invention of the cash register following the Civil War by a little-known saloon owner, setting into motion decades of innovation. Here, a look at the history of the cash register and some highlights at NCR, formerly known as the National Cash Register Co., which helped to make the machine ubiquitous at stores across the country starting in the early 1900s:
1879: James Ritty, a saloon owner in Dayton, Ohio, patents a machine with a mechanism that's inspired from the apparatus that counts the spins of an ocean liner's propeller in its engine room. The so-called "incorruptible cashier" was the first mechanical cash register and had metal keys with denominations pressed into them to indicate the amount of the sale. There was a bell to ring up sales.
1880-1883: Ritty's mechanical register catches the attention of John H. Patterson, a businessman, who purchased several machines for his general store in Coalton, Ohio. He buys several more for his retail coal business in Dayton, Ohio. 1884: Patterson bought the rights to Ritty's invention from Jacob H. Eckert, who had purchased the rights from Ritty. The price: $6,500. He renamed the company the National Cash Register Co. from the National Manufacturing Co. and started to put the registers into production. That company is now known as NCR, the global technology firm. 1888-1895: Eighty-four companies sell cash registers but only three actually survived long-term. Patterson, who aggressively bought out his competition and had a flair for sales, sets up an inventions department to create bigger and better thief-proof registers. He opened the first training program for his sales people.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
TheStreet Quant Ratings
TRY IT FREENew! $49.95/yr
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Product Features:
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Dividend Stock Advisor
TRY IT FREEJim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV