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I'm not sure of the actual origin of this tradition; however, at Kings Point the ringing of the bell is to signify the completion of the course of study at Kings Point. This is accomplished by passing the Coast Guard licensing exams and so when the results are posted everyone runs to the board and looks for their score. Once they read their passing scores they run out to the Oval and ring the bell like there is no tomorrow. It's one of the greatest feelings you ever have at KP. Things that come close are graduation and recognition.
The best idea I could come up with is this:
In the days of engine order telegraphs a bell was rung to signify engine orders. I think one bell signified "all stop" meaning the voyage was complete.
Deepdraft might have a better idea as to how it all started. Personally I wanted to break that thing because I was so tired of hearing it every morning for four years, ha!
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