TeachMeFinance.com - explain Railbird
Railbird -- A name given to a speculator who hung on
(stood outside) a rail that formerly encircled or partly encircled
the board room (trading room) of the New York
Stock Exchange. Non-members on payment of an annual
subscription were allowed to enter the exchange, although required to remain outside of the rail. They were officially
known as subscribers. The privilege obtained by subscribers
enabled them to take quick advantage of changes in prices by
reason of their being on the scene and having prompt access
to their brokers.
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