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APPENDIX 
limit for delivery of securities on Exchange transactions made the 
previous full business day. 
The ticker is also used as a speedy “lost-and-found” column for 
the financial district, by printing notices that certain bond or stock 
certificates have been lost or mislaid. This immediately endangers 
any attempt by a thief to negotiate stolen securities, by communicating 
the given certificate numbers to everyone. Sometimes, too, an Ex- 
change broker may fail in the press of active business to catch the 
name of the buyer; in this case, when the ticker prints “JouN SMITH 
SoLp 200 STEEL CoMMON AT 140: No Name” the buyer will see it, 
communicate with the seller, and avoid future difficulty. 
After the day’s quotations, the ticker prints the final bids and offers 
at the close thus giving the very latest indication as to price conditions 
in the market that day. High and low prices for the day are then run 
off on the tape, and finally “settlement prices” from the Stock Clear- 
ing Corporation for use of Exchange members in preparing for the 
clearance and settlement of that day’s business on the Exchange. 
(VIe) “It has long been known that investors and speculators in 
America enjoy vastly more safety in their market operations through 
these various avenues of publicity than do investors and speculators 
abroad. There are no tickers worthy of the name across the water, 
and the daily list of business done, as published in our newspapers, 
with bid and asked prices and total transactions in detail, is unheard 
of among all the Bourses in Europe. The eminent French economist, 
Paul Leroy-Beaulieu, speaks very earnestly of the superiority of our 
New York Stock Exchange system in this matter. He says the need 
for a similar method in France is ‘very urgent,’ that the information 
thus spread broadcast is ‘very instructive,’ that the pledge of publicity 
is ‘better assured in the United States than in any other country of the 
world,” and that an immediate reform along these lines is ‘absolutely 
necessary’ in Paris in the interest of the public.” (Van Antwerp, p. 
163.) 
(VIf) Particularly with inactive issues but also frequently with 
active ones, a brokerage customer will wish to ascertain, before giving 
his brokerage firm a buying or selling order, not only the last sale- 
price of the given security on the ticker tape, but in addition the cur- 
rent bid and offer prices for it on the Exchange floor. He may 
therefore request his broker to get him a quotation for it. 
Formerly, the brokerage firm, in complying with such requests, 
would telephone to its floor member on the Exchange, who would have 
to obtain the request at his floor phone, go to the proper post and get 
the bid and offer quotations, and return to his floor phone whence they