50 THE WORK OF THE STOCK EXCHANGE 
of their orders. Even when a member executes an order for a 
fellow-member, the commission rate is similarly fixed. 
The reader does not need any vast experience in the busi- 
ness world to realize that very few indeed of the articles which 
he buys possess any such free and open market as this. Indeed, 
this democratic quality can be possessed only by a highly 
organized market. 
4. Dependable and Continuous Quotations.—Through 
‘he mechanism of the electrical “stock ticker” machine, the 
New York Stock Exchange distributes its current quotations 
all over the United States, and even beyond our national 
borders. These ticker quotations are frequently reprinted in 
the newspapers, and are thus made readily available to the 
whole population of this country practically free of charge. 
While this instant nation-wide quotation service is unique to 
the New York Stock Exchange, nevertheless other exchanges 
perform a comparable service either by means of stock tickers, 
or else—as abroad—by official daily price sheets. Stock Ex- 
-hange quotations are gathered, as a rule, with great care and 
surprisingly few errors. Furthermore, owing to the rigorous 
discipline of the organized security markets, such quotations 
represent actual business done, or actual and legitimate bids 
and offers made. This is in sharp contrast to the security quo- 
tations of unorganized markets, which may or may not actually 
mean anything. Needless to say, it is a very great practical 
protection to security buyers or sellers, to be able to check their 
trades against continuous and dependable quotations, and to do 
so almost as readily on the Pacific Coast as in New York City. 
Only through an organized stock exchange can such service be 
assured. 
Also, this dependable quotation service provided by the 
stock exchanges is of great value to individuals who do not 
happen to be purchasing or selling securities, but who are 
merely security holders. Such holders obtain current and de- 
pendable information as to the course of the market, and can