There is only one class of persons who may not subscribe for the Stock
Exchange price service of the Exchange Telegraph Company, and those are
outside brokers. Until about twenty years ago a roaring business in the
way of betting on the tape used to be transacted in the offices of these
outside brokers. Some say they derived their title of "bucket-shops"
from the fact that the tape was made to fall from the machine into a
bucket for tidiness' sake, but that derivation of the opprobrious title
is doubtful. Then, however, the Stock Exchange Committee put a stop to
the practice by informing the Exchange Telegraph Company that it must
cease to supply outside brokers with the tape, or its privilege of
collecting prices in the Stock Exchange would be withdrawn. It was with
some difficulty that the privilege was obtained. The company collects
the prices in the markets by means of its own staff, and the prices it
telegraphs are by no means official.
A kind of weekly edition of the Stock Exchange Daily Official List is
issued under exactly the same auspices as that list, and is called "The
Stock Exchange Weekly Official Intelligence." It quotes all the same
securities, repeating the salient particulars, but instead of giving the
current price it shows the highest and lowest prices touched during the
week which it covers and since the beginning of the year. It also gives
a list of the securities which have been removed from the Daily List
owing to absence of business in them, keeping on record the last price
marked. It further publishes other important official information,
giving notice of forthcoming settling days and buying-in days, recording
the special settlements and quotations which have been applied for and
have been granted; it gives notice as to when securities are to be
quoted ex dividend; it announces dividends, forthcoming company
meetings, and closing of transfer books; publishes important notices
issued by companies, sets forth traffic returns, and imparts other
information. The subscription is £2 10_s._ a year, exclusive of postage,
and single copies may be obtained for 1_s._ 3_d._ each. It consists of
about thirty large pages.
Public-domain text, read in full here on John Shaqi.
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