In 1902, Arthur Pitney patented his first "double-locking" hand-cranked postage-stamping machine, and with patent attorney Eugene A. Rummler, founded the Pitney Postal Machine Company. In 1908, English emigrant and founder of the Universal Stamping Machine Company Walter Bowes began providing stamp-canceling machines to the United States Post Office Department. Bowes moved his operations to Stamford in 1917. These two companies merged to form the Pitney Bowes Postage Meter Company in 1920 with the invention of the first commercially available postage meter. The company created its first logo, which " the security of the metered mail system", in 1930. In 1950, Pitney Bowes initiated an advertising campaign in national publications with the message, "Metered mail makes the mailer's life easier". In 1971, the company introduced a new logo, which represented the "intersection of paper-based and electronic communication". Pitney Bowes was valued at around $18 billion in December 1998.